Turkcell lletism Hizmetleri AS (TKC)

Turkcell Iletisim Hizmetleri: First Quarter 2026 ResultsMay 11, 2026 11:59 AM
Business Wire Strong Growth Supported by Our Strategic Focus Areas Turkcell (NYSE:TKC) (BIST:TCELL): Please note that all financial data is consolidated and comprises that of Turkcell Iletisim Hizmetleri A.S. (the “Company” or “Turkcell”) and its subsidiaries and associates (together referred to as the “Group”) unless otherwise stated. We have three reporting segments: "Turkcell Türkiye," which comprises our telecom, digital services, and digital business services related businesses, retail channel operations, smart devices management, and consumer electronics sales through digital channels in Türkiye. All non-financial data presented in this press release is unconsolidated and comprises Turkcell Türkiye only unless otherwise stated. The terms "we," "us," and "our" in this press release refer only to Turkcell Türkiye, except in discussions of financial data, where such terms refer to the Group, and except where context otherwise requires. “Techfin” which comprises all of our financial services businesses. “Other” which primarily comprises our international, energy businesses, non-group call center, and intersegment eliminations. This press release provides a year-on-year comparison of our key indicators. Figures in parentheses following the operational and financial results for March 31, 2026, refer to the same item as of March 31, 2025. For further details, please refer to our consolidated financial statements and notes as of and for March 31, 2026, accessible via our website in the investor relations section (www.turkcell.com.tr). Selected financial information presented in this press release for the first quarter of 2025 and 2026 is based on IFRS figures in TRY terms unless otherwise stated. In the tables used in this press release, totals may not foot due to rounding differences. The same applies to the calculations in the text. Year-on-year percentage comparisons in this press release reflect mathematical calculations. NOTICE This press release contains the Company’s financial information for the period ended March 31, 2026, prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). This press release contains the Company’s financial information prepared in accordance with International Accounting Standard 29, Financial Reporting in Hyperinflationary Economies (“IAS29”). Therefore, the financial statement information included in this press release for the periods presented is expressed in terms of the purchasing power of the Turkish Lira as of March 31, 2026. The Company restated all non-monetary items in order to reflect the impact of the inflation restatement reporting in terms of the measuring unit current as of March 31, 2026. Comparative financial information has also been restated using the general price index of the current period. This release includes forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, Section 21E of the U.S. Securities Exchange Act of 1934, and the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. This includes, in particular, and without limitation, our targets for consolidated revenue growth, data center and cloud revenue growth, EBITDA margin, and operational capex over sales ratio for the full year 2026. In establishing such guidance and outlooks, the Company has used a certain number of assumptions regarding factors beyond its control, particularly in relation to macroeconomic indicators, such as expected inflation levels, that may not be realized or achieved. More generally, all statements other than statements of historical facts included in this press release, including, without limitation, certain statements regarding our operations, financial position, and business strategy, may constitute forward-looking statements. Forward-looking statements can generally be identified by the use of forward-looking terminology such as, among others, “will,” “expect,” “intend,” “estimate,” “believe,” “continue,” and “guidance.” Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. In addition, certain forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. Many factors could cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance, or achievements that may be expressed or implied by forward-looking statements. Should one or more of these risks or uncertainties materialize or underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, intended, planned, or projected. These forward-looking statements are based upon a number of assumptions and other important factors that could cause our actual results, performance, or achievements to differ materially from our future results, performance, or achievements expressed or implied by such forward-looking statements. All subsequent written and oral forward-looking statements attributable to us are expressly qualified in their entirety by reference to these cautionary statements. For a discussion of certain factors that may affect the outcome of such forward- looking statements, see our Annual Report on Form 20-F for 2025 filed with the U.S. Securities and Exchange Commission, and in particular, the risk factor section therein. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release. All forward-looking statements in this press release are based on information currently available to the Company, and we undertake no duty to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. The Company makes no representation as to the accuracy or completeness of the information contained in this press release, which remains subject to verification, completion, and change. No responsibility or liability is or will be accepted by the Company or any of its subsidiaries, board members, officers, employees, or agents as to or in relation to the accuracy or completeness of the information contained in this press release or any other written or oral information made available to any interested party or its advisers. FINANCIAL HIGHLIGHTS TRY million Q125 Q126 y/y% Revenue 62,767 68,377 8.9% EBITDA1 27,428 28,300 3.2% EBITDA Margin (%) 43.7% 41.4% (2.3pp) EBIT2 10,749 10,439 (2.9%) EBIT Margin (%) 17.1% 15.3% (1.9pp) Net Income 4,033 4,634 14.9% HIGHLIGHTS The Annual General Assembly Meeting for the 2025 fiscal year took place on May 7, 2026. For the results, please click here. Consistent with the Company’s uninterrupted dividend distribution practice since 2016, the General Assembly approved a gross dividend distribution of TRY 8.8 billion from 2025 distributable income, corresponding to a gross dividend of TRY 4.00 (net TRY 3.40) per ordinary share with a nominal value of TRY 1. The dividend will be paid in cash on December 9, 2026. As of March 31, 5G has gone live in Türkiye, marking a new phase in the country’s digital transformation. Supported by its superior spectrum capacity and network capabilities, Turkcell has begun rolling out high-speed 5G services across 81 provinces. To support the Company’s investments in 5G and other next-generation communication technologies, a USD 1 billion Murabaha syndicated loan was secured in March. With its competitive 7-year maturity, this transaction also represents one of the largest corporate Murabaha syndications ever executed by a Turkish company, marking an important milestone for both Turkcell and the broader Turkish corporate financing market. We believe that the strong participation from international lenders underscores their confidence in our strong balance sheet and resilient financial performance. Strong growth driven by corporate revenues and Paycell; Steady top-line growth of 8.9% YoY to TRY 68.4 billion, driven by strong corporate performance. Increased hardware sales, alongside continued growth in the Data Center & Cloud business were the main contributors, while Paycell continued to support Group revenues. EBITDA1 increased by 3.2%, leading to an EBITDA margin of 41.4%; EBIT2 was down by 2.9% due to increased investments, resulting in an EBIT margin of 15.3%. Despite an increased tax burden, net income grew by 14.9% to TRY 4.6 billion, primarily driven by higher monetary gains from capitalization of the 5G license and a positive contribution from equity accounted investees. Net leverage3 level was at 0.42x; net short FX position increased to US$1.2 billion mainly due to the 5G tender, reflecting a selective hedging approach considering prevailing hedging costs. Medium-term net FX target range – USD1.5bn to +USD1.5bn. Solid subscriber performance with a sustained postpaid and fiber focus 661 thousand mobile postpaid net additions, postpaid subscriber base share at 81% 36 thousand fiber net additions including resell operations Accelerated Superbox subscriber acquisition with 38 thousand net additions 138 thousand new fiber homepasses in Q126, bringing total to 6.5 million Resilient residential fiber ARPU growth of 9.7% (1) EBITDA is a non-GAAP financial measure. See page 14 for the explanation of how we calculate Adjusted EBITDA and its reconciliation to net income.
(2) EBIT is a non-GAAP financial measure and is equal to EBITDA minus depreciation and amortization expenses.
(3) Our net debt calculation includes financial assets at fair value, whether through other comprehensive income or through profit and loss, reported under current and non-current assets, as well as financial assets at amortized cost. Required reserves held in CBRT balances are not included in total cash and net debt calculation. COMMENTS BY CEO, ALI TAHA KOÇ, PhD The first quarter of 2026 marked a historic milestone in Türkiye’s digital transformation journey. At Turkcell, we proudly introduced Türkiye to 5G in Turkcell quality, backed by our 32 years of technology leadership, strong infrastructure investments, and innovative vision. With the launch of 5G, we not only advanced communication standards but also paved the way for a next-generation digital infrastructure. This infrastructure will enhance our country’s competitiveness across many sectors, from industry to healthcare and from education to transportation. With the widest frequency bandwidth, our high-capacity network architecture, strong fiber infrastructure, and data centers, we made a strong start to this new era. Following the successful completion of our 5G preparation and tender processes, we launched a large-scale advertising campaign with a world-renowned celebrity. The strong interest in our “5-fold” campaign, launched to celebrate the 5G era, within a very short period clearly demonstrated our subscribers’ excitement for the next-generation connectivity experience. It also showed that the 5G experience we offer resonates strongly across all segments of society. This new era, ushered in by 5G, has brought to the forefront not only our strong technological infrastructure but also our long-term investment vision and financial flexibility. While we continue to pursue investments that will shape Türkiye’s digital future with determination, our ability to access international financing sources has been a key enabler of our strategy. The USD 1 billion Murabaha syndicated loan we secured to support investments in 5G transformation and other next-generation connectivity technologies, once again confirmed global investors’ confidence in our Company’s vision and strong financial structure. Moreover, this transaction was recorded as the largest corporate Murabaha syndicated loan ever executed by a Turkish company. We completed the first quarter with strong financial results. Our consolidated revenues reached TRY 68.4 billion, increasing by 8.9% year-on-year. Digital Business Services (DBS) and Paycell continued to outperform the Group. Consolidated EBITDA¹ increased by 3.2% to reach TRY 28.3 billion, while the EBITDA margin remained healthy at 41.4%. Our net profit increased by 14.9% to TRY 4.6 billion. Leadership in digital transformation: 5G-enabled solutions and new speed standards We experienced a quarter in which market dynamics rationalized compared with previous quarters. Thanks to our customer-focused approach, strong infrastructure, and innovative offerings, we closed the first quarter with positive results in Mobile Number Portability (MNP). Our total mobile subscriber base also expanded with a net addition of 655 thousand subscribers. Our postpaid subscriber base, which is at the core of our sustainable value creation strategy, maintained its steady growth with a net addition of 661 thousand, reaching a postpaid subscriber share of 81%. Supported by the increase in the postpaid subscriber share and our strong performance in upselling subscribers, mobile ARPU (excluding M2M) remained resilient. This was despite limited pricing adjustments in an intensely competitive environment of the previous year and persistently high inflation. With Superbox 5G, we launched the era of fiber-speed internet in regions not yet covered by our fiber infrastructure, supported by ultra-powerful Wi-Fi 7 modem capability. With this momentum, our Superbox subscriber base reached 754 thousand, with a net addition of 38 thousand. In addition, with our portable “Superbox GO” modem, we began offering our customers a truly location and cable independent, flexible 5G connectivity experience. By declaring 2026 as the “Year of Speed”, we also redefined the rules of the game on the fixed side. With our Superonline UltraFiber packages, supported by Wi-Fi 7 technology for the first time in Türkiye, we became the first and only operator to offer home internet speeds of up to 10 Gbps to our subscribers. In the first quarter of the year, we achieved a total of 36 thousand net fiber subscriber additions, including our resell portfolio, of which 21 thousand came from Turkcell fiber. In line with our fiber-focused profitable growth strategy, our DSL and cable subscriber base continued to decline. Supported by sustained demand for high-speed packages and our strong focus, the share of our fiber subscribers with speeds of 1,000 Mbps and above increased to approximately 20% of our total residential fiber subscribers. Driven by our strategy of migrating subscribers to higher-tier packages, pricing adjustments, and the contribution of our IPTV service, residential fiber ARPU grew by 9.7% year-on-year. With our continued fixed infrastructure investments in the first quarter, we expanded our Turkcell fiber footprint by an additional 138 thousand homepasses, bringing the total to 6.5 million. Our take-up rate reached 41.8%. Consistent growth in our