about Market Risk Financial Risk Management Goals and Policies Our principal financial liabilities comprise of bank loans and trade and other payables. The main purpose of these financial liabilities is to finance our operations. We have trade and other receivables, and cash and cash equivalents that result directly from our operations. We also have financial assets at fair value through profit and loss. Due to our business activity, we are exposed to the following financial risks: market risk, credit risk and liquidity risk. We continuously monitor these risks to minimize the potential negative impact they could have on our finances. 231 Table of Contents Market Risk Market risk is the risk of changes in the fair value or the future cash flows of financial instruments due to fluctuations in market prices. The market risks affecting our business include interest rate risk, foreign currency risk and price risk. Interest Rate Risk See Note 19 to our audited and consolidated Financial Statements for the period ended December 31, 2025. Interest rate sensitivity See Note 19 to our audited and consolidated Financial Statements for the period ended December 31, 2025. Foreign Currency Risk See Note 19 to our audited and consolidated Financial Statements for the period ended December 31, 2025. Foreign currency sensitivity See Note 19 to our audited and consolidated Financial Statements for the period ended December 31, 2025. Price Risk See Note 19 to our audited and consolidated Financial Statements for the period ended December 31, 2025. Credit Risk See Note 19 to our audited and consolidated Financial Statements for the period ended December 31, 2025. See “Item 3.D.—Risk Factors—Risks Relating to Our Business—Our results depend largely on the compensation established by the Secretariat of Electric Energy and received from CAMMESA” and “Item 3.D.—Risk Factors—Risks Relating to the Electric Power Sector in Argentina—We have, in the recent past, been unable to collect payments, or to collect them in a timely manner, from CAMMESA and other customers in the electric power sector”. We are entitled to receive payments from CAMMESA under the Spot Sales within 42 days after the date of billing. In previous years, due to regulatory conditions in Argentina’s electric power sector that affected the profitability and economic viability of power utilities, certain WEM agents defaulted on their payments to CAMMESA, which adversely affected CAMMESA’s ability to meet its payment obligations to electric power generators, including us. As a consequence, in the past, we have seen CAMMESA pay more than 90 days after month-end, rather than the required 42 days after the date of billing. Such payment delays would result in higher working capital requirements than we would typically have to finance with our own financing sources. Since March 2024, CAMMESA has reduced payment delays, which now average 2 to 5 days after the expiration of the regulatory 42-day period. Liquidity Risk See Note 19 to our audited and consolidated Financial Statements for the period ended December 31, 2025. 232 Table of Contents Item 12. Description of Securities Other Than Equity Securities Item 12.A Debt Securities Not applicable. Item 12.B Warrants and Rights Not applicable. Item 12.C Other Securities Not applicable.