Empresa Distribuidora y Comercializadora Norte SA (EDN) 2025 Q4 法說會逐字稿

Good morning, and welcome. This is Lucila Ramallo investor relations the IR 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 fourth quarter that ended in December 31, 2025.

早安，歡迎各位。我是 Lucila Ramallo，Edenor 投資人關係部門的 IR 經理。我謹代表 Edenor 感謝各位參與本次電話會議，一同討論截至 2025 年 12 月 31 日止第四季的業績結果。

We will also highlight an important recent development and advances in our efforts to expand our position as an energy leader. If you would like to receive our earnings release or presentation, you can log them easily from the Investor Relations section of our website located at www.edenor.com or contact our Investor Relations team to request the documents.

我們也將重點說明近期一項重要進展，以及我們在擴大能源領導地位方面所取得的進步。若您希望取得我們的財報新聞稿或簡報，可至我們網站 www.edenor.com 的「投資人關係」專區輕鬆下載，或聯絡投資人關係團隊索取文件。

This event is being recorded. After the company remarks are completed, there will be a question and answer session for which you may submit questions through the webcast chat.

本活動將進行錄音。公司致詞結束後將進行問答環節，您可透過網路直播聊天室提交問題。

Before proceeding, let me mention that forward-looking statements are based on the belief and assumptions of the Edenor management and on information currently available to the company. They involve risks, uncertainties and assumptions because they relate to future events and therefore, depends on circumstances that may or may not occur in the future.

在開始之前，我先提醒各位，前瞻性陳述係基於 Edenor 管理層的信念與假設，以及公司目前可得之資訊。由於其涉及未來事件，因此包含風險、不確定性與假設，並取決於未來可能發生或不發生的情況。

Investors should understand that general economic conditions, industrial conditions and other operating factors could also affect the future results of Edenor and content results to differ materially from those expresses in such forward-looking statement. Now let me pass the call to German, our CFO, who will guide us through the presentation.

投資人應理解，一般經濟狀況、產業狀況及其他營運因素亦可能影響 Edenor 未來業績，並使實際結果與此等前瞻性陳述所表達者出現重大差異。現在我把電話交給我們的財務長 German，由他帶領我們進行簡報。

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 the non-performance during the fourth quarter of 2025. Highlights and regulatory framework.

謝謝你，Lucila。早安，歡迎各位。各位的出席對我們非常重要，我們希望能讓大家充分了解 2025 年第四季的非績效表現。重點摘要與監管架構。

Before moving to the discussion of details of our financial performance during the fourth quarter of 2025, I would like to take a few minutes to highlight that Edenor has demonstrated a major improvement in results over the last several years, led by a restoration and healthy regulatory environment and substantially improving economic situation in Argentina. These factors, combined with our focus on continuous operational improvements and modernization of the network have positioned the company well to take advantage of a highly attractive growth opportunity in Argentina.

在進入 2025 年第四季財務表現細節之前，我想先花幾分鐘強調：在過去幾年中，Edenor 的業績已展現顯著改善，主要受惠於監管環境的修復與趨於健全，以及阿根廷經濟情勢的大幅改善。這些因素，加上我們持續推動營運改善與電網現代化，使公司具備良好條件，得以把握阿根廷極具吸引力的成長機會。

I think it's appropriate to summarize the main key milestones of 2025. January 2025 is now submitted a new tariff proposal to the regulatory entity to be evaluated in a public hearing. February of 2025, the regulatory entity held a public hearing to define electricity distribution tariffs for the next 5 years, 2025 till 2024 -- 2030.

我認為有必要總結 2025 年的主要關鍵里程碑。2025 年 1 月，我們已向監管機構提交新的費率提案，將在公開聽證會中進行評估。2025 年 2 月，監管機構召開公開聽證會，以訂定未來 5 年（2025 至 2024 -- 2030）的配電費率。

April of 2025. There has been approved the five-year tariff review that includes an automatic adjustment of 0.42% plus an inflation adjustment of considering the wholesale price index of 33% -- sorry, consumer price index or 33% and wholesale price index of 67%. This adjustment is being applied automatically on a monthly basis since April of 2025.