strategic focus areas Paycell, which is the main growth engine of our Techfin business, continued to grow above the Group average despite a high base effect. Paycell revenues increased by 15%, driven by strong momentum in the POS and mobile payment segments. On the other hand, Financell’s revenues declined as ongoing installment limitations constrained growth in new loan volumes. However, its Net Interest Margin (NIM) expanded significantly to 8.3%, up by 3.6 points compared with the same period last year. Total revenue growth in the Techfin segment was at 4%. DBS made a very strong start to 2026. Rising hardware revenues, supported by increasing corporate projects, together with the 21% growth in our data center and cloud business, drove a 64% year-on-year increase in DBS revenues. Sustainability vision reinforced by international achievements By positioning sustainability among our strategic priorities, we carefully consider the environmental and social impact of all our business processes. We move forward with the goal of reducing our environmental footprint and increasing efficiency through our investments in this area. In line with our sustainability targets, we are increasing our capacity by investing in our own solar power plants, while also evaluating inorganic growth opportunities through strategic acquisitions. We completed the acquisition of a 12.1 MW solar power plant in Mersin in April. Following this acquisition, our total active solar energy capacity reached 74.4 MW. Another development that boosted our motivation in our sustainability efforts was the global recognition of our environmental performance, as reflected in the “Global A” score we received under the CDP Climate Change Program. This quarter, we also published our 2025 sustainability report in compliance with TSRS. Within the scope of the report, we addressed climate-related risks and opportunities in a holistic manner. We also expanded the scope of our environmental performance by reporting our water footprint for the first time this year. We believe that these efforts have reinforced our alignment with national regulations and global climate targets, while also strengthening our engagement with our stakeholders. Turkcell’s signature on global platforms We successfully represent our country and our sector on international platforms. At the Mobile World Congress (MWC 2026), the model we developed with industry stakeholders to block international fraudulent calls, which has prevented millions of fraud attempts on our network to date was selected by the GSMA as a best practice. In line with our vision of driving innovation in the sector, we also entered into strategic partnerships to carry out R&D activities on 6G and next-generation network technologies at MWC 2026. As Türkiye’s Turkcell, I sincerely thank my dedicated colleagues who contribute to every step we take with the motivation to move our country forward, as well as our Board of Directors, shareholders, and business partners for their support. (1) EBITDA is a non-GAAP financial measure. See page 14 for the explanation of how we calculate Adjusted EBITDA and its reconciliation to net income FINANCIAL AND OPERATIONAL REVIEW OF FULL YEAR Financial Review of Turkcell Group Profit & Loss Statement (million TRY) Quarters Q125 Q126 y/y% Revenue 62,766.5 68,377.0 8.9% Cost of revenue1 (28,259.3) (32,195.8) 13.9% Cost of revenue1/Revenue (45.0%) (47.1%) (2.1pp) Gross Margin1 55.0% 52.9% (2.1pp) Administrative expenses (2,617.7) (2,979.3) 13.8% Administrative expenses/Revenue (4.2%) (4.4%) (0.2pp) Selling and marketing expenses (4,207.3) (4,542.8) 8.0% Selling and marketing expenses/Revenue (6.7%) (6.6%) 0.1pp Net impairment losses on financial and contract assets (253.9) (359.2) 41.5% EBITDA2 27,428.3 28,299.8 3.2% EBITDA Margin 43.7% 41.4% (2.3pp) Depreciation and amortization (16,679.6) (17,860.5) 7.1% EBIT3 10,748.7 10,439.3 (2.9%) EBIT Margin 17.1% 15.3% (1.9pp) Net finance income / (costs) (468.6) 1,569.2 n.m Finance income 5,177.3 3,730.4 (27.9%) Finance costs (6,900.7) (7,625.9) 10.5% Monetary gain 1,254.8 5,464.7 335.5% Net other income / (expenses) (588.4) (427.4) (27.4%) Share of profit of equity accounted investees (1,130.7) 305.5 n.m Profit Before Income Tax 8,560.9 11,886.6 38.8% Income tax expense (4,527.5) (7,252.2) 60.2% Net Income 4,033.4 4,634.4 14.9% (1) Excluding depreciation and amortization expenses.
(2) EBITDA is a non-GAAP financial measure. See page 14 for the explanation of how we calculate Adjusted EBITDA and its reconciliation to net income.
(3) EBIT is a non-GAAP financial measure and is equal to EBITDA minus depreciation and amortization expenses. Revenue of the Group grew by 8.9% year-on-year, reaching TRY68,377 million (TRY62,767 million) in Q126. This growth was primarily driven by the robust performance of Turkcell Türkiye, mainly attributable to corporate revenues. In the first quarter, Turkcell Türkiye revenues, representing 90% of Group top-line, increased by 8.6% to TRY61,877 million (TRY56,957 million). - Corporate revenues recorded solid growth of 34%, largely driven by Digital Business Services, which delivered 64% revenue growth thanks to higher hardware revenues through successful execution of large-scale projects. Data Center & Cloud revenues also posted a remarkable 21.0% year-on-year growth. - Consumer segment recorded a more moderate growth of 2.6%. This performance was underpinned by the expansion of our postpaid subscriber base and strong fixed ARPU performance. Conversely, mobile ARPU (excluding M2M) remained broadly flat this quarter, reflecting the continued impact of last year’s intense competitive pricing environment and persistently high inflation. - Wholesale revenues recorded a growth of 7.9% to TRY2,535 million (TRY2,350 million). Techfin segment revenues, accounting for 5% of Group revenues, grew by 4.0% to TRY3,740 million (TRY3,594 million). The driver of this growth was Paycell business. Please refer to the Techfin section for details. Other segment revenues, comprising 4% of Group revenues, which mostly includes Turkcell International revenues, energy business revenues and non-group call center revenues, rose 24.6% to TRY2,760 million (TRY2,215 million). Cost of revenue (excluding depreciation and amortization) increased to 47.1% (45.0%) as a percentage of revenues for the first quarter of 2026. This was driven mainly by the increase in cost of goods sold (3.7pp), radio expenses (0.4pp), personnel expenses (0.3pp), and other cost items (0.2pp), despite the decline in funding costs (0.8pp), energy costs (0.7pp), treasury share (0.7pp) and interconnection costs (0.4pp) as a percentage of revenues. Administrative expenses increased slightly to 4.4% (4.2%) as a percentage of revenues this quarter, primarily driven by personnel expenses. Selling and marketing expenses as a percentage of revenue remained broadly stable at 6.6% (6.7%), despite higher 5G-related marketing expense. The increase in marketing expenses was offset by the slower growth in personnel expenses relative to top-line expansion. Net impairment losses on financial and contract assets were at 0.5% (0.4%) as a percentage of revenues in Q126. EBITDA1 increased by 3.2% year-on-year in Q126 leading to an EBITDA margin of 41.4% (43.7%). - Turkcell Türkiye EBITDA was up by 1.3% to TRY26,282 million (TRY25,957 million), resulting in an EBITDA margin of 42.5% (45.6%). - Techfin segment EBITDA increased by 30.3% to TRY1,223 million (TRY938 million), representing a 6.6pp robust expansion in EBITDA margin to 32.7% (26.1%). This favorable margin performance was primarily attributable to Financell’s improved funding costs through FX loan utilization. However, the strong momentum of the Paycell POS business limited the overall Techfin margin expansion. - The EBITDA of Other was at TRY795 million (TRY533 million). Depreciation and amortization expenses increased by 7.1%, amounting to TRY17,861 million (TRY16,680 million). Net finance income reached TRY1,569 million (TRY469 million cost) in Q126. This strong improvement was attributable to higher monetary gains arising from the capitalization of 5G license. Excluding monetary gains, net finance costs rose due to a higher net short FX position led by increased foreign currency liabilities linked to 5G. See Appendix A for details of net foreign exchange gain and loss. Net Other expenses were at TRY427 million (TRY588 million) in Q126. Income tax expense increased to TRY7,252 million (TRY4,528 million). Please recall that inflation accounting was discontinued in the 2025 statutory financial statements, and its impact became visible in our financials starting from Q4 2025. This continued to be the main driver of the higher income tax expense in Q1 2026. In addition, only limited fixed asset revaluation was performed during the period, which provided a limited offset against the adverse tax impact. This increase in the tax expense during the quarter was primarily attributable to deferred tax expense, while the impact of cash tax payments remained limited. Net income of the Group increased by 14.9% to TRY4,634 million (TRY4,033 million) in Q126. This improvement resulted from substantial monetary gain registered in the first quarter along with improved contribution from TOGG. Profit before income tax grew by 38.8% year on year to TRY11,887 million (TRY8,561 million), driven by strong operational performance and diciplined balance sheet management. (1) EBITDA is a non-GAAP financial measure. See page 14 for the explanation of how we calculate adjusted EBITDA and its reconciliation to net income. Total cash & debt: Consolidated cash as of March 31, 2026 decreased to TRY95,773 million from TRY101,048 million as of December 31, 2025. This decline was primarily attributable to the first installment of the 5G license payment, including VAT, totaling USD653 million, together with the TRY3.2 billion Wireless Usage Fee, which is paid in the first quarter of each year, as well as bonus payments to employees. 57% of our cash is in US$, 20% in EUR, and 23% in TRY. Excluding FX swap transactions, 71% of our cash is in US$ and 29% in EUR. Alongside these sizeable cash outflows, we reinforced our liquidity position through a USD 1 billion Murabaha syndicated loan, further strengthening our financial flexibility and balance sheet resilience. Accordingly, consolidated debt as of March 31, 2026, increased to TRY206,347 million from TRY174,578 million as of December 31, 2025. Note that TRY16,230 million of our consolidated debt comprises lease obligations. After hedging transactions, 64% of our consolidated debt is in US$, 24% in EUR, 5% in CNY, and 7% in TRY. Due to cash disbursements, as of March 31, 2026, net debt1 increased to TRY48,827 million from TRY16,383 million as of December 31, 2025, with a net debt to EBITDA ratio of 0.42x. We continued to manage the Group’s net FX position proactively, taking into account prevailing hedging costs and the relatively stable FX environment. Accordingly, we maintained our medium-term net FX target range of between minus USD1.5 billion and plus USD1.5 billion. As of quarter-end, the Group’s short net FX position stood at US$1.2 billion, including the hedging portfolio and advance payments. Capital expenditures, including non-operational items, increased to TRY76,583 million in Q126, mainly driven by the 5G license amounting to USD1.2 billion (excluding VAT). Operational capital expenditures (excluding license fees) at the Group level were at 21.5% of total revenues. Capital expenditures (million TRY) Quarters Q125 Q126 Operational Capex 12,685.7 14,668.8 License and Related Costs 12.1 55,921.5 Non-operational Capex (Including IFRS15 & IFRS16) 8,393.2 5,992.3 IFRS15 2,574.3 2,437.7 IFRS16 4,007.1 3,525.3 Other 1,811.8 29.3 Total Capex 21,090.9 76,582.6 (1) Our net debt calculation includes financial assets at fair value, whether through other comprehensive income or through profit and loss, reported under current and non-current assets, as well as financial assets at amortized cost. Required reserves held in CBRT balances are not included in total cash and net debt calculation. Operational Review of Turkcell Türkiye Summary of Operational Data Quarters Q125 Q425 Q126 y/y % q/q % Number of subscribers1 (million) 43.1 43.9 44.5 3.2% 1.4% Mobile Postpaid (million) 29.3 31.5 32.2 9.9% 2.2% Mobile M2M (million) 5.3 5.9 6.2 17.0% 5.1% Mobile Prepaid (million) 9.0 7.6 7.6 (15.6%) - Turkcell Fiber (thousand) 2,484.4 2,573.6 2,594.9 4.4% 0.8% Resell Fixed Broadband (thousand) 774.2 712.9 687.4 (11.2%) (3.6%) ADSL (thousand) 721.8 611.4 573.3 (20.6%) (6.2%) Cable (thousand) 33.1 25.7 23.3 (29.6%) (9.3%) Fiber (thousand) 19.3 75.8 90.9 371.0% 19.9% Superbox2 (thousand) 660.0 716.1 754.1 14.3% 5.3% IPTV (thousand) 1,456.3 1,430.5 1,423.2 (2.3%) (0.5%) Churn (%)3           Mobile Churn (%) 1.7% 2.7% 1.6% (0.1pp) (1.1pp) Fixed Churn (%) 1.4% 1.8% 1.6% 0.2pp (0.2pp) Average mobile data usage per user (GB/user) 17.9 21.8 22.5 25.7% 3.2% (1) Including mobile, fixed broadband, IPTV, and wholesale (MVNO&FVNO) subscribers
(2) Superbox subscribers are included in mobile subscribers.
