Turkcell Iletişim Hizmetleri: Second Quarter 2025 Results
Sustained Strong Performance
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 June 30, 2025, refer to the same item as of June 30, 2024. For further details, please refer to our consolidated financial statements and notes as of and for June 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 second 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 June 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 June 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 June 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 |
Q224 |
Q225 |
y/y% |
H124 |
H125 |
y/y% |
Revenue |
47,150 |
53,022 |
|
92,274 |
103,866 |
|
EBITDA1 |
20,105 |
23,086 |
|
38,777 |
45,304 |
|
EBITDA Margin (%) |
|
|
0.9pp |
|
|
1.6pp |
EBIT2 |
6,322 |
8,818 |
|
11,479 |
17,525 |
|
EBIT Margin (%) |
|
|
3.2pp |
|
|
4.5pp |
Net Income |
3,922 |
4,201 |
|
7,779 |
7,468 |
( |
SECOND QUARTER HIGHLIGHTS
- In line with the dividend resolution adopted at the 2024 Annual General Assembly, the first installment of dividend, amounting TRY4.0 billion, was distributed to shareholders on June 20, 2025.
-
Solid financial performance surpassed expectations
-
Group revenues increased by
12.5% year-on-year primarily due to Turkcell Türkiye’s strong ARPU growth as well as the increase in hardware revenues supported by digital business services. The Techfin segment also contributed positively to group revenues, posting a solid23.1% growth. Meanwhile, our Data Center & Cloud business — a key pillar of our strategy — delivered53.2% year-over-year growth, further reinforcing our confidence in its long-term potential. -
EBITDA1 increased by
14.8% , leading to an EBITDA margin of43.5% , marking a yearly improvement of 0.9pp; EBIT2 was up by39.5% , resulting in an EBIT margin of16.6% . -
Profit from continuing operations recorded remarkable growth of
36.8% , generating TRY4.4 billion. Net income rose by7.1% to TRY4.2 billion. - Net leverage3 level at 0.29x, indicating a healthy position compared to peers
-
Net short FX position of
US in line with our neutral FX definition, which is between plus and minus$102 million US $200 million
-
Group revenues increased by
-
Supporting both engines of growth – proactively managing the subscriber portfolio in intense market conditions and consistently delivering real ARPU growth
- Recorded the highest mobile postpaid net additions in 5.5 years – 816 thousand
-
Dedicated postpaid focus –
78% postpaid subscriber base share - 20 thousand total fiber net additions, including resell operations
-
Sustained real ARPU growth in a volatile environment; Mobile ARPU4 growth of
9.8% , residential fiber ARPU growth of17.5% - 6.1 million total homepasses; 67 thousand new fiber homepasses this quarter
(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
COMMENTS BY CEO, ALİ TAHA KOÇ, PhD
Delivering Strong Results in the Second Quarter of 2025
We closed the first half of 2025 with robust results, supported by our superior infrastructure, the trust we have earned from our customers, and our steadfast commitment to strategic priorities. Even in a highly competitive environment, we sustained healthy and profitable growth while advancing Türkiye's digital transformation through targeted technology and infrastructure investments. This solid financial and operational performance strengthens our confidence in achieving our year-end targets.
