Q3 2025 Empresa Distribuidora y Comercializadora Norte SA Earnings Call

November 7, 2025

Yes.

With the.

Operator: Good morning. On behalf of Edenor, we would like to thank everybody for participating in this conference call to discuss the result of Q1, ended 31 March 2025. We'll also highlight important recent developments and advances in our effort to strengthen our position as an energy leader. If you would like to receive our earnings release or presentation, you can download them easily from the investor relations section of our website, located at www.edenor.com, or contact our investor relation team to request the documents. This event is being recorded. After the company's remark and completed, there will be a question and answer session for which you may submit questions through the webcast chat. Before proceeding, let me mention the forward-looking statement are based on the belief and assumption of Edenor's management and on information currently available to the company.

The belief of participating in this conference call to discuss <unk> first quarter ended March 31st 2025.

We will also highlight important recent developments and advances in our effort to strength our position as an entity.

If you elect to receive our earnings release or presentation, you can download them from the desk.

And of our web site located at Www Dot dot com or contact our investor relations team to request the documents.

This event is being recorded after the company's remark on completed there will be a question and answer session for which you may submit questions through the webcast at.

Before proceeding let me mention the forward looking statement are based on the beliefs and assumption of isn't management and on information currently available to the company.

They involve risks uncertainties and assumptions because they relate to future events and therefore depend on circumstances that may or may not occur in the future.

Operator: They involve risk, uncertainties, and assumptions because they relate to future events, and therefore depend on circumstances that may or may not occur in the future. Investors should understand that general economic conditions, industry conditions, and other operating factors could also affect the future result of Edenor or 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.

Operator: They involve risk, uncertainties, and assumptions because they relate to future events, and therefore depend on circumstances that may or may not occur in the future. Investors should understand that general economic conditions, industry conditions, and other operating factors could also affect the future result of Edenor or could cause results to differ materially from those expressed in such forward-looking statements. Now, let me pass the call to German Ranftl, our CFO, who will guide us through the presentation.

German Ranftl: We've contained the outline of the five-year tariff review decisions for 2025 to 2030, which granted EDENOR tariff increases of 14.34%. To limit the inflation effects on the broader economy in Argentina, which is in line with the government's stated policy, the increase will be applied gradually. Three percent granted as of 1 May 2025, which will follow by a monthly adjustment of 0.42% starting June 2025 until 1 November 2027. This will be in addition to the continued monthly adjustments for inflation, which are scheduled to continue with the inflation index polynomic formula weighted 33% of the customer price index, and 67% on the wholesale price index. The efficiency incentive factor, E factor, was also approved. In addition, the company's concession agreement was updated, effective 1 May 2025.

Investors should understand that general economic conditions industry conditions and other operating factors.

Also affect the future results of it and are a good cause results to differ materially from those expressed.

Such forward looking statements.

Now let me.

Our CFO, who will guide us was it a sensation.

Good morning, and welcome to everyone you're persons who are so important.

Germán Ranftl: Thank you, Solange. Good morning and welcome to everyone. Your presence here is very important to us. We hope to provide you with a good understanding of Edenor performance during Q1 2025. Before moving on the discussions on the details of our financial performance, I would like to show you, during Q1 2025, all the updates on the news. I would like to take a few minutes to highlight some of the very relevant and positive recent developments shown in slides number 5. First of all, the result that arose sharply and reflects an impact of a transitory transition increase and operational and financial improvements.

We have a good day.

Renewal performance during the first quarter of 2025.

Before moving on to discussions on the details of our financial performance I would like to show you.

First quarter of 285, all the updates and we use I would like to take a few minutes to highlight some of the very relevant and positive recent development shown in slide number five.

Firstly for the quarter of 2025 resulted a rose sharply.

Transitory transition inquiries on the operational and financial improvements made therefore, the first quarter of 2025 was $63 2 billion pesos compared to $6 9 billion pieces of last year, which reflects a sharp improvement in our operating results as a consequence of the tariff increase.

