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    Evgeniya Bystrova • Barclays

    Evgeniya Bystrova's questions to Turkcell Iletisim Hizmetleri AS (TKC) leadership

    Evgeniya Bystrova's questions to Turkcell Iletisim Hizmetleri AS (TKC) leadership • Q2 2025

    Question

    Evgeniya Bystrova of Barclays Investment Bank asked for management's perspective on recent news about a potential fourth mobile operator entering the Turkish market and how this could affect Turkcell's competitive position, margins, and subscriber base.

    Answer

    CEO Ali Koç responded that while Turkcell has seen the press reports, there has been no official statement from regulatory bodies. He expressed confidence in Turkcell's ability to compete effectively, citing its strong network infrastructure, customer-oriented approach, and loyal customer base. Mr. Koç also highlighted the significant capital and time required for a new entrant to build a large-scale mobile network, suggesting it is not a short-term process.

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    Evgeniya Bystrova's questions to Eregli Demir ve Celik Fabrikalari TAS (ERELY) leadership

    Evgeniya Bystrova's questions to Eregli Demir ve Celik Fabrikalari TAS (ERELY) leadership • Q4 2024

    Question

    Evgeniya Bystrova of Barclays asked for a repeat of the 2025 EBITDA per ton guidance, inquired about the potential impact of U.S. tariffs on steel, and sought details on the drivers behind the fourth-quarter improvement in working capital.

    Answer

    Idil Onay (Executive) reiterated the 2025 EBITDA per ton guidance of $90 to $100. She stated that potential U.S. tariffs are expected to have a positive impact by balancing the U.S. market and preventing unfair competition, likely leading to higher local prices in the U.S. but not necessarily in Europe or Turkey. The Q4 working capital improvement was attributed to decreasing inventories and value-added tax receivables, a trend expected to continue into Q1 2025.

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    Evgeniya Bystrova's questions to Eregli Demir ve Celik Fabrikalari TAS (ERELY) leadership • Q4 2024

    Question

    Evgeniya Bystrova from Barclays requested a repeat of the 2025 EBITDA per ton guidance, asked about the potential direct or indirect impacts of U.S. steel tariffs, and sought more detail on the drivers behind the working capital improvement in the fourth quarter.

    Answer

    Executive Idil Onay reiterated the 2025 EBITDA per ton guidance of $90-$100. She stated that potential U.S. tariffs are expected to balance the U.S. market but not significantly affect prices in Europe or Turkey. Onay attributed the Q4 working capital improvement to a decrease in inventories and value-added tax receivables, a trend she expects to continue into Q1 2025.

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