Buenos Aires, May 9th, 2025
Results for the three-month period ended on March 31st, 2025
Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener S.A. ("Transener" or the "Company") announces the results for the three-month period ended on March 31st, 2025
Bolsas y Mercados Argentinos Ticker: TRAN
For further information, contact:José S. Refort
Chief Financial Officer
Andrés G. Colombo
Accounting and Tax Manager (Andres.Colombo@transener.com.ar)
Marcelo A. Fell
Financial Manager (Marcelo.Fell@transener.com.ar)
investor@transener.com.ar
Tel: (5411) 5167-9101
https://www.transener.com.ar https://www.transba.com.ar
Transener, Argentina's leading electricity transmission company, announces the results for the three-month period ended on March 31st, 2025.
Main results for the three-month ended on March 31st, 2025, restated in constant currency at March, 20251Consolidated revenues of AR$ 101,360 million, 24% higher than the AR$ 81,724 million for the same period last year, due to an increase in regulated revenues driven by higher tariff adjustments, net of inflation.
Consolidated EBITDA2 of AR$ 52,788 million, 66.2% higher than the AR$ 31,767 million for the same period last year, mainly due to the 24% increase in revenues.
Consolidated profit attributable to the owners of the Company of AR$ 30,606 million, 89.9 % higher than the AR$ 16,113 million for the same period last year.
1Expressed in constant currency, in accordance with IAS 29.
2Consolidated EBITDA represents consolidated operating results before depreciation.
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Financial Situation
As of March 31st, 2025, Transener has no financial debts.
On October 30th, 2024, the National Securities Commission (CNV) authorized the creation of the Company's Global Bond Issuance Program, for an amount of up to USD 300,000,000 (or the equivalent in other currencies or units of value) (hereinafter, the "Program"). Under this Program, simple, non-convertible bonds may be issued, secured by common, special and/or floating guarantees, and/or other forms of collateral (including, but not limited to, third-party guarantees), whether subordinated or not.
Regarding Transener's ratings, Fix Scr S.A. Credit Rating Agency maintained the long-term issuer rating of A+ (arg) with stable outlook.
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Tariff Situation
On January 30th, 2025, through Resolutions No. 85/2025 and No. 87/2025, the ENRE established a 4% increase effective as of February 1st, 2025, based on January figures. Subsequently, on February 28th, 2025, through Resolutions No. 158/2025 and No. 154/2025, the ENRE established a 2% increase relative to February figures, effective as of March 1st, 2025. Finally, on March 31st, 2025, through Resolutions No. 227/2025 and No. 231/2025, a further 4% increase based on March figures was implemented, effective as of April 1st, 2025.
Within the framework of the Five-Year Tariff Review, on February 25th, 2025, in compliance with ENRE Resolution No. 74/2025, the Public Hearing was held regarding the tariff proposals submitted by the Transmission Companies. The following day, on February 26th, the Public Hearing related to the Independent Transmission Companies took place, including Transener, as the operator of the Fourth Line and the Choele Choel - Pto. Madryn Interconnection, and Transba for the facilities of the Independent Transmission Operator of Buenos Aires (TIBA).
On April 3rd, 2025, the ENRE issued Resolution No. 236/2025, which modified the rate of return applicable to the concessionaire companies of the high-voltage electric power transmission and trunk distribution public service, previously established by ENRE Resolution No. 28/2025, setting it at 6.48% after taxes.
On April 30th, 2025, the ENRE issued Resolutions No. 305/2025 and No. 312/2025, establishing a tariff increase of 42.89% and 10.30% compared to April 2025 for Transener and Transba, respectively. Similarly, for the Choele Choel - Pto. Madryn Interconnection and the Fourth Line, whose operation and maintenance are managed by Transener, the ENRE, through Resolutions No. 317/2025 and No. 318/2025, set a tariff equivalent to 77.92% and 100% of the tariff established for Transener, respectively. Furthermore, through Resolution No. 324/2025, the ENRE determined that Transba will receive a tariff equivalent to 99.73% of the tariff established for Transener, for operating the facilities corresponding to the Independent Transmission Operator of Buenos Aires (TIBA).