(3) Churn figures represent average monthly churn figures for the respective periods. ARPU (Average Monthly Revenue per User) (TRY) (TRY, IAS29 Adjusted) Quarters Q125 Q425 Q126 y/y % q/q % Mobile ARPU, blended 371.6 379.5 363.2 (2.3%) (4.3%) Mobile ARPU, blended (excluding M2M) 425.4 439.5 423.8 (0.4%) (3.6%) Postpaid 427.9 430.9 408.0 (4.7%) (5.3%) Postpaid (excluding M2M) 514.2 521.9 496.6 (3.4%) (4.8%) Prepaid 191.9 183.6 173.7 (9.5%) (5.4%) Fixed Residential ARPU, blended 486.5 552.4 545.9 12.2% (1.2%) Residential Fiber ARPU 493.4 547.1 541.1 9.7% (1.1%) Our total subscriber base expanded by 642 thousand in Q126, reaching 44.5 million thanks to segment-based offers that provide customers with tailored alternatives. In the postpaid segment, net additions reached 661 thousand, leading to our strongest total mobile net additions over the past 14 quarters. This brought the share of postpaid subscribers in the total mobile base to 81%, exceeding 32 million. We observed an improvement in mobile churn, which declined by 1.1pp compared with Q425 and by 0.1pp versus Q125, thanks to effective churn management and a relatively rationalized market environment. In the prepaid segment, we saw a notable moderation in net subscriber losses this quarter unlike in previous quarters, supported by our customer-centric tariffs and fewer tourist-related disconnections. Mobile ARPU (excluding M2M) remained broadly flat, declining by 0.4% year-on-year, mainly due to the lagged impact of last year’s record-high competitive environment and persistently elevated inflation. On the fixed side, our subscriber base declined slightly in Q1 2026, recording a net loss of 4 thousand, mainly due to our reduced focus on the ADSL segment. In the fiber segment, we maintained strong momentum in Turkcell fiber, achieving 21 thousand net additions in the quarter and 111 thousand on a yearly basis, supported by continued demand for high-speed connectivity. Residential fiber ARPU increased by 9.7% year-on-year, mainly driven by active upselling and pricing actions, and the growing contribution of our IPTV offering. As part of our “Technology Leadership in Türkiye” strategy, we launched our “UltraFiber” packages in March, offering ultra-high-speed connectivity to households for the first time in Türkiye with download speeds of 2, 5, and 10 Gbps. In line with our fiber-focused strategy, we continued expanding our infrastructure footprint by adding 138 thousand new homepasses, reaching a total of 6.5 million, with the take-up rate at 41.8%. TECHFIN Paycell Financial Data (million TRY) Quarters Q125 Q126 y/y% Revenue 1,819.0 2,096.4 15.3% EBITDA 713.9 667.3 (6.5%) EBITDA Margin (%) 39.2% 31.8% (7.4pp) Net Income 243.4 252.0 3.5% Paycell continued its steady growth trajectory as the primary performance contributor in the techfin segment, recording a 15.3% year-on-year increase in revenues. POS solutions and mobile payments were the main drivers of this performance in this quarter. Among all business lines, POS solutions delivered the strongest growth, as revenues grew by 37% year-on-year. This robust revenue performance was supported by broadening transaction volumes, particularly in physical POS, which recorded 150.4% year-over-year volume expansion. Furthermore, non-group revenues continued to gain prominence, with their share of total revenues increasing to 83%, mainly driven by rising number of users. As the POS business accounted for a larger share of the revenue mix, EBITDA margin declined by 7.4 percentage points to 31.8%. Total transaction volume reached TRY55.5 billion, marking a 46.4% year-on-year increase. In addition to strong POS performance, Pay Later and QR Code contributed to the volume growth during the quarter. Pay Later strategic Services active users1 reached 3.3 million as of Q126. Financell Financial Data (million TRY) Quarters Q125 Q126 y/y% Revenue 1,645.4 1,478.9 (10.1%) EBITDA 260.9 578.3 121.7% EBITDA Margin (%) 15.9% 39.1% 23.2pp Net Income/(Loss) (13.2) 149.5 n.m Financell’s revenues contracted on a yearly basis due to ongoing installment limitations. The EBITDA margin improved to 39.1%, driven by lower funding costs while net income reached TRY149.5 million in this quarter. Financell maintained its leadership position in financing sector holding a 44% market share2 by number loans. The company also captured a 9.9% market share in loans below TRY20,000 in banking and financing sector combined. Financell’s loan portfolio reached TRY8.4 billion as of Q126, with 0.6 million active customers. There is significant market potential for Financell should regulatory conditions evolve favorably in line with macroeconomic dynamics, including potential increases in loan limits, which could in turn support Financell’s revenue growth. (1) Unique customers who have utilized the "Pay Later" feature for digital service payments—including App Store, Google Play, and QR transactions—at least once within the preceding three-month period
(2) Source: Association of Financial Institutions, as of Q425 TURKCELL GROUP SUBSCRIBERS As of March 31, 2026, the Turkcell Group had approximately 46.7 million registered subscribers. This figure is calculated by taking the number of subscribers of Turkcell Türkiye and of each of our subsidiaries. It includes the total number of mobile, fiber, ADSL, cable and IPTV subscribers of Turkcell Türkiye, BeST’s mobile subscribers and Kuzey Kibris Turkcell’s mobile and fixed subscribers. Turkcell Group Subscribers Q125 Q126 y/y% Turkcell Türkiye subscribers1 (million) 43.1 44.5 3.2% BeST (Belarus) 1.5 1.5 - Kuzey Kibris Turkcell 0.6 0.7 16.7% Turkcell Group Subscribers (million) 45.2 46.7 3.3% (1) Subscribers to more than one service are counted separately for each service. Including mobile, fixed broadband, IPTV, and wholesale (MVNO&FVNO) subscribers. OVERVIEW OF THE MACROECONOMIC ENVIRONMENT The foreign exchange rates used in our financial reporting, along with certain macroeconomic indicators, are set out below. Quarters Q125 Q425 Q126 y/y% q/q% GDP Growth (Türkiye) 2.5% 3.4% n.a n.a n.a Consumer Price Index (Türkiye)(yoy) 38.1% 30.9% 30.9% (7.2pp) - US$ / TRY rate           Closing Rate 37.7656 42.8623 44.3841 17.5% 3.6% Average Rate 36.1936 42.1450 43.5882 20.4% 3.4% EUR / TRY rate           Closing Rate 40.7019 50.4532 51.0236 25.4% 1.1% Average Rate 38.0036 49.0734 51.3794 35.2% 4.7% US$ / BYN rate           Closing Rate 3.1176 2.9027 2.9508 (5.4%) 1.7% Average Rate 3.2953 2.9521 2.8762 (12.7%) (2.6%) RECONCILIATION OF NON-GAAP FINANCIAL MEASUREMENTS: We believe that Adjusted EBITDA, among other key metrics, facilitates performance comparisons from period to period and management decision making. It also enables performance comparisons between companies. Adjusted EBITDA as a performance measure eliminates potential differences caused by variations in capital structures (affecting interest expense), tax positions (such as the impact of changes in effective tax rates on periods or companies) and the age and book depreciation of tangible and intangible assets (affecting relative depreciation expense and amortization expense). We also present Adjusted EBITDA because we believe it is frequently used by securities analysts, investors and other interested parties in evaluating the performance of other mobile operators in the telecommunications industry in Europe, many of which present Adjusted EBITDA when reporting their results. Our Adjusted EBITDA definition includes Revenue, Cost of Revenue excluding depreciation and amortization, Selling and Marketing expenses, Administrative expenses and Net impairment losses on financial and contract assets, but excludes finance income and expense, other operating income and expense, investment activity income and expense, share of profit of equity accounted investees and minority interest. Nevertheless, Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation from, or as a substitute for, analysis of our results of operations, as reported under IFRS. The following table provides a reconciliation of Adjusted EBITDA, as calculated using financial data prepared in accordance with IFRS to net profit, which we believe is the most directly comparable financial measure calculated and presented in accordance with IFRS. Turkcell Group (million TRY) Quarters Q125 Q126 y/y% Consolidated net profit 4,033.4 4,634.4 14.9% Income tax expense (4,527.5) (7,252.2) 60.2% Consolidated profit before income tax 8,560.9 11,886.6 38.8% Share of profit of equity accounted investees (1,130.7) 305.5 n.m Finance income 5,177.3 3,730.4 (27.9%) Finance costs (6,900.7) (7,625.9) 10.5% Monetary gain 1,254.8 5,464.7 335.5% Other expenses (588.4) (427.4) (27.4%) EBIT 10,748.7 10,439.3 (2.9%) Depreciation and amortization (16,679.6) (17,860.5) 7.1% Adjusted EBITDA 27,428.3 28,299.8 3.2% RECONCILIATION OF ARPU: ARPU is an operational metric and the methodology for calculating performance measures such as ARPU varies substantially among operators and is not standardized across the telecommunications industry, and reported performance measures thus vary from those that may result from the use of a single methodology. Management believes this metric is helpful in assessing the development of our services over time. The following table shows the reconciliation of Turkcell Türkiye revenues to such revenues included in the ARPU calculations for Q125 and Q126. Reconciliation of ARPU Q125 Q126 Turkcell Türkiye Revenue (million TRY) 56,957.1 61,877.2 Telecommunication services revenue 52,196.1 54,009.7 Equipment revenue 4,133.0 7,320.5 Other 627.9 547.0 Revenues which are not attributed to ARPU calculation1 (9,358.2) (13,395.0) Turkcell Türkiye revenues included in ARPU calculation2 46,970.9 47,935.2 Mobile blended ARPU (TRY) 371.6 363.2 Average number of mobile subscribers during the year (million) 38.2 39.4 Fixed residential ARPU (TRY) 486.5 545.9 Average number of fixed residential subscribers during the year (million) 3.0 3.1 (1) Revenue from fixed corporate and wholesale business; digital business sales; tower business, and other non-subscriber-based revenues
(2) Revenues from Turkcell Türkiye included in ARPU calculation comprise telecommunication services revenue, equipment revenue and revenues which are not attributed to ARPU calculation. ABOUT TURKCELL: Turkcell, headquartered in Türkiye, is a leading technology and telecommunications company offering a diverse portfolio of voice, data, and IPTV services across its mobile and fixed networks, alongside digital consumer, enterprise, and techfin solutions. The Turkcell Group operates in three countries: Türkiye, Belarus, and Northern Cyprus. In Q126, Turkcell Group reported revenue of TRY68.4 billion, with total assets of TRY618.2 billion as of March 31, 2026. Listed on both the NYSE and BIST since July 2000, Turkcell remains the only dual-listed company on these exchanges. Read more at www.turkcell.com.tr. Appendix A – Tables Table: Net foreign exchange gain and loss details Million TRY Quarters Q125 Q126 y/y% Net FX loss before hedging (2,333.7) (3,178.9) 36.2% Swap interest income/(expense) 150.6 94.1 (37.5%) Fair value gain on derivative financial instruments 375.4 (1,465.0) (490.3%) Net FX gain / (loss) after hedging (1,807.7) (4,549.9) 151.7% Table: Income tax expense details Million TRY Quarters Q125 Q126 y/y% Current tax expense (815.0) (1,435.4) 76.1% Deferred tax income / (expense) (3,712.5) (5,816.8) 56.7% Income Tax expense (4,527.5) (7,252.2) 60.2% TURKCELL ILETISIM HIZMETLERI A.S
IFRS SELECTED FINANCIALS (TRY Million)     3 Months 3 Months March 31 March 31 2025 2026 Consolidated Statement of Operations Data Turkcell Türkiye 56,957.1 61,877.2 Fintech 3,594.3 3,739.9 Other 2,215.2 2,759.9 TOTAL REVENUE 62,766.5 68,377.0 TOTAL COST OF REVENUE (44,938.9) (50,056.3) TOTAL GROSS PROFIT 17,827.6 18,320.7 Administrative expenses (2,617.7) (2,979.3) Selling & marketing expenses (4,207.3) (4,542.8) Other income /(expense) (588.4) (427.4) Net impairment loses on financial and contract assets (253.9) (359.2) OPERATING PROFIT 10,160.2 10,011.9 Finance costs (6,900.7) (7,625.9) Finance income 5,177.3 3,730.4 Monetary gain /(loss) 1,254.8 5,464.7 Share of loss of equity accounted investees (1,130.7) 305.5 PROFIT BEFORE INCOME TAX 8,560.9 11,886.6 Income tax income /(expense) (4,527.5) (7,252.2) PROFIT FOR THE YEAR 4,033.4 4,634.4 Owners of the Company 4,033.4 4,634.4   Basic and Diluted Earnings per Share for Profit Attributable to Owners of the Company (in full TL) 1.85 2.13 Basic and diluted earnings per share for profit from continuing operations attributable to owners of the Company (in full TL) 1.85 2.13   Other Financial Data Gross margin 28.4% 26.8% EBITDA (*) 27,428.3 28,299.8 EBITDA margin (*) 43.7% 41.4% Total capex 21,091.1 76,582.6 Operational capex 12,685.7 14,668.8 Licence and related costs 12.1 55,921.5 Non-operational capex 8,393.2 5,992.3   Consolidated Balance Sheet Data 2025 YE 1Q26 Cash and cash equivalents 101,048.0 95,773.4 Total assets 550,831.2 618,151.4 Long term debt 135,055.4 168,063.1 Total debt 174,577.8 206,346.9 Total liabilities 265,460.6 327,242.2 Total equity 285,370.5 290,909.2   (*) Please refer to the notes on reconciliation of Non-GAAP Financial measures on page 14 For further details, please refer to our consolidated financial statements and notes as at March 31, 2026, on our website TURKCELL ILETISIM HIZMETLERI A.S
TURKISH ACCOUNTING STANDARDS SELECTED FINANCIALS (TRY Million)     3 Months Months March 31 March 31 2025 2026 Consolidated Statement of Operations Data Turkcell Türkiye 56,957.1 61,877.2 Fintech 3,594.3 3,739.9 Other 2,215.2 2,759.9 TOTAL REVENUE 62,766.5 68,377.0 DIRECT COST OF REVENUE (44,938.9) (50,056.3) GROSS PROFIT 17,827.6 18,320.7 Administrative expenses (-) (2,617.7) (2,979.3) Selling & marketing expenses (-) (4,207.3) (4,542.8) Other operating income 11,608.5 2,848.2 Other operating expense (-) (916.3) (851.7) OPERATING PROFIT 21,694.8 12,795.1 Income from investing activities 3,266.9 2,637.6 Expense from investing activities (73.6) (62.2) Impairment losses determined in accordance with TFRS 9 (253.9) (359.2) Share of profit /(loss) of equity accounted investees (1,130.7) 305.5 PROFIT BEFORE FINANCIAL INCOME /(EXPENSES) 23,503.4 15,316.7 Financial income 576.2 38.9 Financial expense (-) (16,773.5) (8,933.7) Monetary gain /(loss) 1,254.8 5,464.7 PROFIT FROM CONTINUING OPERATIONS BEFORE TAX 8,560.9 11,886.6 Tax income /(expense) from continuing operations (4,527.5) (7,252.2) PROFIT FROM CONTINUING OPERATIONS 4,033.4 4,634.4 PROFIT FOR THE PERIOD 4,033.4 4,634.4 Owners of the parent 4,033.4 4,634.4   Earnings per Share 1.85 2.13 Earnings per share from continuing operations 1.85 2.13   Other Financial Data Gross margin 28.4% 26.8% EBITDA (*) 27,428.3 28,299.8 EBITDA margin (*) 43.7% 41.4% Total capex 21,091.1 76,582.6 Operational capex 12,685.7 14,668.8 Licence and related costs 12.1 55,921.5 Non-operational capex 8,393.2 5,992.3   Consolidated Balance Sheet Data 2025 YE 1Q26 Cash and cash equivalents 101,048.0 95,773.4 Total assets 550,831.2 618,151.4 Long term debt 135,055.4 168,063.1 Total debt 174,577.8 206,346.9 Total liabilities 265,460.6 327,242.2 Total equity 285,370.5 290,909.2   (*) Please refer to the notes on reconciliation of Non-GAAP Financial measures on page 14 For further details, please refer to our consolidated financial statements and notes as at March 31, 2026, on our website   View source version on businesswire.com: https://www.businesswire.com/news/home/20260511118095/en/ For further information, please contact Turkcell Investor Relations
Tel: + 90 212 313 1888
investor.relations@turkcell.com.tr Corporate Communications:
Tel: + 90 212 313 2321
Turkcell-Kurumsal-Iletisim@turkcell.com.tr Original: Turkcell Iletisim Hizmetleri: First Quarter 2026 Results

