Enerjisa Enerji (ENJSA) Q4 2025 earnings summary

Executive summary

• Delivered strong 2025 results, exceeding operational earnings guidance with TRY 58.3 billion, up 8% year-over-year, and underlying net income of TRY 9.5 billion, a 73% increase, driven by resilient operations, disciplined cost management, and asset revaluation benefits.

• Achieved robust dividend growth with a proposed payout of TRY 5.08 per share, distributing 63% of underlying net income, reflecting a 35% increase over initial guidance and an 80% year-over-year increase in DPS.

• Regulated Asset Base (RAB) grew 42% to TRY 84 billion, supporting sustainable future earnings.

• Performance attributed to resilient regulated business, disciplined cost and financial management, and favorable regulatory/accounting changes.

Financial highlights

• Operational earnings reached TRY 58.3 billion, surpassing the upper end of guidance.

• Underlying net income rose to TRY 9.5 billion, up 73% year-over-year, driven by operational strength, lower financing costs, and suspension of inflation accounting.

• Investments increased 52% year-over-year to TRY 23.5 billion, mainly in the distribution segment.

• Free cash flow after interest and tax was negative TRY 15 billion, down by TRY 4.4 billion year-over-year due to higher interest payments and delayed cash recovery.

• Reported net income improved from TRY -4.9 billion in 2024 to TRY +3.2 billion in 2025, a turnaround of nearly TRY 8 billion.

Outlook and guidance

• 2026 operational earnings targeted at TRY 75–80 billion; underlying net income at TRY 11–13 billion.

• Investments planned at TRY 30–35 billion, with RAB expected to reach TRY 110–120 billion by year-end 2026.

• Minimum dividend payout policy set at 60% of underlying net income.