EDN · Empresa Distribuidora y Comercializadora Norte Sociedad Anónima

EDENOR's Q1 2026 results demonstrate significant improvement in profitability, with net income more than doubling year-over-year to 117,854 million constant pesos. This was primarily driven by a substantially higher operating result of 134,364 million, up from 30,612 million, reflecting better cost management as transmission and distribution expenses declined to 150,899 million from 168,356 million, and administrative expenses fell to 64,306 million from 73,732 million. Revenue remained stable at around 846,710 million, but a lower energy purchases cost of 459,983 million versus 504,147 million boosted the distribution margin to 386,727 million. Net financial costs improved slightly to 70,532 million, aided by monetary gain (RECPAM) of 110,796 million. Income tax expense rose sharply to 56,774 million due to higher pre-tax income of 174,628 million. Earnings per share reflected this strength at 134.69 pesos. On the balance sheet, total assets decreased to 6,155,804 million from year-end 2025, with equity rising to 2,550,655 million on retained earnings growth to 379,679 million. Cash from operations was 60,833 million, supporting capex of 48,585 million and net debt reduction. These results underscore operational efficiency gains in a high-inflation Argentine environment, with constant pesos presentation adjusting for purchasing power changes per Note 3.