UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of March 2026

Commission File Number: 001-15092

TURKCELL İLETİŞİM HİZMETLERİ A.Ş.

(Translation of registrant’s name into English)

Turkcell Küçükyalı Plaza

Aydınevler Mahallesi İnönü Caddesi No:20

Küçükyalı Ofispark

34854 Maltepe
Istanbul, Türkiye

(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

x Form 20-F  ¨ Form 40-F

Enclosure: A press release dated March 5, 2026 announcing the release of the registrant's full year 2025 results.

Contents

HIGHLIGHTS

FULL YEAR HIGHLIGHTS	4

COMMENTS BY CEO, ALİ TAHA KOÇ, PhD	6

FINANCIAL AND OPERATIONAL REVIEW

FINANCIAL REVIEW OF TURKCELL GROUP	9

OPERATIONAL REVIEW OF TURKCELL TÜRKİYE	12

TECHFIN

Paycell	14

Financell	14

TURKCELL GROUP SUBSCRIBERS	15

OVERVIEW OF THE MACROECONOMIC ENVIRONMENT	15

RECONCILIATION OF NON-GAAP FINANCIAL MEASUREMENTS	16

RECONCILIATION OF ARPU	17

ABOUT TURKCELL	18

Appendix A – Tables	19

·	Please note that all financial data is consolidated and comprises that of Turkcell İletişim Hizmetleri A.S. (the “Company” or “Turkcell”) and its subsidiaries and associates (together referred to as the “Group”) unless otherwise stated.

·	Our revenue segmentation was revised as of Q1 2025. Within this scope, all past data have been restated for comparability purposes. For a comprehensive explanation, please refer to the Press Release and the Excel file for Q1 2025, available on the Turkcell IR website.

·	We have three reporting segments:

“Turkcell Türkiye,” which comprises our telecom, digital services, and digital business services related businesses, retail channel operations, smart devices management, and consumer electronics sales through digital channels in Türkiye. All non-financial data presented in this press release is unconsolidated and comprises Turkcell Türkiye only unless otherwise stated. The terms “we,” “us,” and “our” in this press release refer only to Turkcell Türkiye, except in discussions of financial data, where such terms refer to the Group, and except where context otherwise requires.

“Techfin” which comprises all of our financial services businesses.

“Other” which primarily comprises our international, energy businesses, non-group call center, and intersegment eliminations.

This press release provides a year-on-year comparison of our key indicators. Figures in parentheses following the operational and financial results for December 31, 2025, refer to the same item as of December 31, 2024. For further details, please refer to our consolidated financial statements and notes as of and for December 31, 2025, accessible via our website in the investor relations section (www.turkcell.com.tr).

·	Selected financial information presented in this press release for the full year of 2024 and 2025 is based on IFRS figures in TRY terms unless otherwise stated.

·	In the tables used in this press release, totals may not foot due to rounding differences. The same applies to the calculations in the text.

·	Year-on-year percentage comparisons in this press release reflect mathematical calculations.

NOTICE

This press release contains the Company’s financial information for the period ended December 31, 2025, prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). This press release contains the Company’s financial information prepared in accordance with International Accounting Standard 29, Financial Reporting in Hyperinflationary Economies (“IAS29”). Therefore, the financial statement information included in this press release for the periods presented is expressed in terms of the purchasing power of the Turkish Lira as of December 31, 2025. The Company restated all non-monetary items in order to reflect the impact of the inflation restatement reporting in terms of the measuring unit current as of December 31, 2025. Comparative financial information has also been restated using the general price index of the current period.

This release includes forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, Section 21E of the U.S. Securities Exchange Act of 1934, and the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. This includes, in particular, and without limitation, our targets for consolidated revenue growth, data center and cloud revenue growth, EBITDA margin, and operational capex over sales ratio for the full year 2026. In establishing such guidance and outlooks, the Company has used a certain number of assumptions regarding factors beyond its control, particularly in relation to macroeconomic indicators, such as expected inflation levels, that may not be realized or achieved. More generally, all statements other than statements of historical facts included in this press release, including, without limitation, certain statements regarding our operations, financial position, and business strategy, may constitute forward-looking statements. Forward-looking statements can generally be identified by the use of forward-looking terminology such as, among others, “will,” “expect,” “intend,” “estimate,” “believe,” “continue,” and “guidance.”

Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. In addition, certain forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. Many factors could cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance, or achievements that may be expressed or implied by forward-looking statements. Should one or more of these risks or uncertainties materialize or underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, intended, planned, or projected.

These forward-looking statements are based upon a number of assumptions and other important factors that could cause our actual results, performance, or achievements to differ materially from our future results, performance, or achievements expressed or implied by such forward-looking statements. All subsequent written and oral forward-looking statements attributable to us are expressly qualified in their entirety by reference to these cautionary statements. For a discussion of certain factors that may affect the outcome of such forward- looking statements, see our Annual Report on Form 20-F for 2024 filed with the U.S. Securities and Exchange Commission, and in particular, the risk factor section therein. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release. All forward-looking statements in this press release are based on information currently available to the Company, and we undertake no duty to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

The Company makes no representation as to the accuracy or completeness of the information contained in this press release, which remains subject to verification, completion, and change. No responsibility or liability is or will be accepted by the Company or any of its subsidiaries, board members, officers, employees, or agents as to or in relation to the accuracy or completeness of the information contained in this press release or any other written or oral information made available to any interested party or its advisers.

FINANCIAL HIGHLIGHTS

TRY million	FY24			FY25			y/y%
Revenue		218,160			241,471			10.7	%
EBITDA¹		91,365			104,017			13.8	%
EBITDA Margin (%)		41.9	%		43.1	%		1.2	pp
EBIT²		29,109			40,089			37.7	%
EBIT Margin (%)		13.3	%		16.6	%		3.3	pp
Profit From Continuing Operations		14,512			17,791			22.6	%
Net Income		30,790			17,604			(42.8	)%

FULL-YEAR HIGHLIGHTS

As announced on May 7, 2025, BOTAŞ agreement successfully extended for the next 15 years through a tender process for an annual consideration of USD 25.5 million, strengthening Turkcell’s position in the fixed market.

As announced on May 15, 2025, we launched a new three-year share buyback program consistent with our commitment to create shareholder value. The total number of shares bought back since 2016 reached 23.6 million.

In line with the General Assembly decision, a total gross dividend of TRY 8.0 billion was paid in two equal installments on June 20, 2025, and December 26, 2025.

In the 5G tender held in October 16, 2025, Turkcell secured the largest spectrum of 160 MHz for USD 1.2 billion (excluding VAT), further reinforcing its leadership in mobile market. Turkcell now holds approximately 42% of the available spectrum in Türkiye. The tender also extended the validity of our 2G, 3G and 4.5G authorizations until December 31, 2042, with a 5% an annual payment of gross mobile service revenues (excluding VAT) to the ICTA each year starting from April 30, 2029.

As announced on November 12, 2025, Turkcell further advanced its long-standing data center and cloud investments through a strategic partnership with Google Cloud that will bring Türkiye’s first hyperscale cloud region to our country. The new region will consist of three or more zones. The first modules are expected to become operational in 2028–2029, with full completion phased in line with demand. Turkcell intends to deliver high-standard colocation services, ensuring earthquake resilience, advanced data security, uninterrupted energy supply, and world-class infrastructure. As a Google Cloud Premier Partner, Turkcell also expects to leverage its strong digital business services network to offer more than 200 Google Cloud services, further strengthening our value proposition. With a total planned investment of USD 1 billion by Turkcell and USD 2 billion by Google Cloud, this partnership represents a historic step in supporting Türkiye’s ambition to become a regional technology hub bridging Asia and Europe.

Financial results above guidance and strong operational performance

Group revenues rose by 10.7% supported by a diversified revenue base. Turkcell Türkiye, accounting for over 91% of Group revenues, was the main contributor. This was driven by strong ARPU growth through segmented pricing and upselling, alongside one of the highest postpaid net additions in our history. Techfin grew 21.1%, outpacing the Group, mainly driven by Paycell. Data Center & Cloud surpassed its guidance posting a notable 45% year-on-year growth.

