Turkcell Iletisim Hizmetleri AS (TKC) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. I'm Paulina, your Chorus Call operator. Welcome, and thank you for joining the Turkcell's conference call and live webcast to present and discuss the Turkcell first-quarter 2026 financial results. The conference is being recorded.

各位女士、先生，感謝您耐心等候。我是 Paulina，您的 Chorus Call 電話會議接線員。歡迎您，並感謝您加入 Turkcell 的電話會議與線上直播，以呈報並討論 Turkcell 2026 年第一季財務業績。本次會議將被錄音。

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

此刻，我想將會議交給投資人關係與企業財務總監 Ozlem Yardim 女士。Yardim 女士，您現在可以開始。

Thank you, Paulina. Hello, everyone, and welcome to Turkcell's 2026 first-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.

謝謝您，Paulina。各位好，歡迎參加 Turkcell 2026 年第一季財報電話會議。今天與會者包括我們的執行長 Ali Taha Koc 先生，以及財務長 Kamil Kalyon 先生。他們將先概述本季的營運與財務成果，之後進行問答環節。

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.

在開始之前，提醒各位查閱我們的「安全港聲明」，該聲明位於簡報的最後。

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

接下來，我把電話交給 Ali Taha 先生。

Thank you very much, Yardim. Good afternoon, everyone. We delivered a phenomenal quarter. We successfully launched 5G nationwide on March 31. This landmark launch reinforces our clear leadership in mobile. We executed with precision at every stage of the 5G deployment from spectrum acquisition to network rollout, from network rollout to marketing.

非常感謝您，Yardim。各位下午好。我們交出了一個極為出色的季度。我們於 3 月 31 日成功在全國推出 5G。這項里程碑式的發布，進一步鞏固了我們在行動通訊領域的明確領導地位。我們在 5G 部署的每個階段都精準執行——從頻譜取得到網路鋪設，從網路鋪設到行銷推廣。

In all aspects, Turkcell is the leader. Our spectrum acquisition was both strategic and efficient. We secured 25% more capacity than our closest competitor, creating a network of superior scale and positioning it for long-term demand. Our launch was supported by a powerful go-to-market strategy.

在各個面向，Turkcell 都是領導者。我們的頻譜取得既具策略性也有效率。我們取得的容量比最接近的競爭對手多 25%，打造出規模更具優勢的網路，並為長期需求做好定位。我們的上市推出由強而有力的市場進入策略所支撐。

To accelerate 5G adoption, we expanded data package allowances fivefold and introduced compelling smartphone campaigns. Our ads featuring global celebrity Shaquille O'Neal, resonate strongly with customers. We proved the real-world power of our network through high-impact use cases. We successfully tested remote driving of a TOGG 10F over 150 kilometers distance.

為加速 5G 採用，我們將數據方案的流量額度擴大五倍，並推出具吸引力的智慧型手機促銷活動。我們由全球名人 Shaquille O'Neal 主演的廣告，與客戶產生強烈共鳴。我們透過高影響力的應用情境，證明了我們網路在真實世界的強大能力。我們成功測試在 150 公里距離外遠端駕駛一輛 TOGG 10F。

At the same time, we conducted live speed test across Türkiye. Türkiye has 81 different cities and live from all the cities, we have 5G and with 5G speeds exceeding 2,000 megabit per second means more than 2 gigabits. No one has that kind of capability. No one has that kind of speed other than Turkcell.

同時，我們在全土耳其進行了即時速度測試。土耳其共有 81 個不同城市，我們從所有城市進行直播，皆具備 5G；且 5G 速度超過每秒 2,000 兆位元，也就是超過 2Gbps。沒有人具備那樣的能力。除了 Turkcell 之外，沒有人能達到那樣的速度。

We secured the best frequencies, delivered superior network quality and executed the strongest launch campaign. Our market is now more solid and resilient than ever.

我們取得了最佳頻段，提供更優異的網路品質，並執行了最強的上市發布活動。我們的市場地位如今比以往任何時候都更穩固、更具韌性。

Next page, please. We started the year with flawless execution across all our domains. We have been the leader in the mobile. We are the leader today, and we will continue to lead the future. By securing 40% of the 5G spectrum in the tender, we further reinforced our long-term capacity dominance.

請看下一頁。我們以在各領域的零失誤執行開啟新的一年。我們一直是行動通訊領域的領導者。我們今天是領導者，未來也將持續引領。在頻譜標售中取得 5G 頻譜的 40%，我們進一步強化了長期容量優勢。

On the fixed side, we are driving value-led growth by promoting multi-gigabit per second fiber offerings. Currently, 20% of our customers are on 1 gigabit per second, means 1,000 megabit per second and above plan. Digital Business Service delivered robust growth through corporate digitization, supported by sustained momentum in data center and cloud services.

