EDENOR 2Q26: Core EBITDA Jumps 53%, Debt Refinancing Advances, Metrogas Bid in Focus
EDN sits 68% above its 52-week low of $14.38.
Summary
EDENOR reported 2Q26 EBITDA up 53% ex-CAMMESA, driven by tariff increases outpacing inflation and cost controls. The company completed a USD 213M note issuance and a Class 10 reopening, raising total senior notes to USD 1.415B, with proceeds targeted at the Metrogas acquisition and debt refinancing.
Key Events · Earnings and Guidance · EDN
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Core EBITDA Surges 53%
2Q26 EBITDA reached ARS 110.3B, up 53% year-over-year excluding a one-off ARS 224.7B CAMMESA settlement gain in 2Q25. The improvement reflects VAD increases of 20% vs. 17% inflation and cost optimization.
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Debt Refinancing Completed
EDENOR issued USD 213M in Class 11 notes at 7.5% due 2029 and reopened Class 10 notes to a total of USD 750M at 9.5% due 2031-2033. Pro forma senior notes stand at USD 1.415B as of August 10, 2026.
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Metrogas Acquisition Funding
Proceeds from the recent note issuances are earmarked for potential acquisitions, including the binding offer for 70% of Metrogas submitted jointly with Andina PLC on July 23, 2026.
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Operating Metrics at Multi-Year Lows
SAIDI improved to 5.6 hours/year (-48% vs. 2021) and SAIFI to 2.7 outages/year (-34% vs. 2021), both below regulatory requirements. Energy losses remained elevated at 15.8% LTM.
Analysis · EDN · Energy & Transportation
Tariff normalization is strengthening EDENOR's core business, with second-quarter EBITDA surging 53% year-over-year when stripping out a one-off CAMMESA settlement gain. Operating metrics such as SAIDI and SAIFI hit multi-year lows, underscoring the operational turnaround. The quarter also featured a major debt refinancing: a new USD 213M Class 11 note at 7.5% and a Class 10 reopening brought total senior notes to USD 1.415B, with proceeds earmarked for the Metrogas acquisition and liability management. The earnings release confirms the binding offer for 70% of Metrogas, a transformative deal that would diversify the company into gas distribution. Against a backdrop of three credit rating upgrades in the past three months, EDENOR is executing on both operational turnaround and strategic expansion.
At the time of this filing, EDN was trading at $24.10 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $1.2B. The 52-week trading range was $14.38 to $36.70. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.