Turkcell (TCELL) Investor Presentation summary

Market position and strategic overview

• Maintains leadership in Turkey's mobile market with 38.3 million subscribers and 99%+ coverage, and is a top challenger in fixed broadband with 3.2 million subscribers and 6 million fiber homepass.

• Diversified business model spans telecom, digital services, business solutions, and techfin, minimizing economic cycle risks and supporting sustainable growth.

• Holds #1 positions in ICT solutions, data centers, and digital payment platforms, with 7.4 million active Paycell users and a 6.6 billion TL loan portfolio in Financell.

• Listed on NYSE and Borsa Istanbul, with a $5.3 billion market cap and 54% free float.

• Operates in a young, tech-savvy market with high smartphone penetration and rising digital transformation trends.

Financial performance and outlook

• 2024 revenue reached 166.7 billion TL, up 7.8% YoY; EBITDA grew 10.2% to 69.8 billion TL with a 41.9% margin.

• Net income increased 29.8% to 23.5 billion TL; highest yearly postpaid net add in 15 years at 1.9 million.

• Mobile ARPU rose 10.4% YoY to 276.8 TL; blended ARPU growth outpaced CPI.

• 2025 guidance targets 7–9% revenue growth, 41–42% EBITDA margin, and ~24% operational CAPEX/sales.

• Solid balance sheet with net debt/EBITDA at 0.14x and successful $1 billion dual-tranche Eurobond issuance.

Operational highlights and business segments

• Mobile network leads in speed (94.1 Mbps) and technology, with 4x4 MIMO and 5CC carrier aggregation.

• Fixed broadband base at 2.45 million fiber customers, 6 million homepass, and 65,000 km fiber rollout across 81 cities.

• Digital business services revenue grew 15% YoY; data center and cloud revenue up 39% YoY, with 54 MW IT capacity and 31,550 m² white space.

• Techfin segment saw 32.9% YoY revenue growth; Paycell processed 32.1 billion TL in Q4 2024, with 7.4 million active users.

• TV+ IPTV penetration reached 63.5% in residential fiber, with a strong content aggregation and OTT strategy.