ENDAE FINANCIAL STATEMENTS

Enda Enerji — balance sheet, income statement and cash flow trends

ENDAEEnda Enerji

🇹🇷 Turkey · IS · Utilities · Utilities - Renewable

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q2 2025 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue613.8 M ₺-61.0%

Gross Profit-128.3 M ₺-149.3%

Operating Income-186.3 M ₺-189.6%

EBITDA200.4 M ₺-70.7%

Net Income-489.1 M ₺-630.3%

Peer Comparison· Utilities - Renewable

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
ENDAE	-20.1%	-20.9%	32.7%	-79.7%
STEM	0.7%	36.3%	143.7%	94.2%
NRGV	362.0%	21.0%	-40.0%	-53.0%
VGAS	-100.0%	—	—	—
FLNC	10.9%	11.5%	-0.4%	-1.6%
BLX	10.7%	38.3%	60.5%	-3.6%
Industry median	1.9%	27.1%	36.8%	-1.9%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
ENDAE	-20.1%	-20.9%	32.7%	-79.7%
CATES	17.0%	1.3%	10.8%	15.7%
ESEN	-5.2%	26.7%	37.5%	-8.5%
ENTRA	15.2%	26.1%	75.7%	-18.5%
BIOEN	-9.1%	-0.1%	8.7%	-29.6%
ARFYE	-5.2%	31.9%	23.3%	-17.7%
Industry median	1.9%	27.1%	36.8%	-1.9%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q2 2025

Equity13.9 B ₺85%
Current Liabilities377.8 M ₺2%
Long-term Liabilities2.1 B ₺13%

Key Figures

YoY change

Total Assets16.4 B ₺+27.5%

Total Liabilities2.5 B ₺+1.0%

Total Equity13.9 B ₺+33.6%

Cash & ST Investments1.6 B ₺+52.6%

Total Debt364.6 M ₺-52.6%

Net Debt-1.2 B ₺-616.9%

Peer Comparison· Utilities - Renewable

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
ENDAE	4.50	2.6%	-6.05	85.0%
STEM	0.84	-123.6%	1.33	-94.5%
NRGV	1.44	570.5%	-1.21	10.2%
VGAS	35.93	1.6%	5.40	50.5%
FLNC	1.43	109.2%	1.01	15.7%
BLX	1.24	310.0%	7.98	19.7%
Industry median	1.07	51.3%	3.22	50.5%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
ENDAE	4.50	2.6%	-6.05	85.0%
CATES	4.26	0.8%	-1.03	82.2%
ESEN	0.28	50.7%	13.64	55.3%
ENTRA	0.34	33.2%	3.49	68.2%
BIOEN	0.37	179.1%	21.71	29.8%
ARFYE	4.52	15.9%	-3.42	77.0%
Industry median	1.07	51.3%	3.22	50.5%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q2 2025 · TTM

Key Figures

YoY change

Operating Cash Flow-336.2 M ₺—

Capital Expenditures-390.9 M ₺—

Free Cash Flow-707.8 M ₺—

Dividends Paid-48.4 M ₺—

Peer Comparison· Utilities - Renewable

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
ENDAE	-54.8%	-115.3%	63.7%	68.7%
STEM	-6.5%	-6.4%	4.5%	-6.9%
NRGV	-26.1%	-45.2%	19.1%	49.3%
VGAS	—	—	—	112.8%
FLNC	-9.2%	-10.5%	1.3%	568.2%
BLX	38.2%	-11.7%	49.9%	-1,071.9%
Industry median	18.8%	-0.4%	10.4%	33.3%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
ENDAE	-54.8%	-115.3%	63.7%	68.7%
CATES	6.1%	5.0%	0.7%	39.0%
ESEN	79.8%	38.3%	5.1%	-935.4%
ENTRA	78.0%	79.9%	7.9%	-422.9%
BIOEN	12.4%	-0.4%	15.9%	-41.9%
ARFYE	-30.6%	-34.3%	3.7%	173.2%
Industry median	18.8%	-0.4%	10.4%	33.3%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 3, 26. This content is for informational purposes only and is not investment advice.