Empresa Distribuidora y Comercializadora Norte Sociedad Anónima (EDN) Q1 2026 earnings summary

Executive summary

• EBITDA rose 127% YoY to ARS 190.6bn and net income increased 147% to ARS 117.9bn in constant pesos.

• Tariff normalization, lower operating costs and reduced penalties supported results, while energy sales volume declined 1.6% YoY.

Financial highlights

• Revenue was ARS 846.7bn in constant pesos, essentially unchanged YoY; distribution margin grew 13% to ARS 386.7bn.

• Operating results rose to ARS 134.4bn from ARS 30.6bn; net income was ARS 117.9bn versus ARS 47.6bn.

• Energy purchases declined 9% to ARS 460.0bn; operating expenses fell to ARS 282.1bn from ARS 310.3bn, and net financial costs fell 23% to ARS 70.5bn.

• Q1 CapEx was ARS 69.7bn, down from ARS 105.3bn in Q1 2025.

Outlook and guidance

• FY 2026 CapEx guidance is $170m–$180m; planned investment supports network expansion and technology upgrades.

• Rating agencies’ full-year EBITDA expectation is $300m–$320m.

• Automatic monthly VAD adjustments continued; April and May 2026 increases were 2.04% and 4.10%.

• 2026 projects include substation and grid upgrades scheduled from May through December.