{"id":4489,"date":"2026-03-20T13:49:47","date_gmt":"2026-03-20T13:49:47","guid":{"rendered":"https:\/\/enovapower.com\/reports\/?page_id=4489"},"modified":"2026-05-13T13:11:18","modified_gmt":"2026-05-13T13:11:18","slug":"financial-performance","status":"publish","type":"page","link":"https:\/\/enovapower.com\/reports\/2025-report\/financial-performance\/","title":{"rendered":"Financial Performance"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"4489\" class=\"elementor elementor-4489\" data-elementor-post-type=\"page\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f2241fe e-flex e-con-boxed e-con e-parent\" data-id=\"f2241fe\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-02f2954 elementor-widget__width-initial elementor-widget elementor-widget-heading\" data-id=\"02f2954\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Financial Performance<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-e676df4 e-flex e-con-boxed e-con e-parent\" data-id=\"e676df4\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-eefac88 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"eefac88\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-f89fa36 e-flex e-con-boxed e-con e-parent\" data-id=\"f89fa36\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-9f74121 e-con-full e-flex e-con e-child\" data-id=\"9f74121\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-cddbc46 e-con-full e-flex e-con e-child\" data-id=\"cddbc46\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f5ba4bd elementor-widget__width-inherit elementor-widget elementor-widget-video\" data-id=\"f5ba4bd\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;youtube_url&quot;:&quot;https:\\\/\\\/www.youtube.com\\\/watch?v=9NpK9LWyF-Q&amp;list=PLx7WAWuLjSxKks3OjQ6Q6zR0bvlDjPiZw&amp;index=4&quot;,&quot;show_image_overlay&quot;:&quot;yes&quot;,&quot;image_overlay&quot;:{&quot;url&quot;:&quot;https:\\\/\\\/enovapower.com\\\/reports\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2026\\\/05\\\/Financial.jpg&quot;,&quot;id&quot;:5057,&quot;size&quot;:&quot;&quot;,&quot;alt&quot;:&quot;Financial&quot;,&quot;source&quot;:&quot;library&quot;},&quot;autoplay&quot;:&quot;yes&quot;,&quot;lightbox&quot;:&quot;yes&quot;,&quot;video_type&quot;:&quot;youtube&quot;,&quot;controls&quot;:&quot;yes&quot;}\" data-widget_type=\"video.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-wrapper elementor-open-lightbox\">\n\t\t\t\t\t\t\t<div class=\"elementor-custom-embed-image-overlay\" data-elementor-open-lightbox=\"yes\" data-elementor-lightbox=\"{&quot;type&quot;:&quot;video&quot;,&quot;videoType&quot;:&quot;youtube&quot;,&quot;url&quot;:&quot;https:\\\/\\\/www.youtube.com\\\/embed\\\/9NpK9LWyF-Q?feature=oembed&amp;start&amp;end&amp;wmode=opaque&amp;loop=0&amp;controls=1&amp;mute=0&amp;rel=0&amp;cc_load_policy=0&quot;,&quot;autoplay&quot;:&quot;yes&quot;,&quot;modalOptions&quot;:{&quot;id&quot;:&quot;elementor-lightbox-f5ba4bd&quot;,&quot;entranceAnimation&quot;:&quot;&quot;,&quot;entranceAnimation_tablet&quot;:&quot;&quot;,&quot;entranceAnimation_mobile&quot;:&quot;&quot;,&quot;videoAspectRatio&quot;:&quot;169&quot;}}\" data-e-action-hash=\"#elementor-action%3Aaction%3Dlightbox%26settings%3DeyJ0eXBlIjoidmlkZW8iLCJ2aWRlb1R5cGUiOiJ5b3V0dWJlIiwidXJsIjoiaHR0cHM6XC9cL3d3dy55b3V0dWJlLmNvbVwvZW1iZWRcLzlOcEs5TFd5Ri1RP2ZlYXR1cmU9b2VtYmVkJnN0YXJ0JmVuZCZ3bW9kZT1vcGFxdWUmbG9vcD0wJmNvbnRyb2xzPTEmbXV0ZT0wJnJlbD0wJmNjX2xvYWRfcG9saWN5PTAiLCJhdXRvcGxheSI6InllcyIsIm1vZGFsT3B0aW9ucyI6eyJpZCI6ImVsZW1lbnRvci1saWdodGJveC1mNWJhNGJkIiwiZW50cmFuY2VBbmltYXRpb24iOiIiLCJlbnRyYW5jZUFuaW1hdGlvbl90YWJsZXQiOiIiLCJlbnRyYW5jZUFuaW1hdGlvbl9tb2JpbGUiOiIiLCJ2aWRlb0FzcGVjdFJhdGlvIjoiMTY5In19\">\n\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1920\" height=\"1080\" src=\"https:\/\/enovapower.com\/reports\/wp-content\/uploads\/sites\/2\/2026\/05\/Financial.jpg\" class=\"attachment-full size-full wp-image-5057\" alt=\"Financial\" srcset=\"https:\/\/enovapower.com\/reports\/wp-content\/uploads\/sites\/2\/2026\/05\/Financial.jpg 1920w, https:\/\/enovapower.com\/reports\/wp-content\/uploads\/sites\/2\/2026\/05\/Financial-300x169.jpg 300w, https:\/\/enovapower.com\/reports\/wp-content\/uploads\/sites\/2\/2026\/05\/Financial-1024x576.jpg 1024w, https:\/\/enovapower.com\/reports\/wp-content\/uploads\/sites\/2\/2026\/05\/Financial-768x432.jpg 768w, https:\/\/enovapower.com\/reports\/wp-content\/uploads\/sites\/2\/2026\/05\/Financial-1536x864.jpg 1536w\" sizes=\"(max-width: 1920px) 100vw, 1920px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"elementor-custom-embed-play\" role=\"button\" aria-label=\"Play Video about Financial\" tabindex=\"0\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-play\"><\/i>\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c35a71a elementor-widget elementor-widget-text-editor\" data-id=\"c35a71a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Enova Power Corp. had a successful financial year in 2025, with a 24% increase in net income compared to 2024.