EDN · Empresa Distribuidora y Comercializadora Norte Sociedad Anónima

Edenor’s 1Q26 results reflect the ongoing benefits of the 2025–2030 tariff review (RQT), with revenues stable at ARS 846.7 billion on a constant currency basis despite a 1.6% decline in energy sales volumes to 5,853 GWh, primarily from lower residential demand due to milder temperatures and reduced industrial activity. Energy purchases dropped 9% to ARS 460 billion, outpacing inflation and supporting a 13% rise in distribution margin to ARS 386.7 billion, as VAD increases totaled 9% in line with inflation and 48% since January 2025 against 44% CPI. EBITDA surged 127% to ARS 190.6 billion, driven by tariff normalization (319.2% initial adjustment in Feb 2024 plus 3% monthly averages), higher sales margins, cost reductions, and ARS 20.4 billion in recognized receivables from the National Government. Net profit jumped 147% to ARS 117.9 billion, aided by a 23% cut in net financial expenses to ARS 70.5 billion via CAMMESA debt regularization. Operating expenses fell 9% to ARS 282.1 billion through workforce optimization (-5% salaries, -37% pensions), lower materials (-22%), third-party services (-14%), and ENRE penalties (-45%). Capex of ARS 69.7 billion focused on network upgrades, yielding record-low SAIDI (6.1 hours) and SAIFI (2.9 outages), 78% and 67% better than 2017 levels. Energy losses improved to 15.3% LTM via 56,135 inspections (48.2% efficiency). Financially, total debt stood at USD 832 million (net USD 763 million) as of March 2026, bolstered by a USD 550 million Class 10 Notes issuance at 9.5% in April (yield 9.75%, maturing 2031-33) and USD 175 million Class 7 tender, reducing net debt by USD 200 million. Collectability held strong at 95.68%, with 3.4 million clients (+1.4% YoY). Management highlights tariff stability, investment continuity, and new business opportunities in energy transition amid privatization prospects.