<SEC-DOCUMENT>0001292814-25-003851.txt : 20251107
<SEC-HEADER>0001292814-25-003851.hdr.sgml : 20251107
<ACCEPTANCE-DATETIME>20251107151741
ACCESSION NUMBER:		0001292814-25-003851
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20250930
FILED AS OF DATE:		20251107
DATE AS OF CHANGE:		20251107

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			EDENOR
		CENTRAL INDEX KEY:			0001395213
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000
		STATE OF INCORPORATION:			C1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33422
		FILM NUMBER:		251462272

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		AV. DEL LIBERTADOR 6363
		CITY:			CITY OF BUENOS AIRES
		NON US STATE TERRITORY:  	BUENOS AIRES ARGENTINA
		PROVINCE COUNTRY:   	C1
		ZIP:			C1428ARG
		BUSINESS PHONE:		54-11-4346-5000

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		AV. DEL LIBERTADOR 6363
		CITY:			CITY OF BUENOS AIRES
		NON US STATE TERRITORY:  	BUENOS AIRES ARGENTINA
		PROVINCE COUNTRY:   	C1
		ZIP:			C1428ARG
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>ednfs3q25_6k.htm
<DESCRIPTION>6-K
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman"><BR>UNITED STATES</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">SECURITIES AND EXCHANGE COMMISSION</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">Washington, D.C. 20549</FONT></P>

<P STYLE="margin: 0in 0in 0pt; background-color: white; text-align: center"><FONT LANG="EN-US" STYLE="font-size: 10pt; line-height: normal; color: black; font-family: times new roman">&nbsp;</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT STYLE="font-family: times new roman; font-size: 10pt; color: black; line-height: normal">FORM
6-K&nbsp;</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">REPORT OF FOREIGN PRIVATE ISSUER</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">PURSUANT TO RULE 13a-16 OR 15d-16 UNDER</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT STYLE="font-family: times new roman; font-size: 10pt; color: black; line-height: normal">THE
SECURITIES EXCHANGE ACT OF 1934</FONT></P>

<P STYLE="margin: 0in 0in 0pt; background-color: white; text-align: center"><FONT STYLE="font-family: times new roman; font-size: 10pt; color: black; line-height: normal">&nbsp;</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT STYLE="font-family: times new roman; font-size: 10pt; color: black; line-height: normal">For
the month of&nbsp;November, 2025&nbsp;</FONT></P>

<P STYLE="margin: 0in 0in 0pt; background-color: white; text-align: center"><FONT STYLE="font-family: times new roman; font-size: 10pt; color: black; line-height: normal">&nbsp;</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">EMPRESA DISTRIBUIDORA Y COMERCIALIZADORA NORTE S.A. (EDENOR)</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT STYLE="font-family: times new roman; font-size: 10pt; color: black; line-height: normal">(DISTRIBUTION
AND MARKETING COMPANY OF THE NORTH )&nbsp;</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT STYLE="font-family: times new roman; font-size: 10pt; color: black; line-height: normal">(Translation
of Registrant's Name Into English)</FONT></P>

<P STYLE="margin: 0in 0in 0pt; background-color: white; text-align: center"><FONT STYLE="font-family: times new roman; font-size: 10pt; color: black; line-height: normal">&nbsp;</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT STYLE="font-family: times new roman; font-size: 10pt; color: black; line-height: normal">Argentina</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT STYLE="font-family: times new roman; font-size: 10pt; color: black; line-height: normal">(Jurisdiction
of incorporation or organization)</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT STYLE="font-family: times new roman; font-size: 10pt; color: black; line-height: normal">Av.
del Libertador 6363,</FONT><FONT STYLE="font-family: times new roman; font-size: 10pt; color: black; line-height: normal">&nbsp;</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT STYLE="font-family: times new roman; font-size: 10pt; color: black; line-height: normal">12th
Floor,</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT STYLE="font-family: times new roman; font-size: 10pt; color: black; line-height: normal">City
of Buenos Aires (A1428ARG),</FONT></P>
<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT STYLE="font-family: times new roman; font-size: 10pt; color: black; line-height: normal">Tel:
54-11-4346-5000</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT STYLE="font-family: times new roman; font-size: 10pt; color: black; line-height: normal">(Address
of principal executive offices)</FONT></P>

<P STYLE="margin: 0in 0in 0pt; background-color: white; text-align: center"><FONT STYLE="font-family: times new roman; font-size: 10pt; color: black; line-height: normal">&nbsp;</FONT></P>

<P style="BACKGROUND: white; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.75in"><FONT STYLE="font-family: times new roman; font-size: 10pt; color: black; line-height: normal">(Indicate
by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)</FONT></P>

<P style="BACKGROUND: white; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.75in"><FONT STYLE="font-family: times new roman; font-size: 10pt; color: black; line-height: normal">Form
20-F&nbsp;<U>&nbsp;X&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>

<P style="BACKGROUND: white; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.75in">&nbsp;</P>

<P STYLE="margin: 0in 0in 0pt; background-color: white; text-indent: 0.75in"><FONT STYLE="font-family: times new roman; font-size: 10pt; color: black; line-height: normal">(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.)</FONT></P>

<P style="BACKGROUND: white; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.75in"><FONT STYLE="font-family: times new roman; font-size: 10pt; color: black; line-height: normal">Yes&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;No&nbsp;<U>&nbsp;X&nbsp;&nbsp;</U></FONT></P>

<P style="BACKGROUND: white; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.75in">&nbsp;</P>

<P STYLE="margin: 0in 0in 0pt; background-color: white; text-indent: 0.75in"><FONT STYLE="font-family: times new roman; font-size: 10pt; color: black; line-height: normal">(If
"Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>.)</FONT></P>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.4pt; text-align: center; text-indent: -42.5pt"><IMG SRC="ednfs3q256k_001.jpg" ALT="" STYLE="height: 111px; width: 253px"><BR STYLE="clear: both">
</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>AS OF SEPTEMBER 30, 2025 AND FOR THE NINE AND THREE-MONTH PERIOD
</B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>ENDED SEPTEMBER 30, 2025 </B></P>

<P STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>PRESENTED IN COMPARATIVE FORM</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">(Stated in millions of constant pesos &ndash; Note 3)</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: bold 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">Table of Contents</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="width: 90%; text-align: left; text-indent: 7.1pt; padding-top: 12pt; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_001">Condensed Interim Consolidated Statement of Comprehensive Income</A></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 12pt; padding-bottom: 6pt"><A HREF="#a_001">5</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 7.1pt; padding-top: 12pt; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_002">Condensed Interim Consolidated Statement of Financial Position</A></TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 6pt"><A HREF="#a_002">6</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 7.1pt; padding-top: 12pt; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_003">Condensed Interim Consolidated Statement of Changes in Equity</A></TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 6pt"><A HREF="#a_003">8</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; text-indent: 7.1pt; padding-top: 12pt; padding-bottom: 6pt; padding-left: 0in"><A HREF="#a_004">Condensed Interim Consolidated Statement of Cash Flows</A></TD>
    <TD STYLE="text-align: right; padding-top: 12pt; padding-bottom: 6pt"><A HREF="#a_004">9</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 11pt"><A HREF="#a_005">Note 1 |&nbsp;&nbsp;&nbsp;General information</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_005">11</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 11pt"><A HREF="#a_006">Note 2 |&nbsp;&nbsp;&nbsp;Regulatory framework</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_006">13</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 11pt"><A HREF="#a_007">Note 3 |&nbsp;&nbsp;&nbsp;Basis of preparation</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_007">17</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 11pt"><A HREF="#a_008">Note 4 |&nbsp;&nbsp;&nbsp;Accounting policies</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_008">18</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 11pt"><A HREF="#a_009">Note 5 |&nbsp;&nbsp;&nbsp;Financial risk management</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_009">20</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 11pt"><A HREF="#a_010">Note 6 |&nbsp;&nbsp;&nbsp;Critical accounting estimates and judgments</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_010">22</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 11pt"><A HREF="#a_011">Note 7 |&nbsp;&nbsp;&nbsp;Contingencies and lawsuits</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_011">22</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 11pt"><A HREF="#a_012">Note 8 |&nbsp;&nbsp;&nbsp;Revenue from sales and energy purchases</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_012">24</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 11pt"><A HREF="#a_013">Note 9 |&nbsp;&nbsp;&nbsp;Expenses by nature</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_013">26</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 11pt"><A HREF="#a_014">Note 10 |&nbsp;&nbsp;&nbsp;Other operating income (expense), net</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_014">27</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 11pt"><A HREF="#a_015">Note 11 |&nbsp;&nbsp;&nbsp;Net finance costs</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_015">27</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 11pt"><A HREF="#a_016">Note 12 |&nbsp;&nbsp;&nbsp;Basic and diluted earnings per share</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_016">28</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 11pt"><A HREF="#a_017">Note 13 |&nbsp;&nbsp;&nbsp;Property, plant and equipment</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_017">29</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 11pt"><A HREF="#a_018">Note 14 |&nbsp;&nbsp;&nbsp;Right-of-use assets</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_018">31</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 11pt"><A HREF="#a_019">Note 15 |&nbsp;&nbsp;&nbsp;Inventories</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_019">31</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 11pt"><A HREF="#a_020">Note 16 |&nbsp;&nbsp;&nbsp;Other receivables</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_020">31</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 11pt"><A HREF="#a_021">Note 17 |&nbsp;&nbsp;&nbsp;Trade receivables</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_021">32</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 11pt"><A HREF="#a_022">Note 18 |&nbsp;&nbsp;&nbsp;Financial assets at amortized cost</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_022">32</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 11pt"><A HREF="#a_023">Note 19 |&nbsp;&nbsp;&nbsp;Financial assets at fair value through profit or loss</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_023">32</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 11pt"><A HREF="#a_024">Note 20 |&nbsp;&nbsp;&nbsp;Cash and cash equivalents</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_024">33</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 11pt"><A HREF="#a_025">Note 21 |&nbsp;&nbsp;&nbsp;Share capital and additional paid-in capital</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_025">33</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 11pt"><A HREF="#a_026">Note 22 |&nbsp;&nbsp;&nbsp;Allocation of profits</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_026">33</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 11pt"><A HREF="#a_027">Note 23 |&nbsp;&nbsp;&nbsp;Trade payables</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_027">34</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 11pt"><A HREF="#a_028">Note 24 |&nbsp;&nbsp;&nbsp;Other payables</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_028">34</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 11pt"><A HREF="#a_029">Note 25 |&nbsp;&nbsp;&nbsp;Borrowings</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_029">35</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 11pt"><A HREF="#a_030">Note 26 |&nbsp;&nbsp;&nbsp;Deferred revenue</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_030">38</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 11pt"><A HREF="#a_031">Note 27 |&nbsp;&nbsp;&nbsp;Salaries and social security taxes payable</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_031">38</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 11pt"><A HREF="#a_032">Note 28 |&nbsp;&nbsp;&nbsp;Income tax and deferred tax</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_032">38</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 11pt"><A HREF="#a_033">Note 29 |&nbsp;&nbsp;&nbsp;Tax liabilities</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_033">40</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 11pt"><A HREF="#a_034">Note 30 |&nbsp;&nbsp;&nbsp;Provisions</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_034">40</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 11pt"><A HREF="#a_035">Note 31 |&nbsp;&nbsp;&nbsp;Related-party transactions</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_035">40</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 11pt"><A HREF="#a_036">Note 32 |&nbsp;&nbsp;&nbsp;Shareholders&rsquo; Meeting</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_036">41</A></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
    <TD STYLE="text-align: left; padding-top: 0in; padding-bottom: 5pt; padding-left: 11pt"><A HREF="#a_037">Note 33 |&nbsp;&nbsp;&nbsp;Events after the reporting period</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 5pt"><A HREF="#a_037">41</A></TD></TR>
</TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>CONDENSED INTERIM CONSOLIDATED</B></FONT></P><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>FINANCIAL STATEMENTS</B></FONT></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Glossary of Terms</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">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&rsquo;s Condensed
Interim Consolidated Financial Statements.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 7.1pt; text-indent: -7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I><U>Terms</U></I></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I><U>Definitions</U></I></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 7.1pt; text-indent: -7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">AMBA</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Buenos Aires Metropolitan Area</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BCRA</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Central Bank of Argentina</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BNA</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Banco de la Naci&oacute;n Argentina</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CABA</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">City of Buenos Aires</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CAMMESA</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 2.4pt">Compa&ntilde;&iacute;a Administradora del Mercado Mayorista El&eacute;ctrico
    S.A.</P>
    <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0pt 0pt 2.4pt">(the company in charge of the regulation and operation of the wholesale
    electricity market)</P></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CNV</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">National Securities Commission</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CPD</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distribution Own Cost</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>edenor</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Empresa Distribuidora y Comercializadora Norte S.A.</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ENRE</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">National Regulatory Authority for the Distribution of Electricity</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FACPCE</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Argentine Federation of Professional Councils in Economic Sciences</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GWh</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gigawatt hour</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IAS</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">International Accounting Standards</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IASB</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">International Accounting Standards Board</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IFRIC</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">International Financial Reporting Interpretations Committee</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IFRS</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">International Financial Reporting Standards</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IGJ</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Inspecci&oacute;n General de Justicia </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(the Argentine governmental regulatory agency of corporations)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">IMF</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">International Monetary Fund</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">INDEC</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">National Institute of Statistics and Census</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">KWh</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Kilowatt hour</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">MAT</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Term Market</FONT></TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">MEM</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Wholesale Electricity Market</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">MLC</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Free Foreign Exchange Market</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">MWh</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Megawatt hour</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PBA</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Province of Buenos Aires</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PEN</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Federal Executive Power</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">RECPAM</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Gain (Loss) on exposure to the changes in the purchasing power of the currency</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">RT</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Electricity Rate Review</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SACME</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">S.A. Centro de Movimiento de Energ&iacute;a</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SE</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Energy Secretariat</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 7.1pt; text-align: justify; text-indent: -7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">VAD</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Distribution Added Value</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 0%">&nbsp;</TD>
    <TD STYLE="width: 87%">&nbsp;</TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>CONDENSED INTERIM CONSOLIDATED</B></FONT></P><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>FINANCIAL STATEMENTS</B></FONT></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>Legal Information</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 12pt 0 10pt; text-align: justify"><B>Corporate name:</B> Empresa Distribuidora
y Comercializadora Norte S.A.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 12pt 0 10pt; text-align: justify"><B>Legal address: </B>6363 Av. Del Libertador
Ave., City of Buenos Aires</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><B>Main business: </B>Distribution and
sale of electricity in the area and under the terms of the Concession Agreement by which this public service is regulated</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: windowtext"><B>Date of registration
with the Public Registry of Commerce</B></FONT><B>: </B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">of the Articles of Incorporation: August 3, 1992</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.2pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">of the last amendment to the Bylaws: July 24,
2024 </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 20.25pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: windowtext"><B>Term of the Corporation</B></FONT><B>:
</B>August 3, 2087</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: windowtext"><B>Registration number
with the &ldquo;Inspecci&oacute;n General de Justicia&rdquo; (the Argentine governmental regulatory agency of corporations)</B></FONT><B>:
</B>1,559,940</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Parent company: </B>Empresa de Energ&iacute;a del
Cono Sur S.A.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Legal address: </B>1252 Maip&uacute; St., 12<SUP>th</SUP>
Floor - CABA</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Main business of the parent company: </B>Investment
company and provider of services related to the distribution of electricity, renewable energies and development of sustainable technology</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>Interest held by the parent company in capital stock
and votes: </B>51%</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>CAPITAL STRUCTURE</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>AS OF SEPTEMBER 30, 2025</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">(amounts stated in pesos)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 72%">Class of shares</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: top; text-align: justify; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 27%">&nbsp;Subscribed and paid-in<BR>
(See Note 21)&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: bottom">Common, book-entry shares, face value 1 and 1 vote per share</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: bottom">Class A</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: top; text-align: right">&nbsp;462,292,111</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: bottom">Class B (1)</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: top; text-align: right">&nbsp;442,566,330</TD></TR>
  <TR>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: bottom">Class C (2)</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right">1,596,659</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-family: Arial, sans-serif; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-family: Arial, sans-serif; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;906,455,100</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Includes 30,772,779 treasury shares
as of September 30, 2025.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Relates to the Employee Stock
Ownership Program Class C shares (Note 21).</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 425.25pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-indent: 162.7pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center"></P>