<\/p><p>Net income increased compared to prior year due to a reduction in operating expenses as Enova completed the majority of post-merger integration activities and was able to re-focus on capital programs. Net finance costs also decreased substantially due to a decrease in interest rates. Energy sales, which are passed through to the Independent Electricity System Operator (IESO), increased due to higher consumption and higher electricity prices. Distribution revenue decreased compared to 2024, but this decrease is entirely related to a decrease in recovery of regulatory deferral and variance accounts related to prior years. Distribution revenue related to delivery only increased in proportion to customer growth and OEB-approved inflationary rate increases.<\/p><p>Long-term debt decreased due to the reclassification of Enova&#8217;s third-party debt to current liabilities. Subsequent to year-end on January 21, 2026, Enova successfully issued $250M in debentures with a coupon rate of 3.596% over a 5-year term. The existing $150M debt was repaid immediately, and the remaining funds will be used for capital expenditures and general corporate purposes in the years to come.<\/p><p>This provides Enova with solid financial flexibility over the term.<\/p><p>More details about Enova Power Corp.&#8217;s financial performance can be found in our 2025 Audited Financial Statements by clicking the link below:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c9e3d77 elementor-widget elementor-widget-button\" data-id=\"c9e3d77\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/enovapower.com\/wp-content\/uploads\/2026\/05\/Enova-Power-Corp-2025-Financial-Statements-Signed.pdf\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">2025 Enova Power Corp. Financial Statements.<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-d024e04 e-con-full e-flex e-con e-child\" data-id=\"d024e04\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-098a425 elementor-widget elementor-widget-heading\" data-id=\"098a425\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">($000s)<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-46d8658 e-con-full e-flex e-con e-child\" data-id=\"46d8658\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-565b3dc elementor-widget__width-initial elementor-widget-mobile__width-initial elementor-widget elementor-widget-image\" data-id=\"565b3dc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"614\" height=\"493\" src=\"https:\/\/enovapower.com\/reports\/wp-content\/uploads\/sites\/2\/2025\/04\/icon-energy-sales-01-01.png\" class=\"attachment-large size-large wp-image-3689\" alt=\"icon energy sales 01 01\" srcset=\"https:\/\/enovapower.com\/reports\/wp-content\/uploads\/sites\/2\/2025\/04\/icon-energy-sales-01-01.png 614w, https:\/\/enovapower.com\/reports\/wp-content\/uploads\/sites\/2\/2025\/04\/icon-energy-sales-01-01-300x241.png 300w\" sizes=\"(max-width: 614px) 100vw, 614px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-2ac3fd4 e-con-full e-flex e-con e-child\" data-id=\"2ac3fd4\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-45d0ced elementor-widget elementor-widget-heading\" data-id=\"45d0ced\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Energy Sales<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-97afc0f elementor-widget elementor-widget-heading\" data-id=\"97afc0f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">$435,077<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cee2b50 elementor-widget elementor-widget-heading\" data-id=\"cee2b50\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">&uarr;8%<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-af3290c elementor-widget elementor-widget-text-editor\" data-id=\"af3290c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"text-align: left;\">Enova&#8217;s total sale of electricity to customers. These revenues are passed through to the IESO.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-38a55c1 e-con-full e-flex e-con e-child\" data-id=\"38a55c1\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-7e4a8ff elementor-widget__width-initial elementor-widget-mobile__width-initial elementor-widget elementor-widget-image\" data-id=\"7e4a8ff\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"614\" height=\"493\" src=\"https:\/\/enovapower.com\/reports\/wp-content\/uploads\/sites\/2\/2025\/04\/icon-net-income-01-01.png\" class=\"attachment-large size-large wp-image-3691\" alt=\"icon net income 01 01\" srcset=\"https:\/\/enovapower.com\/reports\/wp-content\/uploads\/sites\/2\/2025\/04\/icon-net-income-01-01.png 614w, https:\/\/enovapower.com\/reports\/wp-content\/uploads\/sites\/2\/2025\/04\/icon-net-income-01-01-300x241.png 300w\" sizes=\"(max-width: 614px) 100vw, 614px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-602b13d e-con-full e-flex e-con