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    Cemal Demirtas • Ata Invest

    Cemal Demirtas's questions to Turkcell Iletisim Hizmetleri AS (TKC) leadership

    Cemal Demirtas's questions to Turkcell Iletisim Hizmetleri AS (TKC) leadership • Q2 2025

    Question

    Cemal Demirtas from Ata Invest questioned the decision to maintain full-year guidance despite strong first-half performance. He also asked about the significant financial loss from the TOGG investment and its expected future impact. As a follow-up, he inquired about the rise in financing costs from Q1 to Q2 and the outlook for the remainder of the year.

    Answer

    CEO Ali Koç explained the prudent stance on guidance, citing the tapering impact of price adjustments, a high base effect from the previous year, and the need for more clarity on inflation dynamics. CFO Kamil Kalyon addressed the TOGG investment, positioning it as a long-term strategic play in the e-mobility ecosystem and noting that while short-term profitability isn't expected, cost management and regulatory changes should have a positive effect. Mr. Kalyon also stated that despite higher interest rates, effective balance sheet and FX risk management resulted in a net positive financial income.

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    Cemal Demirtas's questions to Turkcell Iletisim Hizmetleri AS (TKC) leadership • Q1 2025

    Question

    Cemal Demirtas of Ata Invest asked about the sustainability of the high deferred tax expense, Turkcell's willingness to participate in a potential capital increase for TOGG, and the company's strategy for managing FX volatility and its overall growth outlook.

    Answer

    CFO Kamil Kalyon explained the tax expense was due to IFRS accounting differences and is not expected to recur at this level. Executive Ali Koç stated the initial TOGG capital commitment is complete and framed it as a strategic e-mobility play. Kalyon also detailed a disciplined FX risk strategy with a low net short position, while Koç highlighted data centers as a key driver for future growth.

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    Cemal Demirtas's questions to Turkcell Iletisim Hizmetleri AS (TKC) leadership • Q1 2025

    Question

    Cemal Demirtas of Ata Invest asked about the increase in deferred tax expense and its expected trend. He also inquired about Turkcell's potential participation in a capital increase for TOGG, how the company manages FX volatility, and for a broader perspective on Turkcell's current position and growth prospects.

    Answer

    CFO Kamil Kalyon explained the tax expense was due to differences between local and IFRS inflationary accounting and is not expected to be as significant going forward. Executive Ali Koç stated that Turkcell's capital commitment to TOGG is fulfilled but a future increase could be evaluated, viewing it as a strategic e-mobility investment. Kamil Kalyon detailed their disciplined FX management, highlighting a minimal net short position and a strong balance sheet ready for volatility. Ali Koç concluded that strategic investments in data centers are laying the groundwork for future growth.

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    Cemal Demirtas's questions to TCELL leadership

    Cemal Demirtas's questions to TCELL leadership • Q4 2024

    Question

    Cemal Demirtas asked about long-term growth prospects beyond the 7-9% guidance for 2025, the potential for bottom-line improvement given lower debt, and the competitive pricing environment. He also sought clarification on the impact of inflationary accounting on reported profits.

    Answer

    CFO Kamil Kalyon explained that 7-9% real growth is a strong target given the inflationary environment and ongoing irrational competition. He noted that successful balance sheet management and a strong cash position will help manage financial expenses in 2025. He highlighted Techfin and Data Centers as key growth drivers. Regarding accounting, he clarified that the analyst's view was incomplete as it omitted the negative impact of depreciation.

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