Q2 2025 Empresa Distribuidora y Comercializadora Norte SA Earnings Call
Participating in this conference call to discuss the results of the second quarter ended June 30, 'twenty 'twenty five.
Lucila Ramallo: We would like to thank everybody for participating in this conference call to discuss the results of the Q2 that ended June 30, 2025. We also have an important recent development and advances in our efforts to strengthen our position as an energy leader. If you would like to receive our annual release or presentation, you can download them easily from the investor relations sections on our website located at www.edenor.com, or contact our Investor Relations teams to request the documents. This event is being recorded. After the company remarks are completed, there will be a question and answer section for which you may submit questions through the webcast chat. Before proceeding, let me mention that forward-looking statements are based on the belief and assumptions of Edenor management and on information currently available to the company.
Lucila Ramallo: We would like to thank everybody for participating in this conference call to discuss the results of the Q2 that ended June 30, 2025. We also have an important recent development and advances in our efforts to strengthen our position as an energy leader. If you would like to receive our annual release or presentation, you can download them easily from the investor relations sections on our website located at www.edenor.com, or contact our Investor Relations teams to request the documents.
We will also have an important recent development on advances in our efforts to strengthen our position and actually that.
You like to receive our English release or presentation, you can learn on them easily from the Investor relations sections on our website located at <unk>.
W. W. W. The EDA and all that.
Or contact our Investor relations teams to request the documents.
This event is being recorded.
Lucila Ramallo: This event is being recorded. After the company remarks are completed, there will be a question and answer section for which you may submit questions through the webcast chat. Before proceeding, let me mention that forward-looking statements are based on the belief and assumptions of Edenor management and on information currently available to the company.
The company's remarks are completed there would be a question and answer section for which you may submit questions through the webcast chat.
Before proceeding let me mention that forward looking statements are based on the beliefs and assumptions of management I don't even formation currently available to the company.
They involve risks uncertainties and assumptions because they relate to the future events and therefore depend on circumstances may or may not occur in the future.
Lucila Ramallo: They involve risks, uncertainties, and assumptions because they relate to the future events, and therefore depends on circumstances may or may not occur in the future. Investors should understand that general economic condition, industry condition, and other operating factors could also affect the future results of Edenor and could cause results to differ materially from those expressed in such forward-looking statements. Now, let me pass the call to Germán Ranftl, our CFO, who will guide us through the presentation. Thank you.
Lucila Ramallo: They involve risks, uncertainties, and assumptions because they relate to the future events, and therefore depends on circumstances may or may not occur in the future. Investors should understand that general economic condition, industry condition, and other operating factors could also affect the future results of Edenor and could cause results to differ materially from those expressed in such forward-looking statements. Now, let me pass the call to Germán Ranftl, our CFO, who will guide us through the presentation. Thank you.
Investors should understand that general economic conditions industry conditions and other operating factors could also served as a result of it and our uncle cause results to differ materially from those expressed in such forward looking statements.
Now, let me pass the call to come on Rice, our CFO, who will guide us through the presentation. Thank you.
Good morning, and welcome to everyone. Who's here is very important to us and we hope to provide you with a good understanding of any non performers during the second quarter of 2025.
Germán Ranftl: Thank you, Lucila. Good morning, and welcome to everyone. Your presence here is very important to us, and we hope to provide you with a good understanding of Edenor performance during the Q2 of 2025. Highlights and relevant events. Before moving to the discussions of details of our financial performance during the Q2 of 2025, I would like to take a few minutes to highlight some very relevant and positive developments as shown in slides number 5. Accumulated EBITDA for the first 6 months rose to ARS 289 billion, which reflected a sharp improvement in operating results due to the tariff increases, starting with the 319% adjustment that was received in February 2024, followed by 4% average monthly value-added distribution adjustments since August of last year. The five-year tariff review implemented since May 2025.
Germán Ranftl: Thank you, Lucila. Good morning, and welcome to everyone. Your presence here is very important to us, and we hope to provide you with a good understanding of Edenor performance during the Q2 of 2025. Highlights and relevant events. Before moving to the discussions of details of our financial performance during the Q2 of 2025, I would like to take a few minutes to highlight some very relevant and positive developments as shown in slides number 5.
Hi legs and relevant.
