Türk Telekomünikasyon (TTKOM) Q4 2025 earnings summary

Executive summary

• Consolidated revenues for 2025 increased by 14% to TL 242.2 billion, with EBITDA up 20% to TL 99.4 billion and net profit more than doubling to TL 23.0 billion.

• Subscriber base reached 56.6 million, up 6% year-over-year, with strong growth in both mobile and fixed broadband segments.

• Q4 2025 revenue was TL 69.3 billion, up 16% year-over-year, with EBITDA at TL 26.4 billion.

• The company extended its main concession agreement to 2050 and secured new spectrum licenses for 5G.

Financial highlights

• Revenue excluding IFRIC 12 was TL 221.8 billion, up 11.5% year-over-year; EBITDA margin expanded by 200bps to 41%.

• Net leverage improved to 0.60x from 0.81x in 2024; unlevered free cash flow grew 12% to TL 26.1 billion.

• Capital expenditures reached TL 75.8 billion, up 29% year-over-year.

• Q4 2025 free cash flow was TL 3.0 billion, up 65% year-over-year.

Outlook and guidance

• 2026 guidance targets 8-9% revenue growth, 41-42% EBITDA margin, and 33-34% adjusted CAPEX intensity, assuming 22% inflation.

• Robust ARPU trajectory and subscriber base expansion anticipated to continue.

• The company committed to pay 5% of annual gross mobile revenues for license extensions post-2029.