Turkcell Iletişim Hizmet: Third Quarter 2026 Results

Turkcell (NYSE:TKC) (BIST:TCELL):

• Please note that all financial data is consolidated and comprises that of Turkcell İletişim Hizmetleri A.S. (the “Company” or “Turkcell”) and its subsidiaries and associates (together referred to as the “Group”) unless otherwise stated.

• We have three reporting segments:
  • “Turkcell Türkiye,” which comprises our telecom, digital services, and digital business services related businesses, retail channel operations, smart devices management, and consumer electronics sales through digital channels in Türkiye. All non-financial data presented in this press release is unconsolidated and comprises Turkcell Türkiye only unless otherwise stated. The terms “we,” “us,” and “our” in this press release refer only to Turkcell Türkiye, except in discussions of financial data, where such terms refer to the Group, and except where context otherwise requires.

  • “Techfin” which comprises all of our financial services businesses.

  • “Other” which primarily comprises our international, energy businesses, non-group call center, and intersegment eliminations.

• This press release provides a year-on-year comparison of our key indicators. Figures in parentheses following the operational and financial results for September 30, 2026, refer to the same item as of September 30, 2025. For further details, please refer to our consolidated financial statements and notes as of and for September 30, 2026, accessible via our website in the investor relations section (http://www.turkcell.com.tr).

• Selected financial information presented in this press release for the third quarter of 2025 and 2026 is based on IFRS figures in TRY terms unless otherwise stated.

• In the tables used in this press release, totals may not foot due to rounding differences. The same applies to the calculations in the text.

• Year-on-year percentage comparisons in this press release reflect mathematical calculations.

NOTICE

This press release contains the Company’s financial information for the period ended September 30, 2026, prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). This press release contains the Company’s financial information prepared in accordance with International Accounting Standard 29, Financial Reporting in Hyperinflationary Economies (“IAS29”). Therefore, the financial statement information included in this press release for the periods presented is expressed in terms of the purchasing power of the Turkish Lira as of September 30, 2026. The Company restated all non-monetary items in order to reflect the impact of the inflation restatement reporting in terms of the measuring unit current as of September 30, 2026. Comparative financial information has also been restated using the general price index of the current period.

This release includes forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, Section 21E of the U.S. Securities Exchange Act of 1934, and the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. This includes, in particular, and without limitation, our targets for consolidated revenue growth, data center and cloud revenue growth, EBITDA margin, and operational capex over sales ratio for the full year 2026. In establishing such guidance and outlooks, the Company has used a certain number of assumptions regarding factors beyond its control, particularly in relation to macroeconomic indicators, such as expected inflation levels, that may not be realized or achieved. More generally, all statements other than statements of historical facts included in this press release, including, without limitation, certain statements regarding our operations, financial position, and business strategy, may constitute forward-looking statements. Forward-looking statements can generally be identified by the use of forward-looking terminology such as, among others, “will,” “expect,” “intend,” “estimate,” “believe,” “continue,” and “guidance.”

Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. In addition, certain forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. Many factors could cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance, or achievements that may be expressed or implied by forward-looking statements. Should one or more of these risks or uncertainties materialize or underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, intended, planned, or projected.

These forward-looking statements are based upon a number of assumptions and other important factors that could cause our actual results, performance, or achievements to differ materially from our future results, performance, or achievements expressed or implied by such forward-looking statements. All subsequent written and oral forward-looking statements attributable to us are expressly qualified in their entirety by reference to these cautionary statements. For a discussion of certain factors that may affect the outcome of such forward-looking statements, see our Annual Report on Form 20-F for 2025 filed with the U.S. Securities and Exchange Commission, and in particular, the risk factor section therein. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release. All forward-looking statements in this press release are based on information currently available to the Company, and we undertake no duty to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

The Company makes no representation as to the accuracy or completeness of the information contained in this press release, which remains subject to verification, completion, and change. No responsibility or liability is or will be accepted by the Company or any of its subsidiaries, board members, officers, employees, or agents as to or in relation to the accuracy or completeness of the information contained in this press release or any other written or oral information made available to any interested party or its advisers.