In the second quarter, through tailored offers and pricing strategies designed specifically for each segment, we delivered the highest quarterly net subscriber additions on the postpaid side in the past five and a half years, while maintaining our profitability focus. Consolidated revenues in the second quarter rose
Healthy Growth Driven by Outstanding Subscriber Net Additions and Strong ARPU Performance
The competitive environment in the telecommunications sector remained as anticipated in the second quarter. Building on strong ARPU growth from the first quarter and leveraging the granular subscriber management model introduced this quarter, we executed our campaigns and offers with greater agility and precision, delivering a strong performance. By focusing on our customers’ needs and tailoring differentiated value propositions for specific sub-segments, we achieved 816 thousand net postpaid mobile subscriber additions in the second quarter - the highest figure in the past five and a half years. The share of postpaid subscribers in our total mobile base rose by 5 percentage points year-on-year to reach
Meanwhile, by expanding our capacity and accelerating the fiberization of our base stations, we continued to strengthen our infrastructure for the arrival of 5G and invest in Türkiye’s digital future. On the fixed broadband side, we grew our network by connecting 67 thousand new households to our end-to-end fiber infrastructure. Including fiber services delivered over other ISPs' infrastructures (resell), we connected a total of 20 thousand new subscribers to fiber internet. The share of subscribers using speeds of 100 Mbps and above in our fixed segment rose by 16 percentage points year-on-year. Supported by our growth-driven strategy in the Turkcell fiber business, targeted price adjustments, and rising customer demand for high-speed internet, residential fiber ARPU posted a strong year-on-year increase of
Paycell: Driving Growth in the Techfin Segment
Our Techfin business, comprising the Paycell and Financell brands, accounts for
Addressing the diverse financing needs of its customers, Financell continued to expand its product portfolio during the period with loan offerings designed to improve access to consumer technology. In the first quarter, we launched the foreign currency loan module. In addition, the “Small Business Device Loan” product - tailored for sole proprietors within the consumer segment - now provides access to both financing and device insurance. Supported by higher average interest rates, Financell’s revenues rose
Leading Türkiye’s Tech and Communications Landscape with a Clear Sense of Responsibility
We continue to see rising demand in the data center and cloud business, where we have been investing for years with the aim of positioning our country as a regional data hub. Each quarter provides further confirmation of the strength of our strategic positioning. Backed by years of expertise, Turkcell maintains its leadership and continues to expand in the data center industry. Driven by strong market demand and the successful monetization of past capacity investments, data center and cloud revenues rose by a solid
As part of our investment strategy in key areas such as data centers, cloud technologies, and renewable energy, we signed murabaha financing agreements with leading financial institutions in the Gulf region during the second quarter. These agreements - our first based on interest-free (Islamic) financing from the Gulf region - both diversify our debt portfolio and underscore Turkcell’s strong reputation in international markets. We are confident these steps will strengthen our long-term strategic investments and make a significant contribution to our country’s development.
As Türkiye’s leading technology and communications company, we continue forward with determination, fully aware of the responsibilities entrusted to us. I would like to extend my sincere thanks to our Board of Directors for their strategic guidance, to all Turkcell employees for their dedication, and to our customers and partners for their continued trust and collaboration.
(1) EBITDA is a non-GAAP financial measure. For details on how we calculate Adjusted EBITDA and its reconciliation to net income, please refer to page 14.
