Enerjisa Enerji (ENJSA) Q2 2025 earnings summary

Executive summary

• Operational earnings rose to approximately TL 27bn in H1 2025, up 9% year-over-year, outpacing inflation.

• Underlying net income increased by 15% year-over-year in real terms to TL 3.2bn, supported by prudent CAPEX timing.

• Revenue for the six months ended 30 June 2025 was TL 95.25 billion, down from TL 100.34 billion year-over-year, with a net loss of TL 273 million compared to a net loss of TL 4.02 billion in the prior year period.

• Operating profit before finance income/expense rose to TL 17.86 billion from TL 14.76 billion year-over-year.

• Cash flows from operating activities increased to TL 17.66 billion from TL 13.20 billion year-over-year.

Financial highlights

• Operational earnings reached TL 26,918m in H1 2025, a 9% increase year-over-year.

• Underlying net income rose to TL 3,162m, up 15% year-over-year.

• Gross profit for the period was TL 26.38 billion, up from TL 24.43 billion year-over-year.

• Free cash flow after interest and tax improved to -TL 3,447m from -TL 5,869m in H1 2024.

• Net financial debt decreased to TL 51.0bn from TL 52.6bn year-over-year.

Outlook and guidance

• Operational earnings for FY 2025 targeted at TL 52-57bn, up from TL 41.2bn in FY 2024.

• Underlying net income expected to reach the upper end of TL 5.0–6.0bn.

• Investments projected at TL 21–24bn, with Regulated Asset Base targeted at TL 80–90bn.

• Dividend payout ratio targeted at a minimum of 80% of underlying net income.

• The Group continues to operate under regulated tariffs set by EMRA, with ongoing negotiations regarding extraordinary expenses from the 2023 earthquake.