<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right">&nbsp;</TD></TR><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
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<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>edenor</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><A NAME="a_001"></A>Condensed Interim Consolidated Statement of Comprehensive
Income</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center"><B>for the nine and three-month period
ended September 30, 2025</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center"><B>presented in comparative form</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">(Stated in millions of constant pesos &ndash; Note 3)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 35.45pt; text-align: center">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 8pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">&nbsp;Nine months at&nbsp;</TD>
    <TD STYLE="text-decoration: line-through; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">&nbsp;Three months at&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left; width: 47%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Note</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 11%">09.30.25</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 11%">09.30.24 Restated (1)</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; width: 11%">09.30.25</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 11%">09.30.24 Restated (1)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Revenue</TD>
    <TD STYLE="font-weight: bold; text-align: center">8</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,118,337</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,861,603</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740,837</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732,638</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Energy purchases</TD>
    <TD STYLE="font-weight: bold; text-align: center">8</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,253,171)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,059,899)</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(430,168)</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(454,377)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Distribution margin</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">865,166</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">801,704</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">310,669</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">278,261</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Transmission and distribution expenses</TD>
    <TD STYLE="font-weight: bold; text-align: center">9</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(396,967)</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(419,033)</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110,098)</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(143,810)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Gross profit</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">468,199</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">382,671</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">200,571</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">134,451</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Selling expenses</TD>
    <TD STYLE="font-weight: bold; text-align: center">9</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(170,160)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200,849)</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59,487)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71,453)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Administrative expenses</TD>
    <TD STYLE="font-weight: bold; text-align: center">9</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(209,084)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(148,178)</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87,456)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53,088)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Other operating income</TD>
    <TD STYLE="font-weight: bold; text-align: center">10</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47,791</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31,931</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,781</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,884</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Other operating expense</TD>
    <TD STYLE="font-weight: bold; text-align: center">10</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37,584)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30,127)</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12,526)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12,932)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Loss from interest in joint ventures</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70)</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Operating result</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99,092</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35,385</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62,870</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,862</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Agreement on the Regularization of Obligations</TD>
    <TD STYLE="font-weight: bold; text-align: center">2.b</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199,433</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,173</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Financial income</TD>
    <TD STYLE="font-weight: bold; text-align: center">11</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,038</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Financial costs</TD>
    <TD STYLE="font-weight: bold; text-align: center">11</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(202,613)</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(402,614)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56,011)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114,675)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Other financial results</TD>
    <TD STYLE="font-weight: bold; text-align: center">11</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90,630)</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120,585)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43,287)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162,978</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Net financial costs</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(292,808)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(522,161)</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99,044)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48,556</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Monetary gain (RECPAM)</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209,782</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694,600</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56,722</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118,116</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Income before taxes</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215,499</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207,824</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41,721</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175,534</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Income tax&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">28</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36,038)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143,920</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,083)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23,132)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Income for the period</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179,461</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351,744</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40,638</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152,402</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 15px; font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: left">Comprehensive income for the period attributable to:</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Owners of the parent&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179,461</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351,744</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40,638</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152,402</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Comprehensive income for the period</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179,461</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351,744</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40,638</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152,402</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; background-color: white">Basic and diluted income per share:</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Income per share (argentine pesos per share)</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">12</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205.10</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401.99</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.44</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174.17</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">See Note 1: Retroactive restatement of the previously issued financial statements
&ndash; Deferred tax liability generated by the Property, plant and equipment account.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">The accompanying notes are an integral part of the Condensed
Interim Consolidated Financial Statements.</P>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right">&nbsp;</TD></TR><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>CONDENSED INTERIM CONSOLIDATED</B></FONT></P><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>FINANCIAL STATEMENTS</B></FONT></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>edenor</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><A NAME="a_002"></A><B>Condensed Interim Consolidated Statement of Financial
Position</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center"><B>as of September 30, 2025 presented
in comparative form</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">(Stated in millions of constant pesos &ndash; Note 3)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white; width: 55%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Note</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 18%">&nbsp;09.30.25&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 18%">&nbsp;12.31.24&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">ASSETS</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: justify; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Non-current assets&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Property, plant and equipment</TD>
    <TD STYLE="font-weight: bold; text-align: center">13</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,803,789</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,662,175</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Interest in joint ventures</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Right-of-use asset</TD>
    <TD STYLE="font-weight: bold; text-align: center">14</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,838</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,747</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Other receivables</TD>
    <TD STYLE="font-weight: bold; text-align: center">16</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Financial assets at fair value through profit or loss</TD>
    <TD STYLE="font-weight: bold; text-align: center">19</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,792</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Total non-current assets</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,848,023</TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,675,220</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Current assets</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Inventories</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">15</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210,550</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182,672</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Other receivables</TD>
    <TD STYLE="font-weight: bold; text-align: center">16</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42,141</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69,102</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Trade receivables</TD>
    <TD STYLE="font-weight: bold; text-align: center">17</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487,607</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441,966</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Financial assets at amortized cost</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">18</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,339</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,440</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Financial assets at fair value through profit or loss</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">19</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437,144</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443,165</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Cash and cash equivalents</TD>
    <TD STYLE="font-weight: bold; text-align: center">20</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37,327</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29,173</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Total current assets</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,225,108</TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,178,518</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">TOTAL ASSETS</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,073,131</TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,853,738</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 28.35pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right">&nbsp;</TD></TR><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>CONDENSED INTERIM CONSOLIDATED</B></FONT></P><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>FINANCIAL STATEMENTS</B></FONT></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>edenor</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center"><B>Condensed Interim Consolidated Statement
of Financial Position </B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center"><B>as of September 30, 2025 presented
in comparative form</B> <I>(continued)</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">(Stated in millions of constant pesos &ndash; Note 3)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white; width: 55%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 7%">Note</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 18%">&nbsp;09.30.25&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 18%">&nbsp;12.31.24&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">EQUITY</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Share capital and reserve attributable to the owners of the Company&nbsp;</TD>
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Share capital</TD>
    <TD STYLE="font-weight: bold; text-align: center">21</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Adjustment to share capital</TD>
    <TD STYLE="font-weight: bold; text-align: center">21</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905,716</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905,716</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Treasury stock</TD>
    <TD STYLE="font-weight: bold; text-align: center">21</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Adjustment to treasury stock</TD>
    <TD STYLE="font-weight: bold; text-align: center">21</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,369</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,369</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Additional paid-in capital</TD>
    <TD STYLE="font-weight: bold; text-align: center">21</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,598</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,598</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Cost treasury stock</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74,217)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74,217)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Legal reserve</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79,332</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62,737</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Voluntary reserve</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900,847</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607,545</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; background-color: white">Other comprehensive loss</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6,442)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6,442)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Accumulated profits</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179,461</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309,897</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">TOTAL EQUITY</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,017,570</TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,838,109</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">LIABILITIES</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Non-current liabilities</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Trade payables</TD>
    <TD STYLE="font-weight: bold; text-align: center">23</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,330</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,439</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Other payables</TD>
    <TD STYLE="font-weight: bold; text-align: center">24</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357,541</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228,893</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Borrowings</TD>
    <TD STYLE="font-weight: bold; text-align: center">25</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547,009</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432,913</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Deferred revenue</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">26</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133,287</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131,883</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Salaries and social security payable</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">27</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,154</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,593</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Benefit plans</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,970</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,646</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Deferred tax liability</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">28</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779,099</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838,871</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Provisions</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">30</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,125</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,225</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Total non-current liabilities</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,873,515</TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,686,463</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Current liabilities</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Trade payables</TD>
    <TD STYLE="font-weight: bold; text-align: center">23</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618,112</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925,446</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Other payables</TD>
    <TD STYLE="font-weight: bold; text-align: center">24</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85,853</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137,390</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Borrowings</TD>
    <TD STYLE="font-weight: bold; text-align: center">25</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256,595</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137,250</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Deferred revenue</TD>
    <TD STYLE="font-weight: bold; text-align: center">26</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Salaries and social security payable</TD>
    <TD STYLE="font-weight: bold; text-align: center">27</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57,000</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75,509</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Benefit plans</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,441</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,758</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Income tax payable</TD>
    <TD STYLE="font-weight: bold; text-align: center">28</TD>
    <TD STYLE="text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76,384</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Tax liabilities</TD>
    <TD STYLE="font-weight: bold; text-align: center">29</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63,758</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41,816</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Provisions</TD>
    <TD STYLE="font-weight: bold; text-align: center">30</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22,210</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,871</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Total current liabilities</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,182,046</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,329,166</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">TOTAL LIABILITIES</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,055,561</TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,015,629</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">TOTAL LIABILITIES AND EQUITY</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,073,131</TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,853,738</TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">The accompanying notes are an integral part of the Condensed
Interim Consolidated Financial Statements.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>CONDENSED INTERIM CONSOLIDATED</B></FONT></P><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>FINANCIAL STATEMENTS</B></FONT></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>edenor</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><A NAME="a_003"></A>Condensed Interim Consolidated Statement of Changes
in Equity</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center"><B>for the nine-month period ended September
30, 2025 </B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center"><B>presented in comparative form</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center">(Stated in millions of constant pesos &ndash;
Note 3)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 35.45pt; text-align: center">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 7pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="vertical-align: top; text-align: left; width: 23%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Share capital</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 6%">Adjustment to share capital</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Treasury stock</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 6%">Adjustment to treasury stock</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 6%">Additional paid-in capital</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Cost treasury stock</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Legal reserve</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Voluntary reserve</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 5%">Other reserve</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 6%">&nbsp;Other comprehen- sive results&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 6%">Accumula- ted (losses) profits</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 6%">Total&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;equity</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Balance at December 31, 2023 restated</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">875</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">905,666</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">31</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">19,419</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">12,524</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(74,217)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">62,737</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">607,545</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(9,214)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(22,007)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,503,359</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">Other Reserve Constitution - Share-based compensation plan</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">74</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">74</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Payment of Other Reserve Constitution - Share-based compensation plan</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">50</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(50)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">74</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(74)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Income for the nine-month period restated</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">351,744</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">351,744</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Balance at September 30, 2024</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">875</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">905,716</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">31</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">19,369</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">12,598</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(74,217)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">62,737</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">607,545</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">-</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(9,214)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">329,737</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">1,855,177</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Other comprehensive results</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,772</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">2,772</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Income for the three-month complementary period restated</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(19,840)</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">(19,840)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Balance at December 31, 2024</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">875</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">905,716</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">31</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">19,369</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">12,598</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(74,217)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">62,737</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">607,545</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">-</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(6,442)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">309,897</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">1,838,109</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Ordinary Shareholders&rsquo; Meeting held on April 28, 2025: Appropiation of reserves (Note 32)</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,595</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293,302</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(309,897)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Income for the nine-month period</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179,461</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">179,461</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">Balance at Septiember 30, 2025</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">875</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">905,716</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">31</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">19,369</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">12,598</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(74,217)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">79,332</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">900,847</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">-</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(6,442)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">179,461</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">2,017,570</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: -42.55pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 113.4pt; text-align: center; text-indent: -77.95pt">The accompanying
notes are an integral part of the Condensed Interim Consolidated Financial Statements.</P>


<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right">&nbsp;</TD></TR><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>CONDENSED INTERIM CONSOLIDATED</B></FONT></P><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>FINANCIAL STATEMENTS</B></FONT></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>edenor</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center"><B><A NAME="a_004"></A>Condensed Interim Consolidated Statement
of Cash Flows</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center"><B>for the nine-month period ended September
30, 2025 </B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center"><B>presented in comparative form</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center">(Stated in millions of constant pesos &ndash;
Note 3)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 8pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 65%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Note</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 13%">09.30.25</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 13%">09.30.24 Restated (1)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Cash flows from operating activities</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Income for the period</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179,461</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351,744</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Adjustments to reconcile net (loss) income to net cash flows from operating activities:</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Depreciation of property, plant and equipment</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">13</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136,018</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138,378</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Depreciation of right-of-use assets</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">14</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,385</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,553</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Loss on disposals of property, plant and equipment</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">13</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,447</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,116</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Net accrued interest</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">11</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197,223</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397,239</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Income from customer surcharges</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">10</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20,911)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20,877)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Exchange difference</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">11</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48,577</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,682</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Income tax</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">28</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36,038</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(143,920)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Allowance for the impairment of trade and other receivables</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">9</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,404</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,593</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Adjustment to present value of receivables</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">11</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,171</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,169</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Provision for contingencies</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">30</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,894</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,727</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Recovery of penalties</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">10</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16,515)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Changes in fair value of financial assets and financial liabilities</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">11</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23,082)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61,780</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Accrual of benefit plans</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">9</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,444</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,663</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Result from the cancelattion of Corporate Notes</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">11</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Loss on integration in kind of Corporate Notes</TD>
    <TD STYLE="font-weight: bold; text-align: center">11</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,978</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Income from non-reimbursable customer contributions</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">10</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,117)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(346)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Other financial costs</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">11</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61,915</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36,976</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Loss from interest in joint ventures</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Agreement on the Regularization of Obligations</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">2.b</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(199,433)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Monetary gain (RECPAM)</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(209,782)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(694,600)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Changes in operating assets and liabilities:&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Increase in trade receivables&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(123,858)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(373,908)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Decrease (Increase) in other receivables&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35,486</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23,751)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Increase in inventories</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25,477)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48,139)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Increase in deferred revenue</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,162</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,095</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">(Decrease) Increase in trade payables</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(365,056)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313,216</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">(Decrease) Increase in salaries and social security payable</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(982)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,120</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">(Decrease) in benefit plans</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(123)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,042)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Increase in tax liabilities</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,853</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,831</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Increase in other payables</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349,703</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48,415</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Decrease in provisions</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">30</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,854)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4,197)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Net cash flows generated by operating activities</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136,110</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174,558</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center">&nbsp;</P>


