Turkcell Iletişim Hizmet: Third Quarter 2026 Results
Quarterly net income fell despite revenue growth, as higher depreciation and finance costs weighed on earnings.
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Accelerating Growth, Delivering Strong Results
- Please note that all financial data is consolidated and comprises that of Turkcell İletişim 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 September 30, 2026, refer to the same item as of September 30, 2025. For further details, please refer to our consolidated financial statements and notes as of and for September 30, 2026, accessible via our website in the investor relations section (http://www.turkcell.com.tr).
- Selected financial information presented in this press release for the third 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 September 30, 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 September 30, 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 September 30, 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
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
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 |
Q325 |
|
Q326 |
|
y/y% |
|
9M25 |
|
9M26 |
|
y/y% |
|
Revenue |
77,236 |
|
82,044 |
|
|
|
222,094 |
|
235,065 |
|
|
|
EBITDA1 |
33,944 |
|
36,243 |
|
|
|
97,128 |
|
99,899 |
|
|
|
EBITDA Margin (%) |
|
|
|
|
0.3pp |
|
|
|
|
|
(1.2pp) |
|
EBIT2 |
13,438 |
|
13,623 |
|
|
|
37,880 |
|
35,394 |
|
( |
|
EBIT Margin (%) |
|
|
|
|
(0.8pp) |
|
|
|
|
|
(2.0pp) |
|
Net Income |
7,002 |
|
6,737 |
|
( |
|
17,417 |
|
17,500 |
|
|
HIGHLIGHTS
-
Strong Q326 growth, supported by corporate and Techfin performance, alongside a solid EBITDA margin;
-
Consolidated revenues delivered robust year-on-year growth of
6.2% , reaching TRY 82.0 billion. Turkcell Türkiye was the primary driver of this performance, delivering5.1% year-on-year growth, largely supported by the outstanding corporate segment revenue growth of30.6% . Strong Techfin and the Other segment performance made further contributions to the Group’s top-line. -
EBITDA1 increased by
6.8% to TRY 36.2 billion, leading to an impressive EBITDA margin of44.2% , despite higher hardware sales. EBIT² margin stood at16.6% in Q326, reflecting higher depreciation and amortization expenses associated with our 5G investments and license. - We recorded a solid net income of TRY 6.7 billion in Q326, underpinned by outstanding operating results, higher monetary gains and lower tax expenses, which collectively cushioned the impact of increased depreciation and finance costs. Significant year-on-year improvement in TOGG’s financial performance also had a more favorable impact on our net income.
-
Our prudent balance sheet management was reflected in a net leverage³ ratio of 0.31x, while our net FX position remained within the medium-term target range of minus
USD 1.5 billion to plusUSD 1.5 billion .
-
Consolidated revenues delivered robust year-on-year growth of
-
Superbox gaining further momentum, fueled by strong 5G network capabilities and growing customer demand;
-
701 thousand mobile postpaid net additions, bringing the postpaid subscriber share to
82% - Superbox recorded 101 thousand net additions in Q326, its strongest quarterly performance since Q419.
- Further progress in transforming our fixed subscriber portfolio towards a more profitable mix, supported by 39 thousand Turkcell Fiber net additions in Q326
- Acceleration of fiber investment with 242 thousand new homepasses in Q326, bringing the total to 6.9 million
- While the impact of last year's intense competition on mobile ARPU moderated in the third quarter, the positive contribution of disciplined pricing actions implemented in 2026 is expected to become more visible from Q426 onward.
-
701 thousand mobile postpaid net additions, bringing the postpaid subscriber share to
-
Following the Board of Directors' resolution dated November 2, 2026, Turkcell signed a share purchase agreement on the same day to acquire
11% of the share capital of Türkiye'nin Otomobili Girişim Grubu Sanayi ve Ticaret A.Ş. ("TOGG"), for a total consideration ofEUR 88 million . Upon completion of the transaction, Turkcell's ownership stake in TOGG will increase to34.0% , further strengthening our long-term participation in the connected mobility ecosystem. - Under our Share Buyback Program, a total of 20.7 million shares were repurchased for TRY 1.9 billion in October and November 2026, with the aim of ensuring efficient capital allocation and creating long-term shareholder value, taking into account the Company's financial position, investment needs, and market conditions.
(1) EBITDA is a non-GAAP financial measure. See page 14 for the explanation of how we calculate 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, ALİ TAHA KOÇ, PhD
In the third quarter of 2026, we sustained our operational momentum, accelerated revenue growth, and strengthened profitability, supported by our strong technology infrastructure and the contribution of our innovative solutions. In a period of more rational and value-oriented competition in the sector, we closed the quarter with strong subscriber acquisitions, thanks to our customers’ trust in our service quality and their strong interest in the solutions we offer. In this context, we achieved our highest-ever quarterly subscriber acquisitions with Superbox in the Fixed Wireless Access (FWA), where we are the clear market leader1 in Türkiye.
In the third quarter, our Group revenues increased by
Supported by our solid operational results, we closed the third quarter with a strong net income of TRY 6.7 billion.
