Turkcell Iletisim Hizmetleri AS (TKC) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. I am [Jota], your Chorus Call operator. Welcome, and thank you for joining the Turkcell's conference call and live webcast to present and discuss the Turkcell second-quarter 2025 financial results. (Operator Instructions)

女士們、先生們，感謝你們的耐心等待。我是[Jota]，您的 Chorus Call 接線生。歡迎各位參加 Turkcell 的電話會議和網路直播，本次會議旨在介紹和討論 Turkcell 2025 年第二季的財務表現。（操作說明）

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

此時，我謹將會議交給投資人關係和企業財務長奧斯萊姆‧亞爾迪姆女士。亞迪姆夫人，您可以繼續前進了。

Thank you, Jota. Hello, everyone, and welcome to Turkcell's 2025 second-quarter earnings call. On the call today, we have our CEO, Ali Taha Koc; and CFO, Kamil Kalyon. They will provide an overview of our operational and financial results for the quarter followed by a Q&A session. Before we begin, I would like to kind remind you to review our Safe Harbor statement, which is available at the end of our presentation.

謝謝你，Jota。大家好，歡迎參加 Turkcell 2025 年第二季財報電話會議。今天參加電話會議的有我們的執行長阿里·塔哈·科奇和財務長卡米爾·卡利翁。他們將概述我們本季的營運和財務業績，隨後進行問答環節。在開始之前，我想提醒各位查看我們的「安全港」聲明，該聲明位於我們簡報的結尾處。

With that, I will now turn the call over to Mr. Ali Taha.

接下來，我將把電話交給阿里·塔哈先生。

Thank you, Ozlem. Good afternoon, everyone, and thank you for joining us today. I am pleased to report that we have once again delivered a strong set of results this quarter. Let me briefly review our overall results and outstanding performances of some key metrics.

謝謝你，奧茲萊姆。各位下午好，感謝各位今天參加我們的節目。我很高興地報告，本季我們再次取得了強勁的業績。讓我簡要回顧一下我們的整體業績以及一些關鍵指標的出色表現。

Our top line reached TRY53 billion, reflecting another remarkable double-digit year-on-year growth of 12%. This was primarily driven by strong ARPU performance and significant expansion of the mobile subscriber base particularly in postpaid domain.

我們的營業額達到 530 億土耳其里拉，年增 12%，再次實現了兩位數的顯著成長。這主要得益於強勁的ARPU表現和行動用戶群的顯著成長，尤其是在後付費領域。

Group EBITDA rose by 15% year on year to TRY23 billion, with a solid margin of 43.5%, mainly supported by strong operational leverage. Our impressive operational profitability, coupled with effective financial risk management, resulted in net income from continuing operations of TRY4.4 billion, an increase of 37% year on year.

集團 EBITDA 年成長 15% 至 230 億土耳其里拉，利潤率達 43.5%，主要得益於強勁的營運槓桿作用。我們令人矚目的營運獲利能力，加上有效的財務風險管理，使得持續經營淨收入達到 44 億土耳其里拉，較去年同期成長 37%。

The market remained highly competitive throughout the quarter. In response, we took targeted actions where necessary, while staying aligned with our long-term strategic priorities. As a result of these efforts, we achieved 816,000 postpaid net additions during this quarter, marking our highest net addition in over five years, while recording high single ARPU growth.

整個季度市場競爭依然非常激烈。為此，我們在必要時採取了有針對性的措施，同時始終與我們的長期策略重點保持一致。由於這些努力，我們在本季度實現了 816,000 名後付費用戶淨增，創下五年多來的最高淨增用戶數，同時單筆 ARPU 也實現了高增長。

In our strategic areas, we continue to deliver robust performance. Our Data Center and Cloud services continue to scale, posting strong growth of 53%, while our Techfin business also maintained its momentum. Next page, please.

在我們的策略領域，我們持續保持強勁的業績表現。我們的資料中心和雲端服務持續擴張，實現了 53% 的強勁成長，而我們的科技金融業務也保持了成長勢頭。請翻到下一頁。

Now I will continue to the operational overview. Competitive dynamics in the mobile market remained in line with our expectations and continued at a similar pace as the past year. As a market leader, we took selective actions in response to competitive pressures, maintaining a dynamic and consumer-centric approach.

接下來我將繼續介紹營運概況。行動市場的競爭格局與我們的預期一致，並持續以與去年類似的速度發展。身為市場領導者，我們針對競爭壓力採取了有針對性的措施，始終保持以消費者為中心的動態策略。

As a result of this strategy, we added 816,000 postpaid subscribers this quarter, bringing our yearly net additions to 2 million. Our postpaid share in total mobile subscribers reached 78%, underlying our continued focus on value-added subscribers.