FINANCIAL AND OPERATIONAL REVIEW
Financial Review of Turkcell Group
| Profit & Loss Statement | Quarter |
Half Year |
||||
| (million TRY) | Q224 |
Q225 |
y/y% |
H124 |
H125 |
y/y% |
Revenue |
47,150.2 |
53,021.9 |
|
92,273.9 |
103,865.5 |
|
Cost of revenue1 |
(22,041.1) |
(24,311.2) |
|
(43,925.1) |
(47,202.5) |
|
Cost of revenue1/Revenue |
( |
( |
0.8pp |
( |
( |
2.2pp |
Gross Margin1 |
|
|
0.8pp |
|
|
2.2pp |
Administrative expenses |
(1,617.2) |
(1,975.4) |
|
(3,317.0) |
(4,095.9) |
|
Administrative expenses/Revenue |
( |
( |
(0.3pp) |
( |
( |
(0.3pp) |
Selling and marketing expenses |
(3,047.8) |
(3,341.5) |
|
(5,621.4) |
(6,749.5) |
|
Selling and marketing expenses/Revenue |
( |
( |
0.2pp |
( |
( |
(0.4pp) |
Net impairment losses on financial and contract assets |
(339.5) |
(308.0) |
( |
(633.6) |
(513.7) |
( |
EBITDA2 |
20,104.6 |
23,085.8 |
|
38,776.7 |
45,303.9 |
|
EBITDA Margin |
|
|
0.9pp |
|
|
1.6pp |
Depreciation and amortization |
(13,782.6) |
(14,267.8) |
|
(27,298.0) |
(27,779.0) |
|
EBIT3 |
6,321.9 |
8,817.9 |
|
11,478.7 |
17,524.8 |
|
EBIT Margin |
|
|
3.2pp |
|
|
4.5pp |
Net finance income / (costs) |
(2,011.5) |
(1,341.2) |
( |
(1,776.1) |
(1,720.8) |
( |
Finance income |
2,122.2 |
2,891.5 |
|
5,522.4 |
7,085.3 |
|
Finance costs |
(5,759.9) |
(5,058.9) |
( |
(12,800.8) |
(10,648.7) |
( |
Monetary gain / (loss) |
1,626.2 |
826.1 |
( |
5,502.3 |
1,842.6 |
( |
Other income / (expenses) |
(283.6) |
(194.5) |
( |
(603.3) |
(671.2) |
|
Share of loss of equity accounted investees |
(1,028.9) |
(1,204.2) |
|
(1,110.8) |
(2,120.1) |
|
Income tax expense |
209.4 |
(1,690.1) |
( |
(1,723.7) |
(5,357.6) |
|
Profit from continuing operations |
3,207.3 |
4,387.9 |
|
6,264.8 |
7,655.2 |
|
Profit /(loss) from discontinued operations |
713.2 |
(187.4) |
( |
1,504.7 |
(187.4) |
( |
Non-controlling interests |
1.8 |
- |
( |
9.7 |
- |
( |
Net Income |
3,922.3 |
4,200.5 |
|
7,779.2 |
7,467.8 |
( |
(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
In the second quarter, the Turkcell Türkiye4 segment was the main driver of this performance, accounting for
- Consumer business, representing
- Corporate revenues, comprising
- 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 to
Selling and marketing expenses slightly decreased to
Net impairment losses on financial and contract assets were at
EBITDA2 increased by
- Turkcell Türkiye EBITDA was up by
- Techfin segment EBITDA increased by
- EBITDA of Other was at TRY513 million (TRY255 million).
Depreciation and amortization expenses increased by
Net finance costs decreased to TRY1,341 million (TRY2,011 million) in the second quarter of 2025, despite the monetary gain item’s contribution being almost halved. This was driven mainly by decreasing net FX loss to TRY2,022 million (TRY2,710 million) and effective balance sheet management.
See Appendix A for details of net foreign exchange gain and loss.
Other expenses were TRY195 million (TRY284 million) in Q225.
Income tax expense amounted to TRY1,690 million (TRY209 million income) in Q225. This variance can be attributed to higher corporate tax, amounting TRY3,667 million, as the company's statutory financials reflected a tax-paying position. Deferred tax income rose to TRY1,977 million and partially offset corporate tax.
Profit from continuing operations delivered a solid performance, rising by
Net income of the Group was up by
(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 June 30, 2025, increased to TRY116,601 million, from TRY80,428 million as of December 31, 2024. Through the Eurobond issuance at the beginning of the year, we secured the financing required for the 5G auction in advance and on favorable terms. On the other hand, we distributed the first installment of dividends to our shareholders on June 20, 2025. Excluding FX swap transactions,
Consolidated debt as of June 30, 2025, increased to TRY172,858 million from TRY121,738 million as of December 31, 2024. Note that TRY14,320 million of our consolidated debt comprises lease obligations. Additionally,
Net debt1, as of June 30, 2025, increased to TRY25,371 million from TRY12,497 million as of December 31, 2024, with a net debt to EBITDA ratio of 0.29x.