Strong subscriber acquisitions through innovative services
Mobile Number Portability (MNP) volume, one of the key indicators of competitive dynamics in the mobile market, has gradually decreased since the beginning of 2026, falling below 2.3 million in the third quarter. This trend indicated continued normalization of competitive conditions in the market. During this period, we continued to differentiate ourselves through innovative initiatives that elevate the customer experience beyond connectivity quality. With the launch of “Turkcell Solution Power” in the third quarter, we aimed to provide our customers with a seamless and integrated experience across all touchpoints. To this end, we integrated our stores, call centers, and digital channels, enabling customers to continue their transactions seamlessly across different channels. Through Teknocan, our AI-powered digital assistant, we also focused on delivering fast, proactive solutions tailored to our customers’ needs. In digital services, we expanded our customer value proposition with “Turkcell One.” The service brings together leading digital platforms, including Netflix, Disney+, YouTube Premium, Amazon Prime, HBO Max, TV+, wonjo kids, fizy Audiobooks, and lifebox, in a single package with the convenience of one bill, and has attracted considerable customer interest in a short period of time.
We expanded our mobile subscriber base, supported by our differentiated customer experience initiatives, tailored value propositions, and strong network infrastructure. In the third quarter, we recorded 579 thousand mobile net additions, including 701 thousand net additions to our postpaid subscriber base, which remains a key strategic priority for us. Our efforts to improve customer satisfaction and retention, along with the normalization of competitive conditions, helped improve our mobile churn rate by 1.0 percentage points year-on-year to
On the fixed broadband side, we focused on expanding our subscriber base on our own fiber infrastructure. In line with this strategy, we added 39 thousand net Turkcell Fiber subscribers in the third quarter and extended our end-to-end, high-quality fiber network to an additional 242 thousand homepasses. Driven by strong demand for high-speed packages, the share of residential fiber subscribers opting for speeds of 1,000 Mbps and above increased by 27 percentage points year-on-year to
We are turning the power of 5G into achievements while preparing for future technologies
Supported by our strong network infrastructure, we provide our customers with a superior connectivity experience through Superbox in Fixed Wireless Access (FWA), one of the key areas where we turn our leadership in 5G technology into value. With our Superbox offerings designed to meet different usage needs, we bring the high speeds and superior connectivity quality enabled by 5G to our customers. Driven by strong demand for Superbox and our high service quality, we achieved a record high in quarterly subscriber acquisitions in the third quarter. During the same period, we recorded 101 thousand net additions, marking our strongest quarterly performance since Q4 2019. This performance further reinforced our leadership in Fixed Wireless Access.
We continue to turn the opportunities offered by 5G into tangible value, not only in communications but also in the digital transformation of different industries. Following the remote surgery performed in the second quarter, we achieved another first in healthcare in the third quarter by transmitting video and audio from a robotic surgery system in real time over our 5G network using network slicing technology, for the first time in Türkiye. These initiatives demonstrate the value that 5G can create across various sectors, particularly healthcare, and our ability to develop advanced technology solutions.
In digital infrastructure, we aim to further advance our data center and cloud services, where we hold a leading position in Türkiye, through our work on GPU-based cloud solutions and next-generation AI infrastructure. Through our participation in international R&D projects in strategic areas such as 6G, artificial intelligence, and next-generation digital infrastructure, we contribute to bringing future technologies to life and shaping global standards.
We also acquired office buildings at the Istanbul Financial Center to bring our teams together in a more integrated working environment. The new location will enable closer collaboration between our technology, R&D, and support teams, helping us improve efficiency and share knowledge.
We are growing in our strategic focus areas and strengthening our long-term value creation potential
Our Digital Business Services (DBS) revenues grew by an impressive
We continue to invest in renewable energy with determination, in line with our sustainability goals. In the third quarter, we activated our 16.3 MW solar power plant in
In line with our long-term investment strategy, we decided to increase our stake in Türkiye'nin Otomobili Girişim Grubu (TOGG), which ranked first in Türkiye's fully electric passenger car market with a
We consider representing Turkcell’s technological expertise and Türkiye’s capabilities on international platforms as an important responsibility. In this regard, I am honored to have been elected to the GSMA Board for a second term. The GSMA is an organization that plays a key role in shaping the future of the global mobile industry. I also view this role as a valuable opportunity to contribute to the development of the global technology ecosystem. I would like to sincerely thank our customers, shareholders, and Board of Directors for their trust and support in our journey to create value through technology, and our colleagues for their dedication and hard work that make our achievements possible.
(1) Our Superbox market share is calculated based on the Fixed Wireless (Mobile) subscribers as defined by the Information and Communication Technologies Authority (ICTA). The market share figure is as of Q226.
(2) EBITDA is a non-GAAP financial measure. See page 14 for the explanation of how we calculate EBITDA and its reconciliation to net income.
(3) Based on the Automotive Distributors and Mobility Association (ODMD) data for October 2026.
