Turkcell (TCELL) Q3 2026 earnings summary

Executive summary

• Q3 revenue was TRY 82.044bn, up 6.2% YoY in real terms; EBITDA reached TRY 36.243bn, up 6.8%, with a 44.2% margin.

• Net income was TRY 6.737bn, down 3.8% YoY amid higher depreciation and net finance expense.

• 9M revenue was TRY 235,065,367 and adjusted EBITDA TRY 99,899,246, in purchasing-power-adjusted TRY.

Segment performance

• Mobile added 701K postpaid subscribers; postpaid base reached 33.2m. Mobile ARPU excluding M2M declined 2.3% YoY on an IAS 29-adjusted basis.

• Fiber base reached 2.7m, with 39K quarterly net adds; residential fiber ARPU was TRY 623, up 2.7% YoY on an IAS 29-adjusted basis.

• Digital business services revenue rose 65.3% YoY to TRY 10.5bn; data center and cloud revenue increased 4.3% to TRY 1.7bn.

• Paycell revenue increased 23% to TRY 2.9bn, with 81% from non-group sources; Pay Later volumes rose 54%, POS volumes 94%, and active users reached 7.1m.

• System integration secured 1,393 new contracts; contracted revenue backlog reached TRY 21.6bn.

Outlook and guidance

• Management reaffirmed confidence in FY real revenue growth and EBITDA margin guidance; 9M operational capex/sales was 15.9%, against FY 2026E guidance of ~20%, excluding license fees.

• Data center and cloud growth is expected to be gradual amid memory shortages, geopolitical uncertainty, and delayed customer demand.

• Google Cloud Türkiye facilities are under construction in Ankara; the first module is scheduled for delivery in 2028.