SEC Form 6-K filed by Turkcell Iletisim Hizmetleri AS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2025

Commission File Number: 001-15092

TURKCELL ILETISIM HIZMETLERI A.S.

(Translation of registrant’s name into English)

Aydınevler Mahallesi İnönü Caddesi No:20

Küçükyalı Ofispark

34854 Maltepe
Istanbul, Türkiye

(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

x Form 20-F  ¨ Form 40-F

Enclosure: A press release dated May 9, 2025, announcing the release of the registrant’s financial results for the 1st quarter 2025.

Contents

NOTICE

This press release contains the Company’s financial information for the period ended March 31, 2025, 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 March 31, 2025. 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 March 31, 2025. 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 2025. In establishing such guidance and outlooks, the Company has used a certain number of assumptions regarding factors beyond its control, in particular 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 generally can 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 2024 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.

SEGMENT INFORMATION¹

The Group had divided its main operating segments into three groups: Turkcell Türkiye, Turkcell International, and Techfin, within the framework of a strategy to provide integrated communication and technology services, ensuring economic integrity. Management has re-evaluated the operating segments and decided, as of the first quarter of 2025, to separate the existing operating segments into two groups: Turkcell Türkiye and Techfin. After Ukraine sales, the companies in the Turkcell International segment have been classified under the Other.

Turkcell Satış, where consumer electronics sold through digital channels, smart device management operations, and retail channel operations are conducted, was reported under the Other. Since these activities are regularly reviewed by central management through integrated channel management, along with integrated corporate business solutions, city hospitals, hardware, and corporate terminal operations, all operations of Turkcell Satış have been reclassified under the reportable segment of Turkcell Türkiye as of the first quarter of 2025.

There has been no change in the Techfin segment.

The classifications have no impact on the operating profit, net profit, or the cash flow statement.

Starting from Q125, our reporting segments will be as follows:

Turkcell Türkiye reportable segment includes mobile, fixed telecom, digital services and digital business services operations of Turkcell, Turkcell Superonline Iletisim Hizmetleri A.S. (“Turkcell Superonline”), Turkcell Satış A.S’s (“Turkcell Satış”), Turkcell Dijital Is Servisleri A.S. (“Turkcell Dijital”), group call center operations of Global Bilgi Pazarlama Danismanlik ve Cagri Servisi Hizmetleri A.S. (“Turkcell Global Bilgi”), Turktell Bilisim Servisleri A.S. (“Turktell”), Atmosware Teknoloji Egitim ve Danismanlik A.S (“Atmosware Teknoloji”), Turkcell Teknoloji Arastirma ve Gelistirme A.S. (“Turkcell Teknoloji”), Ultia Teknoloji Yazilim ve Uygulama Gelistirme Ticaret A.S. (“Ultia”), Kule Hizmet ve Isletmecilik A.S. (“Global Tower”), Rehberlik Hizmetleri Servisi A.S. (“Rehberlik”), Turkcell Gayrimenkul Hizmetleri A.S. (“Turkcell Gayrimenkul”), Lifecell Dijital Servisler ve Cozumler A.S. (“Lifecell Dijital Servisler”), Lifecell Bulut Cozumleri A.S. (“Lifecell Bulut”), Lifecell TV Yayin ve Icerik Hizmetleri A.S. (“Lifecell TV”), Lifecell Müzik Yayin ve Iletim A.S. (“Lifecell Müzik”), BiP Iletisim Teknolojileri ve Dijital Servisler A.S. (“BiP A.S.”), TDC Veri Hizmetleri A.Ş (“TDC”) and Artel Bilişim Servisleri A.Ş (“Artel”).

Techfin reportable segment includes all financial services operations of Turkcell Finansman A.Ş (“Turkcell Finansman”), Turkcell Ödeme ve Elektronik Para Hizmetleri A.Ş. (“Turkcell Ödeme”),Paycell LLC(“Paycell LLC”), Paycell Europe GmbH (“Paycell Europe”), Turkcell Sigorta Aracılık Hizmetleri A.Ş. (“Turkcell Sigorta”), Sofra Kurumsal ve Ödüllendirme Hizmetleri A.Ş (“Sofra”), Turkcell Dijital Teknolojileri Limited (“Turkcell Dijital Teknoloji”), and Turkcell Dijital Sigorta A.Ş. (“Turkcell Dijital Sigorta”). The operations of these legal entities aggregated into one reportable segment as the nature of services are similar and most of them share similar economic characteristics.