FINANCIAL AND OPERATIONAL REVIEW
Financial Review of Turkcell Group |
||||||||||||
Profit & Loss Statement (million TRY) |
|
|
Quarter |
|
|
|
Nine Months |
|||||
Q325 |
|
Q326 |
|
y/y% |
|
9M25 |
|
9M26 |
|
y/y% |
||
Revenue |
77,236.3 |
|
82,044.2 |
|
|
|
222,094.5 |
|
235,065.4 |
|
|
|
Cost of revenue1 |
(34,139.2) |
|
(37,279.1) |
|
|
|
(99,971.2) |
|
(108,498.7) |
|
|
|
Cost of revenue1/Revenue |
( |
|
( |
|
(1.2pp) |
|
( |
|
( |
|
(1.2pp) |
|
Gross Margin1 |
|
|
|
|
(1.2pp) |
|
|
|
|
|
(1.2pp) |
|
Administrative expenses |
(3,378.3) |
|
(3,003.8) |
|
( |
|
(9,090.7) |
|
(9,449.4) |
|
|
|
Administrative expenses/Revenue |
( |
|
( |
|
0.7pp |
|
( |
|
( |
|
0.1pp |
|
Selling and marketing expenses |
(5,296.9) |
|
(4,980.4) |
|
( |
|
(14,710.3) |
|
(15,874.7) |
|
|
|
Selling and marketing expenses/Revenue |
( |
|
( |
|
0.8pp |
|
( |
|
( |
|
(0.2pp) |
|
Net impairment losses on financial and contract assets |
(477.5) |
|
(537.7) |
|
|
|
(1,194.0) |
|
(1,343.3) |
|
|
|
EBITDA2 |
33,944.4 |
|
36,243.3 |
|
|
|
97,128.3 |
|
99,899.2 |
|
|
|
EBITDA Margin |
|
|
|
|
0.3pp |
|
|
|
|
|
(1.2pp) |
|
Depreciation and amortization |
(20,506.0) |
|
(22,620.6) |
|
|
|
(59,248.6) |
|
(64,505.0) |
|
|
|
EBIT3 |
13,438.4 |
|
13,622.7 |
|
|
|
37,879.8 |
|
35,394.2 |
|
( |
|
EBIT Margin |
|
|
|
|
(0.8pp) |
|
|
|
|
|
(2.0pp) |
|
Net finance income / (costs) |
(1,731.5) |
|
(2,363.0) |
|
|
|
(4,131.5) |
|
(2,822.2) |
|
( |
|
Finance income |
5,166.7 |
|
6,977.6 |
|
|
|
15,048.5 |
|
16,153.9 |
|
|
|
Finance costs |
(6,437.3) |
|
(13,080.8) |
|
|
|
(21,288.8) |
|
(34,025.3) |
|
|
|
Monetary gain / (loss) |
(460.9) |
|
3,740.1 |
|
n.m |
|
2,108.9 |
|
15,049.2 |
|
|
|
Net other income / (expenses) |
(703.5) |
|
(1,483.0) |
|
|
|
(1,639.6) |
|
(2,540.1) |
|
|
|
Share of profit of equity accounted investees |
(529.9) |
|
(162.9) |
|
( |
|
(3,486.7) |
|
(248.9) |
|
( |
|
Profit Before Income Tax |
10,473.5 |
|
9,613.8 |
|
( |
|
28,622.1 |
|
29,783.0 |
|
|
|
Income tax expense |
(3,489.5) |
|
(2,876.8) |
|
( |
|
(10,961.6) |
|
(12,283.5) |
|
|
|
Profit from continuing operations |
6,984.0 |
|
6,737.0 |
|
( |
|
17,660.4 |
|
17,499.5 |
|
( |
|
Profit/(Loss) from discontinued operations |
18.2 |
|
- |
|
( |
|
(243.1) |
|
- |
|
( |
|
Net Income |
7,002.3 |
|
6,737.0 |
|
( |
|
17,417.3 |
|
17,499.5 |
|
|
|
(1) Excluding depreciation and amortization expenses |
||||||||||||
(2) EBITDA is a non-GAAP financial measure. See page 14 for the explanation of how we calculate 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 increased by
Consolidated revenue growth was mainly supported by Turkcell Türkiye, which represents
-
Corporate revenues grew by
30.6% year-on-year, providing strong momentum for Turkcell Türkiye's growth. Digital Business Services (DBS) stood out with an impressive65.3% increase in revenues, driven primarily by higher hardware sales linked to an increased number of one-off projects, alongside expanding recurring service revenues supported by price adjustments. - Consumer segment revenues achieved positive year-on-year growth in Q326, marking an encouraging inflection point. Building on increasingly rational market dynamics and disciplined pricing actions implemented throughout 2026, we expect this momentum to strengthen, with the contribution of these actions to ARPU and consumer revenues becoming more visible from Q426 onward.
-
Wholesale revenue stood at TRY 4,184 million (TRY 4,425 million), down
5.4% year-on-year.
The Techfin segment, accounting for
The Other segment revenues, comprising
Cost of revenue (excluding depreciation and amortization) increased slightly year-on-year to
Administrative expenses decreased to
Selling and marketing expenses as a percentage of revenues improved to
Net impairment losses on financial and contract assets were broadly stable at
EBITDA1 increased by
-
Turkcell Türkiye’s EBITDA was TRY 33,773 million (TRY 32,266 million), resulting in an EBITDA margin of
45.5% (45.7% ). -
The Techfin segment maintained its strong momentum, with EBITDA reaching TRY 1,439 million (TRY 971 million), resulting in a notable improvement in the EBITDA margin, which increased by 8.0 pp year-on-year to
29.9% (21.9% ). -
The Other segment recorded EBITDA of TRY 1,031 million (TRY 708 million), with an EBITDA margin of
34.6% (32.6% ).