2025 年 4 月。已核准五年期費率審查，其中包含 0.42% 的自動調整，另加上通膨調整：以 33% -- 抱歉，消費者物價指數 33% 與批發物價指數 67% 的權重計算。自 2025 年 4 月起，此調整已按月自動適用。

May of 2025. Debt regularization with CAMMESA is being paid through payment plans in 72 and 75 monthly installments. October of 2025, Edenor filed a claim of regulatory assets calculated by independent third parties. The Secretary of Energy is already analyzing companies complaint. Between January of 2025 until December of 2025, the 12-month tariffs have increased 37% versus the consumer price index of 32% and versus 41% of the foreign exchange depreciation.

2025 年 5 月。與 CAMMESA 的債務常態化正透過 72 期與 75 期的月付分期方案償付。2025 年 10 月，Edenor 就由獨立第三方計算之監管資產提出申訴。能源部已在分析各公司之申訴。自 2025 年 1 月至 2025 年 12 月，12 個月累計費率上調 37%，相較之下消費者物價指數為 32%，匯率貶值為 41%。

Monthly average tariff increase of 3.1% since August of 2024. December of 2025, the regulatory entity authorized the company to modify the frequency of meters readings from bimonthly to monthly with an important impact during the first quarter of 2026. January of 2026 to March of 2026, automatic monthly adjustments continue to be applied on March of 2026.

自 2024 年 8 月以來，月均費率調升 3.1%。2025 年 12 月，監管機構核准公司將抄表頻率由雙月改為每月，並將在 2026 年第一季產生重要影響。2026 年 1 月至 2026 年 3 月，按月自動調整仍持續適用至 2026 年 3 月。

There has been a 2.5% increase in the value-added amount. The normalization of the tariff, including the effects of the reduction of subsidies was clearly reflected in Edenor financial indicators with the 11% rate in full year sales and 110% raise in EBITDA for all of the 2025 revenues increased 11%, and EBITDA increase of 110%, resulting of ARS572 billion. We believe that these events have positioned the company to be more dynamic with more favorable financing results going forward.

加值金額提高 2.5%。費率常態化（包含補貼減少的影響）已清楚反映在 Edenor 的財務指標上：全年銷售成長 11%，EBITDA 提升 110%；2025 年全年營收增加 11%，EBITDA 增加 110%，達到 5,720 億阿根廷披索（ARS572 billion）。我們相信，這些事件使公司未來能以更有利的條件取得融資，並更具動能。

This will also enable us to continue our strong investment program and further improve our services. The normalization of tariffs did not impact our collectibility, which consistently remains high, being 95.75% for the 2025 period. Financing results. Revenues in the fourth quarter of 2025 rose 4% in real terms to ARS680 billion versus ARS706 billion by the prior year. This was mainly due to the tariff normalization as explained earlier.

這也將使我們得以延續強勁的投資計畫，並進一步提升服務品質。費率常態化並未影響我們的收款率，收款率持續維持高檔，2025 年期間為 95.75%。融資結果。2025 年第四季營收以實質計算成長 4%，達 6,800 億阿根廷披索（ARS680 billion），相較前一年為 7,060 億阿根廷披索（ARS706 billion）。這主要是由前述的費率常態化所帶動。

Energy sales evolution Edenor customer base at the fourth quarter of 2025 reached 3.39 million clients, up 1% versus the fourth quarter of 2024. This raise was mainly due to an increase in residential and medium-sized commercial clients.

能源銷售演變：截至 2025 年第四季，Edenor 客戶基礎達 339 萬戶，較 2024 年第四季增加 1%。此增幅主要來自住宅用戶與中型商業用戶的增加。

The raise was helped by market disciplinary measures, including the installation of 3,729 energy meters in the fourth quarter of 2025, which are designed to convert informal and unreported connections into fully transparent connections in the electricity decision system, full year energy sales for 2025, as we said, rose 1% year-to-year 22,952 gigawatts, led by a raise in demand from residential and medium commercial clients.