在固網方面，我們透過推廣每秒多吉位元的光纖方案，帶動以價值為導向的成長。目前，我們有 20% 的客戶使用每秒 1Gbps（即每秒 1,000 兆位元）及以上的方案。數位商務服務（Digital Business Service）在企業數位化帶動下實現強勁成長，並受惠於資料中心與雲端服務的持續動能。

We further strengthened our balance sheet by securing $1 billion in Murabaha financing. This preserves our investment capacity while supporting a healthy leverage profile. Finally, we continue to expand our strategic partnership. We introduced up to 50% discounts on Samsung smartphones to support 5G penetration.

我們透過取得 10 億美元的 Murabaha 融資，進一步強化資產負債表。此舉在維持健康槓桿水準的同時，也保留了我們的投資能力。最後，我們持續擴大策略合作夥伴關係。我們推出 Samsung 智慧型手機最高 50% 折扣，以支持 5G 滲透率提升。

We also secured a managed service collaboration with ASFAT in the defense industry and a strategic cooperation with HBO Max to strengthen our TV platform strategy. Next page, please. In the first quarter of 2026, our revenues grew by 9% year on year, exceeding TRY68 billion. This robust top-line performance was driven by a combination of operational discipline and strategic execution.

我們也在國防產業與 ASFAT 達成代管服務合作，並與 HBO Max 展開策略合作，以強化我們的電視平台策略。請看下一頁。2026 年第一季，我們營收年增 9%，突破 680 億土耳其里拉（TRY）。這項強勁的營收表現，來自營運紀律與策略執行的結合。

Key contributors included strong momentum in digital business services, the scaling of our Techfin segment and high-quality subscriber acquisition across both mobile and fixed segments. Group EBITDA increased to TRY28 billion with a margin of 41.4%. Our bottom-line performance strengthened further with net income increasing by 15% to TRY4.6 billion with disciplined financial management.

主要貢獻因素包括：數位商務服務的強勁動能、我們 Techfin 事業的規模擴張，以及行動與固網兩大業務中高品質用戶的獲取。集團 EBITDA 提升至 280 億土耳其里拉，EBITDA 利潤率為 41.4%。在嚴謹的財務管理下，我們的獲利表現進一步增強，淨利年增 15% 至 46 億土耳其里拉。

On the subscriber side, we have 661,000 postpaid net additions. We achieved a great quarter in the mobile number portability market, driven by targeted and segment-based offers. We continue to prioritize subscriber quality and rich content packages to strengthen our leadership. Our data center and cloud business maintained its strong trajectory with revenues increased by 20.8% as we continue to scale our digital infrastructure.

在用戶方面，我們後付費用戶淨增 661,000 戶。在行動門號可攜（MNP）市場，我們在本季表現亮眼，主要由精準且分眾的方案所帶動。我們持續優先重視用戶品質與豐富內容方案，以鞏固我們的領導地位。我們的資料中心與雲端業務維持強勁成長軌跡，營收成長 20.8%，我們也持續擴大數位基礎設施規模。

Overall, these results once again proved our ability to monetize the broader digital ecosystem.

整體而言，這些成果再次證明我們有能力將更廣泛的數位生態系變現。

Next page, please. Now let's look at the operational drivers behind our performance this quarter. Market competition remained relatively stable. We have 661,000 postpaid net additions in this quarter, our strongest total mobile net additions in the past 14 quarters. This performance reflects the success of our targeted offers and our focus on high-value subscriber growth.

請看下一頁。現在讓我們看看本季表現背後的營運驅動因素。市場競爭維持相對穩定。本季我們後付費用戶淨增 661,000 戶，為過去 14 個季度以來最強的行動用戶淨增總數。這項表現反映了我們精準方案的成功，以及我們對高價值用戶成長的聚焦。

The share of postpaid subscribers rose by 4.6 points year on year to 81%. Mobile ARPU remained broadly flat year on year. This reflects the lagged impact of last year's competitive pricing, our contract-based structure as well as the rapid increase in inflation in the first quarter.

後付費用戶占比年增 4.6 個百分點至 81%。行動 ARPU 年對年大致持平。這反映了去年競爭性定價的遞延影響、我們以合約為主的結構，以及第一季通膨快速上升。

As we transition to 5G, we are taking a balanced approach. We are carefully managing pricing to protect our subscriber base while sustaining our clear leadership in the revenue market share. Our strategy is also reflected in lower churn rates, supported by an effective churn policy.