Depreciation and amortization expenses were up by
Net finance expenses amounted to TRY 2,363 million (TRY 1,732 million) in Q326, mainly reflecting FX losses associated with a year-on-year increase in the short net FX position due to 5G investments and the higher depreciation of the Turkish lira compared to previous quarters. These were partially offset by monetary gains arising from the capitalization of the 5G license. Excluding monetary gain and FX loss, net finance income increased 3.5-fold year-on-year.
See Appendix A for details of net foreign exchange gain and loss.
Net other expenses were TRY 1,483 million (TRY 703 million) in Q326.
Income tax expense decreased to TRY 2,877 million (TRY 3,489 million) in the third quarter, benefiting from the revaluation of fixed assets during the quarter. The impact of this revaluation more than compensated for the effects of the discontinuation of inflation accounting in statutory financial statements as of Q425.
Net income was recorded at a robust TRY 6,737 million (TRY 7,002 million) in Q326. Strong operating performance, increased monetary gains and lower tax expenses helped offset higher depreciation and finance costs. TOGG's expanding operational scale led to a substantial year-on-year improvement in its financials, resulting in a more favorable impact on the Group's bottom line.
(1) EBITDA is a non-GAAP financial measure. See page 14 for the explanation of how we calculate EBITDA and its reconciliation to net income.
Total cash & debt: Consolidated cash as of September 30, 2026 amounted to TRY 98,952 million compared with TRY 114,158 million as of December 31, 2025. The decline was primarily attributable to significant cash outflows in the first quarter, including
Consolidated debt increased to TRY 226,239 million as of September 30, 2026, up from TRY 197,228 million as of December 31, 2025. The increase was driven primarily by the
In the third quarter, we maintained our proactive balance sheet management approach, assessing hedging costs and FX movements. Given the elevated cost of hedging, we adopted a selective hedging strategy focusing on shorter maturities. Accordingly, we maintained our net FX position within the medium-term target range of ±USD 1.5 billion. At the end of Q326, the Group's net short FX position, including the hedging portfolio and advance payments, stood at
Capital expenditures increased to TRY 136,499 million in the first nine months of the year, including the
Capital expenditures (million TRY) |
Nine Months |
|||
9M25 |
|
9M26 |
||
Operational Capex |
40,171.1 |
|
53,687.3 |
|
License and Related Costs |
313.7 |
|
63,126.9 |
|
Non-operational Capex (Including IFRS15 & IFRS16) |
36,224.2 |
|
19,685.1 |
|
IFRS15 |
10,353.2 |
|
8,658.4 |
|
IFRS16 |
20,283.2 |
|
7,175.1 |
|
Other |
5,587.8 |
|
3,851.6 |
|
Total Capex |
76,709.0 |
|
136,499.3 |
|
|
|
|
||
Operational Capex/Revenue
|
|
|
|
|
(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 |
|
|
|||||||
Q325 |
|
Q226 |
|
Q326 |
|
y/y % |
|
q/q % |
||
Number of subscribers1 (million) |
43.8 |
|
44.8 |
|
45.3 |
|
|
|
|
|
Mobile Postpaid (million) |
30.6 |
|
32.5 |
|
33.2 |
|
|
|
|
|
Mobile M2M (million) |
5.6 |
|
6.1 |
|
6.5 |
|
|
|
|
|
Mobile Prepaid (million) |
8.4 |
|
7.5 |
|
7.4 |
|
( |
|
( |
|
Turkcell Fiber (thousand) |
2,521.6 |
|
2,625.7 |
|
2,665.1 |
|
|
|
|
|
Resell Fixed Broadband (thousand) |
740.4 |
|
657.7 |
|
615.1 |
|
( |
|
( |
|
ADSL (thousand) |
654.7 |
|
532.6 |
|
481.4 |
|
( |
|
( |
|
Cable (thousand) |
28.2 |
|
21.1 |
|
19.0 |
|
( |
|
( |
|
Fiber (thousand) |
57.4 |
|
104.0 |
|
114.7 |
|
|
|
|
|
Superbox2 (thousand) |
678.1 |
|
818.1 |
|
919.4 |
|
|
|
|
|
IPTV (thousand) |
1,425.2 |
|
1,429.9 |
|
1,443.4 |
|
|
|
|
|
Churn (%)3 |
|
|
|
|
|
|
|
|
|
|
Mobile Churn (%) |
|
|
|
|
|
|
(1.0pp) |
|
- |
|
Fixed Churn (%) |
|
|
|
|
|
|
- |
|
0.4pp |
|
Average mobile data usage per user (GB/user) |
20.9 |
|
26.3 |
|
27.8 |
|
|
|
|
|
(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) |
Quarters |
|
|
|||||||
(TRY, IAS29 Adjusted) |
Q325 |
|
Q226 |
|
Q326 |
|
y/y % |
|
q/q % |
|
Mobile ARPU, blended |
454.4 |
|
404.1 |
|
436.6 |
|
( |
|
|
|
Mobile ARPU, blended (excluding M2M) |
524.0 |
|
472.5 |
|
512.2 |
|
( |
|
|
|
Postpaid |
513.9 |
|
452.2 |
|
481.8 |
|
( |
|
|
|
Postpaid (excluding M2M) |
620.4 |
|
551.6 |
|
589.2 |
|
( |
|
|
|
Prepaid |
242.4 |
|
197.3 |
|
237.2 |
|
( |
|
|
|
Fixed Residential ARPU, blended |
607.7 |
|
611.9 |
|
647.1 |
|
|
|
|
|
Residential Fiber ARPU |
606.5 |
|
602.0 |
|
622.6 |
|
|
|
|
|
Turkcell achieved 579 thousand mobile net additions in Q326, driven by an outstanding performance in the postpaid segment, with 701 thousand net additions. Prepaid subscriber trends also showed a notable year-on-year improvement. Competitive dynamics in the mobile market became increasingly rational during the quarter, with Mobile Number Portability (MNP) volumes falling below 2.3 million, compared to quarterly levels of around 5 million in 2025. Our superior service quality, enhanced customer experience across all touchpoints, and strategic focus on customer retention contributed to greater customer loyalty, with mobile churn improving to
On the ARPU front, we have maintained our disciplined approach to price adjustments throughout 2026. Notably, we recorded strong quarter-on-quarter ARPU growth across all segments in Q326. We expect the positive contribution of our pricing actions to become more visible from the fourth quarter onward, supporting ARPU performance in the coming periods.
