Turkcell Iletisim Hizmetleri AS (TKC) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. I'm Vassilios, 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 first quarter 2025 financial results. (Operator Instructions)

女士們、先生們，感謝你們的支持。我是瓦西里奧斯 (Vassilios)，您的合唱團呼叫接線員。歡迎，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 2025 年第一季的財務業績。（操作員指示）

At this time, I would like to turn the conference over to Mrs. 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。亞丁女士，您現在可以繼續了。

Thank you, Vassilios. Hello, everyone. Welcome to Turkcell's 2025 first quarter 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，瓦西里奧斯。大家好。歡迎參加 Turkcell 2025 年第一季財報電話會議。今天，我們的執行長 Ali Taha Koc；兼財務長 Kamil Kalyon 將進行簡短演講，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 very much, Ozlem. Good afternoon, everyone, and thank you for being with us today. Before I start my presentation, I would like to take a moment to celebrate a milestone that makes 2025 meaningful for us.

非常感謝，Ozlem。大家下午好，感謝大家今天的來訪。在開始我的演講之前，我想花點時間來慶祝 2025 年對我們來說具有重要意義的一個里程碑。

This year marks the 25th anniversary of Turkcell's IPO, where we proudly remain the first and only dual listed company. Looking back on these 25 years, we are proud and grateful to have grown alongside with you, our valued shareholders, creating lasting value together.

今年是 Turkcell 首次公開發行 (IPO) 25 週年，我們很自豪地成為第一家也是唯一一家雙重上市的公司。回顧這25年，我們很自豪也很感激能夠與我們尊貴的股東一起成長，共同創造持久的價值。

Moving on to highlights of the first quarter. Our top line reached TRY48 billion, delivering an outstanding double-digit year-on-year growth of 12.7%. On the profitability side, we delivered an EBITDA of TRY21 billion, up 19% year-on-year. This resulted in a robust margin of 43.7%, marking the highest first quarter margin in the last decade.

繼續討論第一季的亮點。我們的營業收入達到 480 億土耳其里拉，年增 12.7%，實現了出色的兩位數成長。在獲利方面，我們的 EBITDA 達到 210 億土耳其里拉，年增 19%。這使得利潤率達到了 43.7%，創下了過去十年第一季的最高利潤率。

Last but not least, we concluded the quarter with a solid net profit of TRY3.1 billion, another compelling indicator of our strong financial performance. We gained 153,000 postpaid and 30,000 fiber customers in the first quarter, which is clear evidence of the success of our value-focused strategy. This quarter, our strategic areas also delivered impressive results. Techfin segment revenues surged by 31%, while data center and cloud revenues grew by an outstanding 48%, reflecting the strong momentum in both areas.

最後但同樣重要的一點是，我們在本季度實現了 31 億土耳其里拉的淨利潤，這是我們強勁財務業績的另一個有力指標。我們在第一季獲得了 153,000 名後付費客戶和 30,000 名光纖客戶，這清楚地證明了我們以價值為中心的策略的成功。本季，我們的戰略領域也取得了令人矚目的成就。科技金融部門收入飆升 31%，而資料中心和雲端運算收入則成長了 48%，反映了這兩個領域的強勁勢頭。

Next page, please. Now take a closer look at our operational performance. On the mobile side, our focus on value generation continued to deliver strong results. We added 153,000 postpaid subscribers quarter-on-quarter and 1.6 million year-on-year. As a result, our postpaid share reached an all-time high of 76%, up from 72% a year ago.

請翻到下一頁。現在仔細看看我們的營運表現。在行動端，我們專注於價值創造並持續取得強勁成果。我們季度環比增加了 153,000 名後付費用戶，比去年同期成長了 160 萬名。結果，我們的後付費份額達到了 76% 的歷史新高，高於一年前的 72%。

Given the ongoing competitive landscape, our mobile churn rate remained low at 1.7%. We delivered double-digit ARPU growth of 15.9% this quarter, driven by our rational pricing strategy, affecting upselling and expanding postpaid base and has slowed down in CPI, all contributed to a widening gap between ARPU growth and inflation.

鑑於持續的競爭格局，我們的行動客戶流失率仍維持在 1.7% 的低點。本季度，我們的 ARPU 實現了 15.9% 的兩位數成長，這得益於我們合理的定價策略、追加銷售和不斷擴大的後付費用戶基數，並且 CPI 有所放緩，所有這些都導致​​ ARPU 成長與通貨膨脹之間的差距擴大。

Next page, please. Now moving on to the fixed broadband segment. In the first quarter, we added 30,000 net fiber customers, expanding our end-to-end fiber reach. We now cover over 6 million homes with Fiber to the Home technology, FTTH.

請翻到下一頁。現在轉到固定寬頻部分。第一季度，我們新增了3萬淨光纖客戶，擴大了端對端光纖覆蓋範圍。現在，我們的光纖到府科技 (FTTH) 已覆蓋超過 600 萬戶家庭。

Residential fiber ARPU grew by 17.7% year-on-year, supported by an increase in 12-month contract share to 86% and strong performance in upselling customers to higher speed packages. By quarter end, the share of Turkcell fiber customers on 100 MB plus packages rose 15 points, exceeding 46%. The slight rise in churn is mainly due to the transition to 12-month contracts. Thanks to our targeted initiatives, we successfully raised our takeup ratio to 43%.

住宅光纖 ARPU 年成長 17.7%，這得益於 12 個月合約份額增加至 86% 以及向客戶追加銷售更高速度套餐的強勁表現。截至季末，Turkcell 光纖客戶 100 MB 以上套餐的份額上升了 15 個百分點，超過 46%。客戶流失率略有上升主要是因為合約期限轉為 12 個月所致。由於我們採取了有針對性的舉措，我們成功地將接受率提高到了 43%。

Next, please. A quick update on our strategic areas, starting with Digital Business Services. This quarter, Digital Business Services achieved a revenue of TRY4 billion, driven by a 23% year-on-year increase in recurring service revenues. Notably, our system integration project backlog reached TRY4.9 billion, underscoring strong demand and continued customer confidence in our service offerings.