Before moving to the discussions of details of our financial performance. During the second quarter of 2025, I would like to take a few minutes to highlight some very relevant and positive developments as shown in slide number five accumulated.
Accumulated EBITDA for the first six months rose to 218 9 billion pieces, which reflects a sharp improvement in operating results due to the tariff increases starting with 319% adjustment that was received in February 2024, followed by 4% average monthly value.
Germán Ranftl: Accumulated EBITDA for the first 6 months rose to ARS 289 billion, which reflected a sharp improvement in operating results due to the tariff increases, starting with the 319% adjustment that was received in February 2024, followed by 4% average monthly value-added distribution adjustments since August of last year. The five-year tariff review implemented since May 2025.
Added distribution adjustments since August of last year.
Plus the five year tariff review implemented since May of 2025.
Their results also includes a gain of 168 billion pesos due to the positive effect of the globalization of the agreement with Gamesa for the payment of energy purchases from previous periods.
Germán Ranftl: Their results also includes a gain of ARS 168 billion due to the positive effect of the regularization of the agreement with CAMMESA for the payment of energy purchases from previous periods. Excluding this gain, the accumulated EBITDA as of 30 June 2025 is ARS 121 billion. During May 2025, all pending balance with CAMMESA for past energy purchases were included in 3 payments plans of 72 or 75 installments, depending on the plan. Last week, we successfully issued $95 million in new notes, with $80 million in Class A Notes and ARS 20 billion in Class 9 Notes. As far as our credit ratings is concerned, in June, Standard & Poor's raises its global scale rating from CCC+ to B-, with a stable outlook.
Germán Ranftl: Their results also includes a gain of ARS 168 billion due to the positive effect of the regularization of the agreement with CAMMESA for the payment of energy purchases from previous periods. Excluding this gain, the accumulated EBITDA as of 30 June 2025 is ARS 121 billion. During May 2025, all pending balance with CAMMESA for past energy purchases were included in 3 payments plans of 72 or 75 installments, depending on the plan.
Excluding this gain the accumulated EBITDA as of June 30 of 2025 is 121 billion pesos. During May 2025, all pending balance with Gamesa four bus energy purchases were included in fee payments plans of 72 or 75 installments, depending on the plan.
Last week, we successfully issued $95 million in new nodes with $80 million in class eight notes and 20 billion pesos in class nine notes.
Germán Ranftl: Last week, we successfully issued $95 million in new notes, with $80 million in Class A Notes and ARS 20 billion in Class 9 Notes. As far as our credit ratings is concerned, in June, Standard & Poor's raises its global scale rating from CCC+ to B-, with a stable outlook.
As far as our grade ratings is concerned in June standard <unk> Poor's raised its global scale rating from Triple C plus to B minus with a stable outlook. During July 2025 standard and poors upgraded the company's institutional and global negotiations bond program rating on the national scale from.
Germán Ranftl: During July 2025, Standard & Poor's upgraded the company's institutional and global negotiations bond program rating on the national scale from Republic of Argentina BB to Republic of Argentina BBB-, with a stable outlook. At the same time, Moody's raises its long-term global scale rating from Caa1 to B3, changing its outlook from stable to positive. Regulatory framework. As we already highlighted, the tariff increases that were given in February 2024 and the average monthly increases of 4% since August 2024, followed by the implementation of the five-year tariff review, have driven a sharp rise in the operating results with, in Q2 2025, EBITDA rising ARS 222 billion from ARS 108 billion in Q2 2024.
Germán Ranftl: During July 2025, Standard & Poor's upgraded the company's institutional and global negotiations bond program rating on the national scale from Republic of Argentina BB to Republic of Argentina BBB-, with a stable outlook. At the same time, Moody's raises its long-term global scale rating from Caa1 to B3, changing its outlook from stable to positive. Regulatory framework.
Republic of Argentina, double double B to Republic, Argentina, double or Triple B minus with a stable outlook at the same time Moody's raises its long term global scale rating from <unk>, one to be three Chinese outlook from stable to pause.
Dave.
Literary framework.
We already highlighted the tariff increases but.
Germán Ranftl: As we already highlighted, the tariff increases that were given in February 2024 and the average monthly increases of 4% since August 2024, followed by the implementation of the five-year tariff review, have driven a sharp rise in the operating results with, in Q2 2025, EBITDA rising ARS 222 billion from ARS 108 billion in Q2 2024.
