Turkcell Iletisim Hizmetleri AS (TKC) 2025 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 202 Financial Results. (Operator Instructions) The conference is being recorded. (Operator Instructions)

女士們、先生們，感謝你們的耐心等待。我是 Constantino，您的 Chorus Call 接線生。歡迎各位參加 Turkcell 的電話會議和網路直播，共同了解並討論 Turkcell 202 年第三季的財務表現。（操作員指示）會議正在錄音。（操作說明）

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.

此時，我謹將會議交給投資人關係和企業財務總監奧茲萊姆‧亞爾迪姆女士。亞迪姆女士，您可以繼續前進了。

Thank you, Constantino. Hello, everyone, and welcome to Turkcell's 2025 Third 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 financial and operational results for the quarter, followed by a Q&A session. Before we begin, I would like to kindly remind you to review our safe harbor statement, which is available at the end of our presentation.

謝謝你，康斯坦蒂諾。大家好，歡迎參加 Turkcell 2025 年第三季財報電話會議。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財務和營運業績，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 all for joining us today. This quarter once again demonstrated Turkcell's strong momentum powered by disciplined operations, sharp execution and the strength of our growth engines. We delivered 11% revenue growth, reaching TRY60 billion, driven primarily by our core telecommunication business. Strong ARPU performance, a growing subscriber base and rising data center revenues all contributed to this outstanding performance.

謝謝你，奧茲萊姆。各位下午好，感謝大家今天蒞臨。本季再次證明了 Turkcell 在嚴謹的營運、精準的執行和強大的成長引擎的推動下，維持了強勁的發展勢頭。我們實現了 11% 的營收成長，達到 600 億土耳其里拉，這主要得益於我們的核心電信業務。強勁的ARPU表現、不斷成長的用戶群和日益增長的資料中心收入都促成了這一卓越的業績。

Group EBITDA increased 11% to TRY26 billion, achieving a solid 43.9% margin, a clear reflection of our continued cost discipline.

集團 EBITDA 成長 11% 至 260 億土耳其里拉，實現了 43.9% 的穩健利潤率，這清楚地反映了我們持續的成本控制。

In addition to our operational success, prudent financial management strengthened our bottom line. Lifting net income from continuing operations up by 31.8% to TRY5.4 billion. Competition remained intense this quarter. Even so, we added 569,000 net postpaid subscribers. Through targeted pricing and upselling, mobile ARPU rose 12%, once again proving our ability to deliver double-digit growth in a highly competitive environment.

除了營運上的成功，審慎的財務管理也提高了我們的獲利能力。持續經營業務淨利成長 31.8%，達到 54 億土耳其里拉。本季競爭依然激烈。即便如此，我們還是新增了 56.9 萬名後付費用戶。透過有針對性的定價和追加銷售，行動端 ARPU 成長了 12%，再次證明了我們在競爭激烈的環境中實現兩位數成長的能力。

Residential fiber ARPU also grew by 17.3% year-on-year in the third quarter. Our strategic growth areas also continued to perform strongly. Data center and cloud revenues grew 51%, and our renewable energy capacity from solar fields across four cities in Turkiye has reached 37.5 megawatt. Next page, please.

第三季度，住宅光纖用戶平均收入也較去年同期成長了 17.3%。我們的策略成長領域也持續保持強勁表現。資料中心和雲端收入成長了 51%，我們在土耳其四個城市的太陽能發電場的可再生能源容量已達到 37.5 兆瓦。請翻到下一頁。

We are proud to reinforce our leadership with the successful outcome of the 5G spectrum tender, a defining milestone for Turkiye's digital future. The results were exactly in line with our expectations and reaffirm our leadership position. We secured 160 megahertz of spectrum, the maximum capacity available to a single operator in this tender. This allocation enabled us to deliver speeds exceeding 1,000 megabit per second while paving the lowest cost per megahertz per subscriber among all operators. 5G will be commercially launched in April 2026, marking the beginning of a new chapter in Turkiye's digital transformation. It will empower industries such as manufacturing, transport, health care and education with high-speed connectivity to regions that currently lack fiber access.

我們很自豪地宣布，5G頻譜招標成功，鞏固了我們的領先地位，這是土耳其數位化未來的一個重要里程碑。結果完全符合我們的預期，並再次鞏固了我們的領先地位。我們獲得了 160 兆赫茲的頻譜，這是本次招標中單一營運商可獲得的最大容量。這項資源分配使我們能夠提供超過每秒 1000 兆位元的速度，同時在所有營運商中實現每位用戶每兆赫茲成本最低。5G將於2026年4月正式商用，標誌著土耳其數位轉型新篇章的開始。它將為製造業、交通運輸業、醫療保健業和教育業等行業提供高速網路連接，使目前缺乏光纖接入的地區也能享受到高速網路連接。

Once 5G officially launches, these customers will be among the first to experience 5G speeds. And just as we have done over the past 30 years, we will continue to lead in this new era of connectivity. We are fully ready to shape Turkiye's 5G future and drive the next wave of digital transformation. Next page, please.

一旦 5G 正式推出，這些客戶將成為首批體驗 5G 高速網路的用戶。正如過去 30 年我們所做的那樣，我們將繼續引領互聯互通的新時代。我們已做好充分準備，塑造土耳其的 5G 未來，並推動下一波數位轉型浪潮。請翻到下一頁。

Let's take a closer look at the key operational highlights from the third quarter. Competition in the mobile market was strong as we expected, maintaining our dynamic and customer-centric approach, we continue to expand our customer base. We recorded 569,000 net postpaid additions, bringing our total net gains to 2 million over the past 12 months. As a result, our mobile subscriber base exceeded 39 million. Leveraging our AI-driven dynamic micro segmentation approach, we executed our upsell strategies with precision. We offered customers precisely targeted offers, moving the vast majority of our base to higher tier plan.

讓我們仔細看看第三季的主要營運亮點。正如我們預期的那樣，行動市場的競爭非常激烈，我們秉持著以客戶為中心的動態發展概念，並不斷擴大客戶群。我們新增後付費用戶 56.9 萬，使過去 12 個月的總淨增用戶數達到 200 萬。因此，我們的行動用戶數量超過了 3900 萬。利用我們人工智慧驅動的動態微細分方法，我們精準地執行了追加銷售策略。我們向客戶提供了精準的定向優惠，將絕大多數客戶轉移到了更高級別的套餐。

In addition, the share of postpaid subscribers, a key driver of revenue growth, rose by 4.6 percentage points year-on-year to 79%. These efforts, together with higher seasonality, delivered double-digit mobile ARPU growth of 12%, reflecting our continued focus on value-driven growth. Our mobile churn rate was 2.6%, primarily reflecting the ongoing competition and high activity in the number portability market. Next page, please.

