Turkcell Iletisim Hizmetleri A.S.: Third Quarter 2025 Results
Outstanding Results
Upward Guidance Revision
- 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 September 30, 2025, refer to the same item as of September 30, 2024. For further details, please refer to our consolidated financial statements and notes as of and for September 30, 2025, accessible via our website in the investor relations section (www.turkcell.com.tr).
- Selected financial information presented in this press release for the third quarter 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 September 30, 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 September 30, 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 September 30, 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
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
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 |
Q324 |
Q325 |
y/y% |
9M24 |
9M25 |
y/y% |
Revenue |
53,546 |
59,535 |
|
152,744 |
171,195 |
|
23,669 |
26,165 |
|
65,356 |
74,869 |
|
|
EBITDA Margin (%) |
|
|
(0.3pp) |
|
|
0.9pp |
EBIT2 |
8,733 |
10,359 |
|
21,073 |
29,199 |
|
EBIT Margin (%) |
|
|
1.1pp |
|
|
3.3pp |
Profit From Continuing Operations |
4,086 |
5,383 |
|
10,821 |
13,613 |
|
Net Income |
19,035 |
5,398 |
( |
27,398 |
13,426 |
( |
THIRD QUARTER HIGHLIGHTS
-
Turkcell strengthened its leadership in the mobile sector and reaffirmed its ambition in next-generation connectivity technologies by securing 160 MHz of spectrum—the maximum capacity allowed for a single operator—for
USD 1.2 billion (exc. VAT) in the 5G tender held on October 16, 2025. With this acquisition, Turkcell now holds 394.4 MHz out of Türkiye’s total 949.2 MHz frequency resources, representing approximately42% of the available spectrum. As in 4.5G, Turkcell has achieved the widest frequency portfolio in 5G, positioning itself as the operator technically capable of delivering the country’s highest 5G speeds and capacity. Through this tender, Turkcell also extended the validity of its 2G, 3G, and 4.5G authorizations until December 31, 2042, with payments of5% of gross mobile service revenues (exc. VAT) to the ICTA each year starting from April 30, 2029.
- Strong set of financials;
-
Group revenues increased by
11.2% year-on-year, driven by robust ARPU growth in Turkcell Türkiye and a notable20.0% rise in the Techfin segment, which continued to contribute positively to overall performance. The expansion of the subscriber base and price adjustments were key drivers of Türkiye’s strong results, further supported by the Data Center & Cloud business—a key pillar of our strategy—which delivered50.6% year-on-year growth.
-
EBITDA1 rose by
10.5% , leading to an EBITDA margin of43.9% ; EBIT2 was up by18.6% , resulting in an EBIT margin of17.4% .
-
Profit from continuing operations increased by
31.8% to TRY 5.4 billion, supported by solid operational performance and lower effective tax rate. The decline in net income was driven by a high base in Q324, which included the one-off gain from the sale of our operations inUkraine .
-
Net leverage3 level at 0.20x; Net short FX position of
US $9 million
- Robust ARPU growth in both mobile and fixed segments thanks to targeted price optimization supported by micro-segment subscriber portfolio management
-
569 thousand mobile postpaid net additions, bringing the postpaid subscriber base share to
79%
- 33 thousand Turkcell Fiber and 55 thousand total fiber net additions, including resell operations
-
Steady ARPU expansion amid a competitive market; Mobile ARPU4 growth of
11.9% , residential fiber ARPU growth of17.3%
- 107 thousand new fiber homepasses this quarter; 6.2 million in total
-
Following our strong performance in the first nine months of the year, we revised our 2025 guidance5 upwards. We project revenue growth of around
10% and an EBITDA margin of between42% -43% . Thanks to solid revenue outlook, we are also able to lower our operational CAPEX to Sales6 ratio guidance to around23% . Meanwhile, the revenue guidance for the Data Center & Cloud segment was upgraded to around43% .
