Turkcell Iletisim Hizmetleri AS (TKC) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. I'm Constantino, your chorus call operator. Welcome, and thank you for joining the Turkcell's conference call and live webcast to present and discuss the Turkcell's third quarter 2024 financial results.

女士們、先生們，感謝你們的支持。我是康斯坦丁諾，您的合唱團呼叫接線員。歡迎並感謝您參加 Turkcell 的電話會議和現場網路直播，以介紹和討論 Turkcell 2024 年第三季的財務業績。

At this time, I would like to turn the conference over to Ms. Ozlem Yardim, Investor Relations and Corporate Finance Director. Ms. Yardim, you may now proceed.

現在，我想將會議交給投資者關係和公司財務總監 Ozlem Yardim 女士。雅丁女士，您現在可以繼續了。

Thank you, Constantino. Hello, everyone, and welcome to Turkcell's third quarter 2024 earnings call. Today, our CEO, Ali Taha Koc; and CFO, Kamil Kalyon, will be delivering a brief presentation covering operational and financial results, which will be followed by a Q&A session. Before we begin, I would like to kindly remind you to review our Safe Harbor statements available at the end of our presentation.

謝謝你，康斯坦丁諾。大家好，歡迎參加 Turkcell 2024 年第三季財報電話會議。今天，我們的執行長 Ali Taha Koc；和財務長 Kamil Kalyon 將做一個簡短的演講，介紹營運和財務結果，隨後是問答環節。在我們開始之前，我想提醒您查看我們演示結束時提供的安全港聲明。

Now I'm handing the meeting over to Mr. Ali Taha.

現在我將會議交給阿里·塔哈先生。

Thank you, Ozlem. Good afternoon, everyone, and thank you for joining us today. This quarter marks my first full year at Turkcell. I honored to be a part of this journey, while hitting some major milestones along the way. In September, we completed the divestment of our Ukraine assets, creating value for our shareholders. We also opened our very first solar energy field, a big step forward in our sustainable efforts.

謝謝你，奧茲勒姆。大家下午好，感謝大家今天的參與。本季是我在 Turkcell 工作的第一年。我很榮幸能夠成為這趟旅程的一部分，並在途中實現了一些重要的里程碑。9月，我們完成了烏克蘭資產的剝離，為股東創造了價值。我們也開闢了第一個太陽能場，這是我們永續發展努力向前邁出的一大步。

Recently, I was elected to the Board of GSMA. This is not only a personal honor but also an opportunity to represent Turkcell globally and help shape the future of our industry. I remain committed to growing our businesses and leading [Türkiye] digital transformation with critical innovations and industry firsts that will position us for long-term success.

最近，我被選為 GSMA 董事會成員。這不僅是我個人的榮譽，也是一個在全球範圍內代表 Turkcell 並幫助塑造我們行業未來的機會。我將繼續致力於發展我們的業務，並透過關鍵創新和行業首創引領[土耳其]數位轉型，這將使我們獲得長期成功。

After a quarterly pause, we are back on growth path in the third quarter. Our top line increased by 7%, reaching TRY40.2 billion. This growth was primarily driven by Turkcell Türkiye's strong ARPU group performance and solid subscriber additions with support from our Techfin segment.

在經過一個季度的暫停之後，我們在第三季度重回成長軌道。我們的營業額成長了 7%，達到 402 億土耳其里拉。這一成長主要得益於 Turkcell Türkiye 強勁的 ARPU 組表現和穩定的用戶增加以及我們 Techfin 部門的支持。

With a clear focus on profitability, our EBITDA rose 10% to TRY17.8 billion delivering a robust EBITDA margin of 44.2%. Our approach to acquiring high-value postpaid and fiber customers resulted in 322,000 net additions. We reported a net income of TRY14.3 billion, which includes TRY3 billion profit from operations, along with proceeds from the sale of our Ukraine assets. Next slide, please.

由於明確注重獲利能力，我們的 EBITDA 成長 10%，達到 178 億土耳其里拉，EBITDA 利潤率達到 44.2%。我們獲取高價值後付費和光纖客戶的方法帶來了 322,000 個淨新增客戶。我們報告的淨收入為 143 億土耳其里拉，其中包括 30 億土耳其里拉的營業利潤以及出售烏克蘭資產的收益。請看下一張投影片。

Let's take a look at our operational performance. On the mobile front, we have faced aggressive pricing in the market since May. We made a 25% price adjustments in July to support a more rational market environment. Despite this, extended competitive campaigns have driven up MNP activity across the market. With market volume rising 47% quarter-over-quarter. We have also responded to some of our competitors' pricing campaigns, resulting in net additions.

讓我們來看看我們的營運表現。在行動領域，自五月以來我們就面臨市場激進的定價策略。我們在7月進行了25%的價格調整，以支持更合理的市場環境。儘管如此，持續的競爭活動推動了整個市場的 MNP 活動。市場交易量較上季成長47%。我們也對一些競爭對手的定價活動做出了回應，從而實現了淨增加。

Focusing on value-generating customers, we remain committed to the postpaid segment, adding 515,000 new postpaid subscribers in the third quarter. Over the past year, our postpaid base grew by 1.9 million, pushing the postpaid customer share to 74%, a 4-point increase year-on-year.

我們專注於創造價值的客戶，並繼續致力於後付費領域，第三季新增 515,000 名後付費用戶。在過去的一年裡，我們的後付費用戶基數增加了 190 萬，後付費客戶份額達到 74%，年增了 4 個百分點。

On the other hand, the prepaid customer base declined by 266,000, primarily due to the broader adoption of alternative data solutions, which negatively impacted tourist demand. Thanks to steady price adjustment and upsell efforts, along with slowing CPI, mobile ARPU increased by 6.9% year-on-year. We expect to see real growth in Q4. However, due to market aggressiveness and life cycle closures, we saw a churn rate of 2.2%. Next page, please.