Germán Ranftl: The EBITDA for Q1 2025 was ARS 63.2 billion compared to ARS 6.9 billion of last year, which reflects a sharp improvement in our operating result as a consequence of the tariff increases, starting with the 319% adjustment of February 2024 and follow adjustments of average monthly of 4% since August 2024. The five-year tariff review process that have defined the tariff for the next five years, 2025 to 2030, is already completed and is notified as of 30 April 2025. Our capital structure has improved with the cancellation of principal and interest in Class 4 Notes on 7 March of ARS 24.4 billion. In addition, we are today canceling the remaining principal outstanding of Class 1 Notes plus accrued interest for $9 million.

German Ranftl: This includes new approved texts related to the electricity rate system, the electricity rate setting procedures, quality regulations and penalties, and supplies regulations. The approved VAT was ARS 619,397 million as of December 2023 currency, which adjusted to May 2025 currency is ARS 1.2 billion. The company is analyzing the details and impact of the increases, which, as you understand, is highly complex. For our part, we remain optimistic about the outlook of the company. Completing the full tariff review is a major milestone that should help further reduce regulatory uncertainty, and provide more confidence to our investors.

Starting with the 319% adjustment of February of 2024.

Adjusted himself.

Over 4%.

August of last year.

Okay.

This review process that has defined the target for that.

Five years 2025 to 2030 is already completed and certified as of April 13th of this year.

Capital structure has improved with the cancellation of principal and interest.

Perhaps for news.

On March seven of $24 four pieces and Additionally, we are today canceled.

The main principles.

No.

Injuries for $9 million.

German Ranftl: The transitional tariff increase that we have received since February of 2024 has been a key driver to improve earnings and cash flow, which have allowed us to pay 100% of the current monthly invoices from energy purchased from CAMMESA since April of 2024, and honor our two financial plans with CAMMESA, which are made of a 96% installments payments plan. Over the last few months, there have been some new developments relating to include CAMMESA pending balances in payment plans. In March and April, the government issued a decree 186-2025 and directive 1st 2025 that had several provisions. First, the realization of the debt not included in payment plans existing prior to 30 November 2024. The principal amount is ARS 128 billion. The term is 72 monthly installments. The grace period is 12 months. The interest rate is 50% of the main interest rate.

Our improved cash flow.

Now us to continue.

Germán Ranftl: Our improved earnings cash flow have allowed us to continue making the necessary investments to maintain and improve the quality of our service, utilizing technology and innovation and promoting responsible and efficiency energy uses. This is reflected in the continued improvements in our SAIDI and SAIFI indicators, which have been reflecting in our customer satisfaction. Regulatory framework. The regulatory environment has been very active. As I already highlighted, the transition tariff increases with the 319% increases in February 2024, and the average monthly increases of 4% since August 2024, have driven a sharp rise in operating results. Within Q1 2024, as I said, EBITDA has rose to ARS 63.2 billion from ARS 6.9 billion in Q1 2024, nearly 10 times compared to the...

Our investments to maintain and improve the quality of our salaries.

Utilizing technology and innovation and promoting responsible and efficiency. He uses this is reflected in continued improvements in those site inside indicators, which have been reflecting.

This function.

It would lead to a framework the regulatory environment has been very active.

Already highlighted differentiation tariff increases.

319% increase in February of 2024, and the average monthly increases of 4% since.

'twenty 'twenty four driven shop.

Okay.

These results.

Okay.

Two.

Okay.

Well.

Okay.

Paul.

German Ranftl: The second realization program is the conversion to pesos of the current payment in megawatts, Article 89 of the law. The book value is ARS 122 billion, and it is very important because as the government is taking out subsidies, with this, we're going to be able to adjust the plans with an interest rate and not with the taking out subsidies from the government that will increase more than the interest payments. Conversion of the outstanding balance of the date of signing of the agreement. Megawatts will be prices of the payment as of October 2024, and same conditions as the subscribed plans, maintaining the number of remaining installments. There is no grace period, and the interest rate is 50% of the main with semi-annual review. All these agreements are not yet formalized.

The lead times.

Okay.

Yes.

Okay.

Yes.

Okay.

Germán Ranftl: Notified on 30 April, which contained the outline of the five-year tariff review decisions for 2025 to 2030, which granted Edenor tariff increases of 14.34%. To limit the inflation effects on the broader economy in Argentina, which is in line with the government's stated policy, the increase will be applied gradually. 3% granted as of 1 May 2025, which will follow by a monthly adjustment of 0.42% starting June 2025 until 1 November 2027. This will be in addition to the continued monthly adjustments for inflation, which are scheduled to continue. With inflation index polynomic formula, weighted 33% of the Consumer Price Index and 67% on the wholesale price index. The efficiency incentive factor, E-factor, was also approved.

