Lima, Peru – September 1, 2026 – Moody’s Local Perú, a leading credit rating agency, has once again bestowed its highest commendation upon Electro Dunas S.A.A., reaffirming its "AAA.pe" credit rating for both the company as an issuer and for its First Issuance of Corporate Bonds under its inaugural Debt Instruments Program. The outlook for the energy distribution company remains stable, a testament to its robust operational framework and strategic financial planning. This significant endorsement, detailed in Moody’s latest report released today, underscores Electro Dunas’ consistent ability to generate strong cash flows and its integral role in powering the vital economic hubs of southern Peru.
The "AAA.pe" rating signifies the highest level of creditworthiness within the Peruvian market, indicating an exceptionally low risk of default. For Electro Dunas, this prestigious rating is underpinned by a confluence of factors, chief among them being its exclusive, perpetual concession for the distribution and commercialization of electricity across the Ica Region, with significant reach into adjacent areas of Ayacucho and Huancavelica. This de facto monopoly grants Electro Dunas a stable and predictable operating environment, shielded from direct competition within its extensive service territory.
Moody’s report highlights the favorable regulatory landscape governing the electricity sector in Peru. The established tariff regulation scheme, which incorporates periodic adjustments, provides Electro Dunas with a crucial layer of revenue stability and income predictability. This regulatory certainty, coupled with the dynamic economic recovery observed in the Ica Region, has fueled consistent growth in the company’s customer base, which saw a notable increase of 2.35% as of June 2026. This expansion in clientele, alongside a corresponding rise in energy demand, has enabled Electro Dunas to maintain profitability indicators that consistently outperform its industry peers.
Furthermore, the report acknowledges the substantial corporate backing provided by Electro Dunas’ controlling shareholder, Grupo Energía Bogotá (GEB). GEB, itself holding a "Baa3" rating with a Stable outlook from Moody’s Ratings, implements conservative financial and technical guidelines across its subsidiaries. This strategic alignment ensures that Electro Dunas benefits from robust governance and access to expertise, reinforcing its operational and financial resilience.
In terms of operational development, Electro Dunas has continued its commitment to capital expenditures, investing S/ 47.7 million in fixed assets during the first semester of 2026. These investments are strategically channeled towards the expansion, construction, enhancement, and maintenance of its distribution networks, substations, and public lighting infrastructure. Such ongoing investment is critical for ensuring the reliability and efficiency of its services, meeting the growing demand, and upholding the high service standards expected by its customers.
Key Financial Performance Metrics and Outlook
Despite a generally positive operational environment, Electro Dunas experienced some financial adjustments in the first half of 2026. The company reported stable revenues of S/ 297.3 million, primarily driven by increased residential demand and the growing customer base. However, the gross margin saw a contraction of 11.63% compared to the same period in 2025. This compression is attributed to the impact of the Power Balance Factor and a higher cost of sales stemming from increased energy demand.
While Electro Dunas maintained efficient control over operating expenses, with these representing 12.17% of revenues (a slight improvement from 12.76% in June 2025), net profit experienced a significant year-on-year decline of 34.38% to S/ 24.8 million. This reduction was further influenced by additional provisions totaling S/ 1.1 million and foreign exchange losses. Looking ahead, however, Moody’s anticipates a recovery in revenues, gross margin, and EBITDA for both 2026 and 2027. This projected improvement is expected to be supported by the continued economic dynamism of the Ica Region.
Financial Structure and Debt Management
As of June 30, 2026, Electro Dunas’ total assets stood at S/ 1,013 million. Financial debt reached S/ 641.6 million, marking a 3.23% increase from December 2025. This rise is primarily attributable to increased short-term financing utilized for working capital and capital expenditures. Concurrently, net equity was S/ 229.4 million, reflecting a contraction of 5.51%. This reduction is a direct consequence of dividend distributions totaling S/ 36.4 million, an indicator of the business’s maturity and its ability to return value to shareholders.
These shifts in the financial structure have led to an increase in leverage ratios. The accounting leverage (Liabilities/Equity) rose to 4.16x from 3.77x in 2025, and the financial leverage (Financial Debt/EBITDA LTM) increased to 3.88x from 3.57x in the previous year.
Liquidity metrics also saw an adjustment, decreasing to 0.35x from 0.52x at the end of 2025. This change is primarily due to a S/ 100.0 million loan from Banco BCI, which has been reclassified as current debt due to its upcoming maturity in September 2026. In response to this, Electro Dunas’ management is actively structuring debt instrument programs. The objective is to refinance upcoming maturities in 2026 and 2027 and to secure funding for projected capital expenditures.
Despite these short-term liquidity pressures, Moody’s emphasizes that Electro Dunas maintains strong financial flexibility. This resilience is anchored in its established access to both banking and capital markets. The company currently has available credit lines amounting to US$ 128.9 million, with 56.79% of this total capacity currently undrawn.