此增幅亦受市場紀律措施所助，包括在 2025 年第四季安裝 3,729 具電表，旨在將非正式且未申報的接線轉為在電力決策系統中完全透明的正式接線；2025 年全年能源銷售如前所述年增 1%，達 22,952 吉瓦時，主要由住宅與中型商業用戶需求增加所帶動。

In the fourth quarter, energy losses -- sorry, in the fourth quarter, energy sales volume increased 3.94% to 5,379 gigas, led by the higher demand from residential customers and small commercial clients. Distribution margin.

在第四季，能源損失——抱歉，在第四季，能源銷售量增加3.94%，達到5,379吉瓦時，主要受住宅用戶與小型商業客戶需求增加帶動。配電毛利。

For 2025, our distribution margin rose 9% to 1,000 -- sorry, ARS1,253 billion, mainly due to an increase in tariff, higher demand and higher energy purchase costs. In the fourth quarter, the distribution margin was ARS320 billion, 11% higher than the ARS289 billion in the fourth quarter of 2024.

2025年，我們的配電毛利成長9%，達到1,000——抱歉，1.253兆阿根廷披索（ARS1,253 billion），主要因為費率上調、需求增加以及能源採購成本上升。2026年第四季，配電毛利為3,200億阿根廷披索（ARS320 billion），較2024年第四季的2,890億阿根廷披索（ARS289 billion）高出11%。

EBITDA. Looking at EBITDA, the total accumulated EBITDA for the 2025 rose 110% to ARS572 billion. For the fourth quarter of 2026, EBITDA rose 28% and to ARS97.5 billion, and improved from the 76 billion pesos registered in the fourth quarter of 2024.

EBITDA。就EBITDA而言，2025年全年累計EBITDA成長110%，達到5,720億阿根廷披索（ARS572 billion）。2026年第四季，EBITDA成長28%，至975億阿根廷披索（ARS97.5 billion），較2024年第四季的760億披索有所改善。

This includes the gain of ARS218 billion for the full year due to the positive effect of the realization agreement with CAMMESA for the outstanding balance. Not including the CAMMESA again , EBITDA was ARS354 billion, still up very strong, more than 30%. The improvement was due to higher revenues as a result of the five-year tariff review includes the 320% increase adjustment that we received in February and all the monthly adjustments that we received with an average of 3.1%.

其中包含全年因與CAMMESA就未清餘額達成實現協議所帶來的2,180億阿根廷披索（ARS218 billion）收益。若不計CAMMESA的影響，EBITDA為3,540億阿根廷披索（ARS354 billion），仍大幅成長，超過30%。改善主要來自收入增加，原因是五年期費率審查包含我們於2月獲得的320%調整上調，以及我們收到的所有月度調整（平均3.1%）。

Energy purchase costs for the full year rose 13% due to a reduction in subsidies, which established limits of 250 kilowatts and 350 kilowatts in M2. I would also like to highlight our efforts to manage cost, where we saw important improvements and changes, which made an important contribution to the rate of EBITDA.

全年能源採購成本上升13%，原因是補貼減少，並設定每戶用電上限為250千瓦與350千瓦（按每平方公尺M2）。我也想強調我們在成本管理上的努力；我們看到重要的改善與變革，對EBITDA水準做出了重要貢獻。

Personnel costs declined 6% for the full year of 2025 due to efforts to bring in new talent and optimize our workforce. Contractor costs throughout 14% for the full year were down 23% in the fourth quarter due to the increase of the use of leveraging of artificial intelligence and our expansion of digital customer interaction with channels.

2025年全年人事成本下降6%，主要因引進新人才並優化人力配置的努力。承包商成本全年上升14%，但第四季下降23%，原因是更廣泛運用人工智慧槓桿，以及我們擴大數位化客戶互動渠道。

This enabled us to close three commercial offices, and we hope to be able to close all the remaining offices in the near future. We also earned renewing rental maintenance and service contract suppliers. At the same time, IT-related expenses have seen some increase due to the effect of the SAP 4HANA implementation.