Okay.

Goodbye.

Yes.

Okay.

Turning to <unk>.

Okay.

34%.

Please continue.

We see it.

Stated policy the increase will be.

Right.

Granted as of May 1st.

Which will follow my monthly adjustment of $2, 42% starting June 2025 until November one 2027. This will be in addition to the continue monthly adjustments for inflation.

With inflation index polymeric polynomial formula weighted a 33% of the customer price index.

67% on the wholesale.

German Ranftl: We are discussing and conciliating with CAMMESA all the numbers in order to be able to sign these agreements in the coming weeks. The regulatory asset claim is still pending, and the company is working hard to discuss that with the Secretary of Energy. Financial results. Revenues rose 48% in real terms in the first quarter of 2025 to ARS 638 billion versus ARS 430 billion for the prior year. This was mainly due to the impact of the February 2024 tariff adjustment and the subsequent monthly adjustments since August 2024 that averaged 4%. The tariff adjustments implemented offset the effect of the slightly lower sales that were only 0.6% year to year. Energy sales evolution.

Okay.

Incentive factor factor was also approved in addition, the company's concession agreement was updated effective may 1st.

Correct.

Okay.

Proof tax related to the electricity system, the electricity rates setting procedures.

Germán Ranftl: In addition, the company's concession agreement was updated, effective 1 May 2025, which includes new approved tax related to the electricity rate system, the electricity rate setting procedures, quality regulations and penalties, and suppliers regulations. The approved VAD was ARS 619,397 million as of December 2023 currency, which adjusted to May 2025 currency, is ARS 1.2 billion. The company is analyzing the details and impact of the increases, which, as you understand, is highly complex. For our part, we remain optimistic about the outlook of the company. Completing the full tariff review is a major milestone that should help further reduce regulatory uncertainty and provide more confidence to our investors.

Okay.

And so post release.

The approved back was 600.

<unk> thousand 397 million pesos as of December 2023, currency, which had adjusted.

Okay.

<unk> billion.

Julien basis the company.

Mucusy increases just you understand is accomplished.

Pardon me.

Please go ahead.

The company.

Yes.

Completing the full tariff review.

German Ranftl: As mentioned in the first quarter, the energy sales volume declined 0.6% year to year to 5,946 GWh, led to the effect of the economy and demand on the commercial and industrial segments. EDENOR customer base in the first quarter of 2025 reached 3.34 million people, 1% higher versus the first quarter of 2024. This rise was mainly due to an increase in residential and medium-sized commercial clients. The rise was helped by market discipline measures, including the installation of 4,683 energy meters in the first quarter of 2025, which are designed to convert informal and unreportable connections into fully transparent connections in the electricity distribution system. Distribution margin.

Made some milestones.

Further reviews regulatory uncertainty and provide more confidence to our investors.

The transition of a tariff increase that we have received since February of 2024 has been a key driver to improve earnings and cash flow, which allow us to pay 100% of the current monthly invoices from energy purchased from Commission since April of 2024, and our two financial plans with cancer.

Germán Ranftl: The transitional tariff increase that we have received since February 2024 have been a key driver to improve earnings and cash flow, which have allow us to pay 100% of the current monthly invoices from energy purchased from CAMMESA since April 2024, and honor our two financial plans with CAMMESA, which are made of a 96% installments payments plan. Over the last few months, there have been some new developments relating to include CAMMESA pending balances in payment plans. In March and April, the government issued a Decree No. 186/2025 and Directive AN 1/2025 that had several provisions. First, the regularization of the debt not included in payment plans existing prior to November 30th, 2024. The principal amount is ARS 128 billion. The term is 72 monthly installments.

Which are made of black Knight.

Settlements payments plan.

Over the last few months there have been some new developments related to to include commercial lending balances in payment plans.

In March and April the government issued a decree 186.

At Ash 2025 and Directv.

First.

Several provisions first there are realization of the debt net included in payment advantaged extradition prior to November 32024.

Principal amount is 128 billion pesos. The term this 72 monthly installments the grace period is.