(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 equals 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, and this change has been reflected in previous quarters’ figures
(4) Excluding M2M
(5) Our expectations for 2025 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 2025 expectations are based specifically on an assumed annual inflation rate of around
(6) Excluding license fees
COMMENTS BY CEO, ALİ TAHA KOÇ, PhD
We take great pride in our strong financial and operational performance in the third quarter, accompanied by our success in the 5G authorization tender; a milestone for our country’s digital future. At the tender held on October 16, we secured a total of 160 MHz, the maximum capacity available to a single operator, once again reaffirming our technical superiority and industry leadership.
4.5G was an important step in Türkiye’s technological transformation, enabling us to provide our customers with world-class speed and communication quality. Building on this, 5G, set to launch in 2026, with its ultra-high speed and low latency, will represent the next stage in the digital transformation of industries such as manufacturing, transportation, healthcare, and education. With the emergence of smart cities, the Internet of Things, and autonomous vehicles, technology will evolve into an entirely new dimension. With over 30 years of experience, an extensive base station network across Türkiye, and a rapidly increasing base station fiberization rate, Turkcell is not only ready for 5G but also determined to lead this transformation. By combining the 700 MHz and 3.5 GHz bands acquired in the tender, we will deliver wide coverage, high speed, and large capacity simultaneously. Offering mobile speeds of 1,000 Mbps and above, our fixed-wireless access (FWA) Superbox solution will provide customers with a fiber-like fixed internet experience - even in areas without fiber infrastructure. As in the eras of 2G, 3G, and 4.5G, we will remain the strongest, most reliable, and most preferred operator in this new era.
Throughout a quarter shaped by an intense 5G agenda, our financial and operational performance maintained its strong momentum. In addition to the solid performance of our core business, consolidated revenues increased by
Double-digit ARPU growth in both mobile and fixed broadband services
During a quarter marked by intense market competition, which was in line with our expectations, we continued to expand our customer base. In the third quarter, we recorded 569 thousand net postpaid additions, bringing total net additions over the past 12 months to more than 2 million. As a result, our mobile subscriber base exceeded 39 million. The share of postpaid subscribers — a key strategic focus area due to its high revenue contribution — increased by 4.6 percentage points year-on-year, reaching
In the fixed segment, we maintained our focus on fiber. We recorded 33 thousand net fiber additions on our own infrastructure, reaching more customers with Turkcell’s superior fiber quality. Including sales over other ISPs’ infrastructure, we added a total of 55 thousand fiber subscribers. With accelerated fixed broadband infrastructure investments during the quarter, we provided fiber access to an additional 107 thousand new households, bringing total end-to-end coverage to 6.2 million households. Our
Our strategic focus areas continue to support growth
Our Techfin segment, accounting for
We achieved strong progress in the third quarter across strategic investment areas, including data center and cloud businesses, as well as solar energy investments. Guided by our long-standing vision that “Türkiye’s data should stay in Türkiye”, as the market leader² in this field today, our data center and cloud business continued to strengthen. During the quarter, the active capacity of our next-generation data centers grew by 8.4 MW, reaching a total of 50 MW. Total data center and cloud revenues increased
Aligned with our commitment to sustainability and efficiency, the total capacity of our solar power plants operating in Uşak, Van, Balıkesir, and Yozgat reached 37.5 MW as of the third quarter. We believe these strategically important investments create long-term value not only for Turkcell but also for the future of our country. We view them as investments in Türkiye’s sustainable future.
We are revising our expectations upward
Despite the challenging geopolitical and macroeconomic environment globally, we outperformed expectations during the first nine months of the year. In light of these strong results, we are revising our outlook3 for 2025 upward. We now expect revenue growth of around
With confidence built on decades of experience and the pride of contributing to our country and society, we continue to move forward. Looking ahead, we will focus on the new opportunities enabled by 5G technology while further expanding the range of products and services that create value for our customers. I extend my gratitude to our Board of Directors, colleagues, and all stakeholders who have stood by us in shaping Türkiye’s digital future.
(1) EBITDA is a non-GAAP financial measure. See page 14 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 2025 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 2025 expectations are based specifically on an assumed annual inflation rate of around
(4) Excluding license fees.