Turkcell Group had a short net FX position of
Capital expenditures: Capital expenditures (CAPEX) amounted to TRY40,560 million in the first half of the year, with TRY24,231 million recorded in the second quarter. Operational capital expenditures (excluding license fees) accounted for
Capital expenditures (million TRY) |
Half Year |
|
H124 |
H125 |
|
Operational Capex |
19,447.5 |
19,217.8 |
License and Related Costs |
18.6 |
219.5 |
Non-operational Capex (Including IFRS15 & IFRS16) |
8,440.2 |
21,123.1 |
IFRS15 |
4,972.4 |
4,826.8 |
IFRS16 |
3,358.8 |
12,957.7 |
Other |
109.1 |
3,338.6 |
Total Capex |
27,906.3 |
40,560.4 |
(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 |
Quarters |
||||||
Q224 |
Q125 |
Q225 |
y/y % |
q/q % |
|||
Number of subscribers1 (million) |
43.2 |
43.1 |
43.5 |
|
|
||
Mobile Postpaid (million) |
28.1 |
29.3 |
30.1 |
|
|
||
Mobile M2M (million) |
4.7 |
5.3 |
5.4 |
|
|
||
Mobile Prepaid (million) |
10.4 |
9.0 |
8.7 |
( |
( |
||
Turkcell Fiber2 (thousand) |
2,375.6 |
2,484.4 |
2,488.2 |
|
|
||
Resell Fixed Broadband2 (thousand) |
810.6 |
774.2 |
763.3 |
( |
( |
||
ADSL (thousand) |
767.8 |
721.8 |
695.9 |
( |
( |
||
Cable (thousand) |
38.1 |
33.1 |
31.3 |
( |
( |
||
Fiber (thousand) |
4.7 |
19.3 |
36.0 |
|
|
||
Superbox3 (thousand) |
746.4 |
660.0 |
654.9 |
( |
( |
||
IPTV (thousand) |
1,484.4 |
1,456.3 |
1,430.0 |
( |
( |
||
Churn (%)4 |
|
|
|
|
|
||
Mobile Churn (%) |
|
|
|
0.7pp |
0.5pp |
||
Fixed Churn (%) |
|
|
|
0.5pp |
0.3pp |
||
Average mobile data usage per user (GB/user) |
18.6 |
17.9 |
19.2 |
|
|
||
(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 |
|
||||
Q224 |
Q125 |
Q225 |
y/y % |
q/q % |
||
Mobile ARPU, blended |
283.6 |
301.0 |
306.4 |
|
|
|
Mobile ARPU, blended (excluding M2M) |
320.9 |
344.6 |
352.5 |
|
|
|
Postpaid |
326.1 |
346.7 |
350.5 |
|
|
|
Postpaid (excluding M2M) |
388.8 |
416.5 |
423.0 |
|
|
|
Prepaid |
170.2 |
155.5 |
158.1 |
( |
|
|
Fixed Residential ARPU, blended |
350.8 |
394.1 |
414.7 |
|
|
|
Residential Fiber ARPU |
355.8 |
399.7 |
418.2 |
|
|
|
As the market leader in the mobile segment, our primary objective is to sustain our strong market position. To this end, we adopt a dynamic and tailored approach to subscriber portfolio management by diversifying our value-added tariffs in line with evolving customer needs. This strategic focus drives robust net additions, reinforcing our industry leadership and contributes ARPU growth as well. As a consequence of this strategy, we managed to add 816 thousand postpaid subscribers, marking our strongest performance in over five years. The share of postpaid subscribers in the total mobile subscriber base has thus reached
On the fixed side, our resell fiber base grew by 17 thousand during the quarter, largely driven by the launch of fiber services over the incumbent operator’s infrastructure earlier this year. Turkcell Fiber recorded a net addition of 4 thousand subscribers. However, a decline of 26 thousand ADSL subscribers, resulting from our profitability-driven approach in the resell segment, offset the total fiber net additions. Consequently, our fixed subscriber base remained broadly stable at 3.3 million as of the end of Q2 2025. Residential fiber ARPU rose by
As part of our ongoing efforts to expand our fiber footprint, we added 67 thousand new homepasses this quarter, bringing the total number of pure fiber homepasses to 6.1 million.