另一方面，預付費客戶群減少了 266,000，這主要是由於更廣泛地採用替代數據解決方案，這對旅遊需求產生了負面影響。受惠於價格調整和促銷力道穩定加大，以及CPI增速放緩，行動ARPU年增6.9%。我們預計第四季將出現實際成長。然而，由於市場激進和生命週期關閉，我們看到客戶流失率達到 2.2%。請翻頁。

The fixed broadband market stayed rationale in Q3, which gave us room to make a price adjustment in August. Following the incumbent action, we stayed focused on fiber subscribers and thanks to strong demand for our high-speed, end-to-end fiber service, we had 47,000 net additions. With our strategic approach, we now have 82% of our residential fiber customers on 12-month contracts, which has helped in terms of ARPU growth during this inflationary period. Residential fiber ARPU grew by 15% year-on-year with our price adjustments. We saw a slight increase in churn, mainly due to price increases and the shift to 12-month contracts.

第三季固定寬頻市場保持理性，為8月價格調整提供了空間。繼任行動之後，我們繼續專注於光纖用戶，並且由於對我們的高速端對端光纖服務的強勁需求，我們淨增了 47,000 個用戶。透過我們的策略方針，目前我們 82% 的住宅光纖客戶都簽訂了 12 個月的合同，這有助於在通膨時期實現 ARPU 成長。隨著價格調整，住宅光纖ARPU年增15%。我們發現客戶流失率略有增加，主要是因為價格上漲和轉為 12 個月的合約。

Meanwhile, our take-up rate rose by 2.2 points year-on-year as we focus on adding fiber subscribers over expanding home-pass coverage. Another key trend is the rise in demand for higher speed packages. The share of packages of 100 megabits and above in our total residential fiber portfolio has increased by 10 percentage-points year-on-year. To introduce more of our customers to super online fiber quality, we offered a complementary 1000 megabit per second upgrade for a month which they highly appreciated. Next page, please.

同時，由於我們專注於增加光纖用戶，而不是擴大家庭覆蓋範圍，我們的採用率比去年同期增加了 2.2 個百分點。另一個重要趨勢是對更高速封裝的需求增加。我們整個住宅光纖組合中 100 兆位元及以上的套餐份額年增了 10 個百分點。為了讓更多客戶體驗到超級線上光纖質量，我們提供了為期一個月的免費 1000 兆比特每秒升級服務，他們對此表示高度讚賞。請翻頁。

Let's consider our strategy focus areas, starting with Digital Services & Solutions. In line with our goal of right positioning, we have retained our focus on profitability and ensuring that our digital service portfolio supports ARPU growth. As a result, our standalone paid users reached 5 million in the third quarter. Revenue from standalone digital services and solutions grew by 4% year-on-year primarily driven by our pricing actions. This quarter marked a new milestone for us as our IPTV users rose 7% year-on-year, making us the second largest player in the IPTV market.

讓我們考慮一下我們的策略重點領域，從數位服務和解決方案開始。為了實現正確定位的目標，我們始終專注於獲利能力並確保我們的數位服務組合支援 ARPU 成長。因此，我們的獨立付費用戶在第三季達到了 500 萬。獨立數位服務和解決方案的收入年增 4%，這主要得益於我們的定價措施。本季對我們來說是一個新的里程碑，因為我們的IPTV用戶年增7％，使我們成為IPTV市場第二大參與者。

Moving on to our next focus area, digital business services generated TRY2.9 billion of revenue this quarter. Recurring service revenues rose 18% year-on-year. Macroeconomic headwinds continued to pressure demand in hardware sales, resulting in a contraction from the same period of last year. Our high potential area of data center and cloud, we maintained a strong growth rate of 43%, underlining both market demand and our pricing strength as the market leader. Next slide, please.

進入我們的下一個重點領域，數位業務服務本季創造了 29 億土耳其里拉的收入。經常性服務收入較去年同期成長18%。宏觀經濟逆風持續對硬體銷售需求造成壓力，導致其銷售量較去年同期萎縮。在我們極具潛力的資料中心和雲端運算領域，我們維持了 43% 的強勁成長率，突顯了市場需求和我們作為市場領導者的定價實力。請看下一張投影片。

The last strategic focus area I want to talk about is Techfin. In the third quarter, Paycell revenues grew by 20% and primarily driven by increased commissions and transaction volumes from Paycell card and post solutions. We saw a 24% rise in the transaction volume for Pay Later, thanks to more people using it in app stores to the eligibility for QR payments and an increase in active users. The transaction size in post solutions nearly doubled, thanks to better market penetration and integration with leading e-commerce platforms.

我要談的最後一個戰略重點領域是科技金融。第三季度，Paycell 營收成長了 20%，主要得益於 Paycell 卡和郵政解決方案的佣金和交易量的增加。我們發現 Pay Later 的交易量增加了 24%，這要歸功於更多人在應用程式商店中使用 Pay Later、二維碼支付的資格提高以及活躍用戶數量的增加。由於市場滲透率的提高和與領先電子商務平台的整合，郵政解決方案的交易規模幾乎翻了一番。

Meanwhile, Paycell EBITDA increased by 9.2% year-on-year. When it comes to meeting our customers' technological needs, finance sales revenues rose by a solid 38%. This was due to a larger loan portfolio and higher average interest rates. The higher loan interest of our loan portfolio began to compensate for higher funding costs, rising the net interest margin to 4.1%. Despite the challenging macroeconomic conditions, our cost of risk is reasonable at 2.8%. Next slide, please.