Turkcell Files Its 2025 Annual Report on Form 20-FApril 17, 2026 1:51 PM
Business Wire
Turkcell (NYSE: TKC, BIST: TCELL) announced that it has filed its Annual Report on Form 20-F for the year ended December 31, 2025 with the United States Securities and Exchange Commission on April 17, 2026. The Company's Form 20-F and complete audited financial statements can be found at: https://www.turkcell.com.tr/en/aboutus/investor-relations/quarterly-results


Hard copy versions of the complete audited financial statements are available free of charge upon request from Turkcell Investor Relations Department at investor.relations@turkcell.com.tr and/or +90 212 313 1888.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260417327420/en/
Turkcell Investor Relations

Ozlem Yardim

Tel: +90 212 313 1888

ozlem.yardim@turkcell.com.tr

or

Turkcell Corporate Communications

Burak Mergen

Tel: +90 212 313 2321

burak.mergen@turkcell.com.tr


Original: Turkcell Files Its 2025 Annual Report on Form 20-F

Turkcell Secures US$1 Billion Murabaha Syndication Facility to Boost 5G and Future ConnectivityMarch 23, 2026 12:51 PM
Business Wire
Turkcell (NYSE: TKC) (BIST: TCELL), Türkiye’s leading technology and telecommunications company, has signed a landmark US$1 billion syndicated international Murabaha financing with 14 banks. As the largest ever syndicated Islamic financing facility for a Turkish corporate with very competitive maturity profile and pricing terms, the facility will finance Turkcell’s 5G and next-generation communication investments. With the recent escalations in the Middle East with supply chain concerns and challenging financing conditions in the GCC, the transaction underscores Turkcell’s strong credit profile and strategic access to international capital markets.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260323440498/en/Kamil Kalyon, Turkcell’s Chief Financial Officer
Strong support for 5G and digital infrastructure investments


As Türkiye prepares to launch 5G on 1 April, Turkcell has taken another key financing phase to support the country’s digital future. The Murabaha Facility was launched to a select group of lenders at US$500m, which then was oversubscribed by c.2.4x attracting very strong interest from top-tier Middle Eastern as well as diversified global and international banks. On the back of the strong demand mainly from the GCC lenders, Turkcell has decided to upsize the Syndicated Murabaha Facility to US$1 Billion to primarily fund investments in 5G, advanced connectivity, digital infrastructure, and future communication solutions.


HSBC acted as the Sole Coordinator and Bookrunner of this landmark Islamic Financing Facility. Mandated Lead Arrangers includes top-tier lenders namely Kuwait Finance House, BNP Paribas, Dubai Islamic Bank, Emirates NBD, Gulf Bank, ICBC, and QNB.


Structured in line with Shariah-compliant interest-free financing principles, the Murabaha syndication aligns with Turkcell’s strategy to diversify funding sources and reinforce long-term sustainable investment capacity. The facility carries an annual profit rate of SOFR + 1.95%, with an all-in cost including fees of SOFR + 2.14% per annum – highly competitive relative to similar deals and in the current market environment. The financing facility has a final maturity of seven years, exceeding the typical five-year market standard, with a two-year grace period on principal repayments.


“Global recognition of Turkcell’s financial strength, operational excellence, and investment vision”


Commenting on the transaction, Kamil Kalyon, Turkcell’s Chief Financial Officer, said: “As Turkcell builds the technologies of the future, our finance team acts as a bridge, supporting this vision with a solid financial foundation. Realising the potential of digital transformation and advanced technology depends on a robust balance sheet and diversified funding sources. Our steps are designed to deliver on today’s objectives while enabling tomorrow’s opportunities on a sustainable path. Given today’s macroeconomic and geopolitical environment, the fact that this syndicated Murabaha financing more than doubled our initial target clearly shows that international investors strongly support Turkcell’s financial strength, solid balance sheet, and investment strategy. With a seven-year tenor and highly attractive, super tight financing terms, this facility will accelerate our 5G and digital infrastructure investments, diversify our funding structure, and support our long-term growth ambitions.”


ABOUT TURKCELL: Turkcell, headquartered in Türkiye, is a leading technology and telecommunications company offering a diverse portfolio of voice, data, and IPTV services across its mobile and fixed networks, alongside digital consumer, enterprise, and techfin solutions. The Turkcell Group operates in three countries: Türkiye, Belarus, and Northern Cyprus. In 2025, Turkcell Group reported revenue of TRY 241 billion, with total assets of TRY 501 billion as of December 31, 2025. Listed on both the NYSE and BIST since July 2000, Turkcell remains the only dual-listed company on these exchanges.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260323440498/en/
Burak Mergen

burak.mergen@turkcell.com.tr


Original: Turkcell Secures US$1 Billion Murabaha Syndication Facility to Boost 5G and Future Connectivity

Turkcell Iletisim Hizmetleri A.S.: Full Year 2025 ResultsMarch 5, 2026 10:57 AM
Business Wire
Strong Results;

Strengthening Strategic Position


Turkcell Iletisim Hizmetleri A.S. (NYSE:TKC) (BIST:TCELL):



Please note that all financial data is consolidated and comprises that of Turkcell Iletisim Hizmetleri A.S. (the “Company” or “Turkcell”) and its subsidiaries and associates (together referred to as the “Group”) unless otherwise stated.



Our revenue segmentation was revised as of Q1 2025. Within this scope, all past data have been restated for comparability purposes. For a comprehensive explanation, please refer to the Press Release and the Excel file for Q1 2025, available on the Turkcell IR website.



We have three reporting segments:


"Turkcell Türkiye," which comprises our telecom, digital services, and digital business services related businesses, retail channel operations, smart devices management, and consumer electronics sales through digital channels in Türkiye. All non-financial data presented in this press release is unconsolidated and comprises Turkcell Türkiye only unless otherwise stated. The terms "we," "us," and "our" in this press release refer only to Turkcell Türkiye, except in discussions of financial data, where such terms refer to the Group, and except where context otherwise requires.



