Türk Telekomünikasyon (TTKOM) Q2 2025 earnings summary

Executive summary

• Q2 2025 saw strong operational and financial performance, with revenue and EBITDA growth exceeding expectations amid a highly competitive market and stable macroeconomic conditions in Türkiye.

• Subscriber base reached 54.2 million, with 573,000 net additions quarter-on-quarter and 2.9% year-over-year growth, led by mobile segment growth and robust fixed broadband performance.

• Strategic international expansion initiated with a fiber infrastructure project in Northern Cyprus, marking the first such move outside Türkiye and making the company the sole operator providing international internet access to the TRNC via two submarine fibre routes.

• Revenue for Q2 2025 was TL 50.4 billion, a 13% increase year-over-year; H1 2025 revenue was TL 98.8 billion, up 16% year-over-year.

• EBITDA for Q2 2025 was TL 21.3 billion, up 23% year-over-year, with a margin of 42.2%.

Financial highlights

• Consolidated revenues rose 13% year-on-year to TL 50.4 billion in Q2; first half revenues reached TL 98.8 billion, up 16%.

• EBITDA grew 23% year-on-year to TL 21.3 billion in Q2, with margin expanding 340 basis points to 42.2%.

• Net profit for Q2 was TL 4.9 billion, up 14% annually; first half net income was TL 10.3 billion, up 29% year-over-year.

• CapEx in Q2 was TL 13.3 billion, up 39% year-on-year; H1 2025 CapEx was TL 21.8 billion, up 34% year-over-year.

• Free cash flow in Q2 2025 was TL 7.1 billion, up 66% year-over-year; H1 2025 free cash flow was TL 15.4 billion, up 119% year-over-year.

Outlook and guidance

• Full-year 2025 guidance revised upward: now expecting 10% operating revenue growth and 41% EBITDA margin.

• CapEx intensity ratio expected around 29%, reflecting upscaled mobile investments and updated macro assumptions.

• Strong ARPU performance and pricing actions in fixed and mobile expected to support growth in H2.

• Assumes 29% inflation rate by end of 2025.

• The company applied for an extension of its main concession agreement, which is set to expire in February 2026.