Turk Telekomunikasyon AS
IST:TTKOM.E
Turk Telekomunikasyon AS
Türk Telekomünikasyon A.Ş., prominently known as Türk Telekom, has long been a cornerstone of Turkey’s telecommunications landscape. Emerging from its government roots when privatized in 2005, the company has built a comprehensive suite of services that caters to a rapidly modernizing country. At the heart of its operations lies a robust infrastructure that not only supports traditional landline telephony but also powers an extensive range of internet and mobile services. Türk Telekom has adeptly woven a complex tapestry of connectivity that spans urban centers and rural communities alike, effectively tying together the diverse fabric of Turkish society through technology. Their ability to provide seamless fixed-line and broadband services across a challenging geographical terrain highlights the company’s enduring commitment to unifying communication.
Financially, Türk Telekom thrives on its diversified revenue streams, which stem principally from its internet and mobile segments. Mobile subscriptions continue to surge as smartphone penetration deepens, coinciding with increased demand for high-speed data services. This positions mobile as a significant contributor to revenue, complementing the steady gains from the broadband services segment. Furthermore, by investing in digital transformation, Türk Telekom ensures its service offerings remain relevant and competitive, such as through cloud services and cutting-edge digital applications. While the company faces challenges typical of the telecom sector—such as regulatory pressures and the relentless pace of technological change—it remains a pivotal player in Turkey's telecom arena, constantly adapting to keep pace with, and often ahead of, these challenges.
Türk Telekomünikasyon A.Ş., prominently known as Türk Telekom, has long been a cornerstone of Turkey’s telecommunications landscape. Emerging from its government roots when privatized in 2005, the company has built a comprehensive suite of services that caters to a rapidly modernizing country. At the heart of its operations lies a robust infrastructure that not only supports traditional landline telephony but also powers an extensive range of internet and mobile services. Türk Telekom has adeptly woven a complex tapestry of connectivity that spans urban centers and rural communities alike, effectively tying together the diverse fabric of Turkish society through technology. Their ability to provide seamless fixed-line and broadband services across a challenging geographical terrain highlights the company’s enduring commitment to unifying communication.
Financially, Türk Telekom thrives on its diversified revenue streams, which stem principally from its internet and mobile segments. Mobile subscriptions continue to surge as smartphone penetration deepens, coinciding with increased demand for high-speed data services. This positions mobile as a significant contributor to revenue, complementing the steady gains from the broadband services segment. Furthermore, by investing in digital transformation, Türk Telekom ensures its service offerings remain relevant and competitive, such as through cloud services and cutting-edge digital applications. While the company faces challenges typical of the telecom sector—such as regulatory pressures and the relentless pace of technological change—it remains a pivotal player in Turkey's telecom arena, constantly adapting to keep pace with, and often ahead of, these challenges.
Revenues: Consolidated 2025 revenues rose to TRY 242 billion (up >14% YoY); Q4 revenues were TRY 69.3 billion (up 16.2% YoY).
Profitability: 2025 EBITDA climbed to TRY 99 billion (up 20% YoY) with a 41% margin (up 200 bps); Q4 EBITDA was TRY 26.4 billion (up 12.1% YoY) with a 38% margin.
Net income: Annual net income more than doubled to TRY 23 billion despite a large deferred tax expense of TRY 20.9 billion recorded in the year.
Subscribers: Total subscriber base reached 56.6 million with 392,000 Q-on-Q net additions; fixed broadband 15.4 million (down 30,000 QoQ) and mobile 31.5 million.
ARPU & upsell: Fixed broadband ARPU grew 18% YoY in Q4 and average package speeds rose strongly (retail average 107 Mbps). Mobile ARPU fell 8.5% YoY in Q4 but was flat excluding M2M.
Cash & leverage: Net leverage improved to 0.6x; cash and equivalents were TRY 67 billion and unlevered free cash flow for 2025 was TRY 26 billion (Q4: TRY 3 billion).
CapEx & 5G: Full-year CapEx was TRY 70 billion, Q4 CapEx TRY 26 billion. 2026 CapEx intensity is guided to 33%–34% to support 5G rollout and FTTH conversions.
2026 outlook: Management guides 8%–9% revenue growth and 41%–42% EBITDA margin assuming 22% year-end inflation.