Lastly, in all cases, the increases will be applied 20% as of May 1st, 2025, with the remaining 80% to be applied monthly over the period from June to December 2025. Additionally, a monthly tariff adjustment mechanism, based on the Consumer Price Index and the Wholesale Price Index, is foreseen.
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Operating Information
The Company continues to carry out the execution of the investment plan, maintaining as of March 31st, 2025 commitments for the acquisition of capital expenditures for an amount of approximately AR$ 6,400 million.
Transener, as the concessionaire of the extra high voltage electric power transmission network, is in charge of the follow-up of the expansions requested by the users of the network.
Here follows the most significant works in progress under Transener's supervision:
Repowering of K2OL and K4OL 500 kV Series Capacitors at the Olavarría SubstationAs part of the allocation of 440 MW of capacity by CAMMESA to Generación Eléctrica Argentina Renovable I S.A., the complete replacement of the capacitor banks and associated protection and control equipment is planned to increase the transmission capacity of the 500 kV Olavarría-Abasto corridor by 20%.
Ezeiza Capacitor Banks Installation of two new shunt capacitor filter banks (K3EZ and K4EZ) connected to the 220kV busbars at the Ezeiza Substation. The estimated power rating for each shunt capacitor filter bank will be approximately 180 MVAr, intended to compensate for the increased reactive power demand at the Abasto end. Transformer Bank at Malvinas Argentinas SubstationIn January 2025, EPEC awarded the installation of equipment for the commissioning of a new 500/132kV, 600 MVA transformer bank, along with two 132kV line bays, to improve the power supply conditions in the province of Córdoba.
Transformer Bank at Nueva San Juan SubstationThe project is currently under tender for the installation of switching and protection equipment to commission a new 500/132 kV, 450 MVA transformer bank, along with one 132 kV line bay, to improve the power supply conditions in the province of San Juan.
Expansion of Puerto Madryn Substation - Transformation Capacity (Loma Blanca VI Wind Farm by Goldwind)In February 2025, a new 600 MVA, 500/138/34.5 kV transformer bank (T3PY) was commissioned, doubling the transformation capacity at that voltage level. This expansion will enable a greater injection of renewable energy into the Argentine Interconnection System (SADI) at the Madryn node.
Resistencia Substation - Bays 01 and 02 for 132kV Line OutputsThe completion of the adaptation of both 132kV line outputs, which includes equipment updates for the improvement of Secheep's service, is scheduled for mid-2025. Progress is being made on the remaining engineering tasks and the final testing plan for commissioning.
Cobos Substation - AGD Hub Node (Puna Solar-Altiplano Solar-Cauchari Solar Generators)The installation of the Concentrator Node at Cobos Substation and its communication links to connect the photovoltaic generators to the DAG NOA automation system at El Bracho Substation are in the final testing stage.
Rosario Oeste Substation Expansion (for EPESF) - Bay Output in 132 kV DL HVL to Godoy Substation Commissioning of Bay No. 4 of the 132kV Rosario Oeste Substation yard for new line output to the Provincias Unidas Substation in Santa Fe Province, via underground cable.Here follows the most significant works in progress under Transba's supervision:
Sur SubstationNew Sur Substation in Bahía Blanca with two 45/30/45 MVA transformers in 132/33/13.2kV and the opening of the Chañares - Petroquímica 132kV HVL. Estimated commissioning date: June 2025.
Ayacucho SubstationNew Ayacucho Substation with capacity of 2x30/20/30 MVA, to be connected to the Tandil - Las Armas 132kV HVL, including the construction of a 3.4 km double-circuit, and new 4x33 kV + 4x13.2kV outputs. Estimated commissioning date: November 2025.
