Empresa Distribuidora y Comercializadora Norte Sociedad Anónima (EDN) Q4 2025 earnings summary

Executive summary

• Tariff normalization and operational efficiencies supported FY2025 revenue growth of 11% and EBITDA growth of 110% to ARS 571,975 million, including a CAMMESA regularization gain.

• Investment and technology upgrades coincided with SAIDI and SAIFI reaching their lowest levels since 2017; collectability was 95.75% for 2025.

Financial highlights

• FY2025 revenue was ARS 2,990,891 million, up 11%; Q4 revenue was ARS 706,123 million, up 4% in real terms.

• FY2025 EBITDA was ARS 571,975 million, up 110%; excluding the ARS 218,114 million CAMMESA gain, EBITDA was ARS 354 billion, up 30%.

• FY2025 operating results reached ARS 143,139 million; net income was ARS 239,236 million. Q4 net income was ARS 45,675 million versus a loss of ARS 21,399 million in Q4 2024.

• FY2025 net financial expenses declined 38% to ARS 377,238 million from ARS 604,083 million in 2024.

• FY2025 distribution margin rose 9% to ARS 1,253,263 million; Q4 margin increased 11% to ARS 320,124 million.

Outlook and guidance

• 2026 CapEx guidance is US$170–180 million; spending is expected to remain in that range over time, with some projects advanced into 2025.

• Automatic tariff adjustments continue monthly, with increases set 0.42% above inflation using CPI (33%) and IPM (67%); the March 2026 VAD adjustment was 2.5%.

• Monthly meter readings, authorized in December 2025, are expected to have an important impact in Q1 2026.

• 2026 projects include Bancalari expansion, Paso del Rey busbar works, Moreno substation and a third Zappalorto transformer, scheduled from May through September.