Edenor's 2025 Q2 Earnings: Discrepancies Unveiled in CAMMESA Debt and Tariff Reviews

CAMMESA debt regularization and financial impact, tariff review and financial impacts, regulatory framework developments, CAMMESA debt settlement, and CAMMESA debt management are the key contradictions discussed in Edenor's latest 2025Q2 earnings call.



Strong Financial Performance:
- Edenor reported an accumulated EBITDA of ARS 289 billion for the first 6 months of 2025, mostly due to tariff increases and CAMMESA debt regularization.
- The growth was driven by tariff normalization, CAMMESA debt agreements, and improved operating results.

Energy Sales and Customer Growth:
- Energy sales volume increased by 1.85% year-to-year to 5,668 gigawatts, with the customer base reaching 3.36 million people, a 2% increase.
- Growth was primarily due to increased residential and medium-sized commercial clients, along with market discipline measures.

Regulatory Framework and Tariff Improvements:
- The 5-year tariff review granted Edenor a 14.35% increase over inflation, applied gradually to mitigate inflationary effects.
- This regulatory framework contributed to a sharp rise in operating results, with EBITDA rising to ARS 222 billion in Q2 2025.

Credit Rating Improvements:
- Standard & Poor's upgraded its global scale rating from CCC+ to B- with a stable outlook, and Moody's raised its long-term rating from CAA1 to B3, changing its outlook from stable to positive.
- The improvements were due to better financial performance, reduced risk profile, and positive regulatory changes.

Investment in Network Infrastructure:
- Edenor invested ARS 163 billion in CAPEX as of June 30, 2025, aiming to improve service quality through the expansion of ZAPPALORTO substation and other network upgrades.
- This investment reflects the company's commitment to enhancing operational efficiency and customer satisfaction.