Türk Telekomünikasyon (TTKOM) Q3 2025 earnings summary

Executive summary

• Total subscribers reached 56.2 million, up 5.6% year-over-year, with strong growth in both fixed broadband and mobile segments.

• Leadership transition with a new CEO appointed on October 24, while the former CEO remains on the board.

• Major strategic wins include the renewal of the fixed line services concession until 2050 and significant 5G spectrum acquisition.

• Revenue for the nine months ended 30 September 2025 reached TL 165.7 billion, up 14% year-over-year, with net profit rising to TL 21.3 billion, up 69% year-over-year.

• Strategic focus on FTTH expansion, 5G rollout, and digital verticals like AI, IoT, and cybersecurity.

Financial highlights

• Q3 2025 revenue was TL 59.5 billion, up 11% year-over-year; nine-month revenues up 14% to TL 166 billion.

• EBITDA for nine months rose 23% to TL 70.0 billion, with Q3 margin at 44.9%, up 410bps year-over-year.

• Net profit reached TL 10.2 billion in Q3, up 158% year-over-year; nine-month net income exceeded TL 21.3 billion.

• CAPEX for the nine months reached TL 45.1 billion, up from TL 30.4 billion in the prior year, with a CAPEX/sales ratio of 24.2%.

• Net leverage improved to 0.6x, down from 1x a year ago.

Outlook and guidance

• Full-year 2025 operating revenue growth guidance maintained at 10%, with CAPEX intensity at 29%.

• EBITDA margin guidance revised up to 41.5% for 2025, reflecting strong Q3 performance.

• Management remains cautious due to inflation outlook for Q4, with an assumed 29% inflation rate by year-end 2025.

• Fixed line concession agreement extended until 2050, with a commitment to pay USD 2.5 billion plus VAT over 10 years starting in 2026.

• The Group was awarded four frequency packages in the 700 MHz and 3500 MHz bands for USD 1,094 million, with payments scheduled through 2027.