FINANCIAL AND OPERATIONAL REVIEW
Financial Review of Turkcell Group
Profit & Loss Statement (million TRY) |
|
Quarter |
|
Nine Months |
||
Q324 |
Q325 |
y/y% |
9M24 |
9M25 |
y/y% |
|
Revenue |
53,546.0 |
59,535.5 |
|
152,744.5 |
171,195.5 |
|
Cost of revenue1 |
(23,980.2) |
(26,315.3) |
|
(71,201.6) |
(77,060.1) |
|
Cost of revenue1/Revenue |
( |
( |
0.6pp |
( |
( |
1.6pp |
Gross Margin1 |
|
|
0.6pp |
|
|
1.6pp |
Administrative expenses |
(2,176.2) |
(2,604.0) |
|
(5,742.1) |
(7,007.3) |
|
Administrative expenses/Revenue |
( |
( |
(0.3pp) |
( |
( |
(0.3pp) |
Selling and marketing expenses |
(3,384.8) |
(4,083.0) |
|
(9,428.0) |
(11,339.0) |
|
Selling and marketing expenses/Revenue |
( |
( |
(0.6pp) |
( |
( |
(0.4pp) |
Net impairment losses on financial and contract assets |
(336.0) |
(368.1) |
|
(1,017.2) |
(920.4) |
( |
EBITDA2 |
23,668.8 |
26,165.1 |
|
65,355.5 |
74,868.7 |
|
EBITDA Margin |
|
|
(0.3pp) |
|
|
0.9pp |
Depreciation and amortization |
(14,935.7) |
(15,806.5) |
|
(44,282.2) |
(45,670.1) |
|
EBIT3 |
8,733.2 |
10,358.6 |
|
21,073.3 |
29,198.6 |
|
EBIT Margin |
|
|
1.1pp |
|
|
3.3pp |
Net finance income / (costs) |
(460.1) |
(1,334.7) |
|
(2,369.5) |
(3,184.6) |
|
Finance income |
3,710.4 |
3,982.6 |
|
9,647.2 |
11,599.7 |
|
Finance costs |
(6,204.5) |
(4,962.1) |
( |
(19,966.0) |
(16,409.9) |
( |
Monetary gain / (loss) |
2,034.0 |
(355.3) |
( |
7,949.3 |
1,625.6 |
( |
Net other income / (expenses) |
(238.9) |
(542.3) |
|
(887.6) |
(1,263.8) |
|
Share of loss of equity accounted investees |
(896.2) |
(408.5) |
( |
(2,090.3) |
(2,687.6) |
|
Income tax expense |
(3,052.1) |
(2,689.8) |
( |
(4,905.1) |
(8,449.5) |
|
Profit from continuing operations |
4,085.8 |
5,383.4 |
|
10,820.8 |
13,613.1 |
|
Profit /(loss) from discontinued operations |
14,948.2 |
14.1 |
( |
16,565.7 |
(187.4) |
( |
Non-controlling interests |
0.9 |
- |
( |
11.4 |
- |
( |
Net Income |
19,034.9 |
5,397.5 |
( |
27,398.0 |
13,425.7 |
( |
(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 equals EBITDA minus depreciation and amortization expenses.
Revenue of the Group rose by
Turkcell Türkiye4 revenues, comprising
- Consumer business, accounting for
- Corporate revenues increased by
- Wholesale revenues were up
(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.
Techfin segment revenues, accounting for
Other1 segment revenues, comprising
Cost of revenue (excluding depreciation and amortization) decreased to
Administrative expenses increased slightly to
Selling and marketing expenses increased to
Net impairment losses on financial and contract assets were at
EBITDA2 increased by
- Turkcell Türkiye EBITDA was up by
- Techfin segment EBITDA decreased by
- EBITDA for the Other segment was at TRY545 million (TRY534 million).
Depreciation and amortization expenses increased by
Net finance costs rose to TRY1,335 million in the third quarter, up from TRY460 million in the same period of last year. It is noteworthy that net foreign exchange losses declined by
See Appendix A for details of net foreign exchange gain and loss.
Net other expenses were TRY542 million (TRY239 million) in Q325.
Income tax expense amounted to TRY2,690 million (TRY3,052 million) in this quarter.