此外，作為營收成長的關鍵驅動因素，後付費用戶的份額年增 4.6 個百分點，達到 79%。這些努力，加上更高的季節性因素，實現了 12% 的行動 ARPU 兩位數成長，反映了我們對價值驅動成長的持續關注。我們的行動用戶流失率為 2.6%，主要反映了號碼可攜性市場持續的競爭和高活躍度。請翻到下一頁。

Now let's move on to our fixed broadband operations. With a focus on fiber customers, we had a net add of 33,000 this quarter, bringing our Turkcell fiber base to over 2.5 million. Including sales over other operators' infrastructure, we introduced 55,000 new customers to high-quality fiber services. Our fiber strategy is best described by a simple principle, high quality and high speed. With this approach, since last year, we remain committed to offering 1,000 megabit per second speeds and delivering greater value to our customers.

現在我們來談談固定寬頻業務。我們專注於光纖客戶，本季淨增加 33,000 名客戶，使我們的 Turkcell 光纖客戶群超過 250 萬。包括透過其他營運商的基礎設施進行的銷售，我們為 55,000 名新客戶引入了高品質的光纖服務。我們的纖維策略可以用一個簡單的原則來概括：高品質、高速度。透過這種方式，從去年以來，我們一直致力於提供每秒 1000 兆位元的速度，並為我們的客戶帶來更大的價值。

Year-on-year, the number of subscribers on these plans more than tripled. With effective pricing adjustments, a higher proportion of customers on 100 megabit per second plus plans and 88% commitment rate to 12-month contracts, our residential fiber ARPU grew 17.3% year-on-year in the third quarter.

這些套餐的用戶數量較去年同期增加超過三倍。透過有效的價格調整，100兆位元每秒以上套餐的客戶比例更高，以及12個月合約的簽訂率達到88%，我們的住宅光纖ARPU在第三季度同比增長了17.3%。

As we continue to strengthen our fiber network, we expanded our footprint with 107,000 new home passes, reaching 6.2 million households. Our 42.6% take-up rate is a clear indication that our fiber investments are effectively planned. Next page, please.

隨著我們不斷加強光纖網絡，我們新增了 107,000 個家庭接入點，擴大了覆蓋範圍，惠及 620 萬戶家庭。我們 42.6% 的光纖普及率清楚地表明，我們的光纖投資計劃是有效的。請翻到下一頁。

Let me now turn on to our strategic areas, beginning with Digital Business Services. Digital Business Services delivered robust 97% revenue growth, reaching TRY4.9 billion, supported by recurring service income and stronger hardware sales. The backlog from system integration projects reached a remarkable TRY5 billion. Data center and cloud revenues continued their strong momentum, increasing 51% year-on-year in real terms. We had targeted an 8.4-megawatt capacity expansion at the beginning of 2025, guided by our vision of keeping Turkiye's data within Turkiye, and we successfully activated that capacity in this quarter.

現在讓我來談談我們的策略領域，首先是數位業務服務。數位業務服務實現了強勁的 97% 收入成長，達到 49 億土耳其里拉，這得益於經常性服務收入和更強勁的硬體銷售。系統整合專案的積壓金額高達驚人的 50 億土耳其里拉。資料中心和雲端收入持續保持強勁成長勢頭，以實際價值計算年增 51%。我們原計劃在 2025 年初實現 8.4 兆瓦的產能擴張，其願景是將土耳其的數據留在土耳其境內，而我們已在本季度成功啟用了該產能。

Thanks to our early-stage investment, we have established a strong market position, becoming the leading player in the enterprise colocation market. We are preparing for our next strategic move in data centers and cloud businesses, which will further strengthen our leadership. Next page, please.

由於我們早期的投資，我們已確立了強大的市場地位，成為企業託管市場的領導者。我們正在為資料中心和雲端運算業務的下一個策略舉措做準備，這將進一步鞏固我們的領先地位。請翻到下一頁。

Now moving on to another of our strategic pillars, techfin. Our techfin ecosystem, representing 6% of consolidated revenues achieved 20% year-on-year growth in the third quarter, outpacing the group's overall performance. This growth was mainly driven by our digital payment company, Paycell, which achieved a 42% increase in revenues. Within Paycell, POS and Pay Later services were the key contributors supported by favorable regulatory revisions in mobile payment limits and broader adoption of POS solutions.

現在我們來談談我們的另一個策略支柱—科技金融。我們的科技金融生態系統佔合併收入的 6%，第三季年增 20%，超過了集團的整體表現。這一成長主要得益於我們的數位支付公司 Paycell，該公司營收成長了 42%。在 Paycell 中，POS 和先享後付服務是主要貢獻者，這得益於行動支付限額的有利監管修訂和 POS 解決方案的更廣泛採用。

Our Financell brand, providing customers with fast and flexible financing solutions continued to expand its loan portfolio, reaching TRY7.5 billion despite the high-interest-rate environment. The net interest margin improved to 5%, driven by more favorable funding costs. Financell continued to support the sales of Samsung A26, locally manufactured 5G smartphone exclusive for Turkcell with a total of 54,000 contracted sales since its launch in April. Next page, please.

儘管利率環境高企，但我們的 Financell 品牌仍繼續擴大其貸款組合，為客戶提供快速且靈活的融資解決方案，貸款總額達到 75 億土耳其里拉。受融資成本較為有利的影響，淨利差提高至 5%。Financell 繼續支持三星 A26 的銷售，這是一款本地生產的 5G 智慧型手機，專為 Turkcell 服務，自 4 月推出以來，已累積簽約銷售 54,000 部。請翻到下一頁。

Despite global geopolitical and macroeconomic headwinds, we delivered performance that exceed our expectations over the first nine months of the year. In line with these strong results and the revised CPI outlook, we are upgrading our 2025 guidance. Reflecting our solid momentum and confidence in the sustainability of our results, we are revising our revenue growth expectations upwards to around 10% and raising our EBITDA margin target to 42% to 43% range. Even as we continue our intensive investment cycle, we are revising our operational CapEx to sales target to around 23%, mainly driven by the acceleration in revenue recognition. As for our data center and cloud revenues, we are also revising our growth guidance upwards to around 43%.

