Turkcell (TCELL) Q4 2024 earnings summary

Executive summary

• Achieved TRY 166.7 billion in revenue for 2024, up 7.8% year-over-year, with EBITDA at TRY 69.8 billion and margin at 41.9%.

• Net income increased by 30% to TRY 23.5 billion, supported by the sale of Ukraine assets.

• Added 1.9 million net postpaid subscribers, the highest in 15 years, and mobile ARPU rose 10.4% year-over-year.

• Double-digit ARPU growth and strong digital and techfin segment performance.

• Major bond issuances completed, including $1 billion Eurobond and TL 7.4 billion dividend distributed.

Financial highlights

• Group revenue reached TRY 166.7 billion, with Turkcell Türkiye contributing the majority.

• EBITDA rose 10.2% to TRY 69.8 billion, margin expanded by 0.9pp to 41.9%.

• Net debt position at TRY 10 billion; net leverage improved to 0.14x.

• Cash and cash equivalents at year-end were TRY 68.9 billion.

• Distributed TRY 6.3 billion in dividends from 2023 and TRY 7.4 billion in December 2024.

Outlook and guidance

• 2025 revenue growth expected at 7%-9%; data center and cloud revenue growth at 32%-34%.

• EBITDA margin guidance for 2025 is 41%-42%; CapEx intensity expected around 24%.

• Inflation assumption for 2025 is 31% year-end, 33% average.

• Net leverage expected to remain below 1x by end of 2025.

• Management focuses on digital transformation and financial services expansion.