Empresa Distribuidora Y Comercializadora Norte S.a. Class B · BCBA:EDN
Empresa Distribuidora Y Comercializadora Norte S.a. Class B — Q2 2025 Earnings Presentation
25 slides from Empresa Distribuidora Y Comercializadora Norte S.a. Class B's earnings presentation, Aug 11, 2025
Slide 1: Earnings Presentation Second Quarter 2025
EARNINGS PRESENTATION EARNINGS PRESENTATION SECOND QUARTER 2025 August 11, 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 SECOND QUARTER 2025 3
Slide 4: Highlights
EARNINGS PRESENTATION SECOND QUARTER 2025 01 Highlights
Slide 5: Relevant Events
Relevant Positive EBITDA CAMMESA DEBT Events ✓ EBITDA 1H25 ARS 289,385 M reflecting the tariff increases and operating efficiencies. ✓ CAMMESA debt regularization: All outstanding balances in 3 payment plans ✓ VAD with monthly adjustment from August 2024 (72/75 installments). Positive impact ARS (4%
Slide 6: Regulatory Framework
EARNING PRESENTATION SECOND QUARTER 2025 02 Regulatory Framework
Slide 7: Tariffs Review Process
Tariffs Review Process • 319.2% nominal increase since February 2024 REGULATORY • +4% monthly average since August 2024 with a FRAMEWORK positive impact on EBITDA (ARS 223,339 M in 2Q25). • 5-Year Tariff Review was completed (2025- 2030): • 14.35% increase: 3% in May 2025, 0.42% from June 2025 to No
Slide 8: CAMMESA Debt Regularization (05-21-25)
CAMMESA Debt Regularization (05-21-25) REGULATORY • All outstanding balances to CAMMESA have been included in 3 FRAMEWORK payment plans (72/75 installments) in accordance with Decree 186/2025 and Provision No. 1/2025. ✓ Regularization of debt not included in existing payment plans prior to November
Slide 9: Financial Results
EARNINGS PRESENTATION SECOND QUARTER 2025 03 Financial Results
Slide 10: Revenues
Revenues First Quarter sales increased 2% due to the tariff adjustments implemented. Revenues 2Q24 2Q25 +2% (1)See Note 1: Retroactive restatement of the previously issued financial statements – Deferred tax liability generated by the Property, plant and 608,876 622,989 equipment account . EARNINGS
Slide 11: Energy Sales Evolution
Energy Customers Evolution Revenues Breakdown Sales In thousands 7% Evolution +2% Residential Small Commercial 17% Medium Commercial 47% Industrial Wheeling System Others 15% 6% 9% Demand by type of customer │ YoY in GWh EARNINGS PRESENTATION SECOND QUARTER 2025 11
Slide 12: Distribution Margin
Distribution 29,306 Margin In Million of pesos EARNINGS PRESENTATION SECOND QUARTER 2025 12
Slide 13: EBITDA
EBITDA Improvement due to positive impact of tariff adjustments and ❖ During the second quarter of 2025, EBITDA of ARS 222,339 million was recorded, an improvement agreement with CAMMESA. from the ARS 107,965 million recorded in the same period of the previous year. o A gain of ARS 168.220 million i
Slide 14: Net Financial Results
Net 2Q24 2Q25 Financial Results In Million of pesos -110,401 -184,736 In million of Pesos 1H25 1H24 ∆ AR$ 2Q25 2Q25 ∆ AR$ in constant figures Financial income 171 741 (77%) 79 551 (86%) Financial costs (138,345) (271,722) (49%) (75,465) (83,954) (10%) Other financial results (44,677) (267,592) (83%)
Slide 15: Net Results
Net Results (In million of pesos) 2Q 25 Revenues Energy Distribution Operating Other Op. Other Op. Agreement purchases Net income Operating Margin Expenses expense with Net Financial Income Net Results Results RECPAM Cammesa Results Tax 2Q 24 Energy Distribution Operating Revenues Other Op. Net Oper
Slide 16: Capex
INVESTMENTS IN LINE WITH CAPEX Investment Classification PLAN 2025 % of total ❖ Edenor´s capital expenditures for 2Q25 Capex were ARS 82,670 M, with an accumulated ARS 163,538 million for the In millions of pesos 1H25, in line with the 2025 investment plan ARS 189,633 M ARS 163,538 M COMMISSIONING 1
Slide 17: Operating Indicators
EARNINGS PRESENTATION SECOND QUARTER 2025 04 Operating Indicators
Slide 18: Energy Losses
Energy 19.90% Evolution % LTM of energy losses Losses 18.20% 19.61% 17.62% 15.89% 14.87% 15.18% 15.55% Total Losses 9.19% 9.00% 9.12% 9.32% 9.54% 9.67% 9.64% 9.59% Recognized 2018 2019 2020 2021 2022 2023 2024 jun-25 Total Energy Losses for Main Argentina peer as of June 2025:19.9% Evolution of unre
Slide 19: Quality of Service
Quality of SAIDI hours / year / customer SAIFI times / year /customer Service -72% -66% Actual (Lower than Regulator´s requirement) EARNINGS PRESENTATION SECOND QUARTER 2025 Main Argentina peer as of june 2025: SAIDI: Actual: 18.5 | SAIFI: Actual: 8.3 Note: SAIDI: System Average Interruption Duratio
Slide 20: Financial Debt
EARNINGS PRESENTATION SECOND QUARTER 2025 05 Financial Debt
Slide 21: Notes Class 8 Ago-26 and Notes Class 9 Ago-26
FINANCIAL DEBT ❖ Amount: USD 80 Million (Received offers for USD 80,038,777) ❖ Rate: 8.5% Notes Class 8 ❖ Interest Payment:Biannual Ago-26 ❖ Amortization: Bullet – 12 months on August 7th,2026 ❖ Law: Argentina ❖ Amount: ARS 20 Billion (Eq. USD 15 million) - (Received offers for ARS 25,453,089,000) ❖
Slide 22: Financial Debt
FINANCIAL DEBT Notes Class Amount (Million) Currency Type Maturity Rate Interest Payment Law 3 96 USD Std nov-26 9.75 Biannual Argentina 5 82 USD Std ago-28 9.5 Biannual Argentina oct-28 7* 184 USD Std oct-29 9.75 Biannual New York oct-30 8 80 USD Std ago-26 8.5 Biannual Argentina 9 20000 (USD 15) A
Slide 23: Financial Debt Pro Forma
Financial Debt Pro Forma (In million of USD) FINANCIAL DEBT Financial Debt as of June 30, 2025 Class 8&9 Class 7 Senior Notes Class 5 Class 3 511 457 191 143.3 61.3 61.3 EARNINGS PRESENTATION SECOND QUARTER 2025 23 Note: On March 7, 2025, Class 4 Notes were canceled. On May 12, Class Notes 1 were ca
Slide 24: Final Remarks
EARNINGS PRESENTATION SECOND QUARTER 2025 06 Final Remarks
Slide 25: Final Remarks: New Business: New Opportunities
FINAL REMARKS ➢ Improved long-term outlook and Ratings due to the ➢ New Business: New Opportunities Five-Year Tariff Review: EBITDA 1S25 ARS 289,385 M Expansion of Corporate Purpose: Generation of renewable and conventional energy, ➢ CAMMESA debt regularization: All outstanding storage and critical
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