由於採取了這項策略，本季我們新增了 816,000 名後付費用戶，使我們的年度淨增用戶數達到 200 萬。我們的後付費用戶佔行動用戶總數的 78%，這反映了我們對增值用戶的持續關注。

Mobile ARPU increased by 9.8% year over year, reflecting the impact of expansion of our postpaid base, price adjustments, and successful upselling initiatives. Our mobile churn rate was 2.2% this quarter, primarily due to higher volume in the mobile number portability market resulting from intensified competition. Next page, please.

行動端 ARPU 年增 9.8%，反映了後付費用戶群擴大、價格調整和成功追加銷售措施的影響。本季我們的行動用戶流失率為 2.2%，主要原因是行動號碼可攜性市場競爭加劇，導致市場規模擴大。請翻到下一頁。

As the premium provider in the mobile market, we remain committed to leading the industry. Our approach extends beyond price competition. We differentiate ourselves through superior network quality, high speed connectivity, and a strong focus on customer experience. Looking ahead, we are firmly committed to 5G to maintain our leadership position. We are closely monitoring the upcoming spectrum tender, while continuing to invest in our best-in-class infrastructure.

作為行動市場的領先供應商，我們將繼續致力於引領產業發展。我們的方法不僅限於價格競爭。我們憑藉著卓越的網路品質、高速連接和對客戶體驗的高度重視而脫穎而出。展望未來，我們將堅定不移地致力於5G技術，以保持我們的領先地位。我們正在密切關注即將進行的頻譜招標，同時繼續投資建造我們一流的基礎設施。

Our vision extends beyond individual connectivity. We enable digital transformation across devices, cities and industries, placing us at the heart of the Turkey's digital feature.

我們的願景超越了個人之間的連結。我們協助設備、城市和產業的數位轉型，使我們成為土耳其數位化進程的核心力量。

Customer focus remains a key pillar of our mobile strategy. We implemented dynamic pricing practices that support both our premium positioning and the rationalization of the overall market. While doing this, we maintain our customer focus, which led to our all-time highest net port during this quarter.

以客戶為中心仍然是我們行動策略的關鍵支柱。我們實施了動態定價策略，這不僅支持了我們的高端市場定位，也促進了整個市場的合理化。同時，我們始終堅持以客戶為中心，這使得我們在本季度實現了有史以來最高的淨出口量。

Leveraging AI-powered tariff management and segment-specific strategies, we are better positioned to meet evolving customer expectations. We actively address customer pain points and continually enhance our packages to drive higher retention.

利用人工智慧驅動的資費管理和針對特定細分市場的策略，我們能夠更好地滿足不斷變化的客戶期望。我們積極解決客戶痛點，不斷改進我們的服務方案，以提高客戶留存率。

Our Smart Control Service now covers nearly half of our postpaid base. Recently, we launched Tumbara, a digital loyalty program that allows customers to redeem their unused packages. The program has already engaged four million customers, further strengthening retention and customer engagement.

我們的智慧控制服務目前已覆蓋近一半的後付費用戶。最近，我們推出了 Tumbara，這是一個數位會員忠誠度計劃，允許客戶兌換他們未使用的套餐。該計劃已吸引了 400 萬客戶，進一步加強了客戶留存率和客戶參與。

Our strong customer orientation is clearly reflected in our Net Promoter Score, where we led our closest competitor by 17%. Overall, we once again delivered real ARPU growth in the second quarter. Next page, please.

我們以客戶為中心的理念在我們的淨推薦值 (NPS) 中得到了充分體現，我們比最接近的競爭對手領先 17%。總體而言，我們在第二季度再次實現了實際的ARPU成長。請翻到下一頁。

Now let us examine the fixed broadband segment. Our fixed subscriber base remained broadly stable at TRY3.3 million, impacted by competitive offers from smaller ASPs and higher volume of expiring 12-month contracts.

現在我們來看看固定寬頻部分。我們的固定用戶數量基本上保持穩定，為 330 萬土耳其里拉，受到小型 ASP 提供的競爭性報價以及大量 12 個月合約到期的影響。

We remain focused on achieving consistent ARPU expansion. In the second quarter, we recorded a 17.5% year-on-year increase in the residential fiber ARPU, supported by rising penetration of high speed plans and increasing 12-month contract share and effective pricing actions. Notably, the share of high-speed packages increased by 16 percentage points year on year.

我們將繼續專注於實現ARPU的持續成長。第二季度，在高速套餐滲透率上升、12 個月合約份額增加以及有效的定價措施的支持下，我們的住宅光纖 ARPU 年比增長 17.5%。值得注意的是，高速包裹的份額年增了 16 個百分點。

As we continue to strengthen our fiber infrastructure, we expanded our footprint with 67,000 new home passes, bringing the total to 6.1 million pure fiber connection. Lastly, an impressive take-up rate of 42.7% highlights our continued focus on fiber subscriber growth. Next page, please.