Profit from continuing operations was strong in the third quarter, increasing by
Net income of the Group was at TRY5,398 million (TRY19,035 million) in this quarter. Although this indicates a sharp decrease on a yearly basis, it is mainly due to the one-off impact of TRY14,948 million from discontinued operations related to the
(1) 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.
(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.
Total cash & debt: Consolidated cash as of September 30, 2025, increased to TRY122,347 million, from TRY86,464 million as of December 31, 2024. This increase was primarily driven by the
Consolidated debt as of September 30, 2025, increased to TRY181,281 million from TRY130,874 million as of December 31, 2024. Note that TRY15,184 million of our consolidated debt comprises lease obligations. After hedging transactions,
Net debt1, as of September 30, 2025, increased to TRY19,855 million from TRY13,435 million as of December 31, 2024, with a net debt to EBITDA ratio of 0.20x.
At the end of the quarter, Turkcell Group had a short net FX position of
Capital expenditures (CAPEX) amounted to TRY59,129 million in the first nine months of the year, with TRY15,708 million recorded in the third quarter. Operational capital expenditures (excluding license fees) accounted for
Capital expenditures (million TRY) |
Nine Months |
|
9M24 |
9M25 |
|
Operational Capex |
29,939.0 |
30,964.9 |
License and Related Costs |
30.6 |
241.8 |
Non-operational Capex (Including IFRS15 & IFRS16) |
16,001.4 |
27,922.3 |
IFRS15 |
6,551.2 |
7,980.5 |
IFRS16 |
5,574.4 |
15,634.8 |
Other |
3,875.8 |
4,307.0 |
Total Capex |
45,971.0 |
59,129.0 |
(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 |
Quarters |
|
||||
Q324 |
Q225 |
Q325 |
y/y % |
q/q % |
||
Number of subscribers1 (million) |
43.5 |
43.5 |
43.8 |
|
|
|
Mobile Postpaid (million) |
28.6 |
30.1 |
30.6 |
|
|
|
Mobile M2M (million) |
4.9 |
5.4 |
5.6 |
|
|
|
Mobile Prepaid (million) |
10.1 |
8.7 |
8.4 |
( |
( |
|
Turkcell Fiber2 (thousand) |
2,422.6 |
2,488.2 |
2,521.6 |
|
|
|
Resell Fixed Broadband2 (thousand) |
807.3 |
763.3 |
740.4 |
( |
( |
|
ADSL (thousand) |
765.0 |
695.9 |
654.7 |
( |
( |
|
Cable (thousand) |
37.3 |
31.3 |
28.2 |
( |
( |
|
Fiber (thousand) |
5.0 |
36.0 |
57.4 |
n.m |
|
|
Superbox3 (thousand) |
715.2 |
654.9 |
678.1 |
( |
|
|
IPTV (thousand) |
1,483.8 |
1,430.0 |
1,425.2 |
( |
( |
|
Churn (%)4 |
|
|
|
|
|
|
Mobile Churn (%) |
|
|
|
0.4pp |
0.4pp |
|
Fixed Churn (%) |
|
|
|
0.4pp |
0.3pp |
|
Average mobile data usage per user (GB/user) |
18.6 |
19.2 |
20.9 |
|
|
|
(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, IAS29 Adjusted) |
Quarters |
|
|
|||
Q324 |
Q225 |
Q325 |
y/y % |
q/q % |
||
Mobile ARPU, blended |
318.6 |
329.4 |
350.3 |
|
|
|
Mobile ARPU, blended (excluding M2M) |
361.1 |
378.9 |
403.9 |
|
|
|
Postpaid |
359.5 |
376.8 |
396.1 |
|
|
|
Postpaid (excluding M2M) |
428.9 |
454.7 |
478.2 |
|
|
|
Prepaid |
205.3 |
170.0 |
186.9 |
( |
|
|
Fixed Residential ARPU, blended |
392.5 |
445.8 |
468.4 |
|
|
|
Residential Fiber ARPU |
398.7 |
449.6 |
467.5 |
|
|
|
In Q325, we sustained strong operational performance and strategic focus despite the continued intensity of market competition. Our commitment to a value-driven strategy and superior customer experience enabled us to successfully navigate the dynamic market conditions. Despite these challenges, we continued to expand our customer base, with a focus on maintaining our strong market position. During the quarter, we recorded a net addition of 569 thousand postpaid subscribers, bringing total postpaid net additions for the first nine months of the year to 1.5 million. Consequently, the proportion of postpaid subscribers within our total mobile customer base reached
Our fixed broadband subscriber base continued to grow, supported by sustained demand for high-speed connectivity. In Q325, our high-quality end-to-end fiber customer base expanded by 33 thousand. Including resell fiber services, provided over other operators’ infrastructure, we achieved a total of 55 thousand net fiber subscriber additions. Delayed price adjustments by some small ISPs continued to put pressure on churn performance. Nevertheless, despite the elevated churn rate, our overall fixed broadband subscriber base increased by 11 thousand during the quarter. Residential fiber ARPU rose
During the same period, we accelerated our fiber network investments, adding 107 thousand new homepasses and bringing the total to 6.2 million homepasses which further extends the reach of our high-quality fiber infrastructure.