“Techfin” which comprises all of our financial services businesses.



“Other” which primarily comprises our international, energy businesses, non-group call center, and intersegment eliminations.







This press release provides a year-on-year comparison of our key indicators. Figures in parentheses following the operational and financial results for December 31, 2025, refer to the same item as of December 31, 2024. For further details, please refer to our consolidated financial statements and notes as of and for December 31, 2025, accessible via our website in the investor relations section (www.turkcell.com.tr).



Selected financial information presented in this press release for the full year of 2024 and 2025 is based on IFRS figures in TRY terms unless otherwise stated.



In the tables used in this press release, totals may not foot due to rounding differences. The same applies to the calculations in the text.



Year-on-year percentage comparisons in this press release reflect mathematical calculations.



NOTICE


This press release contains the Company’s financial information for the period ended December 31, 2025, prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). This press release contains the Company’s financial information prepared in accordance with International Accounting Standard 29, Financial Reporting in Hyperinflationary Economies (“IAS29”). Therefore, the financial statement information included in this press release for the periods presented is expressed in terms of the purchasing power of the Turkish Lira as of December 31, 2025. The Company restated all non-monetary items in order to reflect the impact of the inflation restatement reporting in terms of the measuring unit current as of December 31, 2025. Comparative financial information has also been restated using the general price index of the current period.


This release includes forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, Section 21E of the U.S. Securities Exchange Act of 1934, and the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. This includes, in particular, and without limitation, our targets for consolidated revenue growth, data center and cloud revenue growth, EBITDA margin, and operational capex over sales ratio for the full year 2026. In establishing such guidance and outlooks, the Company has used a certain number of assumptions regarding factors beyond its control, particularly in relation to macroeconomic indicators, such as expected inflation levels, that may not be realized or achieved. More generally, all statements other than statements of historical facts included in this press release, including, without limitation, certain statements regarding our operations, financial position, and business strategy, may constitute forward-looking statements. Forward-looking statements can generally be identified by the use of forward-looking terminology such as, among others, “will,” “expect,” “intend,” “estimate,” “believe,” “continue,” and “guidance.”


Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. In addition, certain forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. Many factors could cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance, or achievements that may be expressed or implied by forward-looking statements. Should one or more of these risks or uncertainties materialize or underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, intended, planned, or projected.


These forward-looking statements are based upon a number of assumptions and other important factors that could cause our actual results, performance, or achievements to differ materially from our future results, performance, or achievements expressed or implied by such forward-looking statements. All subsequent written and oral forward-looking statements attributable to us are expressly qualified in their entirety by reference to these cautionary statements. For a discussion of certain factors that may affect the outcome of such forward- looking statements, see our Annual Report on Form 20-F for 2024 filed with the U.S. Securities and Exchange Commission, and in particular, the risk factor section therein. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release. All forward-looking statements in this press release are based on information currently available to the Company, and we undertake no duty to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.


The Company makes no representation as to the accuracy or completeness of the information contained in this press release, which remains subject to verification, completion, and change. No responsibility or liability is or will be accepted by the Company or any of its subsidiaries, board members, officers, employees, or agents as to or in relation to the accuracy or completeness of the information contained in this press release or any other written or oral information made available to any interested party or its advisers.


FINANCIAL HIGHLIGHTS




TRY million






FY24






FY25






y/y%








Revenue






218,160






241,471






10.7%








EBITDA1






91,365






104,017






13.8%








EBITDA Margin (%)






41.9%






43.1%






1.2pp








EBIT2






29,109






40,089






37.7%








EBIT Margin (%)






13.3%






16.6%






3.3pp








Profit From Continuing Operations






14,512






17,791






22.6%








Net Income






30,790






17,604






(42.8%)







FULL-YEAR HIGHLIGHTS



As announced on May 7, 2025, BOTAS agreement successfully extended for the next 15 years through a tender process for an annual consideration of USD 25.5 million, strengthening Turkcell’s position in the fixed market.



As announced on May 15, 2025, we launched a new three-year share buyback program consistent with our commitment to create shareholder value. The total number of shares bought back since 2016 reached 23.6 million.



In line with the General Assembly decision, a total gross dividend of TRY 8.0 billion was paid in two equal installments on June 20, 2025, and December 26, 2025.



In the 5G tender held in October 16, 2025, Turkcell secured the largest spectrum of 160 MHz for USD 1.2 billion (excluding VAT), further reinforcing its leadership in mobile market. Turkcell now holds approximately 42% of the available spectrum in Türkiye. The tender also extended the validity of our 2G, 3G and 4.5G authorizations until December 31, 2042, with a 5% an annual payment of gross mobile service revenues (excluding VAT) to the ICTA each year starting from April 30, 2029.



As announced on November 12, 2025, Turkcell further advanced its long-standing data center and cloud investments through a strategic partnership with Google Cloud that will bring Türkiye’s first hyperscale cloud region to our country. The new region will consist of three or more zones. The first modules are expected to become operational in 2028–2029, with full completion phased in line with demand. Turkcell intends to deliver high-standard colocation services, ensuring earthquake resilience, advanced data security, uninterrupted energy supply, and world-class infrastructure. As a Google Cloud Premier Partner, Turkcell also expects to leverage its strong digital business services network to offer more than 200 Google Cloud services, further strengthening our value proposition. With a total planned investment of USD 1 billion by Turkcell and USD 2 billion by Google Cloud, this partnership represents a historic step in supporting Türkiye’s ambition to become a regional technology hub bridging Asia and Europe.



Financial results above guidance and strong operational performance




Group revenues rose by 10.7% supported by a diversified revenue base. Turkcell Türkiye, accounting for over 91% of Group revenues, was the main contributor. This was driven by strong ARPU growth through segmented pricing and upselling, alongside one of the highest postpaid net additions in our history. Techfin grew 21.1%, outpacing the Group, mainly driven by Paycell. Data Center & Cloud surpassed its guidance posting a notable 45% year-on-year growth.



EBITDA1 rose by 13.8%, leading to an EBITDA margin of 43.1%; EBIT2 was up by 37.7%, resulting in an EBIT margin of 16.6%.



(1) EBITDA is a non-GAAP financial measure. See page 16 for the explanation of how we calculate Adjusted EBITDA and its reconciliation to net income.

(2) EBIT is a non-GAAP financial measure and equals EBITDA minus depreciation and amortization expenses.



Profit from continuing operations increased by 22.6% to TRY 17.8 billion, supported by solid operational performance, despite increased tax expense due to the removal of inflationary accounting from 2025 full year statutory financials. The decline in net income was driven by the high base of 2024, which included the one-off gain from the sale of our Ukraine operations.




Net leverage3 level at 0.14x; Net short FX position of US$957 million, deliberately expanded in light of prevailing hedging costs. Medium-term net FX target range –US$1.5bn to +US$1.5bn




Double digit ARPU growth in both mobile and fixed segments, along with notable increase in postpaid subscriber base




Highest mobile postpaid net additions of 2.4 million in last 26 years; bringing the postpaid share to 81%



119 thousand Turkcell Fiber and 190 thousand total fiber net additions, including resell operations



Robust ARPU expansion despite competition constraints; mobile blended ARPU4 growth of 10.6% and residential fiber ARPU growth of 15.4% in 2025; mobile blended ARPU4 growth of 5.4%, residential fiber ARPU growth of 10.3% in Q425



405 thousand new fiber homepasses in 2025, bringing the total homepass to 6.3 million




2026 guidance5; revenue growth target of between 5%-7%, data center and cloud revenue growth target of between 18%-20%, EBITDA margin target of between 40%-42%, and operational capex over sales ratio6 target of around 25%.



(3) Our net debt calculation includes financial assets at fair value, whether through other comprehensive income or through profit and loss, reported under current and non-current assets, as well as financial assets at amortized cost. Required reserves held in CBRT balances are not included in total cash and net debt calculation, and this change has been reflected in previous quarters’ figures

(4) Excluding M2M

(5) Our expectations for 2026 incorporate the effects of inflation accounting under IAS 29. These projections are based on assumptions regarding factors beyond our control, including key macroeconomic indicators such as inflation. Our 2026 expectations are based specifically on an assumed annual inflation rate of around 23% (year-end). This paragraph contains forward-looking statements that reflect our current estimates and expectations regarding market conditions across all of our businesses. However, there can be no assurance that these forward-looking statements will occur as anticipated. For a discussion of the various factors that could impact the outcome of these forward-looking statements, please refer to our 2024 annual report on Form 20-F filed with the SEC, specifically the risk factors section.

(6) Excluding license fees


COMMENTS BY CEO, ALI TAHA KOÇ, PhD


We closed 2025 with strong results, reinforcing our role in shaping Türkiye’s digital future.


2025 unfolded amid elevated geopolitical risks and periodic volatility driven by trade and monetary policy dynamics. Despite recession concerns, global growth proved more resilient than anticipated, while inflation gradually moderated. Artificial Intelligence became the defining investment theme across capital markets. In Türkiye, the economy continued its rebalancing process under policies prioritizing disinflation and financial stability. For our sector, clarity on 5G, frequency license extensions, and the 15-year BOTAS fiber tender covering the infrastructure currently utilized by Turkcell Superonline has—established the framework underpinning Türkiye’s digital transformation, while enhancing visibility for long-term investment planning. Leading Türkiye’s digital transformation, Turkcell strengthened its leadership in the mobile market by securing the highest capacity of 160 MHz in the 5G tender. We have safeguarded the long-term sustainability of our fiber infrastructure through the BOTAS tender.


Turkcell has built a leadership position in the data center and cloud market over many years through disciplined and visionary investments. Driven by our confidence in Türkiye’s digital future, we took a strategic step in 2025 that elevated this vision to the next level. Leveraging the strength of our digital infrastructure and operational expertise, we signed a long-term partnership with Google Cloud to establish Türkiye’s first hyperscale cloud region. We believe this strategic move will support Türkiye’s ambition to become a regional technology hub and create a scalable platform for future hyperscale investments.


In a period of elevated investment needs, we executed our strategic priorities with discipline, supported by a strong balance sheet and robust cash generation. We maintained a clear focus on sustainable value creation for shareholders. With our disciplined and consistent approach, we continued to differentiate ourselves in the sector and distributed a total gross dividend of TRY 8.0 billion in 2025.


We closed 2025 with solid operational and financial results. In a year marked by intense competition, when Mobile Number Portability (MNP) volumes approached 18 million and reached a historic peak, we achieved the highest net postpaid subscriber additions of the past 26 years, totaling 2.4 million. At the same time, we stayed committed to sustainable revenue growth and delivered double-digit ARPU growth across both mobile and fixed segments.


Supported by strong core performance and contributions from high-growth businesses such as Paycell and Digital Business Services, we closed 2025 above our guidance. Consolidated revenues increased by 10.7% year-on-year to TRY 241 billion. EBITDA¹ margin improved by 1.2 points to 43.1%, supported by disciplined cost management amid inflationary pressures. Profit from continuing operations increased by 22.6% to TRY 17.8 billion for 2025, despite the adverse impact stemming from the deferral of inflation accounting implementation in statutory financials.


Strong subscriber net addition aligned with our profitable growth strategy


In an environment where competition reached unprecedented level, we maintained our focus on balanced subscriber growth and ARPU expansion. As the most preferred mobile operator, we stayed firmly customer-centric and differentiated through innovative services. Reflecting this approach, we outperformed the previous year, delivering total net mobile subscriber additions of 809 thousand and increasing our total mobile subscriber base to 39.1 million in 2025. Consistent with our sustainable revenue growth strategy, we delivered 2.4 million net postpaid subscriber additions, the highest level since 1999. As a result, our postpaid subscriber base reached 31.5 million, while the postpaid subscriber ratio increased by 5 percentage points year-on-year to 81%. Thanks to our dynamic and agile marketing approach, we effectively navigated challenging market conditions. Through micro-segmentation-based pricing actions and AI-supported offer architecture, we migrated customers to higher-tier packages and increased mobile ARPU (excluding M2M) by 10.6% year-on-year.