在邁向 5G 的過程中，我們採取平衡的做法。我們審慎管理定價，以保護用戶基礎，同時維持我們在營收市占上的明確領導地位。在有效的流失管理政策支持下，我們的策略也反映在較低的流失率上。

Next page, please. Moving on to our fixed broadband operations. We achieved a strong quarter in fixed broadband, supported by solid subscriber growth. We recorded 36,000 net fiber subscriber additions, including 21,000 from Turkcell fiber domain. Residential fiber ARPU increased by 9.7% year on year, supported by active upselling, pricing actions and the growing contributions of our IPTV offering.

請看下一頁。接著看我們的固網寬頻營運。在穩健的用戶成長支持下，我們的固網寬頻本季表現強勁。我們光纖用戶淨增 36,000 戶，其中 21,000 戶來自 Turkcell 光纖覆蓋區域。在積極升級銷售、價格措施以及 IPTV 服務貢獻提升的帶動下，住宅光纖 ARPU 年增 9.7%。

We expanded our Turkcell fiber home passed by 138,000 in the first quarter, reaching a total of 6.5 million home passes in 30 different cities. Our take-up rate reached 41.8%, reflecting effective monetization of our infrastructure investments and the strength of our fiber growth strategy.

我們在第一季將 Turkcell 光纖到府覆蓋（home passed）增加了 13.8 萬戶，累計在 30 個不同城市達到 650 萬戶覆蓋。我們的滲透率（take-up rate）達到 41.8%，反映我們有效將基礎設施投資變現，以及光纖成長策略的強勁動能。

Next page, please. Digital Business Services had a strong start to 2026, with revenues increased by 64% year on year. This performance was driven by higher hardware revenues from large-scale end-to-end corporate projects.

請看下一頁。數位商務服務在 2026 年開局強勁，營收年增 64%。此表現主要由大型端到端企業專案帶動的硬體營收提升所驅動。

We also delivered robust 21% growth in our data center and cloud business. Our system integration backlog remains strong, exceeding TRY10 billion. Our cumulative data center investments have reached close to EUR600 million. We are on track to finalize our fifth module in Ankara. Our Google Cloud hyperscale partnership is on track as we planned.

我們的資料中心與雲端業務亦實現強勁的 21% 成長。我們的系統整合在手訂單仍然強勁，超過 100 億土耳其里拉。我們累計的資料中心投資已接近 6 億歐元。我們正按計畫推進，預計完成安卡拉的第五個模組。我們與 Google Cloud 的超大規模（hyperscale）合作夥伴關係亦按原計畫進行。

Next page, please. Paycell, the growth engine of this segment. In this quarter, Paycell revenues increased by 15%, fueled by strong momentum in our Post and Pay Later businesses. Active users of Pay Later increased by 16%, exceeding 3 million.

請看下一頁。Paycell 是本分部的成長引擎。本季 Paycell 營收年增 15%，主要受我們「先用後付」（Post and Pay Later）業務強勁動能帶動。Pay Later 的活躍用戶增加 16%，超過 300 萬。

On the financial side, revenues declined primarily due to ongoing installment limitations. Looking ahead, we see 5G penetration as a natural growth catalyst. A more supportive regulatory environment for installment limits would unlock the full expansion potential of this business.

在金融面，營收下滑主要是因為分期限制仍在持續。展望未來，我們視 5G 滲透率為自然的成長催化劑。若分期限制的監管環境更為支持，將可釋放此業務的全面擴張潛力。

Despite revenue pressure, Financell's net interest margin expanded significantly by 3.6 percentage points to 8.3%, supported by lower funding costs. Balance sheet risk management remained disciplined with cost of risk is at 3.3%.

儘管營收承壓，Financell 的淨利差（net interest margin）在較低資金成本支撐下，顯著擴大 3.6 個百分點至 8.3%。資產負債表風險管理仍維持紀律，風險成本為 3.3%。

I will now hand over to our CFO, Kamil Kalyon, to walk you through our financial highlights. Thank you.

接下來我將交由我們的財務長 Kamil Kalyon，帶各位了解我們的財務重點。謝謝。

Thank you very much, Ali Taha. Let me walk you through our financial results. We are very pleased with our solid first quarter performance with a 9% increase, our top line exceeded TRY68 billion. This growth was primarily driven by Turkcell Türkiye, which rose 8.6% year on year. Our non-telco revenues were instrumental in this performance, particularly Digital Business Services.

非常感謝你，Ali Taha。我來帶各位看我們的財務結果。我們對第一季穩健的表現感到非常滿意，營收年增 9%，營收規模超過 680 億土耳其里拉。此成長主要由 Turkcell Türkiye 帶動，年增 8.6%。我們的非電信營收對此表現至關重要，尤其是數位商務服務。

Accounting for 12% of our revenue this quarter, Digital Business Services delivered strong momentum through managed services. Our expanded postpaid base and fixed broadband services also provided a robust foundation for expansion.

