Empresa Distribuidora y Comercializadora Norte SA (EDN) 2025 Q2 法說會逐字稿

Good morning. My name is Lucila Ramallo, Investor Relations Deputy Manager at Edenor. On behalf of Edenor, we would like to thank everybody for participating in this conference call to discuss the results of the second quarter that ending June 30, 2025.

早安.我叫 Lucila Ramallo，是 Edenor 的投資人關係副理。我謹代表 Edenor 感謝大家參加本次電話會議，討論截至 2025 年 6 月 30 日的第二季業績。

We will also have an important recent development and advances in our efforts to strengthen our position as an energy leader. If you would like to receive our earnings release or presentation, you can download them easily from the Investor Relations section on our well site located at www.edenor.com or contact our Investor Relations teams to request the document.

我們還將取得重要進展，並努力加強我們作為能源領導者的地位。如果您想收到我們的收益報告或簡報，您可以從我們網站 www.edenor.com 上的投資者關係部分輕鬆下載，或聯絡我們的投資者關係團隊索取文件。

This event is being recorded. After the company's remarks are completed, there will be a question-and-answer session for which you may submit questions through the webcast chat. Before proceeding, let me mention that forward-looking statements are based on the belief and assumptions of Edenor's management and on information currently available to the company.

此事件正在被記錄。公司發言結束後，將進行問答環節，您可以透過網路直播聊天提交問題。在繼續之前，我要提一下，前瞻性陳述是基於 Edenor 管理層的信念和假設以及公司目前掌握的資訊。

They involve risks, uncertainties and assumptions because they relate to the future events, and therefore, depends on circumstances that may or may not occur in the future. Investors should understand that general economic conditions, industry conditions and other operating factors could also affect the future results of Edenor and could cause results to differ materially from those expresses in such forward-looking statements.

它們涉及風險、不確定性和假設，因為它們與未來事件有關，因此取決於未來可能發生或可能不會發生的情況。投資人應了解，一般經濟狀況、產業狀況和其他經營因素也可能影響 Edenor 的未來業績，並可能導致結果與此類前瞻性陳述中表達的結果有重大差異。

Now let me pass the call to German Ranftl, our CFO, who will guide us through the presentation. Thank you.

現在，讓我將電話轉給我們的財務長 German Ranftl，他將指導我們完成演示。謝謝。

Thank you, Lucila. Good morning, and welcome to everyone. Your presence here is very important to us, and we hope to provide you with a good understanding of Edenor performance during the second-quarter of 2025. Highlights and relevant events. Before moving to the discussions of details of our financial performance during the second quarter of 2025, I would like to take a few minutes to highlight some very relevant and positive developments as shown in slide number 5.

謝謝你，露西拉。早上好，歡迎大家。您的到來對我們非常重要，我們希望讓您充分了解 Edenor 在 2025 年第二季的表現。亮點和相關事件。在討論我們 2025 年第二季的財務業績細節之前，我想花幾分鐘時間重點介紹幻燈片 5 中所示的一些非常相關且積極的發展。

Accumulated EBITDA for the first six months rose to ARS289 billion, which reflected a sharp improvement in operating results due to the tariff increases starting with the 319% adjustment that was received in February 2024, followed by 4% average monthly value-added distribution adjustments since August of last year, plus the five-year tariff review implemented since May of 2025.

上半年累計 EBITDA 增至 2890 億阿根廷比索，這反映出經營業績的大幅改善，原因在於關稅上調，首先是 2024 年 2 月收到的 319% 的調整，隨後是自去年 8 月以來平均每月 4% 的增值分配調整，再加上自 2025 年 5 月起實施的五年期。

Their results also includes a gain of ARS168 billion due to the positive effect of the regularization of the agreement with CAMMESA for the payment of energy purchases from previous periods. Excluding this gain, the accumulated EBITDA as of June 30, 2025, is ARS121 billion. During May 2025, all pending balance with CAMMESA for past energy purchases were included in three payments plans of 72 or 75 installments depending on the plan.