TECHFIN
Paycell Financial Data (million TRY) |
|
Quarter |
|
Nine Months |
||
Q324 |
Q325 |
y/y% |
9M24 |
9M25 |
y/y% |
|
Revenue |
1,293.1 |
1,832.2 |
|
3,532.3 |
5,001.2 |
|
EBITDA |
581.3 |
596.4 |
|
1,647.4 |
1,818.6 |
|
EBITDA margin (%) |
|
|
(12.4pp) |
|
|
(10.2pp) |
Net income |
253.6 |
241.3 |
( |
624.2 |
782.0 |
|
Paycell maintained its strong momentum, delivering another quarter of solid results. Paycell recorded
Total transaction volume across all services rose
Financell Financial Data (million TRY) |
|
Quarter |
|
Nine Months |
||
Q324 |
Q325 |
y/y% |
9M24 |
9M25 |
y/y% |
|
Revenue |
1,503.7 |
1,451.2 |
( |
4,203.7 |
4,324.3 |
|
EBITDA |
278.7 |
191.5 |
( |
619.9 |
641.5 |
|
EBITDA margin (%) |
|
|
(5.3pp) |
|
|
0.1pp |
Net income / (loss) |
2.4 |
(37.9) |
n.m |
(201.5) |
(0.9) |
( |
Financell's revenue growth lagged inflation in the third quarter of the year primarily due to the average portfolio growing below inflation in a challenging macroeconomic environment. While new loans issued grew by
As of the third quarter of 2025, Financell’s total loan portfolio amounted to TRY 7.5 billion, serving approximately 0.7 million active customers. The company sustained its market-leading position in consumer financing, with a
(1) Source: Association of Financial Instuitions, as of Q225
TURKCELL GROUP SUBSCRIBERS
As of September 30, 2025, the Turkcell Group had approximately 46.0 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, as well as the mobile subscribers of BeST and Kuzey Kıbrıs Turkcell.