同時，Paycell EBITDA年增9.2%。在滿足客戶的技術需求方面，金融銷售收入穩定成長了38%。這是由於貸款組合規模較大且平均利率較高所致。我們貸款組合的貸款利息上升開始補償更高的融資成本，使淨利差上升至4.1%。儘管宏觀經濟條件充滿挑戰，我們的風險成本仍處於合理水平，為 2.8%。請看下一張投影片。

I want to add my part by sharing our guidance for 2024. When we outlined our plan in May, we penciled in inflation peaking midyear and then easing. However, monthly inflation since June has exceeded expectations, driving higher annual inflation in the second half. Following the medium-term program update in August, we raised our year-end CPI forecast. In light of this, we are adjusting our revenue growth guidance for 2024 to around 7%, solely due to the increased CPI outlook. Our unadjusted financials remain on track. In fact, had inflation aligned with initial expectations, we will have achieved low double-digit growth. As for our EBITDA margin and CapEx intensity, we are maintaining our guidance.

我想透過分享我們對 2024 年的指導來貢獻自己的力量。當我們在五月概述我們的計劃時，我們預計通膨將在年中達到頂峰，然後出現緩解。然而，自6月以來，月度通膨率已超過預期，推動下半年年度通膨率上升。繼8月份中期計畫更新之後，我們上調了年底CPI預測。有鑑於此，我們將 2024 年的營收成長預期調整為 7% 左右，這完全是由於 CPI 前景的成長。我們的未經調整的財務狀況仍然正常。事實上，如果通膨與最初的預期一致，我們將實現低兩位數的成長。至於我們的 EBITDA 利潤率和資本支出強度，我們仍維持我們的指導水準。

Now I hand over to our CFO, Mr. Kamil Kalyon, for the financials of this quarter.

現在，我將本季的財務狀況移交給我們的財務長卡米爾·卡利昂先生。

Thank you very much, Ali Taha. Now let's move on to our financial results. Third quarter was quite successful for us, with 7% top line growth, a healthy strong EBITDA margin of above 44% and net income TRY14.3 billion, we have clear proof that we are managing our business well. Our consolidated revenues exceeded TRY40 billion, driven by 7% year-on-year growth in the Turkcell Türkiye segment, thanks to price adjustments, a larger postpaid base and effective upselling.

非常感謝，阿里·塔哈。現在讓我們來看看財務結果。第三季對我們來說是相當成功的，營收成長 7%，EBITDA 利潤率超過 44%，淨收入達到 143 億土耳其里拉，我們有充分的證據證明我們的業務管理得很好。我們的綜合收入超過了 400 億土耳其里拉，得益於價格調整、更大的後付費用戶群和有效的追加銷售，Turkcell Türkiye 部門同比增長了 7%。

The Techfin segment contributed TRY0.5 billion to the top line, backed by impressive performances of Financell and Paycell, which grew 38% and 20%, respectively. The other segment impacted the top line negatively due to reduced demand in consumer electronics. Next slide, please.

科技金融部門為營收貢獻了 5 億土耳其里拉，這得益於 Financell 和 Paycell 的出色表現，這兩家公司的營收分別成長了 38% 和 20%。由於消費性電子產品需求減少，另一部門對營收產生了負面影響。請看下一張投影片。

Now let's look at our EBITDA performance. In the third quarter of 2024, EBITDA grew by 10.4% year-on-year to reach TRY17.8 billion, driven by strong revenue growth and well-managed direct costs. Our EBITDA margin expanded by 1.4 percentage-points year-on-year. To invest in our human capital, we made 2 wage adjustments this year, with the second and the third quarter. This reduced the margin by 2.1 percentage-points along with added pressure from rising funding costs.

現在我們來看看我們的 EBITDA 表現。2024 年第三季度，在強勁的營收成長和良好的直接成本管理的推動下，EBITDA 年成長 10.4%，達到 178 億土耳其里拉。我們的 EBITDA 利潤率年增1.4個百分點。為了投資人力資本，我們今年進行了兩次薪資調整，分別在第二季和第三季。這使得利潤率降低了 2.1 個百分點，同時融資成本上升也增加了壓力。

On the other hand, lower growth in the cost of goods sold due to decreasing demand for consumer electronics and the ongoing decline in MTR have positively contributed to the margin. Next slide, please.

另一方面，由於消費性電子產品需求下降和港鐵持續下滑導致銷售成本增幅下降，對利潤率產生了積極影響。請看下一張投影片。

Let's take a closer look at our CapEx management. For the third quarter of 2024, our CapEx to sales ratio is 18.1%. Operational CapEx amount remained fairly in line with the second quarter. However, with a boost in top line, we observed a typical seasonal slowdown. Half of our budget has been allocated to core communications covering both mobile and fixed services for this quarter. We expect acceleration in tower fiberization in the fourth quarter heading to our target of 41%.

讓我們仔細看看我們的資本支出管理。2024 年第三季度，我們的資本支出與銷售額比率為 18.1%。營運資本支出金額與第二季基本持平。然而，隨著營業額的成長，我們觀察到了典型的季節性放緩。本季度，我們的預算中有一半被分配給涵蓋行動和固定服務的核心通訊。我們預計第四季塔光纖化將加速，達到我們的目標 41%。

In September, we activated 6.4 megawatt capacity in our solar energy investments. The remaining capacity, which has already been installed, is currently awaiting legal approval. We anticipate that this will be reflected in our CapEx over the subsequent two quarters.

9月份，我們啟動了6.4兆瓦的太陽能投資容量。其餘已安裝的產能目前正在等待法律批准。我們預計這將反映在接下來的兩個季度的資本支出中。

Regarding data center investments, we are progressing with the finalization of two modules and remain aligned with our targets. Looking ahead, we expect CapEx intensity to rise next quarter, consistent with the seasonality of our businesses. Next slide, please.

關於資料中心投資，我們正在完成兩個模組，並與我們的目標保持一致。展望未來，我們預計下個季度的資本支出強度將會上升，這與我們業務的季節性一致。請看下一張投影片。

Now let's turn our attention to the balance sheet. Following the Ukraine asset sale, our cash position increased to TRY82 billion. Additionally, the gross debt balance decreased to TRY107 billion. As a result, our net debt position decreased to TRY9 billion level, which brings our net leverage ratio to 0.1 times. Our FX debt service for this year is around USD179 million which we deem manageable. We have adequate cash to cover the reduction of 10-year Eurobond in 2025. Hence, considering potential data center investments, 5G network preparation and ongoing renewable energy investments, we have applied to the CMB to issue a new Eurobond up to TRY1 billion, which will be partially sustainable.

