Empresa Distribuidora y Comercializadora Norte S.A.
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Whoever buys today is betting less on kilowatt-hours than on rules: that the five-year tariff review survives untouched through 2030 and keeps the margin intact in real terms even as inflation falls, that the "Regulatory Asset" claim ends in money rather than paper, and that the peso does not make the $832 million of dollar debt heavier than the tariff formula can offset. Whoever waits checks three things in every report: how large is operating income without the inflation entry and without one-offs? Is the 15.7 percent loss rate moving toward the reimbursed 10 percent? And does a first dividend since 2001 arrive, or does the payout stay a statement of intent? Earnings that come mostly from the accounting are the reason for caution. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Edenor is the invisible-payer trap in its purest form: on the ticker a monopolist with a concession to 2087, 3.4 million customers and a price-to-earnings ratio of roughly 5.5 — in the annual report a result whose largest building block is an inflation entry of Ps. 307,317 million, topped up by a one-off debt gain of Ps. 218,114 million. The grid itself earned Ps. 143,139 million. The operating turnaround is real, network quality is the best on record and the tariff regime is predictable for the first time in years; at the same time the price remains a political variable, the debt is in dollars and the losses in the grid exceed what is reimbursed. Not investment advice.
Operating business
After years in the red the grid earns again: operating income swung from −Ps. 343,145 million (2023) through Ps. 55,346 million (2024) to Ps. 143,139 million (2025), and first-quarter 2026 EBITDA rose 127 percent to Ps. 190,579 million. Network quality, at 6.1 hours of outage (SAIDI) and 2.9 interruptions (SAIFI) per customer per year, is the best since 2017.
Quality of earnings
The 2025 result of Ps. 239,236 million rests on two items no customer paid: the inflation entry RECPAM at Ps. 307,317 million and a one-off gain from the CAMMESA debt plan at Ps. 218,114 million. In all three reported years the RECPAM line was larger than all of income before taxes — and it shrinks with inflation, which has fallen from 211.4 percent to 31.5 percent.
Reliability of the numbers
IAS 29 hyperinflation accounting makes peso series unreadable across years. For the same December 31, 2025 date the annual report shows equity of Ps. 2,222,906 million and the quarterly report Ps. 2,432,801 million; first-quarter 2026 revenue in constant pesos is Ps. 846,710 million against Ps. 846,740 million — and 33 percent higher year over year in historical pesos.
Regulation & country risk
The five-year tariff review in force since April 2025 has worked so far: automatic monthly adjustment on a price-index formula plus 0.42 percent through November 2027, with tariffs up 37 percent in 2025 against 32 percent inflation. Historically, however, tariffs were frozen from January 2002 through January 2007, the energy emergency has been extended by decree to July 9, 2026, and the "Regulatory Asset" claim is unquantified and unresolved.
Balance sheet & currency
The equity ratio stands at 38.6 percent, cash rose to Ps. 207,180 million, and the capital market is back: a $550 million note in April 2026 with an order book more than twice oversubscribed, plus rating upgrades in March and June 2026. Against that sit $832 million of financial debt while revenue arrives in pesos and, per the annual report, cannot be fully hedged.
Ownership & payout
51.0 percent sits with Edelcos and a further 26.81 percent with the state social security fund FGS ANSES — making the state grantor, tariff regulator, largest supplier and second-largest shareholder at once. The free float is 18.62 percent. The last dividend was paid on August 14, 2001, and the controlling block must be put out to international tender before the end of every management period.
Worth Noting
Edenor reached our research list through the Form 13F-HR of London-based Helikon Investments Ltd for the quarter ended March 31, 2026 (filed May 8, 2026): 1,331,614 depositary shares worth $39,975,052, the second smallest of 17 positions and down 25.5 percent over two quarters. The Schedule 13G/A of May 7, 2026 puts the holding at 6.02 percent of all 22,110,519 ADSs. A 13F shows only U.S.-listed long positions, appears 35 to 45 days late and contains no short sales or derivatives — a rear-view mirror, not a route plan.
Edenor is a foreign private issuer: there is no 10-K and no 10-Q. The evidence chain for this analysis is the annual report on Form 20-F for 2025 (filed 15.04.2026) plus the announcements on Form 6-K (first-quarter 2026 figures filed 08.05.2026, fourth-quarter and full-year 2025 figures filed 06.03.2026, rating upgrade filed 29.06.2026). Our in-house stock scanner carries eight quarters with a Piotroski F-Score of 5 of 9, an equity ratio of 0.383 and a price-to-earnings ratio of 5.55; Altman Z, NCAV and cash are deliberately absent because the balance sheet is kept in pesos while the listing trades in U.S. dollars.