Building on the strong momentum of the previous quarter, Superbox accelerated its growth in Q326, fueled by our superior 5G network capabilities. Offering fiber-like speeds and a seamless connectivity experience in areas beyond our fiber footprint, Superbox continues to attract strong customer interest. In the third quarter, we achieved an all-time high in subscriber acquisitions. We also recorded 101 thousand net additions, marking our strongest quarterly performance since Q419. This outstanding performance further strengthened our leadership in the Fixed Wireless Access (FWA) market, bringing our market share to
We further expanded our fiber footprint in the third quarter, adding 242 thousand new homepasses and bringing our total fiber homepasses to 6.9 million. By strategically directing our fiber investments towards areas with strong demand potential, we maintained a solid take-up rate of
Customer demand for higher-speed connectivity remained strong throughout the quarter, as reflected in the growing share of 1,000 Mbps and above packages in residential fiber. Supported by our disciplined pricing actions and an increasing share of high-speed packages, residential fiber ARPU grew by
(1) Our Superbox market share is calculated based on the Fixed Wireless (Mobile) subscribers as defined by the Information and Communication Technologies Authority (ICTA). The market share figure is as of Q226.
TECHFIN
Paycell Financial Data (million TRY) |
|
|
Quarter |
|
|
|
Nine Months |
|||||
Q325 |
|
Q326 |
|
y/y% |
|
9M25 |
|
9M26 |
|
y/y% |
||
Revenue |
2,377.0 |
|
2,916.6 |
|
|
|
6,488.1 |
|
7,791.1 |
|
|
|
EBITDA |
773.7 |
|
824.7 |
|
|
|
2,359.3 |
|
2,390.5 |
|
|
|
EBITDA margin (%) |
|
|
|
|
(4.3pp) |
|
|
|
|
|
(5.7pp) |
|
Net income |
313.0 |
|
452.5 |
|
|
|
1,014.4 |
|
1,086.3 |
|
|
|
Paycell maintained its outstanding momentum in Q326, delivering
The POS business was the standout performer, achieving record-high quarterly revenue with
Paycell's total transaction volume expanded by
Financell Financial Data (million TRY) |
|
Quarter |
|
Nine Months |
||||||||
Q325 |
|
Q326 |
|
y/y% |
|
9M25 |
|
9M26 |
|
y/y% |
||
Revenue |
1,882.9 |
|
1,686.0 |
|
( |
|
5,610.0 |
|
4,993.4 |
|
( |
|
EBITDA |
248.5 |
|
548.0 |
|
|
|
832.2 |
|
1,791.4 |
|
|
|
EBITDA margin (%) |
|
|
|
|
19.3pp |
|
|
|
|
|
21.1pp |
|
Net income / (loss) |
(49.1) |
|
68.1 |
|
n.m |
|
(1.2) |
|
295.4 |
|
n.m |
|
Financell's loan portfolio maintained its healthy growth momentum in Q326, reaching TRY 10.7 billion, with an active customer base of 0.6 million. The company preserved its leading position in the financing sector with a
While ongoing installment restrictions continued to weigh on Financell's revenue performance on a yearly basis, the company delivered
(1) Source: Association of Financial Institutions, as of Q226.
TURKCELL GROUP SUBSCRIBERS
As of September 30, 2026, the Turkcell Group had approximately 47.6 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 Kıbrıs Turkcell’s mobile and fixed subscribers.
Turkcell Group Subscribers |
Q325 |
|
Q326 |
|
y/y% |
|
Turkcell Türkiye subscribers1 (million) |
43.8 |
|
45.3 |
|
|
|
BeST ( |
1.6 |
|
1.6 |
|
- |
|
Kuzey Kıbrıs Turkcell |
0.6 |
|
0.7 |
|
|
|
Turkcell Group Subscribers (million) |
46.0 |
|
47.6 |
|
|
|
(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.
