Compañía de Transporte de Energía Electrica en Alta Tensión Transener S A : Results of 1Q22

Buenos Aires, May 9th, 2022

Results for three-month period ended on March 31st, 2022

Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener S.A. ("Transener" orthe "Company") announces the results for three-monthperiod ended on March 31st, 2022

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Ticker: TRAN

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Transener, Argentina's leading electricity transmission company, announces results for three-month period ended on March 31st, 2022.

Main results for three-month period ended on March 31st, 2022, restated in constant currency at March, 20221

José S. Refort

Chief Financial Officer

Andrés G. Colombo

Accounting and Tax Manager

([e-mail])

Marcelo A. Fell

Financial Manager

([e-mail])

[e-mail]

Tel:	(5411) 5167-9301

www.transener.com.ar

www.transba.com.ar

Consolidated revenues of AR$ 4,370.5 million, 23.9% lower than the AR$ 5,742.7 million for same period last year, mainly due to the fact that the tariff adjustments granted by ENRE Resolutions No. 68/2022 and 69/2022 were not sufficient to maintain the revenues level, measured in constant currency.

Consolidated EBITDA2 of AR$ 981.1 million, 59.8% lower than the AR$ 2,438.3 million for same period last year, mainly due to the decrease of AR$ 1,372.2 million in revenues.

Consolidated profit attributable to the owners of the company of AR$ 105.6 million, 84.6% lower than the AR$ 688.2 million for same period last year, mainly due to the decrease in revenues of AR$ 1,372.2 million, a lower loss in financial result of AR$ 307.2 million as a result of the cancellation of the Class 2 Notes in 2021, and a lower income tax charge of AR$ 550.2 million mainly due to the a decrease in the profit before tax.

1Expressed in constant currency, in accordance with IAS 29.

2Consolidated EBITDA represents consolidated operating results before depreciation.

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1. Financial Situation

As of March 31st, 2022, Transener maintains a principal balance of AR$ 777.8 million from a loan for working capital of AR$ 1,000 million, entered into with the Banco de la Nación Argentina in July 2021.

Regarding Transener's ratings, Fix Scr S.A. Credit Rating Agency maintained the long-term issuer rating of A+ (arg) with stable outlook.

2. Tariff Situation

On February 25th, 2022, under Resolutions No. 68/22 and No. 69/22, the ENRE approved the new tariff scheme from February 1st, 2022, establishing an increase of 25% for Transener and 23% for Transba, applicable to the values of August 2019. Considering the difference between the Financial and Economic Projections filed before the ENRE and the granted tariff amounts, the Company requested access to the file and a preliminary challenge. On March 15th, 2022, the Company filed an appeal for reconsideration against Resolutions No. 68/2022 and 69/2022. At the date of issue of this report, the Company has not received an answer from the ENRE yet.

3. Operating Information

The Company continues to carry out the execution of the investment plan, maintaining as of March 31st, 2022 commitments for the acquisition of capital expenditures for an amount of approximately AR$ 2,069 million.

Transener, as the concessionaire of the extra high voltage electric power transmission network, is in charge of the supervision of the expansions of the network.

Here follows the most significant works in progress under Transener's supervision:

• Federal Plan for Transmission Works
  Electrical Interconnection in 500kV Bahía Blanca - Mar del Plata, Connection in 132kV to Villa Gesell and Complementary Works - North Trench
  Construction and assembly of the new Vivoratá 500/132kV Substation, with eight 132kV outputs and expansion of Bahía Blanca Substation. Construction of the 500kV EHVL.
• Works under the SE Resolutions Nº 1/2003 and 821/2006
  New 25 de Mayo Substation
  Civil works and electromechanical assembly of the new 500/132kV Substation.
• Other works to be undertaken by the Wholesale Electricity Market (WEM) Agents
  Río Santa Cruz Hydroelectric Exploitation
  Cóndor Cliff and La Barrancosa Hydroelectric Power Plants- 500kV EHVL and Complementary Works Anticipated detailed engineering revision and inspections in factories.
  Resistencia Substation - Fields 01 and 02 outputs in 132kV (SECHEEP) Adequacy of both line outputs with equipment update.
  Cobos Substation - DAG Hub Node (Puna Solar-AltiplanoSolar-Cauchari Solar Generators) Installation required by DAG (Automatic Generation Disconnection) system and covered by the photovoltaic generators mentioned above.

2

Business Development

Given its position as a leader in electricity transmission, Transener is involved in the supply of operation and maintenance services, engineering, testing and commissioning of lines and substations for new works or for the expansion of existing works in the 500kV system.

Transener maintains its main contracts with the following customers:

• Minera Alumbrera Ltd.
• Yacylec S.A.
• Transportadora del Norte S.A.
• Transportadora Cuyana S.A.
• AES Argentina Generación S.A.
• Nucleoeléctrica Argentina S.A.
• Transportel Minera II S.A.

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Rate of failures

The rate of failures represents the quality of the service provided. The following charts show the quality of the service provided by Transener and Transba as from December 2016.

Transener and Transba Concession Agreements state a maximum rate of failures of 2.5 and 7.0 outages per 100 km over a 12-month period, respectively.

Transener

3,0
2,5
			2.5 FAILURE LIMIT
2,0
1,5
		COMPANY
			FAILURES

1,0

0,5

0,0

2016 - DECEMBER MARCH JUNE SEPTEMBER 2017 - DECEMBER MARCH JUNE SEPTEMBER 2018 - DECEMBER MARCH JUNE SEPTEMBER 2019 - DECEMBER MARCH JUNE SEPTEMBER 2020 - DECEMBER JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER 2021 - DECEMBER JANUARY FEBRUARY 2022-MARCH

Transba

8,0
7,0
6,0
5,0	7.0 FAILURE LIMIT

4,0

COMPANY FAILURES

3,0 2,0 1,0

0,0

2016 - DECEMBER MARCH JUNE SEPTEMBER 2017 - DECEMBER MARCH JUNE SEPTEMBER 2018 - DECEMBER MARCH JUNE SEPTEMBER 2019 - DECEMBER MARCH JUNE SEPTEMBER 2020 - DECEMBER JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER 2021 - DECEMBER JANUARY FEBRUARY 2022-MARCH

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4. Significant Financial Information

4.1 Consolidated Statements of Operations

	Three-month period ended on
In AR$ MM	March 31st
	2022	2021
Revenues	4,370.5	5,742.7
Operating costs	(3,758.7)	(3,654.5)
Gross profit	611.8	2,088.2
Administrative expenses	(428.8)	(447.2)
Other operating income/(expenses), net	2.0	(16.1)
Operating income	185.0	1,625.0
Finance income	535.5	941.4
Finance costs	(500.2)	(661.2)
Other financial results	(3.4)	(526.7)
RECPAM	(77.0)	(105.8)
Profit before tax	139.9	1,272.7
Income tax	(34.3)	(584.5)
Profit for the period from continuing operations	105.6	688.2
Profit for the period attributable to :
Owners of the company	105.6	688.2
Total for the period	105.6	688.2
Other comprehensive results
Income for the period	105.6	688.2
Other comprehensive results for the period from
continuing operations	0.0	0.0
Comprehensive income for the period	105.6	688.2
Comprehensive income for the period attributable to :
Owners of the company	105.6	688.2
Total comprehensive income for the period	105.6	688.2
EBITDA	981.1	2,438.3
Acquisition of property, plant and equipment	593.6	882.2
Depreciation	796.1	813.3

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