Other reportable segment mainly comprises of non-group call center operations of CJSC Belarusian Telecommunications Network (“BeST”), Kıbrıs Mobile Telekomunikasyon Limited Sirketi (“Kıbrıs Telekom”), East Asian Consortium B.V. (“Eastasia”), Lifecell Ventures B.V (“Lifecell Ventures”), Lifetech LLC (“Lifetech”), Beltower LLC (“Beltower”), Lifecell Digital Limited (“Lifecell Digital”), Yaani Digital BV (“Yaani”), BiP Digital Communication Technologies B.V (“BiP B.V.”), Turkcell Global Bilgi, Turkcell Enerji Çözümleri ve Elektrik Satış Ticaret A.Ş. (“Turkcell Enerji”), Boyut Grup Enerji Elektrik Üretim ve İnşaat Sanayi ve Ticaret A.Ş. (“Boyut Enerji”) and Turkcell Yeni Teknolojiler Girişim Sermayesi Yatırım Fonu (“Turkcell GSYF”).

FINANCIAL HIGHLIGHTS

(1) EBITDA is a non-GAAP financial measure. See page 15 for the explanation of how we calculate Adjusted 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 to include "financial assets at fair value through other comprehensive income” reported under current and non-current assets, and “financial assets at amortized cost”. Required reserves held in CBRT balances are not included in net debt calculation, and this has been reflected in previous quarters’ figures

(4) Excluding M2M

COMMENTS BY CEO, ALİ TAHA KOÇ, PhD

A Promising Start to 2025

As Türkiye’s leading telecommunications and technology company, Turkcell enters another year with a firm commitment to shaping the future-prioritizing sustainable growth and delivering lasting value for all stakeholders. Despite ongoing macroeconomic volatility and intense competition in the sector, we continued to deliver strong financial results, driven by robust ARPU growth from our inflationary pricing strategy and strong growth momentum in our Techfin business. This strong performance reflects the resilience of our diversified business model and our ability to execute our strategy, and further strengthens our ambitions for growth and long-term value creation.

In the first quarter of 2025, our consolidated revenues rose to TRY 48.0 billion, marking a 12.7% year-on-year increase, driven by ARPU growth in both mobile and fixed segments of our telecommunications business, an expanding subscriber base driven by postpaid subscriber additions, and strong revenue growth in our strategic focus areas. Our Techfin segment revenues rose 31.5%, while our data center and cloud business grew by 47.5% this quarter. Consolidated EBITDA¹ increased by 19.0% to reach TRY 21.0 billion, while the EBITDA margin rose by 2.3 points to 43.7%. We delivered a net profit of TRY 3.1 billion. The remarkable results we achieved in the first quarter of the year have reinforced our confidence in reaching our 2025 targets.

Strong ARPU growth in both mobile and fixed segments

The mobile market performed in line with our expectations during the first quarter of the year. The volume in the Mobile Number Portability (MNP) market was lower compared to the previous quarter, but dynamic than the same period last year. Aligned with our strategy for sustainable value creation, we maintained our focus on acquiring postpaid subscribers in the mobile segment. We had a net addition of 153 thousand postpaid mobile subscribers, while the share of postpaid subscribers in the total mobile subscriber base rose by 4 percentage points year-on-year to reach 76%. Driven by our upsell efforts, the net addition of 1.6 million postpaid subscribers over the past 12 months, and our inflationary pricing strategy, mobile ARPU² recorded solid year-on-year growth of 15.9%.

In the fixed segment³, we strengthened our fiber subscriber base by a net addition of 30 thousand new customers through our high-quality, end-to-end fiber service. The number of subscribers using our services via other internet service providers’ (ISPs) fiber infrastructure surpassed 19 thousand. Through our investments in fixed broadband infrastructure, we enabled fiber access for 43 thousand new homepasses, increasing our total homepass to over 6.0 million. Fiber ARPU continued its strong growth and rose by 17.7%, supported by a higher share of subscribers using speeds of 100 Mbps and above, an increase in the proportion of customers with 12-month contracts, price adjustments, and the contribution of our IPTV service.