|
Quarter |
Nine Months |
||||||||||||||
|
Q325 |
|
Q226 |
|
Q326 |
|
y/y% |
|
q/q% |
|
9M25 |
|
9M26 |
|
y/y% |
|
GDP Growth (Türkiye) |
|
|
|
|
n.a |
|
n.a |
|
n.a |
|
|
|
n.a |
|
n.a |
|
Consumer Price Index (Türkiye)(yoy) |
|
|
|
|
|
|
(3.6pp) |
|
(2.4pp) |
|
|
|
|
|
(3.6pp) |
|
US$ / TRY rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closing Rate |
41.4984 |
|
46.5551 |
|
48.9131 |
|
|
|
|
|
41.4984 |
|
48.9131 |
|
|
|
Average Rate |
40.6880 |
|
45.3619 |
|
47.7116 |
|
|
|
|
|
38.5365 |
|
45.5539 |
|
|
|
EUR / TRY rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closing Rate |
48.6479 |
|
53.0950 |
|
55.5103 |
|
|
|
|
|
48.6479 |
|
55.5103 |
|
|
|
Average Rate |
47.3843 |
|
52.6083 |
|
54.8382 |
|
|
|
|
|
43.0830 |
|
52.9420 |
|
|
|
US$ / BYN rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Closing Rate |
3.0247 |
|
2.9066 |
|
3.0285 |
|
|
|
|
|
3.0247 |
|
3.0285 |
|
|
|
Average Rate |
2.9985 |
|
2.8371 |
|
2.9735 |
|
( |
|
|
|
3.1079 |
|
2.8956 |
|
( |
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASUREMENTS:
We believe that EBITDA, among other key metrics, facilitates performance comparisons from period to period and management decision making. It also enables performance comparisons between companies. 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 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
Our 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 / (loss) of equity accounted investees and minority interest.
Nevertheless, 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 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) |
|
Quarter |
|
Nine Months |
||||||||
Q325 |
|
Q326 |
|
y/y% |
|
9M25 |
|
9M26 |
|
y/y% |
||
Consolidated net profit |
7,002.3 |
|
6,737.0 |
|
( |
|
17,417.3 |
|
17,499.5 |
|
|
|
Profit/(Loss) from discontinued operations |
18.2 |
|
- |
|
( |
|
(243.1) |
|
- |
|
( |
|
Income tax expense |
(3,489.5) |
|
(2,876.8) |
|
( |
|
(10,961.6) |
|
(12,283.5) |
|
|
|
Consolidated profit before income tax |
10,473.5 |
|
9,613.8 |
|
( |
|
28,622.1 |
|
29,783.0 |
|
|
|
Share of loss of equity accounted investees |
(529.9) |
|
(162.9) |
|
( |
|
(3,486.7) |
|
(248.9) |
|
( |
|
Finance income |
5,166.7 |
|
6,977.6 |
|
|
|
15,048.5 |
|
16,153.9 |
|
|
|
Finance costs |
(6,437.3) |
|
(13,080.8) |
|
|
|
(21,288.8) |
|
(34,025.3) |
|
|
|
Monetary gain / (loss) |
(460.9) |
|
3,740.1 |
|
n.m |
|
2,108.9 |
|
15,049.2 |
|
|
|
Other income / (expenses) |
(703.5) |
|
(1,483.0) |
|
|
|
(1,639.6) |
|
(2,540.1) |
|
|
|
EBIT |
13,438.4 |
|
13,622.7 |
|
|
|
37,879.8 |
|
35,394.2 |
|
( |
|
Depreciation and amortization |
(20,506.0) |
|
(22,620.6) |
|
|
|
(59,248.6) |
|
(64,505.0) |
|
|
|
EBITDA |
33,944.4 |
|
36,243.3 |
|
|
|
97,128.3 |
|
99,899.2 |
|
|
|
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 Q3 2025 and Q3 2026.
Reconciliation of ARPU |
Q325 |
|
Q326 |
|
Turkcell Türkiye Revenue (million TRY) |
70,644.0 |
|
74,248.0 |
|
Telecommunication services revenue |
64,889.5 |
|
65,845.9 |
|
Equipment revenue |
5,060.3 |
|
7,790.3 |
|
Other |
694.2 |
|
611.7 |
|
Revenues which are not attributed to ARPU calculation1 |
(11,472.1) |
|
(14,914.6) |
|
Turkcell Türkiye revenues included in ARPU calculation2 |
58,477.7 |
|
58,721.7 |
|
Mobile blended ARPU (TRY) |
454.4 |
|
436.6 |
|
Average number of mobile subscribers during the year (million) |
38.9 |
|
40.3 |
|
Fixed residential ARPU (TRY) |
607.7 |
|
647.1 |
|
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 is a technology and telecommunications company headquartered in Türkiye, offering a unique portfolio of voice, data, and TV services over its mobile and fixed networks along with digital consumer, enterprise, and techfin services. Turkcell Group operates in three countries: Türkiye,
Appendix A – Tables
Table: Net foreign exchange gain and loss details
Million TRY |
|
|
Quarter |
|
|
|
Nine Months |
|||||
Q325 |
|
Q326 |
|
y/y% |
|
9M25 |
|