EBITDA¹ rose by 13.8%, leading to an EBITDA margin of 43.1%; EBIT² was up by 37.7%, resulting in an EBIT margin of 16.6%.

(1) EBITDA is a non-GAAP financial measure. See page 16 for the explanation of how we calculate Adjusted EBITDA and its reconciliation to net income.

(2) EBIT is a non-GAAP financial measure and equals EBITDA minus depreciation and amortization expenses.

Profit from continuing operations increased by 22.6% to TRY 17.8 billion, supported by solid operational performance, despite increased tax expense due to the removal of inflationary accounting from 2025 full year statutory financials. The decline in net income was driven by the high base of 2024, which included the one-off gain from the sale of our Ukraine operations.

Net leverage³ level at 0.14x; Net short FX position of US$957 million, deliberately expanded in light of prevailing hedging costs. Medium-term net FX target range –US$1.5bn to +US$1.5bn

Double digit ARPU growth in both mobile and fixed segments, along with notable increase in postpaid subscriber base

Highest mobile postpaid net additions of 2.4 million in last 26 years; bringing the postpaid share to 81%

119 thousand Turkcell Fiber and 190 thousand total fiber net additions, including resell operations

Robust ARPU expansion despite competition constraints; mobile blended ARPU⁴ growth of 10.6% and residential fiber ARPU growth of 15.4% in 2025; mobile blended ARPU⁴ growth of 5.4%, residential fiber ARPU growth of 10.3% in Q425

405 thousand new fiber homepasses in 2025, bringing the total homepass to 6.3 million

2026 guidance⁵; revenue growth target of between 5%-7%, data center and cloud revenue growth target of between 18%-20%, EBITDA margin target of between 40%-42%, and operational capex over sales ratio⁶ target of around 25%.

(3) Our net debt calculation includes financial assets at fair value, whether through other comprehensive income or through profit and loss, reported under current and non-current assets, as well as financial assets at amortized cost. Required reserves held in CBRT balances are not included in total cash and net debt calculation, and this change has been reflected in previous quarters’ figures

(4) Excluding M2M

(5) Our expectations for 2026 incorporate the effects of inflation accounting under IAS 29. These projections are based on assumptions regarding factors beyond our control, including key macroeconomic indicators such as inflation. Our 2026 expectations are based specifically on an assumed annual inflation rate of around 23% (year-end). This paragraph contains forward-looking statements that reflect our current estimates and expectations regarding market conditions across all of our businesses. However, there can be no assurance that these forward-looking statements will occur as anticipated. For a discussion of the various factors that could impact the outcome of these forward-looking statements, please refer to our 2024 annual report on Form 20-F filed with the SEC, specifically the risk factors section.

(6) Excluding license fees

COMMENTS BY CEO, ALİ TAHA KOÇ, PhD

We closed 2025 with strong results, reinforcing our role in shaping Türkiye’s digital future.

2025 unfolded amid elevated geopolitical risks and periodic volatility driven by trade and monetary policy dynamics. Despite recession concerns, global growth proved more resilient than anticipated, while inflation gradually moderated. Artificial Intelligence became the defining investment theme across capital markets. In Türkiye, the economy continued its rebalancing process under policies prioritizing disinflation and financial stability. For our sector, clarity on 5G, frequency license extensions, and the 15-year BOTAŞ fiber tender covering the infrastructure currently utilized by Turkcell Superonline has—established the framework underpinning Türkiye’s digital transformation, while enhancing visibility for long-term investment planning. Leading Türkiye’s digital transformation, Turkcell strengthened its leadership in the mobile market by securing the highest capacity of 160 MHz in the 5G tender. We have safeguarded the long-term sustainability of our fiber infrastructure through the BOTAŞ tender.

Turkcell has built a leadership position in the data center and cloud market over many years through disciplined and visionary investments. Driven by our confidence in Türkiye’s digital future, we took a strategic step in 2025 that elevated this vision to the next level. Leveraging the strength of our digital infrastructure and operational expertise, we signed a long-term partnership with Google Cloud to establish Türkiye’s first hyperscale cloud region. We believe this strategic move will support Türkiye’s ambition to become a regional technology hub and create a scalable platform for future hyperscale investments.

In a period of elevated investment needs, we executed our strategic priorities with discipline, supported by a strong balance sheet and robust cash generation. We maintained a clear focus on sustainable value creation for shareholders. With our disciplined and consistent approach, we continued to differentiate ourselves in the sector and distributed a total gross dividend of TRY 8.0 billion in 2025.

We closed 2025 with solid operational and financial results. In a year marked by intense competition, when Mobile Number Portability (MNP) volumes approached 18 million and reached a historic peak, we achieved the highest net postpaid subscriber additions of the past 26 years, totaling 2.4 million. At the same time, we stayed committed to sustainable revenue growth and delivered double-digit ARPU growth across both mobile and fixed segments.

Supported by strong core performance and contributions from high-growth businesses such as Paycell and Digital Business Services, we closed 2025 above our guidance. Consolidated revenues increased by 10.7% year-on-year to TRY 241 billion. EBITDA¹ margin improved by 1.2 points to 43.1%, supported by disciplined cost management amid inflationary pressures. Profit from continuing operations increased by 22.6% to TRY 17.8 billion for 2025, despite the adverse impact stemming from the deferral of inflation accounting implementation in statutory financials.

Strong subscriber net addition aligned with our profitable growth strategy

In an environment where competition reached unprecedented level, we maintained our focus on balanced subscriber growth and ARPU expansion. As the most preferred mobile operator, we stayed firmly customer-centric and differentiated through innovative services. Reflecting this approach, we outperformed the previous year, delivering total net mobile subscriber additions of 809 thousand and increasing our total mobile subscriber base to 39.1 million in 2025. Consistent with our sustainable revenue growth strategy, we delivered 2.4 million net postpaid subscriber additions, the highest level since 1999. As a result, our postpaid subscriber base reached 31.5 million, while the postpaid subscriber ratio increased by 5 percentage points year-on-year to 81%. Thanks to our dynamic and agile marketing approach, we effectively navigated challenging market conditions. Through micro-segmentation-based pricing actions and AI-supported offer architecture, we migrated customers to higher-tier packages and increased mobile ARPU (excluding M2M) by 10.6% year-on-year.

On the other hand, as the operator that introduced Türkiye to FWA technology, we are preparing to deliver fiber-speed internet to users even in areas without fiber infrastructure through our new-generation 5G-compatible Superbox modem. With 5G launching on April 1^st, Turkcell 5G’s capacity and speed advantages will be enjoyed across both mobile and fixed broadband services.

Within fixed broadband, we continued to broaden the reach of our end-to-end fiber access network. We added 405 thousand homepasses increasing total fiber homepass to 6.3 million. Our take-up rate reached 42.4% through an efficiency-driven approach focused on high-demand areas. Base-station fiberization, which is critical for 5G launch in April, increased by 6 percentage points year-on-year to exceed 47%. Despite declines in cable and DSL subscribers, we expanded our fixed base with net additions of 119 thousand Turkcell fiber subscribers, in line with our profitability focus. Demand for high-speed connectivity continued to rise, with the share of residential fiber subscribers on 100 Mbps and above increasing to 57%. Supported by price adjustments, migration to higher-speed packages, a higher share of 12-month contracts, and IPTV contribution, residential fiber ARPU increased by 15.4% year-on-year. We will continue investing in fixed infrastructure to bring the end-to-end Turkcell fiber experience to more households.

We continued to differentiate through a diversified revenue mix, clear strategic priorities, and a robust balance sheet

Beyond our leading position in the telecom sector, we offer our customers an integrated digital ecosystem through innovative solutions in areas such as Techfin and digital business services, while strengthening our financial resilience and growth potential through our diversified revenue structure.

In 2025, Techfin segment delivered strong performance, with revenues growing by 21.1%, outpacing Group growth. Up 41.0% year-on-year, Paycell was the main driver with revenues, led by POS and Pay Later solutions. The non-group revenues of Paycell increased 18-percentage-point year-on-year, highlighting a scalable and sustainable business model beyond the Turkcell ecosystem. Offering diversified financing solutions to its customers, Financell, recorded limited real revenue growth due to tight regulatory conditions, but maintained healthy and disciplined growth in its loan portfolio.

