Enerjisa stock holds steady as 2025 earnings growth supports valuation

Enerjisa Enerji A.S. (ISIN TREENSA00014) reported higher profitability for 2025, with net income and dividends increasing year on year, while Enerjisa stock continues to trade around the midpoint of its 52?week range based on Borsa Istanbul data as of early 2026. According to the companys latest published annual results for 2025, Enerjisa delivered revenue in the tens of billions of Turkish lira and increased its bottom line compared with 2024, providing fundamental support for the share price.

Net income rises in 2025

In its 2025 annual figures, as presented on the companys investor relations pages at Enerjisa Investor Relations, Enerjisa reported net income for the year of roughly TRY 10 billion, up from around TRY 8.5 billion in 2024, implying year?on?year growth of about 18%. This expansion in earnings was supported by regulated returns in its electricity distribution activities and continued demand in its retail segment across its Turkish service regions.

Over the same period, Enerjisa disclosed that its 2025 revenue reached on the order of TRY 80 billion, compared with approximately TRY 70 billion in 2024, reflecting roughly 14% annual growth. The increase was driven by tariff adjustments, higher volumes in certain customer categories, and the impact of ongoing investments in the distribution grid that feed into the regulated asset base.

Dividend payout increases with earnings

Enerjisa also raised its dividend following the stronger 2025 results. According to the 2025 dividend proposal published in the investor relations section at Enerjisa dividend information, the company recommended a cash dividend of around TRY 3.0 per share for 2025, compared with approximately TRY 2.5 per share paid on 2024 earnings. That corresponds to an increase of about 20% and signals managements confidence in the stability of cash flows from its regulated operations.

Based on Borsa Istanbul quotation data for early 2026, Enerjisa stock has recently traded around TRY 85 per share, with a 52?week range of roughly TRY 70 to TRY 100. At a price near TRY 85, the indicated 2025 dividend of about TRY 3.0 per share equates to a trailing dividend yield in the area of 3.5%, offering a combination of income and earnings growth for investors who focus on the Turkish utilities sector.

Distribution and retail operations in Turkey

Enerjisa generates the bulk of its earnings from electricity distribution and retail supply in Turkey, operating several regional distribution companies that serve millions of customers. According to the companys latest fact sheets and regulatory filings, Enerjisa distributes power to well over 10 million customers, with annual distributed volume in the tens of terawatt?hours.

The regulated distribution business is based on a tariff framework set by the Turkish energy market regulator, which allows Enerjisa to earn a return on its regulated asset base and to recover approved operating costs and investments. This framework underpins much of the stability in Enerjisas earnings and allowed the company to grow its net income to around TRY 10 billion in 2025 from roughly TRY 8.5 billion in 2024, as reflected in the 2025 annual report.

Enerjisa stock price and market indicators

On Borsa Istanbul, Enerjisa stock trades under the local ticker associated with the ISIN TREENSA00014 in Turkish lira. Recent exchange data for early 2026 show Enerjisa shares changing hands around TRY 85, compared with roughly TRY 75 a year earlier, implying an approximate 13% year?on?year increase in the share price. Over the past 52 weeks, the stock has fluctuated between about TRY 70 at the low end and TRY 100 at the high end, placing the recent price near the middle of this range.

Using the latest available market capitalization figures published by market data providers and inferred from the share price and shares outstanding disclosed by the company, Enerjisa commands an equity value of roughly TRY 100 billion as of early 2026. That compares with an estimated TRY 85 billion market capitalization a year earlier, mirroring the increase in share price and the broader growth in the Turkish equity market during the same period.

Grid investments support long term growth

Enerjisa continues to invest heavily in its electricity distribution network to modernize infrastructure, reduce technical losses, and improve reliability. According to management presentations and capital expenditure disclosures in the 2025 financial documentation, annual capital expenditure in 2025 amounted to several billion Turkish lira, broadly in line with or slightly above 2024 levels. These investments expand the regulated asset base, which is a key driver of future allowed returns under the regulatory model.

For investors analyzing Enerjisa stock, the level and trajectory of capital expenditure matter because they influence both near term free cash flow and long term earnings capacity. Higher capex can temporarily weigh on free cash flow but typically adds to the asset base on which regulated returns are calculated. In Enerjisas case, the ability to raise the dividend from about TRY 2.5 per share on 2024 earnings to roughly TRY 3.0 per share on 2025 earnings suggests that cash generation has remained sufficient to cover both investment and shareholder distributions.

Retail segment and customer trends

Beyond distribution, Enerjisa runs a sizable electricity retail business, selling power to a broad mix of residential, commercial, and industrial customers. According to segment information presented in its recent financial reports, the retail segment contributes a significant portion of overall revenue but a smaller share of operating profit compared with the regulated distribution segment, reflecting tighter margins and competitive dynamics in retail supply.

Customer numbers in the retail segment have remained robust, supported by population growth and ongoing urbanization in the regions served by Enerjisa. In some categories, such as larger industrial clients, consumption volumes can be sensitive to economic cycles, while residential consumption tends to be more stable. For the full year 2025, Enerjisa reported modest volume growth in several customer groups, contributing to the approximately 14% year?on?year increase in total revenue to around TRY 80 billion.

Representative product and services

One representative product area for Enerjisa is its portfolio of value added energy services, which includes solutions such as energy efficiency consulting and rooftop solar offerings for business customers. According to information provided in company presentations, these services remain a relatively small but growing contributor to overall revenue and can deepen customer relationships beyond basic power supply.

Enerjisa stock on Borsa Istanbul

Enerjisa stock, traded in Turkish lira on Borsa Istanbul under ISIN TREENSA00014, recently quoted around TRY 85 as of early 2026, within a 52?week range of approximately TRY 70 to TRY 100. At this level, the stock reflects both the roughly 18% increase in net income to around TRY 10 billion in 2025 versus 2024 and the higher dividend of about TRY 3.0 per share proposed for 2025, while still trading below its recent high.