隨著我們不斷加強光纖基礎設施，我們新增了 67,000 個家庭接入點，使純光纖連接總數達到 610 萬。最後，42.7% 的出色普及率凸顯了我們對光纖用戶成長的持續關注。請翻到下一頁。

Next, I would like to briefly discuss on strategic areas, starting with Digital Business Services. Digital Business Services delivered solid growth of 39%, which with revenues exceeding TRY4.9 billion. This performance was driven by the continued strength in recurring service revenues, further supported by a recovery in hardware sales within corporate projects. Our ambition is to build a seamlessly connected digital ecosystem that enhances connectivity.

接下來，我想簡要討論一下策略領域，首先是數位業務服務。數位業務服務實現了 39% 的穩健成長，收入超過 49 億土耳其里拉。這項業績主要得益於經常性服務收入的持續強勁成長，以及企業專案中硬體銷售的復甦。我們的目標是建立一個無縫連接的數位生態系統，從而增強互聯互通。

Data center and Cloud services play a critical role in this strategy. Revenues in our high potential Data Center and Cloud services surged by 53% this quarter. This exceptional performance reflects the successful monetization of last year's capacity investments and expanding customer base and sustained market demand.

資料中心和雲端服務在該策略中發揮著至關重要的作用。本季度，我們高潛力的資料中心和雲端服務收入成長了 53%。這項卓越業績反映了去年產能投資的成功變現、不斷擴大的客戶群以及持續的市場需求。

As the market leader, we continue to respond to growing demand through our investments. With two additional models to be commissioned, we plan to expand our capacity by 8.4 megawatts, reaching a total of 50 megawatts by year end. Next page, please.

作為市場領導者，我們透過持續投資來滿足不斷增長的需求。隨著另外兩台機組投入使用，我們計劃將產能擴大 8.4 兆瓦，到年底總產能達到 50 兆瓦。請翻到下一頁。

Another strategic area is Techfin. In mobile payments, our Paycell business continues to scale with health growth in both revenue and transaction volume, driven by the strong performance of the POS and Pay Later verticals, Paycell recorded an impressive 36% year- on-year revenue growth. In particular, we continue to see rising demand for POS transaction and transactions in digital stores such as Google Play and the Apple Store.

科技金融是另一個戰略領域。在行動支付領域，我們的 Paycell 業務持續成長，營收和交易量均保持健康成長，這得益於 POS 和 Pay Later 業務的強勁表現，Paycell 的年收入同比增長了 36%，成績斐然。尤其值得注意的是，我們看到對 POS 交易以及 Google Play 和 Apple Store 等數位商店交易的需求持續成長。

The consumer financing company, Financell, generated TRY1.3 billion in revenues, supported by loan portfolio expansion through dedicated campaigns targeting small businesses. The net interest margin improved to 4.9%, driven by more favorable funding costs.

消費金融公司 Financell 透過針對小型企業的專案活動擴大貸款組合，實現了 13 億土耳其里拉的收入。受融資成本較為有利的影響，淨利差改善至 4.9%。

Lastly, I would like to reemphasize that we have delivered strong results across the board. We expect a moderation in performance in the second half of the year, in line with our initial projections, we forecast year-on-year inflation to be 30.5%. Considering these factors, we reiterate our full-year guidance. Meanwhile, we continue to close the monitor macroeconomic dynamics and market conditions.

最後，我想再次強調，我們各方面都取得了顯著的成績。我們預計下半年經濟表現將有所緩和，與我們最初的預測一致，我們預測年比通膨率為 30.5%。考慮到這些因素，我們重申全年業績預期。同時，我們將繼續密切關注宏觀經濟動態和市場狀況。

Thank you. And now I will hand over to our CFO, Mr. Kamil Kalyon, for our financial highlights.

謝謝。現在我將把發言權交給我們的財務長卡米爾·卡利翁先生，讓他為大家帶來財務方面的重點總結。

Thank you very much, Ali Taha. This was certainly an exceptional quarter for us. Let's take a closer look at the financial results. We achieved a strong top-line performance recording 12.5% year-on-year growth, supported by the strength of our core business and Techfin services. Turkcell Türkiye served as the primary growth engine contributing TRY5 billion to the top line. This was driven by real ARPU growth and expanding postpaid subscriber base and the continued strong momentum of digital business services.

非常感謝你，阿里·塔哈。對我們來說，這無疑是一個非同尋常的季度。讓我們仔細看看財務業績。在核心業務和科技金融服務強勁成長的支持下，我們實現了強勁的營收成長，年增 12.5%。Turkcell Türkiye 是主要的成長引擎，為公司營收貢獻了 50 億土耳其里拉。這主要得益於實際的ARPU成長、不斷擴大的後付費用戶群以及數位商業服務的持續強勁發展勢頭。

Our Türkiye segment also maintained its growth momentum, generating TRY547 million, supported by robust performance across all Paycell verticals. On the profitability front, we improved our EBITDA margin by around 1 percentage point, reaching 43.5%.