他們的業績還包括 1,680 億阿根廷比索的收益，這得益於與 CAMMESA 達成的關於前期能源購買付款協議的標準化所產生的正面影響。不包括此項收益，截至 2025 年 6 月 30 日的累計 EBITDA 為 1,210 億阿根廷比索。2025 年 5 月期間，CAMMESA 過去購買能源的所有未結餘額將包含在三個付款計劃中，根據計劃，分 72 期或 75 期付款。

Last week, we successfully issued $95 million in new notes with $80 million in Class 8 notes and ARS20 billion in Class 9 notes. As far as our credit ratings is concerned, in June, Standard & Poor's raises its global scale rating from CCC+ to B- with a stable outlook.

上週，我們成功發行了 9,500 萬美元的新票據，其中包括 8,000 萬美元的 8 級票據和 200 億阿根廷比索的 9 級票據。就我們的信用評級而言，6月份，標準普爾將其全球評級從CCC+上調至B-，展望為穩定。

During July 2025, Standard & Poor's upgraded the company's institutional and global negotiations program rating on the national scale from Republic of Argentina BB to Republic of Argentina, double BBB- with a stable outlook. At the same time, Moody's raises its long-term global scale rating from CAA1 to B3 changing its outlook from stable to positive.

2025 年 7 月，標準普爾將該公司的機構和全球談判計劃評級從阿根廷共和國 BB 上調至阿根廷共和國雙 BBB-，展望穩定。同時，穆迪將長期全球評等從CAA1上調至B3，展望由穩定轉為正面。

Regulatory framework. As we already highlighted the tariff increases that were given in February 2024 and the average monthly increases of 4% since August 2024 followed by the implementation of the five-year tariff review have driven a sharp rise in the operating results.

監理框架。正如我們已經強調的那樣，2024 年 2 月的電價上調以及自 2024 年 8 月以來每月平均上漲 4% 以及隨後實施的五年電價審查推動了經營業績的大幅增長。

In the second quarter of 2025, EBITDA rising ARS222 billion from ARS108 billion in the second quarter of 2024. The five-year tariff review granted the company an increase of 14.35% over inflation. This is being applied gradually in order to limit the inflation effects on the broader economy in Argentina, which is in line with the government's status policy.

2025 年第二季度，EBITDA 從 2024 年第二季的 1,080 億阿根廷比索成長至 2,220 億阿根廷比索。五年關稅審查結果顯示，該公司的電價漲幅超過通膨水準 14.35%。這項措施正在逐步實施，以限制通貨膨脹對阿根廷整體經濟的影響，這符合政府的地位政策。

3% went into effect in May 1, 2025, and further adjustments of 0.42% are being implemented over inflation, as I said before, from June 1, 2025 until November 1, 2027, plus a monthly adjustment for inflation with a formula that made up of 33% of consumer price index and 67% wholesale price index. Wholesale price index always follows evaluation. Together, these adjustments totaled 3.24% for June, 0.75% in July and 2.1% in August.

3% 的稅率於 2025 年 5 月 1 日生效，並且根據通貨膨脹率進一步調整 0.42%，正如我之前所說，從 2025 年 6 月 1 日到 2027 年 11 月 1 日，再加上每月根據通貨膨脹率進行調整，其公式由 33% 的消費者價格指數和 67% 的價格組成。批發價格指數總是跟隨評估。整體而言，6 月調整幅度為 3.24%，7 月調整幅度為 0.75%，8 月調整幅度為 2.1%。

CAMMESA Debt. As I mentioned earlier, the tariff increases that we have received since February 2024 have been a key driver of improvement in earnings and cash flows, which will allow us to pay 100% of the current monthly invoices for the energy purchase since April 2024 as well as paying all the financing plans that we have outstanding with CAMMESA.

