Turkcell (TCELL) Q2 2026 earnings summary

Executive summary

• Revenue for the six months ended 30 June 2026 reached TRY 144.95 billion, up from TRY 137.22 billion year-over-year, with growth in both telecommunication and financial services segments.

• Net profit attributable to owners for the period was TRY 10.19 billion, compared to TRY 9.87 billion in the prior year period.

• Adjusted EBITDA for the period was TRY 60.30 billion, slightly up from TRY 59.85 billion year-over-year.

• Achieved real revenue growth for the eighth consecutive quarter despite inflation above 30%.

• Broad-based revenue growth across all business segments, with Turkcell Türkiye as the main growth driver.

Financial highlights

• Revenue from telecommunication services was TRY 119.02 billion, and equipment revenues were TRY 14.24 billion for the six months ended 30 June 2026.

• Revenue from financial services reached TRY 7.48 billion, with interest income from consumer financing at TRY 2.82 billion.

• Gross profit for the period was TRY 37.81 billion, with a gross margin improvement year-over-year.

• Net cash inflow from operating activities was TRY 37.35 billion, while net cash outflow from investing activities was TRY 76.62 billion.

• EBITDA margin was 41.8%, in line with full-year expectations.

Outlook and guidance

• The company secured a 5G spectrum allocation, enabling continued mobile services until 2042, supporting long-term growth.

• Year-end inflation now expected at 28%, up from previous 23%, but financial guidance remains unchanged.

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

• Deferred tax assets related to investment incentives are expected to be fully recoverable within 10 years, based on current business plans.

• Expecting clearer revenue growth in the second half as pricing actions take effect and competition stabilizes.