我們的土耳其業務部門也維持了成長勢頭，創造了 5.47 億土耳其里拉的收入，這得益於 Paycell 所有垂直領域的強勁表現。在獲利能力方面，我們的 EBITDA 利潤率提高了約 1 個百分點，達到 43.5%。

A decline in employee expenses as a percentage of revenue was partially offset by higher cost of goods sold, largely due to increased hardware sales in corporate projects. Other cost items, including interconnection costs and energy expenses and funding costs, contributed positively to the margin, enabling us to maintain a more favorable cost structure during the quarter.

員工支出佔收入比例的下降部分被銷售成本的上升所抵消，這主要是由於企業項目中硬體銷售的增加。其他成本項目，包括互聯成本、能源支出和融資成本，對利潤率做出了積極貢獻，使我們能夠在本季度保持更有利的成本結構。

That said, we expect a higher cost base in the second half of the year, which is already factored into our full-year guidance. Next slide, please.

儘管如此，我們預計下半年成本基數會更高，這已計入我們的全年業績預期。請看下一張投影片。

Moving on to profit from continuing operations, which underscores our effective and consistent management execution. Profit from continuing locations rose by 36.8% year on year, reaching TRY4.4 billion. The primary driver of this growth was strong EBITDA generation, totaling TRY3 billion in the quarter.

接下來是持續經營業務的獲利，凸顯了我們高效率、穩定的管理執行力。持續經營場所的利潤年增 36.8%，達到 44 億土耳其里拉。該季度 EBITDA 強勁成長是推動這一成長的主要因素，總計達到 30 億土耳其里拉。

Despite a highly competitive market, Turkcell has maintained its market leadership as it has consistently done over the past 30 years. Our premium positioning, innovative offerings, and disciplined expense management once again delivered clear and measurable results. Additionally, prudent balance sheet management had a decrease in FX losses compared to the same period last year contributed to net financial income of TRY670 million.

儘管市場競爭非常激烈，但土耳其電信（Turkcell）仍然保持著市場領先地位，就像過去 30 年一樣。我們憑藉優質的市場定位、創新的產品和服務以及嚴格的費用管理，再次取得了清晰可衡量的成果。此外，審慎的資產負債表管理使得外匯損失較去年同期有所減少，為公司帶來了 6.7 億土耳其里拉的淨財務收入。

On the tech side, strong profitability and our taxpaying position resulted in higher corporate tax expenses during the quarter. Next slide, please.

在技​​術方面，強勁的獲利能力和我們的納稅地位導致本季度企業所得稅支出增加。請看下一張投影片。

Turning to CapEx management. CapEx intensity for the quarter stood at 16.9%. We remain focused on strategic infrastructure investments in preparation for upcoming technology transitions. Over 80% of this quarter's CapEx was allocated to mobile and fixed networks, further strengthening quality and capacity of our core communication services.

接下來討論資本支出管理。本季資本支出強度為 16.9%。我們將繼續專注於策略基礎設施投資，為即將到來的技術轉型做好準備。本季度超過 80% 的資本支出分配給了行動和固定網絡，進一步加強了我們核心通訊服務的品質和容量。

The base station fiberization rate increased to 43%, enhancing our readiness for a smooth and efficient 5G transition in the upcoming period. Additionally, we expanded our high-quality fixed infrastructure by adding new home passes, bringing our service to more customers.

基地台光纖化率提高到 43%，增強了我們在未來一段時間內順利且有效率地過渡到 5G 的準備。此外，我們透過增加新的家庭通行證擴展了高品質的固定基礎設施，使我們的服務惠及更多客戶。

As a reminder, a higher share of CapEx was related to data center investments in the first quarter. This quarter, we entered the hardware integration phase for an additional 8.4 megawatts of capacity.

需要提醒的是，第一季資本支出中與資料中心投資相關的比例較高。本季度，我們進入了新增 8.4 兆瓦容量的硬體整合階段。

In Renewable Energy, our total installed capacity reached 109 megawatts, with around [8] megawatts expect to become operational after securing the necessary permits. CapEx allocation for these assets will be recognized in the second half. Given the seasonal nature of investments, we remain on track to meet our year-end CapEx targets. Next slide, please.

在再生能源領域，我們的總裝置容量達到 109 兆瓦，預計在獲得必要的許可證後，將有約 [8] 兆瓦投入營運。這些資產的資本支出分配將在下半年確認。考慮到投資的季節性特點，我們仍有望實現年底資本支出目標。請看下一張投影片。

Turning to our strong balance sheet. Our cash position reached TRY117 billion in second quarter. In June, we paid the first installment of our dividend. Our gross debt stood at TRY173 billion, resulting in a net debt position of TRY25 billion at the end of the quarter. As a result, our net leverage ratio rose slightly to 0.3 times.

讓我們來看看我們強勁的資產負債表。第二季度，我們的現金儲備達到1170億土耳其里拉。六月，我們支付了第一筆股息。截至本季末，我們的總債務為 1,730 億土耳其里拉，淨債務為 250 億土耳其里拉。因此，我們的淨槓桿率略微上升至 0.3 倍。

We remain focused on keeping it below our long-term target of 1 times. By year end, we are scheduled to repay approximately USD1 billion in debt, of which USD854 million is foreign currency denominated.