As part of our commitment to strengthening the fixed market presence, we achieved a key milestone by winning a tender amounting to USD 25.5 million annually, to renew our BOTAŞ agreement. This 15-year extension enhances our fiber infrastructure capabilities and supports the sustainable expansion of our services.

To enhance user experience, we stay ahead of the latest technological advancements, ensuring innovations reach our customers swiftly and seamlessly. In February, we became Türkiye’s first operator to introduce Wi-Fi 7 technology to our fiber customers. With the advanced technology offered by Wi-Fi 7, our subscribers can access download and upload speeds of up to 1,000 Mbps.

Momentum in the Techfin segment remains strong

Our Techfin business, which includes the Paycell and Financell, continues to contribute to our consolidated financial performance through strong revenue growth. Paycell, which offers secure and fast payment solutions, increased its revenues by 47.8% year-on-year, driven particularly by the contribution of mobile payment and POS solutions. Despite weakness in consumer appetite due to the macroeconomic environment, Financell’s revenues increased by 8.2% year-on-year, supported by effective campaign management and the positive contribution of personalized pricing strategies. Net Interest Margin (NIM) rose by 3.4 percentage points year-on-year to 4.7%, supported by decrease in funding costs.

We are committed to maintaining our leading position in the Türkiye Data Center market, gained through our first mover advantage, driven by our strong belief in the long-term potential of the sector. In this respect, for the first time, we announced a revenue growth guidance for our Data Center and Cloud business in 2025. The 47.5% growth achieved in the first quarter demonstrates a positive outlook for reaching our year-end guidance.

Sustainability is at the heart of our business

With our qualified human capital, strong financial structure, and commitment to operational excellence, we remain firmly focused on creating long-term and sustainable value. The inaugural sustainable bond issuance we carried out in January was a significant indicator of this commitment. Driven by this vision, we continue to advance our renewable energy investments across our operations. We increased our active land-based solar energy capacity from 8.2 MW by the end of 2024 to 28.2 MW this quarter. We are gradually commissioning our new plants upon the completion of the permitting process, thereby increasing the share of self-generated renewable energy in our total energy consumption. We consider sustainability not only as an environmental concern, but also as a social and corporate responsibility. With that in mind, we continue to implement numerous projects such as “Digital Spring,” “Whiz Kids” and “Recycle into Education” that aim to benefit our human capital, the society we live in, nature and future generations.

In March, we once again had the honor of representing Türkiye at the Mobile World Congress, organized by the GSMA, a board on which I am proud to serve. Throughout the congress, we showcased Turkcell’s pioneering initiatives to the world and signed over 20 strategic alliance agreements with global technology brands. All these steps reflect our vision of positioning Türkiye at the heart of the digital transformation.

I would like to thank all my colleagues who walk this journey with us, our Board of Directors for their trust and support, and our customers and business partners who stand with us every step of the way on our journey to success.

(1) EBITDA is a non-GAAP financial measure. See page 15 for the explanation of how we calculate Adjusted EBITDA and its reconciliation to net income

(2) Excluding M2M

(3) As of the fourth quarter of 2024, our fixed broadband subscriber reporting has been revised. Turkcell Fiber refers to customers served entirely through our own fiber infrastructure, while Turkcell Resell includes DSL, Cable, and Fiber sales provided through infrastructures of other ISPs. Accordingly, historical subscriber figures have been revised to ensure comparability.

FINANCIAL AND OPERATIONAL REVIEW OF FULL YEAR

Financial Review of Turkcell Group

(1) Excluding depreciation and amortization expenses.

(2) EBITDA is a non-GAAP financial measure. See page 15 for the explanation of how we calculate Adjusted EBITDA and its reconciliation to net income.

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

Revenue of the Group rose by 12.7% year-on-year in the first quarter of 2025, primarily driven by strong net additions of postpaid subscribers, price adjustments aligned with our inflationary pricing policy, and effective upsell efforts. The Techfin segment maintained its growth momentum with a year-on-year increase of 31.5%, making a positive contribution to the Group’s topline.

In the first quarter, Turkcell Türkiye⁴ revenues, representing 91% of Group revenues, increased by 11.6% to TRY43,523 million (TRY38,984 million).

(4) As of Q1 2025, we have revised our revenue segmentation. The figures are presented according to this new structure. Please refer to page 4 and the Excel file available on the Turkcell IR website for a comprehensive explanation and comparison.