CAMMESA 債務。正如我之前提到的，自 2024 年 2 月以來我們收到的電價上調一直是盈利和現金流改善的主要驅動力，這將使我們能夠自 2024 年 4 月以來支付能源購買的當前月度發票的 100%，以及支付我們與 CAMMESA 尚未償還的所有融資計劃。

On May 21, we signed a plan to regularize debt energy purchases that have not been included in the existing payment plans over a total of 72 installments with a 12-month of grace period and an interest rate of 50% of the interest rates used by CAMMESA adjusted semiannually.

5月21日，我們簽署了一項計劃，將尚未納入現有付款計劃的債務能源購買規範化，共計72期，寬限期為12個月，利率為CAMMESA使用的利率的50%，每半年調整一次。

In addition, a prior existing plan, whose installments were adjusted based on the energy price in megawatts was converted into pesos at the energy applicable megawatt price of October 2024, with an interest rate of also 50% of the interest rate used by CAMMESA.

此外，先前的計劃的分期付款根據兆瓦能源價格進行調整，並以 2024 年 10 月的能源適用兆瓦價格轉換為比索，利率也是 CAMMESA 使用的利率的 50%。

With the same condition as a current plan, 75% installments remaining as of May with no grace period. The positive impact of these agreements resulted in a gain included in the second quarter of 2025, resulting of [ARS168 million, ARS220 million]. The regulatory claim for past tariff adjustment differences is still pending and represent approximately 3 times to 4 times what we owe to CAMMESA.

與目前計劃條件相同，截至 5 月還剩 75% 的分期付款，沒有寬限期。這些協議的正面影響帶來了 2025 年第二季的收益，[1.68 億阿根廷比索，2.2 億阿根廷比索]。對於過去的關稅調整差異的監管索賠仍未解決，這大約是我們欠 CAMMESA 的金額的 3 倍到 4 倍。

Financial results, revenues. Revenues rose 2% in real terms in the second quarter of 2025 to ARS622,989 million versus ARS608,876 million for the same period of last year. This was mainly due to tariff normalization as explained before. Energy sales evolution. As mentioned, the second quarter of 2025 energy sales volume increases 1.85% year-to-year to 5,668 gigawatts, led by the effect of lower temperature and demand from residential customers.

財務業績、收入。2025 年第二季實質營收成長 2%，達到 6,229.89 億阿根廷比索，而去年同期為 6,088.76 億阿根廷比索。這主要是由於之前解釋過的關稅正常化。能源銷售的演進。如上所述，受氣溫下降和居民用戶需求增加的影響，2025 年第二季能源銷售量年增 1.85% 至 5,668 吉瓦。

Edenor's customers base at the second quarter of 2025 reached 3.36 million people, 2% more versus the second quarter of 2024, this raise was mainly due to an increase in residential and medium-sized commercial clients. The raise was helped by market discipline measures, including the installation of 9,951 energy meters in the second quarter of 2025, which are designated to convert informal unreported connections into fully transparent connections in the electricity distribution system.

2025 年第二季度，Edenor 的客戶群達到 336 萬人，比 2024 年第二季度成長 2%，這一成長主要歸因於住宅和中型商業客戶的增加。此次漲價得益於市場約束措施，包括在 2025 年第二季安裝 9,951 個電能表，用於將電力分配系統中未報告的非正式連接轉換為完全透明的連接。

Distribution margin. For the first six months of 2025, our distribution margin rose to ARS523 billion, mainly due to the increase in the tariff as a result of the tariff normalization process, partially offset by higher energy costs due to the reduction in subsidies and higher sales volume. EBITDA.

分銷利潤率。2025 年前六個月，我們的分銷利潤率上升至 5,230 億阿根廷比索，這主要是由於關稅正常化進程導致關稅增加，但因補貼減少和銷售量增加導致的能源成本上升部分抵消了這一增長。息稅折舊攤提前利潤。

Looking at the EBITDA for the second quarter of 2025, EBITDA of [ARS222,338 million] was recorded and an improvement for the ARS107,969 million registered in the same period of the previous year. A gain of ARS168 billion is included due to the positive effect of the reorganization agreements with CAMMESA for the outstanding balance. With this effect, the accumulated EBITDA as of June 30 is ARS121 billion without the effect of CAMMESA debt.