本季數位商務服務占我們營收的 12%，並透過託管服務（managed services）展現強勁動能。我們擴大的後付費用戶基礎與固網寬頻服務，也為擴張提供了穩健的基礎。

Additionally, our other segments contributed TRY0.5 billion to the top line, fueled by the robust performance of call centers and Belarus subsidiaries. The EBITDA margin was 41.4%. The increasing share of hardware sales from large-scale integration projects made a significant contribution to top line growth, but weighed on the overall margin mix. This impact was partially mitigated by disciplined cost management, favorable energy prices and reduced funding costs at Financell.

此外，我們其他分部對營收貢獻 5 億土耳其里拉，主要受客服中心與白俄羅斯子公司強勁表現帶動。EBITDA 利潤率為 41.4%。大型整合專案帶動的硬體銷售占比提升，對營收成長有顯著貢獻，但也對整體毛利結構造成壓力。此影響部分被嚴謹的成本管理、有利的能源價格，以及 Financell 較低的資金成本所抵銷。

Next slide, please. Net income rose 15% to TRY4.6 billion, primarily supported by strong operational performance and robust EBITDA generation. Another key driver was the monetary gain, which benefited from the capitalization of the 5G license and contributed TRY4.2 billion year on year.

請看下一張投影片。淨利年增 15% 至 46 億土耳其里拉，主要受強勁的營運表現與穩健的 EBITDA 產生能力支撐。另一個關鍵驅動因素是貨幣性收益（monetary gain），受惠於 5G 執照的資本化處理，年增貢獻 42 億土耳其里拉。

This year, we are scheduled to make several major payments. We have proactively positioned ourselves to manage them effectively. The payment of the first installment of the 5G license in January amounting to USD653 million, together with the recognition of future installments and higher swap transactions led to an increase in FX expenses.

今年我們預計將進行數筆重大付款。我們已提前布局，以有效管理這些付款。1 月支付 5G 執照第一期款 6.53 億美元，加上未來分期款的認列以及較高的換匯交易，導致外匯費用增加。

In addition, the redemption of USD500 million Eurobond last October and the license payment in the first quarter resulted in a slight increase in net interest expense. TOGG delivered a significantly stronger contribution compared to last year. This improvement was supported by effective cost management and pricing policies, while relatively stable Euro TRYparity also helped constrained FX funding costs and the cost of goods sold.

此外，去年 10 月贖回 5 億美元歐元債，以及第一季的執照付款，使淨利息費用小幅上升。TOGG 相較去年帶來顯著更強的貢獻。此改善受惠於有效的成本管理與定價政策，而歐元/土耳其里拉匯率相對穩定亦有助於抑制外匯融資成本與銷貨成本。

Finally, the effective tax rate increased this quarter. This was driven by higher corporate tax expense and deferred tax impact stemming from the absence of inflation accounting in statutory financials.

最後，本季有效稅率上升。主要由較高的企業所得稅費用，以及法定財報未採用通膨會計所產生的遞延所得稅影響所致。

Next slide, please. Now let's move on to CapEx management. In the first quarter of 2026, our CapEx to sales ratio stood at 21.5%. [85%] of our operational CapEx was allocated to connectivity businesses, naturally reflecting our intensive preparations for the 5G rollout.

請看下一張投影片。接著談資本支出（CapEx）管理。2026 年第一季，我們的資本支出占營收比為 21.5%。我們營運性資本支出的 [85%] 配置於連接性業務，這也自然反映我們為 5G 部署所做的密集準備。

On the fixed side, we continued our fiber expansion, adding 138,000 new home passes this quarter. Our base station fiberization has now reached 47%, significantly enhancing our overall network quality at 5G readiness. Data center investments accounted for approximately 5% of our CapEx with construction currently underway for the fifth module in Ankara data center.

在固網方面，我們持續擴展光纖，本季新增 13.8 萬戶到府覆蓋。我們的基地台光纖化比例已達 47%，顯著提升整體網路品質與 5G 就緒度。資料中心投資約占我們資本支出的 5%，目前安卡拉資料中心第五個模組正在施工中。

Seasonally, we experienced lower CapEx intensity in the first quarter. However, we expect higher figures in the upcoming quarters, driven by our ongoing investments in renewable energy and data center expansions for Google Cloud.

受季節性因素影響，我們第一季的資本支出強度較低。然而，我們預期未來幾季將上升，主要由我們在再生能源的持續投資，以及為 Google Cloud 進行的資料中心擴建所驅動。

Next slide, please. Moving to our well-positioned balance sheet. The first quarter ended with a cash position of TRY96 billion. In January, we completed the first installment payment for the 5G license and paid TRY3.2 billion wireless usage fee.

