Enerjisa Enerji (ENJSA) Q2 2026 earnings summary

Executive summary

• Operational Earnings guidance for 2026 raised to TL 80-85bn, and Underlying Net Income target increased to TL 13-15bn, reflecting strong financial performance despite macroeconomic and geopolitical volatility.

• Revenue for H1 2026 was TL 117.1bn, down 7% year-over-year, with net profit of TL 2.75bn, a turnaround from a net loss of TL 361m in the prior year period.

• Underlying Net Income for H1 2026 grew 52% year-over-year to TL 6.4bn, with leverage at 1.1x despite increased net debt.

• Operating profit before finance income/expense reached TL 24.1bn, up 2% year-over-year, despite lower revenues.

• The Group distributed TL 6.42bn in dividends in April 2026, fully from retained earnings.

Financial highlights

• Operational Earnings rose 9% year-over-year to TL 38.8bn in H1 2026.

• Gross profit for H1 2026 was TL 36.7bn, up 5% year-over-year.

• Investments surged 127% year-over-year to TL 8.3bn (excluding IAS29).

• Total assets as of 30 June 2026 were TL 277.1bn, with equity of TL 109.0bn.

• Free Cash Flow after interest and tax was negative TL 7.5bn, impacted by investments and tariff-related cash impacts.

Outlook and guidance

• 2026 Operational Earnings guidance raised to TL 80-85bn, Underlying Net Income to TL 13-15bn, and investments to TL 30-35bn.

• Regulated Asset Base expected to reach TL 110-120bn by year-end 2026.

• The Group continues to focus on regulated electricity distribution, retail, and customer solutions, with ongoing investments in grid infrastructure and energy efficiency.

• Management expects continued strong operational cash flows and effective financing to support short-term liquidity needs.