Techfin segment revenues, accounting for 6% of Group revenues, grew by 31.5% to TRY2,747 million (TRY2,089 million). The primary driver of this growth was Paycell business. Please refer to the Techfin section for details.

Other¹ segment revenues, comprising 4% of Group revenues, which mostly include Turkcell International revenues, energy business revenues and non-group call center, rose 13.4% to TRY1,693 million (TRY1,493 million).

Cost of revenue (excluding depreciation and amortization) decreased to 45.0% (48.5%) as a percentage of revenues for the first quarter of 2025. This was driven mainly by the decline in cost of goods sold (1.5pp), interconnection cost (0.6pp), energy cost (0.6pp), funding cost (0.4pp) and other cost items (0.9pp), while the increase in mobile payment expense (0.5pp) as a percentage of revenues.

Administrative expenses increased to 4.2% (3.8%) as a percentage of revenues for this quarter. The primary driver of this increase was the rise in personnel expenses.

Selling and marketing expenses increased to 6.7% (5.7%) as a percentage of revenues. The rise in marketing expenses (0.6pp) and selling expenses (0.2pp) as a percentage of revenues was the main driver of this increase.

Net impairment losses on financial and contract assets were at 0.4% (0.7%) as a percentage of revenues in Q125.

EBITDA² increased by 19.0% year-on-year in Q125 leading to an EBITDA margin of 43.7% with a 2.3pp improvement (41.4%).

Depreciation and amortization expenses were almost flat in this quarter, amounting to TRY 12,746 million.

Net finance costs were at TRY358 million (TRY222 million income) in Q125. While the net FX loss significantly declined to TRY 1,381 million (down from TRY 3,186 million) reflecting effective management of the derivative portfolio and financial investments, the decline in the monetary gain led to a net finance cost.

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

Other expenses increased to TRY450 million (TRY302 million) in Q125.

Income tax expense: increased to TRY3,460 million (TRY1,824 million) mainly due to higher deferred tax and corporate tax expenses. One of the underlying reasons for the increase was the recongnition of a tax-paying position for Q1 2025.

Net income of the Group decreased by 15.3% to TRY3,082 million (TRY3,638 million) in Q125. The strong EBITDA, with its growth exceeding revenue, was the key driver behind the net income. Please recall that the sale of our Ukrainian assets, amounting to TRY747 million, had a positive impact on net income in the same quarter last year. Excluding this impact net income increased by 6.6%. As stated above, income tax expenses were another item that diluted net income.

(1) As of Q1 2025, we have revised our revenue segmentation. The figures are presented according to this new structure. Please refer to page 4 and the Excel file available on the Turkcell IR website for a comprehensive explanation and comparison.

(2) EBITDA is a non-GAAP financial measure. See page 15 for the explanation of how we calculate adjusted EBITDA and its reconciliation to net income.

Total cash & debt: Consolidated cash as of March 31, 2025, increased to TRY108,421 million up from TRY75,871 million as of December 31, 2024. This increase was primarily driven by the USD 1 billion Eurobond issuance completed in January 2025, which significantly strengthened our liquidity, allowing us to secure the necessary 5G financing at relatively favorable costs ahead of rising interest rates and borrowing expenses driven by global and local market challenges. Please also note that, as is customary in the first quarter of each year, a wireless usage fee payment of TRY 3.0 billion was made during this period, along with cash outflows related to our investments. Excluding FX swap transactions, 70% of our cash is in US$, 17% in EUR, 3% in CNY, and 10% in TRY.

Consolidated debt as of March 31, 2025, increased to TRY150,712 million from TRY114,840 million as of December 31, 2024. Please note that TRY6,411 million of our consolidated debt is comprised of lease obligations. Note, too, that 60% of our consolidated debt is in US$, 26% in EUR, 3% in CNY, and 11% in TRY.

Net debt¹, as of March 31, 2025, increased to TRY16,637 million from TRY11,789 million as of December 31, 2024, with a net debt to EBITDA ratio of 0.21x.

Turkcell Group had a short net FX position of US$76 million at the end of this quarter (this figure takes hedging portfolio and advance payments into account). The short FX position of US$76 million is in line with our FX neutral definition, which is between -US$200 million and +US$200 million.

Capital expenditures: Capital expenditures, including non-operational items, were at TRY16,117 million in Q125.