<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right">&nbsp;</TD></TR><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>CONDENSED INTERIM CONSOLIDATED</B></FONT></P><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>FINANCIAL STATEMENTS</B></FONT></P></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>edenor</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center"><B>Condensed Interim Consolidated Statement
of Cash Flows</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center"><B>for the nine-month period ended September
30, 2025 </B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 2.85pt 0 0; text-align: center"><B>presented in comparative form</B>
<I>(continued)</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">(Stated in millions of constant pesos &ndash; Note 3)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 8pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 65%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Note</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 13%">09.30.25</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; background-color: white; width: 13%">09.30.24 Restated (1)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Cash flows from investing activities</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Payment of property, plant and equipment</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(250,194)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(306,816)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">Sale (Purchase) net of Mutual funds and negotiable instruments</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,129</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157,046)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Adquisition of minority interest</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30,730)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Payment of investment in subsidiary</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(142)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Net cash flows used in investing activities</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(253,795)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(464,004)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Cash flows from financing activities</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Proceeds from borrowings</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295,298</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259,433</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Payment of borrowings</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75,635)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,318)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Payment of lease liability</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9,582)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10,048)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Payment of interests from borrowings</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42,287)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18,025)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Payment of Corporate Notes issuance expenses</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,353)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10,226)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">Cancelattion of Corporate Notes</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,302)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Net cash flows generated by financing activities</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161,139</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219,816</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">Increase (Decrease) in cash and cash equivalents</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">43,454</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(69,630)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Cash and cash equivalents at the beginning of the year</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">20</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38,482)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,244</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Exchange difference in cash and cash equivalents</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,051</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,214</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Result from exposure to inflation</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(501)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(132)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Increase (Decrease) in cash and cash equivalents</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43,454</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69,630)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Cash and cash equivalents at the end of the period</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">20</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">15,522</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(43,304)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle">Supplemental cash flows information</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Non-cash activities</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Adquisition of advances to suppliers, property, plant and equipment through increased trade payables</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32,885)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16,357)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left; background-color: white">Adquisition of advances to suppliers, right-of-use assets through increased other payables</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,476)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5,128)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">(1)</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">See Note 1: Retroactive restatement of the previously issued financial statements
&ndash; Deferred tax liability generated by the Property, plant and equipment account</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">The accompanying notes are an integral part of the Condensed
Interim Consolidated Financial Statements</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

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    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.6pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #0070C0"><B>1 |</B></FONT><B><FONT STYLE="font-family: Times New Roman; font-size: 7pt; color: #0070C0"><A NAME="a_005"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">General information</FONT></B></TD></TR></TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Empresa Distribuidora y Comercializadora
Norte S.A. (hereinafter &ldquo;<B>edenor</B>&rdquo; or &ldquo;the Company&rdquo;) is a corporation (<I>sociedad an&oacute;nima</I>) 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 Electr&oacute;nico
S.A. (MAE) (electronic securities and foreign currency trading market), and the New York Stock Exchange (NYSE).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The corporate purpose of <B>edenor</B>
is to engage in the distribution and sale of electricity within its concession area. Furthermore, it may provide and sale telecommunication
services, as well as assign the use of its facilities for that purpose, subscribe or acquire shares of other distribution companies and
invest in companies related to the generation, distribution and sale of energy, whether conventional or renewable, as well as in digitization,
artificial intelligence and critical minerals-related projects. In addition, the Company may provide advisory, training, maintenance,
consulting, and management services, act as trust agent and serve as trustee in credit transactions related to the generation, distribution
and sale of electricity. These transactions may be conducted directly by <B>edenor</B> or through subsidiaries or related companies, both
domestically and internationally.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>The Company&rsquo;s economic
and financial situation</B>&#9;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company&rsquo;s economic
performance has continued its trend of improvement during the current year. Since 2024, the electricity rate increases, including the
approval of the 2025-2030 Electricity Rate Review (Note 2.a), have helped restore the Company&rsquo;s financial and equity structure.
Furthermore, it is worth pointing out that during these fifteen months, the periodic monthly adjustments of the CPD have continued, with
increases of 3.45%, on average.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">On March 10, 2025, by means of
Executive Order No. 179/2025 of the PEN, a new financing program with the International Monetary Fund was approved, which, according to
the National Government, will be earmarked for the following: (i) repaying debt with the BCRA; (ii) settling maturities and paying public
credit obligations of the 2022 program; (iii) strengthening international reserves; (iv) maintaining a zero fiscal deficit; (v) ensuring
that the funds from the new program are used to pay debts rather than for fiscal expenditures; (vi) reducing inflation and stabilizing
the economy; (vii) lifting foreign currency restrictions and making progress with the foreign currency market flexibilization; and (viii)
regaining international market access, improving the country&rsquo;s credit rating and facilitating its return to the global financial
system. The Executive Order was approved by the Chamber of Representatives on March 20, 2025.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">In this regard, on April 11, 2025,
the IMF approved a 48-month USD 20 billion arrangement with quarterly reviews of targets and a repayment term of 10 years. Of the total
amount approved, USD 15 billion relates to unrestricted disbursements in 2025.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">Consequently, the BCRA provided
for the ending of the so-called &ldquo;cepo&rdquo; foreign exchange controls and the implementation of a floating exchange rate system
within bands as from April 14, 2025:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The cepo currency controls that
restricted the purchase of dollars in the MLC to USD 200 per month since October 2019, are lifted.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A floating exchange rate band
system, with the band ranging between ARS/USD 1,000 and ARS/USD 1,400, is adopted. The exchange rate will float freely based on supply
and demand within the bands and the bands&rsquo; limits will be gradually widened -1% and +1% per month, respectively.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>CONDENSED INTERIM CONSOLIDATED</B></FONT></P><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>FINANCIAL STATEMENTS</B></FONT></P></TD></TR><TR><TD STYLE="color: Gray; text-align: right; font: 9pt Verdana"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The BCRA will buy or sell dollars
when the exchange rate at the MLC operates outside the bands. This, which is largely possible thanks to the IMF&rsquo;s contribution of
liquid funds mentioned in the preceding paragraph, would facilitate a transition without disruptions in the ongoing disinflation process.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All restrictions on access to
the MLC related to government assistance received during the pandemic, subsidies, the public-sector employment and others are eliminated.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Imports of (a) goods and services
may be paid through the MLC from the date of customs entry registration and from the date the service is rendered, respectively (previously,
there was a 30-day waiting period); (b) capital goods may be paid through the MLC as follows: an advance payment of 30%, 50% from the
date of shipment at the port of origin, and 20% from the date of customs entry registration; (c) services between related companies may
be paid through the MLC after 90 days from the date the service is rendered (previously the timeframe was 180 days).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.4pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Access to the MLC is authorized
for the purpose of paying dividends to non-resident shareholders in respect of realized earnings recognized in financial statements for
fiscal years beginning on or after January 1, 2025.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 53.4pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">In this framework, the BCRA provides
for a monetary system aimed at a tighter monitoring of the money supply, based on the non-financing of the fiscal policy by the BCRA,
and of zero monetary issuance for the remuneration of the BCRA&rsquo;s remunerated liabilities. It is expected that the aforementioned
measures, as a whole, will boost activity and investment, the recovery of domestic savings and credit to the private sector, increasing
monetary predictability, exchange rate flexibility and unrestricted reserves that support the new economic program.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">Furthermore, on May 21, 2025,
the Company, the Federal Government and CAMMESA entered into a Memorandum of Agreement on the Regularization of Payment Obligations, whereby
a Payment plan for the debts arising from energy purchases in the MEM was agreed upon, in respect of past due periods from November 2023
until March 2024. In addition, with regard to the Payment plan signed in July 2023 with CAMMESA, it was agreed that the measuring unit
in which the installments were denominated would be changed from kWh to Argentine pesos (Note 2.b).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">Additionally, on July 4, 2025,
by means of Executive Order No. 450/2025, the PEN approved the reforms of Laws Nos. 15,336 and 24,065, which mainly provide for the deregulation
of the electricity sector, including, among other measures, the complete openness to international electricity trade and the reinstatement
of the possibility of purchase-and-sale agreements being entered into among private parties (Note 2.a).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">Furthermore, on September 28,
2025, the BCRA implemented a change in the operation of the MLC, introducing a cross-market restriction that imposes a 90-day period during
which purchasers of MEP or CCL dollars (financial dollars obtained via the stock exchange) are prohibited from operating with official
dollars, and vice versa.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">The Company&rsquo;s Management
permanently monitors the development of the variables that affect the Company&rsquo;s business, in order to define its course of action
and identify the potential impacts on its financial and cash position. Within the described context, the Company continues making the
investments necessary, both for the efficient operation of the network and for maintaining and even improving the quality of the service.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>Retroactive restatement of
the previously issued financial statements &ndash; Deferred tax liability generated by the Property, plant and equipment account</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">As a result of that which was
mentioned in the Consolidated Financial Statements as of December 31, 2024, the Company retroactively restated the impacted balances in
its previously issued financial statements, correcting the error detected in the deferred tax calculation relating to the Property, plant
and equipment account that generated an overstatement of the deferred tax liability, with the impacts on the condensed interim Consolidated
financial statements as of September 30, 2024 being as follow:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>Statement of Comprehensive
Income (abstract)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 8pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 38%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 13%">09.30.24&nbsp;<BR>
As previously reported</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 11%">RECPAM (Inflationary effect)</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 11%">09.30.24</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 11%">Error correction</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; width: 11%">09.30.24 Restated</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Income before taxes</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157,702</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50,122</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207,824</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207,824</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Income tax&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77,367</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,588</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101,955</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41,965</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143,920</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Income of the period</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235,069</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74,710</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309,779</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41,965</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351,744</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Basic and diluted income per share:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Basic and diluted income per share:</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268.65</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85.32</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353.97</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.94</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401.99</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7.1pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7.1pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Profit and loss items of the
&ldquo;Adjustment&rdquo; column are also included in both the Statement of Changes in Equity and the Statement of Cash Flows at the end
of the period.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>2 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A NAME="a_006"></A>Regulatory framework</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">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, 2024:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>a)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Electricity rate situation
</B></FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">On March 7, 2025, by means of
Resolution No. 160/2025, and in accordance with the service quality regulations for the 2025-2030 five-year period, the ENRE approved
the average VAD values for the assessment of the service, commercial and technical product quality-related penalties set in KWh, replacing
the calculation methodology of the previous 2017 RT, as from March 1, 2025, as provided for in ENRE Resolutions Nos. 3 and 8/2025. As
of September 30, 2025, the Company recognized a recovery due to the change in methodology, amounting to $ 10,556.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Furthermore, on April 3, 2025,
by means of Resolution No. 237/2025, the ENRE revoked Section 2 of ENRE Resolution No. 4/2025 dated January 7, 2025, and approved a rate
of return on assets in real terms and after taxes of 6.50%, equivalent to a rate in real terms before taxes of 9.99% (increase of 4.5%).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Additionally, on April 29, 2025,
ENRE Resolution No. 304/2025 approves the electricity rate and regulatory framework for the 2025-2030 period relating to the Five-year
Electricity Rate Review (RT).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>


