Türk Telekomünikasyon (TTKOM) Q4 2024 earnings summary

Executive summary

• 2024 revenue rose 12% to TL 161.7 bn; Q4 revenue increased 20% to TL 45.6 bn.

• EBITDA grew 30% to TL 63.1 bn, with margin up 560 bps to 39.1%.

• Net income fell 64% to TL 8.5 bn, mainly on higher financial expenses and lower monetary gains.

• Free cash flow increased 75% to TL 17.8 bn; net leverage improved to 0.81x from 1.17x.

• Subscriber base reached 53.2 mn, up 0.4% YoY, with strong mobile and fixed broadband net additions.

Financial highlights

• Q4 EBITDA rose 45% to TL 18.0 bn, with margin up 680 bps to 39.4%; Q4 net income was TL 4.3 bn, down 81%.

• 2024 CAPEX totaled TL 41.5 bn (+12%); Q4 CAPEX was TL 17.2 bn (+30%).

• Net financial expense declined 3% to TL 25 bn, aided by stable currency and lower interest rates.

• Effective tax rate reached 72% in Q4 due to deferred tax adjustments, with limited near-term cash-flow impact.

Outlook and guidance

• 2025 revenue growth guidance is 8–9%, excluding IFRIC 12, assuming mid-to-high-twenties inflation.

• 2025 EBITDA margin guidance is 38–40%; CAPEX intensity is expected at 28–29%.

• 2024 actuals met or exceeded guidance: revenue growth excluding IFRIC 12 was 12.4%, EBITDA margin 39.1%, and CAPEX intensity 25.7%.

• ARPU growth in fixed and mobile is expected to remain strong, supported by recent price increases.