Turkcell Group Subscribers |
Q324 |
Q225 |
Q325 |
y/y% |
q/q% |
Turkcell Türkiye subscribers1 (million) |
43.5 |
43.5 |
43.8 |
|
|
BeST ( |
1.5 |
1.5 |
1.6 |
|
|
Kuzey Kıbrıs Turkcell |
0.6 |
0.6 |
0.6 |
- |
- |
Turkcell Group Subscribers (million) |
45.6 |
45.6 |
46.0 |
|
|
(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 |
Nine Months |
|||||||
|
Q324 |
Q225 |
Q325 |
y/y% |
q/q% |
9M24 |
9M25 |
y/y% |
GDP Growth (Türkiye) |
|
|
n.a |
n.a |
n.a |
|
n.a |
n.a |
Consumer Price Index (Türkiye)(yoy) |
|
|
|
(16.1pp) |
(1.7pp) |
|
|
(16.1pp) |
US$ / TRY rate |
|
|
|
|
|
|
|
|
Closing Rate |
34.0900 |
39.7424 |
41.4984 |
|
|
34.0900 |
41.4984 |
|
Average Rate |
33.4706 |
38.7279 |
40.6880 |
|
|
32.2047 |
38.5365 |
|
EUR / TRY rate |
|
|
|
|
|
|
|
|
Closing Rate |
38.0180 |
46.5526 |
48.6479 |
|
|
38.0180 |
48.6479 |
|
Average Rate |
36.6689 |
43.8612 |
47.3843 |
|
|
34.9603 |
43.0830 |
|
US$ / BYN rate |
|
|
|
|
|
|
|
|
Closing Rate |
3.2113 |
2.9663 |
3.0247 |
( |
|
3.2113 |
3.0247 |
( |
Average Rate |
3.1684 |
3.0300 |
2.9985 |
( |
( |
3.2001 |
3.1079 |
( |
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
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) |
|
Quarter |
|
Nine Months |
||
Q324 |
Q325 |
y/y% |
9M24 |
9M25 |
y/y% |
|
Consolidated profit before minority interest |
19,034.0 |
5,397.5 |
( |
27,386.6 |
13,425.7 |
( |
Profit /(loss) from discontinued operations |
14,948.2 |
14.1 |
( |
16,565.7 |
(187.4) |
( |
Income tax expense |
(3,052.1) |
(2,689.8) |
( |
(4,905.1) |
(8,449.5) |
|
Consolidated profit before income tax & minority interest |
7,137.9 |
8,073.2 |
|
15,726.0 |
22,062.5 |
|
Share of loss of equity accounted investees |
(896.2) |
(408.5) |
( |
(2,090.3) |
(2,687.6) |
|
Finance income |
3,710.4 |
3,982.6 |
|
9,647.2 |
11,599.7 |
|
Finance costs |
(6,204.5) |
(4,962.1) |
( |
(19,966.0) |
(16,409.9) |
( |
Monetary gain / (loss) |
2,034.0 |
(355.3) |
( |
7,949.3 |
1,625.6 |
( |
Other income / (expenses) |
(238.9) |
(542.3) |
|
(887.6) |
(1,263.8) |
|
EBIT |
8,733.2 |
10,358.6 |
|
21,073.3 |
29,198.6 |
|
Depreciation and amortization |
(14,935.7) |
(15,806.5) |
|
(44,282.2) |
(45,670.1) |
|
Adjusted EBITDA |
23,668.8 |
26,165.1 |
|
65,355.5 |
74,868.7 |
|
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 Q324 and Q325.
Reconciliation of ARPU |
Q324 |
Q325 |
Turkcell Türkiye Revenue (million TRY) |
48,992.4 |
54,454.0 |
Telecommunication services revenue |
44,723.9 |
50,018.3 |
Equipment revenue |
3,622.3 |
3,900.6 |
Other |
646.1 |
535.1 |
Revenues not attributed to ARPU calculation1 |
(7,987.9) |
(8,843.0) |
Turkcell Türkiye revenues included in ARPU calculation2 |
40,358.4 |
45,075.9 |
Mobile blended ARPU (TRY) |
318.6 |
350.3 |
Average number of mobile subscribers during the year (million) |
38.6 |
38.9 |
Fixed residential ARPU (TRY) |
392.5 |
468.4 |
Average number of fixed residential subscribers during the year (million) |
3.0 |
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,
Appendix A – Tables
Table: Net Foreign Exchange Gain and Loss Details
Million TRY |
|
Quarter |
|
Nine Months |
||
Q324 |
Q325 |
y/y% |
9M24 |
9M25 |
y/y% |
|
Net FX loss before hedging |
(2,109.4) |
(3,407.2) |
|
(7,417.3) |
(5,530.3) |
( |