現在讓我們把注意力轉向資產負債表。出售烏克蘭資產後，我們的現金部位增加至 820 億土耳其里拉。此外，總債務餘額減少至1,070億土耳其里拉。結果，我們的淨債務狀況下降至 90 億土耳其里拉，這使我們的淨槓桿率降至 0.1 倍。我們今年的外匯債務償還義務約為 1.79 億美元，我們認為這是可以負擔的。我們有足夠的現金來彌補2025年10年歐洲債券的減幅。因此，考慮到潛在的資料中心投資、5G 網路準備和正在進行的可再生能源投資，我們已向 CMB 申請發行總額高達 10 億土耳其里拉的新歐洲債券，這將是部分可持續的。

The majority of our cash remains denominated in hard currencies. Excluding FX swaps, 57% of our cash is in US dollars and 21% in euros. Next slide, please.

我們大部分的現金仍以硬通貨計價。不包括外匯掉期，我們的現金中有 57% 是美元，21% 是歐元。請看下一張投影片。

Lastly, let's look into the management of foreign currency risk. At the end of Q3, we had approximately USD2 billion equivalent in FX financial liabilities on our balance sheet. With proceeds from the Ukraine asset sale, our FX-denominated financial assets increased to USD2.2 billion, already moving us into a long FX position.

最後，我們來談談外匯風險管理。截至第三季末，我們的資產負債表上有約 20 億美元的外匯金融負債。透過出售烏克蘭資產所獲得的收益，我們的外匯金融資產增加至 22 億美元，這已使我們進入外匯多頭部位。

As part of our strategic FX management efforts at the beginning of the quarter, we decreased our net FX position to minimize hedging costs. Our derivative portfolio decreased to USD111 million. We closed the quarter with a net long FX position of USD228 million, mainly due to proceeds from Lifecell sales. Going forward, we aim to stay within our target FX range of plus or minus USD200 million.

作為本季初策略外匯管理工作的一部分，我們減少了淨外匯頭寸，以盡量降低對沖成本。我們的衍生性商品投資組合減少至1.11億美元。本季結束時，我們的外匯淨多頭部位為 2.28 億美元，主要得益於 Lifecell 銷售收益。展望未來，我們的目標是將外匯匯率維持在正負 2 億美元的範圍內。

And this concludes my presentation, we can now start the Q&A session.

我的演講到此結束，我們現在可以開始問答環節。

(Operator Instructions)

（操作員指令）

(inaudible), Schroders.

（聽不清楚），施羅德。

Hello. Congrats on the results. First of all, about the divestment proceeds you mentioned at the beginning of the call. Could you please share more color on them? And then also, I think you briefly spoke about your 2025 CapEx outlook. If you could provide more details on that, both in terms of the different projects you're looking at, the sum or the expected or the approximately expected CapEx to sales ratio. And then lastly, you finished this quarter at a very low net leverage level. I was wondering what you consider to be the ideal net leverage and what do you expect for 2025?

你好。恭喜你所取得的成果。首先，關於您在通話開始時提到的撤資收益。能分享更多顏色嗎？另外，我想您簡要地談到了 2025 年資本支出前景。如果您可以提供更多細節，包括您正在關注的不同項目、總額、預期或大致預期的資本支出與銷售額的比率。最後，本季結束時您的淨槓桿率非常低。我想知道您認為理想的淨槓桿率是多少以及您對 2025 年的預期是什麼？

First of all, I just want to start with the divestment process (inaudible) . We have completed the sale of process on September 9. The final sales value will be determined based on closing adjustments to be made and as well as based on the level of net cash debt on financial statements to be prepared as of the closing date.

首先，我想先談撤資過程（聽不清楚）。我們已於9月9日完成出售流程。最終銷售價值將根據即將進行的結算調整以及結算日準備的財務報表上的淨現金債務水準來確定。

Although we do not have a Board decision regarding the proceeds, we will obtain from the sale of our assets in Ukraine. Prospectively, we might have important investments. Some of them, depending on regulatory authorities, decisions to come such as 5G tender and it's rollout plan or any other big scale business initiatives creating value for our shareholders in the upcoming periods. Although we are diligently exploring a range of competitive and rational alternatives, we have the redemption of our Eurobond in 2025.

儘管我們尚未就收益做出董事會決定，但我們將透過出售烏克蘭的資產來獲得收益。從未來來看，我們可能會有重要的投資。其中一些取決於監管機構即將做出的決定，例如 5G 招標及其推出計劃或任何其他在未來時期為我們的股東創造價值的大規模商業計劃。儘管我們正在努力探索一系列具有競爭力和合理的替代方案，但我們的歐洲債券將於 2025 年贖回。

And for the second question, CapEx. As part of our CapEx planning this year, we will continue to focus more and more on our core businesses. Accordingly, we will follow our demand-driven CapEx approach. Moreover, we are expanding the white space capacity of our data centers by adding new modules to meet increasing demand in Türkiye and in the region.

第二個問題，資本支出。作為今年資本支出計畫的一部分，我們將繼續更加關注我們的核心業務。因此，我們將遵循需求驅動的資本支出方法。此外，我們正在透過添加新模組來擴大資料中心的白色空間容量，以滿足土耳其和該地區日益增長的需求。

Additionally, we have renewable energy investment plans on the energy side to meet our own electricity demand. In 2023, we initiated investments in solar plant installations to achieve a capacity of 300 megawatts within three years. The installation of the first phase of 54 megawatts has been completed. And out of this 54 megawatts, 6.4 megawatt of the first phase has been activated in Q3 2024. We aim to cover 65% of the Turkcell's total electricity consumption from our own green energy production by 2026.