FINANCIAL HIGHLIGHTS

HIGHLIGHTS

• Strong Q326 growth, supported by corporate and Techfin performance, alongside a solid EBITDA margin;
  • Consolidated revenues delivered robust year-on-year growth of 6.2%, reaching TRY 82.0 billion. Turkcell Türkiye was the primary driver of this performance, delivering 5.1% year-on-year growth, largely supported by the outstanding corporate segment revenue growth of 30.6%. Strong Techfin and the Other segment performance made further contributions to the Group’s top-line.

  • EBITDA¹ increased by 6.8% to TRY 36.2 billion, leading to an impressive EBITDA margin of 44.2%, despite higher hardware sales. EBIT² margin stood at 16.6% in Q326, reflecting higher depreciation and amortization expenses associated with our 5G investments and license.

  • We recorded a solid net income of TRY 6.7 billion in Q326, underpinned by outstanding operating results, higher monetary gains and lower tax expenses, which collectively cushioned the impact of increased depreciation and finance costs. Significant year-on-year improvement in TOGG’s financial performance also had a more favorable impact on our net income.

  • Our prudent balance sheet management was reflected in a net leverage³ ratio of 0.31x, while our net FX position remained within the medium-term target range of minus USD 1.5 billion to plus USD 1.5 billion.

• Superbox gaining further momentum, fueled by strong 5G network capabilities and growing customer demand;
  • 701 thousand mobile postpaid net additions, bringing the postpaid subscriber share to 82%

  • Superbox recorded 101 thousand net additions in Q326, its strongest quarterly performance since Q419.

  • Further progress in transforming our fixed subscriber portfolio towards a more profitable mix, supported by 39 thousand Turkcell Fiber net additions in Q326

  • Acceleration of fiber investment with 242 thousand new homepasses in Q326, bringing the total to 6.9 million

  • While the impact of last year’s intense competition on mobile ARPU moderated in the third quarter, the positive contribution of disciplined pricing actions implemented in 2026 is expected to become more visible from Q426 onward.

• Following the Board of Directors’ resolution dated November 2, 2026, Turkcell signed a share purchase agreement on the same day to acquire 11% of the share capital of Türkiye’nin Otomobili Girişim Grubu Sanayi ve Ticaret A.Ş. (“TOGG”), for a total consideration of EUR 88 million. Upon completion of the transaction, Turkcell’s ownership stake in TOGG will increase to 34.0%, further strengthening our long-term participation in the connected mobility ecosystem.

• Under our Share Buyback Program, a total of 20.7 million shares were repurchased for TRY 1.9 billion in October and November 2026, with the aim of ensuring efficient capital allocation and creating long-term shareholder value, taking into account the Company’s financial position, investment needs, and market conditions.

(1) EBITDA is a non-GAAP financial measure. See page 14 for the explanation of how we calculate EBITDA and its reconciliation to net income.

(2) EBIT is a non-GAAP financial measure and is equal to EBITDA minus depreciation and amortization expenses.

(3) Our net debt calculation includes financial assets at fair value, whether through other comprehensive income or through profit and loss, reported under current and non-current assets, as well as financial assets at amortized cost. Required reserves held in CBRT balances are not included in total cash and net debt calculation.

COMMENTS BY CEO, ALİ TAHA KOÇ, PhD

In the third quarter of 2026, we sustained our operational momentum, accelerated revenue growth, and strengthened profitability, supported by our strong technology infrastructure and the contribution of our innovative solutions. In a period of more rational and value-oriented competition in the sector, we closed the quarter with strong subscriber acquisitions, thanks to our customers’ trust in our service quality and their strong interest in the solutions we offer. In this context, we achieved our highest-ever quarterly subscriber acquisitions with Superbox in the Fixed Wireless Access (FWA), where we are the clear market leader¹ in Türkiye.

In the third quarter, our Group revenues increased by 6.2% year-on-year to TRY 82.0 billion, supported by our end-to-end technology solutions addressing the digital transformation needs of our corporate customers and our strong performance in Techfin. Accordingly, our year-on-year revenue growth accelerated notably compared to the second quarter. Thanks to our strong operational performance and disciplined cost management, consolidated EBITDA² grew by 6.8% year-on-year to TRY 36.2 billion, while our EBITDA margin increased to 44.2%. The notable improvement in our EBITDA margin in the third quarter, following a first-half performance in line with our expectations, further strengthened our confidence in achieving our full-year profitability targets.

