Investor Presentation APRIL, 2026 EDENOR 01
Investor Presentation
edenor.com
Investor Presentation
APRIL, 2026
EDENOR 03
Largest electricity distribution company in Argentina
Company Overview
3.39 Million
Clients
20%
Market Participation
4,637 KM²
Concession Area
9.0 Million
Population
42,916 KM
Distribution Network
10,541
Workforce
(Dir + Indirecī)
Ownership Structure
South American ENERGY LLP⁽¹⁾
99.9%
ANSES(3)
Float
51.0%
26.8%
22.1%
Geographic Overview
Argentina
Buenos Aires
21%
Others
40%
16%
2024 Market Share
3%
9%
9%
Key Highlights
ARS 2,990,891m
2025 Revenues
ARS 571,975m
2025 EBITDA
ARS 394,892m
2025 CAPEX
US$ 1.4bn
Market Cap⁽²⁾
2x
Gross Leverage⁽³⁾
15.69%
2025 Energy Losses
Edelcos S.A. is a special purpose vehicle created solely for the purpose of acquiring and managing EDENOR by its ultimate parent South American Energy LLP, based in the United Kingdom.
As of March, 2026.
Gross Financial Debt over 2025 EBITDA.
Investor Presentation
APRIL, 2026
EDENOR 04
What Changed Since January 2025 Positive regulatory changes, 5-Year Integral Tariff Review, with material impact for EDENORRevenues (In million pesos)
Key Milestones Towards Edenor's Normalization
Jan-25
Edenor submitted a new tariff proposal to the ENRE, to be evaluated in a public hearing.
11%
Feb-25
Apr-25
May-25
The ENRE held a public hearing to define electricity distribution tariffs for the next 5-years (2025-2030).
Approval of the 5-Year tariff review, including automatic monthly adjustments of 0.42% above inflation comprised of CPI (33%) and IPM (67%).
Debt regularization with CAMMESA is being paid through payment plans in 72 - 75 monthly installments.
$2,687,708
12M24
$2,990,891
12M25
Oct-25
Jan-25 Dec-25
Edenor filed a claim of "regulatory asset" calculated by independent third parties.
EBITDA; (In million pesos)
The Secretary of Energy is already analyzing company's claim.
110%
$571,975
$272,639
12M25 tariffs have increased 37% vs. CPI of 32% vs. 41% FX depreciation.
Monthly average tariff increase of 3.1% since August 2024.
Dec-25
ENRE authorized the company to modify the frequency of meter readings from bimonthly to monthly.
Jan-26 Mar-26
Automatic monthly adjustments continue to be applied. On March 2026 there was 2.5% increase on the VAD.
12M24
12M25
Investor Presentation
APRIL, 2026
EDENOR 05
Improved Financial Performance
The normalization of tariffs was reflected in EDENOR'S financial indicators.
Revenues (in million of pesos) EBITDA (in million of pesos)
11%
$2,687,708
$2,990,891
110%
$571,975
$272,639
12M24
12M25
12M24
12M25
CAPEX (in million of pesos) Collectability (%)
$512,004
$394,892
95.32% 95.75%
12M24
12M25
12M24
12M25
Investor Presentation
APRIL, 2026
EDENOR 06
EBITDAIn million of Pesos in constant figures
2025
2024
Δ%
Net operating results
Depreciation of property, plant and equipment
+ Amortization
Agreement on the Reg. Of Oblig.
143,139
210,722
35,385
217,293
159%
(3%)
218.114
-
n/a
EBITDA
571,975
272,639
110%
EBITDA 12M2025 ARS 572
Billion + 110%
4Q25
4Q24
Δ%
36,244
58,209
17,158
58,818
111%
(1%)
3,012
-
n/a
97,465
75,976
28%
EBITDA 4Q25 ARS 97
Billion + 28%
Includes an accumulated gain of ARS 218 billion due to the positive effect of the regularization agreement with CAMMESA for outstanding
balances. Not including the CAMMESA gain, EBITDA was ARS 354 billion, up 30% YoY.
Positive impactwas due to higher revenues as a result of the 5-Year Tariff Review, including the initialadjustment (319.2% as of February 16, 2024), plus monthly adjustments (3.1% average).
Increase in energy purchases due to the reduction of subsidies, which established limits of 250 kw in N3 and 350 kw in N2.
Cost management contributed to the positive results, with focus on streamlining operations and technology.
Investor Presentation
APRIL, 2026
EDENOR 07
Normalization of the Tariff Situation
Recent tariff increases updated levels that had significantly lagged inflation in the past
Provincial Tariff Comparison⁽¹⁾Source: ADEERA.
ADEERA information as of August 31st, 2025. N2 residential customers (Low income). Data converted to USD considering the end of period official FX rate of $1,322.