Were given in February 2024.
Average monthly increases of 4% since August 2024, followed by the implementation of the five year tariff review have driven a sharp rise in the operating results.
In the second quarter of 2025, EBITDA, raising 222 billion pesos from 108 billion pesos in the second quarter of 2024.
The five year tariff review granted the company an increase of $14, 35% over inflation.
Germán Ranftl: The five-year tariff review granted the company an increase of 14.35% over inflation. This is being applied gradually in order to limit the inflation effects on the broader economy in Argentina, which is in line with the government's status quo policy. 3% went into effect in 1 May 2025, further adjustments of 0.42% are being implemented over inflation, as I said before, from 1 June 2025, until 1 November 2027. Plus a monthly adjustment for inflation with a formula that is made up of 33% of Consumer Price Index and 67% Wholesale Price Index. Wholesale Price Index always follows the evaluation. Together, these adjustments total 3.24% for June, 0.75% in July, and 2.1% in August. CAMMESA debt.
Germán Ranftl: The five-year tariff review granted the company an increase of 14.35% over inflation. This is being applied gradually in order to limit the inflation effects on the broader economy in Argentina, which is in line with the government's status quo policy. 3% went into effect in 1 May 2025, further adjustments of 0.42% are being implemented over inflation, as I said before, from 1 June 2025, until 1 November 2027. Plus a monthly adjustment for inflation with a formula that is made up of 33% of Consumer Price Index and 67% Wholesale Price Index.
Is being applied gradually in order to eliminate the inflation effects on the broader economy in Argentina, which is in line with the government's stages policy.
3% went into effect in May 1st 2025, and further adjustments of zero point, 42% are being implemented over inflation as I said before from July one 2025 until November one 2027, plus a monthly adjustment for inflation with a formula that it made.
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167% wholesale price index.
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Germán Ranftl: Wholesale Price Index always follows the evaluation. Together, these adjustments total 3.24% for June, 0.75% in July, and 2.1% in August. CAMMESA debt.
Together these adjustments totaled $3, 24% for June Cedar point, 75% in July and two 1% in August.
<unk> said that as I mentioned earlier the tariff increases that we have received since February 2024, I've been a key driven of improvement in earnings and cash flow, which will allow us to pay 100% of the current monthly invoices for it and then as you purchased since April 2024, as well as paying all the fine.
Germán Ranftl: As I mentioned earlier, the tariff increases that we have received since February 2024 have been a key driver of improvement in earnings and cash flow, which will allow us to pay 100% of the current monthly invoices for the energy purchase since April 2024, as well as paying all the financing plans that we have outstanding with CAMMESA. On 21 May 2024, we signed a plan to regularize debt for energy purchases that have not been included in the existing payment plans over a total of 72 installments with a 12-month of grace period and an interest rate of 50% of the interest rates used by CAMMESA, adjusted semi-annually.
Germán Ranftl: As I mentioned earlier, the tariff increases that we have received since February 2024 have been a key driver of improvement in earnings and cash flow, which will allow us to pay 100% of the current monthly invoices for the energy purchase since April 2024, as well as paying all the financing plans that we have outstanding with CAMMESA. On 21 May 2024, we signed a plan to regularize debt for energy purchases that have not been included in the existing payment plans over a total of 72 installments with a 12-month of grace period and an interest rate of 50% of the interest rates used by CAMMESA, adjusted semi-annually.
Lansing plants that we have outstanding with companies.
On May 2021, we sign up plan to regularize depth for energy purchases that have not been included in the existing payment plans over the total of 72 installments with 12 months of Grace period, and an interest rate of 50% of the interest rates used by companies adjusted.
Semi annually. In addition, our prior existing plan was installments were adjusted based on the energy price.
Germán Ranftl: In addition, a prior existing plan, whose installments were adjusted based on the energy price in megawatts, was converted into pesos at the energy applicable megawatt price of October 2024, with an interest rate of also 50% of the interest rate used by CAMMESA. With the same condition as the current plan, 75% installments remaining as of May with no grace period. The positive impact of these agreements resulted in a gain included in Q2 2025, resulting of ARS 168,220 million. The regulatory claim for past tariff adjustment differences is still pending and represent approximately three to four times what we owe to CAMMESA. Financial results: revenues.