On the other hand, as the operator that introduced Türkiye to FWA technology, we are preparing to deliver fiber-speed internet to users even in areas without fiber infrastructure through our new-generation 5G-compatible Superbox modem. With 5G launching on April 1st, Turkcell 5G’s capacity and speed advantages will be enjoyed across both mobile and fixed broadband services.


Within fixed broadband, we continued to broaden the reach of our end-to-end fiber access network. We added 405 thousand homepasses increasing total fiber homepass to 6.3 million. Our take-up rate reached 42.4% through an efficiency-driven approach focused on high-demand areas. Base-station fiberization, which is critical for 5G launch in April, increased by 6 percentage points year-on-year to exceed 47%. Despite declines in cable and DSL subscribers, we expanded our fixed base with net additions of 119 thousand Turkcell fiber subscribers, in line with our profitability focus. Demand for high-speed connectivity continued to rise, with the share of residential fiber subscribers on 100 Mbps and above increasing to 57%. Supported by price adjustments, migration to higher-speed packages, a higher share of 12-month contracts, and IPTV contribution, residential fiber ARPU increased by 15.4% year-on-year. We will continue investing in fixed infrastructure to bring the end-to-end Turkcell fiber experience to more households.


We continued to differentiate through a diversified revenue mix, clear strategic priorities, and a robust balance sheet


Beyond our leading position in the telecom sector, we offer our customers an integrated digital ecosystem through innovative solutions in areas such as Techfin and digital business services, while strengthening our financial resilience and growth potential through our diversified revenue structure.


In 2025, Techfin segment delivered strong performance, with revenues growing by 21.1%, outpacing Group growth. Up 41.0% year-on-year, Paycell was the main driver with revenues, led by POS and Pay Later solutions. The non-group revenues of Paycell increased 18-percentage-point year-on-year, highlighting a scalable and sustainable business model beyond the Turkcell ecosystem. Offering diversified financing solutions to its customers, Financell, recorded limited real revenue growth due to tight regulatory conditions, but maintained healthy and disciplined growth in its loan portfolio.


We accelerated investment pace in data centers and cloud—one of our core strategic focus areas—throughout 2025. Across our four next-generation data centers, serving over 4,000 companies, active capacity increased by 8.4 MW year-on-year to 50 MW. Supported by strong demand and high service quality, data center and cloud revenues grew by 45.0% in real terms, well above the guidance shared at the beginning of the year.


In 2025, we also made strong progress in renewable energy, another key focus area. We commissioned our Karaman solar power plant (SPP) in the last quarter, our largest active facility to date. With SPPs commissioned in Karaman, Van, Balikesir, and Yozgat, active solar capacity increased from 8.2 MW at the beginning of the year to 62.3 MW by year-end 2025. With a strong sense of responsibility toward the environment, our country, and future generations, we aim to expand our renewable energy capacity in 2026, while maintaining focus on energy efficiency. We view each investment in this area as a lasting step for Türkiye’s sustainable future.


Guided by our strategic priorities, we underpin today’s key steps with a robust balance sheet and disciplined financial management. In line with our proactive approach, we strengthened our balance sheet to support high-value strategic investments in 5G, data centers, and solar energy. At the beginning of 2025, we successfully executed Turkcell’s largest ever Eurobond issuance with USD 1 billion dual-tranche, Half of which was issued as a sustainable bond in line with our sustainability strategy. We further reinforced our balance sheet with murabaha financings secured from Gulf countries during the year. Through these transactions, we extended and optimized the maturity profile of our debt portfolio into a more balanced composition, enhancing our financial flexibility and further strengthening our liquidity position.


2026 Expectations


We closed 2025 with solid and healthy results, sustaining our trajectory of consistent growth. In 2026, we will maintain an ambitious investment pace aligned with long-term value creation. While preserving leadership in our core business, we will intensify investments in data center and cloud, 5G, fiber infrastructure, and renewable energy. We will continue supporting Türkiye’s digital transformation through disciplined management and strong execution.


Accordingly, we expect3 revenue growth of 5%–7% in 2026. We expect our data center and cloud business to grow by 18%–20%, supporting this performance, and we target an EBITDA margin in the range of 40%–42%. Although we remain in an intense investment phase, we anticipate capital expenditures4 as a percentage of revenues to stand at 25%, underpinned by solid revenue generation.


On this journey to position Türkiye at the highest level in communications and technology, I would like to thank our Board of Directors for their vision and guidance, our customers for their trust and all my colleagues for their dedication and commitment.


(1) EBITDA is a non-GAAP financial measure. See page 16 for details on how Adjusted EBITDA is calculated and reconciled with net income

(2) Based on internal calculations regarding corporate sales made through data centers.

(3) Our expectations for 2026 incorporate the effects of inflation accounting under IAS 29. These projections are based on assumptions regarding factors beyond our control, including key macroeconomic indicators such as inflation. Our 2026 expectations are based specifically on an assumed annual inflation rate of around 23% (year-end). This paragraph contains forward-looking statements that reflect our current estimates and expectations regarding market conditions across all of our businesses. However, there can be no assurance that these forward-looking statements will occur as anticipated. For a discussion of the various factors that could impact the outcome of these forward-looking statements, please refer to our 2024 annual report on Form 20-F filed with the SEC, specifically the risk factors section.

(4) Excluding license fees.


FINANCIAL AND OPERATIONAL REVIEW


Financial Review of Turkcell Group




Profit & Loss Statement (million TRY)






Year








FY24






FY25






y/y%








Revenue






218,160.0






241,470.8






10.7%








Cost of revenue1






(102,069.3)






(109,196.1)






7.0%








Cost of revenue1/Revenue






(46.8%)






(45.2%)






1.6pp








Gross Margin1






53.2%






54.8%






1.6pp








Administrative expenses






(9,057.6)






(9,948.3)






9.8%








Administrative expenses/Revenue






(4.2%)






(4.1%)






0.1pp








Selling and marketing expenses






(14,331.0)






(16,880.7)






17.8%








Selling and marketing expenses/Revenue






(6.6%)






(7.0%)






(0.4pp)








Net impairment losses on financial and contract assets






(1,336.7)






(1,428.7)






6.9%








EBITDA2






91,365.5






104,017.0






13.8%








EBITDA Margin






41.9%






43.1%






1.2pp








Depreciation and amortization






(62,256.4)






(63,928.3)






2.7%








EBIT3






29,109.1






40,088.6






37.7%








EBIT Margin






13.3%






16.6%






3.3pp








Net finance income / (costs)






(1,043.1)






(3,624.2)






247.4%








Finance income






13,584.6






16,841.5






24.0%








Finance costs






(22,285.6)






(22,064.0)






(1.0%)








Monetary gain / (loss)






7,657.9






1,598.4






(79.1%)








Net other income / (expenses)






(3,045.2)






(1,775.0)






(41.7%)








Share of loss of equity accounted investees






(4,139.7)






(3,499.1)






(15.5%)








Income tax expense






(6,369.3)






(13,398.8)






110.4%








Profit from continuing operations






14,511.9






17,791.4






22.6%








Profit /(loss) from discontinued operations






16,267.3






(187.4)






(101.2%)








Non-controlling interests






11.2






-






(100.0%)








Net Income






30,790.4






17,604.0






(42.8%)







(1) Excluding depreciation and amortization expenses

(2) EBITDA is a non-GAAP financial measure. See page 16 for the explanation of how we calculate Adjusted EBITDA and its reconciliation to net income.

(3) EBIT is a non-GAAP financial measure and equals EBITDA minus depreciation and amortization expenses.


Revenue of the Group surged by 10.7% year-on-year in 2025 driven largely by the solid momentum of Turkcell Turkey. This growth reflects a successful combination of an expanding customer footprint and proactive ARPU-lifting strategies, including segment-based pricing and upsell efforts. Beyond the core business, the results were further strengthened by the impressive performance of Paycell business and digital business services.


Turkcell Türkiye4 revenues, comprising 91% of Group revenues, grew 10.3% to TRY 220,319 million (TRY 199,742 million).


- Consumer business, accounting for 75% of Turkcell Türkiye, grew 9.0% with the contribution of price adjustments, rising postpaid subscribers and upsell efforts.

- Corporate revenues grew by 19.4% primarily driven by solid digital business services performance, including an additional contribution from hardware sales as well as price adjustments in core business. Data Center & Cloud revenues posted a strong 45.0% year-on-year growth.

- Wholesale revenues were TR 11,430 million (TRY 10,885 million).


Techfin segment revenues, accounting for 6% of Group revenues, rose by 21.1% to TRY 13,689 million (TRY 11,301 million). Growth was driven by Paycell, which sustained growth trajectory and delivered 41.0% year-on-year growth in the year of 2025. For details, please refer to the Techfin section.


Other segment revenues, comprising 3% of the Group’s top-line, which mostly include international business, energy business and non-group call center revenues were TRY 7,463 million (TRY 7,117 million).


(4) Our revenue segmentation was revised as of Q1 2025. Within this scope, all past data have been restated for comparability purposes. For a comprehensive explanation, please refer to the Press Release and the Excel file for Q1 2025, available on the Turkcell IR website.


Cost of revenue (excluding depreciation and amortization) decreased to 45.2% (46.8%) as a percentage of revenues for the full year of 2025. This was mainly driven by the decline in personnel expenses (0.7pp), energy expenses (0.6pp), interconnection cost (0.3pp), cost of funding (0.3pp), other cost items (0.7pp), despite the increase in mobile payment expenses (0.6pp) and radio expenses (0.4pp) as a percentage of revenues for the full year.


Administrative expenses slightly decreased to 4.1% (4.2%) as a percentage of revenues.


Selling and marketing expenses increased to 7.0% (6.6%) as a percentage of revenues, with the impact of 5G related marketing expenses.


Net impairment losses on financial and contract assets were at 0.6% (0.6%) as a percentage of revenues in 2025.


EBITDA1 increased by 13.8% year-on-year in 2025 leading to an EBITDA margin of 43.1% (41.9%).


- Turkcell Türkiye EBITDA was up by 13.3% to TRY 98,416 million (TRY 86,853 million), resulting in an EBITDA margin of 44.7% (43.5%).

- Techfin segment EBITDA grew by 18.9% to TRY 3,383 million (TRY 2,846 million), while EBITDA margin slightly declined by 0.5 percentage points to 24.7% (25.2%). The contraction was mainly driven by higher mobile payment expense, reflecting the strong demand for our POS solutions. This impact was partially offset by the improvement in Financell’s EBITDA margin.

- EBITDA for the Other segment was at TRY 2,217 million (TRY 1,667 million).


Depreciation and amortization expenses increased by 2.7%, amounting to TRY 63,928 million (TRY 62,256 million).


Net finance costs rose to TRY 3,624 million in full year 2025, up from TRY 1,043 million last year. Excluding monetary gain, net finance cost decreased by 40% thanks to proactive and disciplined balance sheet management. The contribution from monetary items significantly declined in 2025, mainly due to the slowing pace of inflation and adverse monetary impact resulting from the sale of Ukrainian subsidiaries in the third quarter of 2024.


See Appendix A for details of net foreign exchange gain and loss.


Net other expenses were at TRY 1,775 million (TRY 3,045 million) in FY25.


Income tax expense increased to TRY 13,399 million (TRY 6,369 million) in FY25. This significant rise was primarily driven by the higher deferred tax expense resulting from the removal of inflationary accounting in the 2025 statutory financials. This negative impact was partially offset by fixed asset revaluation actions.


