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    Ece Mandaci Baysal

    Senior Equity Analyst at Unlu Securities

    Ece Mandaci Baysal is a Senior Equity Analyst at Unlu Securities, specializing in the coverage of Turkish telecommunications and retail companies such as Turkcell, Turk Telekom, Türkiye Şişe ve Cam Fabrikaları A.Ş. (Şişecam), and Ebebek Magazacilik. She is recognized for her insightful research contributions on major earnings calls and her practical expertise in corporate performance assessments, though publicly disclosed quantitative performance metrics and external analyst rankings remain limited. Ece began her career in equity research and has been with Unlu Securities (Unlu & Co.) for multiple years, consistently providing sector analysis and company-level forecasts in the Turkish market. Her professional background includes extensive participation in market calls and investor relations events, with her credentials demonstrating a strong specialization in equities research, although specific securities licenses or FINRA registrations are not listed in public sources.

    Ece Mandaci Baysal's questions to TURKCELL ILETISIM HIZMETLERI A S (TKC) leadership

    Ece Mandaci Baysal's questions to TURKCELL ILETISIM HIZMETLERI A S (TKC) leadership • Q1 2025

    Question

    Ece Mandaci Baysal of Unlu Securities requested more insight on subscriber trends, particularly the postpaid strategy and future net additions, and asked about the growth potential from leasing fiber lines from other operators.

    Answer

    Executive Ali Koç explained that postpaid additions were impacted by competitor campaigns, while prepaid saw losses from economic pressures. He clarified that the use of competitor fiber is a reselling operation, not infrastructure sharing, and the primary focus remains on investing in Turkcell's own fiber network, with expectations for better performance in coming quarters.

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    Ece Mandaci Baysal's questions to TURKCELL ILETISIM HIZMETLERI A S (TKC) leadership • Q1 2025

    Question

    Ece Mandaci Baysal from Unlu Securities requested more insight on subscriber numbers, particularly the postpaid strategy amidst competition, and whether better additions could be expected. She also asked about the growth potential from leasing fiber lines from other operators and sought comments on the subscriber growth outlook for the coming quarters.

    Answer

    Executive Ali Koç explained that postpaid net additions were impacted by aggressive competitor campaigns, while the prepaid segment saw losses from reduced tourist usage and eSIM adoption. He clarified that using competitor fiber is a reselling operation, not infrastructure sharing, and is used where Turkcell lacks its own fiber. He affirmed that the company expects better performance in the following quarters, supported by significant investments in its own fiber backbone, including an extended deal with BOTAS.

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    Ece Mandaci Baysal's questions to TURKCELL ILETISIM HIZMETLERI A S (TKC) leadership • Q2 2024

    Question

    Ece Mandaci Baysal from Unlu Securities asked for more detail on revenue growth prospects, questioning if real ARPU growth would improve after July's price adjustments and if the decline in corporate revenues posed a downside risk to guidance. She also inquired if the strong EBITDA growth was sustainable.

    Answer

    CFO Kamil Kalyon attributed H1 performance to higher-than-expected inflation and the absence of large one-off projects from 2023. He affirmed that real ARPU growth is performing well but was affected by the earthquake base effect in Q1. Kalyon expressed confidence in EBITDA sustainability, citing favorable MTR price declines, stable electricity costs, and lower hardware sales, which positively impact margins. He confirmed price increases were made in July (mobile) and August (fixed), with effects to be seen in H2.

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    Ece Mandaci Baysal's questions to TCELL leadership

    Ece Mandaci Baysal's questions to TCELL leadership • Q4 2024

    Question

    Ece Mandaci Baysal inquired about the prospective 5G tender, including its timeline, potential license fee size, and the possibility of premium pricing or changes to contract mechanisms. She also asked about the 2025-2026 CapEx outlook and the potential for a fiber infrastructure sharing model.

    Answer

    CEO Ali Koç stated there is no official 5G timeline, but a tender is expected in 2025 for a 2026 launch. He confirmed Turkcell's readiness and noted that pricing strategy depends on the final tender costs. CFO Kamil Kalyon added that the 24% CapEx guidance for 2025 excludes any license fee and that the fee is expected to be lower than the 4.5G tender. Mr. Koç also welcomed the government's commentary on a potential separate fiber infrastructure tender.

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