<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right">&nbsp;</TD></TR><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The aforementioned resolution
provides for:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The approval of the Company&rsquo;s
electricity rate schedule effective from the billing relating to the reading of meters subsequent to 12:00 AM on May 1, 2025, with a 3%
increase in the CPD, plus a monthly increase of 0.42% in real terms starting on June 1, 2025, and continuing in the months thereafter
through November 1, 2027. The adjustment will take into consideration the price effect determined by the indexation formula, with a monthly
frequency, and the annual adjustment that may arise due to deviations from compliance with the investment plan.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The approval of the adjustment
mechanism to be applied on a monthly basis to the CPD, resulting from the indexation formula based on price indexes (IPC -consumer price
index- and IPIM -wholesale price index-).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The approval of the Efficiency
Incentive Factor (E Factor).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The updating of the Company&rsquo;s
Concession Agreement, by approving new texts of the Electricity Rate System, Electricity Rate Setting Procedure, and Quality Regulations
and Penalties Sub-annexes, and the Supply Regulations, with the aim of adjusting the regulatory framework, effective from May 1, 2025.
</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Furthermore, on May 30, 2025,
by means of Executive Order No. 370/2025 of the PEN, the state of emergency in the National Energy Sector -originally declared by Executive
Order No. 55 of December 16, 2023 and extended by Executive Order No. 1023 of November 19, 2024- is further extended, with respect to
both the segments of electricity generation, transmission and distribution under federal jurisdiction and those of natural gas transmission
and distribution, as well as the actions deriving therefrom, until July 9, 2026. The intervention of the ENRE is also extended until that
date.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Additionally, on July 4, 2025,
by means of Executive Order No. 450/2025 of the PEN, the reforms -mainly of a deregulatory nature- of Laws Nos. 15,336 (Electricity System)
and 24,065 (Electricity Regulatory Framework) were approved, which provide for a two-year transition framework toward: (i) the complete
openness to international electricity trade, limiting the Federal Government&rsquo;s intervention solely to technical or safety-related
issues concerning supply; (ii) the reinstatement of the possibility of purchase-and-sale agreements being entered into among private parties,
where at least 75% of energy demand is to be contracted through the MAT; (iii) the restructuring of federal energy financing and advisory
bodies; (iv) the prohibition against Distributors including in the bill (and thereby collecting) local taxes and charges unrelated to
the goods and services effectively billed; (v) the recognition of energy storage agents as MEM agents; and (vi) the implementation of
alternatives for the development of the electricity transmission infrastructure, with the aim of promoting private investment.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Moreover, on July 4, 2025, by
means of Executive Order No. 452/2025 of the PEN, the National Gas and Electricity Regulatory Authority (ENRGE) is set up, pursuant to
Section 161 of Bases Law No. 27,742, which is to become operational within 180 calendar days, starting July 7, 2025, with its Board of
Directors having been properly constituted.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">On August 20, 2025, by means
of SE Note No. 2025-91868608 addressed to CAMMESA, the &ldquo;Guidelines for the normalization of the MEM and its gradual alignment&rdquo;
were submitted, with the aim of reconciling, mainly during the transition, the following aspects: (i) the development of a market with
signals that promote efficiency, competition, self-management and investment in generation, (ii) an adequate control of the costs to be
faced by electricity purchasers, and (iii) the possibility of extending free contracting options among MEM participants to allow for greater
predictability of costs and revenues. Based on those guidelines, the SE will issue the necessary regulations to move forward with the
normalization process, so that they can come into effect on November 1, 2025, date on which the Summer Seasonal Programming begins.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Furthermore, on September 26,
2025, by means of SE Resolution No. 379/2025, and in line with Executive Order No. 450/2025 of the PEN, the Energy Secretariat created
the &ldquo;Energy Demand Management Program,&rdquo; which is voluntary, scheduled, and remunerated. It consists of a mechanism aimed at
reducing or eliminating peak power demand in critical times of the year by encouraging Large Users of the system to voluntarily reduce
their loads in exchange for a payment. The program seeks the participation of the MEM&rsquo;s Large Users (Major Large Users, Minor Large
Users, and Large Users of Distributors) as Participating Users -for which purpose they must have an hourly metering system and maximum
power demands exceeding 300 kW-. In each seasonal programing, they will formalize their proposal (up to 14 days per year and no more than
5 hours per day, only in the December-March and June-August periods) and will declare on a quarterly basis the amount of power they commit
to reducing and the price they offer.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Additionally, the Distributors
may request that the proposals be implemented within 4 days -if they request reductions at nodes not selected by the Dispatch Agency (OED),
they will bear the program&rsquo;s incremental costs-, whereas the OED may implement the reduction within 10 days. Participating Users
will be remunerated with a fixed and a variable charge and will be penalized if they fail to comply. Distributors will charge a technical
management fee.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Finally, on October 31, 2025,
by means of ENRE Resolution No. 730/2025, the modification of the current bimonthly reading methodology for the electricity metering equipment
of Tariff 1 users to a monthly reading methodology was approved.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The following resolutions have
modified the situation reported in the Financial Statements as of December 31, 2024, in connection with the Company&rsquo;s electricity
rate schedules and the seasonal reference prices (Stabilized Price of Energy and Power Reference Price):</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 19%; border: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Resolution</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Date</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 35%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>What it approves</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 21%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Effective as from</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>VAD</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">SE No. 110/2025</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">February 28, 2025</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Seasonal reference prices</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">March 1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ENRE No. 160/2025</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">March 7, 2025</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Electricity rate schedules</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">March 1</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ENRE No. 224/2025</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">April 1, 2025</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Electricity rate schedules</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">April 1</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.50%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">SE No. 171/2025</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">April 29, 2025</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Seasonal reference prices</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">May 1</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ENRE No. 304/2025</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">April 29, 2025</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Electricity rate schedules</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(4)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">May 1</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.00%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">SE No. 226/2025</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">May 29, 2025</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Seasonal reference prices</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">June 1</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ENRE No. 401/2025</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">June 3, 2025</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Electricity rate schedules</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">June 1</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.24%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">SE No. 281/2025</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">June 27, 2025</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Seasonal reference prices</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">July 1</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ENRE No. 469/2025</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">June 30, 2025</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Electricity rate schedules</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">July 1</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.75%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">SE No. 334/2025</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">July 30, 2025</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Seasonal reference prices</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 7pt">(5)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">August 1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ENRE No. 568/2025</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">July 31, 2025</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Electricity rate schedules</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">August 1</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.10%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">SE No. 359/2025</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">August 27, 2025</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Seasonal reference prices</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">September 1</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ENRE No. 614/2025</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">September 1, 2025</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Electricity rate schedules</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">September 1</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.97%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">SE No. 383/2025</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">September 29, 2025</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Seasonal reference prices</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">October 1</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ENRE No. 695/2025</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">October 1, 2025</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Electricity rate schedules</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">October 1</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.13%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">SE No. 434/2025</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">October 31, 2025</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Seasonal reference prices</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November 1</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ENRE No. 745/2025</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">October 31, 2025</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Electricity rate schedules</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">November 1</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.60%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify; padding-right: 11.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">It approves
the average VAD values for the assessment of the service, commercial and technical product quality-related penalties set in KWh, replacing
the calculation methodology of the previous 2017 RT.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(2)</FONT></TD><TD STYLE="text-align: justify; padding-right: 11.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">It postpones
the Five-Year Electricity Rate Review (RT) until April 30, 2025.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(3)</FONT></TD><TD STYLE="text-align: justify; padding-right: 11.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">It approves
the Winter Seasonal Programming for the MEM submitted by CAMMESA, relating to the May 1, 2025-October 31, 2025 period. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4)</FONT></TD><TD STYLE="text-align: justify; padding-right: 11.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">It approves
the Five-Year Electricity Rate Review (RT).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(5)</FONT></TD><TD STYLE="text-align: justify; padding-right: 11.05pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">It approves
the Winter Seasonal Reprogramming for the MEM submitted by CAMMESA, relating to the August 1, 2025-October 31, 2025 period.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>b)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Agreements on the Regularization
of Payment Obligations with CAMMESA &ndash; Debt for the purchase of energy in the MEM</B></FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">On March 13, 2025, by means of
Executive Order No. 186/2025, the PEN approved the 2025 General Budget, which, in its Section 7, provides for a Special System for the
Regularization of Payment Obligations with CAMMESA and/or with the MEM for the debts accumulated by electricity distribution companies
as of November 30, 2024. Furthermore, on April 21, 2025, by means of Directive No. 1/2025, the Energy Under-secretariat approved the terms
of the System for the Regularization of Payment Obligations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In this regard, on May 21, 2025,
the Company, the Federal Government and CAMMESA entered into a Memorandum of Agreement on the Regularization of Payment Obligations &ndash;Special
system for debts, whereby the Company recognizes that it owes CAMMESA the sum of $ 129,970 for past due periods from November 2023 until
March 2024. The Company agrees to pay the aforementioned debt under a new Payment plan consisting of 72 monthly installments, with a 12-month
grace period and at the interest rate in effect in the MEM, reduced by 50%, which will be reviewed semiannually should there exist a variation
of 500 basis points (equivalent to 5%). The amount to be paid as of April 25, 2026, adjusted in accordance with the procedure set forth
in SE Resolution No. 56/2023, amounts to $ 240,755.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt">With regard to the Payment plan
signed on December 29, 2022, in the framework of Section 87 of Law No. 27,591 and SE Resolution No. 642/2022, the duly agreed-upon terms
remain in effect.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">As for the Payment plan signed
on July 28, 2023, in the framework of Section 89 of Law No. 27,701, it provides for the conversion into Argentine pesos of the installments
denominated in MWh, at the price applicable to the payment of the October 2024 installment, which results in a total debt of $ 158,037
as of the date of the agreement. The new Payment plan in Argentine pesos maintains the other duly agreed-upon terms, without a grace period,
with 74 monthly installments still pending maturity.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Pursuant to the Third Clause
of the agreement, in the event of delinquency in payment of the current billing or the installments under the agreements, CAMMESA -after
a 30-day period following the demand for payment notice- will automatically terminate the signed agreements, resulting in the loss of
recognized benefits.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The combined effect of the signed
agreements amounts to $ 199,433, which has been disclosed in the Agreement on the Regularization of Payment Obligations line item of the
Statement of Comprehensive Income. As of September 30, 2025, the outstanding debt corresponding to: (i) the payment plan entered into
on December 29, 2022; (ii) the payment plan entered into on July 28, 2023 and converted into pesos on May 21, 2025; and (iii) the new
payment plan entered into on the aforementioned date, amounts to $ 84,474, $ 124,454 and $ 172,478, respectively, and has been disclosed
under Current and Non-current Other payables in the Statement of Financial Position.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>c)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>Framework Agreement</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In accordance with the Agreement
entered by <B>edenor</B>, the Federal Government and the Province of Buenos Aires, and in connection with electricity consumption generated
in 2025, the ENRE has been informed for validation purposes of the credits against the Federal Government and the Province of Buenos Aires
for $ 11,642 and $ 7,026, respectively.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">On August 11, 2025, the outstanding
portion to be contributed by the Federal Government for electricity consumption of 2023, in accordance with CAMMESA&rsquo;s statement
of accounts, for $ 367 was effectively paid.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">At the date of issuance of these
condensed interim Consolidated financial statements, the amounts to be contributed by the Federal Government and the Province of Buenos
Aires for electricity consumption of 2024, whose crediting and/or offsetting against debts with CAMMESA are still pending, total $ 7,708
and $ 5,450 respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>3 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0"><A NAME="a_007"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Basis of preparation</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">These condensed interim Consolidated
financial statements for the nine-month period ended September 30, 2025 have been prepared in accordance with the provisions of IAS 34
&ldquo;Interim Financial Reporting&rdquo;. They were approved for issue by the Company&rsquo;s Board of Directors on November 6, 2025.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">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 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">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, 2024 and until
the date of issuance of these condensed interim Consolidated financial statements. The Company&rsquo;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, 2025 and its comparative period as of September 30, 2024 do not necessarily reflect the Company&rsquo;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, 2024 prepared under IFRS.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company&rsquo;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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>Comparative information </B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The balances as of December 31
and September 30, 2024, 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, 2025, 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>Restatement of financial information</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">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, 2025, in accordance with IAS 29 &ldquo;Financial reporting in hyperinflationary economies&rdquo;, using the indexes published
by the FACPCE. The inflation rate for the period of January 1, 2025 - September 30, 2025 was 22%.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>


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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>Segment information</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>edenor</B>&lsquo;s main activity
consists of the provision of electricity distribution and sale services within the concession area. As of September 30, 2025, all the
Company&rsquo;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.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The information disclosed in
these condensed interim Consolidated financial statements is presented in a single segment and refers to the entire Company.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>4 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0"><A NAME="a_008"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accounting policies</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 71.45pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">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, 2024, except for the following:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><U>Financial assets at fair value</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">As of September 30, 2025, 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><I>Valuation methodology</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><I>Significant unobservable variables
</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Among the key unobservable inputs
included in the valuation, the following stand out:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">-&#9;Market value per hectare
adjusted for geological prospectivity.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">-&#9;Project development stage
(pre-exploration or initial exploration).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">-&#9;Discounts for lack of liquidity
and control.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">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.</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><I>Sensitivity</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">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).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="letter-spacing: -0.15pt"><U>New
accounting standards, amendments and interpretations </U></FONT><U>issued by the IASB that are effective as of September 30, 2025 and
have been adopted by the Company</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">- IAS 21 &ldquo;The effects of
changes in foreign exchange rates&rdquo;, amended in August 2023. Guidelines are included in order to specify when a currency is interchangeable
and how to determine the exchange rate to apply when it is not. The application of this amendment does not have a significant impact on
the Company&rsquo;s balances.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">There are no new IFRS or IFRIC
applicable as from this period that have a material impact on the Company&rsquo;s condensed interim Consolidated financial statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><FONT STYLE="letter-spacing: -0.15pt"><U>New
accounting standards, amendments and interpretations </U></FONT><U>issued by the IASB that are not yet effective and have not been early
adopted by the Company</U></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 28.35pt">-&#9;IFRS 18 &ldquo;Presentation
and disclosure in financial statements&rdquo;, 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&rsquo; 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.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">IFRS 18 replaces IAS 1 &ldquo;Presentation
of financial statements&rdquo; 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.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 28.35pt">- IFRS 19 &ldquo;Subsidiaries
without public accountability: Disclosures&rdquo;, 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 28.35pt">- IFRS for SMEs: It includes
amendments to key sections and incorporates a new section on fair value measurement. It aligns definitions and criteria with full IFRS
(IFRS 3, 9, 10, 13 and 15), and introduces changes in assets, liabilities, control, revenue and business combinations concepts. It is
effective for annual reporting periods beginning as from January 1, 2027, earlier application permitted.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 28.35pt">&nbsp;&#9;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>



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    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.6pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #0070C0"><B>5 |</B></FONT><B><FONT STYLE="font-family: Times New Roman; font-size: 7pt; color: #0070C0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><A NAME="a_009"></A>Financial risk management</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 71.45pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #0070C0"><B>Note 5.1 |</B></FONT><B>
Financial risk factors</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company&rsquo;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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Additionally, the difficulty
in obtaining financing in international or national markets could affect certain variables of the Company&rsquo;s business, such as interest
rates, foreign currency exchange rates and the access to sources of financing.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in; text-align: justify">With regard to the Company&rsquo;s
risk management policies, there have been no significant changes since the last fiscal year-end.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.55pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>a.</I></B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B><I>Market risks</I></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 70.9pt"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">i.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><U>Currency risk </U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">As of September 30, 2025 and
December 31, 2024, the Company&rsquo;s balances in foreign&nbsp;currency are as follow:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 8pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 36%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 9%">Currency</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 12%">&nbsp;Amount in foreign currency&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 10%">Exchange rate (1)</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 14%">09.30.25</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font-weight: bold; border-bottom: black 0.5pt solid; text-align: center; width: 14%">12.31.24</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">ASSETS</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">CURRENT ASSETS</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Other receivables</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">USD</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">1371.000</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,283</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,008</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Financial assets at amortized cost</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">USD</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">1371.000</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,250</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Financial assets at fair value through profit or loss</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">USD</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253.9</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">1371.000</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348,097</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358,688</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Cash and cash equivalents</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">USD</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">1371.000</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,428</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,570</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">TOTAL CURRENT ASSETS</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366,058</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378,266</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">TOTAL ASSETS</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366,058</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378,266</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">LIABILITIES</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">NON-CURRENT LIABILITIES</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Borrowings</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">USD</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349.3</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">1380.000</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482,009</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432,913</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">TOTAL NON-CURRENT LIABILITIES</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482,009</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432,913</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">CURRENT LIABILITIES</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Trade payables</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">USD</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.5</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">1380.000</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31,050</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22,405</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">EUR</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">1622.604</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">CHF</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">0.000</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Borrowings</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">USD</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87.4</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">1380.000</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120,556</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,222</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">TOTAL CURRENT LIABILITIES</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151,768</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38,036</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">TOTAL LIABILITIES</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633,777</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470,949</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 7.1pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 7.1pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The exchange rates used are the
BNA exchange rates in effect as of September 30, 2025 for United States dollars (USD), Euros (EUR) and Swiss francs (CHF).</FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


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    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 53.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ii.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><U>Fair value estimate </U></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">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:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&middot; <B>Level 1</B>: quoted prices
(unadjusted) in active markets for identical assets or liabilities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 35.45pt"><BR>
&middot; <B>Level 2</B>: 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).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 35.45pt"><BR>
&middot; <B>Level 3</B>: inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The table below shows the Company&rsquo;s
financial assets and liabilities measured at fair value as of September 30, 2025 and December 31, 2024:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 8pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 43%">&nbsp;</TD>
    <TD STYLE="padding-left: 30px; font-weight: bold; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">&nbsp;LEVEL 1&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">&nbsp;LEVEL 2&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 18%">&nbsp;LEVEL 3&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 30px; font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">At September 30, 2025</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Assets</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom">Other receivables</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Assigned assets and in custody</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,073</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom">Financial assets at fair value through profit or loss:</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Negotiable instruments</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89,337</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Mutual funds</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347,807</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Shares</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,792</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom">Cash and cash equivalents:</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Mutual funds</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Total assets</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445,814</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,792</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;LEVEL 1&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;LEVEL 2&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;LEVEL 3&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">At December 31, 2024</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Assets</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom">Other receivables</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Transferred assets and in custody</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,910</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom">Financial assets at fair value through profit or loss:</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Negotiable instruments</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139,643</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Mutual funds</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303,522</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom">Cash and cash equivalents</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Mutual funds</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Total assets</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454,622</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Liabilities</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-style: italic; vertical-align: bottom">Other liabilities:</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Payment plan - CAMMESA</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160,373</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Total liabilities</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160,373</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>