請看下一張投影片。接著談我們配置良好的資產負債表。第一季期末現金部位為 960 億土耳其里拉。1 月我們完成 5G 執照第一期款支付，並支付 32 億土耳其里拉的無線使用費。

However, our cash position was significantly bolstered by the successful Murabaha syndication. Considering both cash and financial assets as part of our overall liquidity, we maintained a stable position quarter on quarter. Our current liquidity remains robust, providing full coverage for both the upcoming 5G payments and all debt maturities over the next four years.

不過，我們的現金部位因成功完成 Murabaha 聯貸而大幅增強。將現金與金融資產一併納入整體流動性考量後，我們的流動性水準較上季維持穩定。目前流動性仍然充裕，可完全覆蓋即將到來的 5G 付款，以及未來四年內所有到期債務。

Driven by the new line utilization and the impact of significant regulatory payments on our cash reserves, our net debt increased to TRY49 billion. Consequently, and as expected, our net leverage ratio rose to 0.42 times. We expect leverage to remain below the 1x threshold despite this being a high investment year.

受新額度動用以及重大監管付款對現金儲備的影響，我們的淨負債增加至 490 億土耳其里拉。因此，如預期所示，我們的淨槓桿比率上升至 0.42 倍。儘管今年為高投資年度，我們預期槓桿仍將維持在 1 倍以下。

Next slide, please. Lastly, foreign currency risk management. We proactively balance hedging costs supported by our strong natural hedge position. Currently, 77% of our cash is held in hard currencies, while 88% of our total FX-denominated debt is in hard currencies.

請看下一張投影片。最後，外幣風險管理。在我們強勁的自然避險部位支撐下，我們主動平衡避險成本。目前，我們 77% 的現金以硬通貨持有，而我們以外幣計價的總債務中有 88% 亦為硬通貨。

To avoid excessive hedging costs during periods of relatively stable FX levels, we have strategically opted to maintain a higher short FX position, supported by USD2.8 billion in FX assets and a USD1.3 billion derivatives portfolio against USD4.4 billion in FX debt, our net short FX position has now risen to USD1.2 billion.

為避免在外匯水準相對穩定期間產生過高的避險成本，我們策略性地選擇維持較高的外匯淨空部位；在持有28億美元外匯資產及13億美元衍生性商品投資組合、對應44億美元外匯負債的支撐下，我們的外匯淨空部位目前已上升至12億美元。

This position reflects cash outflows related to 5G license, FX-denominated CapEx and our optimized use of hedging instruments. Moving forward, we target an FX position of approximately USD1.5 billion to support our ongoing investments and 5G obligations while maintaining the flexibility to adjust our strategy in line with market conditions.

此部位反映了與5G執照、以外幣計價的資本支出（CapEx）以及我們對避險工具的最佳化運用相關的現金流出。展望未來，我們目標將外匯部位維持在約15億美元，以支援持續投資與5G義務，同時保有依市場狀況調整策略的彈性。

That concludes our presentation. We would now be happy to take your questions.

以上為我們的簡報內容。接下來我們很樂意回答各位的提問。

(Operator Instructions) Maddy Singh, HSBC.

(接線員指示) Maddy Singh，匯豐。

My first question is on the consumer segment. I think your release rates consumer revenue growth was about 3%. So if you could talk about that, what is the context there? Because your overall revenue growth is high single digit in line with your guidance, but consumer growth is much slower. So if you could talk about the drivers?

我的第一個問題關於消費者（consumer）業務。我想你們公告的消費者營收成長率大約是3%。能否談談這背後的脈絡？因為你們整體營收成長是高個位數，符合你們的指引，但消費者成長明顯慢很多。能否說明驅動因素？

And then secondly, if you could talk about the pricing action within the mobile segment, how many -- have you revised the prices year to date? And how much was the price hikes, what periods or your future plans around the price hike as well? So that's the second question.

第二，能否談談行動（mobile）業務的定價動作：今年迄今你們調整過幾次價格？每次調漲幅度是多少、發生在什麼期間，以及你們未來對於漲價的規劃？這是第二個問題。

And then finally, have you seen any impact on your operating costs from the higher fuel prices, energy costs and so on. So any potential impact there? If you could talk about that.

最後，你們是否看到較高的燃料價格、能源成本等對營運成本造成任何影響？是否有潛在影響？能否談談？

Let me start with the price adjustments. In 2026, segment-based dynamic pricing and offer strategy will be maintained. We're going to closely follow up the competition and act upon it. So we utilize actually AI-powered tools to provide dynamic and customer-specific offers. So we cannot have a mass change in the pricing.