縱觀 2025 年第二季的 EBITDA，EBITDA 為 [222,338 百萬阿根廷比索]，較去年同期的 107,969 百萬阿根廷比索有所改善。由於與 CAMMESA 達成的重組協議對未償餘額產生了積極影響，因此收益為 1,680 億阿根廷比索。受此影響，截至 6 月 30 日的累計 EBITDA 為 1,210 億阿根廷比索（不含 CAMMESA 債務的影響）。

Positive impact was due to higher revenues as a result of the increased year to tariff review included, the 319% in August and all the monthly adjustments that have been given since August 2024 or 4% on average. Increases cost of energy purchase due to the reduction in subsidies, which established limits of 250 kilowatts in customers N3 and 350 kilowatts in customers N2.

正面影響是由於年度關稅審查增加導致收入增加，包括 8 月的 319% 以及自 2024 年 8 月以來的所有月度調整，平均為 4%。由於補貼減少，能源購買成本增加，補貼減少規定客戶 N3 的限值為 250 千瓦，客戶 N2 的限值為 350 千瓦。

Net financial expenses. Net financial expenses of ARS110 billion in the second quarter of 2025 were lower than the same period of the previous year, less 40% versus the second quarter of 2024, primarily due to the reduction impact of interest on debt with CAMMESA and interest and penalties.

淨財務費用。2025 年第二季淨財務支出為 1,100 億阿根廷比索，低於去年同期，比 2024 年第二季減少 40%，主要原因是 CAMMESA 債務利息以及利息和罰款的減少影響。

Net Results, on the net income line, Edenor posted a net profit of ARS93 billion compared to a profit of ARS68 billion in the second quarter of 2024. The difference is mainly due to much lower accounting gains related to inflation due to the sharp drop of year-to-year of inflation and the higher income tax charges, offset by the positive effect of the CAMMESA agreement.

淨結果，在淨收入方面，Edenor 公佈的淨利潤為 930 億阿根廷比索，而 2024 年第二季的利潤為 680 億阿根廷比索。差異主要是由於通貨膨脹率逐年大幅下降和所得稅費用增加導致與通貨膨脹相關的會計收益大幅減少，但被 CAMMESA 協議的正面影響所抵消。

Not including the CAMMESA agreement resulted benefits from improving operating results and lower financial expenses. CapEx, as of June 30, 2025, we invested ARS163 billion, in line with our [ARS225 million] CapEx plan. Our investment spending reflects our firm commitment to improve service quality, which is reflected in the significant improvement in our main operating indicators.

不包括CAMMESA協議則帶來經營績效改善、財務費用降低等收益。資本支出，截至 2025 年 6 月 30 日，我們已投資 1,630 億阿根廷比索，符合我們的 [2.25 億阿根廷比索] 資本支出計畫。我們的投資支出體現了我們致力於提高服務品質的堅定承諾，這體現在我們主要營運指標的顯著改善上。

We highlight our expansion of ZAPPALORTO Substation the new 132 electroduct ZAPPALORTO-MERLO and the new step-down transformer in PUERTOS DEL LAGO. We continue to work to transform our network into a smart network by insulating increasing numbers of remote control points, tele supervision points as well as smart meters.

我們重點介紹了 ZAPPALORTO 變電站的擴建、新的 132 電力產品 ZAPPALORTO-MERLO 和 PUERTOS DEL LAGO 的新降壓變壓器。我們繼續致力於透過隔離越來越多的遠端控制點、遠端監控點以及智慧電錶，將我們的網路轉變為智慧網路。

This allow us to solve problems that raise in the network remotely and quickly, which we do by isolating any part of the system experienced a service problem and restablishing the service to the rest of the customers. We can do this without sending a team physically to the location within a few minutes. More than 44% of the customers are resolved in less than 3 minutes.

