Turkcell (TCELL) Q4 2025 earnings summary

Executive summary

• Revenues grew 11% year-over-year to TL 241.5 billion, with EBITDA margin at 43.1% and net income from continuing operations up 23% to TL 17.8 billion, driven by growth in telecommunication, digital, cloud, and financial services.

• Exceeded 2025 guidance with strong execution, securing Türkiye's largest 5G spectrum, a 15-year BOTAŞ fiber agreement, and a major Google Cloud partnership.

• Achieved robust operational and financial performance, with significant growth in TechFin, data center, and digital business services.

• Continued focus on digital transformation, sustainability, and infrastructure leadership, including major investments in data centers and renewable energy.

• Shareholder returns delivered via 72% net income dividend payout and a new three-year share buyback program.

Financial highlights

• Full-year revenue reached TL 241.5 billion, up 10.7% year-over-year; EBITDA for 2025 was TL 104.0 billion, up 13.8% YoY, with a margin of 43.1%.

• Q4 revenues increased 7% year-over-year to TL 63 billion; Q4 EBITDA up 12% to TL 26 billion (41.2% margin).

• Net income from continuing operations was TL 17.8 billion, up 22.6% YoY; Q4 net income was TL 3.6 billion, up 11.4% YoY.

• Net debt at TL 15 billion; net leverage improved to 0.1x; cash position at year-end was TL 91.8 billion.

• Dividend payment from 2024 earnings totaled TL 8.99 billion; share buyback program initiated for TL 8.5 billion.

Outlook and guidance

• 2026 guidance: real revenue growth of 5%-7%, EBITDA margin of 40%-42%, and CapEx intensity around 25%.

• Data center and cloud revenue expected to grow 18%-25% in 2026, normalizing after 2025 capacity expansions.

• Continued focus on profitable growth, digital infrastructure, and renewable energy expansion.

• Guidance based on an assumed annual inflation rate of 23%.

• New accounting standards (IFRS 18, 19, amendments to IAS 21) are not expected to have significant impact.