Corporate Bonds and Issuer Rating
The "AAA.pe" rating also encompasses Electro Dunas’ First Issuance of Corporate Bonds under its inaugural Debt Instruments Program. This issuance, originally made in December 2020 for S/ 230.5 million with a 10-year maturity, is now analyzed on a standalone basis. This shift occurred following the release of the solidarity guarantee previously provided by Peru Power Company S.A.C. (PPC). The continued high rating on these outstanding bonds underscores investor confidence in Electro Dunas’ long-term financial stability and its capacity to meet its debt obligations.
Chronology of Key Events
- December 2020: Electro Dunas issues its First Issuance of Corporate Bonds under its First Program of Debt Instruments for S/ 230.5 million, with a 10-year maturity.
- Throughout 2025: Electro Dunas maintains strong operational performance and profitability indicators, consistent with its market position.
- First Semester 2026: The company invests S/ 47.7 million in fixed assets for network expansion and improvements. Revenue remains stable at S/ 297.3 million. However, gross margin experiences a contraction of 11.63% and net profit declines by 34.38% year-on-year, influenced by specific financial factors.
- June 30, 2026: Total assets reach S/ 1,013 million. Financial debt increases to S/ 641.6 million, and net equity decreases to S/ 229.4 million due to dividend payouts. Leverage ratios rise.
- September 1, 2026: Moody’s Local Perú publishes its credit rating report, reaffirming the "AAA.pe" rating for Electro Dunas S.A.A. as Issuer and for its First Issuance of Corporate Bonds. The outlook remains Stable.
Supporting Data and Analytical Framework
Moody’s assessment is built upon a comprehensive analysis of Electro Dunas’ operational, financial, and regulatory environment. Key data points informing the rating include:
- Exclusive Concession: Perpetual concession for electricity distribution in Ica Region and surrounding areas, creating a natural monopoly.
- Customer Growth: +2.35% increase in customers served as of June 2026.
- Revenue Stability: S/ 297.3 million in revenue for the first semester of 2026, driven by residential demand and customer base expansion.
- Capital Investments: S/ 47.7 million invested in fixed assets in H1 2026 for network enhancement.
- Operational Efficiency: Operating expenses at 12.17% of revenues in H1 2026, down from 12.76% in H1 2025.
- Profitability Adjustments: Net profit of S/ 24.8 million in H1 2026, a 34.38% year-on-year decrease.
- Financial Structure: Total Assets S/ 1,013 million, Financial Debt S/ 641.6 million, Net Equity S/ 229.4 million as of June 30, 2026.
- Leverage Ratios: Accounting Leverage 4.16x, Financial Leverage 3.88x (LTM EBITDA).
- Liquidity: Liquidity ratio at 0.35x as of June 30, 2026.
- Financial Flexibility: Available credit lines of US$ 128.9 million.
- Parent Company Support: Backing from Grupo Energía Bogotá (GEB), rated Baa3 by Moody’s Ratings.
Official Responses and Future Outlook
While the original article does not contain direct quotes from Electro Dunas representatives, the reaffirmation of the "AAA.pe" rating by Moody’s is a strong endorsement of the company’s management and strategic direction. The stable outlook suggests that the rating agency foresees Electro Dunas successfully navigating its current financial adjustments and continuing to capitalize on regional economic growth.
The company’s proactive approach to restructuring its debt and securing financing for future investments, as highlighted by Moody’s, demonstrates a commitment to maintaining its robust financial health. The focus on reinvesting in its infrastructure is crucial for long-term sustainability and for meeting the evolving energy needs of its service area.
Implications of the Rating Reaffirmation
The "AAA.pe" rating from Moody’s Local Perú carries significant implications for Electro Dunas and its stakeholders:
- Investor Confidence: The highest rating instills strong confidence among existing and potential investors, signaling a very low risk of default on its debt obligations. This can facilitate access to capital markets at favorable terms.
- Cost of Capital: A top-tier credit rating generally translates to a lower cost of borrowing, enabling Electro Dunas to finance its operations and expansion more cost-effectively.
- Strategic Partnerships: The rating can enhance the company’s ability to forge strategic partnerships and secure favorable terms in commercial agreements.
- Market Leadership: The reaffirmation solidifies Electro Dunas’ position as a leading and highly reliable energy distributor in Peru, reinforcing its brand reputation.
- Operational Stability: The stable outlook, coupled with the company’s dominant market position and supportive regulatory framework, suggests a predictable and stable operational future, despite short-term financial fluctuations.
In conclusion, Electro Dunas S.A.A. continues to operate at the pinnacle of creditworthiness in Peru, as recognized by Moody’s Local Perú. While the company navigates the typical financial dynamics of a growing enterprise, its core strengths—a secure concession, a favorable regulatory environment, strong corporate backing, and a commitment to infrastructure investment—provide a solid foundation for sustained success and continued economic contribution to the regions it serves. The stable outlook signifies confidence in its ability to manage current challenges and capitalize on future opportunities.
Download the Full Classification Report: [Link to PDF report]