有請下一位。從數位業務服務開始，簡要更新我們的策略領域。本季度，數位業務服務部門實現了 40 億土耳其里拉的收入，這得益於經常性服務收入年增 23%。值得注意的是，我們的系統整合項目積壓訂單已達到 49 億土耳其里拉，凸顯了強勁的需求和客戶對我們服務產品的持續信心。

Revenues in our high potential data center and cloud segment surged by 48% this quarter. We are forming the strategic importance of this business in our portfolio. To meet growing demand, we plan to add two new modules, expanding our capacity by 8.4 megawatts by year-end. The total data center investments now stand at EUR528 million.

本季度，我們高潛力資料中心和雲端部門的收入飆升了 48%。我們正在我們的投資組合中形成這項業務的策略重要性。為了滿足不斷增長的需求，我們計劃增加兩個新模組，到年底將我們的產能擴大 8.4 兆瓦。目前資料中心總投資已達5.28億歐元。

Next, please. Now the Techfin segment, which plays a key role in our growth strategy. Paycell, our secure mobile payment platform recorded an impressive 47.8% year-on-year growth, with pay later driving revenue, followed by post revenues. We focus on profitability and pay sales EBITDA rose to 24.2%. Finance sales revenue grew 8.2% supported by loan portfolio expansion through dedicated campaigns and personalized pricing. Net interest margin improved to 4.7% due to lower funding costs.

有請下一位。現在，科技金融部門在我們的成長策略中發揮關鍵作用。我們的安全行動支付平台 Paycell 取得了令人印象深刻的 47.8% 的年成長，其中先期付款推動了收入成長，其次是郵寄收入。我們注重獲利能力，支付銷售額EBITDA上升至24.2%。透過專門的活動和個人化定價擴大貸款組合，金融銷售收入成長了 8.2%。由於融資成本降低，淨利差改善至4.7%。

Despite macro challenges, our cost of risk remained at 3.3%. As a final note, I would like to highlight that we firmly stand by our 2025 guidance while closely monitoring global and local economic dynamics.

儘管面臨宏觀挑戰，我們的風險成本仍維持在 3.3%。最後，我想強調的是，我們堅定地堅持 2025 年的指導方針，同時密切關注全球和當地的經濟動態。

I will now hand over to our CFO, Mr. Kamil Kalyon.

現在我將把權力移交給我們的財務長卡米爾·卡利昂先生。

Thank you very much, Alin Taha Koc. Let's take a deeper dive on our financial performance. Before we dive into the financial overview, I'd like to clarify our new segmentation structure effective from this quarter onwards. We made two changes. After the successful sale of our premium assets, revenues from international subsidiaries now represents a smaller share in our group financials. Therefore, we have reclassified the international segment under the other segment.

非常感謝，Alin Taha Koc。讓我們更深入地了解我們的財務表現。在我們深入了解財務概況之前，我想先澄清一下從本季開始生效的新細分結構。我們做了兩處改變。在成功出售優質資產後，國際子公司的收入在我們集團財務中所佔的份額已減少。因此，我們將國際分部重新歸類為其他分部。

Additionally, the consumer business of Turkcell Satış’s is now classified under Turkcell Türkiye together with its enterprise sales. These changes reflect our internal management approach to reviewing the performance of Turkcell Satış’s as a whole. These adjustments have no impact on our operating profit, profit for the year or cash flow statements.

此外，Turkcell SatıŠ的消費者業務現已與其企業銷售一起歸入 Turkcell Türkiye 旗下。這些變化反映了我們審查 Turkcell SatıŠ整體績效的內部管理方法。這些調整對我們的營業利潤、年度利潤或現金流量表沒有影響。

Next slide, please. Group revenues grew by 13%, adding TRY5 billion this quarter. Our main driver is Turkcell Türkiye, which contributed TRY4.5 billion. Turkcell Türkiye achieved 12% revenue growth. This is driven by postpaid subscriber growth, ARPU increase supported by rational pricing, effective upsell efforts and driving data center and cloud revenues.

請看下一張投影片。本季集團營收成長 13%，增加 50 億土耳其里拉。我們的主要推動者是 Turkcell Türkiye，其貢獻了 45 億土耳其里拉。Turkcell Türkiye 的營收成長了 12%。這是由後付費用戶成長、合理定價支援的 ARPU 成長、有效的追加銷售努力以及推動資料中心和雲端收入所推動的。

This performance stands as a testament to our sustained growth momentum. We have consistently delivered real ARPU growth for nine consecutive quarters. Our Techfin segment generated TRY667 million, primarily driven by Paycell's robust performance.

這一業績證明了我們持續的成長勢頭。我們已連續九個季度實現實質 ARPU 成長。我們的科技金融部門創造了 6.67 億土耳其里拉的收入，主要得益於 Paycell 的強勁表​​現。

Focused on profitability and dedicated cost controls, we listed EBITDA margin by 2.3 points to 43.7%, reaffirming our leadership in the Turkish telecom market. The margin improved, thanks to lower cost of goods sold energy expenses, funding costs and interconnection expenses as a share of revenue.

我們專注於獲利能力和專門的成本控制，EBITDA 利潤率提高了 2.3 個百分點，達到 43.7%，重申了我們在土耳其電信市場的領導地位。由於銷售成本、能源費用、融資成本和互連費用佔收入的比例下降，利潤率有所提高。

Next slide, please. Now CapEx management. In the first quarter of 2025, our CapEx to sales ratio is at 20.2%. Our investments have largely been concentrated in strategic areas. By making these investments in advance, we pave the way to unlock value from our assets and shape Turkiye's next digitalization story.

請看下一張投影片。現在是資本支出管理。2025 年第一季度，我們的資本支出與銷售額比為 20.2%。我們的投資主要集中在戰略領域。透過提前進行這些投資，我們為釋放資產價值和塑造土耳其的下一個數位化故事鋪平了道路。

About a quarter of the budget is allocated to and investments. This keeps us on track and on track to add two new modules to the ÇORLU and ANKARA data centers by year-end. We have also continued to strengthen our core telecommunication infrastructure and nearly 60% of the CapEx budget close to mobile and fiber infrastructure to maintain service quality.

