Core Viewpoint - Momentum investing focuses on "buying high and selling higher," contrasting with traditional strategies of "buying low and selling high" [1] Group 1: Momentum Investing Strategy - Momentum investing can be risky as stocks may lose momentum when their valuations exceed future growth potential [1] - Identifying the right entry point for momentum stocks is challenging, leading to potential losses if the stock price does not continue to rise [1] Group 2: Empresa (EDN) Stock Analysis - EDN has shown a price increase of 3.4% over the past four weeks, indicating growing investor interest [2] - Over the past 12 weeks, EDN's stock price has surged by 45.8%, demonstrating strong momentum [3] - EDN has a beta of 1.39, suggesting it moves 39% more than the market in either direction, indicating high volatility [3] - The stock has a Momentum Score of B, suggesting it is a favorable time to invest [3] Group 3: Earnings Estimates and Valuation - EDN has a Zacks Rank 2 (Buy) due to upward revisions in earnings estimates, which attract more investors [4] - The stock is currently trading at a Price-to-Sales ratio of 0.53, indicating it is undervalued as investors pay only 53 cents for each dollar of sales [4] - This favorable valuation suggests that EDN has significant potential for price appreciation [4] Group 4: Additional Investment Opportunities - Besides EDN, there are other stocks that meet the criteria of the 'Fast-Paced Momentum at a Bargain' screen, providing additional investment options [5] - Zacks offers over 45 Premium Screens to help investors identify potential winning stocks based on various strategies [5]

Group 1: Momentum Investing Overview - Momentum investing contrasts with the traditional "buy low and sell high" strategy, focusing instead on "buying high and selling higher" to capitalize on fast-moving stocks [1] - Identifying the right entry point for momentum stocks is challenging, as they may lose momentum if their valuations exceed future growth potential [1] Group 2: Investment Strategy - A safer approach involves investing in bargain stocks that exhibit recent price momentum, utilizing tools like the Zacks Momentum Style Score to identify such opportunities [2] - The 'Fast-Paced Momentum at a Bargain' screen helps in spotting fast-moving stocks that remain attractively priced [2] Group 3: Empresa (EDN) Stock Analysis - Empresa (EDN) has shown a price increase of 17.9% over the past four weeks, indicating growing investor interest [3] - Over the past 12 weeks, EDN's stock gained 38%, demonstrating its ability to deliver positive returns over a longer timeframe [4] - EDN has a beta of 1.39, suggesting it moves 39% higher than the market in either direction, indicating fast-paced momentum [4] Group 4: Performance Metrics - EDN has a Momentum Score of A, suggesting it is an opportune time to invest in the stock for maximum success probability [5] - The stock has a Zacks Rank 2 (Buy) due to upward trends in earnings estimate revisions, which attract more investor interest [6] - EDN is trading at a Price-to-Sales ratio of 0.49, indicating it is relatively cheap, as investors pay only 49 cents for each dollar of sales [6] Group 5: Additional Opportunities - Besides EDN, there are several other stocks that meet the criteria of the 'Fast-Paced Momentum at a Bargain' screen, presenting further investment opportunities [7] - Investors can explore over 45 Zacks Premium Screens tailored to different investing styles to identify potential winning stocks [8]

Core Viewpoint - Momentum investing focuses on "buying high and selling higher" rather than traditional "buying low and selling high" strategies, aiming for quicker profits [1] Group 1: Momentum Investing Characteristics - Momentum investing can be risky as stocks may lose momentum if their valuations exceed future growth potential, leading to potential losses for investors [2] - A safer approach involves investing in bargain stocks that exhibit recent price momentum, utilizing tools like the Zacks Momentum Style Score to identify such opportunities [3] Group 2: Company Analysis - Empresa (EDN) - Empresa (EDN) has shown significant recent price momentum with a four-week price change of 42.1%, indicating growing investor interest [4] - Over the past 12 weeks, EDN's stock has gained 55.6%, with a beta of 1.39, suggesting it moves 39% more than the market [5] - EDN has a Momentum Score of A, indicating a favorable time to invest based on its strong momentum [6] Group 3: Earnings and Valuation - EDN has received a Zacks Rank 2 (Buy) due to upward revisions in earnings estimates, which typically attract more investor interest [7] - The stock is currently trading at a Price-to-Sales ratio of 0.54, suggesting it is undervalued as investors pay only 54 cents for each dollar of sales [7] Group 4: Additional Opportunities - Besides EDN, there are other stocks that meet the criteria of the 'Fast-Paced Momentum at a Bargain' screen, presenting further investment opportunities [8] - The Zacks Premium Screens offer over 45 strategies tailored to help investors find winning stock picks [9]