儘管面臨全球地緣政治和宏觀經濟的不利因素，我們在今年前九個月的表現仍超出了預期。鑑於這些強勁的業績和修訂後的 CPI 預期，我們將上調 2025 年業績預期。鑑於我們強勁的發展勢頭和對業績可持續性的信心，我們將營收成長預期上調至 10% 左右，並將 EBITDA 利潤率目標上調至 42% 至 43% 的區間。即使我們繼續進行密集的投資週期，我們也正在將營運資本支出與銷售額的目標比例調整為 23% 左右，這主要是由於收入確認速度加快所致。至於我們的資料中心和雲端收入，我們也把成長預期上調至約 43%。

With that, I will now hand over to our CFO, Mr. Kamil Kalyon, to walk us through the financial highlights.

接下來，我將把麥克風交給我們的財務長卡米爾·卡利翁先生，讓他為我們介紹一下財務方面的亮點。

Thank you very much, Ali Taha. We had a solid quarter driven by continued momentum in our core business and techfin expansion. We achieved 11.2% year-on-year revenue growth, fueled by strong execution across our key business lines. Turkcell Turkiye remained the main top line driver, contributing TRY5.5 billion of additional revenue. This was supported by double-digit real ARPU growth, a larger postpaid base and solid performance from digital business services. Techfin added TRY569 million in revenue, driven by solid growth at Paycell, particularly across POS and mobile payment verticals.

非常感謝你，阿里·塔哈。得益於核心業務和科技金融業務的持續成長勢頭，我們本季業績表現穩健。在各主要業務線的強勁執行下，我們實現了 11.2% 的年營收成長。Turkcell Turkiye 仍然是主要的收入驅動力，貢獻了 55 億土耳其里拉的額外收入。這得益於兩位數的實際ARPU成長、更大的後付費用戶基數以及數位商業服務的穩健表現。Techfin 新增收入 5.69 億土耳其里拉，主要得益於 Paycell 的穩健成長，尤其是在 POS 和行動支付領域。

On profitability, margins reflected our ongoing investments to enable 5G rollout and to capture the strong growth momentum in Paycell transaction volumes. At the same time, personnel and energy costs contributed positively to our overall performance. Overall, we maintained a solid profitability level, demonstrating the strength of our operating leverage and disciplined cost management. Next slide, please.

在獲利能力方面，利潤率反映了我們為實現 5G 部署和抓住 Paycell 交易量強勁增長勢頭而進行的持續投資。同時，人員和能源成本對我們的整體績效做出了積極貢獻。總體而言，我們保持了穩健的獲利水平，這體現了我們強大的經營槓桿和嚴格的成本管理。請看下一張投影片。

Profit from continuing operations increased 31.8% year-on-year to TRY5.4 billion, reflecting focused execution and effective cash management. EBITDA contribution totaled TRY2.5 billion for the quarter, remaining the key driver of profit growth. Despite persistent competition, Turkcell sustained its leadership through a clear strategic focus and efficient execution. We prudently managed our net finance income and expenses this quarter, resulting in a year-on-year contribution of TRY1.5 billion. With FX depreciation decreased to nearly half of last year's level, we recorded a positive FX impact of TRY912 million.

持續經營業務利潤年增 31.8% 至 54 億土耳其里拉，反映出專注的執行和有效的現金管理。本季 EBITDA 貢獻總額為 25 億土耳其里拉，仍是利潤成長的關鍵驅動力。儘管競爭持續不斷，Turkcell 仍憑藉著清晰的策略重點和高效的執行力保持了其領先地位。本季我們審慎地管理了淨財務收入和支出，實現了年增 15 億土耳其里拉。由於外匯貶值幅度降至去年同期的近一半，我們錄得 9.12 億土耳其里拉的正外匯影響。

Despite a higher nominal debt level versus Q3 2024, our strong financial discipline and proactive funding strategy led to a decline in interest expenses to TRY677 million. Meanwhile, although interest income remained limited, returns were supported by a well-diversified and efficiently managed investment portfolio. Our strong cash position, together with the slower inflation growth year-on-year resulted in a monetary loss this quarter. Next slide, please.

儘管名目債務水準高於 2024 年第三季度，但我們強大的財務紀律和積極的融資策略使利息支出下降至 6.77 億土耳其里拉。同時，儘管利息收入仍然有限，但多元化且管理高效的投資組合支撐了收益。由於我們強勁的現金狀況，加上年增率放緩，導致本季出現貨幣虧損。請看下一張投影片。

Turning to our investment strategy with a clear focus on 5G readiness. CapEx intensity was 17.4% this quarter, reflecting our continued commitment to strengthening network infrastructure and preparing for next-generation technologies. With the largest spectrum allocation secured from the 5G tender, we are maintaining our investment momentum at full speed. This quarter, approximately 80% of CapEx was directed towards our core businesses, mobile and fixed broadband. Our base station fiberization rate surpassed 45% this quarter, laying the groundwork for a seamless and efficient 5G transition.

轉向我們的投資策略，重點明確放在 5G 準備方面。本季資本支出強度為 17.4%，反映了我們持續致力於加強網路基礎設施並為下一代技術做好準備。憑藉在 5G 招標中獲得的最大頻譜分配，我們正保持全速投資動能。本季度，約 80% 的資本支出用於我們的核心業務，即行動和固定寬頻。本季我們的基地台光纖化率超過 45%，為無縫、高效的 5G 過渡奠定了基礎。

In our data centers, we activated an additional 8.4 megawatts of IT capacity, bringing the total to 50 megawatts. On the renewables side, solar capacity reached 37.5 megawatts with further expansion expected in Q4. We have started to see savings from renewable energy investments this year with a more visible impact expected in 2026.

我們在資料中心新增了 8.4 兆瓦的 IT 容量，使總容量達到 50 兆瓦。在再生能源方面，太陽能發電容量達到 37.5 兆瓦，預計第四季將進一步擴大。今年我們已經開始看到再生能源投資帶來的效益，預計到 2026 年將產生更明顯的成效。

Given the expected ramp-up in 5G investments and seasonal factors in Q4, we continue to manage our CapEx with a disciplined and value-focused approach. Our revised guidance reflects both the progress of our investment programs and our commitment to efficient capital allocation. Next slide, please.