我們將繼續專注於將其保持在1倍的長期目標以下。到年底，我們計劃償還約 10 億美元的債務，其中 8.54 億美元以外幣計價。

Following the successful Lifestyle sales and Eurobond issues, our liquidity position has strengthened to around USD3.5 billion, more than sufficient to cover our debt obligations for the next 4.5 years. Next slide, please.

繼 Lifestyle 產品銷售和歐洲債券發行取得成功後，我們的流動性狀況已增強至約 35 億美元，足以涵蓋未來 4.5 年的債務義務。請看下一張投影片。

Finally, let's look at how we manage foreign currency risk. The majority of our cash remains in foreign currencies with 87% of our cash holdings in hard currency, providing a natural hedge for 83% of our hard currency debt. At the end of Q2, our FX debt stood at USD3.9 billion, while FX-denominated financial assets totaled USD3.2 billion. We also held a derivative portfolio equivalent to USD 574 million.

最後，我們來看看如何管理外匯風險。我們的大部分現金仍以外幣形式持有，其中 87% 的現金持有量為硬通貨，這為我們 83% 的硬通貨債務提供了天然的對沖。截至第二季末，我們的外匯債務為 39 億美元，而以外匯計價的金融資產總額為 32 億美元。我們也持有價值 5.74 億美元的衍生性商品投資組合。

In the medium term, we will maintain our current foreign exchange risk management strategy. Due to high cost, we avoid using cross currency swaps against the Turkish lira instead focusing on short-term proxy hedging strategies. We proactively manage our FX position, which stood at minus USD102 million, keeping it our neutral range of plus or minus USD200 million.

中期內，我們將繼續維持目前的外匯風險管理策略。由於成本高昂，我們避免使用土耳其里拉的交叉貨幣互換，而是專注於短期代理對沖策略。我們積極管理我們的外匯頭寸，該頭寸為負 1.02 億美元，並將其保持在正負 2 億美元的中性範圍內。

Our disciplined risk management approach has reduced the impact of currency fluctuations on our balance sheet and strengthened our overall financial position. This concludes our presentation. We would be happy to take any questions you have. Thank you.

我們嚴謹的風險管理方法降低了匯率波動對我們資產負債表的影響，並增強了我們的整體財務狀況。我們的演講到此結束。我們很樂意回答您的任何問題。謝謝。

(Operator Instructions) Singh Maddy, HSBC.

（操作員說明）辛格‧馬迪，匯豐銀行。

Yes, hi, thanks a lot for taking my question. I have two questions. The first question is on the fixed concession and the 5G update, if you could share what you have in terms of the latest updates on these and any update on the timing as well.

是的，您好，非常感謝您回答我的問題。我有兩個問題。第一個問題是關於固定收益優惠和 5G 更新，您能否分享一下這方面的最新消息以及任何關於時間安排的更新？

And then second is on your CapEx target. Just wondering, you said that you are happy for the full-year guidance on CapEx as well given the run rate has been much lower in the first half. So in which areas we will see the acceleration happening for CapEx in the second half, especially? Thank you.

其次是你的資本支出目標。我只是想問一下，您說過您對全年資本支出預期感到滿意，因為上半年的支出成長速度要低得多。那麼，下半年資本支出加速成長的領域將主要集中在哪些方面？謝謝。

Thank you very much. Let's start with the fixed concession. The Ministry of Transport and Infrastructure recently indicated an indication to renew the Türk Telekom's concession for 25 years. We believe that a policy framework designed to support infrastructure investments should be inclusive and applied under equal terms. In this context, we see value in broadening such opportunities to also support mobile operators' 5G deployments.

非常感謝。我們先從固定讓步開始。交通和基礎設施部最近表示有意將土耳其電信的特許經營權續簽 25 年。我們認為，旨在支持基礎設施投資的政策框架應該具有包容性，並在平等條件下實施。在此背景下，我們認為擴大此類機會以支援行動營運商的 5G 部署具有價值。

As Turkcell, we continue to invest heavily in both mobile and fixed infrastructure and remain committed to contributing to Turkey's digital transformation, ensuring competitive equality and policy decisions will help foster a healthy and dynamic telecom sector for the benefit of all stakeholders.

作為土耳其電信公司，我們將繼續大力投資行動和固定基礎設施，並致力於為土耳其的數位轉型做出貢獻，確保競爭公平，政策決策將有助於培育一個健康、充滿活力的電信產業，造福所有利害關係人。

For the 5G front, we are still waiting for the official timeline and details of the 5G tender. However, the Ministry of Transport and infrastructure is going to say that the goal is to make 5G services available by 2026 next year. He also mentioned that the different frequency will be allocated as part of the tender process.