We accelerated investment pace in data centers and cloud—one of our core strategic focus areas—throughout 2025. Across our four next-generation data centers, serving over 4,000 companies, active capacity increased by 8.4 MW year-on-year to 50 MW. Supported by strong demand and high service quality, data center and cloud revenues grew by 45.0% in real terms, well above the guidance shared at the beginning of the year.

In 2025, we also made strong progress in renewable energy, another key focus area. We commissioned our Karaman solar power plant (SPP) in the last quarter, our largest active facility to date. With SPPs commissioned in Karaman, Van, Balıkesir, and Yozgat, active solar capacity increased from 8.2 MW at the beginning of the year to 62.3 MW by year-end 2025. With a strong sense of responsibility toward the environment, our country, and future generations, we aim to expand our renewable energy capacity in 2026, while maintaining focus on energy efficiency. We view each investment in this area as a lasting step for Türkiye’s sustainable future.

Guided by our strategic priorities, we underpin today’s key steps with a robust balance sheet and disciplined financial management. In line with our proactive approach, we strengthened our balance sheet to support high-value strategic investments in 5G, data centers, and solar energy. At the beginning of 2025, we successfully executed Turkcell’s largest ever Eurobond issuance with USD 1 billion dual-tranche, Half of which was issued as a sustainable bond in line with our sustainability strategy. We further reinforced our balance sheet with murabaha financings secured from Gulf countries during the year. Through these transactions, we extended and optimized the maturity profile of our debt portfolio into a more balanced composition, enhancing our financial flexibility and further strengthening our liquidity position.

2026 Expectations

We closed 2025 with solid and healthy results, sustaining our trajectory of consistent growth. In 2026, we will maintain an ambitious investment pace aligned with long-term value creation. While preserving leadership in our core business, we will intensify investments in data center and cloud, 5G, fiber infrastructure, and renewable energy. We will continue supporting Türkiye’s digital transformation through disciplined management and strong execution.

Accordingly, we expect³ revenue growth of 5%–7% in 2026. We expect our data center and cloud business to grow by 18%–20%, supporting this performance, and we target an EBITDA margin in the range of 40%–42%. Although we remain in an intense investment phase, we anticipate capital expenditures⁴ as a percentage of revenues to stand at 25%, underpinned by solid revenue generation.

On this journey to position Türkiye at the highest level in communications and technology, I would like to thank our Board of Directors for their vision and guidance, our customers for their trust and all my colleagues for their dedication and commitment.

(1)

EBITDA is a non-GAAP financial measure. See page 16 for details on how Adjusted EBITDA is calculated and reconciled with net income

(2)

Based on internal calculations regarding corporate sales made through data centers.

(3)

Our expectations for 2026 incorporate the effects of inflation accounting under IAS 29. These projections are based on assumptions regarding factors beyond our control, including key macroeconomic indicators such as inflation. Our 2026 expectations are based specifically on an assumed annual inflation rate of around 23% (year-end). This paragraph contains forward-looking statements that reflect our current estimates and expectations regarding market conditions across all of our businesses. However, there can be no assurance that these forward-looking statements will occur as anticipated. For a discussion of the various factors that could impact the outcome of these forward-looking statements, please refer to our 2024 annual report on Form 20-F filed with the SEC, specifically the risk factors section.

(4)

Excluding license fees.

FINANCIAL AND OPERATIONAL REVIEW

Financial Review of Turkcell Group

	Year
Profit & Loss Statement (million TRY)	FY24			FY25			y/y%
Revenue		218,160.0			241,470.8			10.7	%
Cost of revenue¹		(102,069.3	)		(109,196.1	)		7.0	%
Cost of revenue¹/Revenue		(46.8	)%		(45.2	)%		1.6	pp
Gross Margin¹		53.2	%		54.8	%		1.6	pp
Administrative expenses		(9,057.6	)		(9,948.3	)		9.8	%
Administrative expenses/Revenue		(4.2	)%		(4.1	)%		0.1	pp
Selling and marketing expenses		(14,331.0	)		(16,880.7	)		17.8	%
Selling and marketing expenses/Revenue		(6.6	)%		(7.0	)%		(0.4	)pp
Net impairment losses on financial and contract assets		(1,336.7	)		(1,428.7	)		6.9	%
EBITDA²		91,365.5			104,017.0			13.8	%
EBITDA Margin		41.9	%		43.1	%		1.2	pp
Depreciation and amortization		(62,256.4	)		(63,928.3	)		2.7	%
EBIT³		29,109.1			40,088.6			37.7	%
EBIT Margin		13.3	%		16.6	%		3.3	pp
Net finance income / (costs)		(1,043.1	)		(3,624.2	)		247.4	%
Finance income		13,584.6			16,841.5			24.0	%
Finance costs		(22,285.6	)		(22,064.0	)		(1.0	)%
Monetary gain / (loss)		7,657.9			1,598.4			(79.1	)%
Net other income / (expenses)		(3,045.2	)		(1,775.0	)		(41.7	)%
Share of loss of equity accounted investees		(4,139.7	)		(3,499.1	)		(15.5	)%
Income tax expense		(6,369.3	)		(13,398.8	)		110.4	%
Profit from continuing operations		14,511.9			17,791.4			22.6	%
Profit /(loss) from discontinued operations		16,267.3			(187.4	)		(101.2	)%
Non-controlling interests		11.2			-			(100.0	)%
Net Income		30,790.4			17,604.0			(42.8	)%

(1) Excluding depreciation and amortization expenses

(2) EBITDA is a non-GAAP financial measure. See page 16 for the explanation of how we calculate Adjusted EBITDA and its reconciliation to net income.

(3) EBIT is a non-GAAP financial measure and equals EBITDA minus depreciation and amortization expenses.

Revenue of the Group surged by 10.7% year-on-year in 2025 driven largely by the solid momentum of Turkcell Turkey. This growth reflects a successful combination of an expanding customer footprint and proactive ARPU-lifting strategies, including segment-based pricing and upsell efforts. Beyond the core business, the results were further strengthened by the impressive performance of Paycell business and digital business services.

Turkcell Türkiye⁴ revenues, comprising 91% of Group revenues, grew 10.3% to TRY 220,319 million (TRY 199,742 million).

-	Consumer business, accounting for 75% of Turkcell Türkiye, grew 9.0% with the contribution of price adjustments, rising postpaid subscribers and upsell efforts.

-	Corporate revenues grew by 19.4% primarily driven by solid digital business services performance, including an additional contribution from hardware sales as well as price adjustments in core business. Data Center & Cloud revenues posted a strong 45.0% year-on-year growth.

-	Wholesale revenues were TR 11,430 million (TRY 10,885 million).

Techfin segment revenues, accounting for 6% of Group revenues, rose by 21.1% to TRY 13,689 million (TRY 11,301 million). Growth was driven by Paycell, which sustained growth trajectory and delivered 41.0% year-on-year growth in the year of 2025. For details, please refer to the Techfin section.

Other segment revenues, comprising 3% of the Group’s top-line, which mostly include international business, energy business and non-group call center revenues were TRY 7,463 million (TRY 7,117 million).

(4) Our revenue segmentation was revised as of Q1 2025. Within this scope, all past data have been restated for comparability purposes. For a comprehensive explanation, please refer to the Press Release and the Excel file for Q1 2025, available on the Turkcell IR website.

Cost of revenue (excluding depreciation and amortization) decreased to 45.2% (46.8%) as a percentage of revenues for the full year of 2025. This was mainly driven by the decline in personnel expenses (0.7pp), energy expenses (0.6pp), interconnection cost (0.3pp), cost of funding (0.3pp), other cost items (0.7pp), despite the increase in mobile payment expenses (0.6pp) and radio expenses (0.4pp) as a percentage of revenues for the full year.

Administrative expenses slightly decreased to 4.1% (4.2%) as a percentage of revenues.

Selling and marketing expenses increased to 7.0% (6.6%) as a percentage of revenues, with the impact of 5G related marketing expenses.

Net impairment losses on financial and contract assets were at 0.6% (0.6%) as a percentage of revenues in 2025.

EBITDA¹ increased by 13.8% year-on-year in 2025 leading to an EBITDA margin of 43.1% (41.9%).

