Enerjisa Enerji (ENJSA) Q1 2025 earnings summary

Executive summary

• Achieved a strong start to 2025 with operational earnings stable at TL 13bn, demonstrating resilience amid macroeconomic volatility in Türkiye.

• Underlying net income more than doubled year-over-year to TL 1.3bn, supported by lower inflation and disciplined cost management.

• Revenue for Q1 2025 was TL 45.6 billion, down 4.2% year-over-year, with a net loss of TL 741 million, a significant improvement from the prior year's net loss of TL 3.8 billion.

• Operating profit before finance income/expense rose to TL 8.8 billion from TL 7.9 billion year-over-year.

• Cash and cash equivalents increased to TL 11.2 billion as of March 2025.

Financial highlights

• Operational earnings for Q1 2025 were TL 13,044mn, flat year-over-year.

• Underlying net income rose 169% year-over-year to TL 1,328mn.

• Gross profit for Q1 2025 was TL 12.4 billion, down from TL 13.2 billion year-over-year.

• Investments (excluding inflation accounting) reached TL 1,008mn, down 20% year-over-year.

• Free cash flow after interest and tax improved by TL 731mn year-over-year.

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.

• Targeted dividend payout ratio of at least 80% of underlying net income.

• EMRA announced post-period tariff increases effective April 2025: 10% for industrial, 25% for residential, 15% for commercial, and 12.4% for agricultural customers; distribution tariff up 34.5%.

• Enerjisa Müşteri Çözümleri A.Ş. received a 20-year aggregation license, expanding its market activities.

• The Group secured a TL 2 billion loan in April 2025, maturing in 2032.