Türk Telekomünikasyon (TTKOM) Q2 2025 earnings summary

Executive summary

• Q2 2025 delivered strong operational and financial performance, with consolidated revenues rising 13.2% year-on-year to TL 50.4 billion and EBITDA up 23% to TL 21.3 billion, exceeding expectations amid a highly competitive market and stable macroeconomic conditions in Türkiye.

• Subscriber base reached 54.2 million, with 573,000 net additions quarter-on-quarter and 2.9% year-on-year growth, led by mobile and robust fixed broadband performance.

• Strategic international expansion initiated with a fiber infrastructure project in Northern Cyprus, marking the first such move outside Türkiye and establishing sole international internet access to the TRNC via two submarine fiber routes.

• Upward revision of 2025 guidance reflects robust H1 performance, with revenue growth (ex-IFRIC 12) now expected at ~10%, EBITDA margin at ~41%, and capex intensity at ~29%.

• Well-prepared for upcoming 5G tender and fixed line concession renewal, supporting long-term digitalization strategy.

Financial highlights

• Q2 2025 revenue: TL 50.4 billion (+13.2% YoY); H1 2025 revenue: TL 98.8 billion (+15.7% YoY).

• Q2 2025 EBITDA: TL 21.3 billion (+23% YoY, margin 42.2%); H1 2025 EBITDA: TL 40.2 billion (+24.7% YoY, margin 40.8%).

• Q2 2025 net income: TL 4.9 billion (+14% YoY); H1 2025 net income: TL 10.3 billion (+29% YoY).

• Q2 2025 capex: TL 13.3 billion (+39% YoY); H1 2025 capex: TL 21.8 billion (+34% YoY); capex intensity at 26.3% in Q2 and 22% in H1.

• Unlevered free cash flow in Q2 2025 was TL 7.1 billion, up 66% year-on-year; H1 2025 free cash flow was TL 15.4 billion, up 119% year-on-year.

Outlook and guidance

• Full-year 2025 guidance revised upward: revenue growth (ex-IFRIC 12) now expected at ~10%, EBITDA margin at ~41%, and capex intensity at ~29%.

• Strong ARPU performance and pricing actions in fixed and mobile expected to support growth in H2.

• Guidance reflects better-than-expected H1 performance and minor upward revisions to macro assumptions and mobile investments.

• Assumes 29% inflation rate by end of 2025.