Turkcell Achieves 905k Postpaid Adds, Guides 40%-42% 2026 EBITDA Margin
Turkcell added 905,000 net postpaid subscribers in Q4, the strongest quarterly result in six years, and secured the largest spectrum in Turkey’s 5G auction. The company forecasts 2026 EBITDA margins of 40%-42% versus 43% in 2025, citing higher 5G rollout expenses and a USD957 million FX short position risk.
1. Record Postpaid Growth and 5G Spectrum
Turkcell reported 905,000 net postpaid additions in Q4 2025, its highest quarterly total in six years, and secured the largest spectrum allotment in the recent 5G auction to enhance network coverage and capacity.
2. 2026 EBITDA Margin Guidance at 40%-42%
The company projects 2026 EBITDA margins of 40%-42%, down from 43% in 2025, attributing the contraction to increased marketing, sales and salary expenses associated with the 5G rollout and potential energy price pressures.
3. USD957 Million FX Short Position Exposes Currency Risk
Turkcell maintains a short FX position of approximately USD957 million, exposing it to Turkish lira volatility; management aims to increase this to USD1.5 billion while monitoring Central Bank policy and hedging costs.
4. Data Center Business Set for Rapid Expansion
Management expects data center cloud revenues to grow sixfold by 2032 with a 14% CAGR through 2030, more than doubling active capacity and raising its share of total revenue to 8%-10% without diluting EBITDA margins.