Valuation figures are dated and evergreen: market capitalization and price come from the quarterly release as of May 7, 2026 (Ps. 1,603,374,329,751 or $1,070,959,478) and are not a daily price; analyses are evergreen, daily prices are not a buy argument. Because of IAS 29 hyperinflation accounting, peso series are only comparable across years to a limited extent — energy sold in GWh, customer count, the loss rate and ratios such as the equity ratio are the more reliable measures.
Stock Watch
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 15.00 $ to 35.70 $ · Last price: 23.80 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Utilities - Regulated Electric
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Empresa Distribuidora y Comercializadora Norte S.A. EDN | 1.1 | 5.0 | 2.7 | 25.2 | 16.0 | 11.3 | 44.2 |
| Nextera Energy Inc NEE | 168.9 | 20.8 | 15.8 | 61.0 | 30.2 | 11.0 | 18.9 |
| Southern Company SO | 97.9 | 22.7 | 11.8 | 48.3 | 25.8 | 10.6 | -2.2 |
| Duke Energy Corporation DUK | 92.4 | 18.6 | 10.5 | 52.0 | 25.5 | 6.2 | 1.3 |
| American Electric Power Co Inc AEP | 66.2 | 18.3 | 12.9 | 46.4 | 23.7 | 9.4 | 16.6 |
| Dominion Energy Inc D | 56.2 | 19.0 | 13.9 | 46.2 | 28.7 | 14.2 | 12.5 |
| Entergy Corporation ETR | 46.6 | 26.6 | 12.6 | 47.0 | 18.7 | 9.0 | 18.8 |
| Xcel Energy Inc XEL | 45.1 | 21.5 | 13.0 | 46.8 | 18.2 | 9.1 | 4.0 |
| Exelon Corporation EXC | 43.6 | 15.9 | 10.2 | 42.4 | 22.3 | 5.3 | 3.0 |
| Median of companies shown | 56.2 | 19.0 | 12.6 | 46.8 | 23.7 | 9.4 | 12.5 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year ARS m
Revenue Operating income Net income
| Fiscal Year | Revenue (ARS m) | EBIT (ARS m) | Net Income (ARS m) | EPS (ARS) | Operating Cash Flow (ARS m) | Equity (ARS m) | Total Assets (ARS m) |
|---|---|---|---|---|---|---|---|
| 2016 | 25,827 | -2,789 | 241 | 5.37 | 4,975 | 362 | 18,934 |
| 2017 | 60,897 | 3,645 | 7,812 | 173.94 | 11,173 | 1,061 | 25,305 |
| 2018 | 117,120 | 9,479 | 8,995 | 202.02 | 20,137 | 30,969 | 76,992 |
| 2019 | 184,739 | 9,756 | 24,923 | 568.55 | 20,866 | 59,151 | 119,473 |
| 2020 | 268,389 | -58,533 | -52,017 | -1,188.96 | 50,936 | 62,898 | 148,796 |
| 2021 | 688,502 | -21,428 | -129,475 | -2,958.34 | 129,504 | 143,550 | 463,268 |
| 2022 | 1,395,852 | -208,819 | -44,014 | -1,005.50 | 240,241 | 1,043,175 | 3,255,963 |
| 2023 | 2,008,401 | -341,258 | 251,768 | 5,750.73 | 204,744 | 1,232,604 | 3,285,627 |
| 2024 | 2,687,708 | 59,811 | 357,981 | 8,176.05 | 323,500 | 1,982,526 | 5,235,080 |
| 2025 | 2,990,891 | 149,645 | 239,236 | 5,463.99 | 192,036 | 2,222,060 | 5,795,339 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales (ARS m) | Sales YoY (%) | Net Margin (%) | OCF (ARS m) | FCF (ARS m) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | 1.15 | 343.20 | 608,876 | 78.30 | 11.10 | 44,271 | -39,364 |
| 2024: Q3 | 2.93 | -41.00 | 732,638 | 71.40 | 20.80 | 60,176 | -46,302 |
| 2024: Q4 | 0.80 | 447.80 | 630,489 | 95.60 | 5.90 | 113,461 | -13,688 |
| 2025: Q1 | 41.04 | 3,009.10 | 638,535 | 48.30 | 5.60 | 63 | 2 |
| 2025: Q2 | 106.21 | 9,135.70 | 622,989 | 2.30 | 14.90 | 10 | -61 |
| 2025: Q3 | 0.70 | -76.20 | 740,837 | 1.10 | 5.50 | 8 | -75 |
| 2025: Q4 | 0.95 | 18.70 | 872,554 | 38.40 | 6.90 | 1,623 | -122,800 |
| 2026: Q1 | 1.90 | -95.40 | 846,710 | 32.60 | 13.90 | 60,833 | 12,248 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 3 of our scanner strategies — each hit links to the scanner.