約四分之一的預算被分配給投資。這使我們保持正軌，並預計在年底前為 ÃORLU 和 ANKARA 資料中心添加兩個新模組。我們也持續加強我們的核心電信基礎設施，並將近 60% 的資本支出預算用於行動和光纖基礎設施，以維持服務品質。

In Renewable Energy, we reached 28 megawatts of active solar energy capacity in Q1. We have 79-megawatt of total installed capacity with the remaining to be activated once permissions are secured. Once we reach 70% of our 300-megawatt target, we will cover approximately 20 of our annual energy costs, a key step towards cost efficiency and sustainability. We are firmly on track executing effectively under our CapEx management strategy.

在再生能源方面，我們第一季的活躍太陽能容量達到了 28 兆瓦。我們的總裝置容量為 79 兆瓦，其餘容量將在獲得許可後啟用。一旦我們達到 300 兆瓦目標的 70%，我們將涵蓋約 20% 的年度能源成本，這是實現成本效率和永續性的關鍵一步。我們正堅定地按照我們的資本支出管理策略有效執行。

Next slide, please. Highlights from our strong balance sheet. In the first quarter, our total cash position rose to TRY108 billion from TRY76 billion. Our cash position sufficiently supports that service for the upcoming three-year period. Following the successful January Eurobond issues, our gross debt increased from TRY115 billion to TRY151 billion. Keeping in mind that the 5G tender is approaching being secured its financing in advance through these issues at advantageous rates.

請看下一張投影片。我們強勁的資產負債表的亮點。第一季度，我們的現金總額從 760 億土耳其里拉增至 1,080 億土耳其里拉。我們的現金狀況足以支持未來三年的服務。繼一月成功發行歐洲債券後，我們的總債務從 1,150 億土耳其里拉增至 1,510 億土耳其里拉。考慮到5G招標即將到來，我們將透過這些發行以優惠利率提前獲得融資。

This was a timely move as global interest rates climbed shortly afterwards due to macroeconomic tensions. By the end of Q1, the group's net debt rose to TRY17 billion with a 0.2 times leverage ratio. The TRY3 billion wireless usage fee paid in first quarter and cash outflow due to ongoing investments, slightly pushed leverage higher. Considering the 5G tender outcome, and capital expenditures throughout the year, we anticipate leverage staying below 1 time this year, which we consider a healthy level.

由於宏觀經濟緊張局勢導致全球利率隨後不久上升，這項措施非常及時。截至第一季末，該集團淨債務升至 170 億土耳其里拉，槓桿率為 0.2 倍。第一季支付的 30 億土耳其里拉無線使用費以及持續投資導致的現金流出略微推高了槓桿率。考慮到5G招標結果和全年的資本支出，我們預計今年的槓桿率將保持在1倍以下，我們認為這是一個健康的水平。

Next slide, please. Finally, let's look at the management of the foreign currency risk. The majority of our cash remains in hard currencies. We hold 87% of cash in hard currency naturally hedging 86% of hard currency debt. This quarter, we increased our local capital market issues a move that not only supported portfolio diversification but also enables more effective financing cost management.

請看下一張投影片。最後我們來看看外匯風險管理。我們的現金大多仍為硬通貨。我們持有 87% 的硬通貨現金，自然對沖了 86% 的硬通貨債務。本季度，我們增加了本地資本市場發行，此舉不僅支持了投資組合多樣化，而且實現了更有效的融資成本管理。

At the end of Q1, we had USD3.4 billion accumulated FX debt and USD3.5 billion to USD3.1 billion FX denominated financial assets. In addition, we held a derivative portfolio of USD388 million. We are in a short net FX position of USD76 million. This quarter, we proactively managed our FX risk and balanced net financial income and expenses maintaining our FX position within the plus or minus USD200 million range.

截至第一季末，我們累計外匯債務為 34 億美元，外匯計價金融資產為 35 億至 31 億美元。此外，我們也持有3.88億美元的衍生性商品投資組合。我們的外匯淨空頭部位為 7,600 萬美元。本季度，我們積極管理外匯風險，平衡淨財務收入和支出，將外匯部位維持在正負 2 億美元的範圍內。

This disciplined approach effectively limited the impact of currency movements on our balance sheet and strengthened out financial resilience. This brings our presentation to a close, and we are now ready to take your questions. Thank you.

這種嚴謹的方法有效地限制了貨幣變動對我們資產負債表的影響，並增強了我們的財務韌性。我們的演示到此結束，現在我們準備回答您的問題。謝謝。

(Operator Instructions) The first question comes from the line of Singh, Madhvendra with HSBC.

（操作員指示）第一個問題來自匯豐銀行的 Singh, Madhvendra。

Hi, thanks a lot for taking my question. My first question is on your revenue performance. 12.7% for the group I was wondering whether given the -- you have been increasing prices, I think, around 15% in Q1. So if you could discuss how the price increase actually is spread? And are you seeing any uses impact that your revenue growth in real terms is not more than 15%.

你好，非常感謝您回答我的問題。我的第一個問題是關於你們的收入表現。該集團的價格上漲了 12.7%，我想知道，鑑於——我認為，你們在第一季已經將價格提高了 15% 左右。那麼，您能否討論一下價格上漲實際上是如何蔓延的？您是否看到任何使用影響導致您的實際收入成長不超過 15%。

So if you could explain the gap between the price hikes you typically do and the new growth. And also, your competitor also reported numbers, and they actually had, I think, close to 17%, 18% growth during the quarter. So was there any roll off higher or intense competition in the market as well? So that's the first question.

因此，您能否解釋一下通常的價格上漲與新的成長之間的差距？此外，您的競爭對手也報告了數據，我認為他們在本季的實際成長率接近 17% 至 18%。那麼市場上是否存在更高或更激烈的競爭？這是第一個問題。

And second question is on your -- any update on the 5G process from your side? Is there any visibility on the cost? Thank you.