German Ranftl: the first quarter of 2025, our distribution margin rose to ARS 258.4 billion, mainly due to the increase in the tariff implemented in February 2024, plus the periodic adjustment since August, partially offset by higher energy costs due to the reduction in subsidies and lower sales volume. EDENOR's EBITDA for the first quarter of 2025 reflects a significant improvement in real terms to ARS 63.2 billion from ARS 66.8 billion in the same period of last year.

The interesting too soon that day.

Interest rate on the second Digitization program.

Two basis of the current payment in megawatts.

Germán Ranftl: The grace period is 12 months. The interest rate is 50% of the MEM interest rate. The second regularization program is the conversion to pesos of the current payment in megawatts, Article 89 of the law. The book value is ARS 122 billion, and it is very important because as the government is taking out subsidies, with this, we're gonna be able to adjust the plans with an interest rate and not with the taking out subsidies from the government that will increase more than the interest payments. Conversion of the outstanding balance of the date of signing of the agreement. Megawatts with prices of the payment as of October 2024. Same condition as the subscribed plans, maintaining the number of remaining installments.

88 nine of the law.

The book value is handled in 'twenty 2 billion pesos and it is very important because the government is taking out subsidies.

With this we're going to be able to adjust the plans with an interest rate and not with the.

They are taking their own subsidy from the government that will increase more more than than the interest payments.

German Ranftl: The main factors driven the first quarter EBITDA were a positive impact to earnings from the adjustment of February 2024 and the 4% monthly tariff adjustments implemented since August 2024, which were partially offset by the increase in energy purchase costs due to the reduction of subsidies, which established a limit of 204kW per month for N3, our middle-income clients, and 350kW per month for N2, our low-income clients. Net financial expenses are ARS 68.3 billion in the first quarter of 2025, were lower than the same period of the previous year, 80% lower. The main reason of this reduction is the impact of interest being paid to CAMMESA and penalties and fines. On the net income line, EDENOR posted a profit of ARS 35.9 billion compared to the profit of ARS 113 billion in the first quarter of 2024.

Conversion of the outstanding balance of the date of signing the agreement megawatts, where prices of the payment of as of October 2024.

And same condition as the subscriber plans maintaining the number of remaining installments. There is no grace period.

On the interest rate is 50% of their men with.

With semi annual review.

All of these agreements are not yet formalized we are discussing and consolidating with the commission on the numbers in order to be able to sign these agreements in the coming weeks.

Germán Ranftl: There is no grace period. The interest rate is 50% of the MEM, with semiannual review. All these agreements are not yet formalized. We are discussing and conciliating with the CAMMESA all the numbers in order to be able to sign these agreements in the coming weeks. The regulatory asset claim is still pending. The company is working hard to discuss that with the Secretary of Energy. Financial results. Revenues rose 48% in real terms in Q1 2025 to ARS 638 billion, versus ARS 430 billion for the prior year. This was mainly due to the impact of the February 2024 tariff adjustment and the subsequent monthly adjustments since August 2024 that averaged 4%.

The regulatory asset claim is still pending.

Okay.

To discuss that with the safety of our strategy.

And enter results revenues rose four 8% in real terms, the first quarter of 2025 to.

1000, 38 billion pesos versus 430 billion pesos for the preorder year.

This was mainly due to the impact of February.

February 2024 tariff adjustment and the subsequent monthly adjustments since August of 2024 that average 4% tariff.

German Ranftl: The difference is mainly due to a much lower accounting gain related to inflation due to the sharp drop year to year in inflation trends of the country. Not including these adjustments, results show a significant improvement due to improving operating results, and the lower financial expenses. CAPEX. For the first quarter of 2025, we invested ARS 79.4 billion, which was up 4% versus the first quarter of 2024. Our investment spending reflects our firm commitment to improve service, which is reflected in the significant improvements in our operating indicators. We have been able to go through the summer without really big incidents. We continue to work to transform our network into a smart network by installing an increasing number of remote control points, telesupervision points, and a wealth of smart meters. This allows us to solve problems in our high and medium tension networks remotely and quickly.

<unk> implemented offset the effective or just slightly lower all sales that were only serum <unk>, 6% year to year.

Energy sales evolution as mentioned in the first quarter the energy.

