olivlawolivlaw

olivLaw · US equity research

Turkcell İletişim Hizmetleri A.Ş. TKC

Telephone Communications (No Radiotelephone) · SIC 4813 · Vertical: Telephone Communications (No Radiotelephone) (SIC 4813)

4.73USD+1.28% · 1 dayClose 04 Nov 2026

Turkcell is the largest mobile and fixed operator in Türkiye and is expanding into data, cloud and digital services. Total revenues were 241.5 billion TRY in 2025, and the nationwide 5G launch in March 2026 strengthens its position against competitors.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Turkcell İletişim Hizmetleri A.Ş. (TKC) stock was 4.73 USD (+1.28% on the day), with beta 0.56, 52-week range 4.58–7.15 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
unavailable
shares as of 31 Dec 2020
P/E (TTM)
unavailable
Diluted EPS TTM 5.75 · TTM to 31 Dec 2023
E/P (TTM)
unavailable
TTM to 31 Dec 2023
Dividend yield
unavailable
Beta (2y)
0.56
Volatility (1y) 28%
52-week range
4.587.15

Price history

Loading chart…

Technical reading

RSI (14)
42.2
weak (30–45)
Bollinger (20, 2)
4.45 – 5.19
in the lower half of the band · %B 0.38 · band width 15.5%
SMA 50 / 200
5.02 / 5.84
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.13 / -0.13
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−8.7%−1.1%−7.6 pp—
3 months−12.9%−0.5%−12.4 pp—
6 months−27.7%+4.4%−32.1 pp—
Year to date−13.5%+12.3%−25.8 pp—
1 year−18.2%+13.5%−31.7 pp−10.6%
3 years+10.0%+76.4%−66.4 pp+20.5%
5 years+9.5%+63.7%−54.2 pp—
Max drawdown (1y)
−35.9%
17 Feb 2026 → 26 Oct 2026
Max drawdown (5y)
−47.1%
15 Nov 2021 → 28 Jul 2022
Compound annual growth (5y)
+1.8%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

the price (USD) and the reports are in different currencies

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year2016201720182019⚠ 2020202120222023
Revenue14.3 bn17.6 bn21.3 bn25.1 bn69.5 bn108.6 bn93.5 bn107.1 bn
Revenue YoY+11.9%+23.4%+20.8%+18.1%—+56.3%−13.9%+14.6%
Net income1.5 bn2.0 bn2.0 bn3.2 bn4.5 bn7.1 bn6.9 bn12.6 bn
Net income YoY−27.8%+32.6%+2.1%+60.6%—+58.5%−3.6%+82.5%
Diluted EPSunavailableunavailableunavailable1.492.103.273.155.75
Diluted EPS YoYunavailableunavailableunavailableunavailable—+55.7%−3.7%+82.5%
net %10.4%11.2%9.5%12.9%6.5%6.6%7.4%11.7%
Free cash flow-2.0 bn164.1 m2.9 bn5.8 bn12.5 bn43.6 bn26.9 bn27.5 bn

The series breaks before 2020: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.

Reported results vs expectations

Loading…

Balance sheet & financial health

Fiscal year 2023 · 31 Dec 2023

Cash
50.0 bn TRY
Financial debt
57.9 bn TRY
Net debt
8.0 bn TRY
Equity
122.2 bn TRY
Total assets
247.1 bn TRY
Debt / equity
0.47x
Current ratio
1.78x
ROE
10.8%
ROA
5.2%
FCF margin
25.7%

Financial statements (source on every figure)

Revenue and net income (TRY)

