Turkcell (TCELL) Q2 2026 earnings summary

Executive summary

• Achieved consolidated revenue of TRY 71.8 billion in Q2 2026, up 2.5% year-over-year, demonstrating resilience amid inflation above 30% and challenging macroeconomic conditions.

• EBITDA reached TRY 30.0 billion, with a margin of 41.8%, reflecting strong operational performance despite increased marketing and 5G-related costs; EBITDA declined 1.6% year-over-year.

• Net income was TRY 5.2 billion, down 5.7% year-over-year, impacted by FX losses, higher depreciation from 5G license activation, and disciplined operations.

• Subscriber base surpassed 40 million mobile users, with 284,000 postpaid net additions and postpaid share rising to 81%.

• Strategic growth in digital business services, FWA, data centers, TV+, and Techfin segments continued to drive momentum and user engagement.

Financial highlights

• Revenue grew 2.5% year-on-year to TRY 71.8 billion, with EBITDA margin at 41.8% and net income of TRY 5.2 billion.

• Net debt/EBITDA improved to 0.14x from 0.36x year-over-year, with cash and cash equivalents at TRY 89.3 billion.

• Operational CapEx to sales ratio was 25% for Q2 and 23.2% for H1 2026, with 81% allocated to core business, mainly 5G and fiber.

• FX losses increased due to TRY depreciation and 5G license payment obligations.

• EBIT for Q2 2026 was TRY 9.5 billion, down 18.9% year-over-year, with a margin of 13.2%.

Outlook and guidance

• Maintains full-year guidance of 5-7% real revenue growth, EBITDA margin of 40-42%, and operational CapEx at ~25% of revenues.

• Year-end inflation assumption revised to 28%, up from previous 23%, but financial guidance remains unchanged.

• Pricing actions in H1 2026 expected to support ARPU growth from Q4 onward, with full impact in 2027.

• Anticipate continued growth in Digital Business Services and Techfin in the second half.

• Forward-looking statements are subject to macroeconomic uncertainties, especially inflation and FX volatility.