Germán Ranftl: The tariff adjustments implemented offset the effective of the slightly lower of sales that were only 0.6% year-over-year. Energy sales evolution. As mentioned in Q1, the energy sales volume declined 0.6% year-over-year to 5,946 GW, led the effect of the economy and demand on the commercial and industrial segments. Edenor customer base in Q1 2025 reached 3.34 million people, 1% higher versus Q1 2024. This rise was mainly due to an increase in residential and medium-sized commercial clients. The rise was helped by the market discipline measures, including the installation of 4,683 energy meters in Q1 2025, which are designed to convert informal and unreportable connections into fully transparent connections in the electricity distribution system.

Okay.

Okay effect of the economy.

<unk> on.

On the commercial and industrial segments and in our customer base in the first quarter of <unk>.

Okay.

3 million.

Both 1% higher versus the first quarter of 244. This rise was mainly due to an increase in residential and medium sized commercial.

Rice was helped by a market discipline measures, including the installation of 4600.

And 83 energy meters in the first quarter of 295, which are designed to convert informal reportable connections into fully transferring connections.

German Ranftl: We do, by isolating any part of the system, experience a problem and reestablishing the services without sending people to the ground. Operating indicators. Now let's look at a few of the operating indicators. Our energy losses for the last 12 months were 15.5% as for the first quarter, in line with the 15.2% in the fourth quarter of 2024. Reducing energy losses is a top priority. Our team is working constantly to find innovation ways to combat energy losses. These efforts are completed by our market discipline initiatives that are aimed at covering inefficiencies and irregularities. Also, analytical tools powered by artificial intelligence have improved inspection efficiencies, and our market discipline actions continue to detect and rectify irregularity connections. It is important to remember that the 15.5% total losses, a full 9.61%, are losses recognized by the regulator in our tariff. Quality of service.

The distribution system.

Okay.

Goodbye.

Rosemont.

50.

We're building.

Okay.

Germán Ranftl: Distribution margin. The Q1 2025, our distribution margin rose to ARS 258.4 billion, mainly due to the increase in the tariff implemented February 2024, plus the periodic adjustments since August, partially offset by higher energy costs due to the reduction in subsidies and lower sales volume. EBITDA. For Q1 2025, EBITDA reflects a significant improvement in real terms to ARS 63.2 billion from ARS 66.8 billion in the same period of last year.

Partially offset by.

Okay.

Sure.

Hum.

Okay.

First of all.

Flex I think significantly.

Okay.

From 66 8 billion.

Okay.

This quarter there were.

A positive impact to earnings from the adjustment of February of 'twenty, 'twenty, four and the 4% monthly tariff divestments implemented since August of 2024.

Which were partially offset by the increase.

Purchase costs due to reduction of subsidies.

Germán Ranftl: The main factors driving the Q1 EBITDA were: a positive impact to earnings from the adjustment of February 2024 and the 4% monthly tariff adjustments implemented since August 2024, which were partially offset by the increase in energy purchase costs due to the reduction of subsidies, which established a limit of 204 kilowatts per month for N3, our middle income clients, and 350 kilowatts per month for N2, our low income clients. Net financial expenses. Net financial expenses are ARS 68.3 billion in Q1 2025, were lower than the same period of the previous year, 80% lower. The main reason of this reduction is the impact of interest being paid to CAMMESA and penalties and fines.

With 204 kilowatts per month for entry.

Clients and 350 kilowatts per months for added to our low income clients.

German Ranftl: As mentioned earlier, our investment plans continue to contribute improvements in service quality by reducing the duration and frequency of outages, which have been on a downward path since 2017. These levels are and have been comfortably exceeding the levels required by the regulatory entity. For the first quarter, the SAIDI and SAIFI service quality show a continuous strong performance, 7.9 hours and 3.2 average outages per client in the quarter, at record levels and down 61% and 65%, respectively, compared to 2017 levels. This recovery in services is mainly due to the strong level of investments that the company has made since then. Investments have been focused on implementing improvements in operational processes and adopting the technology applied to the operations and management of the network. Financial debt.

Net financial expenses net financial expenses are $68.

In the first quarter of 2025 were lower than the same period of the previous year, 80% lower the main reason of this reduction is the impact.

Interest being paid to Mesa and penalties.

And fans.

On the net income line and in our posted a profit of 35 9 billion pesos as compared to the profit of <unk> 13.

13 billion pesos in the first quarter of 2024.