Germán Ranftl: In addition, a prior existing plan, whose installments were adjusted based on the energy price in megawatts, was converted into pesos at the energy applicable megawatt price of October 2024, with an interest rate of also 50% of the interest rate used by CAMMESA. With the same condition as the current plan, 75% installments remaining as of May with no grace period. The positive impact of these agreements resulted in a gain included in Q2 2025, resulting of ARS 168,220 million.
What was converted into pesos at the energy applicable.
Mega what the price of October 2024, with an interest rate of also 50% of the.
Yeah.
Interest rates used by companies with the same condition as our current plan and 75% of Assortments remaining as of May with numerous period.
The positive impact of these agreements resulted in a gain included in the second quarter of 2025, resulting of 168 to 120 million pesos.
Germán Ranftl: The regulatory claim for past tariff adjustment differences is still pending and represent approximately three to four times what we owe to CAMMESA. Financial results: revenues.
The regulatory claim for past tariff adjustment differences is still pending and represent approximately three to four times, what we owed to Amazon.
Financial results revenues.
Revenues rose, 2% in real terms in the second quarter of 2025 to 300 620 to 989 million pesos versus 608 876 million pesos for the same period of last year. This was mainly due to tariff and harmonized.
Germán Ranftl: Revenues rose 2% in real terms in Q2 2025 to ARS 622,989 million versus ARS 608,876 million for the same period of last year. This was mainly due to tariff normalization, as explained before. Energy sales evolution. As mentioned, in Q2 2025, energy sales volume increases 1.85% year-to-year to 5,668 GW, led by the effect of lower temperature and demand from residential customers. Edenor's customers base at Q2 2025 reached 3.36 million people, 2% more versus Q2 2024. This raise was mainly due to an increase in residential and medium-sized commercial clients.
Germán Ranftl: Revenues rose 2% in real terms in Q2 2025 to ARS 622,989 million versus ARS 608,876 million for the same period of last year. This was mainly due to tariff normalization, as explained before. Energy sales evolution. As mentioned, in Q2 2025, energy sales volume increases 1.85% year-to-year to 5,668 GW, led by the effect of lower temperature and demand from residential customers. Edenor's customers base at Q2 2025 reached 3.36 million people, 2% more versus Q2 2024. This raise was mainly due to an increase in residential and medium-sized commercial clients.
As explained before.
Energy sales evolution.
As mentioned the second quarter of 2025 energy sales volume increases, 185% year to year to 5668 Gigawatts.
Led by the effect of lower temperature and demand from residential customers.
Its customer base in the second quarter of 2025 reached $3 36 million people, 2% more versus the second quarter of 2024.
Race was mainly due to an increase in residential and medium sized commercial clients. The race was hub by market discipline measures, including the installation of 9951 energy meters in the second quarter of 2025, which are designated to convert informal unreported connections into fully transparent.
Germán Ranftl: The raise was helped by market discipline measures, including the installation of 9,951 energy meters in Q2 2025, which are designated to convert informal, unreported connections into fully transparent connections in the electricity distribution system. Distribution margin. For the first six months of 2025, our distribution margin rose to ARS 523 billion, mainly due to the increase in the tariff as a result of the tariff normalization process, partially offset by higher energy costs due to the reduction in subsidies and higher sales volume. EBITDA. Looking at the EBITDA for Q2 2025, EBITDA of ARS 222,338 million was recorded, and an improvement for the ARS 107,969 million registered in the same period of the previous year.
Germán Ranftl: The raise was helped by market discipline measures, including the installation of 9,951 energy meters in Q2 2025, which are designated to convert informal, unreported connections into fully transparent connections in the electricity distribution system. Distribution margin. For the first six months of 2025, our distribution margin rose to ARS 523 billion, mainly due to the increase in the tariff as a result of the tariff normalization process, partially offset by higher energy costs due to the reduction in subsidies and higher sales volume. EBITDA.
<unk> in the electricity distribution system.
Distribution margin for the first six months of 2025, our distribution margin rose to 523 billion pesos, mainly due to the increase in the tariff as a result of the tariff more monetization process, partially offset by higher energy cost due to the reduction in subsidies and higher sales volume.
EBITDA looking at the EBITDA for the second quarter of 2025 EBITDA of 222000 338 million pesos was recorded on an improvement for the 107 969 million pesos.