Profit from continuing operations remained strong in FY25, increasing by 22.6% to TRY 17,791 million (TRY 14,512 million). This solid performance was primarily driven by robust EBITDA generation and lower net finance costs (excluding monetary gain), partially offset by lower monetary gain and income tax expense increases.


Net income of the Group amounted to TRY 17,604 million (TRY 30,790 million) in FY25. The year-on-year decline mainly reflects a high base in 2024, driven by a one-off gain of TRY 16,267 million from discontinued operations related to the sale of Ukraine assets.


(1) EBITDA is a non-GAAP financial measure. See page 16 for the explanation of how we calculate adjusted EBITDA and its reconciliation to net income.


Total cash & debt: Consolidated cash as of December 31, 2025, increased to TRY 91,828 million, from TRY 90,230 million as of December 31, 2024. 11% of our cash is in US$, 33% in EUR, and 56% in TRY. Excluding FX swap transactions, 33% of our cash is in US$, 33% in EUR, and 34% in TRY.


Consolidated debt as of December 31, 2025, increased to TRY 158,649 million from TRY 136,573 million as of December 31, 2024. Note that TRY 15,484 million of our consolidated debt comprises lease obligations. After hedging transactions, 54% of our consolidated debt is in US$, 29% in EUR, 6% in CNY, and 11% in TRY.


Net debt1, as of December 31, 2025, slightly increased to TRY 14,888 million from TRY 14,020 million as of December 31, 2024, with a net debt to EBITDA ratio of 0.14x.


As communicated in the previous quarter, the Group’s short net FX position increased to US$957 million (including hedging portfolio, advance payments and precious metal investments) during the quarter. We continue to manage our net FX position proactively in response to market dynamics. Considering hedging costs and relatively stable FX movement in the market, we have set a medium-term net FX target range between minus US$1.5 billion and plus US$1.5 billion.


Capital expenditures (CAPEX) amounted to TRY 89,961 million in 2025, while operational capital expenditures (excluding license fees) accounted for 22.6% of total revenues. The increase in IFRS 16 is mainly attributable to the BOTAS agreement executed in 2025.




Capital expenditures (million TRY)






Year








FY24






FY25








Operational Capex






49,740.1






54,651.8








License and Related Costs






34.7






254.4








Non-operational Capex (Including IFRS15 & IFRS16)






21,978.4






35,055.2








IFRS15






8,953.7






11,260.1








IFRS16






8,955.1






18,184.8








Other






4,069.6






5,610.4








Total Capex






71,753.2






89,961.4







(1) Our net debt calculation includes financial assets at fair value, whether through other comprehensive income or through profit and loss, reported under current and non-current assets, as well as financial assets at amortized cost. Required reserves held in CBRT balances are not included in total cash and net debt calculation, and this change has been reflected in previous quarters’ figures


Operational Review of Turkcell Türkiye




Summary of Operational Data






Year








FY24






FY25






y/y %








Number of subscribers1 (million)






43.1






43.9






1.9%








Mobile Postpaid (million)






29.1






31.5






8.2%








Mobile M2M (million)






5.0






5.9






18.0%








Mobile Prepaid (million)






9.2






7.6






(17.4%)








Turkcell Fiber2 (thousand)






2,454.5






2,573.6






4.9%








Resell Fixed Broadband2 (thousand)






779.0






712.9






(8.5%)








ADSL (thousand)






738.2






611.4






(17.2%)








Cable (thousand)






35.5






25.7






(27.6%)








Fiber (thousand)






5.3






75.8






1,330.2%








Superbox (thousand)3






680.3






716.1






5.3%








IPTV (thousand)






1,462.8






1,430.5






(2.2%)








Churn (%)4






 






 






 








Mobile Churn (%)






2.0%






2.3%






0.3pp








Fixed Churn (%)






1.5%






1.7%






0.2pp








Average mobile data usage per user (GB/user)






18.2






20.0






9.9%







(1) Includes mobile, fixed broadband, IPTV, and wholesale (MVNO&FVNO) subscribers

(2) As of the fourth quarter of 2024, our fixed broadband subscriber reporting has been revised. Turkcell Fiber refers to customers served entirely through our own fiber infrastructure, while Turkcell Resell includes DSL, Cable, and Fiber sales provided through the infrastructures of other ISPs. Accordingly, historical subscriber figures have been revised to ensure comparability.

(3) Superbox subscribers are included in mobile subscribers.

(4) Churn figures represent average monthly churn for the respective periods.




ARPU (Average Monthly Revenue per User) (TRY)




(TRY, IAS29 Adjusted)






Year








FY24






FY25






y/y %








Mobile ARPU, blended






320.0






348.0






8.7%








Mobile ARPU, blended (excluding M2M)






362.3






400.8






10.6%








Postpaid






366.8






396.9






8.2%








Postpaid (excluding M2M)






437.2






478.9






9.5%








Prepaid






192.6






178.4






(7.4%)








Fixed Residential ARPU, blended






405.8






474.6






17.0%








Residential Fiber ARPU






412.4






475.9






15.4%







2025 was marked by aggressive competition in the mobile market, with Mobile Number Portability (MNP) transaction reaching a record high of approximately 18 million transactions. In this highly competitive environment, we successfully delivered both subscriber and ARPU growth, maintaining our disciplined and balanced approach. Total subscriber base expanded by 788 thousand in 2025, reaching 43.9 million. Despite a contraction in the prepaid segment, our total mobile subscriber base grew by 809 thousand to 39.1 million. The decline in prepaid subscribers primarily reflects an ongoing shift toward postpaid plans, as customers prefer fixed-price postpaid packages to mitigate inflationary pressures as well as the widespread adoption of alternative data solutions (e-SIM). Consistent with our value-focused strategy, we achieved the highest postpaid net subscriber additions in the last 26 year, increasing the postpaid share to 81%, up from 76% in 2024. This robust performance was driven by our successful switching performance, M2M net additions, innovative and differentiated value propositions tailored to the diverse needs of our customers, alongside the increasing customer preference for postpaid plans.


Amid heightened competitive dynamics, mobile churn slightly increased during the year. However, thanks to our proactive retention efforts supported by advanced analytical models, the impact remained limited. The competitive intensity eased moderately through the end of last quarter.


Leveraging our agile execution capabilities, we adapted quickly to evolving market dynamics. In response to the prevailing inflationary and competitive environment, we adopted a micro-segment management approach in pricing and upselling, supported by advanced analytical tools. Driven by this customer-centric strategy, a higher postpaid share, increased mobile data usage, and strong upsell performance, mobile blended ARPU (excluding M2M) increased by 10.6% in 2025. Average monthly mobile data usage per user increased by 9.9% year-over-year, reaching 20.0 GB.


On the fixed side, the competitive environment remained challenging throughout the year, mainly due to delayed pricing actions by other ISPs. This, together with the transition toward no-commitment offerings in our resell operations led to a slight increase in churn. However, our fixed subscriber base continued to expand, adding 53 thousand net subscribers in 2025. Growth was primarily supported by the expansion of our high-quality, end-to-end Turkcell fiber subscriber base and increasing demand for high-speed broadband services. Turkcell fiber recorded 119 thousand net additions, while total fiber net additions reached 190 thousand, including resell fiber operations.


In 2025, in response to inflationary pressures, we maintained our focus on 12-month commitment plans in Turkcell fiber. As of August, we transitioned all new customer acquisitions in our resell operations to a no-commitment offerings to safeguard our operational profitability and ARPU against potential wholesale price adjustments. Residential fiber ARPU rose by 15.4% year-over-year, supported by the rising share of high-speed packages, higher portion of 12-month contracted subscribers, price adjustments and the contribution of our IPTV service. Backed by our high-speed focused campaigns, the share of 500 Mbps and above packages more than doubled compared to the previous year.


We position fiber services as a core pillar of our strategy. In line with this, we maintained our disciplined investment approach in 2025, adding 405 thousand new homepasses. Total fiber homepass reached 6.3 million, further expanding access to high-quality fiber infrastructure. Reflecting our efficiency-driven and demand-led deployment model, our take-up rate (TuR) was at 42.4%.


We enhanced TV+ service by partnering with leading global content providers. The number of IPTV subscribers declined year-on-year, however our total TV subscriber base increased, supported by the growth in OTT TV due to evolving customer preferences.


TECHFIN




Paycell Financial Data (million TRY)






Year








FY24






FY25






y/y%








Revenue






5,139.5






7,247.8






41.0%








EBITDA






2,209.7






2,488.7






12.6%








EBITDA Margin (%)






43.0%






34.3%






(8.7pp)








Net Income






911.6






1,025.5






12.5%







Maintaining its consistent trajectory, Paycell delivered a robust 41% year-over-year revenue growth in 2025, driven primarily by the outstanding POS business services performance. Notably, POS service revenues grew by 133% year-over-year in 2025, supported by expanding merchant ecosystem and transaction volume of TRY 88.4 billion doubling year on year with TRY 55.7 billion generated from our non-group segment. Pay later revenue growth was %21 in FY25. In this respect, POS solutions have become Paycell’s key growth driver, as our revenue mix has gradually shifted toward POS. In addition, the revenue share of the non-group segment, increased to 77% in 2025 from 59% in the previous year. Paycell is a standalone value creator, strengthening its ability to grow independently from Turkcell. The increasing weight of POS revenues could create some downside pressure on EBITDA margin.


Total transaction volume across all services recorded a 78% year-on-year growth, reaching TRY 175.1 billion in 2025. QR payments also supported the volume increase by enabling transactions via any bank card, making the feature available to everyone and generating additional revenue in 2025.




Financell Financial Data (million TRY)






Year








FY24






FY25






y/y%








Revenue






5,923.6






5,951.9






0.5%








EBITDA






883.5






959.4






8.6%








EBITDA Margin (%)






14.9%






16.1%






1.2pp








Net Income / (loss)






(189.8)






69.7






n.m







Following a 33% growth in revenues in 2024, Financell achieved a limited but positive 0.5% year-over-year growth in 2025. Financell’s revenues are mainly driven by interest income, which is affected by lower interest rates and the regulatory limit on duration of loans for smartphone sales. EBITDA margin improved by 1.2pp, supported by lower funding costs compared to last year, new loans issued increased 22% year-on-year. Ticket sizes increased as well with a 60% year-on-year rise in 2025.


Financell’s loan portfolio reached TRY 7.8 billion in 2025 with 0.6 million active customers. Financell continued to be the market leader in the consumer financing sector with 44% share1 in total number of loans, and it also captured a 9.3% share of loans under TRY 20,000 granted in Türkiye. For the upcoming periods, device, tariff, and financing models are planned to be developed under the 5G device program.


(1) Source: Association of Financial Institutions, as of Q425


TURKCELL GROUP SUBSCRIBERS


As of December 31, 2025, the Turkcell Group had approximately 46.2 million registered subscribers. This figure is calculated by taking the number of subscribers of Turkcell Türkiye and of each of our subsidiaries. It includes the total number of mobile, fiber, ADSL, cable and IPTV subscribers of Turkcell Türkiye, BeST’s mobile subscribers and Kuzey Kibris Turkcell’s mobile and fixed subscribers.




Turkcell Group Subscribers






FY24






FY25






y/y%








Turkcell Türkiye subscribers1 (million)






43.1






43.9






1.9%








BeST (Belarus)






1.5






1.6






6.7%








Kuzey Kibris Turkcell






0.6






0.7






16.7%








Turkcell Group Subscribers (million)






45.2






46.2






2.2%







(1) Subscribers to more than one service are counted separately for each service. This includes mobile, fixed broadband, IPTV, and wholesale (MVNO&FVNO) subscribers.


