Argentina's Grupo Soda Neuss Posts 760% Tariff‑Driven Profit Surge Under Milei

Grupo Soda Neuss, a conglomerate that now controls generation, transmission and distribution assets in Argentina's electricity, gas and water sectors, reported a dramatic rise in profits after tariff hikes implemented under President Javier Milei. Between 2023 and 2025, regulated tariffs increased about 760%, far outpacing the 334% overall inflation rate, lifting the group's revenue from 373.7 billion pesos in 2023 to 573.1 billion pesos in 2025 (constant pesos) and quadrupling EBITDA to 341.4 billion pesos.

The profit surge stemmed mainly from higher tariffs rather than new investment. Analyses show that while earnings exploded, productive investment in infrastructure remained modest or even receded, indicating a “reticence to invest” despite the windfall. The group expanded its holdings across the energy chain, acquiring stakes in hydroelectric plants, regional distributors such as EDET and EJESA, and major transmission firms Transener, Transnoa and LITSA.

Critics argue the rapid earnings growth reflects a “capitalismo de amigos” model that benefits the private sector without improving service quality, raising questions about the long‑term impact of Milei's privatization and tariff policies on Argentina’s essential utilities.