Empresa Distribuidora y Comercializadora Norte Sociedad Anónima : Q2 2021 - Earnings Release

Efficiency and Proximity

EARNINGS RELEASE

SECOND QUARTER 2021

Results for the second quarter 2021

Ticker: EDN

Ratio: 20 Class B shares = 1 ADR

Share Cap. Net of repurchases:

875 million shares | 43,8 million ADRs

Market Cap. Net of repurchases1:

ARS 35,3 bn | USD 199 million

Investor Relations Contacts:

Germán Ranftl

Chief Financial Officer

Silvana Coria

Investor Relations Manager

ir.edenor.com | [e-mail] Tel: [phone]

Buenos Aires, Argentina, August 9, 2021. Empresa Distribuidora y Comercializadora Norte S.A. (NYSE/ BYMA: EDN) ("edenor" or "the Company"), Argentina's largest electricity distributor both in terms of number of customers and energy sales, announces its results for the second quarter of 2021. All figures are stated in Argentine Pesos on a constant currency basis, and the information has been prepared in accordance with International Financing Reporting Standards ("IFRS"), except for what is expressly indicated in the Statements of Comprehensive Income (Loss), which are expressed at historical values.

Webcast Information

There will be a webcast to discuss edenor's 2Q21 results on Tuesday, August 10, 2021, at 9:00 a.m. Buenos Aires time / 10:00 a.m. New York time.

The presentation will be given by German Ranftl, edenor's Chief Financial Officer. For those interested in participating, please click HERE.

Questions will be answered exclusively through the webcast system.

In addition, there will be a live audio streaming of the conference on the page ir.edenor.com.

2Q 2021

EARNINGS WEBCAST

To join the webcast, please

click HERE

1 Listing as of 6/8/2021, ARS 40.3 per share y USD 4.55 per ADR

Edenor S.A - 2Q21 Earnings Release

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SUMMARY OF RESULTS FOR THE SECOND QUARTER 2021

Edenor has managed to sustain the improvement in its service quality levels together with an improvement in the efficiency of the use of its resources.

In million of Pesos		6 Months			2Q
in constant purchising power	2021	2020	Δ%	2021	2020	Δ%
Revenue from sales	47,148	59,513	(21%)	23,838	26,953	(12%)
Adjusted EBITDA	2,405	4,070	(41%)	1,373	(996)	na
Net income	(11,636)	(2,692)	332%	(10,909)	(3,833)	185%
Capital expenditures	6,170	5,915	4%	3,366	3,740	(10%)

Revenue from sales decreased by 12 %, reaching ARS 23,838 million in 2Q21, due to the fact that the company is renegotiating the tariff of the Distribution Value Added (VAD) on the one hand, and for energy seasonal price purposes in an inflationary context, which entailed a decrease in revenues in real terms, partially offset by an increase in demand driven by a recovery in commercial and industrial activity between the comparison periods, and the tariff adjustment applied as from May 1st.

Despite adjusted EBITDA has a positive increase in 2Q21, in the first semester it decreased 41% compared to the first semester of 2020. The difference can be explained by a decrease in revenue from sales, which was offset by a decrease in operating costs, an improvement in energy losses, and recognized income under the Framework Agreement for investments and an increase in the tariff since May 1st, 2021.

Net results accumulated losses for ARS 10,909 million in 2Q21, increasing losses by ARS 7,076 million compared to the same period of last year. The major impact (ARS 7.473 million) may be explained by the higher income tax charge recorded in the period due to the adjustment generated by the change in the tax rate.

In addition, there was a lower loss in the operating income, higher financial losses mainly due to the deferral of the payment of obligations with the Wholesale Electricity Market and a higher result for exposure to changes in purchasing power (RECPAM).

During the first semester of 2021, investments reached ARS 6,170 million, representing a 4% increase in real terms compared to the same period of the previous year, despite the decrease in the second semester that is mainly due to the impact of the extraordinary activation of the 500/220 Kw 800 MVA transformer bank at General Rodriguez station for ARS 1,385 million registered in the second quarter of last year. Without this activation, increase in investments would have been higher.

Edenor S.A - 2Q21 Earnings Release

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RELEVANT EVENTS

Sale of Class A shares and Change of Control

In relation to the contract for the sale of controlling shares of edenor, which was announced on December 28, 2020, the operation was authorized by the ENRE on June 23, 2021. Subsequently, on June 30, 2021, the transfer of all Class A shares, representing 51% of the share capital and votes of the Company owned by Pampa Energía S.A., was made in favor of Empresa de Energía del Cono Sur S.A. (Edelcos).

New Board and Main Officers

Within this context, as from the transfer abovementioned, the resignation of Class A Directors took place, giving rise to a vacancy situation. The Company´s Supervisory Commission has therefore appointed Mr. Neil A. Bleasdale (President), Mr. Esteban Macek (Vicepresident), Nicolás Mallo Huergo, Eduardo Vila, Edgardo Volosin, Federico Zin and Mariano C. Lucero as Regular Directors, and Mr. Hugo Quevedo, Mr. Mariano C. Libarona, Mr. Daniel O. Seppacuercia, Mr. Diego Hernán Pino, Mr. Sebastián Álvarez and Ms. María Teresa Grieco as Alternate Directors.