關於5G方面，我們仍在等待5G招標的官方時間表和細節。然而，交通和基礎設施部明年將表示，目標是在 2026 年前推出 5G 服務。他還提到，不同的頻率將作為招標過程的一部分進行分配。

We expect actually the regulatory risk to adopt a balanced approach that promotes technological advancement, while ensuring the industry's long-term investment sustainability. We're always talking with the regulatory body. A well-structured tender process is critical to enabling operators to invest efficiently and effectively and support Turkey's digital transformation.

我們預期監管風險實際上會採取平衡的方法，既能促進技術進步，又能確保產業的長期投資永續性。我們一直與監管機構保持溝通。完善的招標流程對於營運商高效投資、有效支援土耳其的數位轉型至關重要。

For the full year, the second question, we plan to increase our investments in telecom infrastructure to enhance our 4.5G capabilities and also reinforce our readiness for 5G because they're expecting that 5G is going to be live in 2026. While continuing our fiberization efforts, we're going to keep on building more homepasses.

對於全年而言，第二個問題是，我們計劃增加對電信基礎設施的投資，以增強我們的 4.5G 能力，並加強我們對 5G 的準備，因為他們預計 5G 將在 2026 年投入使用。在繼續推進光纖化建設的同時，我們將繼續建造更多的家庭通道。

Accordingly, approximately 65% of our CapEx budget will be allocated to fixed and mobile businesses. Additionally, 13% of the 2025 CapEx is allocated to data center investments. We have also renewable energy investment plans to meet our own electricity demand. To this end, 7% of the 2025 CapEx is allocated to the renewable energy projects.

因此，我們約 65% 的資本支出預算將分配給固定和行動業務。此外，2025 年資本支出的 13% 將用於資料中心投資。我們還有再生能源投資計劃，以滿足我們自身的電力需求。為此，2025 年資本支出的 7% 將分配給再生能源項目。

Okay, thank you.

好的，謝謝。

Demirtas, Cemal; Ata Invest.

Demirtas，Cemal；Ata Invest。

Thank you for the presentation and congratulations for the results. My first question is about the guidance. How do you evaluate the second quarter when we think that -- when we see that the growth is already high in second quarter as well as in first quarter? So still you maintain the same guidance, what is the reason behind that? Could you further elaborate that?

感謝您的報告，並祝賀您取得佳績。我的第一個問題是關於指導方面的。考慮到第二季和第一季一樣成長迅速，我們該如何評價第二季？所以你仍然堅持同樣的指導方針，背後的原因是什麼？能再詳細解釋一下嗎？

Because for reaching 7% to 9% real growth, you need to go down maybe like 5%, 6% in the second half. Could you further elaborate that with some further clarification? It will be helpful.

因為要達到 7% 到 9% 的實際成長率，下半年可能需要下降 5% 到 6%。能否進一步詳細說明一下？這將很有幫助。

And the second one is already Turkcell has been a profitable company -- and when it's growing. But recently, [Togg] project, which is a very important project for the country. But when I look at the details in second quarter, regarding your share of 23% in Togg, you recorded TRY1.2 billion loss. And when you look at for the first half of the year, Togg recorded around $226 million loss. And when we look at your profit, you have TRY4.2 billion net income. But if Togg was not in it, you could have TRY1.2 billion higher net income.

第二個原因是，Turkcell 已經是一家獲利的公司——而且它還在不斷成長。但最近，[Togg]項目，這是一個對國家來說非常重要的項目。但是，當我查看第二季度的詳細資訊時，就您在 Togg 的 23% 股份而言，您錄得 12 億土耳其里拉的虧損。而從上半年來看，托格虧損了約 2.26 億美元。我們來看你們的利潤，你們的淨收入為 42 億土耳其里拉。但如果托格沒有參與，你的淨收入可能會增加 12 億土耳其里拉。

I know it's a long-term project and it's related to the developments and it's like Turkish car, very important. But what -- if I come to my question, how do you see the future of this side? Do you expect this profit -- loss making to change in the following quarters? Or could -- when we make a calculation for the following years, should we assume similar loss from the Togg side?

我知道這是一個長期項目，它與發展息息相關，就像土耳其汽車一樣，非常重要。但是──如果我問的是，您如何看待這一方的未來？您預計未來幾季這種盈虧狀況會改變嗎？或者，當我們對未來幾年進行計算時，是否應該假設 Togg 方面也會出現類似的虧損？

I just want to understand more details because currently, it is having a higher impact on your financials. That's why maybe I'm asking a sensitive question. Thank you very much.

我只是想了解更多細節，因為目前這件事對你們的財務狀況影響較大。或許也正因如此，我才問了一個敏感的問題。非常感謝。

Thank you very much, Cemal, for the questions. Actually, I'm just going to answer the first question about the guidance. Our strong first-half performance gives us some headroom for the year-end guidance. However, given our 12-month contract structure, the positive impact of the price adjustments we implemented in July last year will begin to taper off in the third quarter. And additionally, the magnitude of price adjustment is reduced compared to last year, in line with the inflation.