鑑於預計第四季度 5G 投資將大幅增加，以及季節性因素的影響，我們將繼續以嚴謹且注重價值的方式管理我們的資本支出。我們修訂後的指引既反映了我們投資計畫的進展，也反映了我們對高效率資本配置的承諾。請看下一張投影片。

Moving now to our balance sheet. Our cash position reached TRY122 billion in Q3. The second dividend installment will be paid in Q4, while under the 5G tender, the first two installments are scheduled for 2026. We consider our current liquidity as strong, sufficient to cover upcoming 5G payments and debt service over the next 2.5 years. We are well prepared, having issued a Eurobond earlier this year and secured Murabaha fundings on favorable terms in the first half.

接下來來看我們的資產負債表。第三季度，我們的現金儲備達到1220億土耳其里拉。第二筆股息將於第四季度支付，而根據 5G 招標，前兩筆股息計劃於 2026 年支付。我們認為我們目前的流動性狀況良好，足以支付未來 2.5 年的 5G 付款和債務償還。我們已做好充分準備，今年稍早發行了歐元債券，並在上半年以優惠條件獲得了穆拉巴哈融資。

Our net leverage ratio increased slightly to 0.2x, but remains comfortably within healthy levels, reflecting our continued financial discipline. Given the 5G payment schedule, we expect leverage to remain below 1x in the upcoming periods. Debt repayments of around USD1 billion are expected to be completed by year-end, of which USD800 million is denominated in foreign currency. Next slide, please.

我們的淨槓桿率略微上升至 0.2 倍，但仍處於健康水平，這反映了我們持續的財務紀律。鑑於 5G 付款計劃，我們預計未來幾個時期槓桿率將保持在 1 倍以下。預計到年底將完成約 10 億美元的債務償還，其中 8 億美元以外幣計價。請看下一張投影片。

Finally, a brief update on our FX risk management, 81%. As of Q3, we held USD3.9 billion FX debt and USD3 billion FX-denominated financial assets and USD800 million derivatives portfolio. We maintain a dynamic FX risk management strategy. We actively manage a short-term derivatives portfolio to mitigate potential FX volatility while accounting for higher hedging costs. We closed the quarter in a neutral FX position.

最後，簡單更新一下我們的外匯風險管理狀況，81%。截至第三季末，我們持有 39 億美元的外匯債務、30 億美元的外匯計價金融資產和 8 億美元的衍生性商品投資組合。我們堅持動態的外匯風險管理策略。我們積極管理短期衍生性商品投資組合，以降低潛在的外匯波動風險，同時考慮較高的避險成本。本季末，我們的外匯部位保持中立。

Following the acquisition of the 5G license, our net foreign exchange position is expected to increase. We will closely monitor market conditions and proactively manage this position over the next 1.5 years until the full 5G license payments are completed. Therefore, during this period, we will not apply our neutral position definition.

獲得 5G 牌照後，我們的淨外匯部位預計將會增加。我們將密切關注市場狀況，並在未來 1.5 年內積極管理此部位，直至 5G 牌照的全部款項支付完畢。因此，在此期間，我們將不採用中立立場定義。

That concludes our presentation. We look forward to addressing your questions. Thank you very much.

我們的演講到此結束。我們期待解答您的問題。非常感謝。

(Operator Instructions) Singh Maddy, HSBC.

（操作員說明）辛格‧馬迪，匯豐銀行。

My first question is on your CapEx and dividend outlook, especially given the recent 5G auction win. I wonder -- for this year, you have given the guidance for CapEx, so that's fine. But I was wondering whether next year, we should expect a significant jump in the CapEx to sales intensity and whether this spectrum payment is going to affect the dividend payments at all? So that's the first question.

我的第一個問題是關於您的資本支出和股息前景，特別是考慮到最近在 5G 拍賣中獲勝。我想問一下——今年你們已經給了資本支出的指導意見，那沒問題。但我很想知道，明年我們是否應該預期資本支出與銷售強度的比值會大幅提升，以及這筆頻譜支付是否會對股利支付產生任何影響？這是第一個問題。

And then the second question is on your pricing action during the quarter? Did you increase any prices? And how was the competitive response to that? Are you comfortable around the pricing environment? So that's the second one.

那麼第二個問題是關於您本季的定價策略？你們漲價了嗎？競爭對手對此作何反應？您對目前的定價環境感到滿意嗎？這是第二個。

And then the final one, actually on your final comment about the net short FX position, you said the definition will not be applicable going forward. So can you please explain what do you mean by that? And how should we think about the FX losses going forward, yes?

最後，關於您最後提到的外匯淨空頭頭寸，您說這個定義以後將不再適用。所以，可以解釋一下你這話是什麼意思嗎？那麼，我們該如何看待未來的外匯損失呢？

Thank you very much, Maddy, for the questions. First question and third question will be responded by me. First of all, -- for the next year, CapEx intensity, we are not expecting higher jumps. As you know, starting of this year, we declared 24% CapEx sales ratio for this year. Now we revised it to 23%. For the next year period, we do not -- we will not be in a position exceeding the 24% around the CapEx intensity levels will be around this 24%. We will see the budget figures that will come from the business lines.

非常感謝Maddy提出的問題。第一個問題和第三個問題將由我來回答。首先，－就未來一年的資本支出強度而言，我們預期不會有更大的成長。如您所知，今年年初，我們宣布今年的資本支出銷售額比率為 24%。現在我們將其修改為 23%。在接下來的一年裡，我們不會——我們不會處於資本支出強度水準超過 24% 的境地，資本支出強度水準將保持在 24% 左右。我們將看到各業務部門公佈的預算數據。

The other one, as you know, our dividend policy is distributing our 50% net income of the year. We are proposing to the general assembly and general assembly decided. As you know, we have -- as (inaudible) said, we are a very dividend-friendly company. And if you chase our company, we will be -- we have been distributing dividends for many years period. Therefore, for the 2026, our AGM has not been decided about this issue, but our dividend policy is still distributing the 50% of the net income.

如您所知，我們的股利政策是將年度淨收入的 50% 分配給股東。我們向大會提出建議，大會已作出決定。如你所知，我們－正如（聽不清楚）所說，我們是一家非常重視分紅的公司。如果你追問我們公司的狀況，我們會——我們已經派發股息很多年了。因此，對於 2026 年的年度股東大會，我們尚未就此問題作出決定，但我們的股利政策仍是分配 50% 的淨收入。

For the third question, as you know, we are declaring our FX position as minus -- plus USD200 million. And when we look at the 5G tender, the results and officially, the tender results will be ratified by the governmental bodies approximately in January 2026. Therefore, the FX position -- net FX position or this liability will be in our balance sheet starting from 2026. Therefore, we will look at the position at that time. But as Ali mentioned, the 5G tender price will be paid within three installments.