In addition, under the process of change of control, new officers were appointed. The most prominent appointments were those of Mr. Neil Bleasdale as President and Chief Executive Officer, Mr. German Ranftl as Chief Financial Officer, María José Van Morlegan as Director of Legal Affairs, Fabiana Colombo as Director of Purchasing, Logistics and Supply and Fabián Doman as Director of Institutional Relations.

9.75 % Senior Notes due 2022 - Waiver of the change of control clause

Clause 10.3 of the issue prospectus of Class 9 Notes (N 2022), establishes that each holder of these instruments shall have the right to demand the Company to repurchase all or part of them upon a change of control in the company.

On July 16, 2021, the Company's Board of Directors approved the launch of the consent solicitation to the holders of 2022 Senior Notes and the markets were duly notified of it. The aforementioned solicitation, expiring on July 30, 2021, was subject to the receipt of the respective consents by the holders of 2022 Notes. The solicitation offered a cash payment equivalent to USD 20 per USD 1,000 principal amount of the Notes for those who accepted the proposal.

On July 30, edenor obtained the support of the majority of 2022 Notes holders and achieved the waiver of the change of control clause. With this approval, all maturities and conditions of the Notes remain unchanged from the original terms and conditions of issue.

Edenor is grateful to those holders who supported the consent for the trust placed in the company.

On August 6, 2021, such holders of Senior Notes who have submitted consents in a timely manner received the Consent Payment.

Mandatory Tender Offer

In relation with the approval of the sale of class A shares, on July 29, Edelcos announced the launch of a mandatory Tender Offer to all holders of Class B and Class C common shares issued by the Company, including the holders of ADRs, in accordance with the provisions of General Resolution No. 779/2018 of the National Securities Commission.

Edenor S.A - 2Q21 Earnings Release

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National Electricity Regulatory Entity on Ordinary Proceeding (Case File No. 16/2020)

On May 4, 2021, the Company was notified of the lawsuit filed by ENRE in relation to the compliance by edenor of points

9.2.1 and 9.2.2 of the "Contract Renegotiation Agreement" in respect of differences with cause on the date of payment of certain penalties included therein.

As of the date of issue of these Condensed Interim Financial Statements, the Company has answered the lawsuit, and the process follows its course.

The Company understands that it has sufficient arguments under the Contract Renegotiation Agreement to sustain the payment made under such conditions and are in accordance with the law, have the nature of a repayment and did not imply any damage to users. In this regard, the Company and its legal advisors understand that they have solid and sufficient arguments to make their position prevail in court; therefore, as of June 30, 2021, it has not recorded any liability for this concept, but have explained the topic in Note 7 of the financial statements

Framework Agreement

As of June 30, 2021, the Company received, under the Agreement described in Note 2.f) to the Financial Statements as of December 31, 2020, a first disbursement for ARS 1,500 million, which, as indicated in such agreement, must be used specifically to comply with the Preventive and Corrective Work Plan of the Electric Distribution Network. The Company may be able to dispose of the aforementioned funds once the ENRE certifies compliance with the progress of the execution of the works included in the aforementioned plan and their respective financial highlights.

As of the date of issue of these Condensed Interim Financial Statements, the Company has drawn down a total of ARS 809 million, corresponding to the presentations of works advance that have been carried out.

Contingencies and Legal Proceedings

As of the date of issue of these Condensed Interim Financial Statements, there are no significant modifications regarding the situation disclosed by the Company in the Financial Statements as of December 31, 2020, except for the following:

-Federal Administration of Public Revenues ("AFIP") - Difference in the contribution rate to the Unified Social Security System ("SUSS") (Decree No. 814/2001) for fiscal periods 12/2011 to 11/2019.

On July 6, 2021, the Company filed an appeal before the National Court of Appeals on Social Security matters against Resolution No. 1740/2021 issued by AFIP which resolved to dismiss the presentation filed by edenor in relation to the determination of debt for contributions to the Argentine Integrated Pension System in respect of differences detected by the use of the rate established in Section 2 subsection B) 2001, i.e. 17%, corresponding to the period January 2017 to June 2019. According to the AFIP, the rate to be applied is the one mentioned in Section 2 Clause a), i.e. 21%, of Decree No. 814.

Additionally, on April 8, 2021, the Company was notified by the AFIP of a new resolution that has determined another debt for the same concept, corresponding to the period July 2019 to November 2019.

This new notice is added to the one received on July 12, 2018 corresponding to the period from December 2011 to December 2016. These claimsare still in administrative instance.

The Company's Management understands that the application of the 17% rate is correct. In this regard, according to the analysis made, it is admissible to understand that "partially state-owned corporations governed by Law No. 19,550" shall refer to all partially state-owned corporations with minority interest, whatever the reason for which such interest has been acquired. Therefore, the interest that the National Social Security Administration ("ANSES") reports to own in certain corporations, among which the Company is included, enters there.

Edenor S.A - 2Q21 Earnings Release

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