OVERVIEW OF THE MACROECONOMIC ENVIRONMENT


The foreign exchange rates used in our financial reporting, along with certain macroeconomic indicators, are presented below.





Quarter






Year








Q424






Q325






Q425






y/y%






q/q%






FY24






FY25






y/y%








GDP Growth (Türkiye)






3.2%






3.8%






3.4%






0.2pp






(0.4pp)






3.3%






3.6%






0.3pp








Consumer Price Index (Türkiye)(YoY)






44.4%






33.3%






30.9%






(13.5pp)






(2.4pp)






44.4%






30.9%






(13.5pp)








US$ / TRY rate






 






 






 






 






 






 






 






 








Closing Rate






35.2233






41.4984






42.8623






21.7%






3.3%






35.2233






42.8623






21.7%








Average Rate






34.4819






40.6880






42.1450






22.2%






3.6%






32.7740






39.4386






20.3%








EUR / TRY rate






 






 






 






 






 






 






 






 








Closing Rate






36.7429






48.6479






50.4532






37.3%






3.7%






36.7429






50.4532






37.3%








Average Rate






36.9917






47.3843






49.0734






32.7%






3.6%






35.4682






44.5806






25.7%








US$ / BYN rate






 






 






 






 






 






 






 






 








Closing Rate






3.4735






3.0247






2.9027






(16.4%)






(4.0%)






3.4735






2.9027






(16.4%)








Average Rate






3.4187






2.9985






2.9521






(13.6%)






(1.5%)






3.2548






3.0690






(5.7%)







RECONCILIATION OF NON-GAAP FINANCIAL MEASUREMENTS:


We believe that Adjusted EBITDA, among other key metrics, facilitates performance comparisons from period to period and aids management decision making. It also enables performance comparisons between companies. As a performance measure, Adjusted EBITDA eliminates potential differences caused by variations in capital structures (affecting interest expense), tax positions (such as the impact of changes in effective tax rates on periods or companies) and the age and book depreciation of tangible and intangible assets (affecting relative depreciation and amortization expenses). We also present Adjusted EBITDA because we believe it is frequently used by securities analysts, investors and other interested parties in evaluating the performance of other mobile operators in the telecommunications industry in Europe, many of which present Adjusted EBITDA when reporting their results.


Our Adjusted EBITDA definition includes Revenue, Cost of Revenue excluding depreciation and amortization, Selling and Marketing expenses, Administrative expenses and Net impairment losses on financial and contract assets, but excludes finance income and expense, other operating income and expense, investment activity income and expense, share of profit of equity accounted investees and minority interest.


Nevertheless, Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation from, or as a substitute for, analysis of our results of operations, as reported under IFRS. The following table provides a reconciliation of Adjusted EBITDA, as calculated using financial data prepared in accordance with IFRS to net profit, which we believe is the most directly comparable financial measure calculated and presented in accordance with IFRS.




Turkcell Group (million TRY)






 






Year






 








FY24






FY25






y/y%








Consolidated profit before minority interest






30,779.2






17,604.0






(42.8%)








Profit /(loss) from discontinued operations






16,267.3






(187.4)






(101.2%)








Income tax expense






(6,369.3)






(13,398.8)






110.4%








Consolidated profit before income tax & minority interest






20,881.2






31,190.3






49.4%








Share of profit of equity accounted investees






(4,139.7)






(3,499.1)






(15.5%)








Finance income






13,584.6






16,841.5






24.0%








Finance costs






(22,285.6)






(22,064.0)






(1.0%)








Monetary gain / (loss)






7,657.9






1,598.4






(79.1%)








Other income / (expenses)






(3,045.2)






(1,775.0)






(41.7%)








EBIT






29,109.1






40,088.6






37.7%








Depreciation and amortization






(62,256.4)






(63,928.3)






2.7%








Adjusted EBITDA






91,365.5






104,017.0






13.8%







RECONCILIATION OF ARPU: ARPU is an operational metric and the methodology for calculating performance measures such as ARPU varies substantially among operators. It is not standardized across the telecommunications industry; thus, reported performance measures vary from those that may result from using a single methodology. Management believes this metric is helpful in assessing the development of our services over time. The following table shows the reconciliation of Turkcell Türkiye revenues to such revenues included in the ARPU calculations for 2024 and 2025.




Reconciliation of ARPU






FY24






FY25








Turkcell Türkiye Revenue (million TRY)






199,742.4






220,319.5








Telecommunication services revenue






179,628.6






199,161.7








Equipment revenue






17,715.6






18,935.0








Other






2,398.3






2,222.8








Revenues which are not attributed to ARPU calculation1






(35,642.4)






(39,400.6)








Turkcell Türkiye revenues included in ARPU calculation2






161,701.7






178,696.1








Mobile blended ARPU (TRY)






320.0






348.0








Average number of mobile subscribers during the year (million)






38.4






38.7








Fixed residential ARPU (TRY)






405.8






474.6








Average number of fixed residential subscribers during the year (million)






2.9






3.0







(1) Revenue from fixed corporate and wholesale business; digital business sales, tower business, and other non-subscriber-based revenues

(2) Revenues from Turkcell Türkiye included in ARPU calculation comprise telecommunication services revenue, equipment revenue, and revenues not attributed to ARPU calculation.


ABOUT TURKCELL: Turkcell, headquartered in Türkiye, is a leading technology and telecommunications company offering a diverse portfolio of voice, data, and IPTV services across its mobile and fixed networks, alongside digital consumer, enterprise, and techfin solutions. The Turkcell Group operates in three countries: Türkiye, Belarus, and Northern Cyprus. In 2025, Turkcell Group reported revenue of TRY 241 billion, with total assets of TRY 501 billion as of December 31, 2025. Listed on both the NYSE and BIST since July 2000, Turkcell remains the only dual-listed company on these exchanges. Read more at www.turkcell.com.tr.


Appendix A – Tables


Table: Net Foreign Exchange Gain and Loss Details




Million TRY






Year








FY24






FY25






y/y%








Net FX loss before hedging






(4,913.2)






(7,366.4)






49.9%








Swap interest income/(expense)






789.2






350.8






(55.5%)








Fair value gain on derivative financial instruments






(3,095.7)






(713.3)






(77.0%)








Net FX gain / (loss) after hedging






(7,219.8)






(7,728.8)






7.1%







Table: Income Tax Expense Details




Million TRY






Year








FY24






FY25






y/y%








Current tax expense






(4,322.8)






(8,614.5)






99.3%








Deferred tax income / (expense)






(2,046.5)






(4,784.3)






133.8%








Income Tax expense






(6,369.3)






(13,398.8)






110.4%










TURKCELL ILETISIM HIZMETLERI A.S
IFRS SELECTED FINANCIALS (TRY Million)



 





 




Year Ended
Year Ended




December 31
December 31





2025






2024







Consolidated Statement of Operations Data





Turkcell Turkey


220,319.5






199,742.4







Fintech


13,688.8






11,300.9







Other


7,462.5






7,116.7







Total revenue


241,470.8






218,160.0







Total cost of revenue


(173,124.4)






(164,325.7)







Total gross profit


68,346.4






53,834.4







Administrative expenses


(9,948.3)






(9,057.6)







Selling & marketing expenses


(16,880.7)






(14,331.0)







Other Income / (Expense)


(1,775.0)






(3,045.2)







Net impairment loses on financial and contract assets


(1,428.7)






(1,336.7)







Operating profit


38,313.6






26,063.9







Finance costs


(22,064.0)






(22,285.6)







Finance income


16,841.5






13,584.6







Monetary gain (loss)


1,598.4






7,657.9







Share of loss of equity accounted investees


(3,499.1)






(4,139.7)







Profit before income tax from continuing operations


31,190.3






20,881.2







Income tax income/ (expense)


(13,398.8)






(6,369.3)







Profit for the year from continuing operations


17,791.4






14,511.9







Profit /(loss) from discontinued operations


(187.4)






16,267.3







Profit for the year


17,604.0






30,779.2







Non-controlling interests


-






(11.2)







Owners of the Company


17,604.0






30,790.4










 


Basic and diluted earnings per share for profit attributable to owners of the Company (in full TL)


8.08






14.12







Basic and diluted earnings per share for profit from continuing operations attributable to owners of the Company (in full TL)


8.17






6.66










 


Other Financial Data





Gross margin


28.3%






24.7%







EBITDA(*)


104,017.0






91,365.5







Total Capex


89,961.4






71,753.2







Operational capex


54,651.8






49,740.1







Licence and related costs


254.4






34.7







Non-operational Capex


35,055.2






21,978.4










 


Consolidated Balance Sheet Data (at period end)

31/12/2025
31/12/2024


Cash and cash equivalents


91,828






90,230







Total assets


500,573






450,630







Long term debt


122,733






68,634







Total debt


158,649






136,573







Total liabilities


241,240






205,906







Total shareholders’ equity


259,333






244,725










 


(*) Please refer to the notes on reconciliation of Non-GAAP Financial measures on page 16





For further details, please refer to our consolidated financial statements and notes as at December 31, 2025, on our website








TURKCELL ILETISIM HIZMETLERI A.S
TURKISH ACCOUNTING STANDARDS SELECTED FINANCIALS (TRY Million)



 





 




Year Ended
Year Ended




December 31
December 31





2025






2024







Consolidated Statement of Operations Data





Turkcell Turkey


220,319






199,742







Fintech


13,689






11,301







Other


7,463






7,117







Total revenues


241,470.8






218,160.0







Direct cost of revenues


(173,124)






(164,326)







Gross profit


68,346






53,834







Administrative expenses


(9,948)






(9,058)







Selling & marketing expenses


(16,881)






(14,331)







Other operating income


34,868






20,322







Other operating expense


(2,949)






(4,401)







Operating profit


73,436.4






46,366.7







Impairment losses determined in accordance with TFRS 9


(1,429)






(1,337)







Income from investing activities


10,475






5,225







Expense from investing activities


(209)






(142)







Share on profit of investments valued by equity method


(3,499)






(4,140)







Income before financing costs


78,774






45,974







Finance income


251






673







Finance expense


(49,434)






(33,424)







Monetary gain (loss)


1,598






7,658







Income from continuing operations before tax and non-controlling interest


31,190






20,881







Tax income (expense) from continuing operations


(13,399)






(6,369)







Profit from continuing operations


17,791






14,512







Profit /(loss) from discontinued operations


(187)






16,267







Profit for the period


17,604






30,779







Non-controlling interest


-






(11.2)







Owners of the Parent


17,604.0






30,790.4










 


Earnings per share


8.08






14.12







Earnings per share from discontinued operations


8.17






6.66







Earnings per share from continuing operation


-0.09






7.46










 


Other Financial Data





Gross margin


28.3%






24.7%







EBITDA(*)


104,017






91,365







Total Capex


89,961






71,753







Operational capex


54,652






49,740







Licence and related costs


254






35







Non-operational Capex


35,055






21,978










 


Consolidated Balance Sheet Data (at period end)

31/12/2025
31/12/2024


Cash and cash equivalents


91,828






90,230







Total assets


500,573






450,630







Long term debt


122,733






68,634







Total debt


158,649






136,573







Total liabilities


241,240






205,906







Total equity


259,333






244,725










 


(*) Please refer to the notes on reconciliation of Non-GAAP Financial measures on page 16



For further details, please refer to our consolidated financial statements and notes as at December 31, 2025, on our website


 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260305283495/en/
For further information, please contact Turkcell


Investor Relations

Tel: + 90 212 313 1888

investor.relations@turkcell.com.tr


Corporate Communications

Tel: + 90 212 313 2321

Turkcell-Kurumsal-Iletisim@turkcell.com.tr


Original: Turkcell Iletisim Hizmetleri A.S.: Full Year 2025 Results

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