此外，我們在能源方面還有再生能源投資計劃，以滿足我們自身的電力需求。2023年，我們啟動太陽能發電廠安裝投資，計畫三年內實現300兆瓦的容量。第一期54兆瓦的安裝已經完成。在這 54 兆瓦中，第一階段的 6.4 兆瓦已於 2024 年第三季投入使用。我們的目標是到 2026 年，透過我們自己的綠色能源生產滿足 Turkcell 總電力消耗的 65%。

And also, we are waiting for a 5G tender as well. And then 2025 is going to be getting ready for the 5G live network. So we are expecting an auction is going to be happening in 2025. So we need to prepare our infrastructure for the 5G, when the 5G is ready in (inaudible) live in 2026. So it is going to be a CapEx intensive year. And all in all, mobile and fixed CapEx will take more than half of the CapEx budget. With the remaining share to be taken mainly by data centers and renewable energy investments.

而且我們也在等待5G招標。2025年我們將為5G即時網路做好準備。因此我們預計拍賣將在 2025 年舉行。因此，當 2026 年 5G 準備好時（聽不清楚），我們需要為 5G 做好基礎設施準備。因此，這將是資本支出密集的一年。總而言之，移動和固定資本支出將佔資本支出預算的一半以上。剩餘份額主要由資料中心和再生能源投資佔據。

And regarding your net leverage question, (inaudible), as I mentioned in my presentation, with the help of proceeds from the sale of Ukraine assets, our net leverage ratio is very, very minimum nowadays. But our target is to keep our leverage below the industry average and our long-term internal target is around 1.56 times -- 1.5 times.

關於您提到的淨槓桿率問題，（聽不清楚），正如我在演講中提到的，借助出售烏克蘭資產的收益，我們的淨槓桿率現在非常非常低。但我們的目標是將槓桿率保持在產業平均以下，我們的長期內部目標是 1.56 倍 - 1.5 倍左右。

Bystrova Evgeniya, Barclays.

巴克萊銀行的 Bystrova Evgeniya。

Yes. And congrats on the results. I have just one question regarding your potential bond issuance program. Given that you just received TRY500 million proceeds and now you're planning to issue TRY1 billion. So I was just trying to understand or maybe you could provide more color in terms of the timing of the issuance? And also are you planning to issue the whole TRY1 billion? Or it will be split in part? And also you mentioned that you're planning a sustainable or green bond. So which one are you planning to issue?

是的。對結果表示祝賀。關於你們的潛在債券發行計劃，我只有一個問題。假設您剛剛收到了 5 億土耳其里拉的收益，現在您正計劃發行 10 億土耳其里拉。所以我只是想了解一下，或者您是否可以提供更多有關發行時間的資訊？而且您還計劃發行全部 10 億土耳其里拉的債券嗎？或會被分成幾個部分？您也提到您正在計劃發行永續債券或綠色債券。那麼您打算發行哪一個呢？

Thank you very much for your question. First of all, I would like to mention that, as Mr. Ali Taha said that we have some investments liabilities or investment figures in 2025, like 5G data center, solars. And in order to recover our operations, we will make -- we will continue to make our CapEx investments. Also, we have a reduction of 2025 as you know, Eurobond, therefore, our expectation or our intention is to issue $1 billion -- around $1 billion eurobonds most probably, it would be 50%, 50%, 50% would be conventional and 50%, most probably would be sustainable loan. We are waiting the approval of CMB regarding these issuance after we take the issuance approval. Most probably, we will be in the market in the first quarter of 2025.

非常感謝您的提問。首先，我想說一下，正如阿里·塔哈先生所說，我們在 2025 年有一些投資負債或投資數字，例如 5G 資料中心、太陽能。為了恢復我們的運營，我們將繼續進行資本支出投資。此外，如您所知，我們將 2025 年的歐洲債券規模縮減為 10 億美元，因此，我們的預期或意圖是發行 10 億美元左右的歐洲債券，其中 50% 為傳統貸款，50% 很可能為永續貸款。我們在獲得發行批准後，正在等待招商銀行對該等發行的批准。最有可能的是，我們將在 2025 年第一季進入市場。

(Operator Instructions)

（操作員指令）

Demirtas Cemal, Ata Invest.

Demirtas Cemal，Ata Invest。

Congratulations for good results. My question is about the growth prospects. I know that you have been ambitious about the growth potential in the long term. But I would like to understand the plans related to data centers and clouds. We see some significant increase in the third quarter. How should we assume for the following years regarding the growth, what should be the portion of this business in overall your business side? That's my question for maybe the next several years.

恭喜你取得好成績。我的問題是關於成長前景。我知道您對長期的成長潛力一直抱有雄心壯志。但我想了解與資料中心和雲端相關的計劃。我們看到第三季出現了顯著的成長。我們應該如何預期未來幾年的成長，這項業務在整個業務中所佔的比例應該是多少？這也許就是我未來幾年要思考的問題。

And the second question is after US elections Trump won the elections as far as we see. Regarding the projects, the China-US relations to all those technology issues, do you have any strategy in your mind regarding the projects for the future? Or does it have any impact on your plans related to the relations globally?

第二個問題是，美國大選之後，據我們所知，川普贏得了選舉。關於這些項目，關於中美關係以及所有這些技術問題，您對未來的項目有什麼策略嗎？或者這對您有關全球關係的計劃有影響嗎？

Thank you very much. It's a great question. So you're right, we have ambitions in growth in long term. In order to keep Türkiye's data in Türkiye, we maintain our leading position in the data center market and aim to increase our investment focus in our data centers as well as our cloud businesses.

非常感謝。這是一個很好的問題。所以你說得對，我們有長期成長的雄心。為了讓土耳其的資料留在土耳其，我們在資料中心市場保持領先地位，並致力於增加對資料中心和雲端業務的投資重點。

If you look around, currently, the highest market share or market CapEx firms are totally investing on more on the data center business. And then with the AI, artificial intelligence, we are expecting that the need for the data center is going to increase exponentially. So AI is coming, and we are just seeing a small fragment of the AI yet. So in the future, everybody is going to start using AI. So we are expecting that all this process, all the servers, all these AI chips are supposed to be located in data centers.

