Enka Construction's Q2 2026 Results: Net Profit Surges Beyond Expectations

Enka Construction posted a 15 billion TL net profit for Q2 2026, beating analyst forecasts by 41% and delivering strong growth in its construction and energy divisions.

Revenue Surge and Segment Breakdown

■Total revenue reached 48.9 billion TL, surpassing expectations by 11%.

■Construction segment generated 24.8 billion TL, up 12% YoY.

■Real‑estate rental income climbed to 5.3 billion TL, a 43% annual increase, boosted by the Park House office building acquisition in the UK.

■Energy segment exploded to 12.3 billion TL in revenue, a 355% jump, turning a previous 1.3 billion TL loss into a 4.9 billion TL profit.

Profitability and EBITDA Gap

■Operating EBITDA stood at 7.2 billion TL, 25% below consensus.

■EBITDA margin fell to 18%, marking a 600‑basis‑point decline year‑over‑year.

■Rising input costs and hefty capital spending in the energy arm drove the short‑term shortfall.

Cash Flow and Order Book

■Net cash position contracted to 172.3 billion TL from 183.8 billion TL in the prior quarter.

■Order‑book (backlog) shrank to $8.4 billion, down from $8.7 billion, highlighting the need for new contract wins.

Data‑Center Investments: Expanding Digital Infrastructure

■Groundbreaking began on an 11 MW BT‑power data center in Tuzla.

■The adjacent Tuzla‑2 campus will add 28 MW, while the Gebze‑1 project (total 27 MW, first phase 18 MW) and Ankara‑1 (19 MW) are in pre‑construction.

■These projects diversify Enka’s portfolio, aiming to secure a steady, long‑term revenue stream from digital infrastructure services.

Murat Yıldız – Real‑Estate Development Investment & Valuation Specialist: Enka’s Q2 performance signals a strategic pivot toward digital infrastructure, with the energy segment’s turnaround offset by a temporary EBITDA dip. While short‑term profitability pressures persist, the high‑growth data‑center pipeline warrants a valuation uplift. Investors should monitor cash‑flow dynamics and order‑book trends to recalibrate risk‑reward expectations.