TECHFIN
Paycell Financial Data (million TRY) |
|
Quarter |
|
|
Half Year |
|
Q224 |
Q225 |
y/y% |
H124 |
H125 |
y/y% |
|
Revenue |
1,086.0 |
1,474.3 |
|
2,082.9 |
2,947.8 |
|
EBITDA |
525.8 |
558.6 |
|
991.6 |
1,136.9 |
|
EBITDA margin (%) |
|
|
(10.5pp) |
|
|
(9.0pp) |
Net income |
236.4 |
305.8 |
|
344.8 |
502.9 |
|
Paycell sustained its role as the primary growth engine of the Techfin segment this quarter, delivering
The total transaction volume reached TRY39 billion in the second quarter of 2025, increasing by
Financell Financial Data (million TRY) |
|
Quarter |
|
|
Half Year |
|
Q224 |
Q225 |
y/y% |
H124 |
H125 |
y/y% |
|
Revenue |
1,279.4 |
1,339.7 |
|
2,511.6 |
2,672.5 |
|
EBITDA |
180.1 |
207.2 |
|
317.4 |
418.5 |
|
EBITDA margin (%) |
|
|
1.4pp |
|
|
3.1pp |
Net income / (loss) |
(51.6) |
45.1 |
n.m |
(189.7) |
34.4 |
n.m |
Financell sustained its positive revenue growth performance of
Financell’s loan portfolio reached TRY7.3 billion in Q225. By the end of the second quarter, the company had 0.7 million active customers. Financell is the market leader in the consumer financing sector, holding a
(1) Source: Association of Financial Instuitions, as of Q125
TURKCELL GROUP SUBSCRIBERS
As of June 30, 2025, the Turkcell Group had approximately 45.6 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, as well as the mobile subscribers of BeST and Kuzey Kıbrıs Turkcell.
Turkcell Group Subscribers |
Q224 |
Q125 |
Q225 |
y/y% |
q/q% |
Turkcell Türkiye subscribers1 (million) |
43.2 |
43.1 |
43.5 |
|
|
BeST ( |
1.5 |
1.5 |
1.5 |
- |
- |
Kuzey Kıbrıs Turkcell |
0.6 |
0.6 |
0.6 |
- |
- |
Turkcell Group Subscribers (million) |
45.3 |
45.2 |
45.6 |
|
|
(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 |
Half Year |
||||||
|
Q224 |
Q125 |
Q225 |
y/y% |
q/q% |
H124 |
H125 |
y/y% |
GDP Growth (Türkiye) |
|
|
n.a |
n.a |
n.a |
|
n.a |
n.a |
Consumer Price Index (Türkiye)(yoy) |
|
|
|
(36.6pp) |
(3.1pp) |
|
|
(36.6pp) |
US$ / TRY rate |
|
|
|
|
|
|
|
|
Closing Rate |
32.8262 |
37.7656 |
39.7424 |
|
|
32.8262 |
39.7424 |
|
Average Rate |
32.3812 |
36.1936 |
38.7279 |
|
|
31.5718 |
37.4607 |
|
EUR / TRY rate |
|
|
|
|
|
|
|
|
Closing Rate |
35.1284 |
40.7019 |
46.5526 |
|
|
35.1284 |
46.5526 |
|
Average Rate |
34.8265 |
38.0036 |
43.8612 |
|
|
34.1060 |
40.9324 |
|
US$ / BYN rate |
|
|
|
|
|
|
|
|
Closing Rate |
3.1624 |
3.1176 |
2.9663 |
( |
( |
3.1624 |
2.9663 |
( |
Average Rate |
3.2221 |
3.2953 |
3.0300 |
( |
( |
3.2160 |
3.1627 |
( |
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 |
|
|
Half Year |
|
Q224 |
Q225 |
y/y% |
H124 |
H125 |
y/y% |
|
Consolidated profit before minority interest |
3,920.5 |
4,200.5 |
|
7,769.5 |
7,467.8 |
( |
Profit /(loss) from discontinued operations |
713.2 |
(187.4) |
( |
1,504.7 |
(187.4) |
( |
Income tax expense |
209.4 |
(1,690.1) |
( |
(1,723.7) |
(5,357.6) |
|
Consolidated profit before income tax & minority interest |
2,997.9 |
6,078.1 |
|
7,988.5 |
13,012.8 |
|
Share of loss of equity accounted investees |
(1,028.9) |
(1,204.2) |
|
(1,110.8) |
(2,120.1) |
|
Finance income |
2,122.2 |
2,891.5 |
|
5,522.4 |
7,085.3 |
|
Finance costs |
(5,759.9) |
(5,058.9) |
( |
(12,800.8) |
(10,648.7) |
( |
Monetary gain / (loss) |
1,626.2 |
826.1 |
( |
5,502.3 |
1,842.6 |
( |
Other income / (expenses) |
(283.6) |
(194.5) |
( |
(603.3) |
(671.2) |
|
EBIT |
6,321.9 |
8,817.9 |
|
11,478.7 |
17,524.8 |
|
Depreciation and amortization |
(13,782.6) |
(14,267.8) |
|
(27,298.0) |
(27,779.0) |
|
Adjusted EBITDA |
20,104.6 |
23,085.8 |
|
38,776.7 |
45,303.9 |
|
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 Q224 and Q225.