Margins

Income statement · TRY

Revenue
2021
108.6 bn
2022
93.5 bn
2023
107.1 bn

SEC (XBRL)· 13 May 2024verified

Cost of revenue
2021
86.1 bn
2022
81.7 bn
2023
84.4 bn

SEC (XBRL)· 13 May 2024verified

Gross profit
2021
22.5 bn
2022
11.8 bn
2023
22.7 bn

SEC (XBRL)· 13 May 2024verified

Research & development
2021
89.9 m
2022
129.1 m
2023
132.6 m

SEC (XBRL)· 13 May 2024verified

Operating income
2021
12.1 bn
2022
3.0 bn
2023
7.8 bn

SEC (XBRL)· 13 May 2024verified

Depreciation & amortisation
2021
31.2 bn
2022
32.6 bn
2023
31.3 bn

SEC (XBRL)· 13 May 2024verified

EBITDA
2021
43.3 bn ≈
2022
35.5 bn ≈
2023
39.1 bn ≈

SEC (XBRL)· 13 May 2024derived

Interest expense
2021
21.3 bn
2022
11.9 bn
2023
19.9 bn

SEC (XBRL)· 13 May 2024verified

Pre-tax income
2021
7.3 bn
2022
3.3 bn
2023
5.9 bn

SEC (XBRL)· 13 May 2024verified

Income tax
2021
900.3 m
2022
-2.8 bn
2023
-4.7 bn

SEC (XBRL)· 13 May 2024verified

Net income
2021
7.1 bn
2022
6.9 bn
2023
12.6 bn

SEC (XBRL)· 13 May 2024verified

Diluted EPS
2021
3.27
2022
3.15
2023
5.75

SEC (XBRL)· 13 May 2024verified

Dividend per share
2021
—
2022
—
2023
—

SEC (XBRL)· 26 Apr 2021derived

Balance sheet · TRY

Cash
2021
30.6 bn
2022
42.8 bn
2023
50.0 bn

SEC (XBRL)· 13 May 2024verified

Inventories
2021
458.7 m
2022
495.0 m
2023
540.5 m

SEC (XBRL)· 13 May 2024verified

Current assets
2021
48.6 bn
2022
77.3 bn
2023
102.5 bn

SEC (XBRL)· 13 May 2024verified

Property, plant & equipment, net
2021
76.3 bn
2022
71.5 bn
2023
66.7 bn

SEC (XBRL)· 13 May 2024verified

Goodwill
2021
259.4 m
2022
—
2023
—

SEC (XBRL)· 27 Apr 2023verified

Total assets
2021
151.3 bn
2022
235.0 bn
2023
247.1 bn

SEC (XBRL)· 13 May 2024verified

Accounts payable
2021
11.0 bn
2022
17.0 bn
2023
20.6 bn

SEC (XBRL)· 13 May 2024verified

Long-term debt
2021
45.9 bn
2022
61.2 bn
2023
57.9 bn

SEC (XBRL)· 13 May 2024verified

Current liabilities
2021
28.3 bn
2022
48.5 bn
2023
57.7 bn

SEC (XBRL)· 13 May 2024verified

Total liabilities
2021
85.9 bn
2022
125.6 bn
2023
124.8 bn

SEC (XBRL)· 13 May 2024verified

Equity
2021
107.7 bn
2022
109.4 bn
2023
122.2 bn

SEC (XBRL)· 13 May 2024verified

Shares outstanding at year end
2021
—
2022
—
2023
—

SEC (XBRL)· 26 Apr 2021verified

Cash flow · TRY

Operating cash flow
2021
61.6 bn
2022
42.3 bn
2023
41.7 bn

SEC (XBRL)· 13 May 2024verified

Capex
2021
18.1 bn
2022
15.4 bn
2023
14.2 bn

SEC (XBRL)· 13 May 2024verified

Free cash flow
2021
43.6 bn ≈
2022
26.9 bn ≈
2023
27.5 bn ≈

SEC (XBRL)· 13 May 2024derived

Investing cash flow
2021
-29.0 bn
2022
-31.7 bn
2023
-20.9 bn

SEC (XBRL)· 13 May 2024verified

Financing cash flow
2021
-9.9 bn
2022
3.4 bn
2023
6.8 bn

SEC (XBRL)· 13 May 2024verified

Dividends paid
2021
—
2022
—
2023
—

SEC (XBRL)· 26 Apr 2021verified

Share repurchases
2021
858.0 k
2022
—
2023
50.8 m

SEC (XBRL)· 13 May 2024verified

Computed indicators

Growth

Revenue growth (YoY)
14.6%
computed by olivLawFY 2023
Revenue CAGR 3Y
15.5%
computed by olivLawFY 2020 → FY 2023
Revenue CAGR 5Y
38.1%
computed by olivLawFY 2018 → FY 2023
EBIT growth (YoY)
164.5%
computed by olivLawFY 2023
Net income growth (YoY)
82.5%
computed by olivLawFY 2023
Net income CAGR 3Y
40.7%
computed by olivLawFY 2020 → FY 2023
Net income CAGR 5Y
44.1%
computed by olivLawFY 2018 → FY 2023
EPS growth (YoY)
82.5%
computed by olivLawFY 2023
EPS CAGR 3Y