9M26 |
|
y/y% |
||
Net FX loss before hedging |
(4,420.2) |
|
(5,748.8) |
|
|
|
(7,174.5) |
|
(14,827.7) |
|
|
|
Swap interest income/(expense) |
511.9 |
|
0.1 |
|
( |
|
748.2 |
|
89.5 |
|
( |
|
Fair value gain on derivative financial instruments |
2,046.2 |
|
(2,435.4) |
|
( |
|
(298.2) |
|
(6,385.8) |
|
2, |
|
Net FX loss after hedging |
(1,862.1) |
|
(8,184.1) |
|
|
|
(6,724.5) |
|
(21,123.9) |
|
|
|
Table: Income tax expense details
Million TRY |
|
|
Quarter |
|
|
|
Nine Months |
|||||
Q325 |
|
Q326 |
|
y/y% |
|
9M25 |
|
9M26 |
|
y/y% |
||
Current tax expense |
(2,026.6) |
|
(3,481.4) |
|
|
|
(8,062.1) |
|
(7,756.1) |
|
( |
|
Deferred tax income / (expense) |
(1,462.9) |
|
604.6 |
|
n.m |
|
(2,899.5) |
|
(4,527.5) |
|
|
|
Income tax expense |
(3,489.5) |
|
(2,876.8) |
|
( |
|
(10,961.6) |
|
(12,283.5) |
|
|
|
TURKCELL İLETİŞİM HİZMETLERİ A.Ş IFRS SELECTED FINANCIALS |
||||||||||||
| (TRY Million) | ||||||||||||
Nine Months |
Nine Months |
Quarter Ended |
Quarter Ended |
|||||||||
September 30 |
September 30 |
September 30 |
September 30 |
|||||||||
2026 |
|
2025 |
|
2026 |
|
2025 |
|
|||||
| Consolidated Statement of Operations Data | ||||||||||||
| Turkcell Turkey | 212,459 |
|
202,242 |
|
74,248 |
|
70,644 |
|
||||
| Fintech | 13,395 |
|
12,552 |
|
4,817 |
|
4,424 |
|
||||
| Other | 9,211 |
|
7,301 |
|
2,979 |
|
2,168 |
|
||||
| Total revenue | 235,065 |
|
222,094 |
|
82,044 |
|
77,236 |
|
||||
| Total cost of revenue | (173,004 |
) |
(159,220 |
) |
(59,900 |
) |
(54,645 |
) |
||||
| Total gross profit | 62,062 |
|
62,875 |
|
22,145 |
|
22,591 |
|
||||
| Administrative expenses | (9,449 |
) |
(9,091 |
) |
(3,004 |
) |
(3,378 |
) |
||||
| Selling & marketing expenses | (15,875 |
) |
(14,710 |
) |
(4,980 |
) |
(5,297 |
) |
||||
| Other Income / (Expense) | (2,540 |
) |
(1,640 |
) |
(1,483 |
) |
(703 |
) |
||||
| Net impairment loses on financial and contract assets | (1,343 |
) |
(1,194 |
) |
(538 |
) |
(478 |
) |
||||
| Operating profit | 32,854 |
|
36,240 |
|
12,140 |
|
12,735 |
|
||||
| Finance costs | (34,025 |
) |
(21,289 |
) |
(13,081 |
) |
(6,437 |
) |
||||
| Finance income | 16,154 |
|
15,048 |
|
6,978 |
|
5,167 |
|
||||
| Monetary gain (loss) | 15,049 |
|
2,109 |
|
3,740 |
|
(461 |
) |
||||
| Share of loss of equity accounted investees | (249 |
) |
(3,487 |
) |
(163 |
) |
(530 |
) |
||||
| Profit before income tax from continuing operations | 29,783 |
|
28,622 |
|
9,614 |
|
10,473 |
|
||||
| Income tax income/ (expense) | (12,284 |
) |
(10,962 |
) |
(2,877 |
) |
(3,489 |
) |
||||
| Profit for the year from continuing operations | 17,500 |
|
17,660 |
|
6,737 |
|
6,984 |
|
||||
| Profit /(loss) from discontinued operations | - |
|
(243 |
) |
- |
|
18 |
|
||||
| Profit for the year | 17,500 |
|
17,417 |
|
6,737 |
|
7,002 |
|
||||
| Owners of the Company | 17,500 |
|
17,417 |
|
6,737 |
|
7,002 |
|
||||
| Basic and diluted earnings per share for profit attributable to owners of the Company (in full TL) | 8.04 |
|
7.99 |
|
3.10 |
|
3.21 |
|
||||
| Basic and diluted earnings per share for profit from continuing operations attributable to owners of the Company (in full TL) | 8.04 |
|
8.10 |
|
3.10 |
|
3.20 |
|
||||
| Other Financial Data | ||||||||||||
| Gross margin | 26.4 |
% |
28.3 |
% |
||||||||
| EBITDA(*) | 99,899 |
|
97,128 |
|
||||||||
| Total Capex | 136,499 |
|
76,709 |
|
||||||||
| Operational capex | 53,687 |
|
40,171 |
|
||||||||
| Licence and related costs | 63,127 |
|
314 |
|
||||||||
| Non-operational Capex | 19,685 |
|
36,224 |
|
||||||||
| Consolidated Balance Sheet Data (at period end) | 30.09.2026 |
31.12.2025 |
||||||||||
| Cash and cash equivalents | 98,952 |
|
114,158 |
|
||||||||
| Total assets | 715,139 |
|
622,298 |
|
||||||||
| Long term debt | 185,006 |
|
152,578 |
|
||||||||
| Total debt | 226,239 |
|
197,228 |
|
||||||||
| Total liabilities | 381,867 |
|
299,903 |
|
||||||||
| Total shareholders’ equity | 333,272 |