我先從價格調整談起。在2026年，我們將維持以客群分段為基礎的動態定價與方案策略。我們會密切追蹤競爭態勢並據此採取行動。我們實際上運用AI驅動的工具，提供動態且因客制宜的方案。因此我們不會進行大規模的整體價格變更。

But from a segment by segment level, we are doing the change in price differentiation. On mobile side, this year, we applied a 26% price adjustment in January and 16% in April to restore pricing to the expected baseline. This year, did happen.

但在各分段層級，我們會進行差異化的價格調整。在行動端，今年我們於1月實施26%的價格調整，並於4月再調整16%，以將定價恢復至預期的基準水準。今年確實有發生這些調整。

And on the fixed side as well, we apply price adjustments broadly in line with the incumbent pricing actions. Accordingly, we implemented an approximate 12% price increase on the shared infrastructure and around 18% on our fiber products in February.

在固網端，我們也大致依循市場既有業者（incumbent）的定價動作來進行調整。因此，我們在2月對共用基礎設施實施約12%的漲價，並對光纖產品實施約18%的漲價。

For the -- regarding the first question, this quarter, we have lots of great news with the Digital Business Services. And then our Digital Business Services and Paycell has a huge growth. And one of -- currently, we are the biggest digital integrator in Türkiye, and we are working very closely with the industry and other public sector.

至於第一個問題，本季我們在數位企業服務（Digital Business Services）方面有許多好消息。我們的數位企業服務與Paycell都有非常顯著的成長。目前我們是土耳其（Türkiye）最大的數位整合商之一，並與產業及其他公部門密切合作。

We gained lots of momentum on that perspective. So that's the reason that our growth is higher.

在這方面我們取得了很大的動能。因此我們的成長率較高。

Secondly, data center and cloud businesses grew around 21% year over year. So that's also helping us our growth. And Paycell also remains a strong contributor to say that it's our main growth engine. It grew 15%. So we have a balance sheet right now. So we have multiple options that we can grow.

其次，資料中心與雲端業務年增約21%。這也在支撐我們的成長。Paycell同樣仍是強勁的貢獻來源，可以說是我們主要的成長引擎。其成長了15%。因此我們目前的業務組合相當均衡。我們有多種可推動成長的選項。

So consumer segment is still the biggest one, but we have other options that we can have a higher growth.

消費者業務仍是最大的一塊，但我們也有其他選項可以帶來更高的成長。

For the third question, we are closely monitoring the volatility in the global energy market, especially the fuel prices. While high fuel prices put upward pressure on costs, the actual impact will depend on the conflict situation and the intensity. Currently, it's a little bit early to say, how can I say, estimation for the future, but it depends on the duration of the conflict.

至於第三個問題，我們正密切監控全球能源市場的波動，尤其是燃料價格。雖然高燃料價格會對成本造成上行壓力，但實際影響將取決於衝突情勢及其強度。目前要對未來做出估計仍稍早；這取決於衝突持續的時間。

Cemal Demirtas, Ata Invest.

Cemal Demirtas，Ata Invest。

My first question is about the ARPU side. We see a real term contraction QoQ and year over year. Could you further elaborate that how should this trend go in the following quarters?

我的第一個問題是關於ARPU。我們看到以實質（real term）計算，ARPU在季比與年比都出現收縮。你能否進一步說明，接下來幾季這個趨勢應該如何發展？

And the other question is about the cost side, your participation. We see that it turned to positive net income, around TRY305 million contribution to your side. What do you expect for the following quarters, at least?

另一個問題是關於成本端、你們的參與投資（participation）。我們看到它轉為正的淨利，約為3.05億里拉（TRY）對你們的貢獻。你們對接下來幾季至少有何預期？

And the last question is about the tax rate, effective taxes. How should we assume for the rest of the year?

最後一個問題是關於稅率、有效稅率（effective taxes）。今年剩餘期間我們應該如何假設？

Thank you, Cemal. Thank you very much for the question. I'm going to answer the first one and the TOGG part and the tax part, Kamil is going to answer that.

謝謝你，Cemal。非常感謝你的提問。我會回答第一個問題以及TOGG與稅務的部分，Kamil會回答那一題。

So let me start with our primary objective is to actually maintain a healthy ARPU growth that aligns with macroeconomic indicators. The mobile market currently was characterized by intense competition throughout 2025, as you may know. Consequently, our strategic churn management and pricing actions taken last year have had a temporary restrictive impact on our current ARPU growth because we already did this strategic churn management systems last year, so we can see the impact this year.

我們的首要目標是維持健康的ARPU成長，使其與總體經濟指標一致。如你所知，行動市場在2025年全年都呈現激烈競爭。因此，我們去年採取的策略性流失（churn）管理與定價措施，對目前ARPU成長造成了暫時性的抑制影響；因為我們去年已導入這些策略性流失管理機制，所以今年會看到其影響。

For the full year 2026, our target is to achieve ARPU growth that closely tracks the inflation cycle. However, we must remain mindful that any unexpected shifts in inflation dynamics as we can see that nowadays, will create some influence on our real growth trajectory. Our dynamic pricing model will manage this and continue to migration to higher value segments remain our key strategy to ensure ARPU resilience.

