Empresa Distribuidora y Comercializadora Norte Sociedad Anónima (EDN) Q3 2025 earnings summary

Executive summary

• 9M25 EBITDA reached ARS 439.9B, up 141% YoY; excluding the ARS 199.4B CAMMESA gain, EBITDA was ARS 239B, up 31%.

• In dollar terms, nine-month EBITDA was $312M, up 122% YoY, or $171M excluding the CAMMESA gain, up 23%.

• The completed tariff review, cost controls and ARS 283.1B of 9M investment supported operating results and service indicators; working capital turned positive.

Financial highlights

• Q3 revenue was ARS 740.8B, up 1% YoY in constant currency; 9M revenue rose 14% to ARS 2,118.3B.

• Q3 EBITDA was ARS 133.3B versus ARS 60.2B; 9M EBITDA was ARS 439.9B versus ARS 182.3B.

• 9M distribution margin increased 8% to ARS 865.2B; Q3 margin grew 12% to ARS 310.7B.

• Q3 net income was ARS 40.6B versus ARS 152.4B; 9M net income was ARS 179.5B versus ARS 351.7B, reflecting lower inflation-adjustment gains and financial costs.

• Q3 net financial expense was ARS 99B versus a profit a year earlier; 9M financial costs totaled ARS 292.8B.

Outlook and guidance

• Planned 2026 CapEx is close to $200M, consistent with average annual investment over the prior 12–13 years.

• 2026 projects include Newbery substation replacement, Zappalorto expansion, and Moreno and Bancalari substation work.

• Outlook is supported by the completed 2025–2030 tariff review, network modernization and expected electricity-market reforms.