Supported by our solid operational results, we closed the third quarter with a strong net income of TRY 6.7 billion.

Strong subscriber acquisitions through innovative services

Mobile Number Portability (MNP) volume, one of the key indicators of competitive dynamics in the mobile market, has gradually decreased since the beginning of 2026, falling below 2.3 million in the third quarter. This trend indicated continued normalization of competitive conditions in the market. During this period, we continued to differentiate ourselves through innovative initiatives that elevate the customer experience beyond connectivity quality. With the launch of “Turkcell Solution Power” in the third quarter, we aimed to provide our customers with a seamless and integrated experience across all touchpoints. To this end, we integrated our stores, call centers, and digital channels, enabling customers to continue their transactions seamlessly across different channels. Through Teknocan, our AI-powered digital assistant, we also focused on delivering fast, proactive solutions tailored to our customers’ needs. In digital services, we expanded our customer value proposition with “Turkcell One.” The service brings together leading digital platforms, including Netflix, Disney+, YouTube Premium, Amazon Prime, HBO Max, TV+, wonjo kids, fizy Audiobooks, and lifebox, in a single package with the convenience of one bill, and has attracted considerable customer interest in a short period of time.

We expanded our mobile subscriber base, supported by our differentiated customer experience initiatives, tailored value propositions, and strong network infrastructure. In the third quarter, we recorded 579 thousand mobile net additions, including 701 thousand net additions to our postpaid subscriber base, which remains a key strategic priority for us. Our efforts to improve customer satisfaction and retention, along with the normalization of competitive conditions, helped improve our mobile churn rate by 1.0 percentage points year-on-year to 1.6%. Meanwhile, the impact of last year’s intense competition on ARPU continued to ease in the third quarter. We expect the positive impact of our disciplined pricing adjustments since the beginning of the year to become more visible from the fourth quarter onward.

On the fixed broadband side, we focused on expanding our subscriber base on our own fiber infrastructure. In line with this strategy, we added 39 thousand net Turkcell Fiber subscribers in the third quarter and extended our end-to-end, high-quality fiber network to an additional 242 thousand homepasses. Driven by strong demand for high-speed packages, the share of residential fiber subscribers opting for speeds of 1,000 Mbps and above increased by 27 percentage points year-on-year to 38%. Residential fiber ARPU grew by 2.7% year-on-year, supported by shifts to higher-speed packages and our pricing adjustments.

We are turning the power of 5G into achievements while preparing for future technologies

Supported by our strong network infrastructure, we provide our customers with a superior connectivity experience through Superbox in Fixed Wireless Access (FWA), one of the key areas where we turn our leadership in 5G technology into value. With our Superbox offerings designed to meet different usage needs, we bring the high speeds and superior connectivity quality enabled by 5G to our customers. Driven by strong demand for Superbox and our high service quality, we achieved a record high in quarterly subscriber acquisitions in the third quarter. During the same period, we recorded 101 thousand net additions, marking our strongest quarterly performance since Q4 2019. This performance further reinforced our leadership in Fixed Wireless Access.

We continue to turn the opportunities offered by 5G into tangible value, not only in communications but also in the digital transformation of different industries. Following the remote surgery performed in the second quarter, we achieved another first in healthcare in the third quarter by transmitting video and audio from a robotic surgery system in real time over our 5G network using network slicing technology, for the first time in Türkiye. These initiatives demonstrate the value that 5G can create across various sectors, particularly healthcare, and our ability to develop advanced technology solutions.

In digital infrastructure, we aim to further advance our data center and cloud services, where we hold a leading position in Türkiye, through our work on GPU-based cloud solutions and next-generation AI infrastructure. Through our participation in international R&D projects in strategic areas such as 6G, artificial intelligence, and next-generation digital infrastructure, we contribute to bringing future technologies to life and shaping global standards.

We also acquired office buildings at the Istanbul Financial Center to bring our teams together in a more integrated working environment. The new location will enable closer collaboration between our technology, R&D, and support teams, helping us improve efficiency and share knowledge.