39.9%
computed by olivLawFY 2020 → FY 2023
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
2.2%
computed by olivLawFY 2023

Profitability

Gross margin
21.2%
computed by olivLawFY 2023
EBITDA margin
36.5%
computed by olivLawFY 2023
EBIT margin
7.3%
computed by olivLawFY 2023
Net margin
11.7%
computed by olivLawFY 2023
FCF margin
25.7%
computed by olivLawFY 2023

Returns

ROE
10.8%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
ROA
5.2%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
ROIC
5.1%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
ROCE
4.1%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
8.0 bn TRY
computed by olivLawbalance sheet at 31 Dec 2023
Net debt / EBITDA
0.2x
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
Debt / equity
0.5x
computed by olivLawbalance sheet at 31 Dec 2023
Interest coverage
0.4x
computed by olivLawFY 2023

Liquidity

Current ratio
1.8x
computed by olivLawbalance sheet at 31 Dec 2023
Quick ratio
1.8x
computed by olivLawbalance sheet at 31 Dec 2023
Cash ratio
0.9x
computed by olivLawbalance sheet at 31 Dec 2023

Cash

Operating cash flow
41.7 bn TRY
computed by olivLawFY 2023
Capital expenditure
14.2 bn TRY
computed by olivLawFY 2023
Free cash flow
27.5 bn TRY
computed by olivLawFY 2023
FCF conversion
219.1%
computed by olivLawFY 2023
Cash conversion
106.7%
computed by olivLawFY 2023

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
2 days
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
Days payables outstanding
81 days
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
unavailable
input data missing
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
Earnings yield
unavailable
input data missing
P/B
unavailable
input data missing
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
input data missing
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Neutral profile

Score: 69 / 100

A scoring methodology on indicators and valuation, not investment advice.

Closing price

4.73 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: unavailable

Price and reporting are in different currencies; market indicators are unavailable.

Key indicators

Market capitalisation
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
10.8%
computed by olivLawFY 2023 · balance sheet at 31 Dec 2023
Net margin
11.7%
computed by olivLawFY 2023
Revenue growth (YoY)
14.6%
computed by olivLawFY 2023
Dividend yield
unavailable
input data missing

Coverage and freshness

32/37 reporting lines present
Latest full fiscal year: 2023
Latest reported period: 31 Dec 2023
Latest balance sheet date: 31 Dec 2023
Share count (cover of the latest filing), as of: 31 Dec 2020
Source: SEC (XBRL)published 13 May 2024
verified 251derived 4

The data is older than the freshness threshold.

Score by group

  • Quality65
  • Growth100
  • Balance sheet48

Estimated value range

unavailable — no valuation assumptions for the reporting currency

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

    Multiple comparisons use the SIC vertical: Telephone Communications (No Radiotelephone) (SIC 4813)

    Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

    Assumptions (illustrative, editorial)

    Risk-free rate
    6.5%
    Equity risk premium
    6.0%
    Beta (default)
    1.00
    Cost of equity
    12.5%
    Terminal growth
    3.0%

