As Türkiye’s leading electricity distribution and retail company, Enerjisa Enerji delivered results fully in line with the financial targets for 2025, with particularly strong performance standing out in the distribution business.
During the year, the company invested TL 23.5 billion and increased its operational earnings to TL 58.3 billion. Enerjisa Enerji completed the 4th Implementation Period with solid operational delivery and continued financial discipline.
In 2025, Enerjisa Enerji sustained its strong performance driven by its resilient business model and investment discipline, and has now shared its year-end financial results. The Company’s Operational Earnings increased by 8% above inflation year-on-year to TL 58.3 billion, forming the foundation of its financial resilience and sustainable growth strategy.
Modernization Investments Strengthening Security of Supply Across 14 Provinces
In 2025, Enerjisa Enerji made total investments of TL 23.5 billion, prioritizing grid modernization, capacity expansion and infrastructure strengthening across the 14 provinces it serves through AYEDAŞ, Başkent EDAŞ and Toroslar EDAŞ. Through the expansion and reinforcement of the existing infrastructure, supported by smart grid applications, digitalization investments and projects enhancing security of supply, the Company contributed to building a more efficient, more resilient and more sustainable energy system.
These investments accelerated Türkiye’s energy transition while also providing significant support to strengthening long-term security of supply.
Increased Installed Solar Power Capacity by 38%
In addition to its electricity distribution business, Enerjisa Enerji continued its operations in the Retail and Customer Solutions segments, delivering a performance broadly in line with the financial expectations shared with investors at the beginning of 2025. In the Retail business, a stable performance was recorded compared to the previous year, reflecting the impact of regulatory changes to the Last Resort Supply Tariff limits introduced by EMRA (EPDK) as well as evolving market conditions. The Company continued to focus on creating sustainable value within the liberalized market by rapidly adapting to these new dynamics.
In the Customer Solutions business, installed capacity in solar power projects increased by 38% year-on-year, reaching 141.6 MWp as of year-end. Eşarj, while continuing its e-mobility operations under the Enerjisa umbrella, supported its growth with a transformation and development vision centered on customer expectations. As a result of service quality–focused investments aimed at making the charging experience easier, faster and more reliable, Eşarj achieved a significant performance improvement, increasing the power sold to 43.7 GWh.
MURAT PINAR: "WE ARE TAKING AN ACTIVE AND RESPONSIBLE ROLE IN THE TRANSFORMATION OF TÜRKİYE'S ENERGY INFRASTRUCTURE"
Emphasizing that the energy sector is not only an economic but also a strategic domain, Enerjisa Enerji CEO Murat Pınar said, “Energy systems are transforming globally, security of supply and infrastructure resilience are becoming more critical than ever. As Enerjisa Enerji, we are taking an active and responsible role in the transformation of Türkiye’s energy infrastructure. Our TL 23.5 billion investment realized in 2025 is a clear demonstration of our long-term commitment to strengthening our energy infrastructure and building a more efficient and more resilient system. The investments we made in distribution infrastructure supported the continuity of energy supply and contributed to the transformation process. In line with our strong financial performance and sustainable dividend policy, we plan to submit to the General Assembly the proposal of a dividend of TL 5.08 per share, corresponding to 63% of Underlying Net Income. This payout ratio supports a balanced and predictable continuation of dividend growth, while also providing the necessary flexibility for long-term investment and financial strength.Our focus is clear: to meet Türkiye’s growing energy needs with a secure, sustainable and robust infrastructure. In line with our ‘a Better Future’ vision, we will continue to lead Türkiye’s energy transition,” he stated.
PHILIPP ULBRICH: "FINANCIAL RESILIENCE AND VALUE CREATION WILL BE OUR PRIORITIES IN 2026"
Stating that they prioritized financial discipline and balance sheet resilience througout2025, Enerjisa Enerji CFO Philipp Ulbrich said, “In a high inflation and interest rate environment, we focused on maintaining a strong financial resilience. Through disciplined debt management, predictable cash generation, and clear capital allocation towards only most profitable businesses, we preserved our balance sheet flexibility. The visibility provided by our regulated business model continues to be one of the key pillars underpinning our financial stability. We now have clear visibility on the parameters of the 5th Regulatory Period, which lay the foundation for the continuity of our core business model of long-term investments into electricity distribution grid. It is observed that the current regulations governing the retail segment do not offset the impact of inflation on profit margins. As a result, margin pressure across the sector continues. Based on this visibility, we are setting ambitious targets for 2026, aiming to profitably grow investments and earnings above inflation expectations while continuing to balance disciplined execution with value-accretive growth.”
Enerjisa guides for 2026, to reach Operational Earnings of TL 75–80 billion and an Underlying Net Income of TL 11–13 billion. Over the same period, the Company plans to invest TL 30–35 billion, and by this to increase the Regulated Asset Base to the range of TL 110–120 billion.
Philipp Ulbrich adds: “As Enerjisa Enerji, with a clear strategic roadmap, a resilient business model and a strong commitment to creating sustainable value for all our stakeholders, we are well prepared to enter 2026 and the 5th Regulatory Period from a position of strength.”