Reconciliation of ARPU |
Q224 |
Q225 |
Turkcell Türkiye Revenue (million TRY) |
43,143.2 |
48,219.8 |
Telecommunication services revenue |
39,554.1 |
43,553.7 |
Equipment revenue |
2,961.9 |
4,153.9 |
Other |
627.2 |
512.2 |
Revenues not attributed to ARPU calculation1 |
(6,838.6) |
(8,640.4) |
Turkcell Türkiye revenues included in ARPU calculation2 |
35,677.4 |
39,067.1 |
Mobile blended ARPU (TRY) |
283.6 |
306.4 |
Average number of mobile subscribers during the year (million) |
38.4 |
38.4 |
Fixed residential ARPU (TRY) |
350.8 |
414.7 |
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,
Appendix A – Tables
Table: Net Foreign Exchange Gain and Loss Details
Million TRY |
|
Quarter |
|
|
Half Year |
|
Q224 |
Q225 |
y/y% |
H124 |
H125 |
y/y% |
|
Net FX loss before hedging |
(1,006.3) |
(84.5) |
( |
(4,937.4) |
(1,974.9) |
( |
Swap interest income/(expense) |
149.6 |
47.4 |
( |
419.8 |
178.6 |
( |
Fair value gain on derivative financial instruments |
(1,853.3) |
(1,985.0) |
|
(1,569.4) |
(1,690.2) |
|
Net FX gain / (loss) after hedging |
(2,710.0) |
(2,022.1) |
( |
(6,086.9) |
(3,486.4) |
( |
Table: Income Tax Expense Details
Million TRY |
|
Quarter |
|
|
Half Year |
|
Q224 |
Q225 |
y/y% |
H124 |
H125 |
y/y% |
|
Current tax expense |
(151.2) |
(3,667.4) |
2, |
(216.7) |
(4,327.6) |
1, |
Deferred tax income / (expense) |
360.6 |
1,977.2 |
|
(1,507.0) |
(1,030.1) |
( |
Income tax expense |
209.4 |
(1,690.1) |
( |
(1,723.7) |
(5,357.6) |
|
| TURKCELL İLETİŞİM HİZMETLERİ A.Ş IFRS SELECTED FINANCIALS (TRY Million) |
|||||
| Half Ended | Half Ended | Quarter Ended | Quarter Ended | ||
| June 30 | June 30 | June 30 | June 30 | ||
2025 |
2024 |
2025 |
2024 |
||
| Consolidated Statement of Operations Data | |||||
| Turkcell Turkey | 94,357.5 |
84,469.3 |
48,219.8 |
43,143.2 |
|
| Fintech | 5,827.8 |
4,584.2 |
2,916.3 |
2,369.4 |
|
| Other | 3,680.2 |
3,220.4 |
1,885.9 |
1,637.5 |
|
| Total revenue | 103,865.5 |
92,273.9 |
53,021.9 |
47,150.2 |
|
| Total cost of revenue | (74,981.6) |
(71,223.1) |
(38,579.1) |
(35,823.7) |
|
| Total gross profit | 28,884.0 |
21,050.8 |
14,442.8 |
11,326.5 |
|
| Administrative expenses | (4,095.9) |
(3,317.0) |
(1,975.4) |
(1,617.2) |
|
| Selling & marketing expenses | (6,749.5) |
(5,621.4) |
(3,341.5) |
(3,047.8) |
|
| Other Income / (Expense) | (671.2) |
(603.3) |
(194.5) |
(283.6) |
|
| Net impairment loses on financial and contract assets | (513.7) |
(633.7) |
(308.0) |
(339.5) |
|
| Operating profit | 16,853.7 |
10,875.4 |
8,623.4 |
6,038.3 |
|
| Finance costs | (10,648.7) |
(12,800.8) |
(5,058.9) |
(5,759.9) |
|
| Finance income | 7,085.3 |
5,522.4 |
2,891.5 |
2,122.2 |
|