這使我們得以關閉三個商業辦公室，並希望在不久的將來能關閉所有剩餘辦公室。我們也在續約租賃、維護與服務合約供應商方面取得成果。同時，與IT相關的費用因SAP 4HANA導入的影響而有所增加。

Material costs were down 81% in fourth quarter of 2024 -- sorry, of 2025 and 27% for the full year, helped by reduced material consumption and improved inventory efficiencies. Lower inventories need to be lifted of import restrictions and reduced vehicles maintenance costs due to acquisition of electric and new vehicles. Penalties also shown a noted improvement, down 66% for the full year and 6% in the fourth quarter of 2025 because of the change by the regulatory entity in how penalties are valued, resulting in a net positive adjustment.

材料成本在2024年第四季——抱歉，是2025年第四季——下降81%，全年下降27%，受惠於材料消耗降低與庫存效率提升。較低的庫存需要解除進口限制，且因採購電動車與新車而降低車輛維護成本。罰款也顯著改善，全年下降66%，2025年第四季下降6%，原因是監管機構改變罰款估值方式，帶來淨正向調整。

Net financial expenses. Net financial expenses of ARS377 million for the 2025 were down 38% versus the prior year, helped by a lower financial expenses mainly driven by a reduction in outstanding debt and lower interest expenses related to CAMMESA.

淨財務費用。2025年淨財務費用為3.77億阿根廷披索（ARS377 million），較前一年下降38%，受惠於財務費用降低，主要由未償債務減少以及與CAMMESA相關的利息費用下降所帶動。

Net results. On the net income line, Edenor posted a net profit of ARS46 billion compared to a loss of ARS21 billion in the fourth quarter of 2024. The difference is mainly due to the positive effect of the tariff adjustments and a higher accounting gain related to inflation adjustments.

淨利。在淨利方面，Edenor錄得460億阿根廷披索（ARS46 billion）淨利，相較之下，2024年第四季為虧損210億阿根廷披索（ARS21 billion）。差異主要來自費率調整的正面影響，以及與通膨調整相關的會計收益較高。

CapEx. For the full year of 2025, we invested ARS395 billion. Total investment in 2025 was higher than expected because some projects were moved forward from 2026. For the fourth quarter, investment totaled 107 -- sorry, ARS103 billion. Our outstanding spending reflects our firm commitment to improve service quality, which is reflected in a significant improvement in our main operating indicators.

資本支出（CapEx）。2025年全年，我們投資3,950億阿根廷披索（ARS395 billion）。2025年總投資高於預期，因為部分專案自2026年提前。第四季投資合計107——抱歉，1,030億阿根廷披索（ARS103 billion）。我們的投入支出反映出提升服務品質的堅定承諾，並體現在主要營運指標的顯著改善上。

We highlight our key projects that are underway, including the expansion of Sapalorto substation, the new 332 kilowatts, SapalortoMalo electroduct, and new step-down transformer in Porto de laro and a new substation in the bolster of Martinez.

我們重點說明正在進行的關鍵專案，包括Sapalorto變電站擴建、新的332千瓦SapalortoMalo輸電線路、Porto de laro的新降壓變壓器，以及在Martinez地區的Bolster新變電站。

We are also planning additional projects for 2026 including replacement of new substation with the new facilities and the interconnection of the Col station both planned for April of next year. Also, we are planning a new substation in Moreno and an expansion of the Banca lari substation late in the year. We also continue to work to transform our network in a smart network by installing an increasing number of remote control points, teleoperation points as well as smart meters.

我們也在規劃2026年的其他專案，包括以新設施替換新變電站，以及Col站的互聯工程，兩者皆計畫於明年4月進行。此外，我們計畫在Moreno新建一座變電站，並於年底擴建Banca lari變電站。我們也持續推動將電網轉型為智慧電網，安裝越來越多的遠端控制點、遠端操作點以及智慧電表。

This allow us to quickly resolve problems that are raised in the network remotely, which we do by isolating any part of the system experience a service problem and establish the service very quickly. We can very oftenly do this without sending team physically to the locations, which can enable the service to be established within a few minutes, operating indicators.

