Empresa Distribuidora Y Comercializadora Norte S.a. Class B · BCBA:EDN
Empresa Distribuidora Y Comercializadora Norte S.a. Class B — Q4 2024 Earnings Presentation
25 slides from Empresa Distribuidora Y Comercializadora Norte S.a. Class B's earnings presentation, Mar 10, 2025
Slide 1: Earnings Presentation Fourth Quarter 2024
EARNINGS PRESENTATION Fourth Quarter 2024 March 10th, 2025 EARNINGS PRESENTATION FOURTH 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 FOURTH QUARTER 2024 3
Slide 4: Highlights
EARNINGS PRESENTATION FOURTH QUARTER 2024 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) final steps to complete the process. ✓ VAD with monthly adjustment from August ✓ Public Hearing 02/27/25. 2024 (4% av
Slide 6: Regulatory Framework
EARNING PRESENTATION FOURTH QUARTER 2024 02 Regulatory Framework
Slide 7: Regulatory Framework
• Five-Year Tariff Review (2025-2029): • Final steps to complete the process • 02/27/2025: The Public Hearing was held REGULATORY • 03/31/2025: Process to be completed according to ENRE´s schedule. FRAMEWORK • Since 02-16-24, transitory tariffs (319.2% nominal) have been applied with a positive impa
Slide 8: Financial Results
EARNINGS PRESENTATION FOURTH QUARTER 2024 03 Financial Results
Slide 9: Revenues
Revenues Fourth Quarter sales increased 97% due to the tariff adjustments implemented (the largest in mid February), which offset effect of slightly lower volumes. Revenues 4Q23 4Q24 +97% 517.084 EARNINGS PRESENTATION 262.436 FOURTH QUARTER 2024 9
Slide 10: Energy Sales Evolution
Energy Customers Evolution Revenues Breakdown Sales In thousands 6% Evolution +1% Residential Small Commercial 19% 42% Medium Commercial Industrial Wheeling System Others 17% 7% 9% Demand by type of customer │ YoY in GWh EARNINGS PRESENTATION FOURTH QUARTER 2024 10
Slide 11: Distribution Margin
Distribution 349,410 Margin In Million of pesos Margins rose 66% due to a positive effects of the tariff increases, which provide higher revenues. EARNINGS PRESENTATION FOURTH QUARTER 2024 11
Slide 12: EBITDA
EBITDA Significant improvement due to positive impact of tariff ❖ During the fourth quarter of 2024, EBITDA of ARS 57,766 million was recorded, compared to a loss adjustments and lower energy losses. of ARS 63,468 million in 4Q23. For full year 2024, net EBITDA ARS 207,252 million compared to ARS 35
Slide 13: Deferred tax liability
Deferred tax ❖2024 results include a positive adjustment for deferred tax : liability o Within the framework of the improvement in economic performance, mainly due to the recent tariff increases, the company carried out different reviews of processes. In this context with the preparation of its fina
Slide 14: Net Financial Results
Net Financial Results 4Q23 -31.169 4Q24 In Million of pesos -192.042 Net financial results improved YoY mainly due to lower interest expenses related to outstanding debt with CAMMESA and reduced In million of Pesos FX effects. 4Q24 4Q23 ∆ AR$ ∆% in constant figures Financial income 373 431 (58) (13%
Slide 15: Net Results
Net 4Q 24 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 ❖Edenor´s capital expenditures Capex for FY24 were ARS 389,215 M (+45 % vs 12M23). During 4Q24, In millions of pesos capex were ARS 127,473 M (+59% vs 4Q23). IN SERVICE: • New GARIN 132/13.2 kV 2x40 MVA Substation • New TRUJUI 220/13.2 kV 2x80 MVA Substation +45%
Slide 17: Operating Indicators
EARNINGS PRESENTATION FOURTH QUARTER 2024 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% Total Losses Recognized 9,19% 9,00% 9,12% 9,32% 9,54% 9,67% 9,64% 2018 2019 2020 2021 2022 2023 2024 Total Energy Losses for Main Argentina peer as of December 2024:19.1% Evolution of unrecognized losses
Slide 19: Quality of Service
Quality of 38,0 SAIDI hours / year / customer SAIFI times / year /customer Service 33,0 12,0 27,6 28,0 10,0 9,0 22,7 23,0 8,0 6,9 18,0 15,9 6,2 6,0 12,2 13,0 4,6 4,1 -61% 3,6 3,4 3,5 -68% 10,7 4,0 8,0 8,6 8,7 8,2 3,0 2,0 2017 2018 2019 2020 2021 2022 2023 2024 2017 2018 2019 2020 2021 2022 2023 2024
Slide 20: Financial Debt
EARNINGS PRESENTATION FOURTH QUARTER 2024 05 Financial Debt
Slide 21: International Financial Debt
FINANCIAL DEBT INTERNATIONAL : ➢ Amount: USD 184 Million. • USD 49 Million (Exchange Class 1 Notes- 85.12% Notes Class 7 acceptance). Oct-30 • USD 135 Million (New Money). Fitch upgrades the ➢ Rate: 9.75% Company's Bond Rating to ➢ Interest Payment: Biannual. B- ➢ Legal Jurisdiction : New York. ➢ Ma
Slide 22: 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 4 24,4 (USD 28,6) ARS Std mar-25 BADLAR +300 Basic Points. Quarterly Argentina 5 82 USD Std ago-28 9.75 Biannual Argen
Slide 23: Financial Debt as of 4Q24
Financial Debt as of 4Q24 (In million of USD) FINANCIAL DEBT Class 7 Senior Notes Class 5&6 Class 3&4 Class 1 417 184 115 96 85 82 55 EARNINGS RELEASE PRESENTATION FOURTH QUARTER 2024 23 Note: The Class 7 Notes was issued for 135 M (New Money) and 49 M as a result of the exchange offer of the Class
Slide 24: Final Remarks
EARNINGS PRESENTATION FOURTH QUARTER 2024 06 Final Remarks
Slide 25: Final Remarks
Final Positive EBITDA Five – Year Tariff Review Remarks ✓ EBITDA improved reflecting the transitory tariff increases and operating efficiency. ✓ Five-Year Tariff Review (2025/2029) final steps to complete the process. ✓ VAD with monthly adjustment from August ✓ Public Hearing 02/27/25. 2024 (4% aver
Empresa Distribuidora y Comercializadora Norte S.A. (Edenor) — Q4 2024 Earnings Presentation on 6ix