Company Performance - Empresa (EDN) has shown a year-to-date performance increase of approximately 20.2%, outperforming the Utilities sector average return of 14.9% [4] - The Zacks Consensus Estimate for EDN's full-year earnings has increased by 60.6% over the past quarter, indicating improved analyst sentiment and a more positive earnings outlook [3] - Empresa holds a Zacks Rank of 2 (Buy), suggesting it is positioned favorably in the market [3] Industry Context - Empresa is part of the Utility - Electric Power industry, which consists of 59 companies and currently ranks 48 in the Zacks Industry Rank [6] - Stocks within the Utility - Electric Power industry have gained about 18.7% year-to-date, indicating that Empresa is performing better than its peers in this specific industry [6] - Pampa Energia (PAM), another stock in the Utilities sector, has also outperformed the sector with a year-to-date return of 19.1% and holds a Zacks Rank of 1 (Strong Buy) [4][5]

Financial Data and Key Metrics Changes - The company reported an EBITDA of ARS 77.4 billion for Q2 2024, a significant increase from a loss of ARS 27.3 billion in the same quarter last year, driven by a 319.2% tariff increase implemented in February 2024 [6][11] - Sales rose by 28% year-on-year in constant currency pesos to ARS 436.721 million in Q2 2024, primarily due to the tariff adjustment and a 1.9% increase in residential customer consumption [9][10] - Net income for Q2 2024 was ARS 47.3 billion, compared to a loss of ARS 17.9 billion in the previous year, reflecting improved operating results [11] Business Line Data and Key Metrics Changes - The distribution margin for the first half of 2024 increased by 76% to ARS 354 million, with a notable rise of 94% in Q2 2024 compared to the same quarter last year [10] - Energy losses decreased to 14.1% from 15.3% year-on-year, indicating effective measures to reduce inefficiencies [13] Market Data and Key Metrics Changes - The customer base reached 3.3 million, a 1% increase from Q2 2023, attributed to the installation of smart meters and conversion of clandestine connections [10] - The company has been paying its energy purchase costs to CAMMESA on schedule since April, which is crucial for maintaining operational stability [8] Company Strategy and Development Direction - The company is focused on developing a sustainable business model and positioning itself as a leader in the energy sector through technology and innovation [4] - A five-year tariff review process is underway, expected to enhance financial performance and growth opportunities, with completion anticipated by year-end 2024 [5][6] - The company aims to adapt its distribution business to the energy transition and explore investments in renewables, conventional generation, and critical minerals [5][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing the positive impact of tariff adjustments and improved financial metrics as indicators of potential growth [11][16] - The company is working closely with regulatory entities to finalize tariff increases, aiming for a stable and predictable financial plan moving forward [17] Other Important Information - The Argentine Congress approved a law known as "Ley Bases," which is expected to provide significant investment opportunities in the energy and infrastructure sectors [9] - The company issued $100 million in Class 5 and Class 6 notes at attractive rates, following a previous issuance of $124 million, improving its debt profile [6][14] Q&A Session Summary Question: What are the proceeds of the $100 million debt issuance intended for? - The proceeds are primarily allocated for infrastructure improvements [17] Question: What is the EBITDA estimate for 2024? - The CFO indicated that the full EBITDA for 2024 would be somewhat less due to a weaker quarter earlier in the year, with estimates from rating agencies aligning with the company's numbers [18] Question: Will there be an increase in the value-added distribution? - An increase of 3% in value-added distribution was confirmed, effective August 1 [19]

EARNING RELEASE Second Quarter 2024 August, 2024 edenor EARNINGS RELEASE SECOND QUARTER 2024 Buenos Aires, Argentina, August 6, 2024 - Empresa Distribuidora y Comercializadora Norte S.A. (NYSE / BYMA: EDN) ("edenor" or "the Company") Argentina's largest electricity distributor both in terms of number of customers and energy sales, announces its results for the second quarter of 2024. All figures are stated in Argentine Pesos on a constant currency basis, and the information has been prepared in accordance w ...