這使我們能夠遠端快速地解決網路中出現的問題，我們透過隔離系統中出現服務問題的任何部分並向其餘客戶重新建立服務來實現這一點。我們可以在幾分鐘內完成此操作，而無需派遣團隊親自到達現場。超過 44% 的客戶問題在 3 分鐘內解決。

Let's look at the key operating indicators, energy losses. Our energy losses for the last 12 months were 15.55% as of the second quarter, little changed from 15.18% in 2024. Reducing energy losses is a top priority, and our multidisciplinary teams are working constantly to find innovation ways to combat energy losses. These efforts are completely complemented by our market discipline initiatives that are aimed at curbing inefficiencies and irregularities.

讓我們來看看關鍵的營運指標—能源損失。截至第二季度，我們過去 12 個月的能源損失為 15.55%，與 2024 年的 15.18% 相比變化不大。減少能源損失是首要任務，我們的多學科團隊正在不斷努力尋找創新方法來對抗能源損失。這些努力與我們旨在遏制低效率和違規行為的市場紀律措施完全互補。

Also analytical tools powered by artificial intelligence have improved inspection efficiencies, and our market discipline actions continuing to detect our rectify irregular connections. It is important to remember that the 15.55% total loss a full of 9.58% are losses recognized by the regulator in our tariff. Quality of services. As mentioned earlier, our investment plan is continued to contribute improvements in service quality by reducing the duration and frequency of outages, which have been on the down path since 2017. These levels are and have been comfortable exceeding the levels required by the regulatory entity.

此外，人工智慧分析工具也提高了檢查效率，我們的市場紀律行動也不斷發現並糾正不規範的連結。重要的是要記住，15.55% 的總損失，其中 9.58% 是監管機構在我們的關稅中承認的損失。服務品質。如前所述，我們的投資計畫將繼續透過減少停機時間和頻率來改善服務質量，自 2017 年以來，停機時間一直呈下降趨勢。這些水準已經遠遠超過了監管機構所要求的水準。

For the second quarter, the SAIDI and SAIFI service quality indicators shows continued strong performance at 7.8 hours and 3.1 average outages per client in the quarter, at recorded low levels and down 72% and 66%, respectively, compared to 2017 levels.

第二季度，SAIDI 和 SAIFI 服務品質指標持續表現強勁，本季每位客戶平均停電時間為 7.8 小時，平均停電時間為 3.1 次，均處於歷史低點，與 2017 年水準相比分別下降了 72% 和 66%。

This recovery in services is mainly due to the strong level of investment that the company has been doing since then. Investment has been focused on implementing improvements in operational process and the adoption of technologies applied to the operations and management of the network. Financial debt. On August 7, we successfully issued $95 million in Class A and nine notes at attractive rates.

服務業的復甦主要歸功於該公司自那時以來的強勁投資。投資主要集中在實施營運流程的改進以及應用於網路營運和管理的技術的採用。金融債務。8 月 7 日，我們成功以優惠利率發行了 9,500 萬美元的 A 類票據和九張票據。

Class A notes in dollars amount $80 million received offers of close to $81 million. Interest rate, 8.5% with the Biannual payments, amortization 12 months due to August 2026 Argentine law. Class I -- Class 9 shares in Class 9, sorry, in pesos, amount, ARS20 billion, approximately $15 million received offers for ARS25 billion. Interest rate, TAMAR, which is a local interest rate plus 6% with quarterly installments.

