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The call presents a predominantly positive operational and financial picture: clear top-line and EBITDA growth, strong subscriber momentum (record postpaid additions and ARPU expansion), fast scaling in digital, techfin and data center businesses, solid cash and leverage metrics, and strategic wins (5G spectrum and Google Cloud partnership). Key risks flagged include elevated competition and mobile portability, FX exposure from a reduced hedging posture, potential margin pressure in 2026 due to salary and 5G ramp costs, and an expected normalization of very high data center growth rates as the base expands. On balance, the positive results, strategic progress and strong balance sheet materially outweigh the near-term risks.
Turkcell guided to real revenue growth of 5–7% for 2026, an EBITDA margin of 40–42% and operational CapEx intensity of about 25% to support 5G, data center and renewables investment (FY25 CapEx intensity was 22.6%). For data center & cloud, management expects 18–20% revenue growth in 2026, about $100m of EBITDA beginning in 2026 and at least a sixfold increase in USD revenues by 2032 as active capacity (50 MW today) is doubled by 2032. They reiterated a net leverage target below 1x (FY25 net debt TRY15bn, net leverage 0.1x; cash TRY92bn), a target FX position around $1.5bn (FY25 FX debt USD3.4bn) and ongoing shareholder returns (72% of 2025 net income distributed; $58m repurchased to date).
Full-year revenues +11% year-on-year, surpassing TRY 241 billion; Q4 revenues +7% to TRY 63 billion. Full-year EBITDA +14% to TRY 104 billion with EBITDA margin ~43% (CEO cited 43.1%); Q4 EBITDA +12% to TRY 26 billion (41.2% margin). Net income from continuing operations +23% to TRY 17.8 billion (Q4 net income +11% to TRY 3.6 billion).
Record postpaid additions — 905,000 net additions in Q4 (strongest in 6 years) and 2.4 million postpaid net additions in 2025 (highest in 26 years). Postpaid mix increased by 4.7 percentage points to 81%. Mobile ARPU real growth +5.4% and churn improved to 2.7%.
Superonline net adds 119,000 fiber subscribers in 2025, total fiber base 2.6 million. Fiber home pass expanded to 6.3 million with a take-up ratio of 42%. Residential fiber ARPU +10.3% year-on-year.
Data center and cloud revenues +32% year-on-year. Operates 50 MW of active data center capacity today with plans to double by 2032; expects data center/cloud revenues to grow ~6x in USD terms by 2032. Announced Google Cloud hyperscale region partnership (Google to invest at scale) and segment expected to generate ~US$100 million EBITDA beginning 2026. 2026 guidance for data center/cloud revenue growth 18%–20%.
Digital Business Services revenues +30% to TRY 7 billion; system integration backlog at TRY 6 billion. Techfin revenues +21% for 2025; Paycell Q4 revenues +40% YoY and non-group revenue share increased by 18 percentage points to 77%. Techfin contributed ~6% of consolidated revenues (TRY 2.4 billion).
Cash position TRY 92 billion after dividends and redemptions; net debt TRY 15 billion and net leverage 0.1x. Distributed 72% of net income from continuing operations and launched a 3-year buyback program (US$58 million repurchased to date). CapEx intensity closed at 22.6% (operational CapEx guidance ~25%).
Active solar capacity increased to ~62 MW in 2025 (164 MW installed across 8 cities in total). Solar portfolio delivered TRY 156 million in OpEx savings during the year and supports energy resilience and 2050 net-zero commitment.
Awarded the largest spectrum in the 5G auction and secured fiber footprint via agreement with BOTAS. Committed investments in 5G rollout, data centers and renewables to support long-term leadership; expected operational CapEx intensity ~25% reflects this investment cycle.
Ladies and gentlemen, thank you for standing by. I'm Paulina, your Chorus Call operator. Welcome, and thank you for joining the Turkcell's conference call and live webcast to present and discuss the Turkcell Fourth Quarter and Full Year 2025 financial results. [Operator Instructions] The conference is being recorded. [Operator Instructions] At this time, I would like to turn the conference over to Mrs. Ozlem Yardim, Investor Relations and Corporate Finance Director. Mrs. Yardim, you may now proceed.
Thank you, Paulina. Hello, everyone, and welcome to Turkcell's 2025 year-end earnings call. On the call today, we have our CEO, Ali Taha Koc; and CFO, Kamil Kalyon. They will provide an overview of our operational and financial results for the quarter and the year, followed by a Q&A session. Before we begin, I would like to kindly remind you to review our safe harbor statement, which is available at the end of our presentation. With that, I will now turn the call over to Mr. Ali Taha Koc.
Thank you, Ozlem. Good afternoon, everyone, and thank you for joining us today. We closed 2025 with a strong finish, exceeding all of our expectations. Revenues increased by 11%, and we achieved an EBITDA margin of 43.1%. Net income from continuing operation reached TRY 17.8 billion, up 23% year-on-year. These outcomes reflect disciplined execution and strong momentum across the business. 2025 was pivotal for our long-term strategic positioning. We were awarded the largest spectrum in the 5G auction and secured our fiber footprint through the agreement with BOTAS.
This will strengthen our networ...