Swap interest income/(expense) |
165.0 |
394.5 |
|
616.3 |
576.7 |
( |
Fair value gain on derivative financial instruments |
(403.4) |
1,577.3 |
n.m |
(2,090.5) |
(229.9) |
( |
Net FX gain / (loss) after hedging |
(2,347.8) |
(1,435.4) |
( |
(8,891.5) |
(5,183.4) |
( |
Table: Income Tax Expense Details
Million TRY |
|
Quarter |
|
Nine Months |
||
Q324 |
Q325 |
y/y% |
9M24 |
9M25 |
y/y% |
|
Current tax expense |
(1,974.9) |
(1,562.1) |
( |
(2,207.8) |
(6,214.4) |
|
Deferred tax income / (expense) |
(1,077.2) |
(1,127.7) |
|
(2,697.3) |
(2,235.0) |
( |
Income tax expense |
(3,052.1) |
(2,689.8) |
( |
(4,905.1) |
(8,449.5) |
|
| 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 | ||
2025 |
2024 |
2025 |
2024 |
||
| Consolidated Statement of Operations Data | |||||
| Turkcell Turkey | 155,892 |
139,801 |
54,454 |
48,992 |
|
| Fintech | 9,675 |
7,770 |
3,410 |
2,841 |
|
| Other | 5,628 |
5,174 |
1,671 |
1,712 |
|
| Total revenue | 171,195 |
152,744 |
59,535 |
53,546 |
|
| Total cost of revenue | (122,730) |
(115,484) |
(42,122) |
(38,916) |
|
| Total gross profit | 48,465 |
37,261 |
17,414 |
14,630 |
|
| Administrative expenses | (7,007) |
(5,742) |
(2,604) |
(2,176) |
|
| Selling & marketing expenses | (11,339) |
(9,428) |
(4,083) |
(3,385) |
|
| Other Income / (Expense) | (1,264) |
(888) |
(542) |
(239) |
|
| Net impairment loses on financial and contract assets | (920) |
(1,017) |
(368) |
(336) |
|
| Operating profit | 27,935 |
20,186 |
9,816 |
8,494 |
|
| Finance costs | 11,600 |
9,647 |
3,983 |
3,710 |
|
| Finance income | (16,410) |
(19,966) |
(4,962) |
(6,205) |
|
| Monetary gain (loss) | 1,626 |
7,949 |
(355) |
2,034 |
|
| Share of loss of equity accounted investees | (2,688) |
(2,090) |
(408) |
(896) |
|
| Profit before income tax from continuing operations | 22,063 |
15,726 |
8,073 |
7,138 |
|
| Income tax income/ (expense) | (8,449) |
(4,905) |
(2,690) |
(3,052) |
|
| Profit for the year from continuing operations | 13,613 |
10,821 |
5,383 |
4,086 |
|
| Profit /(loss) from discontinued operations | (187) |
16,566 |
14 |
14,948 |
|
| Profit for the year | 13,426 |
27,387 |
5,398 |
19,034 |
|
| Non-controlling interests | - |
(11) |
- |
(1) |
|
| Owners of the Company | 13,426 |
27,398 |
5,398 |
19,035 |
|
| Basic and diluted earnings per share for profit attributable to owners of the Company (in full TL) | 6.16 |
12.57 |
2.48 |
8.74 |
|
| Basic and diluted earnings per share for profit from continuing operations attributable to owners of the Company (in full TL) | 6.25 |
4.97 |
2.47 |
1.88 |
|
| Other Financial Data | |||||
| Gross margin |
|
|
|
|
|
| EBITDA(*) | 74,868.7 |
65,355.5 |
26,165 |
23,668.8 |
|
| Total Capex | 59,129.0 |
45,971.0 |
15,708.0 |
15,971.5 |
|
| Operational capex | 30,964.9 |
29,939.0 |
10,344.6 |
9,032.0 |
|
| Licence and related costs | 241.8 |
30.6 |
5.8 |
10.6 |
|
| Non-operational Capex | 27,922.3 |
16,001.4 |
5,357.6 |
6,928.8 |
|
| Consolidated Balance Sheet Data (at period end) | 30/09/2025 | 31/12/2024 | |||
| Cash and cash equivalents | 122,347 |
86,464 |
|||
| Total assets | 491,419 |
431,823 |
|||
| Long term debt | 118,622 |
65,769 |
|||
| Total debt | 181,281 |
130,874 |
|||
| Total liabilities | 248,390 |
197,312 |
|||