價值 8,000 萬美元的 A 類票據獲得了接近 8,100 萬美元的報價。利率為 8.5%，每兩年付款一次，根據阿根廷法律，分 12 個月償還，截止日期為 2026 年 8 月。I 類－第 9 類第 9 類股票，對不起，以比索計算，金額為 200 億阿根廷比索，收到的報價約為 1,500 萬美元，報價為 250 億阿根廷比索。利率，TAMAR，即當地利率加 6%，按季分期付款。

Amortization bullet also 12 months due in August 7 2026, Argentina Law. Financial debt with the improvement in our risk profile due to important changes on the regulatory front, as we mentioned before, Standard and Poors races its global scale rating from CCC to B- with a stable outlook. Standard and Poor's also upgraded the company's institutional and global registration bond program rating and the national scale from BB to BBB- with a stable outlook.

阿根廷法律規定，攤提期限為 12 個月，於 2026 年 8 月 7 日到期。由於監管方面的重要變化，金融債務的風險狀況有所改善，正如我們之前提到的，標準普爾將其全球評級從 CCC 提升至 B-，展望穩定。標準普爾還將該公司的機構和全球註冊債券計劃評級以及國家評級從 BB 上調至 BBB-，展望為穩定。

Furthermore, Moody's rises its long-term global scale room rating from CAA1 to B3 changing its outlook from stable to positive. As you can see, the maturity schedule of the debt as of June 2025 in August we canceled notes Class 6 for ARS18 million, which was made a total of $54 million -- sorry, canceled during 2025.

此外，穆迪將其長期全球客房評級從 CAA1 上調至 B3，展望從穩定轉為正面。如您所見，債務的到期時間表為 2025 年 6 月，我們在 8 月取消了價值 1800 萬阿根廷比索的 6 類票據，總計 5,400 萬美元——抱歉，是在 2025 年期間取消的。

Closing remarks. The five-year tariff review was completed according to schedule and improve the long-term outlook of the company and providing more visibility for ratings with accumulated EBITDA of ARS289 billion in the first month of 2025. Remember that taking out the CAMMESA effect is ARS122 billion.

結束語。五年期關稅審查已按計劃完成，改善了公司的長期前景，並為評級提供了更高的可見性，2025 年第一個月的累計 EBITDA 為 2890 億阿根廷比索。請記住，扣除 CAMMESA 效應後，價值為 1220 億阿根廷比索。

The EBITDA of 2025 first six months. CAMMESA debt regularization, all outstanding balance are now included in the three payments plans to be paid over 72% and -- 72 and 75 installments. The company successfully completed bonds issue of $95 million. As I said, $80 million and ARS20 billion.

2025 年前六個月的 EBITDA。CAMMESA 債務標準化，所有未償餘額現在都包含在三個付款計劃中，分別以 72% 和 72% 的分期付款方式支付。該公司成功完成9,500萬美元債券發行。正如我所說，8000 萬美元和 200 億阿根廷比索。

As part of our energy transition strategy and the expansion of our corporate business, we recently made our first minority investment in the lithium and copper business in two projects in the pre exploration stage in the Northern Argentina, Polymetales Copper and (inaudible) lithium.

作為我們能源轉型策略和公司業務擴展的一部分，我們最近對阿根廷北部兩個處於前期勘探階段的鋰和銅業務項目進行了首次少數股權投資，這兩個項目分別是 Polymetales Copper 和（聽不清楚）鋰。

With this, I'd like to open the call to questions. To ask a question, please send a written message to ir.edenor through a question and answers menu, identify yourself and stating that you have a question. We thank you again for your support and your engagement as a shareholder and bond holder.

現在，我想開始提問。如需提問，請透過問答選單向 ir.edenor 發送書面訊息，表明您的身分並說明您有疑問。我們再次感謝您作為股東和債券持有人的支持和參與。

Thank you very much for participating in our quarterly conference call. Please do not hesitate to contact our Investor Relations department for any further inquiries you may have. Good morning to all of you, and have a nice day.

非常感謝您參加我們的季度電話會議。如果您還有任何疑問，請隨時聯絡我們的投資者關係部門。大家早安，祝大家有個愉快的一天。