Turkcell (TCELL) Q3 2025 earnings summary

Executive summary

• Achieved 11% year-over-year revenue growth to TRY 60 billion in Q3 2025, driven by core telecom, ARPU gains, and subscriber growth.

• Secured Türkiye's largest 5G spectrum, positioning for next-generation connectivity and commercial 5G launch in April 2026.

• Revenue for the nine months ended 30 September 2025 reached TRY 171.2 billion, up from TRY 152.7 billion year-over-year, with strong contributions from both telecom and financial services segments.

• Net income from continuing operations increased 31.8% to TRY 5.4 billion in Q3 2025; net profit for the nine months was TRY 13.4 billion.

• Adjusted EBITDA for the nine months was TRY 74.9 billion, up from TRY 65.4 billion year-over-year, reflecting operational efficiency and revenue growth.

Financial highlights

• Mobile ARPU grew 12% year-over-year; residential fiber ARPU up 17.3%.

• Digital business services revenue up 97% to TRY 4.9 billion; data center/cloud revenue up 51%.

• Techfin ecosystem revenue grew 20%, with Paycell up 42%.

• Cash and cash equivalents rose to TRY 122.3 billion as of 30 September 2025.

• Operating profit increased to TRY 27.9 billion from TRY 20.2 billion year-over-year.

Outlook and guidance

• Upgraded 2025 revenue growth guidance to ~10%; EBITDA margin target raised to 42%-43%.

• Operational Capex to sales revised to ~23%; data center/cloud revenue growth guidance increased to ~43%.

• Capex intensity expected to remain around 24% in 2026; dividend policy unchanged at 50% of net income.

• Payment for new frequency licenses will be made in three installments starting January 2026.

• Guidance based on an assumed annual inflation rate of around 32%.