As of Q125, operational capital expenditures (excluding license fees) at the Group level were at 20.2% of total revenues.

(1) Our net debt calculation to include "financial assets at fair value through other comprehensive income” reported under current and non-current assets, and “financial assets at amortized cost.” Required reserves held in CBRT balances are not included in net debt calculation, and this has been reflected in previous quarters’ figures

Operational Review of Turkcell Türkiye

(1) Including mobile, fixed broadband, IPTV, and wholesale (MVNO&FVNO) subscribers

(2) As of the fourth quarter of 2024, our fixed broadband subscriber reporting has been revised. Turkcell Fiber refers to customers served entirely through our own fiber infrastructure, while Turkcell Resell includes DSL, Cable, and Fiber sales provided through infrastructures of other ISPs. Accordingly, historical subscriber figures have been revised to ensure comparability.

(3) Superbox subscribers are included in mobile subscribers.

(4) Churn figures represent average monthly churn figures for the respective periods.

Despite a competitive environment, we have maintained our focus on postpaid subscribers achieving a net addition of 153 thousand this quarter. Our prepaid subscriber base decreased to 9.0 million primarily driven by the widespread adoption of alternative data solutions (such as e-SIM) and a shift in customer preferences toward postpaid tariffs. This shift has been influenced by rising taxes (increased by the revaluation rate), which are collected in advance from prepaid customers, as well as a general tendency to secure fixed prices in an inflationary environment. Thus, the share of postpaid subscribers in the total mobile subscriber base has reached %76, marking an annual increase of four percentage points. Due to the intense market dynamics, we experienced a slight increase in mobile churn rate, which we define as a healthy level, thanks to our effective churn management actions supported by our analytical models in Q125 compared to the same quarter last year.

Mobile ARPU (excluding M2M) posted a 15.9% year-on-year growth, driven by strategic price adjustments, effective upselling initiatives, and the ongoing expansion of our postpaid subscriber base. Please note that we have added 1.6 million postpaid subscribers over the past 12 months.

On the fixed front, our subscriber base reached 3.3 million on 25 thousand quarterly net additions. Our fiber subscriber base expanded by 30 thousand quarterly and 150 thousand annual net additions. Since early 2025, we have been offering fiber services over the incumbent operator’s infrastructure, and by the end of Q1, we reached 19 thousand subscribers in the resell fiber segment. Thanks to our focus on expanding fiber infrastructure, we extended our pure fiber services to an additional 43 thousand homepasses this quarter, bringing the total to over 6.0 million.

Fiber ARPU maintained its strong growth, increasing by 17.7%, driven by the rising share of subscribers using speeds of 100 Mbps and above, the increasing share of 12-month contracted customers, price adjustments, and the contribution of our IPTV service. We have followed the incumbent operator’s price increases in the fixed segment implemented in late March. ARPU growth will be sustained in the upcoming periods.

TECHFIN

Paycell was the main driver of Techfin segment growth this quarter, achieving a remarkable 47.8% increase in its revenues. Mobile payment and POS services played a pivotal role in driving this success. The POS solution outpaced all other verticals in Paycell, achieving the fastest growth by more than doubling its performance due mainly to increasing virtual POS commission. It is worth noting that over 70% of Paycell’s revenues stemmed from non-group business, emphasizing its successful path toward broader market expansion. On the EBITDA front, the increasing share of POS business in revenues resulted in a contraction of the EBITDA margin.

The total transaction volume reached to TRY38 billion in the first quarter of 2025 by increasing 88% year on year. In addition to the POS solution, QR Code and direct carrier billing also supported the volume increase.

Despite relatively weak consumer demand and limited number of smartphones under TRY 20,000 eligible for 12-month installment plans, Financell’s revenues grew by 8.2% year-on-year in Q125. The main drivers of this growth were a higher average interest rate on the loan portfolio compared to the same period last year and personalized pricing offers. Financell also recorded 54.0% year-on-year EBITDA growth, achieving an EBITDA margin of 15.9% with an improvement of 4.8 percentage points, thanks to lower funding costs on a yearly basis.

Financell’s loan portfolio reached TRY 6.8 billion in Q125. As of the end of the first quarter, the company had 0.8 million active customers. Accordingly, Financell captured a 9% market share in loans under TRY 20,000 granted in Türkiye.