e-child\" data-id=\"602b13d\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f9998e5 elementor-widget elementor-widget-heading\" data-id=\"f9998e5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Net Income<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f5db194 elementor-widget elementor-widget-heading\" data-id=\"f5db194\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">$18,505<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6fc896e elementor-widget elementor-widget-heading\" data-id=\"6fc896e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">\u219124%<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a29355b elementor-widget elementor-widget-text-editor\" data-id=\"a29355b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"text-align: left;\">Enova&#8217;s total sale of electricity to customers. These revenues are passed through to the IESO.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-80fb92d e-con-full e-grid e-con e-child\" data-id=\"80fb92d\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-c825083 e-con-full e-flex e-con e-child\" data-id=\"c825083\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6fcf8c4 elementor-widget__width-initial elementor-widget-mobile__width-initial elementor-widget elementor-widget-image\" data-id=\"6fcf8c4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"614\" height=\"493\" src=\"https:\/\/enovapower.com\/reports\/wp-content\/uploads\/sites\/2\/2025\/04\/Icon-distribution-01-01.png\" class=\"attachment-large size-large wp-image-3693\" alt=\"Icon distribution 01 01\" srcset=\"https:\/\/enovapower.com\/reports\/wp-content\/uploads\/sites\/2\/2025\/04\/Icon-distribution-01-01.png 614w, https:\/\/enovapower.com\/reports\/wp-content\/uploads\/sites\/2\/2025\/04\/Icon-distribution-01-01-300x241.png 300w\" sizes=\"(max-width: 614px) 100vw, 614px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-352b389 e-con-full e-flex e-con e-child\" data-id=\"352b389\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-71f6575 elementor-widget elementor-widget-heading\" data-id=\"71f6575\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Distribution Revenue<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-28a65e5 elementor-widget elementor-widget-heading\" data-id=\"28a65e5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">$97,166<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-49f8d07 elementor-widget elementor-widget-heading\" data-id=\"49f8d07\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">&darr;6%<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-28afbd0 elementor-widget elementor-widget-text-editor\" data-id=\"28afbd0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"text-align: left;\">What Enova charges customers to build &amp; maintain the system.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-8165fb7 e-con-full e-flex e-con e-child\" data-id=\"8165fb7\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f922d6c elementor-widget__width-initial elementor-widget-mobile__width-initial elementor-widget elementor-widget-image\" data-id=\"f922d6c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"614\" height=\"493\" src=\"https:\/\/enovapower.com\/reports\/wp-content\/uploads\/sites\/2\/2025\/04\/icon-investment-capital-01-01.png\" class=\"attachment-large size-large wp-image-3690\" alt=\"icon investment capital 01 01\" srcset=\"https:\/\/enovapower.com\/reports\/wp-content\/uploads\/sites\/2\/2025\/04\/icon-investment-capital-01-01.png 614w, https:\/\/enovapower.com\/reports\/wp-content\/uploads\/sites\/2\/2025\/04\/icon-investment-capital-01-01-300x241.png 300w\" sizes=\"(max-width: 614px) 100vw, 614px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-936591f e-con-full e-flex e-con e-child\" data-id=\"936591f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-0dd55ce elementor-widget elementor-widget-heading\" data-id=\"0dd55ce\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Investment in Capital Projects<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9943c9c elementor-widget elementor-widget-heading\" data-id=\"9943c9c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">$56,842<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-41d0a25 elementor-widget elementor-widget-heading\" data-id=\"41d0a25\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">&uarr;8%<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a28c581 elementor-widget elementor-widget-text-editor\" data-id=\"a28c581\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"text-align: left;\">Distribution assets, stations, IT, facilities, fleet.