Enerjisa Enerji (ENJSA) Q4 2024 earnings summary

Executive summary

• Achieved full delivery of FY 2024 guidance, demonstrating resilience amid adverse macroeconomic conditions.

• Value-adding infrastructure investments and outstanding financing performance supported earnings.

• Continued leadership in Türkiye's energy transition, with significant investments in distribution, solar PV, and EV charging infrastructure.

Financial highlights

• Operational earnings (EBITDA + Capex reimbursements) rose 6% year-over-year to TL 41.2bn.

• Underlying net income (excluding exceptional items) declined 13% year-over-year to TL 4.2bn.

• Investments totaled TL 15.5bn, slightly below prior year (-2%).

• Regulated Asset Base (RAB) increased 72% year-over-year to TL 59.0bn.

• Free cash flow after interest and tax improved by TL 2,358m, but remained negative at -TL 10,542m.

Outlook and guidance

• FY 2025 targets: Operational earnings TL 52-57bn, underlying net income TL 5.0-6.0bn, investments TL 21-24bn, RAB TL 80-90bn.

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