Empresa Distribuidora y Comercializadora Norte Sociedad Anónima (EDN) Stock Analysis

Edenor is Argentina’s largest electricity distributor by customer count and delivered energy, operating an exclusive concession across 4,637 square kilometers of northern AMBA and serving approximately 3.41 million accounts and 9 million people. Its monopoly grid, essential-service demand, and regulated VAD provide structural defensiveness, while the 2025–2030 tariff framework introduces monthly indexation of 33% CPI and 67% IPIM. **The operating turnaround is visible in 6M 2026 results:** revenue increased to ARS 1,822,538 million, operating profit reached ARS 190,654 million versus ARS 45,649 million a year earlier, and adjusted EBITDA grew 94% to ARS 313.7 billion after excluding the prior-year ARS 224.7 billion CAMMESA gain. Real OPEX declined 8%, while SAIDI and SAIFI improved materially since 2021. At approximately $25 per ADR, equity value is about $1.09 billion and EV about $1.40 billion, with valuation near 2.36x–3.5x EV/EBITDA and 0.56x–0.68x book. Near-term catalysts are Metrogas approval, further VAD adjustments, and continued debt normalization, offset by FX and political risk.