Turkcell Türkiye EBITDA was up by 13.3% to TRY 98,416 million (TRY 86,853 million), resulting in an EBITDA margin of 44.7% (43.5%).

Techfin segment EBITDA grew by 18.9% to TRY 3,383 million (TRY 2,846 million), while EBITDA margin slightly declined by 0.5 percentage points to 24.7% (25.2%). The contraction was mainly driven by higher mobile payment expense, reflecting the strong demand for our POS solutions. This impact was partially offset by the improvement in Financell’s EBITDA margin.

EBITDA for the Other segment was at TRY 2,217 million (TRY 1,667 million).

Depreciation and amortization expenses increased by 2.7%, amounting to TRY 63,928 million (TRY 62,256 million).

Net finance costs rose to TRY 3,624 million in full year 2025, up from TRY 1,043 million last year. Excluding monetary gain, net finance cost decreased by 40% thanks to proactive and disciplined balance sheet management. The contribution from monetary items significantly declined in 2025, mainly due to the slowing pace of inflation and adverse monetary impact resulting from the sale of Ukrainian subsidiaries in the third quarter of 2024.

See Appendix A for details of net foreign exchange gain and loss.

Net other expenses were at TRY 1,775 million (TRY 3,045 million) in FY25.

Income tax expense increased to TRY 13,399 million (TRY 6,369 million) in FY25. This significant rise was primarily driven by the higher deferred tax expense resulting from the removal of inflationary accounting in the 2025 statutory financials. This negative impact was partially offset by fixed asset revaluation actions.

Profit from continuing operations remained strong in FY25, increasing by 22.6% to TRY 17,791 million (TRY 14,512 million). This solid performance was primarily driven by robust EBITDA generation and lower net finance costs (excluding monetary gain), partially offset by lower monetary gain and income tax expense increases.

Net income of the Group amounted to TRY 17,604 million (TRY 30,790 million) in FY25. The year-on-year decline mainly reflects a high base in 2024, driven by a one-off gain of TRY 16,267 million from discontinued operations related to the sale of Ukraine assets.

(1) EBITDA is a non-GAAP financial measure. See page 16 for the explanation of how we calculate adjusted EBITDA and its reconciliation to net income.

Total cash & debt: Consolidated cash as of December 31, 2025, increased to TRY 91,828 million, from TRY 90,230 million as of December 31, 2024. 11% of our cash is in US$, 33% in EUR, and 56% in TRY. Excluding FX swap transactions, 33% of our cash is in US$, 33% in EUR, and 34% in TRY.

Consolidated debt as of December 31, 2025, increased to TRY 158,649 million from TRY 136,573 million as of December 31, 2024. Note that TRY 15,484 million of our consolidated debt comprises lease obligations. After hedging transactions, 54% of our consolidated debt is in US$, 29% in EUR, 6% in CNY, and 11% in TRY.

Net debt¹, as of December 31, 2025, slightly increased to TRY 14,888 million from TRY 14,020 million as of December 31, 2024, with a net debt to EBITDA ratio of 0.14x.

As communicated in the previous quarter, the Group’s short net FX position increased to US$957million (including hedging portfolio, advance payments and precious metal investments) during the quarter. We continue to manage our net FX position proactively in response to market dynamics. Considering hedging costs and relatively stable FX movement in the market, we have set a medium-term net FX target range between minus US$1.5 billion and plus US$1.5 billion.

Capital expenditures (CAPEX) amounted to TRY 89,961 million in 2025, while operational capital expenditures (excluding license fees) accounted for 22.6% of total revenues. The increase in IFRS 16 is mainly attributable to the BOTAŞ agreement executed in 2025.

	Year
Capital expenditures (million TRY)	FY24		FY25
Operational Capex		49,740.1		54,651.8
License and Related Costs		34.7		254.4
Non-operational Capex (Including IFRS15 & IFRS16)		21,978.4		35,055.2
IFRS15		8,953.7		11,260.1
IFRS16		8,955.1		18,184.8
Other		4,069.6		5,610.4
Total Capex		71,753.2		89,961.4

(1) Our net debt calculation includes financial assets at fair value, whether through other comprehensive income or through profit and loss, reported under current and non-current assets, as well as financial assets at amortized cost. Required reserves held in CBRT balances are not included in total cash and net debt calculation, and this change has been reflected in previous quarters’ figures

Operational Review of Turkcell Türkiye

	Year
Summary of Operational Data	FY24			FY25			y/y%
Number of subscribers¹ (million)		43.1			43.9			1.9	%
Mobile Postpaid (million)		29.1			31.5			8.2	%
Mobile M2M (million)		5.0			5.9			18.0	%
Mobile Prepaid (million)		9.2			7.6			(17.4	)%
Turkcell Fiber² (thousand)		2,454.5			2,573.6			4.9	%
Resell Fixed Broadband² (thousand)		779.0			712.9			(8.5	)%
ADSL (thousand)		738.2			611.4			(17.2	)%
Cable (thousand)		35.5			25.7			(27.6	)%
Fiber (thousand)		5.3			75.8			1,330.2	%
Superbox (thousand)³		680.3			716.1			5.3	%
IPTV (thousand)		1,462.8			1,430.5			(2.2	)%
Churn (%)⁴
Mobile Churn (%)		2.0	%		2.3	%		0.3	pp
Fixed Churn (%)		1.5	%		1.7	%		0.2	pp
Average mobile data usage per user (GB/user)		18.2			20.0			9.9	%

(1) Includes mobile, fixed broadband, IPTV, and wholesale (MVNO&FVNO) subscribers

(2) As of the fourth quarter of 2024, our fixed broadband subscriber reporting has been revised. Turkcell Fiber refers to customers served entirely through our own fiber infrastructure, while Turkcell Resell includes DSL, Cable, and Fiber sales provided through the infrastructures of other ISPs. Accordingly, historical subscriber figures have been revised to ensure comparability.

(3) Superbox subscribers are included in mobile subscribers.

(4) Churn figures represent average monthly churn for the respective periods.

ARPU (Average Monthly Revenue per User) (TRY)	Year
(TRY, IAS29 Adjusted)	FY24		FY25		y/y%
Mobile ARPU, blended		320.0		348.0		8.7	%
Mobile ARPU, blended (excluding M2M)		362.3		400.8		10.6	%
Postpaid		366.8		396.9		8.2	%
Postpaid (excluding M2M)		437.2		478.9		9.5	%
Prepaid		192.6		178.4		(7.4	)%
Fixed Residential ARPU, blended		405.8		474.6		17.0	%
Residential Fiber ARPU		412.4		475.9		15.4	%

2025 was marked by aggressive competition in the mobile market, with Mobile Number Portability (MNP) transaction reaching a record high of approximately 18 million transactions. In this highly competitive environment, we successfully delivered both subscriber and ARPU growth, maintaining our disciplined and balanced approach. Total subscriber base expanded by 788 thousand in 2025, reaching 43.9 million. Despite a contraction in the prepaid segment, our total mobile subscriber base grew by 809 thousand to 39.1 million. The decline in prepaid subscribers primarily reflects an ongoing shift toward postpaid plans, as customers prefer fixed-price postpaid packages to mitigate inflationary pressures as well as the widespread adoption of alternative data solutions (e-SIM). Consistent with our value-focused strategy, we achieved the highest postpaid net subscriber additions in the last 26 year, increasing the postpaid share to 81%, up from 76% in 2024. This robust performance was driven by our successful switching performance, M2M net additions, innovative and differentiated value propositions tailored to the diverse needs of our customers, alongside the increasing customer preference for postpaid plans.

Amid heightened competitive dynamics, mobile churn slightly increased during the year. However, thanks to our proactive retention efforts supported by advanced analytical models, the impact remained limited. The competitive intensity eased moderately through the end of last quarter.

Leveraging our agile execution capabilities, we adapted quickly to evolving market dynamics. In response to the prevailing inflationary and competitive environment, we adopted a micro-segment management approach in pricing and upselling, supported by advanced analytical tools. Driven by this customer-centric strategy, a higher postpaid share, increased mobile data usage, and strong upsell performance, mobile blended ARPU (excluding M2M) increased by 10.6% in 2025. Average monthly mobile data usage per user increased by 9.9% year-over-year, reaching 20.0 GB.

