Empresa Distribuidora Y Comercializadora Norte S.a. Class B · BCBA:EDN
Empresa Distribuidora Y Comercializadora Norte S.a. Class B — Q1 2025 Earnings Presentation
24 slides from Empresa Distribuidora Y Comercializadora Norte S.a. Class B's earnings presentation, May 12, 2025
Slide 1: Earnings Presentation First Quarter 2025
EARNINGS PRESENTATION First Quarter 2025 May 12th, 2025 EARNINGS PRESENTATION FIRST QUARTER 2025
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 FIRST QUARTER 2025 3
Slide 4: Highlights
EARNINGS PRESENTATION FIRST QUARTER 2025 01 Highlights
Slide 5: Relevant Events
Relevant Positive EBITDA Five – Year Tariff Review Events ✓ EBITDA improved reflecting the transitory tariff increases and operating efficiency. ✓ Five-Year Tariff Review (2025-2029) process completed. ✓ VAD with monthly adjustment from August 2024 (4% average). Financial Debt Improvements in operat
Slide 6: Regulatory Framework
EARNING PRESENTATION FIRST QUARTER 2025 02 Regulatory Framework
Slide 7: Regulatory Framework: Tariffs and Five Year Tariff Review
• Transitory Tariffs Since 02-16-24, transitory tariffs (319.2% nominal; +4% monthly average since August 2024) have been applied REGULATORY with a positive impact on EBITDA (ARS 63,243 M in 1Q25). FRAMEWORK • Five Year Tariff Review (2025 – 2029): Resolution 304/2025 • Approved a 14.35% increase: 3
Slide 8: Regulatory Framework: CAMMESA Debt
• CAMMESA Debt: Payments plans under negotiation (Decree No. 186 and Provision 2025-1-APN) REGULATORY • Regularization of debt not included in payment plans existing prior to November 30, 2024: Principal ARS 128 FRAMEWORK Billion • Term: Up to 72 monthly installments. • Grace period: 12 months. • In
Slide 9: Financial Results
EARNINGS PRESENTATION FIRST QUARTER 2025 03 Financial Results
Slide 10: Revenues
In million of Pesos **1Q25 **1Q24 ΔAR$ Δ% in constant figures Revenues Revenues Energy purchases Distribution Margin 638,535 (380,182) 258,353 430,613 (250,142) 180,471 207,922 (130,040) 77,882 48% 52% 43% Operating expenses (233,998) (219,010) (14,988) 7% Other op. Net income 8,392 8,472 (80) (1%)
Slide 11: Energy Sales Evolution
Energy Customers Evolution Revenues Breakdown Sales In thousands Evolution +1% Residential Small Commercial Medium Commercial Industrial Wheeling System Others Demand by type of customer │ YoY in GWh EARNINGS PRESENTATION FIRST QUARTER 2025 11
Slide 12: Distribution Margin
Distribution 77,882 Margin In Million of pesos EARNINGS PRESENTATION FIRST QUARTER 2025 12
Slide 13: EBITDA
EBITDA Improvement due to positive impact of transitory tariff adjustments. ❖ During the first quarter of 2025, EBITDA of ARS 63,243 million was recorded, a significant improvement from the ARS 6,854 million recorded in the same period of the previous year. ❖ The principal factors driving the 1Q25 E
Slide 14: Net Financial Results
Net 1Q24 1Q25 Financial Results -68.341 In Million of pesos -333.769 Net financial results improved YoY mainly due to lower interest expenses related to outstanding debt with CAMMESA. In million of Pesos 1Q25 1Q24 ∆ AR$ ∆% in constant figures Financial income 87 179 (92) (51%) Financial costs (59,31
Slide 15: Net Results
Net 1Q 25 Results In million of pesos Results have improved due to better operating results, Energy Income Distribution Operating Other Op. Other Op. Operating Net Financial RECPAM Net Results lower financial expenses Revenues Tax purchases Results Results Margin Expenses Net income expense which wa
Slide 16: Capex
Investment Classification % of total 11% 19% ❖Edenor´s capital expenditures 6% New Supplies Capex for 1Q25 were ARS 79,398 M (+4 % vs 1Q24). Network Structure In millions of pesos Energy Recovery Others 64% ARS 76,547 M ARS 79,398 M COMMISSIONING +4% • 132 kV expansion at the ZAPPALORTO Substation •
Slide 17: Operating Indicators
EARNINGS PRESENTATION FIRST QUARTER 2025 04 Operating Indicators
Slide 18: Energy Losses
Energy Evolution % LTM of energy losses Losses 18,20% 19,90% 19,61% 17,62% 15,89% 14,87% 15,18% 15,44% Total Losses 9,19% 9,00% 9,12% 9,32% 9,54% 9,67% 9,64% 9,61% Recognized 2018 2019 2020 2021 2022 2023 2024 mar-25 Evolution of unrecognized losses in GWh 2.722 2.636 2.332 2.188 1.725 1.441 1.487 +
Slide 19: Quality of Service
Quality of SAIDI hours / year / customer SAIFI times / year /customer Service -65% Actual (Lower than Regulator´s requirement) EARNINGS PRESENTATION FIRST QUARTER 2025 Note: SAIDI: System Average Interruption Duration Index SAIFI: System Average Interruption Frequency Index
Slide 20: Financial Debt
EARNINGS PRESENTATION FIRST QUARTER 2025 05 Financial Debt
Slide 21: Financial Debt
FINANCIAL DEBT Notes Class Amount (Million) Currency Type Maturity Rate Interest Payment Law 1 8 USD Social may-25 9.75 Biannual New York 3 96 USD Std nov-26 9.75 Biannual Argentina 5 82 USD Std ago-28 9.75 Biannual Argentina 6 17,3 (USD 18,6) ARS Std ago-25 BADLAR +700 Basic Points. Quarterly Argen
Slide 22: Financial Debt as of 1T25
Financial Debt as of 1T25 (In million of USD) FINANCIAL DEBT Total Financial Debt 2024 Class 7 Senior Notes Class 5&6 Class 3&4 Class 1 417 388 184 96 82 26 EARNINGS PRESENTATION FIRST QUARTER 2025 22 Note: The Class 7 Notes was issued for 135 M (New Money) and 49 M as a result of the exchange offer
Slide 23: Final Remarks
EARNINGS PRESENTATION FIRST QUARTER 2025 06 Final Remarks
Slide 24: Final Remarks
Final Remarks Positive EBITDA Five – Year Tariff Review ✓ EBITDA improved reflecting the transitory tariff increases and operating efficiency. ✓ Five-Year Tariff Review (2025-2029) process completed. ✓ VAD with monthly adjustment from August 2024 (4% average). Financial Debt Improvements in operatio
Empresa Distribuidora y Comercializadora Norte S.A. (Edenor) — Q1 2025 Earnings Presentation on 6ix