第二個問題是－您這邊有什麼關於 5G 進程的最新消息嗎？成本是否清晰可見？謝謝。

Okay. You very much for the question. For the first question, in the first quarter, as you said, we achieved a 13% yield revenue growth and a strong 12% growth in the same period last year. Therefore, when you look at our performance, looking at the past several years, except for few quarters, we have consistently delivered higher revenue growth, resulting in a larger revenue base. This success is coming from the diverse and high-quality services we offer for our customers, we are doing our homework regarding the upside, we are very successful about the upsell -- also upsell.

好的。非常感謝您的提問。對於第一個問題，正如您所說，第一季我們實現了13%的收益收入成長，去年同期實現了12%的強勁成長。因此，當你回顧我們的業績時，回顧過去幾年，除了幾個季度外，我們的收入一直保持較高的成長，從而帶來了更大的收入基數。這項成功源自於我們為客戶提供的多樣化和高品質的服務，我們正在為上行空間做功課，我們在追加銷售方面非常成功——追加銷售也是如此。

In addition, we have a strong -- subscriber base still continue to grow, therefore this or all these things, bringing the successful for the revenue performance from our perspective. And our goal is to share this value regularly with our investors in the coming future.

此外，我們擁有強大的用戶群，並且仍在持續成長，因此從我們的角度來看，這些或所有這些因素都為收入表現帶來了成功。我們的目標是在未來定期與我們的投資者分享這一價值。

And as you say, there might be -- in the mobile market, we observed that competition intensified starting in May 2024 continued throughout the end of the year. We have not absorbed any normalization so far in 2025 either but as we mentioned previously, we are not playing only for the subscriber base play. We do not want to confess from our revenue growth as ARPU increases and ARPU growth.

正如您所說，在行動市場，我們觀察到競爭從 2024 年 5 月開始加劇，並持續到年底。到 2025 年為止，我們還沒有實現任何正常化，但正如我們之前提到的，我們並不是只為了訂閱用戶群體而玩遊戲。我們不想承認我們的收入成長是因為ARPU增加以及ARPU成長。

Therefore, as the market leader, we are observing the developments in the market regarding this. And we are, for example, how can I say, we are forcing or we are implementing our, for example, aggressive campaigns when we need it. We are not making it continuously within the year.

因此，作為市場領導者，我們正在觀察市場在這方面的發展。例如，怎麼說呢，我們正在強制執行或實施我們在需要時採取的積極行動。我們不會在一年內連續進行此操作。

And for the second question, let me tell you that there is no official time line announced by the regulatory yet regarding the commercial launch of 5G. However, recent statements suggest that the spectrum auction is expected to take place within this year. With 5G service anticipated to go live in 2026. While detailed information on spectrum pricing and licensing condition is still pending, we expect a balanced regulatory approach that supports both innovation as well as sustainable investments.

關於第二個問題，我可以告訴你，目前監管機構還沒有公佈5G商用的官方時間表。然而，最近的聲明表明，頻譜拍賣預計將在今年內進行。5G服務預計2026年上線。雖然有關頻譜定價和許可條件的詳細資訊仍有待公佈，但我們期待採取一種平衡的監管方式，既支持創新，也支持永續投資。

As Turkcell, we are committed to building our 5G infrastructure by leveraging local and national technologies wherever possible. We continue to support the development of domestic technology ecosystem through our ongoing R&D collaboration and partnerships. We are already providing live 5G coverage at a grand national assembly of Türkiye for major football stadiums and Istanbul Airport, delivering speeds exceeding 1 gigabit per second to our customers.

作為 Turkcell，我們致力於盡可能利用本地和國家技術來建立我們的 5G 基礎設施。我們將繼續透過持續的研發合作和夥伴關係來支持國內技術生態系統的發展。我們已經在土耳其國民議會的主要足球場和伊斯坦堡機場提供即時 5G 覆蓋，為我們的客戶提供超過每秒 1 千兆位元的速度。

This deployment showcased our readiness and as well as leadership in advanced connectivity and technology. Our robust 4.5G infrastructure along with our fiber backbone and virtualized core network position us well for efficient 5G rail out. So we are expecting the official time line from the government and regulatory bodies.

此次部署展示了我們的準備程度以及在先進連接和技術方面的領導地位。我們強大的 4.5G 基礎設施以及光纖主幹網路和虛擬化核心網路為我們高效的 5G 軌道交通奠定了良好的基礎。因此，我們期待政府和監管機構公佈官方時間表。

Thank you.

謝謝。

The next question comes from the line of Bystrova Evgeniya with Barclays.

下一個問題來自巴克萊銀行的 Bystrova Evgeniya。

Hi. Hello. Good evening. Thank you very much for the presentation and congrats on results. I have just one question. It seems that in the first quarter, you beat your guidance in terms of revenue growth also for EBITDA margins. So I was just wondering how you're seeing the rest of the year play out? Do you plan to maybe update your guidance accordingly? And also, if you could please remind us what was the CPI assumption for your guidance for this year? Thank you.

你好。你好。晚安.非常感謝您的演講並祝賀取得的成果。我只有一個問題。看來，第一季你們的營收成長和 EBITDA 利潤率都超出了預期。所以我只是想知道你對今年剩餘時間的走勢有何看法？您是否計劃相應地更新您的指導？另外，您能否提醒我們一下，您對今年的指導方針中的 CPI 假設是什麼？謝謝。

Thank you very much for the question. As you mentioned, we had a strong start to the year. Therefore, the first quarter's results are very consistent with our guidance side. But in order to say it -- would be a little bit hard, how can I say early to talk about any revised in the guidance side because there are a lot of significant macroeconomic conditions internally and domestically and internationally.

非常感謝您的提問。正如您所說，我們今年開局良好。因此，第一季的業績與我們的指導方針非常一致。但要說出來——有點困難，我怎麼能早點談論指導方面的任何修訂，因為國內和國際都有很多重要的宏觀經濟條件。

Therefore, we are looking forward to these developments. Currently, we are sticking on our guidance if there would be a need for the device for the -- in the future. Maybe we can make it revised, but currently, we are sticking on the guidance which we declared starting of this year.