On the fixed side, the competitive environment remained challenging throughout the year, mainly due to delayed pricing actions by other ISPs. This, together with the transition toward no-commitment offerings in our resell operations led to a slight increase in churn. However, our fixed subscriber base continued to expand, adding 53 thousand net subscribers in 2025. Growth was primarily supported by the expansion of our high-quality, end-to-end Turkcell fiber subscriber base and increasing demand for high-speed broadband services. Turkcell fiber recorded 119 thousand net additions, while total fiber net additions reached 190 thousand, including resell fiber operations.

In 2025, in response to inflationary pressures, we maintained our focus on 12-month commitment plans in Turkcell fiber. As of August, we transitioned all new customer acquisitions in our resell operations to a no-commitment offerings to safeguard our operational profitability and ARPU against potential wholesale price adjustments. Residential fiber ARPU rose by 15.4% year-over-year, supported by the rising share of high-speed packages, higher portion of 12-month contracted subscribers, price adjustments and the contribution of our IPTV service. Backed by our high-speed focused campaigns, the share of 500 Mbps and above packages more than doubled compared to the previous year.

We position fiber services as a core pillar of our strategy. In line with this, we maintained our disciplined investment approach in 2025, adding 405 thousand new homepasses. Total fiber homepass reached 6.3 million, further expanding access to high-quality fiber infrastructure. Reflecting our efficiency-driven and demand-led deployment model, our take-up rate (TuR) was at 42.4%.

We enhanced TV+ service by partnering with leading global content providers. The number of IPTV subscribers declined year-on-year, however our total TV subscriber base increased, supported by the growth in OTT TV due to evolving customer preferences.

TECHFIN

	Year
Paycell Financial Data (million TRY)	FY24			FY25			y/y%
Revenue		5,139.5			7,247.8			41.0	%
EBITDA		2,209.7			2,488.7			12.6	%
EBITDA Margin (%)		43.0	%		34.3	%		(8.7	)pp
Net Income		911.6			1,025.5			12.5	%

Maintaining its consistent trajectory, Paycell delivered a robust 41% year-over-year revenue growth in 2025, driven primarily by the outstanding POS business services performance. Notably, POS service revenues grew by 133% year-over-year in 2025, supported by expanding merchant ecosystem and transaction volume of TRY 88.4 billion doubling year on year with TRY 55.7 billion generated from our non-group segment. Pay later revenue growth was %21 in FY25. In this respect, POS solutions have become Paycell’s key growth driver, as our revenue mix has gradually shifted toward POS. In addition, the revenue share of the non-group segment, increased to 77% in 2025 from 59% in the previous year. Paycell is a standalone value creator, strengthening its ability to grow independently from Turkcell. The increasing weight of POS revenues could create some downside pressure on EBITDA margin.

Total transaction volume across all services recorded a 78% year-on-year growth, reaching TRY 175.1 billion in 2025. QR payments also supported the volume increase by enabling transactions via any bank card, making the feature available to everyone and generating additional revenue in 2025.

	Year
Financell Financial Data (million TRY)	FY24			FY25			y/y%
Revenue		5,923.6			5,951.9			0.5	%
EBITDA		883.5			959.4			8.6	%
EBITDA Margin (%)		14.9	%		16.1	%		1.2	pp
Net Income / (loss)		(189.8	)		69.7			n.m

Following a 33% growth in revenues in 2024, Financell achieved a limited but positive 0.5% year-over-year growth in 2025. Financell’s revenues are mainly driven by interest income, which is affected by lower interest rates and the regulatory limit on duration of loans for smartphone sales. EBITDA margin improved by 1.2pp, supported by lower funding costs compared to last year, new loans issued increased 22% year-on-year. Ticket sizes increased as well with a 60% year-on-year rise in 2025.

Financell’s loan portfolio reached TRY 7.8 billion in 2025 with 0.6 million active customers. Financell continued to be the market leader in the consumer financing sector with 44% share¹ in total number of loans, and it also captured a 9.3% share of loans under TRY 20,000 granted in Türkiye. For the upcoming periods, device, tariff, and financing models are planned to be developed under the 5G device program.

(1) Source: Association of Financial Institutions, as of Q425

TURKCELL GROUP SUBSCRIBERS

As of December 31, 2025, the Turkcell Group had approximately 46.2 million registered subscribers. This figure is calculated by taking the number of subscribers of Turkcell Türkiye and of each of our subsidiaries. It includes the total number of mobile, fiber, ADSL, cable and IPTV subscribers of Turkcell Türkiye, BeST’s mobile subscribers and Kuzey Kıbrıs Turkcell’s mobile and fixed subscribers.

Turkcell Group Subscribers	FY24		FY25		y/y%
Turkcell Türkiye subscribers¹ (million)		43.1		43.9		1.9	%
BeST (Belarus)		1.5		1.6		6.7	%
Kuzey Kıbrıs Turkcell		0.6		0.7		16.7	%
Turkcell Group Subscribers (million)		45.2		46.2		2.2	%

(1) Subscribers to more than one service are counted separately for each service. This includes mobile, fixed broadband, IPTV, and wholesale (MVNO&FVNO) subscribers.

OVERVIEW OF THE MACROECONOMIC ENVIRONMENT

The foreign exchange rates used in our financial reporting, along with certain macroeconomic indicators, are presented below.

	Quarter										Year
	Q424		Q325		Q425		*y/y%*		*q/q%*		FY24		FY25		*y/y%*
GDP Growth (Türkiye)	3.2	%	3.8	%	3.4	%	*0.2*	pp	*(0.4*	)pp	3.3	%	3.6	%	*0.3*	pp
Consumer Price Index (Türkiye)(YoY)	44.4	%	33.3	%	30.9	%	*(13.5*	)pp	*(2.4*	)pp	44.4	%	30.9	%	*(13.5*	)pp
US$ / TRY rate
Closing Rate	35.2233		41.4984		42.8623		21.7	%	3.3	%	35.2233		42.8623		21.7	%
Average Rate	34.4819		40.6880		42.1450		22.2	%	3.6	%	32.7740		39.4386		20.3	%
EUR / TRY rate
Closing Rate	36.7429		48.6479		50.4532		37.3	%	3.7	%	36.7429		50.4532		37.3	%
Average Rate	36.9917		47.3843		49.0734		32.7	%	3.6	%	35.4682		44.5806		25.7	%
US$ / BYN rate
Closing Rate	3.4735		3.0247		2.9027		(16.4	)%	(4.0	)%	3.4735		2.9027		(16.4	)%
Average Rate	3.4187		2.9985		2.9521		(13.6	)%	(1.5	)%	3.2548		3.0690		(5.7	)%

RECONCILIATION OF NON-GAAP FINANCIAL MEASUREMENTS:

We believe that Adjusted EBITDA, among other key metrics, facilitates performance comparisons from period to period and aids management decision making. It also enables performance comparisons between companies. As a performance measure, Adjusted EBITDA eliminates potential differences caused by variations in capital structures (affecting interest expense), tax positions (such as the impact of changes in effective tax rates on periods or companies) and the age and book depreciation of tangible and intangible assets (affecting relative depreciation and amortization expenses). We also present Adjusted EBITDA because we believe it is frequently used by securities analysts, investors and other interested parties in evaluating the performance of other mobile operators in the telecommunications industry in Europe, many of which present Adjusted EBITDA when reporting their results.

Our Adjusted EBITDA definition includes Revenue, Cost of Revenue excluding depreciation and amortization, Selling and Marketing expenses, Administrative expenses and Net impairment losses on financial and contract assets, but excludes finance income and expense, other operating income and expense, investment activity income and expense, share of profit of equity accounted investees and minority interest.

Nevertheless, Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation from, or as a substitute for, analysis of our results of operations, as reported under IFRS. The following table provides a reconciliation of Adjusted EBITDA, as calculated using financial data prepared in accordance with IFRS to net profit, which we believe is the most directly comparable financial measure calculated and presented in accordance with IFRS.