如果你環顧四周，你會發現目前市佔率最高或市場資本支出最高的公司都在資料中心業務上投入更多。隨著人工智慧的發展，我們預計資料中心的需求將呈指數級增長。人工智慧即將到來，而我們目前只看到人工智慧的一小部分。所以在未來，每個人都會開始使用人工智慧。因此，我們預計所有這些過程、所有伺服器、所有這些 AI 晶片都應該位於資料中心。

So besides the current needs in Türkiye, we think that all these data centers that we are going to build is going to be full of these AI chips and then AI processing. The data center market is currently very active. We anticipate that market growth will continue in the coming years due to the increasing needs within both public and private sectors. So cloud, everybody is going to go to cloud because it is the best way to move your IT infrastructure. because instead of investing loss, the big amount of money in your IT infrastructure, renting and then moving your software into cloud is the next big revolution in IT industry. So all the companies from the smaller SMEs to big companies, they have to move their IT infrastructure to cloud.

因此，除了土耳其目前的需求之外，我們認為我們將要建造的所有資料中心都將充滿這些 AI 晶片，然後進行 AI 處理。數據中心市場目前非常活躍。我們預計，由於公共和私營部門的需求不斷增加，未來幾年市場將繼續增長。所以，每個人都會轉向雲，因為這是遷移 IT 基礎架構的最佳方式。因為與其在 IT 基礎設施上投入巨額損失，不如租用並將軟體遷移到雲端，這是 IT 產業的下一個​​重大革命。因此，所有公司，無論是中小型企業還是大公司，都必須將 IT 基礎架構遷移到雲端。

And then the best thing is if you are closer to the cloud or the data centers, you are going to get the best performance. And in this region, we already have four big data centers, and we already spent EUR330 million, and we are going to be our biggest cloud vendor, cloud supplier in this region.

最好的是，如果您更靠近雲端或資料中心，您將獲得最佳效能。在該地區，我們已經擁有四個大型資料中心，並且已經花費了 3.3 億歐元，我們將成為該地區最大的雲端供應商。

And with respect to the second question, regarding the President. We are just following the elections closely. And what we can do is currently, we are just -- we are also -- we are quoted in the New York Stock Exchange. And we are closely following the elections and it's very new. So I'm too. We are just going to look into the relationship, and then we will see. currently, we don't see any impact in our businesses. But we are just going to follow it up. And to say the truth that there -- multiple elections passed in the United States and then the Presidents change, and then our relationship is always stable. So we are expecting that our relation is going to keep stable in the near future as well.

關於第二個問題，關於總統。我們正在密切關注選舉。我們目前能做的是，我們在紐約證券交易所上市。我們正在密切關注這次選舉，這是個新鮮事。我也是。我們只是要研究一下這種關係，然後我們就會看到。目前，我們的業務沒有受到任何影響。但我們將會繼續跟進。說實話，美國經過多次選舉，總統也不斷更換，但我們的關係始終保持穩定。因此我們預期我們的關係在不久的將來也將保持穩定。

And as a follow-up related to 5G. Is it still early to talk about the timing or I don't know maybe I'm missing some point, but what might be the potential timing on that?

並作為與5G相關的後續工作。現在談論時間安排是否還為時過早，或者我不知道我是否遺漏了某些要點，但潛在的時間安排可能是什麼時候？

So actually, let me tell you that every couple of years, the technology always improves. So to say the truth that like the last time we did in 4.5G, currently, the new release of the technology GSMA technology is called 5G Advanced. So to say the truth, we are not late or early. So we are going to get the best out of the -- best state-of-the-art technology in Türkiye and our Ministry of Transportation is the Ministry of our Transportation already announced that 2025, there's going to be a frequency auction. So like we did in the 4.5G, there are some specific frequencies that needs to be auctioned, and then we are going to pay frequency money for that auction.

實際上，讓我告訴你，每隔幾年，科技總是在進步。說實話，就像我們上次在 4.5G 中所做的那樣，目前，GSMA 新發布的技術被稱為 5G Advanced。所以說實話，我們並沒有遲到，也沒有早到。因此，我們將充分利用土耳其最先進的技術，我們交通部已經宣布，2025 年將舉行頻率拍賣。就像我們在 4.5G 中所做的那樣，有一些特定的頻率需要拍賣，然後我們將為該拍賣支付頻率資金。

And then similarly, 5G also has a specific frequency that all the operator has to buy, has to give some -- with the tender needs to pay some money on that. And that's going to happen. The auction is going to be happening in 2025, and most of the time after the auction, they always give six to eight months of time frame like they did the similar in the 4.5G. In 2015, the auction happened and 2016, the Live 4.5G started at April 1, 2016. So we are expecting the similar time frames when we have the auction in 2025, six to eight months later, we are going to have a Live most probably it is going to happen in the 2026.

同樣，5G 也具有特定的頻率，所有運營商都必須購買，必須提供一些頻率——投標時需要為此支付一些錢。這必將發生。拍賣將於 2025 年舉行，拍賣結束後，他們大多數時候都會給出六到八個月的時間框架，就像他們在 4.5G 中所做的那樣。 2015 年進行了拍賣，2016 年 Live 4.5G 於 2016 年 4 月 1 日開始。因此，我們預計 2025 年拍賣的時間框架類似，六到八個月後，我們將舉行現場直播，最有可能是在 2026 年舉行。

And very last question regarding 2025, what's going to be your story compared to 2024? You had difficult times when the inflation increase was very significant. And then you adapted market conditions. But now we are possibly into this inflationary environment. And maybe in a couple of sentence how do you see 2025 on your side?