    Factor scorecard

    Neutral profile · Score 69/100

    FactorValueScoreWeight used
    ROIC · Quality5.1%46 (vs peers)17%
    Net margin · Quality11.7%60 (vs peers)10%
    FCF conversion · Quality219.1%100 (on a fixed band)10%
    Revenue CAGR 3Y · Growth15.5%100 (on a fixed band)14%
    EPS CAGR 3Y · Growth39.9%100 (on a fixed band)14%
    Net debt / EBITDA · Balance sheet0.2x64 (vs peers)17%
    Interest coverage · Balance sheet0.4x0 (on a fixed band)10%
    Current ratio · Balance sheet1.8x81 (on a fixed band)7%
    P/E (TTM) · Valuationunavailableunavailable—
    EV/EBITDA · Valuationunavailableunavailable—
    FCF yield · Valuationunavailableunavailable—
    Shareholder yield (distributions) · Returnsunavailableunavailable—
    Payout ratio (FCF) · Returnsunavailableunavailable—

    Factors without a value were dropped; the remaining weights were renormalised.

    Score groups

    • Balance sheet48/100 · 3/3 factors with a value
    • Growth100/100 · 2/2 factors with a value
    • Quality65/100 · 3/3 factors with a value
    • Returns· partialunavailable · 0/2 factors with a value
    • Valuation· partialunavailable · 0/3 factors with a value

    A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

    Memo

    TURKCELL ILETISIM HIZMETLERI A S (TKC). Latest full fiscal year: 2023; data up to 2023-12-31.

    Figures computed from the financial statements: revenue 107.1 bn TRY in 2023; YoY growth 14.6%; net margin 11.7%; ROE 10.8%; net debt/EBITDA 0.2x.

    The estimated value range is 31.99–97.74 TRY per share (median of 3 methods, agreement: medium); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.

    olivLaw score 69/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns, valuation. Not investment advice.

    Text generated deterministically from the figures shown; no language model. Not investment advice.

    What supports the thesis

    • FCF conversion: 219.1%
    • Revenue CAGR 3Y: 15.5%
    • EPS CAGR 3Y: 39.9%
    • Current ratio: 1.8x

    What contradicts it

    • Interest coverage: 0.4x

    Not assessed (insufficient data or a ratio without meaning): P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).

    Versus the vertical median

    Telephone Communications (No Radiotelephone) (SIC 4813) · same industry (4-digit SIC) · compared with 20 companies

    Multiples and returns vs the median

    P/E
    —
    vertical median 11.8x
    EV/EBITDA
    —
    vertical median 3.8x
    P/S
    —
    vertical median 0.8x
    P/B
    —
    vertical median 1.3x
    ROE
    10.8%
    vertical median 9.4%
    above median (+15.7%)
    Net margin
    11.7%
    vertical median 5.6%
    above median (+110.2%)
    EBIT margin
    7.3%
    vertical median 5.4%
    above median (+35.0%)
    Revenue YoY
    14.6%
    vertical median 2.6%
    above median (+457.3%)
    Net debt/EBITDA
    0.2x
    vertical median 0.5x
    below median (−58.1%)
    Dividend yield
    —
    vertical median 0.4%

    Price rebased to 100 (monthly, 5 years)

