Edenor (EDN)

Price$24.60Cached quoteAs of 2026-09-06 04:34 UTC

AI: Fair-priced

Price checkLow stand-alone multiples are offset by weak cash conversion and a large pending acquisition.

The U.S. listing represents 20 local shares, with about 43.8 million depositary shares outstanding, implying equity value near $1.07 billion. Adding June net debt of about $303 million gives enterprise value—the value of shares plus net debt—near $1.37 billion. Simply doubling first-half EBITDA—earnings before interest, tax and non-cash asset wear—produces a multiple of about 3.5 times; the shares also trade near 0.6 times book value. Those discounts are balanced by thin free cash and the pending $780 million purchase, supporting a Fair-priced verdict.

Big pictureTariff repair restored profit, but investment needs still consumed nearly all operating cash.

High inflation makes yearly peso comparisons unreliable, but direction improved: 2025 operating income was ARS 149.6 billion versus ARS 42.1 billion in 2024, and first-half 2026 net income reached ARS 157.1 billion. Yet operating cash of ARS 157.0 billion minus ARS 141.6 billion of capital spending left only ARS 15.3 billion. Free cash flow means cash left after running and investing in the network; it equaled barely 10% of profit. Capital spending also exceeded operating cash throughout 2023–2025, so accounting earnings have not become durable surplus cash.

Business strengthIndexed tariffs and better service support earnings, while theft and collections remain stubborn weaknesses.

The 2025–2030 plan adjusts Edenor’s distribution charge monthly using 33% consumer inflation and 67% wholesale inflation, plus 0.42% above inflation. In first-half 2026, revenue rose 5%, underlying EBITDA rose 94% after removing a prior settlement gain, and operating costs fell 8%. Energy sales rose only 0.1% despite 3.41 million customers and colder second-quarter weather, showing little volume-led growth. Annual outage time improved to 5.6 hours from 10.7 in 2021. Still, energy losses reached 15.8%, collections slipped to 96.27%, and current assets exceeded current liabilities by ARS 671 billion.

What could change the storyThe gas purchase can create scale, but only if its license and cash returns justify new debt.

After June, Edenor issued $213.5 million at 7.5% and another $200 million at 9.5%, both in dollars. The accepted $780 million MetroGAS bid equals nearly three-quarters of Edenor’s equity value and still needs approval. The bull case requires a 20-year license extension and inflation-linked gas tariffs so acquired cash covers interest and investment. The bear case is delay, weak rate updates, or funding an offer to remaining holders, pushing debt toward a 3.75 covenant threshold that can restrict dividends. Shares have stayed at 875.7 million since 2024, making debt-funded allocation, not dilution, the concern.

AI: News

MetroGAS deal agreedEdenor agreed a transformative gas-distribution purchase, adding scale but sharply increasing financial risk.

On August 10, YPF accepted Edenor’s $780 million offer for 70% of MetroGAS and 5% of MetroENERGÍA, subject to approvals. MetroGAS serves 2.5 million users and about 28% of Argentina’s gas-distribution market, so the deal would transform Edenor’s scale. The price equals roughly 73% of Edenor’s current equity value. The shares fell 4.1% in the next session, but results and financing were disclosed together, so attributing that move solely to the acquisition would be unsafe.

Tariffs restore operationsInflation-linked tariffs lifted underlying profit even as reported profit fell against a one-time benefit.

Results released August 10 showed first-half revenue of ARS 1.823 trillion, up 5%. EBITDA was ARS 313.7 billion versus ARS 386.5 billion, but the earlier period contained a one-time ARS 224.7 billion debt-settlement gain. Excluding that benefit, underlying EBITDA rose 94%, while operating costs fell 8%. Net income nevertheless declined to ARS 157.1 billion from ARS 175.0 billion. The figures show tariff repair reaching operations, although profit and cash remain distorted by inflation accounting and settlements.

License decision pendingA delayed license extension leaves the acquisition’s closing and long-term value unresolved.

On September 11, MetroGAS’s license extension remained unsigned even though the regulator had recommended adding 20 years, potentially extending operations from December 2027 through 2047. A September 8 government resolution removed one procedural obstacle but explicitly recognized that approvals remained outstanding. The extension is crucial because it determines the life of the regulated cash flows Edenor proposes to buy. Approval would remove a major valuation cliff; until then, both closing timing and the economics of the $780 million bid remain uncertain.

Dollar debt expandedNew dollar bonds secure acquisition funding but increase interest and currency exposure.

On July 3, Edenor issued $213.5 million of 7.5% notes due in 2029; on August 5 it enlarged its 9.5% notes by $200 million, taking that class to $750 million. The company said proceeds could fund acquisitions, including MetroGAS, and refinance debt. Total senior notes stood at $1.415 billion on August 10. This provides acquisition liquidity but creates fixed dollar interest while Edenor’s operating revenue is mainly pesos, increasing exchange-rate and refinancing exposure.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Revenue	$2.99T	$2.04T	$1.53T	$1.40T	$688.50B	$268.39B	$184.74B	$117.12B	$60.90B	$25.83B	$3.80B
Gross profit	$680.58B	$394.60B	$60.38B	$50.82B	$88.49B	$39.74B	$34.41B	$27.56B	$14.66B	$573.3M	−$1.37B
Gross margin	22.76%	19.31%	3.95%	3.64%	12.85%	14.81%	18.63%	23.53%	24.08%	2.22%	−36.12%
Operating expenses	$530.93B	$352.52B	$321.23B	$262.73B	$115.16B	$98.27B	$24.66B	$18.08B	$11.02B	$3.36B	—
Operating income	$149.65B	$42.07B	−$260.85B	−$211.91B	−$26.67B	−$58.53B	$9.76B	$9.48B	$3.65B	−$2.79B	$2.24B
Operating margin	5.00%	2.06%	−17.09%	−15.18%	−3.87%	−21.81%	5.28%	8.09%	5.99%	−10.80%	58.96%
EBITDA	$807.60B	$196.63B	−$80.64B	−$88.53B	$28.54B	−$39.42B	$19.25B	$14.84B	$6.95B	−$641.9M	$2.52B
EBITDA margin	27.00%	9.62%	−5.28%	−6.34%	4.15%	−14.69%	10.42%	12.67%	11.41%	−2.49%	66.36%
Net income	$239.24B	$272.13B	$191.39B	−$44.01B	−$129.47B	−$52.02B	$24.92B	−$8.99B	$7.81B	$240.8M	$1.14B
Net profit margin	8.00%	13.32%	12.54%	−3.15%	−18.81%	−19.38%	13.49%	−7.68%	12.83%	0.93%	30.05%
Basic EPSper basic share	ARS 5,468.20	ARS 311.00	ARS 218.73	-ARS 50.30	-ARS 147.97	-ARS 59.45	ARS 18.88	ARS 10.11	ARS 8.70	ARS 0.27	ARS 1.27
Diluted EPSper diluted share	ARS 5,468.20	ARS 311.00	ARS 218.73	-ARS 50.30	-ARS 147.97	-ARS 20.23	ARS 18.88	ARS 10.11	ARS 8.70	ARS 0.27	ARS 1.27

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Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

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Top 2 reported holders of EDN
Holder	Shares held
Farrell Miguel Patricio	95.41K
RUIZ VICTOR AUGUSTO	36.32K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 3 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

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