Türk Telekomünikasyon Anonim Sirketi

Consolidated revenue increased 9% year over year to TRY 73 billion in Q2 2026; excluding IFRIC 12, revenue growth was 6% and Q2 revenue was above TRY 66 billion. EBITDA grew 5% year over year to TRY 29.4 billion, with reported EBITDA margin of 40.4% (43.3% excluding IFRIC 12), down 170 bps year over year. Net profit was TRY 6 billion, down 7% year over year. CapEx rose to TRY 23 billion versus TRY 17 billion a year earlier, and unlevered free cash flow was about TRY 3.9 billion to TRY 4 billion, versus TRY 9.4 billion / TRY 9 billion last year. Management said first-half EBITDA margin was 41.3%, full-year revenue growth guidance is 8% real growth, EBITDA margin guidance remains 41% to 42%, and full-year CapEx intensity is expected at 34% at the upper end of the prior 33% to 34% range.

The call was led by the CFO, but the strategic message was clear: Türk Telekom is leaning into 5G, fiber, and data infrastructure while trying to preserve profitability. Management said the company is confident in second-half acceleration in revenue and net profit, helped by pricing actions in mobile and fixed broadband and by new ICT opportunities. Tone-wise, management was constructive and explicitly said they are excited about second-half growth potential.

Omer Karademir highlighted a quarter with strong nominal growth despite geopolitical and inflation pressure. He cited cash and cash equivalents of TRY 25.6 billion, net debt/EBITDA at 1x versus 0.6x at 2025 year-end, and said debt was flat quarter over quarter despite the 5G and concession payments. He also pointed to TRY 423 million net interest expense in Q2 versus TRY 705 million net interest income in Q1, and said the FX/liability profile reflects long-term 5G spectrum and concession obligations through 2035, while hedges are used to manage currency risk.

Analysts focused on why mobile revenue and ARPU were weak, what supports the second-half revenue acceleration, whether the Q2 commercial-cost spike was temporary, and how much CapEx and depreciation/financial expense will stay elevated. Management said mobile weakness was mainly inflation and prior competitive pricing, but pointed to January, April, and July price increases and said effects should show more clearly in the second half; it also said 5G will take time to translate into ARPU because only about one-third of subscribers have 5G-compatible devices. On costs, management described the commercial-cost rise as one-off 5G launch spending that should normalize, while saying depreciation will continue at the Q2 run rate and hedging costs should decline in Q3.