Core Points - The Board of Directors of Empresa Distribuidora y Comercializadora Norte S.A. accepted the resignation of Mr. Neil Bleasdale as Chairman and CEO, effective August 31, 2024 [1][2] - Mr. Daniel Marx has been appointed as the new Chairman and CEO of EDENOR [1] Company Changes - The resignation of Mr. Neil Bleasdale was due to personal matters, but he will remain a regular Director [1] - The company has undergone a reorganization of its Board of Directors following this leadership change [1]

Financial Data and Key Metrics Changes - Revenues increased by 2% in real terms to ARS 276 million in Q1 2024 compared to ARS 270.8 million in the prior year, driven by tariff increases effective from February 16, 2024 [11][5] - Distribution margin rose by 54% year-over-year to ARS 115.7 million, benefiting from tariff increases and lower volumes [13] - EBITDA improved significantly to ARS 4.4 million from a loss of ARS 20.1 million in the same period last year, primarily due to tariff adjustments and reduced energy losses [13] - Net income turned positive at ARS 50.9 million in Q1 2024, compared to a loss of ARS 38.6 million in the previous year [14] Business Line Data and Key Metrics Changes - Energy sales declined by 7.8% year-over-year to 5,981 GWh, mainly due to a significant drop in residential demand following unusually high temperatures in Q1 2023 [12] - The customer base increased by 1% to 3.3 million, attributed to market discipline measures [12] Market Data and Key Metrics Changes - The company’s debt profile improved significantly after issuing $124 million in Class 3 and Class 4 notes, enhancing the average maturity of its debt [19] - Rating agencies Standard & Poor's, FixSCR, and Moody's upgraded their ratings and outlooks for the company, reflecting improved risk profiles [20] Company Strategy and Development Direction - The company is transitioning from a leading electricity distribution company to a broader energy company, focusing on energy generation and critical minerals [10] - The change in corporate purpose allows the company to invest in new business areas linked to energy transition, including digitalization and artificial intelligence [10] - The integral tariff review process is expected to be completed by the end of 2024, which is anticipated to further stabilize the company's financial position [21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting that recent regulatory changes have restored economic equilibrium and eliminated concerns about the company's ability to continue as a going concern [21] - The company is well-prepared to manage delinquency levels despite tariff increases, indicating confidence in its operational strategies [28] Other Important Information - The company invested ARS 49.1 million in Q1 2024, a 27% increase from the previous year, reflecting a strong commitment to improving service quality [14] - Energy losses were reduced to 14.4% in Q1 2024 from 15.9% in the same period last year, showcasing ongoing efforts to combat inefficiencies [16] Q&A Session Summary Question: Will the documents of the full term be available to investors? - Only the final documents will be available for investors, not the interim documents [24] Question: Can you provide additional details on regulatory work and utility rates? - Further information on regulatory work is currently under negotiation with the regulatory entity [27] Question: Are there concerns about energy losses and delinquency after tariff increases? - Management does not foresee significant increases in delinquency levels and is prepared to manage them effectively [28] Question: Will the company be making specific investments following the changes in By-laws? - No specific projects have been planned yet, but future investments will align with the company's transition goals [29] Question: Will there be monthly tariff updates starting in May? - Calculations for new tariffs have been sent to the regulatory entity, with discussions ongoing about potential postponements [30] Question: Is the company planning to go to the market in the near future? - The company is prepared to take advantage of market opportunities as they arise [33] Question: Will the tariff formula be publicly published? - Yes, the formula has already been published along with the tariff increase [34]

BUENOS AIRES, Argentina, April 24, 2024 /PRNewswire/ -- Empresa Distribuidora y Comercializadora norte S.A. ("edenor" or the "Company"; BYMA/NYSE: EDN), the largest electricity distribution company in Argentina, announces that on April 24th, 2024, it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2023 (the '2023 Annual Report') before the U.S. Securities and Exchange Commission (the 'SEC'). The 2023 Annual Report can be accessed by visiting either the SEC's website at www.se ...