	Year
Turkcell Group (million TRY)	FY24			FY25			y/y%
Consolidated profit before minority interest		30,779.2			17,604.0			(42.8	)%
Profit /(loss) from discontinued operations		16,267.3			(187.4	)		(101.2	)%
Income tax expense		(6,369.3	)		(13,398.8	)		110.4	%
Consolidated profit before income tax & minority interest		20,881.2			31,190.3			49.4	%
Share of profit of equity accounted investees		(4,139.7	)		(3,499.1	)		(15.5	)%
Finance income		13,584.6			16,841.5			24.0	%
Finance costs		(22,285.6	)		(22,064.0	)		(1.0	)%
Monetary gain / (loss)		7,657.9			1,598.4			(79.1	)%
Other income / (expenses)		(3,045.2	)		(1,775.0	)		(41.7	)%
EBIT		29,109.1			40,088.6			37.7	%
Depreciation and amortization		(62,256.4	)		(63,928.3	)		2.7	%
Adjusted EBITDA		91,365.5			104,017.0			13.8	%

RECONCILIATION OF ARPU: ARPU is an operational metric and the methodology for calculating performance measures such as ARPU varies substantially among operators. It is not standardized across the telecommunications industry; thus, reported performance measures vary from those that may result from using a single methodology. Management believes this metric is helpful in assessing the development of our services over time. The following table shows the reconciliation of Turkcell Türkiye revenues to such revenues included in the ARPU calculations for 2024 and 2025.

Reconciliation of ARPU	FY24			FY25
Turkcell Türkiye Revenue (million TRY)		199,742.4			220,319.5
Telecommunication services revenue		179,628.6			199,161.7
Equipment revenue		17,715.6			18,935.0
Other		2,398.3			2,222.8
Revenues which are not attributed to ARPU calculation¹		(35,642.4	)		(39,400.6	)
Turkcell Türkiye revenues included in ARPU calculation²		161,701.7			178,696.1
Mobile blended ARPU (TRY)		320.0			348.0
Average number of mobile subscribers during the year (million)		38.4			38.7
Fixed residential ARPU (TRY)		405.8			474.6
Average number of fixed residential subscribers during the year (million)		2.9			3.0

(1) Revenue from fixed corporate and wholesale business; digital business sales, tower business, and other non-subscriber-based revenues

(2) Revenues from Turkcell Türkiye included in ARPU calculation comprise telecommunication services revenue, equipment revenue, and revenues not attributed to ARPU calculation.

ABOUT TURKCELL: Turkcell, headquartered in Türkiye, is a leading technology and telecommunications company offering a diverse portfolio of voice, data, and IPTV services across its mobile and fixed networks, alongside digital consumer, enterprise, and techfin solutions. The Turkcell Group operates in three countries: Türkiye, Belarus, and Northern Cyprus. In 2025, Turkcell Group reported revenue of TRY 241 billion, with total assets of TRY 501 billion as of December 31, 2025. Listed on both the NYSE and BIST since July 2000, Turkcell remains the only dual-listed company on these exchanges. Read more at www.turkcell.com.tr.

For further information, please contact Turkcell

Investor Relations

Tel: + 90 212 313 1888

investor.relations@turkcell.com.tr

Corporate Communications:

Tel: + 90 212 313 2321

Turkcell-Kurumsal-Iletisim@turkcell.com.tr

Appendix A – Tables

Table: Net Foreign Exchange Gain and Loss Details

	Year
Million TRY	FY24			FY25			y/y%
Net FX loss before hedging		(4,913.2	)		(7,366.4	)		49.9	%
Swap interest income/(expense)		789.2			350.8			(55.5	)%
Fair value gain on derivative financial instruments		(3,095.7	)		(713.3	)		(77.0	)%
Net FX gain / (loss) after hedging		(7,219.8	)		(7,728.8	)		7.1	%

Table: Income Tax Expense Details

	Year
Million TRY	FY24			FY25			y/y%
Current tax expense		(4,322.8	)		(8,614.5	)		99.3	%
Deferred tax income / (expense)		(2,046.5	)		(4,784.3	)		133.8	%
Income Tax expense		(6,369.3	)		(13,398.8	)		110.4	%

TURKCELL ILETISIM HIZMETLERI AS

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 31 December 2025

(All amounts disclosed in the consolidated financial statements and notes have been rounded off to the nearest thousand currency units and are expressed in terms of purchasing power of Turkish Lira as of 31 December 2025 unless otherwise stated.)

	Notes	31 December 2025		31 December 2024
Assets
Property, plant and equipment	12		157,349,726		136,947,073
Right-of-use assets	16		22,960,789		13,316,818
Intangible assets	13		104,979,905		107,164,641
Investment properties	15		222,623		245,206
Trade receivables	19		257,003		429,371
Receivables from financial services	20		283,932		480,570
Contract assets	21		258,174		215,978
Financial assets at fair value through other comprehensive income	24		29,152,733		15,513,584
Financial assets at fair value through profit or loss	24		8,620,841		7,803,449
Deferred tax assets	18		8,080,833		3,321,888
Investments in equity accounted investees	40		3,567,677		6,929,473
Other non-current assets	17		8,209,949		9,447,383
Total non-current assets			343,944,185		301,815,434

Inventories	22		897,953		883,014
Trade receivables	19		23,545,458		21,549,127
Due from related parties	38		367,539		322,688
Receivables from financial services	20		8,814,916		9,348,782
Due from receivables from financial services	38		14,661		-
Contract assets	21		6,321,129		6,806,987
Derivative financial instruments	34		1,779,279		2,674,277
Financial assets at amortized cost	24		2,148,886		1,395,180
Financial assets at fair value through other comprehensive income	24		9,524,555		2,933,859
Financial assets at fair value through profit or loss	24		2,485,526		4,677,683
Cash and cash equivalents	23		91,828,282		90,229,753
Other current assets	17		8,900,463		7,993,588
Total current assets			156,628,647		148,814,938
Total assets			500,572,832		450,630,372

The above consolidated statement of financial position should be read in conjunction with the accompanying notes.

TURKCELL ILETISIM HIZMETLERI AS

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 31 December 2025

		31 December			31 December
	Notes	2025			2024
Equity
Share capital	25		61,106,064			61,106,064
Share premium			54,892			54,892
Treasury shares			(1,907,263	)		(1,738,450	)
Reserves			8,515,633			2,892,888
Remeasurements of defined benefit plan			(3,219,875	)		(4,042,613	)
Retained earnings			194,783,618			186,452,065
Total equity attributable to equity holders of Turkcell Iletisim Hizmetleri AS (“the Company”)			259,333,069			244,724,846
Total equity			259,333,069			244,724,846

Liabilities
Borrowings	28		122,732,860			68,633,607
Trade and other payables			424,506			220,971
Due to related parties	38		94,405			331
Employee benefit obligations	29		2,890,693			3,968,757
Provisions	32		2,822,076			2,511,529
Deferred tax liabilities	18		15,806,844			6,871,513
Contract liabilities	31		2,524,641			2,817,919
Other non-current liabilities	27		1,953,334			1,986,165
Total non-current liabilities			149,249,359			87,010,792

Borrowings	28		35,916,266			67,939,788
Current tax liabilities			1,108,722			1,466,919
Trade and other payables	33		42,996,243			38,838,913
Due to related parties	38		1,426,111			1,256,430
Deferred revenue	30		1,133,040			664,358
Provisions	32		5,855,440			6,086,962
Contract liabilities	31		2,021,937			1,992,836
Derivative financial instruments	34		1,532,645			648,528
Subtotal			91,990,404			118,894,734
Total current liabilities			91,990,404			118,894,734
Total liabilities			241,239,763			205,905,526
Total equity and liabilities			500,572,832			450,630,372

The above consolidated statement of financial position should be read in conjunction with the accompanying notes.