|
322,396 |
|
||||||||
| (*) 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 September 30, 2026, on our website | ||||||||||||
TURKCELL İLETİŞİM HİZMETLERİ A.Ş TURKISH ACCOUNTING STANDARDS SELECTED FINANCIALS |
||||||||||||
| (TRY Million) | ||||||||||||
Nine Months |
|
|
Nine Months |
|
|
Quarter Ended |
|
|
Quarter Ended |
|||
September 30 |
|
|
September 30 |
|
|
September 30 |
|
|
September 30 |
|||
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||
| Consolidated Statement of Operations Data | ||||||||||||
| Turkcell Turkey | 212,459 |
|
202,242 |
|
74,248 |
|
70,644 |
|
||||
| Fintech | 13,395 |
|
12,552 |
|
4,817 |
|
4,424 |
|
||||
| Other | 9,211 |
|
7,301 |
|
2,979 |
|
2,168 |
|
||||
| Total revenues | 235,065 |
|
222,094 |
|
82,044 |
|
77,236 |
|
||||
| Direct cost of revenues | (173,004 |
) |
(159,220 |
) |
(59,900 |
) |
(54,645 |
) |
||||
| Gross profit | 62,062 |
|
62,875 |
|
22,145 |
|
22,591 |
|
||||
| Administrative expenses | (9,449 |
) |
(9,091 |
) |
(3,004 |
) |
(3,378 |
) |
||||
| Selling & marketing expenses | (15,875 |
) |
(14,710 |
) |
(4,980 |
) |
(5,297 |
) |
||||
| Other operating income | 14,275 |
|
35,429 |
|
6,642 |
|
6,696 |
|
||||
| Other operating expense | (4,680 |
) |
(2,493 |
) |
(2,392 |
) |
(784 |
) |
||||
| Operating profit | 46,332 |
|
72,009 |
|
18,410 |
|
19,829 |
|
||||
| Impairment losses determined in accordance with TFRS 9 | (1,343 |
) |
(1,194 |
) |
(538 |
) |
(478 |
) |
||||
| Income from investing activities | 13,141 |
|
10,168 |
|
5,203 |
|
3,067 |
|
||||
| Expense from investing activities | (210 |
) |
(487 |
) |
(62 |
) |
(312 |
) |
||||
| Share on profit of investments valued by equity method | (249 |
) |
(3,487 |
) |
(163 |
) |
(530 |
) |
||||
| Income before financing costs | 57,672 |
|
77,009 |
|
22,850 |
|
21,576 |
|
||||
| Finance income | 137 |
|
701 |
|
49 |
|
579 |
|
||||
| Finance expense | (43,075 |
) |
(51,197 |
) |
(17,025 |
) |
(11,221 |
) |
||||
| Monetary gain (loss) | 15,049 |
|
2,109 |
|
3,740 |
|
(461 |
) |
||||
| Income from continuing operations before tax and non-controlling interest | 29,783 |
|
28,622 |
|
9,614 |
|
10,473 |
|
||||
| Tax income (expense) from continuing operations | (12,284 |
) |
(10,962 |
) |
(2,877 |
) |
(3,489 |
) |
||||
| Profit from continuing operations | 17,500 |
|
17,660 |
|
6,737 |
|
6,984 |
|
||||
| Profit /(loss) from discontinued operations | - |
|
(243 |
) |
- |
|
18 |
|
||||
| Profit for the period | 17,500 |
|
17,417 |
|
6,737 |
|
7,002 |
|
||||
| Owners of the Parent | 17,500 |
|
17,417 |
|
6,737 |
|
7,002 |
|
||||
| Earnings per share | 8.04 |
|
7.99 |
|
3.10 |
|
3.21 |
|
||||
| Earnings per share from discontinued operations | 8.04 |
|
8.10 |
|
3.10 |
|
3.20 |
|
||||
| Earnings per share from continuing operation | - |
|
-0.11 |
|
- |
|
0.01 |
|
||||
| Other Financial Data | ||||||||||||
| Gross margin | 26.4 |
% |
28.3 |
% |
27.0 |
% |
29.2 |
% |
||||
| EBITDA(*) | 99,899 |
|
97,128 |
|
36,243 |
|
33,944 |
|
||||
| Total Capex | 136,499 |
|
76,709 |
|
23,725 |
|
20,141 |
|
||||
| Operational capex | 53,687 |
|
40,171 |
|
18,184 |
|
13,369 |
|
||||
| Licence and related costs | 63,127 |
|
314 |
|
20 |
|
8 |
|
||||
| Non-operational Capex | 19,685 |
|
36,224 |
|
5,522 |
|
6,764 |
|
||||
| Consolidated Balance Sheet Data (at period end) | 30.09.2026 |
31.12.2025 |
||||||||||
| Cash and cash equivalents | 98,952 |
|
114,158 |
|
||||||||
| Total assets | 715,139 |
|
622,298 |
|
||||||||
| Long term debt | 185,006 |
|
152,578 |
|
||||||||
| Total debt | 226,239 |
|
197,228 |
|
||||||||
| Total liabilities | 381,867 |
|
299,903 |
|
||||||||
| Total equity | 333,272 |
|
322,396 |
|
||||||||
| (*) 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 September 30, 2026, on our website | ||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20261109536645/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
Source: Turkcell