就2026年全年而言，我們的目標是達成與通膨循環高度貼近的ARPU成長。然而，我們也必須留意，如同近期所見，通膨動態若出現任何非預期變化，將會對我們的實質成長軌跡造成影響。我們的動態定價模型將會管理這些變化，而持續向更高價值客群分段遷移仍是我們確保ARPU韌性的關鍵策略。

We implement a strategy that will enable us to maintain a healthy growth. So 2025 has also affected this year's growth as our ARPU growth is coming with a lag. So we need to always know that there's a lag between the inflation and our ARPU growth because we are doing our contracts, 12-month contracts. So that's the reason that increasing trend in inflation is also putting a pressure on current year's growth.

我們執行的策略將使我們能維持健康的成長。因此，2025年也影響了今年的成長，因為我們的ARPU成長會有滯後效應。我們必須始終了解，通膨與ARPU成長之間存在時間落差，因為我們採用12個月合約。因此，通膨上升趨勢也對今年的成長造成壓力。

But if you look at the numbers, we have a healthy ARPU for the users. And then also, we don't do any strange operations with the machine-to-machine communication. So our ARPUs are always stable and growth is there.

但如果你看數據，我們的用戶ARPU仍然健康。此外，我們也不會在機器對機器（machine-to-machine）通訊上做任何不尋常的操作。因此我們的ARPU一向穩定，且仍有成長。

From the TOGG side, TOGG's net loss initially eased starting from the third quarter of 2025, Cemal, mainly supported by change in the special consumption tax base, which led to higher vehicle prices in the company.

從 TOGG 方面來看，TOGG 的淨虧損自 2025 年第三季起開始初步收斂，Cemal 表示，主要受特別消費稅（SCT）稅基調整所支撐，進而推升公司車輛售價。

The new model [TOGG T10F] also supported the sales momentum in Q4 '25 and Q1 '26. Within the light of these facts in Q1 TOGG registered a net income of TRY306 million. There are various reasons of this profit in the TOGG side. This improvement was mainly driven by the increased benefit of current incentive mechanism with higher vehicle sales. This is the first one.

新車型 [TOGG T10F] 也支撐了 2025 年第四季與 2026 年第一季的銷售動能。基於這些事實，TOGG 在 2026 年第一季錄得淨利 TRY3.06 億。TOGG 端出現這項獲利有多項原因。這項改善主要由於在車輛銷量提高下，現行激勵機制帶來的效益增加所驅動。這是第一點。

The other one, financial expenses also improved due to relative stability of Euro Triparity in Q1. Additionally, TOGG continues to record monetary gains under the inflation accounting due to its significant fixed asset base. Therefore, when you combine these three effects, the company declared a good result in Q1.

第二點是，第一季歐元三元平價相對穩定，使財務費用也有所改善。此外，由於固定資產基礎龐大，TOGG 在通膨會計下仍持續認列貨幣性收益。因此，綜合這三項因素，公司在第一季公布了不錯的結果。

We also expect the momentum in the coming periods.

我們也預期未來期間動能將延續。

For the last question, as you know, from the tax side, the termination -- as you might be aware, the termination of inflation accounting in accordance with the Turkish Tax Procedural Law led to tax impact of indexation effects of accounts under capital items is no longer taken into account. With another saying, the inflation accounting in the local side is cancelled or postponed for three years period.

關於最後一個問題，如各位所知，在稅務方面，依據土耳其稅務程序法終止通膨會計，導致資本項目下各科目之指數化影響不再納入稅務影響考量。換句話說，本地端的通膨會計被取消或延後三年。

Therefore, there are some negative effects of this issue in the deferred tax side. Therefore, since the taxable nature of the monetary loss calculated on capital items has been eliminated, the effective tax rate has increased naturally. Therefore, higher fixed asset revaluation effects are included at the end of year.

因此，這件事在遞延所得稅方面帶來一些負面影響。由於資本項目所計算的貨幣性損失之課稅性質已被取消，有效稅率自然上升。因此，年末會納入較高的固定資產重估影響。

Termination of inflation accounting impact had been limited from this side. In addition to this, for the inflation accounting, the profit of the term is also increased in the first quarter. Therefore, this is the second reason which we have a tax expense in our financials in Q1.

通膨會計終止的影響在這一端相對有限。此外，在通膨會計下，本期利潤在第一季也有所增加。因此，這是我們在第一季財報中出現稅費的第二個原因。

And do you expect any upward revision to your revenue growth after around 9% growth in first quarter? You have like 5% to 7%.