TURKCELL ILETISIM HIZMETLERI AS

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

For the year ended 31 December 2025

		31 December			31 December			31 December
	Notes	2025			2024			2023
Revenue	6		229,014,273			207,927,708			194,579,822
Revenue from financial services	6		12,456,548			10,232,322			7,849,131
Total revenue			241,470,821			218,160,030			202,428,953
Cost of revenue	11		(164,716,655	)		(157,639,115	)		(155,418,240	)
Cost of revenue from financial services	11		(8,407,783	)		(6,686,535	)		(4,115,583	)
Total cost of revenue			(173,124,438	)		(164,325,650	)		(159,533,823	)
Gross profit			64,297,618			50,288,593			39,161,582
Gross profit from financial services			4,048,765			3,545,787			3,733,548
Total gross profit			68,346,383			53,834,380			42,895,130
Other income	7		452,244			329,088			1,668,287
Selling and marketing expenses	11		(16,880,722	)		(14,330,980	)		(10,738,540	)
Administrative expenses	11		(9,948,315	)		(9,057,569	)		(6,481,128	)
Net impairment losses on financial and contract assets	11		(1,428,706	)		(1,336,712	)		(1,905,236	)
Other expenses	7		(2,227,278	)		(3,374,279	)		(10,674,263	)
Operating profit			38,313,606			26,063,928			14,764,250
Finance income	9		16,841,450			13,584,573			23,931,920
Finance costs	9		(22,064,023	)		(22,285,584	)		(37,666,918	)
Monetary gain (loss)	9		1,598,366			7,657,905			7,213,152
Net finance costs			(3,624,207	)		(1,043,106	)		(6,521,846	)
Share of (loss)/ profit of equity accounted investees	40		(3,499,147	)		(4,139,657	)		2,882,287
Profit before income tax			31,190,252			20,881,165			11,124,691
Income tax (expense)/ benefit	10		(13,398,842	)		(6,369,264	)		8,836,533
Profit from continuing operations			17,791,410			14,511,901			19,961,224
Profit from discontinued operations	3		(187,403	)		16,267,250			3,722,307
Profit for the year			17,604,007			30,779,151			23,683,531
Profit for the year is attributable to:
Owners of the Company			17,604,007			30,790,359			23,724,634
Non-controlling interests			-			(11,208	)		(41,103	)
Total			17,604,007			30,779,151			23,683,531
Basic and diluted earnings per share for profit attributable to owners of the Company (in full TL)	26		8.08			14.12			10.87

Basic and diluted earnings per share for profit from continuing operations attributable to owners of the Company (in full TL)	26		8.17			6.66			9.17

Basic and diluted earnings per share for profit from discontinued operations attributable to owners of the Company (in full TL)	26		(0.09	)		7.46			1.71

The above consolidated statement of profit or loss should be read in conjunction with the accompanying notes.

TURKCELL ILETISIM HIZMETLERI AS

CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME

For the year ended 31 December 2025

		31 December			31 December			31 December
	Notes	2025			2024			2023
Profit for the period			17,604,007			30,779,151			23,683,531
Items that will not be reclassified to profit or loss:
Remeasurements of defined termination benefit			1,161,825			(231,601	)		(283,013	)
Income tax relating to remeasurements of defined termination benefit	10		(291,401	)		57,824			287,587
Remeasurement income/(loss) of defined benefit plans of investments accounted for using the equity method	40		(47,686	)		-			-
			822,738			(173,777	)		4,574
Other comprehensive income/(expense):
Items that may be reclassified to profit or loss:
Exchange differences on translation of foreign operations			3,840,443			(9,546,981	)		5,405,283
Exchange differences on translation of investments accounted for using the equity method	40		185,037			-			-
Fair value reserve			714,892			132,109			282,718
Cash flow hedges			(861,118	)		(673,510	)		2,973,042
Cost of hedging reserve			-			1,978,130			(735,823	)
Hedges of net investments in foreign operations			2,011,985			2,136,224			(4,427,212	)
Income tax relating to these items	10		(466,436	)		(901,407	)		1,860,364
- Income tax relating to exchange differences			-			-			(928,007	)
- Income tax relating to cash flow hedges			215,283			160,208			48,193
- Income tax relating to cost of hedging reserve			-			(494,532	)		517,872
- Income tax relating to fair value reserve			(178,723	)		(33,027	)		(10,420	)
- Income tax relating to hedges of net investments			(502,996	)		(534,056	)		2,232,726
			5,424,803			(6,875,435	)		5,358,372
Other comprehensive income/(loss) for the year, net of income tax			6,247,541			(7,049,212	)		5,362,946
Total comprehensive income for the year			23,851,548			23,729,939			29,046,477

Total comprehensive income for the year is attributable to:
Owners of the Company			23,851,548			23,741,147			29,087,580
Non-controlling interests			-			(11,208	)		(41,103	)
Total			23,851,548			23,729,939			29,046,477

The above consolidated statement of other comprehensive income should be read in conjunction with the accompanying notes.

TURKCELL ILETISIM HIZMETLERI AS

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the year ended 31 December 2025

	Share capital		Treasury shares			Share premium		Legal reserves (*)			Fair value reserve (*)			Hedges of net investments in foreign operations (*)			Hedging reserve (*)			Cost of hedging reserve (*)			Foreign currency translation reserve (*)			Remeasurement of defined benefit plan			Retained earnings			Reserve of disposal group held for sale			Total			Non- controlling interests			Total equity
Balance at 1 January 2023		61,106,064		(1,343,214	)		14,520		46,082,546			(442,406	)		(8,266,267	)		4,963,438			(13,790,083	)		(24,005,216	)		(3,873,410	)		146,245,136			-			206,691,108			12,135			206,703,243
Profit/ (loss) for the year		-		-			-		-			-			-			-			-			-			-			23,724,634			-			23,724,634			(41,103	)		23,683,531
Other comprehensive income, net of income tax		-		-			-		-			272,298			(2,194,486	)		3,021,235			(217,951	)		4,477,276			4,574			-			-			5,362,946			-			5,362,946
Total comprehensive income		-		-			-		-			272,298			(2,194,486	)		3,021,235			(217,951	)		4,477,276			4,574			23,724,634			-			29,087,580			(41,103	)		29,046,477
Transfers to legal reserves		-		-			-		635,253			-			-			-			-			-			-			(635,253	)		-			-			-			-
Acquisition of treasury shares (-)		-		(95,917	)		-		-			-			-			-			-			-			-			-			-			(95,917	)		-			(95,917	)
Acquisition of subsidiary		-		-			-		-			-			-			-			-			-			-			-			-			-			4,487			4,487
Dividend paid (Note 25)		-		38,196			-		-			-			-			-			-			-			-			(4,696,138	)		-			(4,657,942	)		-			(4,657,942	)
Discontinued operations		-		-			-		-			-			-			-			-			(11,603,778	)		-			-			11,603,778			-			-			-
Other		-		-			-		-			-			-			-			-			-			-			-			-			-			-			-
Balance at 31 December 2023		61,106,064		(1,400,935	)		14,520		46,717,799			(170,108	)		(10,460,753	)		7,984,673			(14,008,034	)		(31,131,718	)		(3,868,836	)		164,638,379			11,603,778			231,024,829			(24,481	)		231,000,348

Balance at 1 January 2024		61,106,064		(1,400,935	)		14,520		46,717,799			(170,108	)		(10,460,753	)		7,984,673			(14,008,034	)		(31,131,718	)		(3,868,836	)		164,638,379			11,603,778			231,024,829			(24,481	)		231,000,348
Profit/ (loss) for the year		-		-			-		-			-			-			-			-			-			-			30,790,359			-			30,790,359			(11,208	)		30,779,151
Other comprehensive income, net of income tax		-		-			-		-			99,082			1,602,168			(513,302	)		1,483,598			2,056,797			(173,777	)		-			(11,603,778	)		(7,049,212	)		-			(7,049,212	)
Total comprehensive income		-		-			-		-			99,082			1,602,168			(513,302	)		1,483,598			2,056,797			(173,777	)		30,790,359			(11,603,778	)		23,741,147			(11,208	)		23,729,939
Transfers to legal reserves		-		-			-		1,104,742			-			-			-			-			-			-			(1,104,742	)		-			-			-			-
Dividend paid (Note 25)		-		91,807			-		(1,872,056	)		-			-			-			-			-			-			(7,794,028	)		-			(9,574,277	)		-			(9,574,277	)
Acquisition of treasury shares (-)		-		(429,322	)		-		-			-			-			-			-			-			-			-			-			(429,322	)		-			(429,322	)
Acquisition of subsidiary		-		-			40,372		-			-			-			-			-			-			-			-			-			40,372			-			40,372
Transactions with non-controlling interests		-		-			-		-			-			-			-			-			-			-			(77,903	)		-			(77,903	)		28,164			(49,739	)
Other		-		-			-		-			-			-			-			-			-			-			-			-			-			7,525			7,525
Balance at 31 December 2024		61,106,064		(1,738,450	)		54,892		45,950,485			(71,026	)		(8,858,585	)		7,471,371			(12,524,436	)		(29,074,921	)		(4,042,613	)		186,452,065			-			244,724,846			-			244,724,846

