Türk Telekomünikasyon (TTKOM) Q2 2026 earnings summary

Executive summary

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

• 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 income for Q2 was TL 6.0 billion, down 7% YoY, while H1 net income 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

• Q2 revenue: TL 72.8 billion (+9% YoY); H1 revenue: TL 142.2 billion (+9% YoY).

• Q2 EBITDA: TL 29.4 billion (+5% YoY); H1 EBITDA: TL 58.8 billion (+11% YoY).

• Q2 net income: TL 6.0 billion (-7% YoY); H1 net income: TL 17.2 billion (+26% YoY).

• Q2 free cash flow: TL 3.9 billion (-59% YoY); H1 free cash flow: TL 3.5 billion (-83% YoY).

• Capex surged to TL 23.1 billion in Q2 (+40% YoY) and TL 41.4 billion in H1 (+52% YoY), mainly for 5G and fiber investments.

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; Capex intensity guidance raised to 34% due to project completion rates and rising costs.

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