這使我們能夠遠端快速解決電網中出現的問題；我們會隔離系統中任何發生服務問題的部分，並非常迅速地恢復供電。我們經常可以在不派遣團隊到現場的情況下完成，讓服務在幾分鐘內恢復，改善營運指標。

Now let's look and a few of the key operating indicators, energy losses. Our energy losses for the 12 months were 15.69%, up a bit from 15.18% at the end of September but below the 19.9% registered in 2019. Reducing energy losses is a top priority in our multidisciplinary teams are working constantly to find innovation ways to combat energy losses.

現在讓我們看看幾項關鍵營運指標：能源損失。過去12個月的能源損失率為15.69%，較9月底的15.18%略升，但仍低於2019年的19.9%。降低能源損失是我們的首要任務；我們的跨領域團隊持續努力，尋找對抗能源損失的創新方法。

These efforts are completely complemented by our market discipline initiatives that are aimed occurring inefficiencies and irregularities, also analytical tools powered by artificial intelligence have improved inspection efficiencies and our market discipline actions continue to detect and rectify irregular connections.

這些努力與我們的市場紀律倡議相輔相成，該等倡議旨在處理所發生的低效率與不規則情況；此外，由人工智慧驅動的分析工具也提升了稽查效率，而我們的市場紀律行動持續偵測並矯正不法接線。

It is important to remember that of the 15.69% total losses, a full of 9.61% are losses recognized by the regulatory entity in our tariff.

重要的是要記住，在總損失 15.69% 中，有足足 9.61% 是由監管機構在我們的費率中認列的損失。

Quality of service. As mentioned earlier, our investment plan is continuing to contribute to improvements in our service quality by reducing the duration and frequency of outages, which have been a downward path since 2017. These levels are and have been comfortably exceeding the levels required by the regulator, sorry. For the fourth quarter, the SAIDI and SAIFI service quality indicators show continued strong performance at 6.91 hours and 2.96 average outages per client at a record low levels and down 75% and 67%, respectively, compared to 2017 levels.

服務品質。如先前所述，我們的投資計畫持續透過降低停電的持續時間與發生頻率來改善服務品質；自 2017 年以來，這些指標一直呈下降趨勢。這些水準目前以及過去都明顯優於監管機構所要求的水準，抱歉。就第四季而言，SAIDI 與 SAIFI 服務品質指標持續展現強勁表現，分別為 6.91 小時與每位客戶平均 2.96 次停電，均創歷史新低，且相較 2017 年水準分別下降 75% 與 67%。

This recovery in services mainly due to the strong and consistent levels of investment that the company has been made for the last nine years. Investment has been focused on implementing improvements in operation processes and adoption of technology applied to operations and management of the network.

服務的這項復甦主要歸因於公司過去九年所進行的強勁且一致的投資水準。投資重點在於推動營運流程改善，以及採用應用於營運與電網管理的技術。

Financial debt. In 2025, in November, we raised $201 million in the Class 7 corporate bond additional. This brought our total debt outstanding, including notes plus loans as of December 31, 2025, of $782 million. Net debt was $657 million. In February of 2026, we issued an additional $90 million in Class 7.

金融負債。2025 年 11 月，我們增發第 7 類公司債，募得 2.01 億美元。截至 2025 年 12 月 31 日，這使得我們的未償債務總額（包含票據與貸款）達 7.82 億美元。淨負債為 6.57 億美元。2026 年 2 月，我們另行發行第 7 類 9,000 萬美元。

And on March 2, we fully prepaid senior notes Class 8 by approximately $80 million. A key positive over the last few years, which continues in 2020 has been improved in our debt ratings in recent years. with the improvement in our risk profile due to important changes in the regulatory front, as I mentioned before, Standard & Poor's raises local scale rating from BBB minus to A plus with a stable outlook. Since September of 2024, credit ratings agents have upgraded both national and global ratings by an average of four to five notches.