Includes taxes and is based on a consumption of 275 KWh per month.
Investor Presentation
APRIL, 2026
EDENOR 08
Stable Investment Program
Edenor aims to transform its electrical grid over time into a smart grid with technology and innovaation
6,467 km
of network
+14%
20
Substations
+21%
6,070
MVA installed power
+19%
2013 - 2025
Investment Program
Despite macro headwinds, the Company has continued to execute its investment program effectively, maintaining a strong asset base.
Investment Program
Edenor has invested -USD 5.0 bn between 1992.
In the last 12 years, the Company invested ~USD 3.0 bn (~US$221mm per year) aiming to transform the existing electrical grid. Expect to invest USD 170 million in 2026
Edenor as of Dec-25
42,916 KM
of network
85
Substations
30,432
MVA Installed power
80%
Ratio clients edenordigital
/Customer base
3,422
Points of Telecontrol
3,692
Telesupervised Points
384.845
Smart meters
Edenor Is One of the Few Players with FLISR System for the Medium Tension Network
FLISR System allows, in the event of a forced outage of a MV feeder, automatically operate the network's remote-controlled equipment and quickly normalize (~2 minutes) as many customers as possible (~50% of total affected customers)
Note: Information denominated in ARS and converted in USD considering the official FX.
Investor Presentation
APRIL, 2026
EDENOR 09
Enhanced Service Quality
SAIDI and SAIFI indicators land ar the lowest point since 2017 and have been consistently below regulatory requirements levels
SAIDI (1)
(Hours / Clienīs per Year)
SAIFI (2)
(Frequency / Clienīs per Year)
Evolution % LTM of energy losses
SAIDI: System Average Interruption Duration Index. SAIFI: System Average Interruption Frequency Index.
Total Losses Recognized
Investor Presentation
APRIL, 2026
EDENOR 10
Financial Debt
Total Financial Debt
Senior Notes as of December 2025
Total Existing Notes + Loans Outstanding as of December 30, 2025: USD 825 M
Notes: (1) Edenor reopened Class 7 Notes in February 2026, adding USD 90 million. Total outstanding Class 7 Notes as of February 2026: USD 474 million. (2) On March 2, 2026, Class 8 Notes were fully precancelled.
Notes: AR$ denominated were converted to USD at the Exchange rate reported in their respective Notice of Results. ARS-denominated loans were converted into USD using an exchange rate of ARS 1,446.
Investor Presentation
APRIL, 2026
EDENOR 11
Financial Debt & Ratings
Senior Notes as of December 2025Class 3
Class 5
Class 7
Class 8
Class 9
Ratings
See the rating agency reports:
Investor Presentation
APRIL, 2026
EDENOR 12
Benefits of MIDE
Smart Prepaid Meter since 2017
THE LOWEST TARIFF SAVING
The MIDE customer consumes the lowest rate in the tariff scheme.
OWN LIGHT
The MIDE customer has the same benefits as a client with a traditional meter. The recharge ticket serves as an address verification document to access other services.
SAFETY
Edenor specialists install the service and leave the MIDE operating with a 150 kWh charge.
WIDE AVAILABILITY
The customer has more than 5,000 charging stations and several digital appplications.
The customer administers the consumption and the energy load that he needs.
FREE INSTALATION
There are no additional charges of any kind.
EMERGENCY CREDIT
The MIDE customer has 150 kWh of emergency credit.
USEFUL
The recharge ticket serves as an address verification document to access other services.
Investor Presentation
APRIL, 2026
EDENOR 13
Sustainability Report 2025
We have issued our 2025 Sustainability Report, which has been approved by the Board of Directors (03/06/2026) and includes the 'Limited Security Report' audited by PwC.
We invite you to visit it at:
Investor Presentation
APRIL, 2026
EDENOR 14
Closing Remarks
Edenor is in a solid position, benefiting from changes that have strengthened its financial profile and positioned the Company for the coming energy transition (new technologies, increased efficiencies, and environmental considerations)
Improved long-term outlook driven by tariff normalization, with a positive impact on financial performance, credit ratings and working capital.
The investment plan continues and is reflected in improvements in operational indicators.
Successful debt regularization with CAMESSA.
Edenor filed a claim of "Regulatory Asset".
Diversified financing strategy with a solid track record of accessing local and international capital markets
New Businesses: In 2024, the Company's corporate purpose was amended to provide greater flexibility and to capture opportunities related to the energy transition and the electrification of the economy.
Investor Presentation
APRIL, 2026
EDENOR 15
CONTACTS
Germán Ranftl Silvana Coria Lucila Ramallo
Chief Financial Officer Planning and Control Manager
Deputy Manager of Investor Relations
investor@edenor.com Tel. +54 (11) 4346 5511
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