Empresa Distribuidora y Comercializadora Norte Sociedad Anónima (EDN) Q2 2025 earnings summary

Executive summary

• 1H25 EBITDA was ARS 289,385 million, including a one-time ARS 168,220 million CAMMESA regularization gain; excluding it, EBITDA was ARS 121,165 million.

• 1H25 revenue rose 22% YoY to ARS 1,299,917 million; 2Q25 revenue increased 2% in constant currency to ARS 622,989 million.

• The completed 2025–2030 tariff review, CAMMESA payment plans and new bond issuance supported operating and financing visibility.

Financial highlights

• 2Q25 net profit was ARS 92,934 million versus ARS 67,746 million in 2Q24; CAMMESA regularization and tariff adjustments supported the improvement.

• 1H25 distribution margin was ARS 523,267 million versus ARS 493,962 million in 1H24; 2Q25 margin fell to ARS 249,380 million from ARS 302,640 million.

• 2Q25 energy purchases rose 22% YoY to ARS 373,609 million, pressuring distribution margin.

• 1H25 operating results were ARS 34,181 million, up 37% YoY; 2Q25 results were ARS 9,708 million versus ARS 61,736 million in 2Q24.

• 1H25 net income was ARS 131,004 million versus ARS 188,115 million in 1H24; lower inflation-related accounting gains and higher income tax affected the comparison.

Outlook and guidance

• The 2025–2030 tariff review provides a 14.35% increase, including 3% effective May 1, 2025, and 0.42% monthly adjustments through November 2027.

• Monthly tariff adjustments are weighted 33% to CPI and 67% to IPIM; reported increases were 3.24% in June, 0.75% in July and 2.1% in August.

• 2025 investment was in line with plan; Martínez substation work was scheduled for October and Newbery/Colegiales works for December 2025.