Empresa Distribuidora y Comercializadora Norte Sociedad Anónima (EDN) Q4 2024 earnings summary

Executive summary

• FY24 EBITDA was ARS 207,252 million; 4Q24 EBITDA reached ARS 57,766 million versus a loss of ARS 63,468 million in 4Q23, supported by tariff adjustments and lower energy losses.

• FY24 net results were ARS 272,128 million; prior-year EBITDA included a one-time ARS 430,587 million gain tied to CAMMESA payment plans.

• Tariff review for 2025–2029 was nearing completion, with ENRE scheduling completion by March 31, 2025.

Financial highlights

• FY24 revenue rose 34% to ARS 2,043,127 million; 4Q24 revenue increased 97% to ARS 517,084 million.

• FY24 distribution margin increased 66% to ARS 876,732 million; 4Q24 margin rose 126% to ARS 219,537 million.

• FY24 operating results were ARS 42,073 million versus a loss of ARS 260,851 million in FY23; net results rose 42% to ARS 272,128 million.

• 4Q24 net results increased 23% to ARS 18,166 million; the net financial loss narrowed to ARS 31,169 million from ARS 192,042 million, mainly on lower CAMMESA-related interest and reduced FX effects.

• 4Q24 energy-purchase expense rose 80% YoY to ARS 297,547 million, partly offsetting tariff-driven margin gains.

Outlook and guidance

• The five-year 2025–2029 tariff review advanced after a Feb. 27, 2025 public hearing; finalization was scheduled for March 31, 2025.

• Monthly VAD tariff adjustments averaged 4% from August 2024 through February 2025, based on expected inflation.

• The subsidy-reduction plan runs through December 2025, with 350 kWh and 250 kWh monthly caps for N2 and N3 customers and subsidy elimination for N1 customers.

• The proposed 2025–2029 CapEx plan totals ARS 1,027 billion in December 2023 currency, based on assumed demand growth of 2.2%.

• Growth priorities include energy transition opportunities and potential activity in generation, storage and critical minerals through Edenor Tech.