關於第三個問題，如您所知，我們宣布我們的外匯頭寸為負——加上 2 億美元。當我們查看 5G 招標結果時，官方而言，招標結果大約將在 2026 年 1 月由政府機構批准。因此，外匯頭寸——淨外匯頭寸或這項負債將從 2026 年開始出現在我們的資產負債表中。因此，我們將考察當時的情況。但正如阿里所提到的，5G招標價格將分三期支付。

In the first installment will be in January 2026. Therefore, it means that 1/3 of the tender price plus 20% VAT amount, which corresponds 44% or 45% of the total amount will be paid in January 2026. Therefore, we will look at the -- our FX position in January 2026, and we will decide how we will manage this FX position starting from 2026. As you know, the decision will be taken under the scope of the macroeconomical conditions, hedging costs and Turkish internal macroeconomic conditions. Therefore, we will see it in January 2026.

第一期將於 2026 年 1 月推出。因此，這意味著投標價格的 1/3 加上 20% 的增值稅，相當於總金額的 44% 或 45%，將於 2026 年 1 月支付。因此，我們將審視我們在 2026 年 1 月的外匯頭寸，並決定從 2026 年開始如何管理這個外匯頭寸。如您所知，該決定將在宏觀經濟狀況、對沖成本和土耳其國內宏觀經濟狀況的範圍內做出。因此，我們將在 2026 年 1 月看到它。

I will hand over the mic for the second question to Mr. Ali.

第二個問題，我將把麥克風交給阿里先生。

Regarding the price adjust, I will divide this question into two different parts, mobile side and the fixed side. For the -- as the leading mobile operator and the leader and the biggest operator, mobile operator in Turkiye, we have adjusted our prices in almost every quarter between 2021 and 2024 to reflect the inflationary environment. Considering the slowing pace of inflation and competition conditions in the market, we updated our prices in January and July into 2024. Following 14% price increases implemented in January 2025, we carried out further price adjustments on our micro segmented packages such as youth and regional offers in June and August.

關於價格調整，我將這個問題分為兩個部分：行動和固定端。作為土耳其領先的行動營運商，我們在 2021 年至 2024 年期間幾乎每季都調整了價格，以反映通貨膨脹環境。考慮到通貨膨脹速度放緩和市場競爭狀況，我們在 1 月和 7 月更新了 2024 年的價格。繼 2025 年 1 月實施 14% 的價格上漲後，我們在 6 月和 8 月對青年套餐和地區套餐等細分套餐進行了進一步的價格調整。

On top of price adjustments, thanks to our successful upsell performance, we registered above inflation mobile ARPU growth of 12%. With respect to fixed broadband market, following the competition, we increased prices in December 2023, August 2024, March and October 2025. We are driving ARPU growth by increasing the share of customers within a 12-month commitment, boosting transition to high-speed packages and also widening the price gap between our TV+ bundled offers and data-only packages. This successful efforts and initiatives enables us to outperform inflation and achieve at the fixed market -- fixed broadband market, 17% real growth performance in our residential fiber ARPU.

除了價格調整之外，由於我們成功的追加銷售業績，我們的行動端 ARPU 成長了 12%，高於通貨膨脹率。針對固定寬頻市場，在競爭加劇的情況下，我們分別於 2023 年 12 月、2024 年 8 月、2025 年 3 月和 10 月提高了價格。我們正在透過以下方式推動 ARPU 成長：提高 12 個月合約客戶的比例，促進向高速套餐的過渡，並擴大我們的 TV+ 捆綁套餐和純數據套餐之間的價格差距。這些成功的努力和舉措使我們能夠跑贏通貨膨脹，並在固定寬頻市場實現住宅光纖ARPU 17%的實際成長。

As Turkcell, we continue to focus on value as the main differentiation point from the competition. Hence, rather than competing on price, we focus on creating additional value for our customers. And we will continue to closely monitor market conditions and the competition in the upcoming quarters as well.

作為 Turkcell，我們將繼續專注於價值，作為與競爭對手的主要差異化優勢。因此，我們不打價格戰，而是專注於為客戶創造更多價值。接下來幾個季度，我們將繼續密切關注市場狀況和競爭情況。

If I may ask a follow-up on the spectrum part. So the payment is in hard currency. I was wondering whether the asset itself will be recognized in hard currency as well.

請問關於頻譜部分，我能否再問一個後續問題？所以支付方式是硬通貨。我想知道該資產本身是否也會以硬通貨確認。

Normally, as you mentioned, the payments will be done in US dollar terms. Therefore, we will -- our liquidity position is fair enough to make all the payments in both in TL side and the US dollar side. Therefore, starting from the January 2026, we will look at the macroeconomical conditions, FX rates, TL rates and the most important one, the hedging rates, for example, hedging costs are very important in order to decide.

如您所說，通常情況下，付款將以美元結算。因此，我們的流動性狀況良好，足以支付土耳其里拉和美元兩方面的全部款項。因此，從 2026 年 1 月起，我們將關注宏觀經濟狀況、外匯匯率、土耳其里拉匯率以及最重要的對沖利率，例如，對沖成本對於做出決定非常重要。

But as I said, we have enough TL and the US dollar money in our hands. Therefore, we will decide it in January 2026 by taking into consideration the macroeconomical conditions on that date. It's a little bit early to give a guarantee or to give a color how we will make the payments. We can prefer to make dollar payments or maybe we can prefer to make TL payments. But at TL, we will be keeping our US dollar money in our hands, and it will not create additional problem from our perspective.

但正如我所說，我們手頭上有足夠的土耳其里拉和美元。因此，我們將在 2026 年 1 月根據屆時的宏觀經濟狀況做出決定。現在做出保證或說明我們將如何付款還為時過早。我們可以選擇用美元支付，也可以選擇用土耳其里拉支付。但在TL，我們將始終持有美元資金，從我們的角度來看，這不會造成額外的問題。

My question was more on the balance sheet entry on the asset side. So you will recognize the spectrum as an asset, right? But the value, I'm not sure whether that will be put in a lira number or a dollar number.

我的問題比較是關於資產負債表資產方的分錄。所以你會把光譜視為一種資產，對吧？但是，我不確定這個數值會以里拉還是美元來表示。

Normally, it will be included into our balance sheet in 2026, and we will make this capitalization in the TL terms. And as you mentioned -- as you imagine, that starting from 2026, this asset will generate an inflation profit starting from the depreciation in the income side starting from 2026.