Difference is mainly due to a much lower accounting gain related to inflation due to the sharp drop year over year inflation trends of the country.

Germán Ranftl: On the net income line, Edenor posted a profit of ARS 35.9 billion compared to the profit of ARS 113 billion in Q1 2024. The difference is mainly due to a much lower accounting gain related to inflation due to the sharp drop year-to-year in inflation trends of the country. Not including these adjustments, results shows a significant improvement due to improved operating results and the lower financial expenses. CapEx. For Q1 2025, we invested ARS 79.4 billion, which was up 4% versus Q1 2024. Our investment spending reflects our firm commitment to improve service, which is reflected in the significant improvements in our operating indicators. We have been able to go through the summer without really big incidents.

Not including these adjustments results.

Shows a significant improvement due to improving operating results and the lower financial expenses.

German Ranftl: In the first quarter of 2025, EDENOR's capital structure was further improved by the cancellation on 7 March of ARS 24 billion in the principal and interest of class 4 notes and the cancellation of the remaining $9 million in the principal and accrued interest of class 1 notes. The total capital debt outstanding after such payment is now $308 million. Maturity schedules. Slide 22, you can see the maturity schedules of the debt as of March 2025. Our maturities are well spaced over the coming years, with only $18 million scheduled for the remainder of 2025 post the recent cancellation of $9 million in principal of the class 1 just mentioned. Closing remarks. To close, I would like to reiterate several key points.

Capex for the first quarter of 2025, we invested $79 4 billion pesos, which was up 4% versus the first quarter of 2024.

Our investment spending reflects our firm commitment to improve service, which is reflected in the significant improvement in our operating indicators, we have been able to go through the summer without really big incidents. We continue to work to transform our network into a smart network by installing <unk>.

<unk> number of remote control points, Dennis supervision ponds and wealth of smart meters.

This allow us to solve problems in our high and medium tension networks remotely and quickly we do by isolating any part of the system and screenshot problems and are establishing this averages without some new people to the ground.

Germán Ranftl: We continue to work to transform our network into a smart network by installing increasing number of remote control points, tele-supervision points, and wealth of smart meters. This allow us to solve problems in our high and medium tension networks remotely and quickly. We do by isolating any part of the system experience a problem and reestablishing the services without sending people to the ground. Operating indicators. Now let look at a few of the operating indicators. Our energy losses for the last 12 months were 15.5% as for Q1, in line with the 15.2% in Q4 of 2024. Reducing energy losses is a top priority, our teams are working constantly to find innovative ways to combat energy losses. These efforts are completed by our market discipline initiatives that are aimed at covering inefficiencies and irregularities.

Operating indicators now, let's look at a few of the operating indicators our energy losses for the last 12 months were 15, 5% for the first quarter in line with the 15, 2% in the fourth quarter of 2024.

German Ranftl: First quarter results were strong and reflect the benefits of the sustainable, positive adjustments that we have received since 2024, and all the monthly adjustments that we have received since 2025. The five-year tariff review process has been completed. We are an industrial leader in Argentina with leading 20% of market share in electricity distribution. We are remaining focused on the future, transformation, growth opportunities as we take advantage of opportunities to benefit from the energy and transition in our distribution business, and potential growth opportunities in the other segments of non-regulatory business, such as energy generation, storage, and critical minerals. EDENORTECH, a subsidiary, was created to perform such activities. There are no projects that we can share with you, but we are analyzing many of them and will come back to you in the future.

Reducing energy losses is a top priority.

<unk> teams.

Our working constantly to find innovation ways to come but energy losses.

Our completed by our market discipline initiatives that are aimed at covering and efficiencies and irregularities also analytical tools powered by artificial intelligence.

Okay.

And our disciplined actions.

Okay.

Irregularity connections it is important to remember that the 15, 5% of total losses.

91% our losses recognized by the regulator in our talent.

Germán Ranftl: Also, analytical tools powered by artificial intelligence have improved inspection efficiencies, and our market discipline actions continue to detect and rectify irregularity connections. It is important to remember that the 15.5% total losses, a full 9.61%, are losses recognized by the regulator in our tariff. Quality of service. As mentioned earlier, our investment plans continue to contribute improvement in service quality by reducing the duration and frequency of outages, which have been a downward path since 2017. These levels are and have been comfortably extended the levels required by the regulatory entity. For Q1, the SAIDI and SAIFI services quality show a continuous strong performance, 7.9 hours and 3.2 average outages per client in the quarter, at record levels and down 61% and 65% respectively compared to 2017 levels.