因此，我們對這些發展充滿期待。目前，如果未來需要該設備，我們將堅持我們的指導方針。也許我們可以對其進行修改，但目前，我們堅持今年年初宣布的指導方針。

And in our CPI expectation in our guidance was -- for the year end side, we were estimating 30.5% CPI rate. But for example, we revised our estimations to 35% nowadays for the CPI stuff.

在我們的指導中，CPI 預期是—對於年底，我們估計 CPI 成長率為 30.5%。但例如，我們現在將 CPI 的估計值修改為 35%。

That's year-end or average?

這是年末數據還是平均值？

Year-end. While our budget side, the expectation of the Turkish Central Bank expectations around 24% to 27% CPI by taking into consideration, we set our expectations at 30%, but currency export current developments, we revised it to 35% CPI for year-end.

年末。雖然我們的預算方面，考慮到土耳其央行對CPI的預期在24%到27%左右，我們將預期設定在30%，但考慮到貨幣出口目前的發展情況，我們將其修改為年底的35%CPI。

Thank you very much.

非常感謝。

(Operator Instructions) The next question comes from the line of Mandaci Ece with Unlu Securities.

（操作員指示）下一個問題來自 Unlu Securities 的 Mandaci Ece。

Hi. Thank you very much for the presentation. Could you provide some more insight on your subscriber numbers? I understand that there was some more competition, and you focus mainly on increasing your prepaid -- sorry postpaid subscribers on the mobile side. Will this strategy continue during the year? And can we see a better quarterly subscriber additions going forward on a combined basis?

你好。非常感謝您的演講。您能否提供一些有關您的訂閱者數量的更多詳細資訊？我知道競爭更加激烈，你們主要致力於增加行動端的預付費——抱歉，是後付費用戶。今年這項策略會持續嗎？我們是否能看到未來季度用戶新增數量在整體基礎上有所改善？

And secondly, we also start to see a big jump in your fiber numbers, the lines you are leasing from other operator. So what could be the potential growth in that area, which also can contribute to your own fiber customer or subscriber base? Thank you.

其次，我們也開始看到您的光纖數量（即您從其他業者租用的線路）大幅增加。那麼該地區的潛在成長是什麼，它又能為您自己的光纖客戶或用戶群做出什麼貢獻呢？謝謝。

Thank very much for those questions. In this quarter, our postpaid net additions decreased compared to Q1 2024 totaling 153,000. The main reason for this decline appears to be the decrease in network mainly due to ongoing aggressive campaigns by competitors.

非常感謝這些問題。本季度，我們的後付費淨增用戶與 2024 年第一季相比有所減少，總計 153,000 人。造成這種下降的主要原因似乎是由於競爭對手持續的激進活動導致網路的衰落。

On the prepaid segment, we registered a net loss due to reduced usage from the tourists, the widespread adoption of electronic SIM, eSIM technology and the growing competitiveness of discounted postpaid offers. Although minimum wage increase into Q1 2025, the absence of a minimum wage hike in the second half of 2024 combined with ongoing economic challenges also put pressure on prepaid subscribers consumption power.

在預付費領域，由於遊客使用量減少、電子 SIM 卡和 eSIM 技術的廣泛採用以及折扣後付費優惠的競爭日益激烈，我們出現了淨虧損。儘管最低工資將在 2025 年第一季上調，但 2024 年下半年沒有上調最低工資，加上持續的經濟挑戰，也給預付費用戶的消費能力帶來了壓力。

However, the net subscriber loss was lower compared to same quarter last year, supported by a decline in tourist line closures. Our fixed subscriber base reached 3.3 million as of Q1 2015, with 25,000 net additions in the quarter. As a result, our dedicated investments, we recorded a net 30,000 Turkcell fiber subscriber additions. However, we experienced some customer laws on the resale segment due to price adjustments in line with our focus on profitability.

不過，由於旅遊線路關閉數量的減少，淨用戶流失量與去年同期相比有所下降。截至 2015 年第一季度，我們的固定用戶群已達 330 萬，本季淨增加 25,000 個。因此，透過我們的專案投資，我們實現了 30,000 個 Turkcell 光纖用戶的淨增。然而，由於我們根據獲利能力進行價格調整，轉售領域遇到了一些客戶法律問題。

In addition, the increase in our churn driven by factors such as the rising contract exploration confirming our policy shift from 24 months to 12 months' commitment also negatively impacted our fixed subscribers net addition. In line with our ARPU subscribers balanced growth strategy, we didn't make some of the customer retention campaigns in Q1 2025 that we had made in Q1 2024.

此外，由於合約探索不斷增加確認我們的政策從 24 個月轉變為 12 個月的承諾等因素導致我們的客戶流失率增加，也對我們的固定用戶淨增產生了負面影響。根據我們的 ARPU 用戶平衡成長策略，我們在 2025 年第一季沒有開展 2024 年第一季開展的一些客戶保留活動。

For the competitors' fiber optic cables, actually, we need to make it clear that this is not an infrastructure sharing. Infrastructure sharing first in agreements where the owner of the telecom network facilities allows another operator to access and use those facilities based on a commercial agreement between both parties. We haven't signed such agreement with a competitor.

對於競爭對手的光纖電纜，其實我們要明確一點，這不是基礎設施共享。基礎設施共享首先體現在協議中，電信網路設施的所有者根據雙方的商業協議允許另一個營運商存取和使用這些設施。我們還沒有與競爭對手簽署過這樣的協議。

This is a purely reselling operation, similar to what we do with DSL and Turkcell cable. We continue our focus and investment in fiber, our Turkcell fiber. However, in areas where we don't have our own fiber infrastructure. We plan to sell competitors' fiber instead of competitors' DSL.

