Compañía de Transporte de Energía Electrica en Alta Tensión Transener S A : Results of 2Q22

Buenos Aires, August 8th, 2022

Results for six-month period ended on June 30th, 2022

Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener S.A. ("Transener" orthe "Company") announces the results for six-monthperiod ended on June 30th, 2022

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Transener, Argentina's leading electricity transmission company, announces results for six-month period ended on June 30th, 2022.

Main results for six-month period ended on June 30th, 2022, restated in constant currency at June, 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$ 12,314.7 million, 3.8% lower than the AR$ 12,796.5 million for same period last year. The tariff adjustments granted by ENRE in May 2022, retroactive to February 2022 (67% Transener and 69% Transba), allowed to practically recompose the revenues level, measured in constant currency, compared to 2021.

Consolidated EBITDA2 of AR$ 4,453.8 million, 9.1% lower than the AR$ 4,900.0 million for same period last year, mainly due to the decrease of 3.8% in revenues, measured in constant currency.

Consolidated profit attributable to the owners of the company of AR$ 1,604.4 million, compared to a loss of AR$ 2,242.1 million for same period last year, mainly due to a lower income tax charge originated in the impact of the tax rate increase in 2021 on the deferred tax payable.

Main results for the Second Quarter of 2022 3

Consolidated revenues of AR$ 7,182.9 million, 18.7% higher than the AR$ 6,053.5 million for the same period last year. The tariff adjustments granted by ENRE in May 2022, retroactive to February 2022 (67% Transener and 69% Transba), allowed to practically recompose the revenues level, measured in constant currency, compared to 2021.

Consolidated EBITDA2 of AR$ 3,301.8 million, 62.1% higher than the AR$ 2,037.0 million for the same period last year, principally due to an increase in revenues of 18.7%.

Consolidated profit attributable to the owners of the company of AR$ 1,480.3 million, compared to a loss of AR$ 3,050.2 million for the same period last year, mainly due to an increase in revenues of AR$ 1,129.5 million and a lower income tax charge of AR$ 3,023.9 million originated in the impact of the tax rate increase in the second quarter of 2021 on the deferred tax payable.

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

2Consolidated EBITDA represents consolidated operating results before depreciation.

• The financial information presented in this document for the quarters ended on June 30th, 2022 and 2021 is based on the unaudited condensed interim consolidated financial statements prepared according to the accounting framework established by the National Securities Commission (CNV), corresponding to the three-month and six-month periods ended on June 30th, 2022 and 2021.

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1. Financial Situation

As of June 30th, 2022, Transener maintains a principal balance of AR$ 694.4 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. 68/2022 and No. 69/2022, 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. On May 9th, 2022, under Resolutions No. 147/2022 and No. 148/2022, the ENRE reconsidered and modified the actual values since February 1st, 2022, establishing an increase of 67% for Transener and of 69% for Transba, applicable to the values of August 2019.

3. Operating Information

The Company continues to carry out the execution of the investment plan, maintaining as of June 30th, 2022 commitments for the acquisition of capital expenditures for an amount of approximately AR$ 2,500 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 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.

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Puerto Madryn Substation Expansion - Transformation Capacity (Goldwing Loma Blanca VI Eolic Park)

Installation of 600 MVA of 500/138/34.5 kV transformers (T3PY).

Rosario Oeste Substation Expansion (for EPESF) - Output LAT DT 132 kV to Godoy Substation Commissioning of the Field N° 4 of the Rosario Oeste substation yard of 132 kV for line output to Provincias Unidas, by armored cable.

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 APRIL MAY 2022-JUNE

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 APRIL MAY 2022-JUNE

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4. Significant Financial Information

4.1 Consolidated Statements of Operations

	Six-month period ended	Three-month period ended
In AR$ MM	on June 30th,		on June 30th,
	2022	2021	2022	2021
Revenues	12.314,7	12.796,5	7.182,9	6.053,5
Operating costs	(8.913,4)	(8.856,2)	(4.500,0)	(4.565,2)
Gross profit	3.401,3	3.940,3	2.683,0	1.488,3
Administrative expenses	(954,8)	(997,4)	(451,4)	(472,4)
Other operating income, net	121,7	33,7	119,4	52,6
Operating income	2.568,2	2.976,5	2.351,0	1.068,5
Finance income	1.335,6	2.044,2	706,8	938,9
Finance costs	(1.120,4)	(1.634,9)	(533,1)	(858,6)
Other financial results	(41,2)	(841,5)	(37,2)	(223,1)
RECPAM	(309,7)	(288,3)	(219,3)	(164,1)
Profit before tax	2.432,5	2.256,0	2.268,2	761,6
Income tax	(828,1)	(4.498,1)	(787,9)	(3.811,8)
Profit/(loss) of the period from continuing operations	1.604,4	(2.242,1)	1.480,3	(3.050,2)
Profit/(loss) for the period attributable to :
Owners of the company	1.604,4	(2.242,1)	1.480,3	(3.050,2)
Total for the period	1.604,4	(2.242,1)	1.480,3	(3.050,2)
Other comprehensive results
Income/(loss) for the period	1.604,4	(2.242,1)	1.480,3	(3.050,2)
Other comprehensive (loss)/income of the period
from continuing operations	0,0	0,0	0,0	0,0
Comprehensive income/(loss) for the period	1.604,4	(2.242,1)	1.480,3	(3.050,2)
Comprehensive income/(loss) for the period
attributable to :
Owners of the company	1.604,4	(2.242,1)	1.480,3	(3.050,2)
Total comprehensive income/(loss) of the period	1.604,4	(2.242,1)	1.480,3	(3.050,2)
EBITDA	4.453,8	4.900,0	3.301,8	2.037,0
Acquisition of property, plant and equipment	1.387,2	2.398,5	690,2	1.362,6
Depreciation	1.885,6	1.923,5	950,8	968,5

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