<!-- Field: Page; Sequence: 22 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right">&nbsp;</TD></TR><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 53.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">iii.</FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><U>Interest rate risk </U></FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 7.1pt 0 0; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">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&rsquo;s exposure
to interest rate risk is mainly related to its long-term debt obligations.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">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, 2025, except for the Class No. 9 Corporate Notes issued by the Company in Argentine
pesos, at the TAMAR floating interest rate published by the BCRA plus an annual 6% fixed margin, and the bank loans taken with ICBC, Ciudad
and Naci&oacute;n banks (Note 25), all the loans were obtained at fixed interest rates. The Company&rsquo;s policy is to keep the largest
percentage of its indebtedness in instruments that accrue interest at fixed rates.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>6 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0"><A NAME="a_010"></A>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Critical accounting estimates and judgments</FONT></B></TD></TR></TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The preparation of the condensed
interim Consolidated financial statements requires the Company&rsquo;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.&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">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.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">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, 2024.</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>7 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A NAME="a_011"></A>Contingencies and lawsuits</FONT></B></TD></TR></TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">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, 2024, except for the following:</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><B>- ENRE, Proceeding for the
Determination of a Claim (Court record No. 16/2020)</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In 2021, the ENRE filed a complaint
against the Company in connection with the compliance, by the Issuer, with the &ldquo;Law on Agreement Renegotiation&rdquo; regarding
disputes related to the payment date of certain penalties that were reimbursed to the Company&rsquo;s users in a timely manner. &nbsp;The
stage for producing evidence concluded and, on September 18, 2025, the court adopted a procedural measure to clarify and/or supplement
the evidence (&ldquo;<I>medida de mejor proveer</I>&rdquo;) prior to rendering judgement. The Company&rsquo;s management believes there
exist reasonable grounds to believe that <B>edenor</B> should prevail in this case.&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>ENRE vs EDENOR, Summary Proceedings
in connection with Resolution No. 198/18</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company is required to comply
with certain quality levels that are monitored by the ENRE on a semiannual basis. In the framework of this regulatory system, when those
quality levels are not met, the ENRE imposes fines and penalties. All the fines and penalties are paid in due time.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>CONDENSED INTERIM CONSOLIDATED</B></FONT></P><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>FINANCIAL STATEMENTS</B></FONT></P></TD></TR><TR><TD STYLE="color: Gray; text-align: right; font: 9pt Verdana"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">In this particular case, the
ENRE imposed an additional penalty on the Company that was not included among those provided for under the original regulatory framework;
therefore, the Company filed an appeal to the Supreme Court, arguing that that penalty was imposed based on a number of service quality-related
concepts for which the Company had already been penalized, thereby constituting a duplication of concepts.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">These proceedings, which are
pending in Federal Court in Fiscal Enforcement Matters No. 5, Clerk&rsquo;s Office No. 17, refer to the quality of the technical service
provided to the Company&rsquo;s users between March and August 2024. On July 18, 2025, a final judgment was rendered in favor of the plaintiff,
and the parties are currently negotiating a payment plan. As of September 30, 2025, the Company has set up a provision for this case amounting
to $ 5,959, plus expenses and court costs.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.4pt"><B>- Asociaci&oacute;n Civil de
Protecci&oacute;n del Consumidor y del Usuario de la Rep&uacute;blica Argentina (Procurar) &ndash; Class action for the protection of
a constitutional right (&ldquo;<I>Acci&oacute;n Colectiva de</I> A<I>mparo</I>&rdquo;) (Court record No. 040504/2022)</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><FONT STYLE="font-size: 10pt">The
subject matter of the complaint was considered moot due to the existence of a payment regularization agreement with CAMMESA. Notwithstanding
this, Procurar filed an amended complaint to include a new fact. The court ordered that notice of the complaint be served upon the defendants
and issued a provisional measure (&ldquo;<I>medida interina</I>&rdquo; -</FONT><FONT STYLE="font-size: 9pt">specific form of provisional
measure granted in disputes in which the Federal Government or a government agency is a party to the case-</FONT><FONT STYLE="font-size: 10pt">),
directing the defendants to not only ensure, while the 'Almacenamiento AlmaGBA' program is in effect, that the electricity rate schedule
fully includes the seasonal prices necessary to cover the cost associated with the Storage Generation Agreement with MEM Distributors
for the Buenos Aires Metropolitan Area (AMBA), in accordance with the provisions of section 6 of SE Resolution No. 67 dated February 14,
2025, and section 40 of Law No. 24,065, but also refrain, where applicable, from directly and/or indirectly affecting the revenues recognized
in favor of <B>edenor</B> pursuant to the Five-Year Electricity Rate Review, approved by RESOL-2025-304-APN-ENRE#MEC, with additional
or incremental costs that are not transferable to tariffs.</FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company&rsquo;s management
believes there exist reasonable grounds to believe that, even if the plaintiff&rsquo;s claim were to prevail, no harm whatsoever would
be caused to <B>edenor</B>.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>- Asociaci&oacute;n de Defensa
de Derechos de Usuarios y Consumidores - ADDUC- Class action (Court record No. 6818/2017)</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company has answered the
complaint in due time and in proper form, and, as a result, the issue has been joined. The Company&rsquo;s management believes there exist
reasonable grounds to believe that <B>edenor</B> should prevail in this case.&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><B>- Energy Secretariat vs EDENOR
and Another, Proceeding for the Determination of a Claim (Court record No. 1049/2025) </B></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">On September 11, 2025, the Company
answered the complaint in due time and in proper form and filed a counterclaim regarding the regulatory asset involved in the 'Agreement
on the regularization of obligations for the transfer of concession holders to the local jurisdictions.' At present, the matter is at
issue.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company believes there exist
reasonable grounds to believe that the complaint should not prevail, and, if that proves not to be the case, that the counterclaim should
be upheld.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>



<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right">&nbsp;</TD></TR><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>CONDENSED INTERIM CONSOLIDATED</B></FONT></P><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>FINANCIAL STATEMENTS</B></FONT></P></TD></TR><TR><TD STYLE="color: Gray; text-align: right; font: 9pt Verdana"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.6pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #0070C0"><B>8 |</B></FONT><B><FONT STYLE="font-family: Times New Roman; font-size: 7pt; color: #0070C0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><A NAME="a_012"></A>Revenue from sales and energy purchases</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">We provide below a brief
description of the main services provided by the Company:</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>Sales of electricity</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Small demand segment: Residential use and public lighting (T1)</FONT></TD>
    <TD STYLE="width: 83%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Medium demand segment: Commercial and industrial customers (T2)</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Large demand segment (T3)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Other: (Shantytowns/</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Wheeling system)</P></TD>
    <TD STYLE="border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revenue is recognized to the extent that a renewal of the Framework Agreement has been formalized for the period in which the service was 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. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The KWh price relating to the
Company&rsquo;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.</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>Other services</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Right of use of poles</FONT></TD>
    <TD STYLE="width: 83%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Revenue is recognized to the extent that the rental value of the right of use of the poles used by the Company&rsquo;s electricity network has been agreed upon for the benefit of third parties.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Connection and reconnection charges</FONT></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Relate to revenue accrued for the carrying out of the electricity supply connection of new customers or the reconnection of already existing users.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right">&nbsp;</TD></TR><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>CONDENSED INTERIM CONSOLIDATED</B></FONT></P><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>FINANCIAL STATEMENTS</B></FONT></P></TD></TR><TR><TD STYLE="color: Gray; text-align: right; font: 9pt Verdana"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0"><B>Energy purchases</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 17%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Energy purchase </FONT></TD>
    <TD STYLE="width: 83%; border-top: #7F7F7F 1pt solid; border-bottom: #7F7F7F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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&rsquo;s electric power reflects the costs of transmission and other regulatory charges.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">Energy</P>
    <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">losses</P></TD>
    <TD STYLE="border-bottom: #7F7F7F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">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&rsquo;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 9.1%.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">09.30.25</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">09.30.24</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; width: 48%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 11%">GWh</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">$</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 11%">GWh</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">$</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Sales of electricity</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: justify">Small demand segment: Residential use and public lighting (T1)</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,245</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;1,393,214</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,312</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;1,153,318</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: justify">Medium demand segment: Commercial and industrial (T2)</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,153</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249,439</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,142</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230,948</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: justify">Large demand segment (T3)</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,578</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416,524</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,627</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408,388</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: justify">Other: (Shantytowns/Wheeling system)<BR></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,596</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49,141</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,471</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62,287</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Subtotal - Sales of electricity</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,572</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;2,108,318</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,552</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;1,854,941</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Other services</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Right of use of poles</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,404</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,250</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Connection and reconnection charges</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,615</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,412</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Subtotal - Other services</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,019</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,662</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total - Revenue</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;2,118,337</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;1,861,603</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">09.30.25</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">09.30.24</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">GWh</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">$</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">GWh</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">$</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Energy purchases <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; font-style: normal; font-weight: 700"><SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,858&nbsp;&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: right">&nbsp;(1,253,171)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,775&nbsp;&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: right">&nbsp;(1,059,899)</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 8pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 53.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8.5pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">As of September 30, 2025 and 2024,
the cost of energy purchases includes technical and non-technical energy losses for 3,286 GWh and 3,223 GWh, respectively.<BR STYLE="clear: both">
</FONT></TD></TR></TABLE>



<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right">&nbsp;</TD></TR><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>CONDENSED INTERIM CONSOLIDATED</B></FONT></P><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>FINANCIAL STATEMENTS</B></FONT></P></TD></TR><TR><TD STYLE="color: Gray; text-align: right; font: 9pt Verdana"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.6pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #0070C0"><B>9 |</B></FONT><B><FONT STYLE="font-family: Times New Roman; font-size: 7pt; color: #0070C0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><A NAME="a_013"></A>Expenses by nature</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The detail of expenses by nature
is as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 8pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Expenses by nature at 09.30.25</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 43%">&nbsp;Description&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">&nbsp;Transmission and distribution expenses&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">Selling expenses&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 13%">&nbsp;Administrative expenses&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">&nbsp;Total&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Salaries and social security taxes&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132,936</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,802</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37,631</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186,369</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Pension plans</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,883</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,099</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,444</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Communications expenses</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,722</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,799</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,819</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Allowance for the impairment of trade and other receivables</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,404</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,404</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Supplies consumption&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28,792</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,622</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31,414</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Leases and insurance&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,506</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,539</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,086</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Security service</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,024</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,592</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,235</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Fees and remuneration for services</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83,802</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49,172</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100,576</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233,550</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Public relations and marketing</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,383</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,383</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Advertising and sponsorship&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,258</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,258</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Reimbursements to personnel&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD COLSPAN="2" STYLE="text-align: left">Depreciation of property, plant and equipment</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106,992</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,944</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,082</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136,018</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">Depreciation of right-of-use asset</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,093</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,746</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,385</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD COLSPAN="2" STYLE="text-align: left">Directors and Supervisory Committee <BR>
members&rsquo; fees&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>ENRE penalties</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,741</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,413</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,154</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Taxes and charges&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40,764</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38,695</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79,459</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Other</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;562</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: center">At 09.30.25</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396,967</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170,160</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209,084</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776,211</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify; text-indent: -56.75pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The expenses included in the
chart above are net of the Company&rsquo;s own expenses capitalized in property, plant and equipment as of September 30, 2025 for $ 27,841.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 8pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Expenses by nature at 09.30.24</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 43%">&nbsp;Description&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">&nbsp;Transmission and distribution expenses&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">Selling expenses&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 13%">&nbsp;Administrative expenses&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 12%">&nbsp;Total&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Salaries and social security taxes&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143,966</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,707</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43,745</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206,418</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Pension plans</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,622</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,510</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,531</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,663</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Communications expenses</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,293</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,891</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,196</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Allowance for the impairment of trade and other receivables</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,593</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,593</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Supplies consumption&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,329</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,605</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35,934</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Leases and insurance&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,370</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,713</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,108</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Security service</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,323</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,832</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Fees and remuneration for services</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80,964</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38,280</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56,697</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175,941</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Public relations and marketing</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,088</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,088</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Advertising and sponsorship&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,682</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,682</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Reimbursements to personnel&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: left">Depreciation of property, plant and equipment</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108,846</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,223</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,309</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138,378</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Depreciation of right-of-use asset</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,711</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,987</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,553</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD COLSPAN="2" STYLE="text-align: left">Directors and Supervisory Committee<BR>
members&rsquo; fees&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>ENRE penalties</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,438</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62,695</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82,133</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Taxes and charges&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,709</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,058</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41,767</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Other</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: center">At 09.30.24</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419,033</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200,849</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148,178</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768,060</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 14.2pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 14.2pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The expenses included in the
chart above are net of the Company&rsquo;s own expenses capitalized in property, plant and equipment as of September 30, 2024 for $ 30,241.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>



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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right">&nbsp;</TD></TR><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>CONDENSED INTERIM CONSOLIDATED</B></FONT></P><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>FINANCIAL STATEMENTS</B></FONT></P></TD></TR><TR><TD STYLE="color: Gray; text-align: right; font: 9pt Verdana"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.6pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #0070C0"><B>10 |</B></FONT><B><FONT STYLE="font-family: Times New Roman; font-size: 7pt; color: #0070C0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><A NAME="a_014"></A>Other operating income (expense), net</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: justify; width: 50%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; width: 7%">Note</TD>
    <TD STYLE="font-weight: bold; text-align: justify; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; background-color: white; width: 21%">09.30.25</TD>
    <TD STYLE="font-weight: bold; text-align: center; background-color: white; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; background-color: white; width: 20%">09.30.24</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Other operating income</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Income from customer surcharges</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,911</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,877</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Commissions on municipal taxes collection</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,190</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,796</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Fines to suppliers&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,629</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,089</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Services provided to third parties</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,547</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,319</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Recovery of penalties</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,515</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Income from non-reimbursable customer <BR>
contributions</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,117</TD>
    <TD STYLE="vertical-align: middle; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Expense recovery</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283</TD>
    <TD STYLE="vertical-align: middle; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Framework agreement</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">2.c</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367</TD>
    <TD STYLE="vertical-align: middle; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Other</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Total other operating income</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47,791</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31,931</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Other operating expense</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Gratifications for services</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9,868)</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,812)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Cost for services provided to third parties</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(865)</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,592)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Severance paid&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(148)</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(258)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Provision for contingencies</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">30</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20,894)</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19,727)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">Disposals of property, plant and equipment&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4,470)</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4,401)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Other</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,339)</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(337)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Total other operating expense</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37,584)</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30,127)</TD></TR>
  </TABLE>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 115%"><B></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>11 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A NAME="a_015"></A>Net finance costs</FONT></B></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: 28.35pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left; width: 43%">&nbsp;</TD>
    <TD STYLE="text-decoration: underline; vertical-align: bottom; background-color: white; width: 8%"><U>&nbsp;</U></TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify; width: 3%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 22%">09.30.25</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: right; background-color: white; width: 22%">09.30.24</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-decoration: underline; background-color: white">Financial income</TD>
    <TD STYLE="text-decoration: underline; background-color: white"><U>&nbsp;</U></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Financial interest</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right">435</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right">1,038</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-decoration: underline; background-color: white">Financial costs</TD>
    <TD STYLE="text-decoration: underline; background-color: white"><U>&nbsp;</U></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Commercial interest</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112,125)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(275,594)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Borrowings interest</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76,677)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33,883)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Penalties interest</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(662)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88,762)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Fiscal interest and other</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8,194)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Bank fees and expenses</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4,955)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4,337)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">Total financial costs</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(202,613)</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(402,614)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-decoration: underline; background-color: white">Other financial results</TD>
    <TD STYLE="text-decoration: underline; background-color: white"><U>&nbsp;</U></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Changes in fair value of financial assets</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32,165</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114,962</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Changes in fair value of financial liabilities</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9,083)</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(176,742)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Loss on integration in kind of Corporate Notes</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,978)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">Net loss from the cancelattion of Corporate Notes</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49)</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Exchange differences</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48,577)</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14,682)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Adjustment to present value of receivables</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,171)</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5,169)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Other financial costs (*)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61,915)</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36,976)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">Total other financial results</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(90,630)</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(120,585)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">Total net financial costs</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(292,808)</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(522,161)</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 7.1pt; text-align: center; text-indent: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7.1pt; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt">(*) As of September 30, 2025 and 2024, $ 47,691 and $ 36,976,
respectively, relate to Empresa de Energ&iacute;a del Cono Sur S.A. technical assistance.</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt">&nbsp;</P>