並且在 3 月 2 日，我們以約 8,000 萬美元全額提前償還第 8 類優先票據。過去幾年的一項關鍵正面因素（且在 2020 年仍持續）是我們的債信評等在近年有所提升。隨著如我先前所提及、監管面重要變革帶動風險概況改善，標準普爾將本地尺度評等由 BBB- 上調至 A+，展望穩定。自 2024 年 9 月以來，信評機構已將國內與全球評等平均上調約 4 至 5 個級距。

Final remarks. We remain highly optimistic about our future. Results have benefited significantly from the tariff normalization and the completion of the five-year tariff review with EBITDA rising 110% and to ARS572 billion, equivalent for the full year of 2025. Even excluding the CAMMESA impact, EBITDA was up 30% to $345 million.

結語。我們對未來仍然非常樂觀。受惠於費率正常化以及五年期費率審查的完成，EBITDA 大幅成長 110%，2025 全年達 ARS 5,720 億。即使排除 CAMMESA 的影響，EBITDA 仍成長 30% 至 3.45 億美元。

The overall improvement has underpinned our improvements in debt ratings and working capital. It has also enabled us to continue our investment program with positive results in our key operating indicators with the regulation of our debt with CAMMESA, all outstanding balance are now included in the three payment plans that we paid over 72 and 66 installments and with a two plan with interest of 50% of the CAMMESA interest rate. Edenor filed a claim of regulatory assets calculated by independent third parties and the Secretary of Energy is already analyzing this claim.

整體改善支撐了我們在債信評等與營運資金方面的提升。這也使我們得以持續推動投資計畫，並在關鍵營運指標上取得正面成果；同時，隨著我們與 CAMMESA 的債務規範化，所有未償餘額目前均納入三項付款計畫中，我們分別以 72 期與 66 期分期支付，另有兩項計畫的利率為 CAMMESA 利率的 50%。Edenor 已就由獨立第三方計算的監管資產提出申請，能源部長（能源秘書處）已在分析該申請。

Our diversified financial strategy has also enabled us to have consistent assets to local and international capital markets. Finally, I would like to take -- to mention that we remain committed to you for opportunities that take advantage of our enormous changes taking place in Argentina and in the global energy markets.

我們多元化的財務策略也使我們能夠持續進入本地與國際資本市場。最後，我想提到——我們仍致力於與各位一同把握阿根廷以及全球能源市場正在發生的巨大變革所帶來的機會。

In 2024, the company incorporates purpose was amended to provide greater flexibility and to capture opportunities related to the energy transition and electrification of the economy. With this now, we would like to open the call for questions. To ask the questions, please send written message to IR Edenor through the questions and answers menu, identify yourself and stating that you have a question. We thank you again for your support and your engagement as shareholder and bondholder.

2024 年，公司章程所載之公司目的已修訂，以提供更大的彈性，並掌握與能源轉型及經濟電氣化相關的機會。接下來，我們想開放電話會議進入提問環節。如欲提問，請透過問答選單向 Edenor 投資人關係（IR Edenor）發送書面訊息，請表明身分並說明您有問題。我們再次感謝各位作為股東與債券持有人對我們的支持與參與。

There is a question from Andres from malans. Could you tell us how much do you estimate your CapEx expense will be during 2026?

有一個問題來自 malans 的 Andres。您能否告訴我們，您估計 2026 年的資本支出（CapEx）會是多少？

For 2025, we invested a total of ARS395 billion or $263 million. This was higher than what we have expected, given that some spending for 2026 has moved forward in 2025. As a result, 2026 spending could be somewhat lower, and we anticipate to be in the range of $170 million and $180 million. However, over time, we expect our CapEx program will remain robust with projected spending at the same range.

2025 年，我們總計投資 ARS 3,950 億（或 2.63 億美元）。由於部分原本屬於 2026 年的支出提前至 2025 年，因此該金額高於我們原先預期。因此，2026 年支出可能會略低，我們預期約落在 1.7 億至 1.8 億美元區間。不過，從長期來看，我們預期資本支出計畫仍將維持強勁，預估支出將維持在相同區間。

Thank you for participating in our quarterly conference call, and please do not hesitate in contacting us or our Investor Relations department for any further inquiries you may have. Good morning to all of you, and have a nice day.

感謝各位參與我們的季度電話會議，如您有任何進一步問題，請隨時與我們或投資人關係部門聯繫。各位早安，祝大家有美好的一天。