Momentum & Trend
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate (ARS) | EPS Range (ARS) | Revenue Estimate (ARS m) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 0.17 | 0.11 – 0.23 | 3,622,874 | -82.5% | 2 |
| 12/31/2027 | 1.36 | 0.05 – 2.67 | 4,444,759 | 698.5% | 2 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
AI classification
AI Rating
Geprüft am 24.07.2026 gegen den Jahresbericht 20-F für 2025 (eingereicht 15.04.2026), den Jahresbericht 20-F für 2024 (eingereicht 22.04.2025) sowie die Quartalsmitteilungen als 6-K vom 08.05.2026 (Q1 2026), 06.03.2026 (Q4 und Gesamtjahr 2025) und 29.06.2026 (Rating): Empresa Distribuidora y Comercializadora Norte S.A. (Edenor) belegt in den Filings einen konkreten, wiederkehrenden operativen KI-Einsatz — analytische und KI-Werkzeuge steuern die Inspektionsrouten im Kampf gegen Stromdiebstahl und nicht-technische Netzverluste. Der Jahresbericht 2025 nennt das im Kapitel zu den Netzverlusten ausdrücklich, die Quartalsmitteilungen zu Q4 2025 und Q1 2026 wiederholen es wörtlich und beziffern die Wirkung: 56.135 Inspektionen im ersten Quartal 2026 mit einer Trefferquote von 48,2 Prozent gegenüber 99.059 Inspektionen bei 46,0 Prozent im Vorjahresquartal, also deutlich weniger Einsätze bei höherer Treffsicherheit. Der Jahresbericht 2024 beschreibt den Einsatz noch breiter: Ausbau klassischer und generativer KI in der Advanced-Analytics-Einheit, KI-gestützte Vorhersage von Anschlussstörungen bei fernbedienten Betriebsmitteln und automatisierte Auswertung von Kundenzufriedenheitsbefragungen; die Informationssicherheit arbeitet zudem mit einem SIEM-System auf Basis maschinellen Lernens. Eine KI-Umsatzquelle gibt es nicht: Die am 23.07.2024 gegründete Tochter Edenor Tech S.A.U. führt „artificial intelligence, data science, data storage and IT solutions“ zwar im Unternehmensgegenstand, hatte laut Jahresbericht zum 31.12.2025 den Geschäftsbetrieb aber noch nicht aufgenommen; auch der erweiterte Unternehmensgegenstand der Muttergesellschaft erlaubt Beteiligungen im Bereich Digitalisierung und Künstlicher Intelligenz, ohne dass daraus Erlöse ausgewiesen werden. Damit greift „verkauft“ nicht. Ein geschäftsmodellspezifischer Bedroht-Beleg fehlt ebenfalls: Die Risikofaktoren des 20-F nennen KI an keiner Stelle als Gefahr für das Verteilnetzgeschäft. Nach der Vorrangregel bleibt „nutzt“.
View the full file — quotes, sources, reviewed filings
„Additionally, the development of analytical and artificial intelligence tools was further advanced to improve effectiveness in the routing of inspections and thereby combat energy theft."
Darüber hinaus wurde die Entwicklung analytischer Werkzeuge und solcher der Künstlichen Intelligenz weiter vorangetrieben, um die Wirksamkeit bei der Routenplanung der Inspektionen zu verbessern und damit den Stromdiebstahl zu bekämpfen.
20-F · 2026-04-15 · View SEC filing
„In Advanced Analytics, we expanded the use of artificial intelligence, incorporating both traditional AI (which solve problem using known data) and generative AI (which crates new content based on past examples). This year, we began leveraging AI to predict potential connection failures in remote operation equipment and to analyze feedback from final customers on customer service satisfaction surveys."