關於 2025 年的最後一個問題，與 2024 年相比，您的故事將會是什麼？當通貨膨脹率大幅上升時，你們會度過困難時期。然後你適應了市場條件。但現在我們可能會陷入這種通膨環境。用幾句話來概括，您如何看待 2025 年？

Say true that 2025 is going to be -- we are just going to be focusing more and more on the R&D domain as well and focus on R&D more. But say true that right now we have a motto saying that everyone works with Turkcell, but also in the 2025, we are going to see that everything is going to start working with Turkcell as well, especially in terms of things, it's going to be a huge growth area for us. So currently, a number of subscribers is going to increase, IoT domain increase drastically, we are expecting that it's going to happen.

確實，到 2025 年，我們將越來越關注研發領域，並更加重視研發。但說實話，現在我們有一句座右銘，說每個人都與 Turkcell 合作，而且在 2025 年，我們將看到一切都將開始與 Turkcell 合作，特別是在事物方面，這將是我們的一個巨大的成長領域。因此目前，用戶數量將會增加，物聯網領域將大幅增加，我們預計這將會發生。

And also in 2025, we will sustain our postpaid focus on the mobile side. And as well as we are going to have a fiber focus on the fixed side. We will continue to take necessary pricing actions by avoiding macro and competitive conditions as well. Accordingly, we expect real revenue growth in 2025 as well. We are currently working on the figures, and we will be able to share more details of our expectation of the 2025 within our year-end result announcement most probably in a couple of months.

到 2025 年，我們仍將持續把後付費重點放在行動端。而我們也會將光纖焦點放在固定側。我們將繼續採取必要的定價行動，避免宏觀和競爭條件。因此，我們預計 2025 年實際收入也將成長。我們目前正在研究這些數據，很可能會在幾個月後我們的年終業績公告中分享我們對 2025 年預期的更多細節。

(inaudible), Schroders.

（聽不清楚），施羅德。

Thank you for taking this follow-up. There have been statements in the press that consolidation of Turkcell and Turk Telekom is currently not foreseen, but it was very interesting to see that Turk Telekom was being asked this question at calls because I didn't have it on the radar because I thought that the market structure as it is in Turkey, it doesn't require consolidation. Could you just address there's elephant in the room, I'd be interested in knowing more about your thoughts about it.

感謝您接受本次跟進。有媒體報告稱，目前還不打算合併Turkcell和Turk Telekom，但很有趣的是，在電話會議中看到Turk Telekom被問到這個問題，因為我之前沒有考慮到這一點，我認為土耳其的市場結構不需要合併。您能否談談房間裡的大象問題，我有興趣進一步了解您對此的看法。

I think it is just a rumor. We never ever heard about that kind of consolidations. I'm pretty sure it's just a rumor.

我認為這只是謠言。我們從來沒有聽說過此類合併。我確信這只是謠言。

Madhvendra Singh, HSBC.

匯豐銀行的 Madhvendra Singh。

My first question is on your operational performance and about the pricing outlook. So if you could disaggregate how much of the growth in the third quarter was because of price increase or pricing? And then do you have any further plans to increase prices? And how comfortable are you with your ability to continue with the price hikes. So that's the first question.

我的第一個問題是關於你們的營運表現和定價前景。那麼，如果您可以分解一下，第三季的成長有多少是由於價格上漲或定價造成的？那麼你們還有進一步漲價的計畫嗎？您對繼續漲價的信心有多大？這是第一個問題。

And second question is on your data center strategy as you mentioned. If possible, I may have missed it. But if you could remind about your targets, how many megawatts capacity are you looking for? And by when? And would you consider any M&A to reach there? Or do you want to go there organically in its entirety?

第二個問題是關於您所提到的資料中心策略。如果可能的話，我可能已經錯過了。但如果您可以回想一下您的目標，您想要多少兆瓦的容量？什麼時候？您是否會考慮透過併購來實現這一目標？或者你想有機地完整地去那裡嗎？

And then finally if you could also talk about your overall M&A strategy. Is there any gap in your offering that you would want to complete with any potential M&A?

最後，您是否可以談談您的整體併購策略？您的產品中是否存在任何差距，您希望透過潛在的併購來彌補嗎？

Thank you very much for the question. As you mentioned, we have a very successful quarter in Q3 and in real terms, our revenues grew by 7% quarter in this quarter -- in third quarter. Turkcell Türkiye is the main driver about this growth and real growth is 7% in Turkcell Türkiye recurring income. We have a very good successful period both coming from the expanding of our subscriber base, mainly postpaid front and real ARPU growth. The main drivers of the growth.

非常感謝您的提問。正如您所說，我們的第三季非常成功，實際收入比上一季成長了 7%。Turkcell Türkiye 是此成長的主要推動力，Turkcell Türkiye 經常性收入實​​際成長率為 7%。我們經歷了一段非常成功的時期，這得益於用戶群的擴大（主要是後付費用戶）和實際 ARPU 的成長。成長的主要驅動力。

We also achieved a growth in 11% year-on-year in Consumer segment. This is very important from our perspective, especially as mentioned in my presentation, Techfin side revenues increased by 31% year-on-year. Therefore, it's a very successful period for the fintech side. These are the main drivers of our Q3 results.

我們在消費領域也實現了年增11%。從我們的角度來看，這非常重要，特別是正如我在演講中提到的，科技金融的收入年增了 31％。因此，對於金融科技而言，這是一個非常成功的時期。這些是我們第三季業績的主要驅動因素。

Regarding the price increases, as you know, as a leading operator in mobile sites, we are living in a hyperinflationary environment and we have made quarterly price adjustments starting from 2021. And when you look at the history, except for Q1 '23 and Q2 '24, we made a lot of price increase -- in July, around 25%. We have -- we did our final price increases in July around 25%. Therefore, when you look at the year-on-year cumulative price increases has amounted around 90% on the mobile side.