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-7e435c4 e-con-full e-flex e-con e-child\" data-id=\"7e435c4\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6d2cf4e elementor-widget__width-initial elementor-widget-mobile__width-initial elementor-widget elementor-widget-image\" data-id=\"6d2cf4e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"614\" height=\"493\" src=\"https:\/\/enovapower.com\/reports\/wp-content\/uploads\/sites\/2\/2025\/04\/icon-dividend-01-01.png\" class=\"attachment-large size-large wp-image-3694\" alt=\"icon dividend 01 01\" srcset=\"https:\/\/enovapower.com\/reports\/wp-content\/uploads\/sites\/2\/2025\/04\/icon-dividend-01-01.png 614w, https:\/\/enovapower.com\/reports\/wp-content\/uploads\/sites\/2\/2025\/04\/icon-dividend-01-01-300x241.png 300w\" sizes=\"(max-width: 614px) 100vw, 614px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-729fb0e e-con-full e-flex e-con e-child\" data-id=\"729fb0e\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-8beabe8 elementor-widget elementor-widget-heading\" data-id=\"8beabe8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Shareholder Dividend<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-734baa8 elementor-widget elementor-widget-heading\" data-id=\"734baa8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">$12,077<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-46e8173 elementor-widget elementor-widget-heading\" data-id=\"46e8173\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">\u21914%<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-74fe14c elementor-widget elementor-widget-text-editor\" data-id=\"74fe14c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"text-align: left;\">What Enova pays from retained earnings to shareholders. The dividend is reinvested into the communities we serve.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-c4199f2 e-con-full e-flex e-con e-child\" data-id=\"c4199f2\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-45b4a32 elementor-widget__width-initial elementor-widget-mobile__width-initial elementor-widget elementor-widget-image\" data-id=\"45b4a32\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"614\" height=\"493\" src=\"https:\/\/enovapower.com\/reports\/wp-content\/uploads\/sites\/2\/2025\/04\/icon-long-term-debt-01-01.png\" class=\"attachment-large size-large wp-image-3688\" alt=\"icon long term debt 01 01\" srcset=\"https:\/\/enovapower.com\/reports\/wp-content\/uploads\/sites\/2\/2025\/04\/icon-long-term-debt-01-01.png 614w, https:\/\/enovapower.com\/reports\/wp-content\/uploads\/sites\/2\/2025\/04\/icon-long-term-debt-01-01-300x241.png 300w\" sizes=\"(max-width: 614px) 100vw, 614px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-31f3eca e-con-full e-flex e-con e-child\" data-id=\"31f3eca\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-d29afdf elementor-widget elementor-widget-heading\" data-id=\"d29afdf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Long Term Debt<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c012f9f elementor-widget elementor-widget-heading\" data-id=\"c012f9f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">$110,476<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-426fe65 elementor-widget elementor-widget-heading\" data-id=\"426fe65\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">&darr;52%<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b9121e9 elementor-widget elementor-widget-text-editor\" data-id=\"b9121e9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Money borrowed to finance major investments in capital projects.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-0659bf0 e-con-full e-flex e-con e-child\" data-id=\"0659bf0\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-f59fe6a elementor-widget__width-initial elementor-widget-mobile__width-initial elementor-widget elementor-widget-image\" data-id=\"f59fe6a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"614\" height=\"493\" src=\"https:\/\/enovapower.com\/reports\/wp-content\/uploads\/sites\/2\/2025\/04\/icon-net-income-01-01.png\" class=\"attachment-large size-large wp-image-3691\" alt=\"icon net income 01 01\" srcset=\"https:\/\/enovapower.com\/reports\/wp-content\/uploads\/sites\/2\/2025\/04\/icon-net-income-01-01.png 614w, https:\/\/enovapower.com\/reports\/wp-content\/uploads\/sites\/2\/2025\/04\/icon-net-income-01-01-300x241.png 300w\" sizes=\"(max-width: 614px) 100vw, 614px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-ff0eba1 e-con-full e-flex e-con e-child\" data-id=\"ff0eba1\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-071b240 elementor-widget elementor-widget-heading\" data-id=\"071b240\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Capital Assets<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e5d7663 elementor-widget elementor-widget-heading\" data-id=\"e5d7663\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">$643,738<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2f25f55 elementor-widget elementor-widget-heading\" data-id=\"2f25f55\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">\u21914%<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-898a568 elementor-widget elementor-widget-text-editor\" data-id=\"898a568\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Net value of all capital assets owned by Enova.