Enerjisa Enerji (ENJSA) Q1 2026 earnings summary

Executive summary

• Operational earnings grew 5% year-on-year in Q1 2026, reaching TL 17.9 billion, with underlying net income up 80% to TL 3.1 billion, driven by lower financing costs and favorable tax effects.

• Revenue for Q1 2026 was TL 55.1 billion, down 7.7% year-over-year, while net profit reached TL 1.08 billion, reversing a loss of TL 970 million in Q1 2025.

• The business remains resilient despite increased geopolitical and macroeconomic volatility, with a regulated, downstream-focused model limiting exposure to commodity price swings.

• FY 2025 dividend of TL 5.08/share gross was paid in April, with leverage stable at 1.1x despite a significant net debt increase.

• The Group operates in electricity distribution, retail, and customer solutions, with all activities based in Türkiye.

Financial highlights

• Group operational earnings rose 5% year-on-year to TL 17.9 billion.

• Underlying net income surged 80% year-on-year to TL 3.1 billion, supported by lower net financing costs and higher deferred tax income.

• Free cash flow after interest and tax improved to TL -2.6 billion from TL -2.9 billion in Q1 2025, despite higher investments.

• Net financial debt rose to TL 68.9 billion from TL 48.9 billion year-over-year.

• Sales revenue for Q1 2026 was TL 55.1 billion, with gross profit at TL 17.5 billion and net income at TL 1.1 billion (IAS29 basis).

Outlook and guidance

• Full-year 2026 guidance remains unchanged: operational earnings of TL 75–80 billion, underlying net income of TL 11–13 billion, investments of TL 30–35 billion, and regulated asset base (RAB) of TL 110–120 billion.

• Dividend payout ratio maintained at a minimum of 60% of underlying net income.

• Management remains vigilant amid geopolitical and macroeconomic risks but sees no need to revise guidance at this stage.

• EMRA announced significant tariff increases effective April 2026: 25% for residential, 17.5% for commercial, and 32.1% for distribution tariffs.