We are growing in our strategic focus areas and strengthening our long-term value creation potential

Our Digital Business Services (DBS) revenues grew by an impressive 65.3% year-on-year in the third quarter, driven by our comprehensive technology solutions that address the end-to-end digital transformation needs of our corporate customers. The share of DBS revenues in consolidated revenues also increased to 13%. Meanwhile, Techfin, a key component of our diversified business model, maintained its contribution to Group growth, with 8.9% revenue growth in the third quarter. Paycell was the main driver of this performance, benefiting from strong momentum in POS services and mobile payments.

We continue to invest in renewable energy with determination, in line with our sustainability goals. In the third quarter, we activated our 16.3 MW solar power plant in Ankara, bringing our total installed ground-mounted solar power generation capacity to 175.4 MW and active capacity to 90.8 MW. These investments not only support our environmental goals but also help us manage our energy costs more efficiently. As a result, our total energy expenses as a percentage of revenues decreased to 1.8% in Q3 2026, compared to 2.3% in the same period last year.

In line with our long-term investment strategy, we decided to increase our stake in Türkiye’nin Otomobili Girişim Grubu (TOGG), which ranked first in Türkiye’s fully electric passenger car market with a 47%³ market share as of October 2026, from 23% to 34%. We believe that TOGG’s established market position and expanding product portfolio, supported by the introduction of new models, will drive sales volumes and economies of scale, creating long-term growth opportunities. We expect this investment, which is also strategically aligned with our technology infrastructure and digital services capabilities, to contribute to our long-term value creation goals.

We consider representing Turkcell’s technological expertise and Türkiye’s capabilities on international platforms as an important responsibility. In this regard, I am honored to have been elected to the GSMA Board for a second term. The GSMA is an organization that plays a key role in shaping the future of the global mobile industry. I also view this role as a valuable opportunity to contribute to the development of the global technology ecosystem. I would like to sincerely thank our customers, shareholders, and Board of Directors for their trust and support in our journey to create value through technology, and our colleagues for their dedication and hard work that make our achievements possible.

(1) Our Superbox market share is calculated based on the Fixed Wireless (Mobile) subscribers as defined by the Information and Communication Technologies Authority (ICTA). The market share figure is as of Q226.

(2) EBITDA is a non-GAAP financial measure. See page 14 for the explanation of how we calculate EBITDA and its reconciliation to net income.

(3) Based on the Automotive Distributors and Mobility Association (ODMD) data for October 2026.

FINANCIAL AND OPERATIONAL REVIEW

Revenue of the Group increased by 6.2% year-on-year, reaching TRY 82,044 million (TRY 77,236 million) in Q326.

Consolidated revenue growth was mainly supported by Turkcell Türkiye, which represents 90% of Group revenues and recorded 5.1% year-on-year growth.

• Corporate revenues grew by 30.6% year-on-year, providing strong momentum for Turkcell Türkiye’s growth. Digital Business Services (DBS) stood out with an impressive 65.3% increase in revenues, driven primarily by higher hardware sales linked to an increased number of one-off projects, alongside expanding recurring service revenues supported by price adjustments.

• Consumer segment revenues achieved positive year-on-year growth in Q326, marking an encouraging inflection point. Building on increasingly rational market dynamics and disciplined pricing actions implemented throughout 2026, we expect this momentum to strengthen, with the contribution of these actions to ARPU and consumer revenues becoming more visible from Q426 onward.

• Wholesale revenue stood at TRY 4,184 million (TRY 4,425 million), down 5.4% year-on-year.

The Techfin segment, accounting for 6% of Group revenues, delivered remarkable yearly growth of 8.9%, reaching TRY 4,817 million (TRY 4,424 million). This strong performance contributed positively to the Group’s overall growth. Paycell remained the key growth driver, further accelerating its strong momentum, primarily led by the outstanding performance of the POS segment. For further details, please refer to the Techfin section.

The Other segment revenues, comprising 4% of the Group’s revenues, which mostly include Turkcell International, the energy business, and non-group call center revenues, recorded outstanding growth of 37.4%, reaching TRY 2,979 million (TRY 2,168 million) in Q326. Non-group call center operations made a meaningful contribution to this strong performance.