Im Bereich Advanced Analytics haben wir den Einsatz Künstlicher Intelligenz ausgeweitet und dabei sowohl klassische KI (die Probleme anhand bekannter Daten löst) als auch generative KI (die auf Basis früherer Beispiele neue Inhalte erzeugt) einbezogen. In diesem Jahr haben wir begonnen, KI zu nutzen, um mögliche Anschlussstörungen an fernbedienten Betriebsmitteln vorherzusagen und Rückmeldungen von Endkunden aus Zufriedenheitsbefragungen auszuwerten.
20-F · 2025-04-22 · View SEC filing
„We continue to leverage the potential of analytical and artificial intelligence tools, strategically optimizing inspection routes and raising their efficacy."
Wir nutzen weiterhin das Potenzial analytischer Werkzeuge und solcher der Künstlichen Intelligenz und optimieren damit gezielt die Inspektionsrouten und deren Wirksamkeit.
6-K · 2026-03-06 · View SEC filing
„The corporate purpose of Edenor Tech S.A.U. is to engage in the sale, storage, import and export of renewable and conventional energy, as well as critical minerals such as copper, lithium and gold. As for services, it offers technical consultancy, software development and provision, artificial intelligence, data science, data storage and IT solutions, in addition to training on technology-related matters."
Unternehmensgegenstand der Edenor Tech S.A.U. sind Verkauf, Speicherung, Import und Export erneuerbarer und konventioneller Energie sowie kritischer Mineralien wie Kupfer, Lithium und Gold. Im Dienstleistungsbereich bietet sie technische Beratung, Softwareentwicklung und -bereitstellung, Künstliche Intelligenz, Datenwissenschaft, Datenspeicherung und IT-Lösungen an, dazu Schulungen zu technologiebezogenen Themen.
20-F · 2026-04-15 · View SEC filing
Filings Reviewed: 20-F 2026-04-15 · 6-K 2026-05-08 · 6-K 2026-03-06 · 6-K 2026-06-29 · 20-F 2025-04-22
Rated on July 24, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 28.9%
- More than 10% revenue growth is expected for the coming year 12.0%
- Share count grows by less than 3% a year 0.0%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 5.4%
- Gross margin at 40% or higher and without meaningful erosion 22.8%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 0.5 x EBITDA
- Operating cash flow covers the profits of the last three years -128,705 m
- Return on capital at 15% or higher, or up versus two years ago 3.5%
- Insiders hold at least 10% or are net buyers 0.0%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
3/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 69.6%
- Exp. sales growth 3Y > 5% 21.9%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% -98.4%
- Net debt < 4x EBIT 2.5x
- EBIT positive, 10Y straight 5
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% 10.8%
- ROCE > 15% 3.4%
- Expected return > 10% -98.6%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
Empresa Distribuidora y Comercializadora Norte Sociedad Anónima engages in the distribution and sale of electricity in Argentina. The company operates an electrical power distribution system that consists of 85 transformation substations and interconnections with high voltage customers with 20,295 MVA of installed power and 1,594 km of high voltage networks; and MV/LV and MV/MV distribution system comprises 19,845 transformers with 10,137 MVA of installed power, 12,732 km of medium voltage networks, and 28,590 km of low voltage networks. It serves approximately 3.39 million customers. The company was formerly known as Empresa Distribuidora Norte Sociedad Anónima and changed its name to Empresa Distribuidora y Comercializadora Norte Sociedad Anónima in January 1997. The company was founded in 1992 and is based in Buenos Aires, Argentina. Empresa Distribuidora y Comercializadora Norte Sociedad Anónima operates as a subsidiary of Empresa de Energía del Cono Sur S.A.
- Employees
- 4,576
- Headquarters
- Buenos Aires, Argentina
- Address
- Av. Del Libertador 6363, C1428ARG Buenos Aires, Argentina
- Phone
- 54 11 4346 5511
- Website
- edenor.com
- IPO Date
- 04/26/2007
- ISIN
- US29244A1025
Management
| Name | Title | Birth Year |
|---|---|---|
| Daniel Marx | Chairman & CEO | 1963 |
| German Ranftl Moreno | CFO & Director of Finance and Control | 1966 |
| Pablo Perez | Director of Operations & Customer Services | – |
| Miguel Farrell | Technical Director | – |
| Lucila Ramallo | Deputy Investor Relations Manager | – |
| Maria Jose Van Morlegan | Chief Legal Officer | – |
| Silvana Esther Coria | Regular Head of Market Relations | – |
| Lucca Garcia Plügel | Senior Investor Relations Analyst | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.