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-a708c1c e-con-full e-grid e-con e-child\" data-id=\"a708c1c\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-fecfdb7 e-con-full e-flex e-con e-child\" data-id=\"fecfdb7\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4ab1a02 elementor-widget__width-initial elementor-widget-mobile__width-initial elementor-widget elementor-widget-image\" data-id=\"4ab1a02\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"614\" height=\"493\" src=\"https:\/\/enovapower.com\/reports\/wp-content\/uploads\/sites\/2\/2026\/03\/icon-return-on-equity.png\" class=\"attachment-large size-large wp-image-4532\" alt=\"icon return on equity\" srcset=\"https:\/\/enovapower.com\/reports\/wp-content\/uploads\/sites\/2\/2026\/03\/icon-return-on-equity.png 614w, https:\/\/enovapower.com\/reports\/wp-content\/uploads\/sites\/2\/2026\/03\/icon-return-on-equity-300x241.png 300w\" sizes=\"(max-width: 614px) 100vw, 614px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-93b2354 e-con-full e-flex e-con e-child\" data-id=\"93b2354\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-a472be8 elementor-widget elementor-widget-heading\" data-id=\"a472be8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Achieved Return on Equity<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0136661 elementor-widget elementor-widget-heading\" data-id=\"0136661\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">8.14%<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1d8dcf2 elementor-widget elementor-widget-heading\" data-id=\"1d8dcf2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">&uarr;1.28%<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d24026a elementor-widget elementor-widget-text-editor\" data-id=\"d24026a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"text-align: left;\"><span data-olk-copy-source=\"MessageBody\">Regulated Return on Equity is calculated as annual net income divided by the estimated OEB-deemed equity portion of Enova&#8217;s regulated rate base as of year-end.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-443e8f2 e-con-full e-flex e-con e-child\" data-id=\"443e8f2\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-be77c25 elementor-widget__width-initial elementor-widget-mobile__width-initial elementor-widget elementor-widget-image\" data-id=\"be77c25\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"614\" height=\"493\" src=\"https:\/\/enovapower.com\/reports\/wp-content\/uploads\/sites\/2\/2026\/04\/icon-credit-rating-copy.png\" class=\"attachment-large size-large wp-image-4618\" alt=\"icon credit rating copy\" srcset=\"https:\/\/enovapower.com\/reports\/wp-content\/uploads\/sites\/2\/2026\/04\/icon-credit-rating-copy.png 614w, https:\/\/enovapower.com\/reports\/wp-content\/uploads\/sites\/2\/2026\/04\/icon-credit-rating-copy-300x241.png 300w\" sizes=\"(max-width: 614px) 100vw, 614px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-01c3c0e e-con-full e-flex e-con e-child\" data-id=\"01c3c0e\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4e1599d elementor-widget elementor-widget-heading\" data-id=\"4e1599d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">Credit Rating<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4a226df elementor-widget elementor-widget-heading\" data-id=\"4a226df\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">A stable<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-341d1bd e-flex e-con-boxed e-con e-parent\" data-id=\"341d1bd\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t<div class=\"elementor-element elementor-element-c454144 e-con-full e-flex e-con e-child\" data-id=\"c454144\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-9045920 e-con-full elementor-hidden-tablet elementor-hidden-mobile e-flex e-con e-child\" data-id=\"9045920\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<div class=\"elementor-element elementor-element-927980b e-con-full e-flex e-con e-child\" data-id=\"927980b\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t<div class=\"elementor-element elementor-element-00ff29f e-con-full e-flex e-con e-child\" data-id=\"00ff29f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-e2929d1 elementor-widget elementor-widget-heading\" data-id=\"e2929d1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Back to 2025 Report home page<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-fdaadc4 e-con-full e-flex e-con e-child\" data-id=\"fdaadc4\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t<a class=\"elementor-element 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Net income increased compared to prior year due to a reduction in operating expenses as Enova completed the majority of post-merger integration activities and was able to re-focus on capital programs. 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