非常感謝Cemal提出的問題。實際上，我只回答關於指導方針的第一個問題。我們上半年強勁的業績表現為年底的業績預期留出了一定的空間。然而，鑑於我們12個月的合約結構，我們去年7月實施的價格調整的正面影響將在第三季開始逐漸減弱。此外，與通貨膨脹情況一致，價格調整幅度較去年降低。

We should also take into account that the high base effect. It means that in the Q3 and Q4 last year, we had a strong growth. So from the second half of this last year, therefore, as we approach year end, we expect our results to converge closer to our current guidance range.

我們也應考慮到高基數效應。這意味著去年第三季和第四季，我們實現了強勁成長。因此，從去年下半年開始，隨著年底臨近，我們預計我們的業績將更加接近我們目前的預期範圍。

At this point, we prefer to remain prudent. And believe it, it is more appropriate to wait for the third-quarter results before making any adjustment to our outlook. Moreover, how inflation will conclude and what path it will follow will also be another variable.

目前，我們傾向於保持謹慎。相信我，在調整我們的展望之前，等待第三季業績公佈更為合適。此外，通貨膨脹將如何結束以及它將遵循怎樣的路徑，也是另一個不確定因素。

Our current guidance based on a year-end inflation assumption of 30.5%, which still looks reasonable. By then, we will also have a clearer view, and at the end of the third quarter, we will be having a clearer view of the inflation dynamics and market conditions. So that's the reason that we prefer to remain prudent and to keep it our guidance.

我們目前的指引是基於年底通膨率為 30.5% 的假設，這項假設目前看來仍然合理。到那時，我們也會對通膨動態和市場狀況有更清晰的了解；到第三季末，我們將對通膨動態和市場狀況有更清晰的了解。所以，這就是我們選擇保持謹慎並以此為指導原則的原因。

For the second question, Cemal, thank you very much for the question. As you quite observe the automotive industry, not only for Togg but in Turkish, automotive industry is cyclical and has been under pressure globally due to macroeconomic factors due to both of macroeconomic factors and Turkish economical -- some -- regarding these problems impacting the consumer demand.

Cemal，非常感謝你的提問。正如你所觀察到的，汽車產業不僅對托格而言如此，在土耳其也是如此，汽車產業具有週期性，並且由於宏觀經濟因素和土耳其經濟的一些問題，在全球範圍內都面臨著壓力，這些問題影響了消費者的需求。

Togg being a young company will naturally need some time to -- before reaching sustainable profitability. As we are always underlining for Turkcell, this is not an only automobile investment. We see it as a broader step into the e-mobility ecosystem.

Togg 作為一家年輕的公司，自然需要一些時間才能實現可持續盈利。正如我們一直向 Turkcell 強調的那樣，這不僅僅是一項汽車投資。我們認為這是邁向電動出行生態系統的更廣泛一步。

As you know, we have already integrated our Paycell payment solutions, our solutions fizy, TV+ into the top ecosystem. As you might be aware, in the near past, the Ministry of Finance had made some taxation regulation change, which will affect positively the automotive industry, especially Togg in near future. And Togg management also have taken some measures to manage their costs effectively.

如您所知，我們已經將我們的 Paycell 支付解決方案、fizy 解決方案和 TV+ 整合到頂級生態系統中。您可能已經注意到，財政部近期對稅收法規進行了一些修改，這將對汽車行業，特別是Togg公司在不久的將來產生積極影響。Togg管理階層也採取了一些措施來有效控製成本。

I think we will see the results of the positive effects in the half two. For this year, we are not expecting to generate profit in the short-term side. But in a midterm or long-term side, I think we are very confident that top investment will create a long-term value for Turkcell and for Turkey.

我認為我們將在下半年看到正面影響的結果。今年，我們預計短期內不會獲利。但從中長期來看，我認為我們非常有信心，這項頂級投資將為土耳其電信和土耳其創造長期價值。

Thank you, Kamil. And as a follow-up, related to your financing costs, financial cost and financial income, I see some increase from first quarter to second quarter. Could you also further elaborate that we don't see major increase in the currencies or others? But I would like to understand the reason behind some increase on that front? And how should we think for the rest of the year in terms of financing costs plus finance income? Could you just give us some at least indication about that?

謝謝你，卡米爾。另外，關於您的融資成本、財務成本和財務收入，我看到從第一季到第二季有所成長。您能否進一步詳細說明一下，為什麼我們沒有看到貨幣或其他方面大幅成長？但我很想了解這方面有成長的原因？那麼，對於今年剩餘時間的融資成本和融資收入，我們該如何考慮呢？您能否至少給我們一些這方面的資訊？

Yeah, normally, we have a very strong balance sheet management in Turkcell side, and we are managing our balance sheet and liquidity position very effectively. When you look at our positions, for example, our net FX position is around minus USD102 million, which you compare with the competitors and our markets is very -- how can I say, low rate from our perspective. As you mentioned, starting from the year end, the euro, especially euro terms are very -- [regulated] very highly.

