EDN

This article first appeared on GuruFocus. Release Date: May 11, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Empresa Distribuidora y Comercializadora Norte SA (NYSE:EDN) reported a significant 127% increase in EBITDA for the first quarter of 2026, indicating strong financial performance. The company has successfully normalized its debt with CAMESA and is fully complying with payment plans, improving its financial stability. EDN has implemented a five-year tariff review with automatic monthly adjustments, contributing to revenue growth. The company has reduced operating expenses by 9% through cost management initiatives, enhancing profitability. EDN's investment in infrastructure, such as new substations and smart meters, is improving service quality and operational efficiency. Energy sales for the first quarter were down 1.6% year-over-year, primarily due to lower demand from residential customers and economic factors. The company's revenues remained flat in real terms compared to the previous year, despite higher tariffs and reduced subsidies. There is ongoing uncertainty regarding the regulatory asset claim for tariff adjustments between 2019 and 2023, which is still under government review. The company experienced a decline in energy purchase costs due to lower demand, which could impact future revenue growth. CapEx for 2026 is expected to be lower than in 2025, potentially affecting the pace of network expansion and technological adaptation. Warning! GuruFocus has detected 9 Warning Signs with EDN. Is EDN fairly valued? Test your thesis with our free DCF calculator. Q: Could you please provide more color on the project of the executive branch sent to the Congress regarding the regulatory base? What estimates are you working with? A: We presented the claim of the regulatory asset base in October last year, and the government has sent it to Congress for consideration. It is currently being analyzed by the Energy Commission and will then proceed to deputies and senators. This process may take more than a month to reach an agreement from the government side. Q: How much should we expect for CapEx to be during 2026? A: Investment in the first quarter was 70 billion pesos, approximately $49 million. For 2026, we anticipate CapEx will be in the range of $170 to $180 million. This is somewhat lower than 2025 spending, which was higher due to specific market conditions in 2024 and 2025. Our CapEx program will remain robust, enabling us to expand the network and adapt to new technologies. Q: Aside from the 20 billion pesos non-recurrent gain related to the Coro Marco, were there any other one-time benefits impacting the margin expansion? A: The 20 billion pesos effect of Accordo Marco is a one-time effect. Additionally, the shift from bi-monthly to monthly metering has increased the revenue base for this quarter, which is also a one-time effect. Rating agencies estimate our full-year EBITDA to be close to $300 million to $320 million, which should be considered for projections. Q: What are the key drivers for the company's strong financial performance in the first quarter of 2026? A: The strong financial performance was driven by tariff normalization, resulting in a 127% increase in EBITDA. The five-year tariff review and monthly adjustments contributed significantly. Additionally, cost management efforts, including a 9% decrease in operating expenses, played a crucial role. Q: Can you elaborate on the company's strategy for new business opportunities? A: Our strategy focuses on capturing growth in the energy sector through vertical and horizontal integration. We aim to leverage opportunities from the energy transition and electrification of the economy. This includes targeting sectors like electric transportation, grid expansion, and energy infrastructure, aligning with the broader energy sector trends. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

