Turkcell (TCELL) Investor presentation summary

Q2 2026 financial performance

• Revenue TRY 71.8bn, up 2.5% YoY; EBITDA TRY 30.0bn, down 1.6%, with margin at 41.8%, down 1.7pp.

• Net income TRY 5.2bn, down 5.7% YoY; higher depreciation followed the 5G license entering service in Q2.

• Revenue growth was broad-based; Türkiye contributed TRY 1bn of incremental revenue, with corporate demand a notable contributor.

• 2026 guidance maintained: revenue growth 5%-7%, EBITDA margin 40%-42%, operational capex/sales 18%-20%, and data center and cloud revenue growth ~25%.

Subscriber and service trends

• Mobile base included 32.5mn postpaid and 7.5mn prepaid subscribers; Q2 postpaid net additions were 284K, while mobile ARPU excluding M2M was TRY 448, down 3.9% YoY on an IAS 29-adjusted basis.

• Fiber reached 2.6mn subscribers and 6.7mn homepasses; residential fiber ARPU was TRY 570, up 3.2% YoY on an IAS 29-adjusted basis.

• Superbox added 64K subscribers in Q2; fixed wireless access market share was 74.3%, with subscriber growth up 25% YoY.

• TV services had 2.7mn subscribers; Q2 net additions were 64K, supported by content partnerships including HBO Max.

Digital, techfin and infrastructure growth

• Digital Business Services revenue was TRY 8.7bn, up 33.1% YoY; data center and cloud revenue was TRY 1.6bn, up 9.8%.

• System integration backlog was TRY 16bn as of Q2; active IT capacity was 54MW, and construction began on hyperscale facilities for Google Cloud’s Türkiye region in Ankara.

• Paycell Q2 transaction volume was TRY 63.5bn with 6.8mn active users; Financell’s loan portfolio was TRY 9.6bn.

• Data center and cloud targets include 6x revenue and more than 2x capacity by end-2032 versus 2025 year-end; standalone EBITDA target is $1bn by end-2032.