是的，通常情況下，Turkcell 的資產負債表管理非常穩健，我們對資產負債表和流動性狀況的管理非常有效。例如，看看我們的頭寸，我們的淨外匯頭寸約為負 1.02 億美元，與競爭對手相比，我們的市場利率非常——怎麼說呢，從我們的角度來看，利率很低。正如您所提到的，從年底開始，歐元，特別是以歐元計價的歐元，將受到非常嚴格的管制。

But then we are looking -- we are using short-term hedge instruments to hedge our FX position, and we are trying to stood our FX position -- net FX position in the normal position in order not to affect it from the FX devaluations and the higher interest rates.

但是，我們正在尋求——我們正在使用短期對沖工具來對沖我們的外匯頭寸，我們正在努力使我們的外匯頭寸——淨外匯頭寸保持在正常水平，以免受到外匯貶值和利率上升的影響。

But as you know, the interest rates are a little bit higher with this quarter -- first quarter and the second quarter, but I believe that due to our effective management -- balance sheet management situation, we, for example, recorded a TRY670 million income -- positive income to the FX management side. Therefore, we believe that we are managing this site very well properly.

但如您所知，本季度（第一季和第二季）的利率略高，但我相信，由於我們有效的管理——資產負債表管理情況，例如，我們在外匯管理方面錄得了 6.7 億土耳其里拉的收入——正收入。因此，我們認為我們對這個網站的管理非常得當。

Thank you. Thank you very much.

謝謝。非常感謝。

(Operator Instructions) Bystrova, Evgeniya; Barclays.

（操作員指示）Bystrova, Evgeniya；巴克萊銀行。

Yes, hello. Thank you very much for the presentation and congrats on results. I have just one question. There were news about Türksat entering mobile market and basically becoming the fourth mobile operator. So I would like to hear maybe your thoughts on that. How do you think this will affect Turkcell competitive position, margins, subscriber base? Basically, if you could please provide any color on that would be very helpful. Thank you.

是的，你好。非常感謝您的報告，並祝賀您所取得的成績。我只有一個問題。有消息稱，土耳其衛星公司（Türksat）將進軍行動市場，成為第四家行動營運商。所以我想聽聽你對此的看法。您認為這將對 Turkcell 的競爭地位、利潤率和使用者數量產生怎樣的影響？基本上，如果您能提供一些顏色訊息，那就太好了。謝謝。

Thank you very much for the question. Also, we have also seen this news in the press. However, we have not seen any statement from the regulatory body or any government entities. While there is currently no clear information regarding this matter, we closely follow all initiatives that may affect the competitive landscape in the Turkish telecommunication market and not in just mobile side as well as in the fixed side.

非常感謝您的提問。此外，我們也從媒體報導中看到了這則新聞。然而，我們尚未看到監管機構或任何政府實體發表任何聲明。雖然目前還沒有關於此事的明確訊息，但我們會密切關注所有可能影響土耳其電信市場競爭格局的舉措，不僅是行動領域，還有固定領域。

Turkcell has begun its operation in 1994 and has a proven ability to compete effectively in any condition, leveraging on its strong network infrastructure, a customer-oriented service approach, and continuous focus on the innovation and new technology.

Turkcell 於 1994 年開始運營，憑藉其強大的網路基礎設施、以客戶為中心的服務方式以及對創新和新技術的持續關注，已證明其有能力在任何條件下有效競爭。

Türksat currently doesn't possess actually a mobile network infrastructure. They're always satellite company and then a fixed cable company. It is clear that building and operating a large-scale mobile network requires significant capital and advanced technological capabilities. And I think this is not a process that can be accomplished easily in the short term.

Türksat目前實際上並沒有行動網路基礎設施。他們總是先是一家衛星電視公司，然後再是有線電視公司。很顯然，建立和營運大規模行動網路需要大量資金和先進的技術能力。我認為這不是一個短期內就能輕易完成的過程。

So as the market leader in mobile services, we believe that our solid financial structure and as well as our loyal customer base position us well to remain competitive and lead the mobile market in the near future and the far ahead.

因此，作為行動服務市場的領導者，我們相信，我們穩健的財務結構以及忠實的客戶群使我們能夠在不久的將來乃至更遠的未來保持競爭力並引領行動市場。

Thank you.

謝謝。

(Operator Instructions). 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.

（操作說明）女士們、先生們，目前沒有其他問題了。現在我將把會議交給Turkcell管理階層，請他們作總結發言。謝謝。

Thank you very much for listening and see you next time in the third-quarter results. Thank you very much.

非常感謝您的收聽，我們下次再見，屆時將發布第三季業績報告。非常感謝。

Thank you.

謝謝。

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

女士們、先生們，會議到此結束，您可以掛斷電話了。感謝您的來電，祝您晚安。