BUENOS AIRES, Argentina, April 29, 2026 /PRNewswire/ -- Empresa Distribuidora y Comercializadora Norte S.A. (EDENOR S.A.) (the "Company") announced today the early tender results in connection with its previously announced tender offer (the "Offer") to purchase for cash up to U.S.$150,000,000 Aggregate Principal Amount of its Outstanding 9.75% Senior Notes due 2030 (the "Existing Notes") from each registered holder (each, a "Holder" and, collectively, the "Holders") pursuant to the terms and conditions set forth in the offer to purchase dated April 15, 2026 (the "Offer to Purchase"). The Company has exercised its discretion to increase the pool tender cap for the Existing Notes from U.S.$150,000,000 to U.S.$175,000,000 in aggregate principal amount (the "Increased Tender Cap"). Except as provided above, the terms and conditions of the Offer as set forth in the Offer to Purchase remain unchanged. The following table summarizes the Early Tender Deadline results for the Offer as of 5:00 p.m. New York City time on April 28, 2026 (the "Early Tender Deadline") and the principal amount of Existing Notes that the Company has accepted for purchase: The Withdrawal Date of 5:00 p.m. (New York City time) on April 28, 2026 has now passed. Existing Notes that have been validly tendered may no longer be withdrawn. The conditions of the Offer set forth in the Offer to Purchase, including the New Notes Offering Condition (as defined in the Offer to Purchase), have been satisfied as of the Early Tender Deadline. The Company has elected to exercise its option to accept for purchase up to U.S.$175,000,000 aggregate principal amount of Existing Notes validly tendered and not validly withdrawn at or prior to the Early Tender Deadline, subject to the Increased Tender Cap and the terms and conditions described in the Offer to Purchase (the "Early Settlement Right"). The early settlement date on which the Company will settle the Existing Notes accepted in the Offer is expected to be April 30, 2026 (the "Early Settlement Date"). In light of the Increased Tender Cap having been reached as of the Early Tender Deadline, the Company will not have a Final Settlement Date. The aggregate cash consideration for each U.S.$1,000 principal amount of Existing Notes purchased pursuant to the Offer will be U.S.$1,020 (the "Early Tender Offer Consideration"), payable only in respect of Existing Notes validly tendered and not validly withdrawn at or prior to the Early Tender Deadline that the Company accepts for purchase. Only Existing Notes validly tendered and not validly withdrawn at or before the Early Tender Deadline will be eligible to receive the Early Tender Offer Consideration, subject to the Increased Tender Cap. In addition, the Company will pay accrued interest ("Accrued Interest") in respect of any Existing Notes purchased in the Offer from the last interest payment date to the Early Settlement Date. Because the Offer was oversubscribed considering the aggregate principal amount of Existing Notes tendered as of the Early Tender Deadline and the Increased Tender Cap, the Company will accept for purchase tendered Existing Notes on a prorated basis, with the prorated aggregate principal amount of each Holder's validly tendered Existing Notes accepted for purchase rounded down to the nearest U.S.$1.00. Depending on the amount tendered and the proration factor applied, if the principal amount of Existing Notes returned as a result of proration would result in less than the minimum denomination of the Existing Notes being accepted or returned, we will accept or reject all of such Holder's validly tendered Existing Notes. Morrow Sodali International LLC, trading as Sodali & Co, is acting as the information and tender agent (the "Information and Tender Agent") for the Offer. Banco BTG Pactual S.A. – Cayman Branch, BofA Securities, Inc., UBS Investment Bank and Latin Securities S.A. Agente de Valores are acting as dealer managers (the "Dealer Managers") for the Offer. The full details of the Offer, including complete instructions on how to tender Existing Notes, are included in the Offer to Purchase. Holders of Notes are strongly encouraged to carefully read the Offer to Purchase, including materials incorporated by reference therein, because they contain important information. The Offer to Purchase and any related supplements may also be accessed via the tender offer website https://projects.sodali.com/edenor, or may be directed to Sodali & Co by telephone at +1 203 658 9457 or +44 20 4513 6933 or in writing at [email protected]. Questions about the Offer may be directed to Banco BTG Pactual S.A. – Cayman Branch by telephone at +1 (212) 293-4600 (collect); BofA Securities, Inc. by telephone at +1 (888) 292 0070 (toll free) or +1 (646) 855 8988 (collect); UBS Investment Bank by telephone at +1 (833) 690-0971 (toll free) or +1 (212) 882-5723 (collect); and Latin Securities S.A. Agente de Valores by telephone at +598 2518-3814 (collect). Forward-Looking Statements All statements in this announcement, other than statements of historical fact, are forward-looking statements. These