Cost of revenue (excluding depreciation and amortization) increased slightly year-on-year to 45.4% (44.2%) as a percentage of revenues for the third quarter of 2026. The year-on-year change was primarily driven by higher cost of goods sold (2.3pp), managed service expenses (0.8pp), mobile finance expenses (0.4pp), and content expenses (0.3pp), despite lower funding costs (0.7pp), energy expenses (0.5pp), treasury share (0.5pp), interconnection expenses (0.4pp) and other expenses (0.5pp) as a percentage of revenues. Strong revenue growth in our Digital Business Services and Paycell businesses was the main factor behind the increases in cost of goods sold, managed service expenses and mobile finance expenses.

Administrative expenses decreased to 3.7% (4.4%) as a percentage of revenues in the third quarter, thanks to lower personnel expenses.

Selling and marketing expenses as a percentage of revenues improved to 6.1% (6.9%), primarily supported by more efficient personnel cost management.

Net impairment losses on financial and contract assets were broadly stable at 0.7% (0.6%) as a percentage of revenues in Q326.

EBITDA¹ increased by 6.8% year-on-year to TRY 36,243 million (TRY 33,944 million) in Q326, with the EBITDA margin rising to 44.2% (43.9%). This margin performance was achieved despite strong growth in relatively lower-margin businesses, such as hardware sales and POS, as robust revenue growth and continued optimization of expenses supported profitability.

• Turkcell Türkiye’s EBITDA was TRY 33,773 million (TRY 32,266 million), resulting in an EBITDA margin of 45.5% (45.7%).

• The Techfin segment maintained its strong momentum, with EBITDA reaching TRY 1,439 million (TRY 971 million), resulting in a notable improvement in the EBITDA margin, which increased by 8.0 pp year-on-year to 29.9% (21.9%).

• The Other segment recorded EBITDA of TRY 1,031 million (TRY 708 million), with an EBITDA margin of 34.6% (32.6%).

Depreciation and amortization expenses were up by 10.3%, amounting to TRY 22,621 million (TRY 20,506 million). This increase was mainly attributable to depreciation and amortization expenses associated with our 5G assets, which began to be recognized in the second quarter of 2026, as well as other investments.

Net finance expenses amounted to TRY 2,363 million (TRY 1,732 million) in Q326, mainly reflecting FX losses associated with a year-on-year increase in the short net FX position due to 5G investments and the higher depreciation of the Turkish lira compared to previous quarters. These were partially offset by monetary gains arising from the capitalization of the 5G license. Excluding monetary gain and FX loss, net finance income increased 3.5-fold year-on-year.

See Appendix A for details of net foreign exchange gain and loss.

Net other expenses were TRY 1,483 million (TRY 703 million) in Q326.

Income tax expense decreased to TRY 2,877 million (TRY 3,489 million) in the third quarter, benefiting from the revaluation of fixed assets during the quarter. The impact of this revaluation more than compensated for the effects of the discontinuation of inflation accounting in statutory financial statements as of Q425.

Net income was recorded at a robust TRY 6,737 million (TRY 7,002 million) in Q326. Strong operating performance, increased monetary gains and lower tax expenses helped offset higher depreciation and finance costs. TOGG’s expanding operational scale led to a substantial year-on-year improvement in its financials, resulting in a more favorable impact on the Group’s bottom line.

(1) EBITDA is a non-GAAP financial measure. See page 14 for the explanation of how we calculate EBITDA and its reconciliation to net income.

Total cash & debt: Consolidated cash as of September 30, 2026 amounted to TRY 98,952 million compared with TRY 114,158 million as of December 31, 2025. The decline was primarily attributable to significant cash outflows in the first quarter, including USD 653 million (including VAT) for the first installment of the 5G license and the Wireless Usage Fee, as well as employee bonus payments. As of the end of Q326, 55% of our cash is in TRY, 37% in USD, and 8% in EUR. Excluding FX swap transactions, 43% of our cash is in USD, 33% in TRY, and 24% in EUR.

Consolidated debt increased to TRY 226,239 million as of September 30, 2026, up from TRY 197,228 million as of December 31, 2025. The increase was driven primarily by the USD 1 billion Murabaha syndicated loan facility secured in March. Lease liabilities accounted for TRY 17,080 million of our consolidated debt. Following hedging transactions, 67% of our consolidated debt (including IFRS16 impact) was in USD, 20% in EUR, 7% in TRY, and 5% in CNY. As of September 30, 2026, net debt¹ increased to TRY 40,686 million from TRY 18,509 million as of December 31, 2025, with a net debt to EBITDA ratio of 0.31x.