Economic Conditions - The Argentine Peso depreciated by 356.3% against the U.S. dollar in 2023, compared to 72.5% in 2022[29]. - The average exchange rate for the year ended December 31, 2023, was Ps. 280.92 per U.S. dollar[32]. - Argentina's real GDP decreased by 1.4% for the year ended December 31, 2023, compared to the same period in 2022[59]. - Inflation in Argentina remains high at 11% as of March 2024, which may continue to affect economic conditions[59]. - The Argentine economy remains vulnerable to external shocks, particularly from major trading partners like Brazil, which could affect exports and competitiveness[98]. - The U.S. economy's highest inflation rates in decades may adversely affect developing countries like Argentina, creating uncertainty in international markets[99]. - Argentina's economy is significantly dependent on commodity exports, particularly soy, making it vulnerable to fluctuations in international prices[121]. - A sustained decrease in international commodity prices could adversely affect the Argentine government's revenues and its ability to meet public debt obligations[122]. Inflation and Currency Risks - The company faces risks related to high inflation, which could adversely affect its results of operations[34]. - The Argentine economy is characterized by significant volatility, including high inflation and currency depreciation, impacting business operations[54]. - Fluctuations in the peso against the U.S. dollar may adversely impact the company's financial condition and results of operations[90]. - The Argentine peso is classified as a currency of a hyperinflationary economy, requiring the company to restate historical financial statements according to IFRS[70]. - The average interest rate on Argentina's foreign currency external bonds was reduced to 3.07% from 7.0% following a restructuring agreement in 2020[76]. Regulatory and Governmental Risks - The company is subject to regulatory changes that may affect its tariff structure and revenue generation[37]. - The Argentine Government's intervention in the electricity sector poses ongoing risks to the company's operations[34]. - The Argentine Government's policies may significantly influence the economy and the operations of the energy distribution industry[62]. - The Argentine government has announced plans to reduce public spending, including energy and transportation subsidies[95]. - The Secretariat of Energy is empowered to redefine subsidy structures to ensure access to essential electricity and natural gas services for end users[134]. - The Argentine Government has the right to foreclose on its pledge over Class A common shares if fines and penalties exceed 20% of gross energy sales[186]. Operational Challenges - Energy shortages could disrupt the company's ability to deliver electricity, leading to customer claims and penalties[37]. - The company has been impacted by high rates of inflation, which affect its operational costs[34]. - The company faces uncertainty regarding future tariff adjustments and the potential impact of government measures on its operations and financial results[143]. - The company has experienced power shortages due to increased demand outpacing distribution capacity, leading to potential customer complaints and fines[150]. - The company implemented an emergency plan in March 2023 due to a heat wave that caused a 40% increase in national energy demand and a significant loss of generation capacity[158]. Financial Position and Debt - As of December 31, 2023, accrued fines and penalties totaled Ps. 62,880 million, significantly increasing from Ps. 23,032 million in 2022 and Ps. 25,183 million in 2021[180]. - The company has accumulated a past due principal balance with CAMMESA of Ps. 197,731 million, compared to Ps. 56,479 million in 2022[208]. - The company recognized an accumulated debt of Ps. 57,159 million as of August 31, 2022, which was reduced to Ps. 32,985 million under the 2022 Agreement, to be paid in 96 installments[205]. - The company has outstanding financial debt totaling U.S.$ 27.2 million, U.S.$ 55.2 million, and U.S.$ 95.7 million in Senior Notes, all accruing interest at a fixed nominal annual rate of 9.75%[210]. - The company may face liquidity shortfalls if it cannot recover amounts related to discounts and bonuses under the Social Rate regime, which could adversely affect its business[209]. Legal and Compliance Risks - The company faces risks related to legal proceedings that could adversely affect its financial position and results of operations[42]. - The company is involved in various legal proceedings that could have a material adverse effect on its financial position and results of operations[197]. - The company has internal processes and an Ethics and Compliance Code to mitigate risks related to anti-corruption and anti-bribery laws, but there is no guarantee these measures will be effective[196]. Labor and Employment - The company employs 4,635 employees, with 79% being union members, which poses a risk of organized labor actions affecting operations[193]. - The company has approximately 6,647 third-party employees related to outsourcing contracts, which could lead to material labor liabilities[194]. Environmental Risks - The company is subject to environmental risks that could lead to additional costs affecting financial condition and results of operations[168]. - Changes in weather conditions, including severe weather events, have impacted service continuity and could lead to increased operating costs[171]. - The Argentine Government's implementation of new environmental laws may require the company to incur higher compliance costs[169].