Empresa Distribuidora y Comercializadora Norte Sociedad Anónima (EDN) Q2 2026 earnings summary

Executive summary

• Tariff normalization and cost controls supported underlying 6M26 EBITDA growth of 94% YoY, excluding the prior-year CAMMESA settlement gain.

• 2Q26 revenue increased 10% YoY, while net profit fell 75% against a prior-year quarter that included a CAMMESA settlement gain.

• YPF’s board accepted the joint offer with Andina Energies PLC for 70% of MetroGAS and 5% of MetroEnergia, subject to regulatory approvals and a 20-year concession extension.

Financial highlights

• 2Q26 revenue was ARS 918,549 million, up 10% YoY; 6M26 revenue was ARS 1,822,538 million, up 5%.

• 6M26 distribution margin reached ARS 747,669 million, up 7% YoY; 2Q26 margin was ARS 334.7bn, up 1%.

• 6M26 EBITDA was ARS 313,747 million, down 19% reported but up 94% excluding the ARS 224,654 million 6M25 CAMMESA settlement gain; 2Q26 EBITDA rose 53% excluding the prior-year gain.

• 6M26 net income was ARS 157,132 million, down 10% YoY; 2Q26 net income was ARS 31,305 million, down 75%.

• 6M26 operating expenses fell 8% to ARS 603,312 million; 2Q26 energy purchases rose 17% to ARS 583.8bn as subsidies declined.

Outlook and guidance

• The 2025–2030 tariff review links monthly VAD adjustments to CPI (33%) and WPI (67%), plus a 0.42% monthly real adjustment.

• Cumulative VAD increases reached 20% through June 2026 versus 17% inflation; July and August adjustments were 2.95% and 1.78%.

• A draft bill submitted to Congress proposes a framework to regularize the Regulatory Asset claim, which remains under review by the Secretary of Energy.

• 2026 network plans include the Moreno substation, Bancalari expansion, Zappalorto transformer installation, and Rodríguez substation upgrades.