Türk Telekomünikasyon (TTKOM) Q4 2025 earnings summary

Executive summary

• 2025 revenue was TL 242.2 billion, up 14% year-over-year; EBITDA rose 20% to TL 99.4 billion, with a 41.0% margin.

• Net income rose 108% to TL 23.0 billion, and free cash flow increased 12% to TL 26.1 billion.

• Total subscribers reached 56.6 million, up 6% year-over-year; Q4 revenue was TL 69.3 billion and EBITDA was TL 26.4 billion.

Financial highlights

• Revenue excluding IFRIC 12 was TL 221.8 billion, up 11.5% year-over-year.

• Q4 revenue grew 16% year-over-year; Q4 net income was TL 719 million, reversing a loss in Q4 2024.

• 2025 CAPEX, excluding license fees and solar investments, was TL 69.8 billion, up 29% year-over-year.

• Q4 free cash flow was TL 3.0 billion, up 65% year-over-year.

Outlook and guidance

• 2025 revenue growth excluding IFRIC 12 exceeded guidance at 11.5% versus 10%; EBITDA margin was 41.0% versus 41.5% guided.

• 2026 guidance targets 8%-9% revenue growth and a 41%-42% EBITDA margin, assuming 22% inflation.

• Adjusted CAPEX intensity is expected at 33%-34% in 2026, reflecting 5G investment needs.