German Ranftl: With this, I now would like to open the call for questions. To ask questions, please send a written message to IR EDENOR through the questions and answers menu, identifying yourself and stating that you have a question. We thank you again for your support and your engagement as shareholder and one holder.

Quality of service as mentioned earlier, our investment clients continued to attribute improvement in service quality by reducing the duration and frequency of holiday dish, which have been down one path.

2017.

These levels are and have been comfortably extended the levels required by the regulatory entity for the first quarter. This idea in safety quality show.

Sure.

Proposal seven nine hours and three to average.

It Walter.

Great.

61%.

Six 5% respectively.

Okay.

We'll be spending level.

<unk> recovery.

Okay.

The strong level of investment.

Okay.

Investments have been focused on implementing improvement.

Operational and processes and adopting new technology applied to the operations and management of the network.

Financial debt on the first quarter of 2025, and <unk> capital structure was further improved by the cancellation of March seven or 24, 1 billion pesos principal and interest plus four nodes and the cancellation of the remaining 9 million barrels in the principal and accrued interest.

Germán Ranftl: This recovery in services is mainly due to the strong level of investments that the company has been made since then. Investments have been focused on implementing improvement in operational processes and adopting the technology applied to the operations and management of the network. On Q1 2025, Edenor's capital structure was further improved by the cancellation of 07 March of ARS 24 billion pesos in the principal and interest Class 4 Notes, and the cancellation of the remaining $9 million in the principal and accrued interest of Class 1 Notes. The total capital debt outstanding after such payment is now $308 million. Maturity schedules. On slide 22, you can see the maturity schedules of the debt as of March 2025.

Okay.

Outstanding after such payment is now $308 million.

It is.

And you can see the maturity schedules of the debt as of March 2025.

Our maturities are was space over the coming years.

Okay.

Dollar schedules for the remaining of 2025 post the recent cancellations.

$9 million in principle.

How much closing remarks.

To close I would like to reiterate several key points first quarter results were strong and reflect the benefits of the sustainable positive adjustments that we have received since 2024.

Germán Ranftl: Our maturities are well-spaced over the coming years, with only $18 million scheduled for the remaining of 2025, post the recent cancellation of $9 million in principal of the Class 1 as mentioned. Closing remarks. To close, I would like to reiterate several key points. Q1 results were strong and reflect the benefits of the sustainable positive adjustments that we have received since 2024 and all the monthly adjustments that we have received since 2025. The five-year tariff review process have been completed. We are an industrial leader in Argentina, with leading 20% of market share in the electricity distribution.

The monthly adjustments that we have received since 2025.

Their five year review process has been completed.

We are an industrial leader in Argentina, with leading 20% of market share in electricity distribution.

We will remain focused on the future transformation.

<unk> as we take advantage of opportunities to benefit from the energy and transition or <unk>.

Distribution business and potential growth opportunities in the other segments.

<unk> distinguished such as energy generation storage and critical minerals it.

It did not take a subsidiary that was created to perform such activities. So far there are no projects that we can share with you, but we are realizing many of them and we'll come back to you in the future.

Germán Ranftl: We are remaining focused on the future transformation growth opportunities as we take advantage of opportunities to benefit from the energy and transition in our distribution business and potential growth opportunities in the other segments of non-regulatory business, such as energy generation, storage, and critical minerals. Edenor Tech, a subsidiary that was created to perform such activities. So far, there are no projects that we can share with you, but we are analyzing many of them and will come back to you in the future. With this, I now would like to open the call for questions. To ask questions, please send written message to IR Edenor through the questions and answers menu, identifying yourself and stating that you have a question. We thank you again for your support and your engagement as shareholder and bondholder.

I now would.

I'd like to open the call for questions.

To ask questions. Please send written message to IR and the north through the questions and answers menu identifying herself safety that you have a question. We thank you again for your support and your engagement shareholders hauler.

Sure.

With regard.

Q3 2025 Empresa Distribuidora y Comercializadora Norte SA Earnings Call

Request a DemoDemo

EDN2

Edenor

Earnings