Argentina · Delayed Price · Currency is ARS Empresa Distribuidora y Comercializadora Norte Sociedad Anónima Earnings Call Transcripts
Fiscal Year 2026
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Q2 revenue rose 10% in real terms YoY to ARS 918bn; H1 adjusted EBITDA grew 94% excluding the prior-year CAMMESA gain. The MetroGAS 70% stake offer was accepted, pending regulatory approvals and a concession extension.
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Q1 EBITDA rose 127% to ARS 191 billion, while revenue was flat in real terms and net profit reached ARS 118 billion. Management guided to $170 million-$180 million of FY CapEx and $300 million-$320 million of FY EBITDA, citing two one-time Q1 benefits.
Fiscal Year 2025
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Tariff normalization helped lift FY2025 revenue 11% and EBITDA 110% to ARS 572bn, including a CAMMESA gain. Service indicators reached record lows, while 2026 CapEx is forecast at $170m-$180m.
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Nine-month EBITDA rose 122% to $312 million, or 23% excluding the CAMMESA gain, as tariff normalization supported results. Q3 net profit fell to ARS 40.6 billion, while 2026 CapEx is planned near $200 million.
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H1 EBITDA was ARS 289bn, including a ARS 168bn CAMMESA settlement gain, and ARS 121bn excluding it. Tariff normalization supported revenue and operating gains, while debt plans and new notes strengthened financing visibility.
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Q1 revenue rose 48% in real terms and EBITDA reached ARS 63.2 billion, while net income fell as inflation-related accounting gains declined. A completed five-year tariff review sets phased increases, supporting investment and debt reduction.
Fiscal Year 2024
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FY2024 EBITDA was ARS 207.3 billion as tariff adjustments drove a sharp operating recovery, despite lower volumes and higher energy costs. The five-year tariff review and continued investment are central to the outlook.
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Q3 sales rose 30% YoY in constant currency, while 9M EBITDA reached ARS 134.3bn as tariff increases supported results. The 2025–2029 tariff review and a $184m international debt issuance underpin the outlook and financing position.
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February tariff normalization drove Q2 EBITDA to ARS 77.4 billion and net income to ARS 47.3 billion, reversing prior-year losses. Focus is on the 2025–2029 tariff review, infrastructure investment, and expansion opportunities.