Germán Ranftl: Looking at the EBITDA for Q2 2025, EBITDA of ARS 222,338 million was recorded, and an improvement for the ARS 107,969 million registered in the same period of the previous year.
<unk> in the same period of the previous year.
A gain of 168 billion pesos is included due to the positive effect of the organization agreements with Cummins. Therefore, the outstanding balance with this effect the accumulated EBITDA as of June 30th is 121 billion pesos without the effect of that.
Germán Ranftl: A gain of ARS 168 billion is included due to the positive effect of the reorganization agreements with CAMMESA for the outstanding balance. With this effect, the accumulated EBITDA as of 30 June is ARS 121 billion without the effect of CAMMESA debt. Positive impact was due to higher revenues as a result of the increased year-to-tariff review included. The 319% in August and all the monthly adjustments that have been given since August 2024, or 4% on average. Increases cost of energy purchase due to the reduction in subsidies, which established limits of 250 kW in customers N3, and 350 kW in customers N2. Net financial expenses.
Germán Ranftl: A gain of ARS 168 billion is included due to the positive effect of the reorganization agreements with CAMMESA for the outstanding balance. With this effect, the accumulated EBITDA as of 30 June is ARS 121 billion without the effect of CAMMESA debt. Positive impact was due to higher revenues as a result of the increased year-to-tariff review included. The 319% in August and all the monthly adjustments that have been given since August 2024, or 4% on average. Increases cost of energy purchase due to the reduction in subsidies, which established limits of 250 kW in customers N3, and 350 kW in customers N2. Net financial expenses.
Debt.
Positive impact was due to higher revenues as a result of the increase year to tariff review included the 319% in August and all the monthly adjustments that have been giving since August 2024, or 4% on average.
<unk> cost of energy purchase due to the reduction in subsidies, which established limits of 250 kilowatts in customers in three and 350 kilowatts and customers and to.
Net financial expenses net financial expenses of 110 billion pesos in the second quarter of 2025 were lower than the same period of the previous year.
Germán Ranftl: Net financial expenses of ARS 110 billion in Q2 2025 were lower than the same period of the previous year. Less 40% versus Q2 2024, primarily due to the reduction impact of interest on debt with CAMMESA and interest and penalties. Net results. On the net income line, Edenor posted a net profit of ARS 93 billion compared to a profit of ARS 68 billion in Q2 2024. The difference is mainly due to much lower accounting gains related to inflation due to the sharp drop of year-over-year of inflation and the higher income tax charges, offset by the positive effect of the CAMMESA agreement. Not included, the CAMMESA agreement resulted benefits from improvement operating results and lower financial expenses. CapEx.
Germán Ranftl: Net financial expenses of ARS 110 billion in Q2 2025 were lower than the same period of the previous year. Less 40% versus Q2 2024, primarily due to the reduction impact of interest on debt with CAMMESA and interest and penalties. Net results. On the net income line, Edenor posted a net profit of ARS 93 billion compared to a profit of ARS 68 billion in Q2 2024.
Yes, 40% versus the second quarter of 2024, primarily due to the reduction impact of interest on debt with gamesa in interest and penalties.
And as a result on the net income line and in our posted a net profit of 93 billion pesos compared to a profit of 68 billion pesos in the second quarter of 2024. The difference is mainly due to much lower accounting gains related to inflation due to the sharp drop off year to year of inflows.
Germán Ranftl: The difference is mainly due to much lower accounting gains related to inflation due to the sharp drop of year-over-year of inflation and the higher income tax charges, offset by the positive effect of the CAMMESA agreement. Not included, the CAMMESA agreement resulted benefits from improvement operating results and lower financial expenses. CapEx.
<unk> on the higher income tax charges offset by the positive effect of the commercial agreement.
That included the Commission agreement results as benefits from improvement in operating results and lower financial expenses.
Capex as of June 30 of 2025, we invested 163 billion pesos in line with our 225 Capex plan our investment Spendings reflects our firm commitment to improve service quality, which is reflected in the significant improvement in our main operator.
Germán Ranftl: As of 30 June 2025, we invested ARS 163 billion in line with our 225 CapEx plan. Our investment spendings reflects our firm commitment to improve service quality, which is reflected in the significant improvement in our main operating indicators. We highly our expansion of Zappalorto substation, the new 132 electric electroducto, Zappalorto Merlo, and the new step-down transformer in Puerto Belgrano. We continue to work to transform our network into a smart network by installing increasing numbers of remote control points, tele-supervision points, as well as smart meters.