San Nicolás Norte SubstationElectromechanical assembly of the new San Nicolás Norte 132/33/13.2kV - 2x40/40/40 MVA + 6Px33-8Px13.2 Substation, which sections the San Nicolás - General Lagos 132kV HVL, and includes a third connection from the Laminados Industriales HVL. Estimated commissioning date: May 2025.
Gonzales Chaves Substation ExpansionIn March 2024, works for the installation of 2 132/33/13 kV-15MVA transformers were commenced. One will replace the 10 MVA T1CH transformer and the other one replaces a 5MVA 33/13 kV transformer. Estimated commissioning date: T1CHA in April 2025 - T2CHA in December 2025.
New Cangrejales SubstationReplacement of the current Profertil Substation with the New Cangrejales Substation. This new facility will feature a double busbar system in 132kV with an interior GIS coupler technology, providing two outputs to the Profertil Plant and three line outputs to Petroquímica Bahía Blanca Substation. Estimated commissioning date: May 2026.
New Guaminí SubstationIn May 2024, the construction of the New Guaminí 132/33/13.2 kV - 2x30/30/20 MVA Substation was started, along with the connection of a 132kV HVL of 63km to Coronel Suárez Substation. Estimated commissioning date: September 2026.
Chivilcoy 2 SubstationConstruction of the New Chivilcoy 2 Substation, with Transformers of 2x 30/20/30 MVA + 16,2km of double line circuit, sectioning the existing 1CIVM1 line, therefore this new substation will be bound to Chivilcoy and 25 de mayo substations. Estimated commissioning date: November 2026.
New 9 de Julio SubstationIn December 2024, the construction of the new 9 de Julio 132/33/13.2kV - 2x30/30/20 MVA Substation began, along with the connection of a 98-kilometer, high-voltage 132kV overhead line to the 25 de Mayo Substation. Estimated commissioning date: September 2028.
La China Substation field 132kVIn January 2025, the expansion of the 05 field of 132kV at La China Substation was started to connect the 100 MW La Rinconada Eolic Park. Estimated commissioning date: July 2025.
New Querandíes SubstationIn March 2025, the construction of the new Querandíes Substation began, along with the connection of a 25-kilometer, high-voltage 132kV overhead line to the Olavarría Substation, in order to connect the new Olavarría Eolic Park. Estimated commissioning date: July 2026.
Business Development
Given its position as a leader in electricity transmission, Transener is involved in the supply of operation and maintenance services, engineering, testing and commissioning of lines and substations for new works or for the expansion of existing works in the 500kV system. Likewise, it maintains installations of communications that are affected by dark fiber lease contracts.
Transener maintains its main contracts with the following customers:
Minera Alumbrera Ltd.
AES Argentina Generación S.A.
Nucleoeléctrica Argentina S.A.
Silica Networks Argentina S.A.
Capex S.A.
Rate of failures
The following charts show the rate of failures of Transener and Transba as from December 2020.
Transener and Transba Concession Agreements state a maximum rate of failures of 2.5 and 7.0 outages per 100 km over a 12-month period, respectively.