| Monetary gain (loss) | 1,842.6 |
5,502.3 |
826.1 |
1,626.2 |
|
| Share of loss of equity accounted investees | (2,120.1) |
(1,110.8) |
(1,204.2) |
(1,028.9) |
|
| Profit before income tax from continuing operations | 13,012.8 |
7,988.5 |
6,078.1 |
2,997.9 |
|
| Income tax income/ (expense) | (5,357.6) |
(1,723.7) |
(1,690.1) |
209.4 |
|
| Profit for the year from continuing operations | 7,655.2 |
6,264.8 |
4,387.9 |
3,207.3 |
|
| Profit /(loss) from discontinued operations | (187.4) |
1,504.7 |
(187.4) |
713.2 |
|
| Profit for the year | 7,467.8 |
7,769.5 |
4,200.5 |
3,920.5 |
|
| Non-controlling interests | - |
(9.7) |
- |
(1.8) |
|
| Owners of the Company | 7,467.8 |
7,779.2 |
4,200.5 |
3,922.3 |
|
| Basic and diluted earnings per share for profit attributable to owners of the Company (in full TL) | 3.43 |
3.57 |
1.93 |
1.80 |
|
| Basic and diluted earnings per share for profit from continuing operations attributable to owners of the Company (in full TL) | 3.51 |
2.88 |
2.01 |
1.47 |
|
| Other Financial Data | |||||
| Gross margin |
|
|
|
|
|
| EBITDA(*) | 45,303.9 |
38,776.7 |
23,085.8 |
20,104.6 |
|
| Total Capex | 40,560.4 |
27,906.3 |
24,231.4 |
14,777.8 |
|
| Operational capex | 19,217.8 |
19,447.5 |
8,949.2 |
11,254.7 |
|
| Licence and related costs | 219.5 |
18.6 |
213.6 |
8.6 |
|
| Non-operational Capex | 21,123.1 |
8,440.2 |
15,068.5 |
3,514.5 |
|
| Consolidated Balance Sheet Data (at period end) | 6/30/2025 | 12/31/2024 | |||
| Cash and cash equivalents | 116,601.1 |
80,428.4 |
|||
| Total assets | 457,381.7 |
401,679.9 |
|||
| Long term debt | 113,421.1 |
61,178.2 |
|||
| Total debt | 172,858.1 |
121,737.9 |
|||
| Total liabilities | 237,675.3 |
183,538.7 |
|||
| Total shareholders’ equity | 219,706.4 |
218,141.2 |
|||
| (*) 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 June 30, 2025, on our website | |||||
| TURKCELL İLETİŞİM HİZMETLERİ A.Ş TURKISH ACCOUNTING STANDARDS SELECTED FINANCIALS (TRY Million) |
|||||
| Half Ended | Half Ended | Quarter Ended | Quarter Ended | ||
| June 30 | June 30 | June 30 | June 30 | ||
2025 |
2024 |
2025 |
2024 |
||
| Consolidated Statement of Operations Data | |||||
| Turkcell Turkey | 94,357.5 |
84,469.3 |
48,219.8 |
43,143.2 |
|
| Fintech | 5,827.8 |
4,584.2 |
2,916.3 |
2,369.4 |
|
| Other | 3,680.2 |
3,220.4 |
1,885.9 |
1,637.5 |
|
| Total revenues | 103,865.5 |
92,273.9 |
53,021.9 |
47,150.2 |
|
| Direct cost of revenues | (74,981.6) |
(71,223.1) |
(38,579.1) |
(35,823.7) |
|
| Gross profit | 28,884.0 |
21,050.8 |
14,442.8 |
11,326.5 |
|
| Administrative expenses | (4,095.9) |
(3,317.0) |
(1,975.4) |
(1,617.2) |
|
| Selling & marketing expenses | (6,749.5) |