另外，在第一季約 9% 的成長之後，你們是否預期會上修營收成長？你們原本的指引大約是 5% 到 7%。

It is really early to say something about the guidance revised because we should -- first of all, we should see the economical conditions in Türkiye. And the other one, the most important one is the conflict -- duration of the conflict. If the conflict, for example, duration will, for example, extended for many months, it will, how can I say, influence the inflation rate in Türkiye.

現在要談是否修正指引還太早，因為我們首先需要觀察土耳其的經濟狀況。另外一個、也是最重要的因素，是衝突——衝突的持續時間。例如，如果衝突持續延長數個月，將會——怎麼說——影響土耳其的通膨率。

Therefore, we will look at the position of the inflation in the coming future. Therefore, it's really early to say something about this one. I think we should see the Q2 results, maybe in the Q3 side, it would be more feasible or more rational to say a revise in the guidance side negatively or positively. It's really too early to say to talk about this one.

因此，我們會觀察未來一段時間的通膨走勢。所以現在要對此做出判斷確實還太早。我認為我們應該先看第二季結果，或許到第三季時，無論是正向或負向地修正指引，會更可行或更合理。現在談這個真的太早了。

And one last thing about your promotion, it was very, I think, effective, at least from a consumer perspective, like me. Whenever I look at -- see it, it made me smile. So I think from my side, it was very effective. But from your side, do you think it reached to crowds in Turkey?

最後還有一點關於你們的宣傳，我覺得非常——至少從像我這樣的消費者角度來看——很有效。每次我看到它，都會讓我會心一笑。所以就我而言，它非常有效。但從你們的角度，你們覺得它有觸及土耳其的大眾嗎？

Any reaction on that? Because really it's one of the best commercial I have experienced during the last several years. So I just want to appreciate it from the consumer perspective. But do you have any measure that it had any positive effect on your activities in all around Turkey?

對此有任何回饋嗎？因為這真的是我在過去幾年裡看過最棒的廣告之一。所以我只是想從消費者角度表達肯定。但你們是否有任何衡量指標，顯示它對你們在土耳其各地的業務活動有任何正面影響？

First of all, thank you very much for the comment. It's very -- you are making us happy with these comments. And also our marketing team is also very happy about the impact. Overall, what happened is -- so we missed that kind of great ads in Türkiye. And Turkcell has in its DNA to publish great ads.

首先，非常感謝你的評論。這些評論讓我們非常開心。我們的行銷團隊也對其影響感到非常高興。整體而言，發生的事情是——我們在土耳其已經有一段時間沒有看到這種很棒的廣告了。而 Turkcell 的基因裡就有推出優秀廣告的特質。

So I think it is -- go back to the future or whatever you can say that a long time before, we didn't have that kind of big great ads. But still true that everybody knows the -- especially the story is very nice. And we're explaining the 5G technology with a very funny and Turkish style way, I can say that. So that's the reason that there's a huge interest on that and everybody's -- 5G speed is just very well aligned with the Turkcell terminology.

所以我認為這算是——可以說是回到未來之類的——很久以前我們沒有這種大型且精彩的廣告。但確實每個人都知道——尤其是故事非常好。而我們用非常有趣、很土耳其風格的方式來解釋 5G 技術。因此大家對此興趣很大，而且——5G 速度也與 Turkcell 的用語非常契合。

So it helps a lot. But we are seeing that and we continue on the campaigns, especially on the consumer side, we have a huge campaign about the fivefold. And so we are waiting for that to be over. And this month and the next month, we are going to see the real impact.

所以它幫助很大。我們也看到了這點，並持續推進各項活動，尤其在消費者端，我們有一個關於「五倍」的重大活動。因此我們正在等待該活動告一段落。而在本月與下個月，我們將看到實際影響。

On top of it, we just brought a new market, which is called Fixed Wireless access. It means that we are going to give 5G Superbox and we have a new ad about it as well. So overall, we are expecting a positive impact, both the campaign and how we deploy our 5G technology in Türkiye.

此外，我們也剛推出一個新市場，稱為固定無線接入（Fixed Wireless Access）。這表示我們將提供 5G Superbox，並且也有一支新的廣告。整體而言，我們預期會帶來正面影響，包括活動本身以及我們在土耳其部署 5G 技術的方式。

(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.

(接線員指示) 各位女士先生，目前沒有進一步的問題。我現在把會議交回 Turkcell 管理層作結語。謝謝。

Thank you very much for joining. And hopefully, we're going to see each other in the second quarter results. Thank you.

非常感謝各位參與。也希望我們能在第二季業績發布時再見面。謝謝。

Thank you for joining us.

感謝各位加入我們。