Empresa Distribuidora Y Comercializadora Norte S.a. Class B · BCBA:EDN
Empresa Distribuidora Y Comercializadora Norte S.a. Class B — Q2 2024 Earnings Presentation
26 slides from Empresa Distribuidora Y Comercializadora Norte S.a. Class B's earnings presentation, Aug 7, 2024
Slide 1: Earnings Presentation Second Quarter 2024
EARNINGS PRESENTATION Second Quarter 2024 August 7th, 2024 EARNINGS PRESENTATION SECOND QUARTER 2024
Slide 2: Disclaimer
DISCLAIMER This presentation contains forward-looking Edenor undertakes no obligation to publicly update In particular, this presentation and the information The material that follows is a information and statements. Forward-looking its forward-looking statements, whether as a result contained herei
Slide 3: Agenda
AGENDA ❖ Highlights ❖ Regulatory Framework ❖ Financial Results ❖ Operating Indicators ❖ Financial Debt ❖ Final Remarks EARNINGS PRESENTATION SECOND QUARTER 2024 3
Slide 4: New Chairman and CEO
New Chairman and CEO Daniel Marx Daniel Marx is an Argentine economist. He is known for his role as the former Secretary of Finance of Argentina and as the Chief Executive Officer of Quantum Finanzas, a financial services firm in Argentina that is part of a global network led by Evercore Partners an
Slide 5: Highlights
EARNINGS PRESENTATION SECOND QUARTER 2024 01 Highlights
Slide 6: Business Strategy
BUSINESS STRATEGY Tariff normalization sharply New opportunities from Continuous broader corporate scope improvements via improved financial outlook technology and Economic balance restored Potential growth could come innovation from February 2024 tariff from renewable and adjustment. conventional e
Slide 7: Relevant Events
Relevant Positive EBITDA Five – Year Tariff Review Events ✓ EBITDA reach as of 1H24 ARS 82,650 million ✓ Five-Year Tariff Review: (2025/2029) Process actively moving forward according to (being ARS 77,437 M 2Q24) considering schedule, to be completed during 2024. tariff adjustment impact. Public Hea
Slide 8: Regulatory Framework
EARNING RELEASE SECOND QUARTER 2024 02 Regulatory Framework
Slide 9: Regulatory Framework
• New tariff applicable from 02-16-24 (319.2%) with positive impact on EBITDA ARS 77,437 in 2Q24, which REGULATORY restored the economic balance of the Company. FRAMEWORK • Value-Added Distribution (VAD): Monthly adjustment considering expected inflation starting in August 2024. Adjustments for the
Slide 10: Financial Results
EARNINGS PRESENTATION SECOND QUARTER 2024 03 Financial Results
Slide 11: Revenues
Revenues Second Quarter sales increased 28% due to tariff adjustments implemented in mid February, which offset effect of lower volumes. Revenues +28% 436.721 341.585 EARNINGS PRESENTATION SECOND QUARTER 2024 11 2Q23 2Q24
Slide 12: Energy Sales Evolution
Energy Customers Evolution Revenues Breakdown Sales In thousands +1% Evolution Residential Small Commercial Medium Commercial Industrial Wheeling System Others Demand by type of customer │ YoY in GWh EARNINGS PRESENTATION SECOND QUARTER 2024 12
Slide 13: Distribution Margin
Distribution 153,014 Margin In Million of pesos Margins rose 76% due to a positive effects of the recent tariff increase, which provide increased revenues for the last month of the quarter. EARNINGS PRESENTATION SECOND QUARTER 2024 13
Slide 14: EBITDA
EBITDA Significant improvement due to positive impact ❖ Second quarter EBITDA was a positive result of ARS 77,437 million, a sharp swing from the same of the mid-February period of last year´s that registered a loss of ARS 27,558 million. tariff adjustment and lower energy ❖ The main factors driving
Slide 15: Net Financial Expenses
Net Financial +2% Expenses In Million of pesos 130.398 132.505 Net financial expense rose due to higher 2Q23 2Q24 level of debt outstanding vs. the prior year. In million of Pesos 2Q24 2Q23 ∆ AR$ ∆% in constant figures Financial income 395 153 242 158% Financial expenses (60,217) (142,560) 82,343 (5
Slide 16: Net Results
2Q 24 Net Results In million of pesos Energy Operating Net Financial RECPAM Income Distribution Operating Other Op. Net Results Net profit for the Revenues purchases Margin Assett Expenses Net income Impairment Results Results Tax second quarter showed a significant improvement vs. prior year loss d
Slide 17: Capex
Investment Classification % of total Capex In millions of pesos ARS 76,914 Investments rose +23% • New TRUJUI 220/13.2 kV 2x80MVA Substation: In service. vs 2Q23 with an ARS 62,679 +23% • New GARIN 132/13.2 kV 2x40 MVA Substation: In service. accumulated CAPEX of • SAN ALBERTO 132/13.2 kV Substation
Slide 18: Operating Indicators
EARNINGS PRESENTATION SECOND QUARTER 2024 04 Operating Indicators
Slide 19: Energy Losses
Evolution % LTM of energy losses Energy Losses Total Losses Recognized Total Energy Losses for Main Argentina peer as of June 2024:18.5% Evolution of unrecognized losses in GWh EARNINGS PRESENTATION SECOND QUARTER 2024 19
Slide 20: Quality of Service
Quality of SAIDI hours / year / customer SAIFI times / year /customer Service Client Satisfaction: 85.1% -74% -62% Actual Required EARNINGS PRESENTATION Main Argentina peer as of June 2024: SAIDI: Actual: 16.9 Required: 7.6 | SAIFI: Actual: 8.0 Required: 4.1 SECOND QUARTER 2024 Note: SAIDI: System A
Slide 21: Financial Debt
EARNINGS PRESENTATION SECOND QUARTER 2024 05 Financial Debt
Slide 22: Indebtedness and Rating
INDEBTEDNESS AND RATING ❖ Amount: USD 82 Million • USD 7 Million (Exchange Class 2 - 24% Notes Class 5 acceptance ) Ago-28 • USD 75 Million (New Money) ❖ Rate: 9.50% ❖ Interest Payment: Biannual ❖ Amortization: Bullet Notes Class 6 ❖ Amount: ARS 17,313 Million (Eq USD 18.6 Million) Ago-25 ❖ Rate: +7
Slide 23: Maturity Schedule
Financial Debt as of 2Q24 (In million of USD) 207 Maturity Class 3&4 Schedule Class 2 Class 1 85 115 96 84 (Senior Notes) 27 The Company has successfully Proforma Financial Debt as of 2Q24 extended the tenor 300.5 (In million of USD) of its financial debt Class 5&6 Class 3&4 Class 2 Class 1 115 102.
Slide 24: Final Remarks
EARNINGS PRESENTATION SECOND QUARTER 2024 06 Final Remarks
Slide 25: Final Remarks
FINAL POSITIVE EBITDA Five – Year Tariff Review REMARKS ✓ Five-Year Tariff Review: (2025/2029) Process ✓ EBITDA reach as of 1H24 ARS 82,650 million actively moving forward according to (being ARS 77,437 M 2Q24) considering schedule, to be completed during 2024. tariff adjustment impact. Public Heari
Slide 26: Sustainability Report
Sustainability We invite you to visit it at: Report EARNINGS PRESENTATION SECOND QUARTER 2024
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