Germán Ranftl: As of 30 June 2025, we invested ARS 163 billion in line with our 225 CapEx plan. Our investment spendings reflects our firm commitment to improve service quality, which is reflected in the significant improvement in our main operating indicators. We highly our expansion of Zappalorto substation, the new 132 electric electroducto, Zappalorto Merlo, and the new step-down transformer in Puerto Belgrano. We continue to work to transform our network into a smart network by installing increasing numbers of remote control points, tele-supervision points, as well as smart meters.
The indicators, we highly our expansion of SAP and Oracle substation, new hunting around 32 electric electro duct SAP a lot of metal in the news stepped down transformer in productivity levels.
We continue to work to transform our network into a smart network by insulating increasing numbers of remote control points tenant supervision pines as well on smart meters.
Allow us to solve problems that raised in the network remotely and quickly.
Germán Ranftl: This allow us to solve problems that rise in the network remotely and quickly, which we do by isolating any part of the system experience a service problem and reestablishing the service to the rest of the customers. We can do this without sending a team physically to the location within a few minutes. More than 44% of the customers are resolved in less than 3 minutes. Let's look at the key operating indicators. Energy losses. Our energy losses for the last 12 months were 15.55% as of Q2. Little change from 15.18% in 2024. Reducing energy losses is a top priority, and our multidisciplinary teams are working constantly to find innovation ways to combat energy losses. These efforts are completely complemented by our market discipline initiatives that are aimed at curbing inefficiencies and irregularities.
Germán Ranftl: This allow us to solve problems that rise in the network remotely and quickly, which we do by isolating any part of the system experience a service problem and reestablishing the service to the rest of the customers. We can do this without sending a team physically to the location within a few minutes. More than 44% of the customers are resolved in less than 3 minutes. Let's look at the key operating indicators. Energy losses. Our energy losses for the last 12 months were 15.55% as of Q2. Little change from 15.18% in 2024.
Which we do by isolating any part of the system experience of service program and reestablishing the service through the rest of the customers. We can do this without sending a team physically to their location within that within a few minutes.
More than 44% of the customers are resolved in less than three minutes left.
Let's look at the key operating indicators energy losses.
Our energy losses for the last 12 months were $15 55 per cent, a softer second quarter little change from $15, 18% in 2024.
Reducing energy losses is a top priority on our multidisciplinary teams are working constantly to find innovation ways to.
Germán Ranftl: Reducing energy losses is a top priority, and our multidisciplinary teams are working constantly to find innovation ways to combat energy losses. These efforts are completely complemented by our market discipline initiatives that are aimed at curbing inefficiencies and irregularities.
To come back to energy losses. These airports are completely complemented by our market discipline initiatives that are aimed at curbing inefficiencies irregularities.
Also analytical tools powered by artificial intelligence.
Germán Ranftl: Also, analytical tools powered by artificial intelligence have improved inspection efficiencies, and our market discipline actions continue to detect our rectify irregular connections. It is important to remember that the 15.55% total loss, a full of 9.58%, are losses recognized by the regulator in our tariff. Quality of services. As mentioned earlier, our investment plan is continuing to contribute improvements in service quality by reducing the duration and frequency of outages, which have been on the down path since 2017. These levels are, and have been, comfortable exceeding the levels required by the regulatory entity.
Germán Ranftl: Also, analytical tools powered by artificial intelligence have improved inspection efficiencies, and our market discipline actions continue to detect our rectify irregular connections. It is important to remember that the 15.55% total loss, a full of 9.58%, are losses recognized by the regulator in our tariff. Quality of services. As mentioned earlier, our investment plan is continuing to contribute improvements in service quality by reducing the duration and frequency of outages, which have been on the down path since 2017.
Improved inspection efficiencies in our market discipline actions continuing to detect or rectify irregularly irregular connections. It is.
It's important to remember that the $15, 55% total loss are full of nine point, 58% and losses recognized by the regulator in our tariffs.
Quality of services.
As mentioned earlier, our investment plan is continue to contribute improvements in service quality by reducing the duration and frequency of our agents, which have been on the down path. Since 2017. These levels are and have been comfortably exceeding the levels required by the regulatory entity for the <unk>.
