ENJSA FINANCIAL STATEMENTS

Enerjisa Enerji A.S. — balance sheet, income statement and cash flow trends

ENJSAEnerjisa Enerji A.S.

🇹🇷 Turkey · IS · Utilities · Utilities - Regulated Electric

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue242.5 B ₺-2.0%

Gross Profit64.5 B ₺+17.1%

Operating Income39.4 B ₺+6.1%

EBITDA46.3 B ₺+6.8%

Net Income5 B ₺—

Peer Comparison· Utilities - Regulated Electric

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
ENJSA	-2.0%	26.6%	19.1%	2.1%
HE	4.2%	7.3%	18.0%	4.2%
MGEE	8.9%	77.2%	40.9%	18.6%
NWE	9.1%	61.9%	35.4%	10.2%
POR	1.1%	48.0%	31.9%	7.2%
NG	-3.8%	63.4%	44.0%	18.3%
Industry median	7.9%	40.7%	40.4%	13.6%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
ENJSA	-2.0%	26.6%	19.1%	2.1%
AKSEN	-0.6%	25.8%	31.7%	8.9%
MAGEN	2.3%	28.2%	41.3%	-33.8%
AHGAZ	41.3%	31.4%	34.8%	8.4%
ENERY	38.2%	14.6%	25.1%	14.0%
BIGEN	-20.0%	42.3%	62.9%	-7.1%
Industry median	7.9%	40.7%	40.4%	13.6%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity100.7 B ₺38%
Current Liabilities96.4 B ₺36%
Long-term Liabilities67.8 B ₺26%

Key Figures

YoY change

Total Assets264.9 B ₺+37.9%

Total Liabilities164.1 B ₺+43.9%

Total Equity100.7 B ₺+29.2%

Cash & ST Investments19.4 B ₺+73.5%

Total Debt88.6 B ₺+46.5%

Net Debt69.2 B ₺+40.4%

Peer Comparison· Utilities - Regulated Electric

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
ENJSA	0.93	87.9%	1.49	38.0%
HE	1.34	180.0%	4.48	18.4%
MGEE	1.15	69.7%	2.97	42.4%
NWE	0.70	112.9%	5.65	33.9%
POR	1.09	120.2%	4.46	31.2%
NG	0.76	119.0%	5.64	36.3%
Industry median	0.78	161.2%	5.63	28.1%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
ENJSA	0.93	87.9%	1.49	38.0%
AKSEN	0.63	81.8%	3.91	50.4%
MAGEN	0.32	51.4%	12.38	54.8%
AHGAZ	1.03	9.6%	-2.09	34.2%
ENERY	0.66	4.6%	-0.51	62.8%
BIGEN	0.48	101.9%	6.62	47.1%
Industry median	0.78	161.2%	5.63	28.1%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow45.1 B ₺+39.7%

Capital Expenditures-3.5 B ₺—

Free Cash Flow15 B ₺+8.4%

Dividends Paid-4 B ₺—

Peer Comparison· Utilities - Regulated Electric

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
ENJSA	18.6%	6.2%	1.4%	902.7%
HE	13.0%	1.4%	11.6%	310.6%
MGEE	34.7%	-17.0%	51.7%	186.3%
NWE	24.4%	-9.0%	33.4%	239.0%
POR	33.2%	1.9%	31.3%	460.2%
NG	35.2%	-21.2%	56.5%	192.3%
Industry median	29.1%	-9.0%	44.9%	208.0%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
ENJSA	18.6%	6.2%	1.4%	902.7%
AKSEN	26.6%	-26.0%	45.8%	297.6%
MAGEN	83.3%	53.1%	5.1%	-246.7%
AHGAZ	58.6%	50.8%	12.5%	697.7%
ENERY	21.4%	11.2%	11.5%	153.3%
BIGEN	57.4%	54.1%	69.0%	-810.6%
Industry median	29.1%	-9.0%	44.9%	208.0%

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.