Empresa Distribuidora y Comercializadora Norte SA Q1 FY2022 earnings call

• Edenor guarantees electric distribution services to 3.2 million customers, serving approximately 11 million people.
• Improved SAIDI and SAIFI indicators by 13% and 11% respectively compared to Q1 2021.
• Revenues down 7% mainly due to inflation differences and frozen tariff.
• Announced exchange offer with 73.25% acceptance.
• Public hearings held on energy prices, subsidies, VAT, and debt restructuring.
• Standard and Poor's changed to positive outlook, Fitch included with negative outlook.
• Energy losses decreased by 13.8% in Q1 2022, though costs associated with losses increased 34%.
• 7,928 inspections conducted and 6,445 integrated energy meters installed.

Edenor's revenue from sales was 7% lower than the first quarter of 2021 in real terms. The gross margin corresponding to the first quarter of 2022 was ARS$12,452 million, a fall of 3% compared to the same period of the previous year. EBITDA decreased by ARS$110 million, with a positive result of ARS$1.329 million in Q1 2022 compared to ARS$1.439 million in the same period of 2021. The volume of energy sales increased by 5%, reaching 5,470 GS. The customer base rose by 2.3% to over 3.2 million customers. Capital expenditures in Q1 2022 totaled ARS$2,684 million, down from ARS$3,920 million in Q1 2021.

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