(5,621.4) |
(3,341.5) |
(3,047.8) |
|
| Other operating income | 20,601.9 |
8,224.1 |
11,198.5 |
2,932.7 |
|
| Other operating expense | (1,226.0) |
(1,234.9) |
(483.8) |
(518.4) |
|
| Operating profit | 37,414.4 |
19,101.6 |
19,840.7 |
9,075.7 |
|
| Impairment losses determined in accordance with TFRS 9 | (513.7) |
(633.7) |
(308.0) |
(339.5) |
|
| Income from investing activities | 5,091.1 |
2,289.4 |
2,444.8 |
643.9 |
|
| Expense from investing activities | (125.6) |
(118.6) |
(66.0) |
(63.0) |
|
| Share on profit of investments valued by equity method | (2,120.1) |
(1,110.8) |
(1,204.2) |
(1,028.9) |
|
| Income before financing costs | 39,746.1 |
19,527.9 |
20,707.3 |
8,288.2 |
|
| Finance income | 87.6 |
485.4 |
(379.1) |
(345.7) |
|
| Finance expense | (28,663.5) |
(17,527.1) |
(15,076.3) |
(6,570.9) |
|
| Monetary gain (loss) | 1,842.6 |
5,502.3 |
826.1 |
1,626.2 |
|
| Income from continuing operations before tax and non-controlling interest | 13,012.8 |
7,988.5 |
6,078.1 |
2,997.9 |
|
| Tax income (expense) from continuing operations | (5,357.6) |
(1,723.7) |
(1,690.1) |
209.4 |
|
| Profit from continuing operations | 7,655.2 |
6,264.8 |
4,387.9 |
3,207.3 |
|
| Profit /(loss) from discontinued operations | (187.4) |
1,504.7 |
(187.4) |
713.2 |
|
| Profit for the period | 7,467.8 |
7,769.5 |
4,200.5 |
3,920.5 |
|
| Non-controlling interest | - |
(9.7) |
- |
(1.8) |
|
| Owners of the Parent | 7,467.8 |
7,779.2 |
4,200.5 |
3,922.3 |
|
| Earnings per share | 3.43 |
3.57 |
1.93 |
1.80 |
|
| Earnings per share from discontinued operations | 3.51 |
2.88 |
2.01 |
1.47 |
|
| Earnings per share from continuing operation | -0.09 |
0.69 |
-0.09 |
0.33 |
|
| Other Financial Data | |||||
| Gross margin |
|
|
|
|
|
| EBITDA(*) | 45,303.9 |
38,776.7 |
23,085.8 |
20,104.6 |
|
| Total Capex | 40,560.4 |
27,906.3 |
24,231.4 |
14,777.8 |
|
| Operational capex | 19,217.8 |
19,447.5 |
8,949.2 |
11,254.7 |
|
| Licence and related costs | 219.5 |
18.6 |
213.6 |
8.6 |
|
| Non-operational Capex | 21,123.1 |
8,440.2 |
15,068.5 |
3,514.5 |
|
| Consolidated Balance Sheet Data (at period end) | 6/30/2025 | 12/31/2024 | |||
| Cash and cash equivalents | 116,601.1 |
80,428.4 |
|||
| Total assets | 457,381.7 |
401,679.9 |
|||
| Long term debt | 113,421.1 |
61,178.2 |
|||
| Total debt | 172,858.1 |
121,737.9 |
|||
| Total liabilities | 237,675.3 |
183,538.7 |
|||
| Total equity | 219,706.4 |
218,141.2 |
|||
| (*) 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 June 30, 2025, on our website | |||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250813057934/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