| Total shareholders’ equity | 243,029 |
234,511 |
|||
| (*) 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, 2025, 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 | ||
2025 |
2024 |
2025 |
2024 |
||
| Consolidated Statement of Operations Data | |||||
| Turkcell Turkey | 155,892 |
139,801 |
54,454 |
48,992 |
|
| Fintech | 9,675 |
7,770 |
3,410 |
2,841 |
|
| Other | 5,628 |
5,174 |
1,671 |
1,712 |
|
| Total revenues | 171,195.5 |
152,744.5 |
59,535.5 |
53,546.0 |
|
| Direct cost of revenues | (122,730) |
(115,484) |
(42,122) |
(38,916) |
|
| Gross profit | 48,465 |
37,261 |
17,414 |
14,630 |
|
| Administrative expenses | (7,007) |
(5,742) |
(2,604) |
(2,176) |
|
| Selling & marketing expenses | (11,339) |
(9,428) |
(4,083) |
(3,385) |
|
| Other operating income | 27,309 |
14,433 |
5,162 |
5,592 |
|
| Other operating expense | (1,922) |
(1,981) |
(604) |
(653) |
|
| Operating profit | 55,506.5 |
34,543.1 |
15,284.4 |
14,008.0 |
|
| Impairment losses determined in accordance with TFRS 9 | (920) |
(1,017) |
(368) |
(336) |
|
| Income from investing activities | 7,837 |
4,225 |
2,364 |
1,764 |
|
| Expense from investing activities | (376) |
(184) |
(241) |
(56) |
|
| Share on profit of investments valued by equity method | (2,688) |
(2,090) |
(408) |
(896) |
|
| Income before financing costs | 59,360 |
35,477 |
16,631 |
14,483 |
|
| Finance income | 540 |
592 |
446 |
70 |
|
| Finance expense | (39,464) |
(28,292) |
(8,649) |
(9,450) |
|
| Monetary gain (loss) | 1,626 |
7,949 |
(355) |
2,034 |
|
| Income from continuing operations before tax and non-controlling interest | 22,063 |
15,726 |
8,073 |
7,138 |
|
| Tax income (expense) from continuing operations | (8,449) |
(4,905) |
(2,690) |
(3,052) |
|
| Profit from continuing operations | 13,613 |
10,821 |
5,383 |
4,086 |
|
| Profit /(loss) from discontinued operations | (187) |
16,566 |
14 |
14,948 |
|
| Profit for the period | 13,426 |
27,387 |
5,398 |
19,034 |
|
| Non-controlling interest | - |
(11.4) |
- |
(0.9) |
|
| Owners of the Parent | 13,425.7 |
27,398.0 |
5,397.5 |
19,034.9 |
|
| Earnings per share | 6.16 |
12.57 |
2.48 |
8.74 |
|
| Earnings per share from discontinued operations | 6.25 |
4.97 |
2.47 |
1.88 |
|
| Earnings per share from continuing operation | -0.09 |
7.60 |
0.01 |
6.86 |
|
| Other Financial Data | |||||
| Gross margin |
|
|
|
|
|
| EBITDA(*) | 74,869 |
65,356 |
26,165 |
23,669 |
|
| Total Capex | 59,129 |
45,971 |
15,708 |
15,972 |
|
| Operational capex | 30,965 |
29,939 |
10,345 |
9,032 |
|
| Licence and related costs | 242 |
31 |
6 |
11 |
|
| Non-operational Capex | 27,922 |
16,001 |
5,358 |
6,929 |
|
| Consolidated Balance Sheet Data (at period end) | 30 September 2025 | 31 December 2024 | |||
| Cash and cash equivalents | 122,347 |
86,464 |
|||
| Total assets | 491,419 |
431,823 |
|||
| Long term debt | 118,622 |
65,769 |
|||
| Total debt | 181,281 |
130,874 |
|||
| Total liabilities | 248,390 |
197,312 |
|||
| Total equity | 243,029 |
234,511 |
|||
| (*) 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, 2025, on our website | |||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20251106026197/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 Iletisim Hizmetleri A.S.