這是純粹的轉售業務，類似於我們對 DSL 和 Turkcell 電纜所做的操作。我們繼續關注並投資纖維，即我們的 Turkcell 纖維。然而，在我們沒有自己的光纖基礎設施的地區。我們計劃銷售競爭對手的光纖而不是競爭對手的 DSL。

Could you also please comment on the potential growth in your subscriber base in the quarters ahead? If you can provide some more detail on that going forward?

您能否也評論一下未來幾季您的用戶群的潛在成長？您能否提供更多有關此事的細節？

We are aligned with our planning, and then we are expecting better performance in the following quarters. especially, we already had a huge investment on the fiber domain, extending our agreement with [BOTAŞ]. As you may know that there was a tender about it and then our backbone is well established with the BOTAŞ. And then starting from 15 years back, we had this agreement with BOTAŞ in 81 different cities we can reach with the BOTAŞ are natural gas companies pipes.

我們已經按照計劃進行了調整，並期待在接下來的幾個季度中取得更好的業績。特別是，我們已經在光纖領域進行了巨額投資，並延長了與[BOTAÅ]。您可能知道，我們曾對此進行過招標，並且我們的骨幹與 BOTAÅ 建立了良好的合作關係。從 15 年前開始，我們就與 BOTAÅ 達成了協議，透過 BOTAÅ，我們得以在 81 個不同的城市鋪設天然氣公司的管道。

So in the next date those pipes, we have our own fiber infrastructure and it consists of our main backbone. So with this infrastructure that we extend this deal for the next 15 years, we are going to invest more and more in the fiber domain. And we believe in the fiber connectivity, especially for 5G and better service to our customers.

因此，在下一步中，我們將擁有自己的光纖基礎設施，它構成了我們的主要骨幹網路。因此，隨著我們將這項協議延長至未來 15 年，我們將在光纖領域投入越來越多的資金。我們相信光纖連接，特別是 5G 以及為客戶提供更好的服務。

(Operator Instructions) The next question is a follow-up question from the line of Singh, Madhvendra with HSBC.

（操作員指示）下一個問題是來自匯豐銀行的 Singh, Madhvendra 的後續問題。

Yes, hi. Thanks for taking my question again. This question is on your data center CapEx plan. So looking at the general expectations, is it fair to assume you plan to spend around TRY6 billion to TRY7 billion on data centers this year?

是的，你好。感謝您再次回答我的問題。這個問題與你的資料中心資本支出計畫有關。那麼從整體預期來看，是否可以合理地假設您今年計劃在資料中心上花費約 60 億至 70 億土耳其里拉？

And then the follow-up question to that would be whether -- what is your overall data center ambition and whether this CapEx amount is how significant it is in achieving the overall objectives there? Because in dollar terms, it doesn't look like it's a huge amount.

那麼接下來的問題是—您對資料中心的整體目標是什麼，以及這個資本支出金額對於實現資料中心的整體目標有多重要？因為以美元計算，這看起來並不是一個巨大的數字。

Yes. To ensure that Türkiye's data remains within the Türkiye borders, we continue to lead the data center market, and we are committed to increasing our investment in both data centers as well as the cloud services. The data center market is currently very dynamic we anticipate that hyperscaler cloud providers will invest in Türkiye and which will significantly expand the market. Additionally, we expect even faster growth driven by the AI transformation which will provide an additional boost to already existing growth.

是的。為了確保土耳其的資料保留在土耳其境內，我們持續引領資料中心市場，並致力於增加對資料中心和雲端服務的投資。資料中心市場目前非常活躍，我們預計超大規模雲端供應商將在土耳其投資，這將顯著擴大市場。此外，我們預計人工智慧轉型將推動更快的成長，這將為現有的成長提供額外的推動力。

In regards to global perspective, the current installed capacity 55 gigawatt is expected quadruple to 220 gigawatts by 2030. So there's a huge ambition plans all around the world about the data centers. There is no market study done by an independent research company for data center businesses in Türkiye. But according to latest International Data Corporation's forecast for 2024, the cloud businesses, Infrastructure as a Service, Platform as a Software, Software as a Service.

從全球角度來看，目前的裝置容量為55吉瓦，預計到2030年將增加四倍，達到220吉瓦。因此，世界各地都對資料中心有著宏偉的計劃。目前還沒有獨立研究公司針對土耳其的資料中心業務進行市場研究。但根據國際數據公司對2024年的最新預測，雲端業務、基礎設施即服務、平台即軟體、軟體即服務。

In Türkiye a total market size of around USD1.7 billion, which is expected to continue growing, large corporate companies in the finance, especially health care and as well as the banking sectors are significant potential customers for our DC business as well as the cloud services due to the Turkish regulations that require that data to be stored within the country and within the boundaries of the country.

在土耳其，總市場規模約為 17 億美元，預計還將繼續成長，金融、特別是醫療保健和銀行業的大型企業是我們 DC 業務以及雲端服務的重要潛在客戶，因為土耳其法規要求將資料儲存在國內和國界之內。

On the other hand, Türkiye has a fast-growing startup ecosystem, as you may know, that attracts investments, particularly showing significant development in the gaming and fintech sectors. Also, it's going to require huge data center business. Therefore, our country is very attractive, especially for hyperscalers. And we are planning to make this the regional center for the data, and we are going to make Turkcell and Türkiye the regional data center hub all around this region.

另一方面，如您所知，土耳其擁有快速發展的新創企業生態系統，吸引了大量投資，尤其是在遊戲和金融科技領域取得了顯著發展。此外，它還需要龐大的資料中心業務。因此，我們的國家非常有吸引力，特別是對於超大規模企業而言。我們計劃將其打造成區域資料中心，並將 Turkcell 和 Türkiye 打造成該地區的區域資料中心樞紐。

And in first quarter, it seems the data center investment seems a little bit high. Yes, you're right, 24% of CapEx has seen -- as spent for the data center side. But for year-end estimation, it will be reduced to 13%, and we still spent significant amount of money for the, how can I say, renovation and modernization of fiber and the mobile infrastructure.