statements are based on expectations and assumptions on the date of this announcement and are subject to numerous risks and uncertainties which could cause actual results to differ materially from those described in the forward-looking statements. Risks and uncertainties include, but are not limited to, market conditions, and factors over which the Company has no control. The Company assumes no obligation to update these forward-looking statements, and does not intend to do so, unless otherwise required by law. View original content:https://www.prnewswire.com/news-releases/empresa-distribuidora-y-comercializadora-norte-sa-edenor-sa-announces-early-tender-results-of-its-debt-tender-offer-increase-to-tender-cap-and-election-of-early-settlement-302757400.html

This article first appeared on GuruFocus. Revenue: Increased 11% for the full year 2025. EBITDA: Rose 110% to ARS572 billion for 2025; fourth quarter EBITDA increased 28% to ARS97.5 billion. Net Income: Net profit of ARS46 billion compared to a loss of ARS21 billion in the fourth quarter of 2024. Distribution Margin: Increased 9% to ARS1,253 billion for 2025; fourth quarter margin was ARS320 billion, up 11% from the previous year. Energy Sales: Full year energy sales rose 1% to 22,952 gigawatts; fourth quarter sales volume increased 3.94% to 5,379 gigawatts. Customer Base: Reached 3.39 million clients, up 1% from the fourth quarter of 2024. Energy Losses: 15.69% for the 12 months, slightly up from 15.18% at the end of September. CapEx: Invested ARS395 billion for the full year 2025; fourth quarter investment totaled ARS103 billion. Net Financial Expenses: ARS377 million for 2025, down 38% from the prior year. Debt: Total debt outstanding as of December 31, 2025, was $782 million; net debt was $657 million. Tariff Adjustments: Monthly average tariff increase of 3.1% since August 2024; 12-month tariffs increased 37%. Personnel Costs: Declined 6% for the full year 2025. Contractor Costs: Down 23% in the fourth quarter. Material Costs: Down 81% in the fourth quarter and 27% for the full year. Penalties: Improved, down 66% for the full year and 6% in the fourth quarter. Warning! GuruFocus has detected 10 Warning Signs with EDN. Is EDN fairly valued? Test your thesis with our free DCF calculator. Release Date: March 09, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Empresa Distribuidora y Comercializadora Norte SA (NYSE:EDN) demonstrated a major improvement in results over the last several years, driven by a healthier regulatory environment and a better economic situation in Argentina. The company achieved a significant increase in EBITDA, rising 110% to ARS572 billion for the full year of 2025. EDN's customer base grew by 1% in the fourth quarter of 2025, reaching 3.39 million clients, mainly due to an increase in residential and medium-sized commercial clients. The company successfully reduced personnel costs by 6% for the full year of 2025 through workforce optimization and new talent acquisition. EDN's investment in infrastructure and technology has led to improvements in service quality, with a reduction in the duration and frequency of outages, comfortably exceeding regulatory requirements. Energy losses for the 12 months were 15.69%, slightly up from 15.18% at the end of September, indicating ongoing challenges in reducing energy losses. Despite improvements, the company still faces high energy purchase costs, which rose 13% for the full year due to a reduction in subsidies. Material costs were down significantly, but this was partly due to reduced material consumption and improved inventory efficiencies, which may not be sustainable long-term. The company has a substantial amount of debt, with total debt outstanding at $782 million as of December 31, 2025. Net financial expenses, although reduced by 38%, still represent a significant cost burden for the company. Q: Could you tell us how much do you estimate your CapEx expense will be during 2026? A: For 2025, we invested a total of ARS395 billion or $263 million. This was higher than what we had expected, given that some spending for 2026 was moved forward to 2025. As a result, 2026 spending could be somewhat lower, and we anticipate it to be in the range of $170 million to $180 million. However, over time, we expect our CapEx program will remain robust with projected spending at the same range. - German Ranftl, Chief Financial Officer, Controller For the complete transcript of the earnings call, please refer to the full earnings call transcript.