Germán Ranftl: These levels are, and have been, comfortable exceeding the levels required by the regulatory entity.
Second quarter the society on safety service quality indicators shows continues strong performance.
Germán Ranftl: For Q2, the SAIDI and SAIFI service quality indicators shows continuous strong performance at 7.8 per hours and 3.1 average outages per client in a quarter, at recorded low levels and down 72% and 66%, respectively, compared to 2017 levels. This recovery in services is mainly due to the strong level of investment that the company has been doing since then. Investment has been focused on implementing improvements in operational process and the adoption of technologies applied to the operations and management of the network. Financial debt. On 07 August, we successfully issued $95 million in Class A and 9 Notes at attractive rates. Class A Notes in dollars. Amount $80 million. Received offers of close to $81 million. Interest rate, 8.5% with biannual payments.
Germán Ranftl: For Q2, the SAIDI and SAIFI service quality indicators shows continuous strong performance at 7.8 per hours and 3.1 average outages per client in a quarter, at recorded low levels and down 72% and 66%, respectively, compared to 2017 levels. This recovery in services is mainly due to the strong level of investment that the company has been doing since then. Investment has been focused on implementing improvements in operational process and the adoption of technologies applied to the operations and management of the network.
Seven eight hours and $3, one average outages per client in the quarter.
At record low levels, and down, 72% and 6% respectively compared to 2017 levels. This recovery in services is mainly due to the strong level of investment that the company has been doing since then.
Investment has been focused on implementing improvements in operational process and the adoption of technologies applied to the operations and management of the network.
Financial debt on August seven we successfully issued $95 million in class eight and nine notes.
Germán Ranftl: Financial debt. On 07 August, we successfully issued $95 million in Class A and 9 Notes at attractive rates. Class A Notes in dollars. Amount $80 million. Received offers of close to $81 million. Interest rate, 8.5% with biannual payments.
Two friends.
Class a notes in dollars.
How long to $80 million received offers of.
Close to $81 million interest rate eight 5% with a b annual payments amortization plus miles due to our stringent 26 Argentine law, plus one plus nine shares.
Germán Ranftl: Amortization, 12 months, due in August 2026. Argentine law. Class 9 Notes, sorry, in ARS. Amount, ARS 20 billion, approximately $15 million. Received offers for ARS 25 billion. Interest rate, TAMAR, which is a local interest rate, plus 6, with quarterly installments. Amortization bullet, also 12 months, due 7 August 2026. Argentine law. Financial debt. With the improvement in our risk profile due to important changes on the regulatory front, as we mentioned before, Standard & Poor's raised its global scale rating from CCC+ to B- with a stable outlook. Standard & Poor's also upgraded the company's institutional and global organization bond program rating on the national scale from BB to BBB- with a stable outlook.
Germán Ranftl: Amortization, 12 months, due in August 2026. Argentine law. Class 9 Notes, sorry, in ARS. Amount, ARS 20 billion, approximately $15 million. Received offers for ARS 25 billion. Interest rate, TAMAR, which is a local interest rate, plus 6, with quarterly installments. Amortization bullet, also 12 months, due 7 August 2026. Argentine law. Financial debt. With the improvement in our risk profile due to important changes on the regulatory front, as we mentioned before, Standard & Poor's raised its global scale rating from CCC+ to B- with a stable outlook.
Plus nine sorry in pesos, a month 20 billion pesos.
Approximately $50 million.
Receive offers for 25 million pesos interest rate the matter, which is the local interest rates plastics with quarterly installments.
Amortization boil. It also 12 months U S. Seven in 2026 Argentine law.
Financial debt.
The improvement in our risk profile due to important changes on that front as we mentioned before.
And of course relationships global scale rating from frequency to B minus with a stable outlook.
Some of them of course also upgraded the company's institutional global institutional bond program rating.
Germán Ranftl: Standard & Poor's also upgraded the company's institutional and global organization bond program rating on the national scale from BB to BBB- with a stable outlook.
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In minus with a stable outlook. Furthermore, Moody's switches as long term global scalable rating from C. A one to be three changing its outlook from stable to positive.