    Companies in the vertical

    Market capP/EROENet marginRevenue YoY1A / 3A
    AMXAmerica Movil Sab De Cv1,508.4 bn1,107.56.8%3.2%−11.2%+8% / +38%
    VZVerizon Communications Inc.191.4 bn11.815.4%11.8%+2.5%+12% / +20%
    TAt&T Inc.147.1 bn11.810.5%10.2%+2.7%−16% / +32%
    LUMNLumen Technologies, Inc.4.6 bn——-5.8%−5.4%−45% / +241%
    TDSTelephone And Data Systems, Inc.4.1 bn11.48.2%33.2%−5.3%−11% / +83%
    ATEXAnterix Inc.1.5 bn22.227.9%933.0%+7.8%+278% / +138%
    UNITUniti Group Inc.1.3 bn1.7666.9%30.4%+91.5%−14% / −41%
    SHENShenandoah Telecommunications Company575.2 m—-4.4%-10.2%+9.1%−5% / −53%
    ATNIAtn International, Inc.397.3 m2.432.2%23.2%−0.2%+22% / −15%
    CXDOCrexendo, Inc.174.7 m43.65.6%4.5%+12.0%−25% / +78%
    NXPLNextPlat Corp21.8 m—-43.1%-17.8%−17.8%+34% / −47%
    IQSTIQSTEL Inc.9.0 m—-56.0%-2.2%+11.9%−80% / −94%
    SURGSurgepays, Inc.8.2 m——-47.9%−6.4%−92% / −98%
    PHIPLDT Inc.——29.3%14.9%+2.8%−19% / −22%
    CTGGQwest Corp0—-15.8%-40.1%−13.8%unavailable / unavailable
    KTKT Corporation——2.8%1.7%+0.4%+1% / +41%
    BCEBce Inc.——32.5%26.6%+0.2%−10% / −46%
    IDTIDT Corporation—24.325.4%6.7%+5.4%+69% / +186%
    TKCTurkcell Iletisim Hizmetleri A S——10.8%11.7%+14.6%−18% / +10%
    TEOTelecom Argentina SA——-2.4%-2.0%+53.0%−17% / +26%
    TIMBTim S.A.——17.1%16.2%+4.6%−22% / +3%

    1- and 3-year price returns: for TKC from daily closes (the same as the performance table), for the other companies from month-end closes.

    olivLaw engine forecast

    The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

    The engine has no published run for this company yet.

    Valuation scenarios (editable assumptions)

    Illustrative scenarios

    Scenarios are not available. input data missing

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 17 Apr 2026; since then the company filed 6-K (04 Nov 2026), 6-K (03 Nov 2026), 6-K (28 Oct 2026), 6-K (27 Oct 2026).

    In brief

    Turkcell is the largest mobile and fixed operator in Türkiye and is expanding into data, cloud and digital services. Total revenues were 241.5 billion TRY in 2025, and the nationwide 5G launch in March 2026 strengthens its position against competitors.

    SWOT

    Strengths

    • Leadership in spectrum and network coverage, with an extensive own fiber network and a large subscriber base 1.
    • Dual listing on Borsa İstanbul and NYSE and demonstrated operating profitability in fiscal 2025 1.
    • Diversified portfolio of digital, B2B, cloud and digital financial services 1.

    Weaknesses

    • Activity is concentrated in Türkiye, where economic and currency instability can affect results 1.
    • A heavy tax burden, through the treasury share, VAT and other sector taxes, reduces operating margins 1.
    • Long-term contracts delay the pass-through of inflation into prices, which can compress real revenue 1.

    Opportunities

    • Growth in data centers and cloud through the Google Cloud partnership could open new revenue sources 1.
    • Fiber penetration in Türkiye remains below the OECD average, which could support FTTH expansion 1.
    • IoT and mobile data services could grow with the 5G launch if customer adoption follows expectations 1.

    Threats

    • The 2026 geopolitical shock could reduce investor appetite for emerging markets and raise financing costs 1.
    • Unexpected increases in sector taxes could have retroactive effects on results 1.
    • Intense competition from Türk Telekom and Vodafone could limit tariff growth 1.

    Risks

    • Macroeconomic risk in Türkiyehigh

      A deterioration of the economy, depreciation of the lira or political instability could affect operations and financial condition 1.

    • Taxes and regulationhigh

      Changes to VAT, the special communications tax or the treasury share could have retroactive effects on profitability 1.

    • Inflation and contractsmedium

      The prevalence of 12-month contracts could delay the transfer of costs into tariffs 1.

    • Geopolitical shockmedium

      The regional conflict could raise risk premiums and reduce capital flows into Türkiye 1.

    • Cloud project executionlow

      If the Google Cloud region is delayed, data center revenue could be postponed relative to plans 1.

    Investment thesis

    What would need to be true (bull case)

    • If 5G and data service adoption grows, the company could convert its wider spectrum into higher revenue per subscriber 1.
    • If the Google Cloud partnership is delivered on schedule, the data center segment could become an important growth source 1.
    • Spectrum leadership and an extensive fiber network could sustain market share over the long term 1.

