Edenor: 1Q26 beat; upside catalyst becomes more challenging

研报英文原文证据摘录

Edenor: 1Q26 beat; upside catalyst becomes more challenging

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Edenor

1Q26 beat; upside catalyst becomes more

challenging

Maintain Rating: BUY | PO: 40.00 USD | Price: 23.37 USD

Adj. EBITDA at US$116mn, above BofAe 10 May 2026

Edenor (EDN) posted good 1Q26 results and above our expectations: adjusted EBITDA of Equity

US$116mn (+32% YoY) beat our US$76mn estimates. The beat was mainly driven by 1)

Gustavo Faria >>

higher-than-expected power distribution margin (+12% vs. BofAe) on higher realized Research Analyst

tariffs on likely better customer mix, despite 2% YoY drop in volumes, and 2) lower Merrill Lynch (Brazil) +55 11 2188 4295

manageable expenses (-10% vs. BofAe), mainly related to a decrease in third-party gustavo.faria@bofa.com

services expenses. EDN’s reported EBITDA of US$138mn (vs. US$116mn adjusted Andre Silveira >>

EBITDA) was boosted by +US$22mn in other income, primarily reflecting the recognition Research Analyst Merrill Lynch (Brazil)

of receivables tied to energy purchased in low‑income neighborhoods during 2024/25. +55 11 2188 4476

On the operational side, EDN’s blackout duration parameter (“SAIDI”) improved to 6.1 andre.silveira@bofa.com

hours (from 6.8 hours in 4Q25), the lowest since 2017 and below regulator’s

requirement. EDN reported total energy losses of 15.3% LTM, down 40bps QoQ and

10bps YoY, and delinquency numbers came good and in line (0.5% of revenues, a 50bps Stock Data

reduction YoY). Into the bottom-line, EDN reported a US$51mn negative financial result

Price (ADR / Common) 23.37 USD / 1,754.00 ARS

and US$80mn “non-cash” FX accounting adjustment (“RECPAM”) leading to a US$85mn

Price Objective 40.00 USD / 2,900.00 ARS

net income (vs US$16mn BofAe).

Date Established 17-Nov-2025 / 17-Nov-