IC Enterra announced its financial results for 3Q25 according to IAS29 adjustments; reported a revenue of TRY806mn (cons. TRY747mn) in 3Q25, up by 20% compared to 3Q24’s TRY674mn.
The firm announced an EBITDA of TRY581mn (cons. TRY560mn) up by 21% y/y. EBITDA margin reached 72% (3Q24: 71%) showing the benefit of the new substantial solar source, Erzin-2.
Net income stood at TRY54mn (cons. TRY184mn, 3Q24: TRY21mn loss) with a net financial expense of TRY894mn and a deferred tax expense of TRY63mn. The firm recorded a monetary gain of TRY855mn, lower than the amount recorded in 3Q24 (TRY1.042mn) and a tax expense of TRY56mn.
Net debt of the firm showed minimal movement and stood at TRY10.8bn. Net Debt/T12EBITDA is at 3.9x compared to 5.33x of 2024 year-end. IC Enterra produced 241k MWh electricity, 44% higher compared to last year with the substantial support of Erzin-2 (71.6k MWh).
Hydro sources of IC Enterra recorded the same amount of production despite poor weather dynamics (-31% less rain), showing hydro plants’ location benefit. Four of the eight hydro power plants showed YoY production increase more than 50% while the other four with higher capacities showed 8-10% average decrease in production.
Since the start of 2025, IC Enterra produced 1,054k MWh electricity, showing a YoY increase of 19%. Average sale price per MWh increased by 23% to TRY2,945, with the positive contribution of Erzin-2 SPP. Overall, in the first three quarters of 2025, IC Enterra managed to increase its cash flow from operations to TRY2,730mn from 9M24’s TRY498mn.
Comment and Rating: We deem the results confirm the growth trajectory of the firm and will have limited positive impact on the stock, as the EPIAS transparency platform had already showed the production figures prior to the earnings release.
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