TURKCELL GROUP SUBSCRIBERS

Turkcell Group registered subscribers amounted to approximately 45.2 million as of March 31, 2025. 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, and the mobile subscribers of BeST and Kuzey Kıbrıs Turkcell.

(1) Subscribers to more than one service are counted separately for each service. Including mobile, fixed broadband, IPTV, and wholesale (MVNO&FVNO) 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 Adjusted EBITDA, among other key metrics, facilitates performance comparisons from period to period and management decision making. It also enables performance comparisons between companies. Adjusted 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 Adjusted 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 Adjusted EBITDA when reporting their results.

Our Adjusted 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 of equity accounted investees and minority interest.

Nevertheless, Adjusted 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 Adjusted 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 Q124 and Q125.

(1) Revenue from fixed corporate and wholesale business; digital business sales; tower business, and other non-subscriber-based revenues

(2) Revenues from Turkcell Türkiye included in ARPU calculation comprise telecommunication services revenue, equipment revenue and revenues which are not attributed to ARPU calculation.

ABOUT TURKCELL: Turkcell, headquartered in Türkiye, is a leading technology and telecommunications company offering a diverse portfolio of voice, data, and IPTV services across its mobile and fixed networks, alongside digital consumer, enterprise, and techfin solutions. The Turkcell Group operates in three countries: Türkiye, Belarus, and Northern Cyprus. In Q125, Turkcell Group reported revenue of TRY48.0 billion, with total assets of TRY418.1 billion as of March 31, 2025. Listed on both the NYSE and BIST since July 2000, Turkcell remains the only dual-listed company on these exchanges. Read more at www.turkcell.com.tr.

For further information, please contact Turkcell

Appendix A – Tables

Table: Net foreign exchange gain and loss details

Table: Income tax expense details

Appendix B – New Segment Breakdown

Revenue Breakdown (IAS29 Applied)            

TURKCELL İLETİŞİM HİZMETLERİ A.Ş.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE-MONTHS INTERIM PERIOD ENDED

31 MARCH 2025

TURKCELL İLETİŞİM HİZMETLERİ A.Ş.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTHS INTERIM PERIOD ENDED 31 MARCH 2025

TURKCELL İLETİŞİM HİZMETLERİ A.Ş.

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION AS OF 31 MARCH 2025

(All amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units and are expressed in terms of purchasing power of Turkish Lira as of 31 March 2025 unless otherwise stated.)

The above consolidated statement of financial position should be read in conjunction with the accompanying notes.

TURKCELL İLETİŞİM HİZMETLERİ A.Ş.

CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION AS OF 31 MARCH 2025

(All amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units and are expressed in terms of purchasing power of Turkish Lira as of 31 March 2025 unless otherwise stated.)

The above consolidated statement of financial position should be read in conjunction with the accompanying notes.

TURKCELL İLETİŞİM HİZMETLERİ A.Ş.

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS FOR THE THREE MONTHS INTERIM PERIOD ENDED 31 MARCH 2025

(All amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units and are expressed in terms of purchasing power of Turkish Lira as of 31 March 2025 unless otherwise stated.)

The above consolidated statement of financial position should be read in conjunction with the accompanying notes.

TURKCELL İLETİŞİM HİZMETLERİ A.Ş. 

CONDENSED CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME FOR THE THREE MONTHS INTERIM PERIOD ENDED 31 MARCH 2025 

(All amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units and are expressed in terms of purchasing power of Turkish Lira as of 31 March 2025 unless otherwise stated.)

The above consolidated statement of financial position should be read in conjunction with the accompanying notes.

TURKCELL İLETİŞİM HİZMETLERİ A.Ş.

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE THREE MONTHS INTERIM PERIOD ENDED 31 MARCH 2025

(All amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units and are expressed in terms of purchasing power of Turkish Lira as of 31 March 2025 unless otherwise stated.)

(*) Included in Reserves in the consolidated statement of financial position.                                                                                                                        

The above consolidated statement of financial position should be read in conjunction with the accompanying notes.

TURKCELL İLETİŞİM HİZMETLERİ A.Ş.

CONDENSED CONSOLIDATED FINANCIAL STATEMENT OF CASH FLOWS FOR THE THREE MONTHS INTERIM PERIOD ENDED 31 MARCH 2025

(All amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units and are expressed in terms of purchasing power of Turkish Lira as of 31 March 2025 unless otherwise stated.)