正常情況下，這筆款項將在 2026 年計入我們的資產負債表，我們將以土耳其里拉進行資本化。正如您所提到的——正如您所想像的，從 2026 年開始，這項資產將從 2026 年開始透過收入方面的折舊產生通貨膨脹利潤。

Bystrova Evgeniya, Barclays.

Bystrova Evgeniya，巴克萊銀行。

Congrats on the results. I have just a couple of questions. So my first one is on your 2026 outlook. Do you think that the revenue growth that you've delivered in 2025 or planning to deliver is sustainable going forward given the 5G regime coming? And also -- and also on your profitability, do you think like current margin -- EBITDA margin levels are sustainable for next years?

恭喜取得好成績。我只有幾個問題。我的第一個問題是關於您2026年的展望。考慮到即將到來的 5G 時代，您認為您在 2025 年實現或計劃實現的收入成長是否可持續？另外，關於獲利能力，您認為目前的 EBITDA 利潤率水準在未來幾年是否可持續？

And second question is also on your -- do you have any long-term target for your net leverage? Or maybe where do you see the net leverage ratio next year and going forward after the 5G payments are done?

第二個問題也是關於你的──你的淨槓桿率是否有長期目標？或者，您認為在 5G 付款完成後，明年及以後的淨槓桿率會是多少？

I can start with the first one. Let me talk a little bit about the current year, the great year and a great quarter. So we had another solid operational and financial results this quarter and which was actually beyond our initial plans. We continue to expand our subscriber base in both mobile and fixed segments, while delivering a real ARPU growth in each quarter of 2025 through our dynamic tariff and pricing management, higher postpaid share, also successful upselling actions and rising demand for high-speed connection also supported our ARPU performance.

我可以從第一個開始。讓我簡單談談今年，這是精彩的一年，也是一個精彩的季度。因此，本季度我們再次取得了穩健的營運和財務業績，而且實際上超出了我們最初的計劃。我們持續擴大行動和固定用戶群，並透過動態資費和定價管理，在 2025 年的每個季度實現真正的 ARPU 成長。更高的後付費份額、成功的追加銷售活動以及對高速連接日益增長的需求也支撐了我們的 ARPU 業績。

So consequently, in the first nine months, our consolidated revenue grew by 12% year-over-year. And also techfin, if you talk about the techfin in the first nine months, delivered a 25% year-over-year growth, making a very meaningful contribution to our top line. Also, our strategic investments, data center and cloud services also achieved robust revenue growth of 51% compared to the same period last year and significantly exceeding our previous full year 2025 guidance. EBITDA grew by 15%, leading to a 43.7% EBITDA margins. Building on our strong nine-month performance, we have revised our full year both revenue growth and as well as the EBITDA margin expectation and guidance.

因此，在前九個月，我們的合併收入年增了 12%。此外，科技金融業務在前九個月實現了 25% 的年增長，對我們的營收做出了非常重要的貢獻。此外，我們的策略投資、資料中心和雲端服務也實現了強勁的營收成長，與去年同期相比成長了 51%，並大大超過了我們先前 2025 年全年的預期。EBITDA成長了15%，EBITDA利潤率達到43.7%。基於我們前九個月的強勁業績，我們已修訂了全年營收成長預期以及 EBITDA 利潤率預期和指引。

So to remain prudent while revising our guidance, we also considered the reduced magnitude of price adjustments compared to last year. And we are expecting a very competitive environment in the following years on 2026 expectation as we are in the planning process. It is too early to comment. However, our goal is to maintain our micro segment management strategy, along with our AI-driven technologies, along with our revenue growth initiatives and continue growing above the inflation rate.

因此，為了在修訂業績指引時保持謹慎，我們也考慮到了與去年相比價格調整幅度的減少。我們預計到 2026 年，未來幾年市場競爭將非常激烈，因為我們正在進行規劃。現在評論還為時過早。然而，我們的目標是保持我們的小規模細分市場管理策略，以及我們的人工智慧驅動技術和收入成長計劃，並繼續保持高於通貨膨脹率的成長。

For the second question, as I mentioned in my presentation, at the end of this year, we will be paying the second installment of our dividend payment, and we have some additional repayment of debt for 2025. And in January, as I mentioned, we will be paying the 44% of the total tender price for the 5G side. Therefore, our expectation is this leverage ratio would be around 0.7 or 8x. And as I mentioned in my presentation, again, our aim is to keep this level lower than the 1x.

關於第二個問題，正如我在演講中提到的，今年年底我們將支付第二筆股息，並且我們將在 2025 年償還一些額外的債務。正如我之前提到的，我們將在1月支付5G項目總投標價格的44%。因此，我們預計槓桿率將在 0.7 倍或 8 倍左右。正如我在演講中提到的，我們的目標是將這個水平保持在 1 倍以下。

(Operator Instructions) Karagoz Yusuf, AK Yatirim.

（操作員說明）Karagoz Yusuf，AK Yatirim。

Good results. Actually, all of my questions have been answered.

結果良好。實際上，我的所有問題都已得到解答。

Demirtas Cemal, Ata Invest.

Demirtas Cemal，Ata Invest。

Congratulations for the good results. My question is rather some technical issues in the income statement. We see monetary loss in third quarter versus like the monetary gain in the previous quarters. Could you just tell us more about the changes that lead to monetary losses in this quarter because it offsets a portion of the higher-than-expected operating profit when we go to the bottom line?

恭喜取得好成績。我的問題其實是關於損益表中的一些技術問題。與前幾季的獲利相比，第三季出現了貨幣虧損。您能否詳細說明一下導致本季出現財務虧損的因素，因為在計算最終利潤時，這些虧損會抵銷部分高於預期的營業利潤？

And the other question is again about the TOGG participation side, we see lower losses unlike the previous two quarters. Do you think it's going to be the permanent? Should we expect lower the losses contribution from the TOGG, your subsidiary side? That's my second question.

另一個問題仍然是關於 TOGG 參與方面的，我們看到虧損額比前兩個季度有所下降。你認為這會是永久性的嗎？我們是否應該預期貴公司子公司TOGG的虧損貢獻會降低？這是我的第二個問題。

And again, could you just give any direction about 2026 from your side? And again, I would like to ask what kind of value-added -- the things that could come into surface in 2026 as now the 5G is done, please, in terms of licensing. What are the opportunities rather than the organic growth of the company? What could be changing in 2026 from your perspective?