    What would break the thesis

    • If macroeconomic and currency instability deepens, lira-denominated results could be negatively affected 1.
    • If sector taxes rise, operating margins could be compressed without full ability to pass costs on 1.
    • If competition in fiber and fixed services intensifies, market share could decline 1.

    What to watch

    • Pace of 5G adoption and mobile data revenue2026
    • Progress of the Google Cloud partnership and data center investment2027
    • Changes to sector tax rates and VATnext 10-K
    • Inflation trend and contract tariff adjustmentsQ1 2027

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 17 Apr 2026; since then the company filed 6-K (04 Nov 2026), 6-K (03 Nov 2026), 6-K (28 Oct 2026), 6-K (27 Oct 2026).

    The business

    Turkcell İletişim Hizmetleri A.Ş., founded in 1993 and operational from 1994, is a Turkish telecom operator that has evolved from a traditional mobile operator into a technology and communications company. At December 31, 2025 it had 46.2 million subscribers across the group, including 43.9 million in Türkiye, per its annual report 1. The company is listed on Borsa İstanbul and the NYSE, being the only company listed on both 1.

    Turkcell bases its position on the largest mobile spectrum portfolio in the market: after the October 2025 5G tender it holds 394.4 MHz, or 41.6% of the mobile spectrum allocated to operators in Türkiye 1. Its network includes 67.1 thousand km of its own fiber and FTTH and FWA services 1. Nationwide commercial 5G launched on March 31, 2026 1.

    The company has expanded into data centers and cloud through its subsidiary Turkcell Digital Business Services and a partnership with Google Cloud for a new region in Türkiye, expected to be operational around 2028–2029 1. Total revenues were 241.5 billion TRY in 2025, with Adjusted EBITDA of 104.0 billion TRY and capital expenditures of 90.0 billion TRY 1.

    Segments

    Techfin

    The Techfin segment includes the digital financial services and payment solutions offered to its customers 1.

    Other

    Other activities include digital business services, data centers and cloud, as well as international operations in Belarus and the Turkish Republic of Northern Cyprus 1.

    Market context

    The Turkish telecom market has, according to the company, growth potential due to a young population and lower mobile penetration than in Western Europe, with an estimated median age of 35 1. The main competitors are Türk Telekom, under the same major shareholder TWF, and Vodafone Türkiye 1.

    Trends

    • Transition to 5Gtailwind

      The 5G launch and wider spectrum could support data growth and IoT services, although it requires large investment in backhaul and base stations 1.

    • Cloud and data centerstailwind

      Demand for cloud and AI services could generate new revenue through the Google Cloud partnership and expanded data center capacity 1.

    • Disinflation and pricingmixed

      Lower inflation could allow smaller tariff adjustments, but long-term contracts delay the pass-through of costs into prices 1.

    • Sector taxesheadwind

      Sector taxes such as the treasury share and VAT could erode profitability or reduce demand if raised 1.

    Competitive position

    Turkcell competes with Türk Telekom, which holds the predominant xDSL infrastructure, and with Vodafone Türkiye, a private operator 1. The company says its spectrum lead over competitors widened after the 2025 5G tender 1.

    In fixed services competition is shifting from xDSL to fiber, and Turkcell's advantage depends on how quickly it extends its FTTH network and FWA offering 1.

    • Türk Telekom

      Incumbent in xDSL, controlled through TWF, which holds 60% of its shares, with the Ministry of Treasury and Finance holding 25% 1.

    • Vodafone Türkiye

      Private mobile operator that entered the Turkish market by acquiring Telsim, with no public listing in the analysed source 1.

    • Google Cloud

      Strategic partner for the Türkiye cloud region, though it could also become a competitor in cloud 1.

    • Global OTT operators

      Global digital service providers against which the company compares its B2C portfolio 1.

    News & filings

    In the press

    The latest news item in our archive is from 03 Nov 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

    Sources

    1. [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Turkcell İletişim Hizmetleri A.Ş. · 17 Apr 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.