Türk Telekomünikasyon (TTKOM) Q3 2026 earnings summary

Executive summary

• Q3'26 revenue reached TL86.379bn, up 12% YoY, and EBITDA was TL37.0bn, up 7%; net income fell 42% to TL7.678bn.

• The subscriber base reached 58.5mn, up 4% YoY; Q3 unlevered free cash flow was TL10.0bn, up 39%.

• 5G rollout and fiber investment drove elevated capex and financing needs; a USD1.0bn club loan was signed after quarter-end.

Financial highlights

• 9M'26 revenue was TL236.510bn, up 10% YoY; excluding IFRIC 12, revenue was TL218.3bn, up 8%.

• 9M'26 EBITDA was TL99.086bn, up 9%; net income was TL25.785bn, down 6.8% YoY.

• Q3'26 operating profit fell 7.4% YoY to TL19.0bn; financial expense was TL21.4bn versus TL7.7bn in Q3'25.

• Q3'26 net income fell TL5.6bn YoY, with higher financial and depreciation expenses and concession/5G-related impacts cited as factors.

• 9M operating cash flow was TL53.327bn versus TL82.195bn; investing cash outflow was TL92.277bn versus TL41.058bn.

Outlook and guidance

• FY2026 operating revenue growth guidance remains ~8%; EBITDA margin guidance is maintained, with 9M margin within the previously stated 41%–42% range.

• FY2026 capex intensity is expected to reach 34%, versus 30.3% in 9M, reflecting an anticipated Q4 increase.

• Fixed broadband FY2026 real ARPU growth target is high single digits; strong real ARPU growth is expected to continue in 2027.

• Mobile ARPU growth is expected to be positive in Q4 and 2027, with 2027 growth supported by pricing actions and 5G-driven upsell.

• Management expects solid growth in Q4 and 2027; TRY depreciation and hedging costs remain subject to market conditions.