再次，您能否就 2026 年給予一些指導意見？我再次想問一下，既然 5G 已經完成，那麼在 2026 年，在許可證方面，可能會出現哪些增值——哪些東西可能會浮出水面。除了公司本身的有機成長之外，還有哪些機會？從你的角度來看，2026年可能會發生哪些變化？

Cemal, thank you very much for your technical questions. First question regarding the first question, yes, you're right. Our monetary gain declined by TRY2.4 billion compared to Q3 of 2024. There are certain reasons. One of them is the slowdown in inflation rates.

Cemal，非常感謝你提出的技術問題。關於第一個問題，是的，你說得對。與 2024 年第三季相比，我們的貨幣收益減少了 24 億土耳其里拉。這其中是有原因的。其中之一是通貨膨脹率放緩。

As you know, last year, inflation was in the same period around 8.9%. Now currently, it's declined to 7.5%. Therefore, this is the first reason for the lower monetary gain. The second one and the most important one, as you know, we sold our Ukraine business in 2024. It means that you are taking a significant portion from your balance sheet, especially generating inflationary income in your balance sheet.

如您所知，去年同期通貨膨脹率約為 8.9%。目前已下降至7.5%。因此，這是貨幣收益較低的第一個原因。第二點也是最重要的一點，如您所知，我們在 2024 年出售了我們在烏克蘭的業務。這意味著你正在從資產負債表中提取大量資金，尤其是在資產負債表中產生通膨性收入。

Therefore, due to this effect, Ukraine subsidiary sale led to a negative composition against nonmonetary assets. And furthermore, the capital reduction executed in our Netherlands company subsidiary in Q4 in 2024 indirectly led to a monetary loss due to indexation in Q3 2025. Therefore, this is the reasons of this one starting --

因此，由於這種影響，烏克蘭子公司的出售導致非貨幣性資產組成出現負面影響。此外，我們在 2024 年第四季對荷蘭子公司進行的減資，間接導致了 2025 年第三季的指數化調整造成的貨幣損失。因此，這就是它開始的原因。--

Sorry for interrupting, but before passing to the next question, when I look at the -- my question is rather compared to second quarter, what -- I know that there might be changes from quarter-to-quarter, but even what changed from second quarter to third quarter? The inflation is higher, the quarter-over-quarter change. I don't know if you have any justification for the Q-over-Q comparison, the year-over comparison fair. Just if you have any comments before answering the next question.

抱歉打斷一下，但在進入下一個問題之前，我想問一下——我的問題是，與第二季度相比，——我知道每個季度之間可能會有所變化，但即使是從第二季度到第三季度，究竟發生了哪些變化？通貨膨脹率更高，環比變化更大。我不知道你進行季度環比比較、年度同比比較是否有任何合理性。在回答下一個問題之前，如果您有任何意見，請提出。

Normally, from Q3 -- Q2 to Q3, you're asking in 2025. Am I right?

通常情況下，從第三季到第二季再到第三季度，你是在問 2025 年的情況。我說的對嗎？

Yes, yes, yes.

是的，是的，是的。

As far as I remember, we do not have a significant change regarding the year-over-year side. Yes, the Ukraine business is very important for this one. But Q2, Q3, we do not have a significant change in the inflationary side. But as you know, this -- some of the -- how can I say, in the CapEx side, there are some CapEx amounts are eliminated, as you know, for the 5G side and the 4G side. Therefore, this might affect the inflationary accounting side.

據我所知，與去年同期相比，我們並沒有發生重大變化。是的，烏克蘭的業務對這家公司來說非常重要。但是第二季、第三季度，通膨方面並沒有顯著變化。但正如您所知，這——其中一些——我該怎麼說呢，在資本支出方面，一些資本支出金額被取消了，正如您所知，5G 方面和 4G 方面都有所減少。因此，這可能會對通貨膨脹會計方面產生影響。

But in Q2 and Q3, I do not remember the significant result. But starting from Q2 or Q3, we have started to generate inflationary loss for this year. But for -- starting from 2026, our 5G license amounts and the additional CapEx amounts will be included in our balance sheet, and we will be starting to see significant amount of monetary gain in our balance sheet starting from 2026. But for this year, as I mentioned, the main loss item is coming from the Ukraine sale asset and the inflation rates.

但在第二季和第三季度，我不記得有什麼顯著的結果。但從第二季或第三季開始，我們今年的通膨損失就開始顯現。但是，從 2026 年開始，我們的 5G 牌照金額和額外的資本支出金額將計入我們的資產負債表，我們將從 2026 年開始在資產負債表上看到大量的貨幣收益。但就今年而言，正如我所提到的，主要虧損項目來自烏克蘭資產出售和通貨膨脹率。

The second question is regarding the TOGG. As we mentioned in our previous calls, there are some problems, especially in the market -- electric vehicle market in 2025. And starting from the Q2, TOGG started to take the necessary actions for the cost optimization. And as you might remember, there are certain changes in the special consumption tax base in third quarter. And this change led to an increase in vehicle prices, which was also supported by the launch of the new model.

第二個問題與TOGG有關。正如我們在先前的電話會議中提到的，存在一些問題，尤其是在市場方面——2025 年的電動車市場。從第二季開始，TOGG 開始採取必要的措施進行成本最佳化。您可能還記得，第三季特別消費稅的稅基有一些變化。這項變化導致車輛價格上漲，新車型的推出也推高了這一價格。

Therefore, TOGG recorded a moderate improvement in its performance during this quarter. Most probably this improvement will continue in Q4.

因此，TOGG在本季業績略有改善。這種改善勢頭很可能會持續到第四季。

Therefore, starting from -- we hope that Q3 2025 would be a significant milestone for the TOGG side. In the coming periods, we are expecting more performance from the TOGG side. But as you know, this is a production investment and there are heavy EBITDA -- amortization expenses of the company. But we are -- we can observe the positive impacts of the precautions that are taken by the TOGG company for this quarter. We hope that this performance will continue in Q4 because you know the new model is also in the markets right now. And there are some extra models are presented to the market, especially 4x for electric vehicles. There are important demand for these cars. Therefore, we will see the positive impact of these actions in the Q4 also.