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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right">&nbsp;</TD></TR><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>CONDENSED INTERIM CONSOLIDATED</B></FONT></P><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>FINANCIAL STATEMENTS</B></FONT></P></TD></TR><TR><TD STYLE="color: Gray; text-align: right; font: 9pt Verdana"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.6pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #0070C0"><B>12 |</B></FONT><B><FONT STYLE="font-family: Times New Roman; font-size: 7pt; color: #0070C0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><A NAME="a_016"></A>Basic and diluted earnings per share</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 70.9pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 70.9pt"><B><I>Basic</I></B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The basic earnings per share
are calculated by dividing the profit attributable to the holders of the Company&rsquo;s equity instruments by the weighted average number
of common shares outstanding as of September 30, 2025 and 2024, excluding common shares purchased by the Company and held as treasury
shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">Nine months at</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">Three months at</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; width: 47%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 12%">09.30.25</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 12%">09.30.24</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 12%">09.30.25</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 12%">09.30.24</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Income for the period attributable to the owners of the Company&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179,461</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351,744</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40,638</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152,402</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Weighted average number of common shares outstanding</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Basic and diluted income per share &ndash; in pesos</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205.10</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401.99</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.44</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174.17</TD></TR>
  </TABLE>

<P STYLE="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<!-- Field: Page; Sequence: 29 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>CONDENSED INTERIM CONSOLIDATED</B></FONT></P><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>FINANCIAL STATEMENTS</B></FONT></P></TD></TR><TR><TD STYLE="color: Gray; text-align: right; font: 9pt Verdana"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.6pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #0070C0"><B>13 |</B></FONT><B><FONT STYLE="font-family: Times New Roman; font-size: 7pt; color: #0070C0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><A NAME="a_017"></A>Property, plant and equipment</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 16%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 8%">&nbsp;Lands and buildings&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">&nbsp;Substations&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 10%">&nbsp;High, medium and low voltage lines&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 11%">&nbsp;Meters and Transformer chambers and platforms&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 11%">&nbsp;Tools, Furniture, vehicles, equipment and communications&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">&nbsp;Construction in process&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">&nbsp;&nbsp;Supplies and spare parts&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">&nbsp;Total&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;At 12.31.24&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Cost</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99,270</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899,400</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,278,607</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,021,365</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362,286</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,099,635</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41,779</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,802,342</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Accumulated depreciation</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30,381)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(381,026)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,052,676)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(487,387)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188,697)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,140,167)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double">&nbsp;Net amount&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68,889</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518,374</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,225,931</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533,978</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173,589</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,099,635</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41,779</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,662,175</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Additions</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,420</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,136</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,211</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,045</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262,206</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283,079</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Disposals</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,905)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,093)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,231)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(218)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5,447)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Transfers</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,387</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29,212</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145,588</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49,390</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,199</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(244,776)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Depreciation for the period</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,290)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24,829)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57,996)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30,080)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21,823)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(136,018)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid">&nbsp;Net amount 09.30.25&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72,406</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520,913</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,314,566</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561,268</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175,792</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,117,065</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41,779</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,803,789</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;At 09.30.25&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Cost</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104,077</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924,239</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,417,058</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,077,401</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383,726</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,117,065</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41,779</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,065,345</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Accumulated depreciation</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31,671)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(403,326)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,102,492)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(516,133)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(207,934)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,261,556)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double">&nbsp;Net amount&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72,406</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520,913</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,314,566</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561,268</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175,792</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,117,065</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41,779</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,803,789</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 28.35pt; text-align: center; text-indent: -28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 28.35pt; text-align: center; text-indent: -28.35pt"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 0 53.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 70.9pt; text-indent: -14.2pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">During the period ended September 30, 2025, the Company
capitalized as direct own costs $ 27,841.</FONT></P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 0 70.9pt">&nbsp;</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0 0 0 70.9pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 572.25pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right">&nbsp;</TD></TR><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>CONDENSED INTERIM CONSOLIDATED</B></FONT></P><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>FINANCIAL STATEMENTS</B></FONT></P></TD></TR><TR><TD STYLE="color: Gray; text-align: right; font: 9pt Verdana"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 0.5pt solid; width: 16%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 8%">&nbsp;Lands and buildings&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">&nbsp;Substations&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 10%">&nbsp;High, medium and low voltage lines&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 11%">&nbsp;Meters and Transformer chambers and platforms&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 11%">&nbsp;Tools, Furniture, vehicles, equipment and communications&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">&nbsp;Construction in process&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">&nbsp;&nbsp;Supplies and spare parts&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 9%">&nbsp;Total&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;At 12.31.23&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Cost</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97,388</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877,037</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,202,192</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976,896</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311,144</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864,195</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,963</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,344,815</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Accumulated depreciation</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27,840)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(350,610)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(977,663)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(444,995)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162,672)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,963,780)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double">&nbsp;Net amount&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69,548</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526,427</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,224,529</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531,901</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148,472</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864,195</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,963</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,381,035</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Additions</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,038</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,292</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,379</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,815</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288,635</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323,173</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Disposals</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,980)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,774)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(275)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5,116)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Transfers</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,950</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54,046</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,449</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,132</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109,940)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,788</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Depreciation for the period</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,944)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26,091)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60,524)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31,555)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18,264)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(138,378)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid">&nbsp;Net amount 09.30.24&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69,217</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513,320</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,218,569</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530,899</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151,068</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,042,890</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34,751</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,560,714</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;At 09.30.24&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Cost</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99,001</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884,953</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,252,614</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,007,344</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331,185</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,042,890</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34,751</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,652,738</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Accumulated depreciation</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29,784)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(371,633)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,034,045)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(476,445)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(180,117)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,092,024)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double">&nbsp;Net amount&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69,217</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513,320</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,218,569</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530,899</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151,068</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,042,890</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34,751</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,560,714</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 70.9pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 70.9pt; text-indent: -14.2pt"><FONT STYLE="font-family: Symbol; font-size: 9pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">During the period ended September 30, 2024, the Company
capitalized as direct own costs $ 30,241</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">.</FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 70.9pt; text-indent: -14.2pt">&nbsp;</P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 70.9pt">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 596.25pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-indent: 331.5pt">&nbsp;</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-indent: 331.5pt">&nbsp;</P>

<!-- Field: Page; Sequence: 31 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right">&nbsp;</TD></TR><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>CONDENSED INTERIM CONSOLIDATED</B></FONT></P><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>FINANCIAL STATEMENTS</B></FONT></P></TD></TR><TR><TD STYLE="color: Gray; text-align: right; font: 9pt Verdana"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.6pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #0070C0"><B>14 |</B></FONT><B><FONT STYLE="font-family: Times New Roman; font-size: 7pt; color: #0070C0">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><A NAME="a_018"></A>Right-of-use assets</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The leases recognized as right-of-use
assets in accordance with IFRS 16 are disclosed below:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 35.45pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; width: 50%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center; width: 24%">&nbsp;09.30.25&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font: bold 9pt Arial, Helvetica, Sans-Serif; vertical-align: top; text-align: center; width: 23%">&nbsp;12.31.24&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Right-of-use assets under leases</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,838</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,747</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.45pt">The development of right-of-use assets is as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="text-align: justify; width: 50%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 24%">&nbsp;09.30.25&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 23%">&nbsp;09.30.24&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Balance at beginning of the year</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,747</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,401</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="text-align: left">Additions</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,476</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,128</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle; text-align: left">Depreciation for the period</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5,385)</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8,553)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Balance at end of the period</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,838</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,976</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>15 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0"><A NAME="a_019"></A>&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Inventories</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; width: 56%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 21%">09.30.25</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 21%">12.31.24</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Supplies and spare-parts</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210,550</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182,672</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 14.2pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>16 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A NAME="a_020"></A>Other receivables</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; width: 55%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Note</TD>
    <TD STYLE="font-weight: bold; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 18%">&nbsp;09.30.25&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 18%">&nbsp;12.31.24&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Non-current:</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Related parties</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">31.c</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Current:</TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Assigned assets and in custody (1)</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,073</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,910</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Judicial deposits</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,149</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,791</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Security deposits</TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Prepaid expenses</TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,498</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,683</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Advances to suppliers</TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,942</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,706</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Tax credits</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,232</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,879</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Debtors for complementary activities</TD>
    <TD STYLE="font-weight: bold; text-align: right; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,951</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29,551</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: left">Other</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: left">Allowance for the impairment of other receivables</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,791)</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Total current</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42,141</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69,102</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 35.4pt 0 35.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.55pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">As of September 30, 2025 and December
31, 2024, relate to Securities issued by private companies for NV 5,000,000 and NV 8,000,000, 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.</FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 117pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The value of the Company&rsquo;s
other financial receivables approximates their fair value.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The non-current other receivables
are measured at amortized cost, which does not differ significantly from their fair value.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.45pt">&nbsp;</P>


<!-- Field: Page; Sequence: 32 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right">&nbsp;</TD></TR><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>CONDENSED INTERIM CONSOLIDATED</B></FONT></P><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>FINANCIAL STATEMENTS</B></FONT></P></TD></TR><TR><TD STYLE="color: Gray; text-align: right; font: 9pt Verdana"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.45pt">The roll forward of the allowance for the impairment
of other receivables is as follows:</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0; text-indent: 35.45pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; width: 53%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; width: 7%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: center; width: 19%">&nbsp;09.30.25&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: center; width: 19%">&nbsp;09.30.24&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Balance at beginning of the year</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Increase</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,874</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Result from exposure to inflation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(146)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(145)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Balance at end of the period</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,791</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>17 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A NAME="a_021"></A>Trade receivables</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; width: 53%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 7%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 19%">&nbsp;09.30.25&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 19%">&nbsp;12.31.24&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Current:</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Sales of electricity &ndash; Billed&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254,665</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200,178</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Receivables in litigation</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,341</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Allowance for the impairment of trade receivables</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26,437)</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13,861)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Subtotal</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229,569</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186,873</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Sales of electricity &ndash; Unbilled</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254,499</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251,433</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">PBA &amp; CABA government credit</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,537</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,657</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Fee payable for the expansion of the transportation and others</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Total current</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487,607</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441,966</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 14.2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 14.2pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The value of the Company&rsquo;s
trade receivables approximates their fair value.</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.45pt">The roll forward of the allowance for the impairment
of trade receivables is as follows:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 35.45pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; width: 53%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; width: 7%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: center; width: 19%">&nbsp;09.30.25&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: bottom; text-align: center; width: 19%">&nbsp;09.30.24&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Balance at beginning of the year</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,861</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,577</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Increase</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,530</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,515</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Decrease</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,818)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,161)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Result from exposure to inflation</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,136)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8,719)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Balance at end of the period</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,437</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,212</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 28.35pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 28.35pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>18 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A NAME="a_022"></A>Financial assets at amortized cost</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify; width: 53%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; width: 7%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 19%">&nbsp;09.30.25&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 19%">&nbsp;12.31.24&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Negotiable instruments</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,339</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,440</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>19 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A NAME="a_023"></A>Financial assets at fair value through profit or loss</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center; color: #76923C"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify; width: 53%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; width: 7%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 19%">&nbsp;09.30.25&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 19%">&nbsp;12.31.24&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Non-current</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Shares</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,792</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Current</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Negotiable instruments</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89,337</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139,643</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Mutual funds&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347,807</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303,522</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Total current</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437,144</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443,165</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #76923C"><B></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: center; color: #76923C"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 33 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>CONDENSED INTERIM CONSOLIDATED</B></FONT></P><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>FINANCIAL STATEMENTS</B></FONT></P></TD></TR><TR><TD STYLE="color: Gray; text-align: right; font: 9pt Verdana"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">On June 30, 2025, the Company
acquired a minority interest 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, for $ 30,730. Those acquisitions represent 15% and 40% of those companies&rsquo; 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The fair value of the shares
as of September 30, 2025 amounts to $ 33,792 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).</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>20 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A NAME="a_024"></A>Cash and cash equivalents</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 71.45pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; width: 46%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 17%">&nbsp;09.30.25&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 17%">&nbsp;12.31.24&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 17%">&nbsp;09.30.24&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Cash and banks</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29,602</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,615</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,954</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Time deposits</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,128</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,011</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Mutual funds&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;597</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Total cash and cash equivalents</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37,327</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29,173</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,500</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 7.05pt 0 14.2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #76923C"><B></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 7.05pt 0 14.2pt; text-align: center; color: #76923C"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">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:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; width: 46%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 17%">&nbsp;09.30.25&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 17%">&nbsp;12.31.24&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 17%">&nbsp;09.30.24&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Balances as above</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37,327</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29,173</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,500</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Bank overdrafts (Note 25)</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21,805)</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67,655)</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46,804)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Balances per statement of cash flows</TD>
    <TD STYLE="font-weight: bold; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,522</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38,482)</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43,304)</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 7.05pt 0 0; text-align: justify; text-indent: 21.3pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 7.05pt 0 0; text-align: justify; text-indent: 14.2pt; color: #76923C"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>21 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A NAME="a_025"></A>Share capital and additional paid-in capital</FONT></B></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 49.6pt; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; width: 49%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">&nbsp;Share capital&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">&nbsp;Additional paid-in capital&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 16%">&nbsp;Total&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; text-align: left">Balance at December 31, 2024</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925,991</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,524</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938,515</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Payment of Other reserve constitution - Share-based compensation plan&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">Balance at December 31, 2024 and at September 30, 2025</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925,991</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,598</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938,589</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">As of September 30, 2025, the
Company&rsquo;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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>22 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A NAME="a_026"></A>Allocation of profits</FONT></B></TD></TR></TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">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.</P>