Germán Ranftl: Furthermore, Moody's raised its long-term global scale room rating from Caa1 to B3, changing its outlook from stable to positive. As you can see, the maturity schedule of the debt as of June 2025. In August, we cancel notes plus 6% for ARS 18 million, which was make a total of $54 million, sorry, canceled during 2025. Closing remarks. The five-year tariff review was completed according to schedule. It improved the long-term outlook of the company and providing more visibility for ratings, with a accumulated EBITDA of ARS 289 billion in the first month of 2025. Remember that taking out the CAMMESA effect is ARS 122 billion, the EBITDA of 2025 first six months.
Germán Ranftl: Furthermore, Moody's raised its long-term global scale room rating from Caa1 to B3, changing its outlook from stable to positive. As you can see, the maturity schedule of the debt as of June 2025. In August, we cancel notes plus 6% for ARS 18 million, which was make a total of $54 million, sorry, canceled during 2025. Closing remarks. The five-year tariff review was completed according to schedule. It improved the long-term outlook of the company and providing more visibility for ratings, with a accumulated EBITDA of ARS 289 billion in the first month of 2025.
As you can see the maturity schedule of the debt as of June 2025 notes with Tencent notes, plus six 8 million pesos, which was made a total of $54 million sorry.
So during 2025.
Closer remarks.
Five year tariff review was completed according to schedule and improve the long term outlook of the company and providing more visibility poor ratings with our accumulated EBITDA of 219 9 billion pesos in the first months of 2025.
Remember that taking out did I Miss that effect is having on them $22 million million pesos. The EBITDA of 20 to 25 or six months.
Germán Ranftl: Remember that taking out the CAMMESA effect is ARS 122 billion, the EBITDA of 2025 first six months.
I missed that that rig when they're essential all outstanding balance are now included in these three payments plans to be paint over 72% I'm.
Germán Ranftl: CAMMESA debt regularization, all outstanding balance are now included in the 3 payments plans to be paid over 72 and 75 installments. The company successfully completed bonds issue of $95 million. As I said, $80 million, $80 million in dollars and ARS 20 billion in pesos. As part of our energy and transition strategy and the expansion of our corporate business, we recently made our first minority investment in the lithium and copper business in two projects in the pre-exploration stage in the northern Argentina, Polimetales Copper, and the Antofalla Carpaderas and Ancasti Lithium. With this, now, we would like to open the call to questions. To ask a question, please send a written message to IR Edenor through our question and answers menu. Identify yourself, and stating that you have a question.
Germán Ranftl: CAMMESA debt regularization, all outstanding balance are now included in the 3 payments plans to be paid over 72 and 75 installments. The company successfully completed bonds issue of $95 million. As I said, $80 million, $80 million in dollars and ARS 20 billion in pesos. As part of our energy and transition strategy and the expansion of our corporate business, we recently made our first minority investment in the lithium and copper business in two projects in the pre-exploration stage in the northern Argentina, Polimetales Copper, and the Antofalla Carpaderas and Ancasti Lithium.
Sarah So 70 to 175 installments.
The company successfully completed bonds issue of $95 million.
I said $80 million $80 million and 20 billion in basis as part of our LNG and strategies.
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The expansion of our corporate business. We recently made our first minority investment in each of them on copper business in two projects in the exploration stage in northern Argentina Poly metallic copper and then to flash a company that's got to lithium.
With this now we would like to open the call to questions to ask a question. Please send a message to I R and ignore.
Germán Ranftl: With this, now, we would like to open the call to questions. To ask a question, please send a written message to IR Edenor through our question and answers menu. Identify yourself, and stating that you have a question.
A question on answers menu identify yourselves, stating that you have a question. We thank you again for your support and engagement shareholder bondholder.
Germán Ranftl: We thank you again for your support and your engagement as shareholder and bondholder. Thank you very much for participating in our quarterly conference call. Please do not hesitate in contact our Investor Relations department for any further inquiries you may have. Good morning to all of you, and have a nice day.
Germán Ranftl: We thank you again for your support and your engagement as shareholder and bondholder. Thank you very much for participating in our quarterly conference call. Please do not hesitate in contact our Investor Relations department for any further inquiries you may have. Good morning to all of you, and have a nice day.
Thank you very much for participating in our quarterly conference call. These students hesitating to contact our Investor Relations Department for any further inquiries you may have good morning to all of you and have a nice day.