Transener
Transba
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Significant Financial Information
Consolidated Statements of Operations
In AR$ MM
Three-month period ended on March 31st
2025 2024
Revenues
101,360
81,724
Operating costs
(52,675)
(55,403)
Gross profit
48,685
26,321
Administrative expenses
(6,674)
(7,591)
Other operating income, net
550
3,111
Operating income
42,560
21,842
Finance income
10,325
16,756
Finance costs
(1,225)
(6,758)
Other financial results
(215)
(7,361)
Loss on net monetary position
(5,415)
(1,314)
Profit before tax
46,030
23,166
Income tax
(15,425)
(7,054)
Profit for the period from continuing operations
30,606
16,113
Profit for the period attributable to :
Owners of the company
30,606
16,113
Total for the period
30,606
16,113
Other comprehensive results
Profit for the period
30,606
16,113
Other comprehensive results for the period net of taxes
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Comprehensive profit for the period
30,606
16,113
Comprehensive profit for the period attributable to :
Owners of the company
30,606
16,113
Total for the period
30,606
16,113
EBITDA
52,788
31,767
Acquisition of property, plant and equipment
5,990
7,568
Depreciation
10,228
9,925
Consolidated Balance Sheets
As of March 31st,
As of December 31st,
In AR$ MM
2025
2024
ASSETS
Non-current assets
Property, plant and equipment
670,647
674,885
Inventories
45,040
42,734
Other receivables
3,351
5,123
Total Non-current assets
719,038
722,743
Current assets
Trade accounts receivable
72,085
70,907
Other receivables
13,819
14,894
Cash and cash equivalents
129,116
108,820
Total Current assets
215,021
194,621
TOTAL ASSETS
934,059
917,364
LIABILITIES
Non-current liabilities
Contract liabilities
6,233
6,399
Deferred tax liabilities
96,682
97,456
Employee benefits payable
17,401
17,421
Trade accounts payable
507
601
Total Non-current liabilities
120,823
121,878
Current liabilities
Provisions
2,193
1,633
Income tax payable
60,822
49,351
Taxes payable
5,756
6,168
Payroll and social securities taxes payable
16,203
29,474
Employee benefits payable
4,350
4,355
Contract liabilities
542
512
Trade accounts payable
20,153
31,383
Total Current liabilities
110,019
122,876
TOTAL LIABILITIES
230,842
244,753
EQUITY
Share capital
445
445
Share capital adjustment
279,464
279,464
Legal reserve
27,668
27,668
Optional reserve
16,296
16,296
Voluntary reserve
289,289
289,289
Other comprehensive results
(16,812)
(16,812)
Retained earnings
106,866
76,261
TOTAL EQUITY
703,216
672,611
TOTAL LIABILITIES AND EQUITY
934,059
917,364
- Analysis of results for the three-month period ended on March 31st, 2025 compared to same period last year
Revenues
Consolidated revenues for the three-month period ended on March 31st, 2025 amounted to AR$ 101,360 million, 24% higher than the AR$ 81,724 million for the same period last year.
Consolidated regulated revenues for the three-month period ended on March 31st, 2025 totaled AR$ 91,235 million, 31.2% higher than the AR$ 69,543 million for the same period last year, mainly due to the effect of the tariff adjustments, net of inflation.
Consolidated non-regulated revenues for the three-month period ended on March 31st, 2025 amounted to AR$ 10,125 million, 16.9% lower than the AR$ 12,182 million for the same period last year.
Operating and administrative expenses
Consolidated operating and administrative expenses for the three-month period ended on March 31st, 2025 amounted to AR$ 59,350 million, 5.8% lower than the AR$ 62,994 million for the same period last year, mainly due to a decrease in labor costs (lower long-term employee benefits accrued costs).
Other operating income, net
Consolidated other operating income, net for the three-month period ended on March 31st, 2025 resulted in a profit of AR$ 550 million, 82.3% lower than the AR$ 3,111 million for the same period last year, mainly due to a decrease in gains from asset sales.
Operating profit
Consolidated operating profit for the three-month period ended on March 31st, 2025 amounted to AR$ 42,560 million, 94.9% higher than the AR$ 21,842 million for the same period last year, as a result of aforementioned factors.
Financial results
Consolidated financial results for the three-month period ended on March 31st, 2025 resulted in a profit of AR$ 3,470 million, 162.1% higher than the AR$ 1,324 million for the same period last year, mainly due to a lower loss from exchange rate differences, net of inflation.
Income tax
Consolidated income tax for the three-month period ended on March 31st, 2025 amounted to AR$ 15,425 million, 118.7% higher than the AR$ 7,054 million for the same period last year, mainly due to a higher profit before tax.
You may find additional information on the Company at:
https://www.transener.com.ar https://www.transba.com.ar https://www.cnv.gob.ar