<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right">&nbsp;</TD></TR><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>CONDENSED INTERIM CONSOLIDATED</B></FONT></P><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>FINANCIAL STATEMENTS</B></FONT></P></TD></TR><TR><TD STYLE="color: Gray; text-align: right; font: 9pt Verdana"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">If the Company&rsquo;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&rsquo;s
impossibility to make certain payments, such as dividends, would apply.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Additionally, in accordance with
Title IV, Chapter III, section 3.11.c of the CNV, the amounts subject to distribution will be restricted to the amount equivalent to the
acquisition cost of the Company&rsquo;s own shares.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>23 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A NAME="a_027"></A>Trade payables</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left; width: 56%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Note</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 17%">&nbsp;09.30.25&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 17%">&nbsp;12.31.24&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Non-current</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Customer guarantees</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,082</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,147</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Customer contributions</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Total non-current</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,330</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,439</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Current</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Payables for purchase of electricity - CAMMESA (1)</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278,025</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566,469</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Provision for unbilled electricity purchases - CAMMESA</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145,314</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162,082</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Suppliers</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180,837</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181,247</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Related parties&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;31.c&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,416</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,710</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Advance to customer&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,446</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,842</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Customer contributions</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Discounts to customers</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Total current</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618,112</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925,446</TD></TR>
  </TABLE>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 115%"></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 28.3pt 0 35.45pt; text-align: justify">(1) As of September 30, 2025 and December
31, 2024, includes $ 107,836 and $ 64,930 relating to post-dated checks issued by the Company in favor of CAMMESA, respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The value of the financial liabilities
included in the Company&rsquo;s trade payables approximates their fair value.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>24 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A NAME="a_028"></A>Other payables</FONT></B></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; text-indent: 7.1pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: top; width: 55%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">Note</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 18%">&nbsp;09.30.25&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 18%">&nbsp;12.31.24&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">Non-current</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Payment plan - CAMMESA</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; background-color: white">2.b</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348,018</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220,751</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">ENRE penalties and discounts</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,549</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,032</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Financial Lease Liability&nbsp;&nbsp;(1)</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,974</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,110</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Total Non-current</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357,541</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228,893</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Current</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Payment plan - CAMMESA</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">2.b</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,388</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58,648</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">ENRE penalties and discounts</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48,246</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73,739</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Related parties</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; background-color: white">31.c</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Advances for works to be performed</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Financial Lease Liability&nbsp;&nbsp;&nbsp;(1)</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,022</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,728</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Other</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Total Current</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85,853</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137,390</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">As of December 31, 2024, the
fair value of the payment plan with CAMMESA -whose terms the parties agreed to modify on May 21, 2025 changing from kWh to Argentine pesos
the measuring unit in which the installments were denominated, and which was previously adjusted in accordance with the development of
the MWh value (Note 2.b)-, amounted to $ 160,373. This value has been determined on the basis of the MWh monomic price published by CAMMESA
at the end of that period. The applicable fair value category is Level 2.</P>


<!-- Field: Page; Sequence: 35 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right">&nbsp;</TD></TR><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>CONDENSED INTERIM CONSOLIDATED</B></FONT></P><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>FINANCIAL STATEMENTS</B></FONT></P></TD></TR><TR><TD STYLE="color: Gray; text-align: right; font: 9pt Verdana"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The value of the rest of the
financial liabilities included in the Company&rsquo;s other payables approximates their fair value.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The development of the finance
lease liability is as follows:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 50%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 24%">&nbsp;09.30.25&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center; width: 3%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center; width: 23%">&nbsp;09.30.24&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Balance at beginning of the year</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,838</TD>
    <TD STYLE="font-weight: bold; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,736</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: middle; text-align: left">Increase</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,275</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,250</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Payments</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9,582)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10,048)</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Exchange difference</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,511</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,969</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Interest</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,905</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,237</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">Result from exposure to inlfation</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,951)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,897)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Balance at end of the period</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,996</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,247</TD></TR>
  </TABLE>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt 14.2pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; line-height: 115%"><B></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>25 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A NAME="a_029"></A>Borrowings</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 49.65pt; text-align: justify"><B>&nbsp;</B></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: justify; width: 59%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 19%">&nbsp;09.30.25&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 19%">&nbsp;12.31.24&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Non-current</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Corporate notes (1)</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482,009</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432,913</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Financial loans (2)</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65,000</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Total non-current</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547,009</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right; border-top-color: Black; border-top-width: 0.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432,913</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Current</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Corporate notes (1)</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125,056</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60,416</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Interest from corporate notes</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,218</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9,179</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Bank overdrafts (2)</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,805</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67,655</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Discounted own checks (3)</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40,158</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Financial loans (2)</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51,358</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Total current</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256,595</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137,250</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.7pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net of debt issuance, repurchase
and redemption expenses.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.7pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The table below outlines the Company&rsquo;s
financing arrangements with banks.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Verdana, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;in ARS&nbsp;</TD>
    <TD STYLE="font-family: Verdana, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;in ARS&nbsp;</TD>
    <TD STYLE="font-family: Verdana, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;in ARS&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; width: 24%">&nbsp;Bank&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; width: 7%">&nbsp;Annual loan rate&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 11%">&nbsp;Financial loans at 09/30/2025&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 10%">&nbsp;Financial loans at 12/31/2024&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; width: 10%">&nbsp;Annual overdraft rate&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 9%">&nbsp;Bank overdrafts at 09/30/2025&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 10%">&nbsp;Bank overdrafts at 12/31/2024&nbsp;</TD>
    <TD STYLE="font-family: Verdana, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 9%">&nbsp;Balances at 09/30/2025&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 9%">&nbsp;Balances at 12/31/2024&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;Credicoop&nbsp;</TD>
    <TD STYLE="text-align: right">37%</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,214</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right">45%</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,089</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,123</TD>
    <TD STYLE="font-family: Verdana, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,303</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,123</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;Ciudad&nbsp;</TD>
    <TD STYLE="text-align: right">78%</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,971</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right">31%</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,466</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font-family: Verdana, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,437</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;Provincia&nbsp;</TD>
    <TD STYLE="text-align: right">41%</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,283</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,200</TD>
    <TD STYLE="font-family: Verdana, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15,283</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,200</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;Naci&oacute;n&nbsp;</TD>
    <TD STYLE="text-align: right">37%</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,542</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,903</TD>
    <TD STYLE="font-family: Verdana, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,542</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,903</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;ICBC&nbsp;</TD>
    <TD STYLE="text-align: right">63%</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68,348</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right">45%</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,251</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,023</TD>
    <TD STYLE="font-family: Verdana, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74,599</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;Mariva&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right">40%</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,999</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,269</TD>
    <TD STYLE="font-family: Verdana, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,999</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,269</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;Macro&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,137</TD>
    <TD STYLE="font-family: Verdana, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,137</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: left">&nbsp;Total&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116,358</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,805</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67,655</TD>
    <TD STYLE="font-family: Verdana, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138,163</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67,655</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -49.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 53.45pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Relate to post-dated checks issued
by the Company to its own order and discounted with financial institutions. The discounting of these instruments represents the receipt
of funds through a financing transaction that bears interest.</FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>CONDENSED INTERIM CONSOLIDATED</B></FONT></P><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>FINANCIAL STATEMENTS</B></FONT></P></TD></TR><TR><TD STYLE="color: Gray; text-align: right; font: 9pt Verdana"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The fair values of the Company&rsquo;s
Corporate Notes as of September 30, 2025 and December 31, 2024 amount approximately to $ 629,917 and $ 517,574 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">On March 7, 2025, the Company
fully canceled its Class No. 4 Corporate Notes, for a total of $ 27,409.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Furthermore, on May 12, 2025,
the Company fully canceled its Class No. 1 Corporate Notes, for a total of USD 8,218,667.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Additionally, on June 30, 2025,
credit rating agency S&amp;P raised its global scale rating from CCC+ to B-, with a stable outlook.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Likewise, in July 2025, credit
rating agency S&amp;P raised both the Company&rsquo;s institutional rating and its Global Corporate Notes Program&rsquo;s rating on the
national scale from raBB+ to raBBB, with a stable outlook. At the same time, Moody&rsquo;s raised its long-term global scale rating from
Caa1 to B3, changing the outlook from stable to positive.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Moreover, on August 5, 2025,
the Company fully canceled its Class No. 6 Corporate Notes, for a total of $ 17,673.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company approved the terms
of issue of Class No. 8 and Class No. 9 Corporate Notes, due in 2026, denominated in US dollars and Argentine pesos, respectively, to
be issued jointly for a nominal value of up to USD 50,000,000, which may be extended to USD 120,000,000, in the framework of the Global
Program for the Issuance of Simple Corporate Notes, in accordance with the provisions of the Prospectus Supplement dated August 1, 2025.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">On August 7, 2025, the Company
issued Class No. 8 and Class No. 9 Corporate Notes for a nominal value of USD 80,000,000 and $ 20,000, respectively.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The principal on Class No. 8
Corporate Notes will be repaid in a lump sum on August 7, 2026. Furthermore, they will accrue interest at a fixed nominal annual rate
of 8.5%, payable semiannually in arrears on February 7 and August 7, 2026.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">With regard to Class No. 9 Corporate
Notes, the principal thereon will be repaid in a lump sum on August 7, 2026. Furthermore, they will accrue interest at a floating rate
equivalent to the TAMAR rate published by the BCRA, plus an annual fixed margin of 6%, payable quarterly in arrears on November 7, 2025,
February 7, May 7, and August 7, 2026.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Furthermore, an amount of $ 3,353
was disbursed as issuance expenses of the new Classes Nos. 8 and 9 Corporate Notes.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Finally, in September 2025, the
Company repurchased Class No. 8 Corporate Notes for a total of USD 2,357,143 nominal value, which is equivalent to $ 3.302.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">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, 8 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 September 30, 2025, the values of the aforementioned
ratios meet the established parameters.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right">&nbsp;</TD></TR><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>CONDENSED INTERIM CONSOLIDATED</B></FONT></P><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>FINANCIAL STATEMENTS</B></FONT></P></TD></TR><TR><TD STYLE="color: Gray; text-align: right; font: 9pt Verdana"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Based on the above, the Company&rsquo;s
Corporate Note debt structure is comprised of as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Verdana, Helvetica, Sans-Serif; border-bottom: Black 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, Helvetica, Sans-Serif; border-bottom: Black 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;in USD&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;in millions of $&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 24%">&nbsp;Corporate Notes&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 7%">&nbsp;Class&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 11%">Financial debt at 12/31/2024</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 10%">Exchange</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 10%">Issue</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 9%">Payment / Repurchase</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 10%">Financial debt at 09/30/2025</TD>
    <TD STYLE="font-family: Verdana, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 9%">Financial debt at 12/31/2024</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt; width: 9%">Financial debt at 09/30/2025</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;Floating rate - Maturity 2025 (*)&nbsp;</TD>
    <TD STYLE="text-align: center">4</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,301,486</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;(24,301,486)</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="font-family: Verdana, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31,203</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;Fixed rate - Maturity 2025&nbsp;</TD>
    <TD STYLE="text-align: center">1</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,218,667</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8,218,667)</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="font-family: Verdana, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,455</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;Floating rate - Maturity 2025 (*)&nbsp;</TD>
    <TD STYLE="text-align: center">6</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,776,504</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;(16,776,504)</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="font-family: Verdana, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,965</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;Fixed rate - Maturity 2026&nbsp;</TD>
    <TD STYLE="text-align: center">3</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95,762,688</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95,762,688</TD>
    <TD STYLE="font-family: Verdana, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119,767</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134,616</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;Fixed rate - Maturity 2026&nbsp;</TD>
    <TD STYLE="text-align: center">8</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80,000,000</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2,357,143)</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77,642,857</TD>
    <TD STYLE="font-family: Verdana, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107,174</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;Floating rate - Maturity 2026 (*)&nbsp;</TD>
    <TD STYLE="text-align: center">9</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,492,754</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,492,754</TD>
    <TD STYLE="font-family: Verdana, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,994</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;Fixed rate - Maturity 2028&nbsp;</TD>
    <TD STYLE="text-align: center">5</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81,920,187</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81,920,187</TD>
    <TD STYLE="font-family: Verdana, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100,256</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111,046</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;Fixed rate - Maturity 2028/29/30&nbsp;</TD>
    <TD STYLE="text-align: center">7</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179,947,186</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179,947,186</TD>
    <TD STYLE="font-family: Verdana, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219,862</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251,453</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: left">&nbsp;Total&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406,926,718</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94,492,754</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;(51,653,800)</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449,765,672</TD>
    <TD STYLE="font-family: Verdana, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502,508</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625,283</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Verdana, Helvetica, Sans-Serif; border-bottom: Black 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="font-family: Verdana, Helvetica, Sans-Serif; border-bottom: Black 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;in USD&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;in millions of $&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">&nbsp;Corporate Notes&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">&nbsp;Class&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">Financial debt at 12/31/2023</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">Exchange</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">Issue</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">Payment / Repurchase</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">Financial debt at 12/31/2024</TD>
    <TD STYLE="font-family: Verdana, Helvetica, Sans-Serif; vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">Financial debt at 12/31/2023</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: center; border-top-color: Black; border-top-width: 0.5pt">Financial debt at 12/31/2024</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;Fixed rate - Maturity 2024&nbsp;</TD>
    <TD STYLE="text-align: center">2</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60,945,000</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39,700,207)</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;(21,244,793)</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="font-family: Verdana, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132,413</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;Floating rate - Maturity 2025 (*)&nbsp;</TD>
    <TD STYLE="text-align: center">4</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,301,486</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24,301,486</TD>
    <TD STYLE="font-family: Verdana, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31,203</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;Fixed rate - Maturity 2025&nbsp;</TD>
    <TD STYLE="text-align: center">1</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55,244,538</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47,025,871)</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,218,667</TD>
    <TD STYLE="font-family: Verdana, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119,172</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,455</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;Floating rate - Maturity 2025 (*)&nbsp;</TD>
    <TD STYLE="text-align: center">6</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,776,504</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16,776,504</TD>
    <TD STYLE="font-family: Verdana, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,965</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;Fixed rate - Maturity 2026&nbsp;</TD>
    <TD STYLE="text-align: center">3</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34,157,571</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61,605,117</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95,762,688</TD>
    <TD STYLE="font-family: Verdana, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119,767</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;Fixed rate - Maturity 2028&nbsp;</TD>
    <TD STYLE="text-align: center">5</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6,881,682</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75,038,505</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81,920,187</TD>
    <TD STYLE="font-family: Verdana, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100,256</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;Fixed rate - Maturity 2028/29/30&nbsp;</TD>
    <TD STYLE="text-align: center">7</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48,789,286</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131,157,900</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179,947,186</TD>
    <TD STYLE="font-family: Verdana, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219,862</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: left">&nbsp;Total&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116,189,538</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,102,461</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308,879,512</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;(21,244,793)</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406,926,718</TD>
    <TD STYLE="font-family: Verdana, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251,585</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502,508</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: -35.45pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 14.2pt">&nbsp;</P>

<P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 14.2pt">(*) Issuance in ARS, translated
into USD at the exchange rate detailed in Note 5.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The maturities of the Company&rsquo;s
borrowings and their exposure to interest rates are as follow:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: justify; width: 59%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 19%">&nbsp;09.30.25&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 19%">&nbsp;12.31.24&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: justify">Fixed rate</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Less than 1 year</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227,630</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85,083</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">From 1 to 2 years</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134,616</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119,768</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">From 2 to 5 years</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347,393</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313,145</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Total fixed rate</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709,639</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517,996</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Floating rate</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Less than 1 year</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28,965</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52,167</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">From 1 to 2 years</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65,000</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Total floating rate</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93,965</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52,167</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company&rsquo;s borrowings
are denominated in the following currencies:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: justify; width: 59%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 19%">&nbsp;09.30.25&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 19%">&nbsp;12.31.24&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Argentine peso</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201,039</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122,028</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">US dollars</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602,565</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448,135</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">Total borrowings</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803,604</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570,163</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>