而在第一季度，資料中心的投資似乎有點高。是的，您說得對，24% 的資本支出已用於資料中心方面。但預計年底這一比例將降至 13%，而且我們仍然花費了大量資金用於光纖和行動基礎設施的翻新和現代化。

The next question comes from the line of Demirtas, Cemal with Ata Invest.

下一個問題來自 Ata Invest 的 Demirtas、Cemal。

Thank you for the presentation. My question is about the income statement, the effective tax side. You see an increase in deferred tax expense, is it specific to this quarter? Or are we going to see the trend for the rest of the year?

感謝您的演講。我的問題是關於損益表，即有效稅務方面。您發現遞延稅項費用增加，這是本季特有的嗎？或者我們會看到今年剩餘時間的趨勢嗎？

Cemal, thank you very much for the question. Yes, after the -- you know there are different applications, especially coming from the inflationary accounting. The inflationary accounting in the local side is a little bit different, and the inflation accounting principles in the IFRS side is a little bit different. There are some differences.

Cemal，非常感謝您提出這個問題。是的，之後——你知道有不同的應用，特別是來自通貨膨脹會計的應用。當地的通貨膨脹會計有點不同，而 IFRS 方面的通貨膨脹會計原則也有點不同。存在一些差異。

And these differences affecting our deferred tax liability or deferred tax revenue significantly. This quarter, we are seeing a high deferred tax expense in our financial income statement. We will be looking for the next quarters. I am not expecting such an important or significant tax effect in the coming period, but it depends on the difference. Unfortunately, we can not also foresee the effect of these differences between two principles.

這些差異嚴重影響我們的遞延所得稅負債或遞延所得稅收入。本季度，我們在財務損益表中看到高額的遞延稅務支出。我們將關注下一季。我並不期望未來一段時間會出現如此重要或顯著的稅收效應，但這取決於差異。不幸的是，我們也無法預見這兩個原則之間的差異所帶來的影響。

And one other question is about the TOGG side, which is reported under equity method. We see a loss in this quarter and last year also there was both. In case of the capital increase, will you just be in that case, in case of any capital increase needed in TOGG project?

還有一個問題是關於 TOGG 方面，它是按照權益法報告的。我們發現本季出現了虧損，去年也出現了虧損。如果增加資本，你們會這樣嗎，如果 TOGG 專案需要增加資本？

Thank you, Cemal. Let me answer this question. Well, the financing of this investment is planned to be made by equity, borrowings by the company, a very significant incentive package and cash flows of the company shareholders' commitment is restricted with EUR500 million capital, which corresponded to EUR115 million for Turkcell as the main share of one of the shareholders.

謝謝你，Cemal。讓我來回答這個問題。嗯，這項投資的融資計劃透過股權、公司借款、非常重要的激勵方案和公司股東承諾的現金流進行，限制資本為 5 億歐元，對於作為主要股東之一的 Turkcell 來說，這相當於 1.15 億歐元。

As of the end of 2024, we made all capital contributions of EUR114.5 million. If needed, we can evaluate a capital increase with our Board of Directors, taken into account the prevailing conditions. Every industry goes through business cycles and the automobile sector has been in a down cycle for some time, mainly due to the impact of macroeconomic conditions on consumer's consumption power.

截至2024年底，我們已全部出資1.145億歐元。如果需要，我們可以與董事會一起根據現有條件評估增資。每個產業都會經歷週期，汽車產業一段時間以來一直處於下行週期，主要是受宏觀經濟狀況對消費者消費能力的影響。

TOGG being a young company founded in 2018 may also require some time before it can deliver sustainable net profits. We see our investment in TOGG not just as an investment in automotive, but as a broader move in e-mobility ecosystem.

TOGG 作為一家 2018 年成立的年輕公司，可能還需要一段時間才能實現可持續的淨利潤。我們認為對 TOGG 的投資不僅是對汽車的投資，也是對電子移動生態系統的更廣泛舉措。

Cars are becoming smarter. A new mobile ecosystem is emerging around vehicles, all the connectivity is there, in-car infotainment is there have evolved significantly and connectivity has become one of the key topic in automotive industry with the smart cars and autonomous driving especially within the rise of autonomous and semi-autonomous vehicles.

汽車變得越來越聰明。一個新的移動生態系統正在車輛周圍出現，所有的連接都已存在，車載資訊娛樂系統已經發生了重大變化，隨著智慧汽車和自動駕駛，特別是隨著自動駕駛和半自動駕駛汽車的興起，連接已經成為汽車行業的關鍵主題之一。

Therefore, this investment presents several opportunities for Turkcell, including the integration of smart living solutions into the e-mobile or mobility ecosystem and offering end-to-end mobile services. In this context, I can say that, we have integrated Paycell, for example, innovative payment solutions to TOGG, Our digital music platform, fizy, our TV+ app, so you can watch TV in any TOGG right now.

因此，這項投資為 Turkcell 提供了多種機會，包括將智慧生活解決方案融入電子移動或行動生態系統並提供端到端行動服務。在此背景下，我可以說，我們已經將 Paycell 等創新支付解決方案整合到 TOGG、我們的數位音樂平台 fizy 和我們的 TV+ 應用程式中，因此您現在可以在任何 TOGG 上觀看電視。

Given the industry trends and the alignment with Turkcell capabilities, we believe that this EV initiative has the potential to create value for our group, for Türkiye, for all of us, both through performance of TOGG itself and synergies we can unlock together.

鑑於行業趨勢以及與 Turkcell 能力的一致性，我們相信這項 EV 計劃有潛力為我們集團、為土耳其、為我們所有人創造價值，這既可以透過 TOGG 本身的表現，也可以透過我們可以共同釋放的協同效應來實現。

And one last question about the latest, the volatility in the currencies by closing of the quarter. we see your net FX position. But could you tell us more about how you manage the volatilities, if any, going forward, how resilient you are?

最後一個問題是關於最新情況的，即本季末貨幣的波動情況。我們看到了您的淨外匯部位。但是，您能否告訴我們更多關於您如何應對未來波動的資訊？如果有的話，您的適應能力如何？

And in terms of profitability at the growth prospect for Turkcell, where are we at this moment? Because we are growing a bit better than your expectations, but I remember when you first came to Turkcell, you were just even thinking about doubling the company at some point. I just want to ask your opinion right now. I don't need like a concrete answer, but in terms of where we are heading about Turkcell where we are now. Thank you.