因此，我們希望從 2025 年第三季開始，這將是 TOGG 的一個重要里程碑。在接下來的時期裡，我們期待 TOGG 方面有更好的表現。但如您所知，這是一項生產投資，公司有大量的 EBITDA（息稅折舊攤提）費用。但是，我們可以觀察到 TOGG 公司本季採取的預防措施所帶來的正面影響。我們希望這種業績能在第四季繼續保持，因為您也知道，新車型目前也已經上市了。此外，市場上還推出了一些額外的車型，特別是 4x 電動車。這些汽車的需求量很大。因此，我們將在第四季度看到這些措施的正面影響。

Regarding the 5G, Cemal, thank you very much for the great question. Yes, 5G era is starting. So starting from April 1, 2026, we are going to launch 5G all over the Turkiye, and it's going to create new value-added services and opportunities. Especially with 5G, a new era of flexible and personalized tariff is the beginning. The age of one-size-fits-all plans is coming to an end.

關於 5G，Cemal，非常感謝你提出的好問題。是的，5G時代即將來臨。因此，從 2026 年 4 月 1 日起，我們將在土耳其全國推出 5G，這將創造新的增值服務和機會。尤其是隨著 5G 的到來，靈活個人化資費的新時代已經開啟。千篇一律的計劃時代即將結束。

And today, for example, Turkcell serves more than 39 million mobile subscribers, which means 39 million unique tariff possibilities. In this environment, our goal is to maintain the highest level of customer satisfaction by offering plans tailored to each individual's need.

例如，如今 Turkcell 為超過 3,900 萬行動用戶提供服務，這意味著有 3,900 萬種獨特的資費方案。在這種環境下，我們的目標是透過提供根據每個人的需求量身定制的方案，來保持最高的客戶滿意度。

We also aim to accelerate 5G adoption because 5G is going to bring high speeds, lower latency, but we need to -- our customers to have 5G phones. So we also aim to accelerate 5G adoption by supporting device financing and establishing new partnerships with smartphone manufacturers. Following our recent collaboration with Samsung, for example, we have already bought 100,000 5G-enabled devices. We plan to -- which are built in Turkiye, domestically produced A26 phones, Samsung phones. We plan to form similar partnership to further increase the number of 5G-ready phones in the market.

我們也旨在加速 5G 的普及，因為 5G 將帶來高速、低延遲，但我們需要讓我們的客戶擁有 5G 手機。因此，我們也致力於透過支援設備融資和與智慧型手機製造商建立新的合作夥伴關係來加速 5G 的普及。例如，在我們最近與三星的合作之後，我們已經購買了 10 萬台支援 5G 的裝置。我們計畫－這些手機是在土耳其製造的，國產的A26手機，三星手機。我們計劃建立類似的合作夥伴關係，以進一步增加市場上支援 5G 的手機數量。

Through these initiatives, we will make the next-generation devices more accessible as well as drive broader 5G usage across our customer base.

透過這些舉措，我們將使下一代設備更容易獲得，並推動我們的客戶群更廣泛地使用 5G。

So in order to give you a brief information about what is the difference between 4G and 5G, 4G technology was designed primarily for people, but 5G opens the door to a world where machines communicate with each other, enabling smart cities, connected factories, smart factories, industrial automation. And as a new value-added services over the next five years, we anticipated that the autonomous driving and connected car sectors will gain momentum in Turkiye. During this period, data consumptions and speed requirements are expected to rise significantly. And additionally, similar increases in data demand, speed requirements will emerge across government services as well as logistics, supply chain, smart manufacturing, the energy sector and smart city ecosystem, driven by the adoption of hybrid and private 5G networks.

為了簡要介紹 4G 和 5G 的區別，4G 技術主要是為人設計的，而 5G 則開啟了一個機器之間相互通信的世界，從而實現了智慧城市、互聯工廠、智慧工廠和工業自動化。我們預計，未來五年內，自動駕駛和連網汽車產業將在土耳其獲得新的增值服務發展動能。在此期間，預計數據消耗量和速度要求將大幅上升。此外，隨著混合型和專用 5G 網路的普及，政府服務、物流、供應鏈、智慧製造、能源產業和智慧城市生態系統等領域也將出現類似的數據需求和速度要求成長。

So stay true that 5G will unlock new revenue opportunities across not only the automotive industry, but also the government services and logistics and energy and smart cities. So as new technologies mature, Turkcell is positioned to be a leading operator, enabling Turkiye digital transformation through 5G and delivering the best and the greatest 5G technology to our customers.

所以，請相信 5G 不僅會為汽車產業，還會為政府服務、物流、能源和智慧城市等產業帶來新的收入機會。隨著新技術日趨成熟，Turkcell 已準備好成為領先的營運商，透過 5G 推動土耳其的數位轉型，並為我們的客戶提供最好、最強大的 5G 技術。

So how we are going to do it is the tender is a solid proof for it. So by securing large-scale 5G frequency resources, we gain a significant competitive advantage in both capacity and the quality because we got the highest frequency spectrum. The wider the spectrum will allow us to deliver superior customer experience in densely populated areas, ensuring high speed, low latency connectivity even under heavy network loads. It also enables us to serve a much larger number of people. So we are going to bring this fixed wireless access customers.

所以，我們將如何做到這一點，招標過程就是最好的證明。因此，透過獲取大規模的 5G 頻率資源，我們在容量和品質方面都獲得了顯著的競爭優勢，因為我們獲得了最高的頻譜。更寬的頻譜將使我們能夠在人口稠密的地區提供卓越的客戶體驗，即使在網路負載較高的情況下也能確保高速、低延遲的連線。這也使我們能夠服務更多的人。所以我們將為固定無線接取用戶帶來這項服務。

We call it Superbox 5G, fiber-like performance. Even if you don't have a fiber, we are going to provide you 1,000 megabit per second speeds with our Superbox 5G-enabled boxes. So even if you don't have your fiber in your house in anywhere you go, we are going to provide the best speeds within a wireless domain, and it's going to give you a huge flexibility and then it's going to come up with a huge efficiency.

我們稱之為 Superbox 5G，效能堪比光纖。即使您沒有光纖，我們也能透過我們的 Superbox 5G 裝置為您提供每秒 1000 兆位元的速度。所以即使你家裡沒有光纖，或是你走到哪裡，我們都能提供無線網路中最快的速度，這將為你帶來極大的靈活性，並帶來巨大的效率。

(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 joining us, and I hope to see you in the next quarterly meetings. Thank you very much for attending.

非常感謝您的參與，希望在下次季度會議上能再次見到您。非常感謝您的出席。

Thank you for joining us. Hope to see you for the year-end results. Thank you.

感謝您的參與。希望在年終結果公佈時見到你。謝謝。

Thank you.

謝謝。

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，會議已經結束，您可以掛斷電話了。感謝您的來電，祝您晚安。