In the third quarter, we maintained our proactive balance sheet management approach, assessing hedging costs and FX movements. Given the elevated cost of hedging, we adopted a selective hedging strategy focusing on shorter maturities. Accordingly, we maintained our net FX position within the medium-term target range of ±USD 1.5 billion. At the end of Q326, the Group’s net short FX position, including the hedging portfolio and advance payments, stood at USD 1.3 billion, almost flat quarter-on-quarter.

Capital expenditures increased to TRY 136,499 million in the first nine months of the year, including the USD 1.2 billion 5G license (exc. VAT). Operational capex (excluding license fees) accounted for 22.2% and 22.8% of total revenues in Q326 and 9M26, respectively.

(1) Our net debt calculation includes financial assets at fair value, whether through other comprehensive income or through profit and loss, reported under current and non-current assets, as well as financial assets at amortized cost. Required reserves held in CBRT balances are not included in total cash and net debt calculation.

Operational Review of Turkcell Türkiye

Turkcell achieved 579 thousand mobile net additions in Q326, driven by an outstanding performance in the postpaid segment, with 701 thousand net additions. Prepaid subscriber trends also showed a notable year-on-year improvement. Competitive dynamics in the mobile market became increasingly rational during the quarter, with Mobile Number Portability (MNP) volumes falling below 2.3 million, compared to quarterly levels of around 5 million in 2025. Our superior service quality, enhanced customer experience across all touchpoints, and strategic focus on customer retention contributed to greater customer loyalty, with mobile churn improving to 1.6% from 2.6% in Q325.

On the ARPU front, we have maintained our disciplined approach to price adjustments throughout 2026. Notably, we recorded strong quarter-on-quarter ARPU growth across all segments in Q326. We expect the positive contribution of our pricing actions to become more visible from the fourth quarter onward, supporting ARPU performance in the coming periods.

Building on the strong momentum of the previous quarter, Superbox accelerated its growth in Q326, fueled by our superior 5G network capabilities. Offering fiber-like speeds and a seamless connectivity experience in areas beyond our fiber footprint, Superbox continues to attract strong customer interest. In the third quarter, we achieved an all-time high in subscriber acquisitions. We also recorded 101 thousand net additions, marking our strongest quarterly performance since Q419. This outstanding performance further strengthened our leadership in the Fixed Wireless Access (FWA) market, bringing our market share to 75%¹.

We further expanded our fiber footprint in the third quarter, adding 242 thousand new homepasses and bringing our total fiber homepasses to 6.9 million. By strategically directing our fiber investments towards areas with strong demand potential, we maintained a solid take-up rate of 41%, reflecting our ability to effectively convert fiber homepasses into subscribers. During the quarter, we added 39 thousand net subscribers to our own fiber network. We also continued to shift our fixed subscriber portfolio towards a more profitable mix, gradually reducing our ADSL and cable subscriber base while increasing the share of Turkcell Fiber subscribers.

Customer demand for higher-speed connectivity remained strong throughout the quarter, as reflected in the growing share of 1,000 Mbps and above packages in residential fiber. Supported by our disciplined pricing actions and an increasing share of high-speed packages, residential fiber ARPU grew by 2.7% year-on-year in this quarter.

(1) Our Superbox market share is calculated based on the Fixed Wireless (Mobile) subscribers as defined by the Information and Communication Technologies Authority (ICTA). The market share figure is as of Q226.

TECHFIN

Paycell maintained its outstanding momentum in Q326, delivering 22.7% revenue growth on a yearly basis. This strong performance made a significant contribution to the Group’s top-line. Non-group revenues accounted for 81% of the total, reflecting Paycell’s strong presence in the broader payment ecosystem. The yearly change in the EBITDA margin, which was recorded at 28.3% in Q326, mainly reflected the growing contribution of the POS business, given its structurally lower margin profile.

The POS business was the standout performer, achieving record-high quarterly revenue with 43.7% year-on-year growth. The share of POS revenues in total increased to 48%. POS transaction volume grew by 94% year-on-year, reflecting growing demand for our digital payment solutions. Mobile Payment was another important contributor, with revenues increasing by 15.3% year-on-year. The non-group active subscriber base maintained its strong growth momentum, while the introduction of Turkcell One supported active subscriber growth within the Group.

