Q2 2026 Turk Telekomunikasyon AS Earnings Call Transcript
Key Points
- Consolidated revenues grew 9% year-on-year to TRY 73 billion, with strong contributions from fixed broadband, corporate data, and ICT projects.
- EBITDA margin expanded by 60 basis points year-on-year in the first half, reaching 41.3%, within the guidance range.
- Mobile subscriber base grew by 539,000 net additions, and Turk Telekom led the MNP market in Q2.
- Fixed broadband ARPU grew 15% year-on-year, with 69% of subscribers now on speeds above 50 Mbps, up from 54% a year ago.
- Management expects revenue growth to accelerate in the second half, driven by recent price revisions and new ICT projects, maintaining the 8% real revenue growth guidance.
- Net profit declined 7% year-on-year to TRY 6 billion, impacted by higher financial expenses and depreciation from 5G and concession investments.
- Mobile ARPU declined 6% year-on-year in Q2, reflecting high inflation and delayed impact of price revisions.
- CapEx intensity rose to 29.1% in the first half, with full-year guidance raised to 34% due to 5G rollout and fiber investments, pressuring free cash flow.
- Unlevered free cash flow fell sharply to TRY 3.9 billion from TRY 9.4 billion in the prior year quarter, due to higher CapEx.
- Net leverage increased to 1.0x from 0.6x at year-end 2025, driven by 5G and concession payments, with further payments due by year-end.
Ladies and gentlemen, thank you for standing by. I'm Paulina, your Chorus Call operator. (Operator Instructions) We are here with the management team, and today's speaker is Omer Karademir, CFO. Before starting, I kindly remind you to review the disclaimer on the earnings presentation. Now I would like to turn the conference over to Mr. Omer Karademir. Sir, you may now proceed.
Thank you, Paulina. Hello, everyone. This is Omer Karademir, Turk Telekom CFO. Welcome to our 2026 second quarter results conference call. Thank you for joining us today. Let's go to slide number three, financial and operational overview slide. First, I will start with a quick update on the quarter end markets.
Overall, as Turf Telekom Group, we successfully closed the period with strong revenue growth and solid profitability despite global geopolitical tensions and macro impacts. Building on this strong first half, we are excited about the second half and full-year growth prospects for our revenue and
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