Türk Telekomünikasyon (TTKOM) Q2 2026 earnings summary

Executive summary

• Achieved strong revenue growth of 9% year-over-year in Q2 and H1 2026, with consolidated revenues reaching TL 142.2 billion for H1 and TL 72.8 billion for Q2.

• EBITDA increased by 5% YoY in Q2 to TL 29.4 billion and by 11% YoY in H1 to TL 58.8 billion, with margins of 40.4% and 41.3% respectively.

• Net profit for Q2 was TL 6.0 billion, down 7% YoY, while H1 net profit rose 26% YoY to TL 17.2 billion.

• Free cash flow declined sharply, down 59% YoY in Q2 and 83% YoY in H1, reflecting higher capex and license payments.

• Subscriber base grew to 57.6 million, up 6% YoY, with robust mobile net additions offsetting declines in fixed broadband and voice.

Financial highlights

• Revenue rose 9% year-over-year to TL 142.2 billion for H1 2026; Q2 revenue was TL 72.8 billion.

• EBITDA reached TL 58.8 billion in H1, up from TL 53.2 billion in the prior year; Q2 EBITDA was TL 29.4 billion.

• Net profit increased to TL 17.2 billion in H1, with Q2 net profit at TL 6.0 billion.

• CapEx surged to TL 23.1 billion in Q2 and TL 41.4 billion in H1, mainly for 5G and fiber investments.

• Unlevered free cash flow declined to TL 3.9 billion in Q2, mainly due to higher CapEx.

Outlook and guidance

• 2026 revenue growth guidance (excluding IFRIC 12) revised to 8%, at the lower end of the previous 8-9% range, reflecting updated inflation assumptions.

• EBITDA margin guidance maintained at 41-42% for 2026; full-year CapEx intensity expected at 34%.

• Ongoing investments in 5G and network infrastructure are expected to drive future growth.

• Confident in revenue growth, EBITDA margin, and investment intensity outlook for the remainder of the year.

• The Group expects to recover deferred tax assets related to investment incentives within five years.