Paycell’s total transaction volume expanded by 71% year-on-year to TRY 82.1 billion, supported primarily by strong POS activity, followed by money transfers and mobile payments. This increase was primarily driven by the strong 95% year-on-year growth in non-group transaction volume.

Financell’s loan portfolio maintained its healthy growth momentum in Q326, reaching TRY 10.7 billion, with an active customer base of 0.6 million. The company preserved its leading position in the financing sector with a 43%¹ market share by number of loans. Supported by lower funding costs and our risk-based pricing strategy, net interest margin (NIM) improved significantly to 7.7%, compared to 5.0% in Q325.

While ongoing installment restrictions continued to weigh on Financell’s revenue performance on a yearly basis, the company delivered 3.0% quarter-on-quarter growth in Q326. Looking ahead, the increase in the 12-month installment limit for new device purchases from TRY 20,000 to TRY 40,000, effective from early October, is expected to further support revenue growth in the coming quarters.

(1) Source: Association of Financial Institutions, as of Q226.

TURKCELL GROUP SUBSCRIBERS

As of September 30, 2026, the Turkcell Group had approximately 47.6 million registered subscribers. This figure is calculated by taking the number of subscribers of Turkcell Türkiye and of each of our subsidiaries. It includes the total number of mobile, fiber, ADSL, cable and IPTV subscribers of Turkcell Türkiye, BeST’s mobile subscribers and Kuzey Kıbrıs Turkcell’s mobile and fixed subscribers.

OVERVIEW OF THE MACROECONOMIC ENVIRONMENT

The foreign exchange rates used in our financial reporting, along with certain macroeconomic indicators, are set out below.

RECONCILIATION OF NON-GAAP FINANCIAL MEASUREMENTS:

We believe that EBITDA, among other key metrics, facilitates performance comparisons from period to period and management decision making. It also enables performance comparisons between companies. EBITDA as a performance measure eliminates potential differences caused by variations in capital structures (affecting interest expense), tax positions (such as the impact of changes in effective tax rates on periods or companies) and the age and book depreciation of tangible and intangible assets (affecting relative depreciation expense and amortization expense). We also present EBITDA because we believe it is frequently used by securities analysts, investors and other interested parties in evaluating the performance of other mobile operators in the telecommunications industry in Europe, many of which present EBITDA when reporting their results.

Our EBITDA definition includes Revenue, Cost of Revenue excluding depreciation and amortization, Selling and Marketing expenses, Administrative expenses and Net impairment losses on financial and contract assets, but excludes finance income and expense, other operating income and expense, investment activity income and expense, share of profit / (loss) of equity accounted investees and minority interest.

Nevertheless, EBITDA has limitations as an analytical tool, and you should not consider it in isolation from, or as a substitute for, analysis of our results of operations, as reported under IFRS. The following table provides a reconciliation of EBITDA, as calculated using financial data prepared in accordance with IFRS to net profit, which we believe is the most directly comparable financial measure calculated and presented in accordance with IFRS.

RECONCILIATION OF ARPU: ARPU is an operational metric and the methodology for calculating performance measures such as ARPU varies substantially among operators and is not standardized across the telecommunications industry, and reported performance measures thus vary from those that may result from the use of a single methodology. Management believes this metric is helpful in assessing the development of our services over time. The following table shows the reconciliation of Turkcell Türkiye revenues to such revenues included in the ARPU calculations for Q3 2025 and Q3 2026.

ABOUT TURKCELL: Turkcell is a technology and telecommunications company headquartered in Türkiye, offering a unique portfolio of voice, data, and TV services over its mobile and fixed networks along with digital consumer, enterprise, and techfin services. Turkcell Group operates in three countries: Türkiye, Belarus, and Northern Cyprus. In Q326, Turkcell Group reported revenue of TRY 82.0 billion, with total assets of TRY 715.1 billion as of September 30, 2026. Listed on both the NYSE and BIST since July 2000, Turkcell remains the only dual-listed company on these exchanges. Read more at https://www.turkcell.com.tr/en-en/about-us/investor-relations.

Appendix A – Tables

Table: Net foreign exchange gain and loss details

Table: Income tax expense details

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