Enerjisa Enerji (ENJSA) Q3 2025 earnings summary

Executive summary

• Operational performance remained strong in the first nine months of 2025, offsetting slower macroeconomic recovery and elevated inflation.

• Underlying net income guidance for 2025 was raised to TL 7.5 billion, reflecting lower interest costs from temporary investment postponements.

• Operational earnings grew 7% year-over-year to TL 42.6 billion, outpacing inflation.

• Revenue for the nine months ended 30 September 2025 was TL 163.2 billion, down 8% year-over-year, with net profit of TL 445 million, a significant turnaround from a net loss of TL 5.6 billion in the prior year period.

• The company operates in electricity distribution, retail, and customer solutions, with all segments contributing positively to gross profit.

Financial highlights

• Group operational earnings increased 7% year-over-year in real terms to TL 42.6 billion, driven by distribution business performance.

• Underlying net income rose 36% year-over-year to TL 5.7 billion, supported by operational efficiency and investment timing.

• Regulated Asset Base (RAB) grew 37% year-over-year to TL 78 billion.

• Free cash flow after interest and tax was negative at TL -2.9 billion, an improvement of TL 2.1 billion year-over-year.

• Gross profit for the nine months was TL 41.6 billion, up 6% year-over-year, driven by improved cost management and segment performance.

Outlook and guidance

• Full-year CapEx guidance maintained at TL 21–24 billion, with current investments at TL 19 billion.

• Underlying net income target for 2025 raised to TL 7.5 billion, reflecting temporary investment delays.

• FY 2025 operational earnings targeted at TL 52–57 billion, up from TL 41.2 billion in FY 2024.

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

• A new TL-denominated sustainable linked loan agreement equivalent to USD 340 million was signed post-period, aimed at reinforcing energy infrastructure in earthquake-affected regions and expanding the EV charging network.