就 Turkcell 的獲利能力和成長前景而言，目前我們處於什麼位置？因為我們的成長比你的預期要好一些，但我記得當你第一次來到 Turkcell 時，你甚至想過在某個時候將公司規模擴大一倍。我現在只是想問一下你的意見。我不需要具體的答案，但就 Turkcell 目前的發展方向而言。謝謝。

Thank you very much, Cemal. As you know, we have a very strong balance sheet, and we are doing our homework regarding balance sheet management very best and properly. We are trying to keep our discipline, especially not for example, we are not only focusing the revenue growth. But as you know, we are doing this cost optimization and cost management issue very well. And due to this fact, we have a very good EBITDA margins than compared with the competence.

非常感謝，Cemal。如您所知，我們的資產負債表非常強勁，我們正在盡最大努力妥善地做好資產負債表管理方面的工作。我們正在努力保持紀律，特別是例如我們不僅僅關注收入成長。但如您所知，我們在成本優化和成本管理問題上做得非常好。正因為如此，我們的 EBITDA 利潤率與競爭對手相比非常高。

Therefore, we are not only focusing on the growth side. And below EBITDA level, we have a very strong balance sheet, as you know, and we are doing our homework very successfully. We have only FX short position in TRY76 million, as you mentioned in Q1. This is very important from our perspective, and we are using the limited hedging portfolios or hedging instruments very properly right now.

因此，我們不僅僅關注成長方面。在 EBITDA 水準以下，我們擁有非常強勁的資產負債表，如您所知，而且我們的準備工作做得非常成功。正如您在第一季度提到的那樣，我們僅持有 7,600 萬土耳其里拉的外匯空頭頭寸。從我們的角度來看，這非常重要，我們現在正在非常恰當地使用有限的對沖投資組合或對沖工具。

Therefore, they do not see high or significant FX doses, for example, due to our strong position, and we will be keeping it until the end of 2025. As you know, we have a very successful reissuance of Eurobond. And I can easily say that it's a very successful reissuance because if we do not do -- if we did not realize these reissuance in the January side.

因此，由於我們的強勢地位，他們不會看到高或顯著的 FX 劑量，我們將保持這種狀態直到 2025 年底。如您所知，我們非常成功地重新發行了歐洲債券。我可以很容易地說，這是一次非常成功的重新發行，因為如果我們不這樣做——如果我們沒有在一月實現這些重新發行。

For example, our interest rates at around 7.45% and 7.65% for the 7-year maturity for the Eurobond side. For example, if we did not -- this issuance, for example, at that date, today, we will be talking very, very high interest rates. This signal of balance sheet, the success of the balance sheet management of the company. Therefore, we are ready for the volatility of the FX side because we have a very strong FX position right now.

例如，我們的 7 年期歐洲債券利率約為 7.45% 和 7.65%。例如，如果我們沒有——例如，在那個日期，也就是今天，我們將會討論非常非常高的利率。資產負債表的這個訊號，顯示公司的資產負債表管理是成功的。因此，我們已經為外匯方面的波動做好了準備，因為我們現在擁有非常強大的外匯部位。

Yes, we have FX denominated debt in our balance sheet, but we are hedging some in our balance sheet, and we are keeping around 80% of our cash in FX denominated side. Therefore, these deviations would not affect us very significantly we will be -- for example, we are very successful in the EBITDA level, and we are also successful in the net income level, most probably in 2025, we will be keeping this performance until the end of the year.

是的，我們的資產負債表中有以外匯計價的債務，但我們在資產負債表中對沖了一些債務，我們將大約 80% 的現金保留在以外匯計價的債務中。因此，這些偏差不會對我們造成太大的影響，例如，我們在 EBITDA 水準上非常成功，我們在淨收入水準上也很成功，很可能在 2025 年，我們將保持這種表現直到年底。

We will wait and see the 5G tender is very important from our perspective, but we have enough money, enough cash in our hand, and we will wait and see the developments both in the macroeconomical environment and the Turkish economical environment developments on our sector.

我們將拭目以待，從我們的角度來看，5G招標非常重要，但我們有足夠的資金，手頭上有足夠的現金，我們將拭​​目以待，觀察宏觀經濟環境和土耳其經濟環境對我們行業的影響。

And besides -- but we are just securing and just improving our infrastructure of both fiber and the mobile. Besides that, a strategic move, we are just investing heavily on the data center business. As you may know, the data center business globally is going to be coming like $1 trillion businesses in the near future and especially with the cloud businesses, we are expecting that this -- we are currently laying the groundwork of this future of Turkcell.

此外——我們只是在保護和改善我們的光纖和行動基礎設施。除此之外，作為一項策略性舉措，我們正在大力投資資料中心業務。您可能知道，全球資料中心業務在不久的將來將會達到 1 兆美元的規模，尤其是雲端業務，我們預計這一點——我們目前正在為 Turkcell 的未來奠定基礎。

So we believe in the data center business, we believe in the cloud business. So we are expecting that which all this infrastructure we're going to expect higher growth rates, and we're going to have a bigger growth in the near future.

因此，我們相信資料中心業務，我們相信雲端業務。因此，我們預計所有這些基礎設施將實現更高的成長率，並且在不久的將來我們將實現更大的成長。

Thank you.

謝謝。

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. Thank you.

女士們、先生們，沒有其他問題了。現在，我將會議交給 Turkcell 管理階層，請他們發表最後評論。謝謝。

Thank you very much. See you next quarter. Bye.

非常感謝。下個季度見。再見。

Thank you for joining us.

感謝您加入我們。

Have a very good weekend. Thank you very much.

祝您週末愉快。非常感謝。

Ladies and gentlemen, the conference has now concluded, and you may disconnect your telephone. Thank you for calling, and 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，祝您有個愉快的夜晚。