<!-- Field: Page; Sequence: 38 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right">&nbsp;</TD></TR><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>CONDENSED INTERIM CONSOLIDATED</B></FONT></P><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>FINANCIAL STATEMENTS</B></FONT></P></TD></TR><TR><TD STYLE="color: Gray; text-align: right; font: 9pt Verdana"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.6pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #0070C0"><B>26 |</B></FONT><B><FONT STYLE="font-family: Times New Roman; font-size: 7pt; color: #0070C0">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><A NAME="a_030"></A>Deferred revenue</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; width: 52%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 7%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 19%">&nbsp;09.30.25&nbsp;</TD>
    <TD STYLE="text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 19%">&nbsp;12.31.24&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Non-current</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Nonrefundable customer contributions</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35,323</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,321</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Investment plan - Agreement on the<BR>
Regularization of Obligations (1)</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97,964</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104,562</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Total non-current</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133,287</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131,883</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Current</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Nonrefundable customer contributions</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">As of September 30, 2025 and December
31, 2024, includes $ 85,489 and $ 92,213 relating to the investment plan of the Agreement on the Regularization of Payment Obligations
entered into in May 2019, and $ 12,475 and $ 12,349 relating to the investment plan of the Agreement on the Regularization of Payment
Obligations entered into in December 2022, respectively. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>27 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A NAME="a_031"></A>Salaries and social security taxes payable</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; width: 54%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 22%">&nbsp;09.30.25&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 22%">&nbsp;12.31.24&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Non-current</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Seniority-based bonus</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,154</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7,593</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Current</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Salaries payable and provisions</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,435</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52,716</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Social security payable</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,759</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22,441</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Early retirements payable</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,806</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Total current</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57,000</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75,509</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The value of the Company&rsquo;s
salaries and social security taxes payable approximates their fair value.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>28 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0"><A NAME="a_032"></A>&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Income tax and deferred tax</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The breakdown of income tax,
determined in accordance with the provisions of IAS 12, is as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 21%">09.30.25</TD>
    <TD STYLE="text-align: right; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 21%">09.30.24</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Deferred tax</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56,859</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">141,008</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Current tax</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(95,810)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Difference between provision and tax return</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,913</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2,912</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Income tax (expense) benefit</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(36,038)</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">143,920</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The detail of the income tax
(expense) benefit 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.45pt">&nbsp;</P>


<!-- Field: Page; Sequence: 39 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right">&nbsp;</TD></TR><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>CONDENSED INTERIM CONSOLIDATED</B></FONT></P><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>FINANCIAL STATEMENTS</B></FONT></P></TD></TR><TR><TD STYLE="color: Gray; text-align: right; font: 9pt Verdana"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 35.45pt">The breakdown of deferred tax assets and liabilities
is as follows:</P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 54%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 22%">09.30.25</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 22%">12.31.24</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Deferred tax assets</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Tax loss carry forward</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">-</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">17,928</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Trade receivables and other receivables</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">10,418</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">5,624</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Salaries and social security payable and Benefit plans</TD>
    <TD STYLE="vertical-align: middle; text-align: right">10,042</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">8,408</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Tax liabilities</TD>
    <TD STYLE="text-align: right">424</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">235</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Provisions</TD>
    <TD STYLE="text-align: right">15,901</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">12,675</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Deferred tax asset</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">36,785</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">44,870</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Deferred tax liabilities</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Property, plant and equipment</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(734,621)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(765,055)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Financial assets at fair value through profit or loss</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(60,389)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(40,976)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Trade payables and other payables</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(5,007)</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(19,243)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Borrowings</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(5,204)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(6,446)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Adjustment effect on tax inflation</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(10,663)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(52,021)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Deferred tax liability</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(815,884)</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right">(883,741)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Net deferred tax liability</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(779,099)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">(838,871)</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 6pt/115% Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">Based on the guidelines provided
for in IFRIC 23 &ldquo;Uncertainty over income tax treatments&rdquo;, the Company has restated for inflation the cumulative tax losses
and fixed assets depreciation for additions made 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&rsquo;s decision rendered in the case
entitled &ldquo;Telef&oacute;nica de Argentina SA and Another vs/EN-AFIP-DGI, General Tax Bureau&rdquo; on October 25, 2022.</P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 7.1pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The reconciliation between the
income tax (expense) benefit 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:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; background-color: white; width: 21%">09.30.25</TD>
    <TD STYLE="text-align: right; background-color: white; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; background-color: white; width: 21%">09.30.24</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">Income for the period before taxes</TD>
    <TD STYLE="vertical-align: bottom; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">215,499</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">207,824</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Applicable tax rate</TD>
    <TD STYLE="text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">35%</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right; background-color: white">35%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Result for the period at the tax rate</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">(75,425)</TD>
    <TD STYLE="font-weight: bold; background-color: white">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt; background-color: white">(72,738)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Gain on net monetary position</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">95,579</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">369,844</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Adjustment effect on tax inflation</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(58,834)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(156,006)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Non-taxable income&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(271)</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">(92)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: left">Difference between provision and tax return</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,913</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">2,912</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Income tax (expense) benefit</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">(36,038)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right; background-color: white">143,920</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt">The income tax payable, net of withholdings is as follows:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; width: 59%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 19%">&nbsp;09.30.25&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center; width: 19%">&nbsp;12.31.24&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Current</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">Tax payable</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95,810</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Tax withholdings</TD>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19,426)</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Total current</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76,384</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt">&nbsp;</P>



<!-- Field: Page; Sequence: 40 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right">&nbsp;</TD></TR><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>CONDENSED INTERIM CONSOLIDATED</B></FONT></P><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>FINANCIAL STATEMENTS</B></FONT></P></TD></TR><TR><TD STYLE="color: Gray; text-align: right; font: 9pt Verdana"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.6pt"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #0070C0"><B>29 |</B></FONT><B><FONT STYLE="font-family: Times New Roman; font-size: 7pt; color: #0070C0">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><A NAME="a_033"></A>Tax liabilities</FONT></B></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 49.6pt; text-align: justify">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="color: #333399; width: 59%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 19%">09.30.25</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 19%">12.31.24</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Non-current</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Current</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Provincial, municipal and federal contributions and taxes</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28,328</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,828</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>VAT payable</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,013</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11,976</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">Tax withholdings</TD>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,658</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12,552</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: middle; text-align: left">SUSS withholdings</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Municipal taxes</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,424</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,827</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">Total current</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63,758</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41,816</TD></TR>
  </TABLE>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt 14.2pt; text-align: center"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt; line-height: 115%"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>30 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A NAME="a_034"></A>Provisions</FONT></B></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: center">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; text-decoration: underline; text-align: left; width: 59%">Included in non-current liabilities</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 20%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 20%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">For contingencies</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center">09.30.25</TD>
    <TD STYLE="color: #31869B; font-family: Verdana, Helvetica, Sans-Serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center">09.30.24</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Balance at the beggining of the year</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">26,225</TD>
    <TD STYLE="color: #31869B; font-family: Verdana, Helvetica, Sans-Serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">26,190</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Increases</TD>
    <TD STYLE="vertical-align: middle; text-align: right">2,286</TD>
    <TD STYLE="color: #31869B; font-family: Verdana, Helvetica, Sans-Serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">9,748</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Result from exposure to inflation for the period</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(5,386)</TD>
    <TD STYLE="color: #31869B; font-family: Verdana, Helvetica, Sans-Serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(14,661)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Balance at the end of the period</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,125</TD>
    <TD STYLE="color: #31869B; font-family: Verdana, Helvetica, Sans-Serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21,277</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="color: #31869B; font-family: Verdana, Helvetica, Sans-Serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; text-decoration: underline">Included in current liabilities</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">For contingencies</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center">09.30.25</TD>
    <TD STYLE="color: #31869B; font-family: Verdana, Helvetica, Sans-Serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: middle; text-align: center">09.30.24</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Balance at the beggining of the year</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">9,871</TD>
    <TD STYLE="color: #31869B; font-weight: bold; font-family: Verdana, Helvetica, Sans-Serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">7,620</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Increases</TD>
    <TD STYLE="vertical-align: middle; text-align: right">18,608</TD>
    <TD STYLE="color: #31869B; font-family: Verdana, Helvetica, Sans-Serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">9,979</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Decreases</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(3,854)</TD>
    <TD STYLE="color: #31869B; font-family: Verdana, Helvetica, Sans-Serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(4,197)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">Result from exposure to inflation for the period</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(2,415)</TD>
    <TD STYLE="color: #31869B; font-family: Verdana, Helvetica, Sans-Serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">(4,453)</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom; text-align: left">Balance at the end of the period</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22,210</TD>
    <TD STYLE="color: #31869B; font-family: Verdana, Helvetica, Sans-Serif; vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,949</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 49.6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #0070C0"><B>31 |</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; color: #0070C0">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><A NAME="a_035"></A>Related-party transactions</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The following transactions were
carried out with related parties:</P>

<P STYLE="font: 9pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt"><B>a.</B></FONT></TD><TD><FONT STYLE="font-family: Verdana, Helvetica, Sans-Serif; font-size: 9pt">Expense</FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 21.2pt 0 0; text-align: center; text-indent: 42.55pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 29%">Company</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center; width: 38%">Concept</TD>
    <TD STYLE="vertical-align: bottom; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 15%">09.30.25</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 15%">09.30.24</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle">EDELCOS S.A.</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">Technical advisory services on financial matters</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47,691)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36,976)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>SACME</TD>
    <TD>&nbsp;</TD>
    <TD>Operation and oversight of the electric power transmission system</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,299)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,456)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Andina PLC</TD>
    <TD>&nbsp;</TD>
    <TD>Financial interest</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(270)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Quantum Finanzas S.A.</TD>
    <TD>&nbsp;</TD>
    <TD>Legal fees</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,143)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5,341)</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>Grieco Maria Teresa</TD>
    <TD>&nbsp;</TD>
    <TD>Legal fees</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54,133)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44,046)</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 21.2pt 0 7.1pt; text-align: center; text-indent: -7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 78pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>b.</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Key Management personnel&rsquo;s remuneration </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 78pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 52%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 22%">09.30.25</TD>
    <TD STYLE="font-weight: bold; vertical-align: top; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; font-weight: bold; vertical-align: top; text-align: center; width: 22%">09.30.24</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">Salaries&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18,371</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,086</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>


<!-- Field: Page; Sequence: 41 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: right">&nbsp;</TD></TR><TR><TD STYLE="text-align: right; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>CONDENSED INTERIM CONSOLIDATED</B></FONT></P><P STYLE="font: 9pt/115% Verdana,sans-serif; margin: 0; text-align: right; color: #174179"><FONT STYLE="letter-spacing: 2pt"><B>FINANCIAL STATEMENTS</B></FONT></P></TD></TR><TR><TD STYLE="color: Gray; text-align: right; font: 9pt Verdana"><FONT STYLE="letter-spacing: 2pt">NOTES</FONT></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The balances with related parties
are as follow:</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.75pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>c.</B></FONT></TD><TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Receivables and payables</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 21.25pt 0 49.65pt; text-align: center; text-indent: -7.1pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 58%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 19%">09.30.25</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; width: 19%">12.31.24</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; text-decoration: underline">Other receivables - Non current</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="color: white">CTG</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="color: white; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">SACME</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; text-decoration: underline; background-color: white">Trade payables</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; text-decoration: underline; background-color: white"><U>&nbsp;</U></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="background-color: white">EDELCOS</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10,416)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11,710)</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; text-decoration: underline">Other payables</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>SACME</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(184)</TD>
    <TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 2pt double; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(251)</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 21.25pt 0 49.65pt; text-align: center; text-indent: -7.1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 21.25pt 0 49.65pt; text-align: center; text-indent: -7.1pt">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 21.25pt 0 49.65pt; text-align: center; text-indent: -7.1pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 56.7pt"><FONT STYLE="color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #0070C0"><B>32 |</B></FONT><B><A NAME="a_036"></A> Shareholders&rsquo; Meeting</B></TD></TR></TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The Company&rsquo;s Annual General
Meeting held on April 28, 2025 resolved, among other issues, the following:</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.6pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To approve the Company&rsquo;s
Annual Report and Financial Statements as of December 31, 2024.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.6pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To allocate the $ 272,128 profit
for the year ended December 31, 2024 (which at the purchasing power of the currency at September 30, 2025 amounts to $ 331,904) as follows:
$18,040 to the absorption of Accumulated losses, $13,606 to the setting up of the Statutory Reserve, and $240,482 to the setting up of
the Discretionary Reserve (which at the purchasing power of the currency at September 30, 2025 amount to $22,007, $16,595 and $293,302,
respectively), in accordance with the terms of section 70, 3rd paragraph, of Business Organizations Law No. 19,550.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.6pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To approve the actions taken
by the Directors and Supervisory Committee members, together with their respective remunerations.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.6pt"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To appoint Directors, Supervisory
Committee members and the external auditors for the current fiscal year.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 56.7pt"><FONT STYLE="color: #0070C0"><B>Note</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="color: #0070C0"><B>33 |</B></FONT><B><A NAME="a_037"></A> Events after the reporting period</B></TD></TR></TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">The following are the events
that occurred subsequent to September 30, 2025<FONT STYLE="color: windowtext">: </FONT></P>

<P STYLE="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.7pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Amendment to both the values
of the Company&rsquo;s electricity rate schedules and the seasonal reference prices &ndash;ENRE Resolutions No. 695 and 745/2025, and
SE Resolution No. 434/2025, Note 2.a.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 38.7pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Georgia, Times, Serif; font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Modification of the electricity
metering reading methodology for Tariff 1 users &ndash; ENRE Resolution No. 730/2025, Note 2.a.</FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; padding-right: 3.55pt; padding-left: 3.55pt; font-size: 10pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>DANIEL MARX</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font: 12pt Arial Unicode MS; padding: 5pt 3.55pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Chairman</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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<P></P>

<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">SIGNATURES</FONT></B></P>

<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><STRONG><FONT size=2></FONT></STRONG>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center></P>

<P style="BACKGROUND: white; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.75in"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" color=black face="times new roman">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.</FONT></P>

<P></P>

<DIV align=center>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="52%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Empresa Distribuidora y Comercializadora Norte S.A.</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="48%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">By:</FONT></P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">&nbsp;</FONT><U><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">/s/ Germ&aacute;n Ranftl</FONT></U></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="50%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Germ&aacute;n Ranftl</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="50%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" width="50%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face="times new roman">Chief Financial Officer</FONT></P></TD></TR></TABLE></DIV>

<P></P>

<P></P>

<P style="BACKGROUND: white; MARGIN: 0in 0in 0pt"><FONT STYLE="font-family: times new roman; font-size: 10pt; color: black; line-height: normal">Date:
November 7, 2025</FONT></P>

<P></P>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