關於價格上漲，如您所知，作為行動站點的領先營運商，我們正處於惡性通貨膨脹的環境中，我們從 2021 年開始每季進行價格調整。從歷史上看，除了 23 年第一季和 24 年第二季外，我們的價格都有大幅上漲——7 月份，漲幅約為 25%。我們在 7 月進行了最終價格上調，幅度約為 25%。因此，從年比來看，行動端的累計價格漲幅已達 90% 左右。

Therefore, we will take the necessary actions by evaluating macro and competitive conditions because when you look at our market, our competitors has aggressive and very aggressive competitions day by day they can make. Therefore, we are looking at the actions, the behaviors, and we are taking the necessary actions by evaluating both macro and competitive competition in this year and 2025 also.

因此，我們將透過評估宏觀和競爭條件採取必要的行動，因為當你觀察我們的市場時，你會發現我們的競爭對手每天都在進行激烈且非常激烈的競爭。因此，我們正在研究行動和行為，並透過評估今年和 2025 年的宏觀和競爭力來採取必要的行動。

For the second question, let me tell you that currently, we have 33 megawatts of capacity in the data center. So previously, all data centers are measured with the white spaces, but with all the processing power, it's all electricity consumption. So 33 megawatts, it is to support four big data centers. But the difference between the Türkiye and Turkcell data center business in Turkcell, we just design data center with the highest standard. We construct the data center with the highest standards and also we operate data center with the highest standards. So that's the reason that we have a very fruitful market and then all the big companies in the Türkiye are just our customers in the data center business.

第二個問題，我告訴你，目前我們資料中心的容量是33兆瓦。以前，所有資料中心都是用白色空間來衡量的，但所有處理能力都是用電力消耗的。所以 33 兆瓦是為了支援四個大型資料中心。但Türkiye和Turkcell資料中心業務的差別在於，在Turkcell，我們只是依照最高標準設計資料中心。我們以最高標準建置資料中心，也以最高標準營運資料中心。這就是我們擁有非常富有成果的市場並且土耳其所有大公司都是我們資料中心業務的客戶的原因。

And then we are the leader in this market. And to say true that this year, we will increase this capacity by at least 30% more and every year, we are planning to organically grow. And with this, also with this high quality data center, all the -- there is a huge appetite among the cloud vendors or cloud providers to collaborate. So we are closely talking with them as well. So you're going to -- we're going to have a very ambitious data center targets for the next year and the following.

我們是這個市場的領導者。說實話，今年我們的產能將至少增加 30％，並且每年我們都計劃有機成長。有了這個高品質的資料中心，雲端供應商或雲端供應商之間就有了很大的合作興趣。因此我們也在與他們密切交談。所以你會—我們將為明年及後年制定非常雄心勃勃的資料中心目標。

Your overall M&A strategy, sorry?

請問您的整體併購策略是？

Currently, we have just exited from Ukraine as well. So we don't have any M&A strategy in any adjacent countries. We are not looking into that business.

目前，我們也剛離開烏克蘭。所以我們在任何鄰近國家都沒有任何併購策略。我們沒有調查那項業務。

If you are (inaudible) data centers, we would not -- we are not contemplating any M&A action. It will be an organic growth.

如果您是（聽不清楚）資料中心，我們不會 - 我們沒有考慮任何併購行動。這將是一個有機增長。

And within Turkey also, you're not looking to do any other M&A, right?

在土耳其境內，您也不打算進行任何其他併購，對嗎？

Regarding data center or you're talking about the other activities?

關於資料中心還是您正在談論其他活動？

Other areas as well.

其他領域也同樣如此。

In the short term, we do not have any M&A, but it's not -- it doesn't mean that we are closing our eyes to opportunities. If we find, for example, suitable opportunities, which will help us assist us to make a growth -- revenue growth or EBITDA contribution. Why not? But currently in our short-term plan, we do not have such kind of M&A, but it doesn't mean that we are closing our eyes to opportunities.

短期內，我們不會進行任何併購，但這並不意味著我們對機會視而不見。例如，如果我們找到合適的機會，這將有助於我們實現成長——收入成長或 EBITDA 貢獻。為什麼不呢？但目前我們短期的計畫裡，還沒有這樣的併購，但不代表我們對機會視而不見。

(Operator Instructions)

（操作員指令）

Bystrova Evgeniya, Barclays.

巴克萊銀行的 Bystrova Evgeniya。

I wanted to ask you about potential sale of the stake of Türkiye Wealth Fund in Turkcell. May be there any developments or some talks about it going on. I appreciate that it might be sensitive. So any color would be very, very helpful.

我想向您詢問有關土耳其財富基金在 Turkcell 的股份可能出售的問題。可能會有任何進展或有關此事的一些討論。我知道這可能有些敏感。所以任何顏色都會非常非常有用。

This is just our -- the questions need to be answered by the Turkish Wealth Fund. So they are our shareholders, and they have to decide and they have to answer your question. So it is out of scope of this call I think.

這只是我們的──土耳其財富基金需要回答的問題。所以他們是我們的股東，他們必須做出決定並回答你的問題。所以我認為這超出了本次通話的範圍。

Ladies and gentlemen, there are no further questions at this time. I will now turn the conference over to Turkcell management for any closing comments.

女士們、先生們，現在沒有其他問題了。現在，我將會議移交給 Turkcell 管理層，請他們發表最後評論。

Thank you very for the -- and also thank you very much for listening us. And hopefully, we are going to have another call in the end of the Q4, and we're going to soon talk to each other. Thank you very much for your time.

非常感謝您—也非常感謝您聽我們發言。希望我們能在第四季末再次進行電話會議，並儘快進行溝通。非常感謝您抽出時間。

Thank you for joining us. Bye.

感謝您加入我們。再見。

Ladies and gentlemen, the conference has now concluded, and you may disconnect your telephone. Thank you for calling, have a pleasant evening.

女士們、先生們，會議現已結束，您可以掛斷電話了。謝謝您的來電，祝您晚上愉快。