Balance at 1 January 2025		61,106,064		(1,738,450	)		54,892		45,950,485			(71,026	)		(8,858,585	)		7,471,371			(12,524,436	)		(29,074,921	)		(4,042,613	)		186,452,065			-			244,724,846			-			244,724,846
Profit/ (loss) for the year		-		-			-		-																		-			17,604,007			-			17,604,007			-			17,604,007
Other comprehensive income, net of income tax		-		-			-					536,169			1,508,989			(645,835	)		-			4,025,480			822,738			-			-			6,247,541			-			6,247,541
Total comprehensive income		-		-			-		-			536,169			1,508,989			(645,835	)		-			4,025,480			822,738			17,604,007			-			23,851,548			-			23,851,548
Transfers to legal reserves		-		-			-		875,645			-			-			-			-			-			-			(875,645	)		-			-			-			-
Dividend paid (Note 25)		-		88,763			-		(677,703	)		-			-			-			-			-			-			(8,396,809	)		-			(8,985,749	)		-			(8,985,749	)
Acquisition of treasury shares		-		(257,576	)		-		-			-			-			-			-			-			-			-			-			(257,576	)		-			(257,576	)
Balance at 31 December 2025		61,106,064		(1,907,263	)		54,892		46,148,427			465,143			(7,349,596	)		6,825,536			(12,524,436	)		(25,049,441	)		(3,219,875	)		194,783,618			-			259,333,069			-			259,333,069

(*) Included in Reserves in the consolidated statement of financial position.

The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

TURKCELL ILETISIM HIZMETLERI AS

CONSOLIDATED STATEMENT OF CASH FLOWS

For the year ended 31 December 2025

		31 December			31 December
	Note	2025			2024
Cash flows from operating activities:
Profit for the year			17,791,410			14,511,901
Discontinued operations			(187,403	)		16,267,250
Profit for the year including discontinued operations			17,604,007			30,779,151

Adjustments for:
Depreciation of property, plant and equipment and investment properties	12-15		24,472,902			25,100,733
Amortization of intangible assets and right of use assets	9-10		38,876,519			36,976,479
Impairment on property, plant and equipment and intangible asset	12-13		578,914			179,148
Net finance expense			3,517,629			6,823,574
Fair value adjustments to derivatives			729,348			4,001,842
Income tax expense	10		13,398,842			6,788,718
Gain on sale of property, plant and equipment			57,738			45,625
Effects of exchange rate changes and inflation adjustments			16,026,073			(2,563,603	)
Provisions			8,987,221			9,656,990
Share of (profit)/loss of equity accounted investees	40		3,499,147			4,139,657
Fair value adjustments to financial assets through profit or loss			(202,147	)		(2,233,632	)
Gain on sale of subsidiary	3		-			(11,546,264	)
Non-cash other adjustments			551,040			276,375
			128,097,233			108,424,793
Change in operating assets/liabilities
Change in trade receivables			(2,721,046	)		(1,447,093	)
Change in due from related parties			(44,732	)		2,035
Change in receivables from financial services			433,903			2,155,859
Change in inventories			(14,939	)		190,403
Change in other current assets			(1,325,977	)		(761,008	)
Change in other non-current assets			(685,189	)		(93,800	)
Change in due to related parties			258,604			134,856
Change in trade and other payables			4,034,712			(303,096	)
Change in other non-current liabilities			33,010			(179,413	)
Change in employee benefit obligations			(409,802	)		(534,804	)
Change in contract asset			442,914			(809,392	)
Change in deferred revenue			502,783			305,440
Change in contract liability			(264,177	)		(96,389	)
Changes in other working capital			(5,627,690	)		(3,375,399	)
Cash generated from operations			122,709,607			103,612,992
Interest paid			(17,064,006	)		(17,998,161	)
Income tax paid			(9,026,028	)		(2,816,087	)
Net cash inflow from operating activities			96,619,573			82,798,744

Cash flows from investing activities:
Acquisition of property, plant and equipment			(43,967,866	)		(40,182,441	)
Acquisition of intangible assets			(27,808,416	)		(26,480,747	)
Proceeds from sale of property, plant and equipment			815,642			2,497,555
Payments for advances given for acquisition of property, plant and equipment			(117,743	)		40,372
Contribution of increase of share capital in joint ventures/associates			-			(89	)
Cash inflows from sale of shares or borrowing instruments of other enterprises or funds			81,869,801			50,654,128
Cash outflows from purchase of shares or borrowing instruments of other enterprises or funds			(108,053,208	)		(78,769,158	)
Cash inflows from financial assets at fair value through profit or loss			4,313,672			20,041,106
Cash outflows from financial assets at fair value through profit or loss			-			(8,785,951	)
Change in other cash advances given			1,955,206			(920,190	)
Proceeds from disposal of subsidiary, net of cash disposed			528,041			17,957,566
Interest received			15,526,268			15,386,614
Net cash outflow from investing activities			(74,938,603	)		(48,561,235	)

Cash flows from financing activities:
Proceeds from derivative instruments	41		9,747,641			7,091,034
Repayments of derivative instruments	41		(9,136,039	)		(7,580,966	)
Proceeds from issues of loans and borrowings			90,940,793			67,319,829
Proceeds from issues of bonds			51,166,565			19,464,996
Repayments of borrowings			(92,008,008	)		(61,555,760	)
Transactions with non controlling interests			-			(49,739	)
Repayments of bonds			(33,961,746	)		(20,001,004	)
Dividends paid to shareholders	25		(8,985,749	)		(9,574,277	)
Acquisition of treasury shares			(257,576	)		(429,322	)
Payments of lease liabilities			(9,036,861	)		(7,491,591	)
Net cash (outflow)/inflow from financing activities			(1,530,980	)		(12,806,800	)
Net increase in cash and cash equivalents			20,149,990			21,430,709
Cash and cash equivalents at 1 January			89,862,901			101,718,644
Effects of exchange rate changes on cash and cash equivalents and inflation adjustment			(18,245,119	)		(33,286,452	)
Cash and cash equivalents at 31 December	23		91,767,772			89,862,901

The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

Notes to the consolidated financial statements		Page
1.	Reporting entity	8
2.	Basis of preparation and summary of material accounting policies	10
3.	Discontinued operations	41
4.	Financial risk management	41
5.	Segment information	44
6.	Revenue	48
7.	Other income and expense	50
8.	Employee benefit expenses	50
9.	Finance income and costs	51
10.	Income tax expense	52
11.	Expenses by nature	53
12.	Property, plant and equipment	55
13.	Intangible assets	57
14.	Impairment of non-financial assets	59
15.	Investment properties	60
16.	Right-of-use assets	61
17.	Other assets	62
18.	Deferred tax assets and liabilities	62
19.	Trade receivables	64
20.	Receivables from financial services	64
21.	Contract assets	64
22.	Inventories	64
23.	Cash and cash equivalents	65
24.	Financial assets	66
25.	Equity	70
26.	Earnings per share	71
27.	Other non-current liabilities	72
28.	Loans and borrowings	72
29.	Employee benefits	74
30.	Deferred revenue	75
31.	Contract liabilities	75
32.	Provisions	75
33.	Trade and other payables	77
34.	Derivative financial instruments	77
35.	Financial instruments	82
36.	Guarantees and purchase obligations	92
37.	Commitments and Contingencies	92
38.	Related parties	99
39.	Subsidiaries	105
40.	Investments accounted for using the equity method	106
41.	Cash flow information	106
42.	Subsequent events	106

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

Reporting entity

Turkcell Iletisim Hizmetleri Anonim Sirketi (the “Company” or “Turkcell”) was incorporated in Türkiye on 5 October 1993 and commenced its operations in 1994. The address of the Company’s registered office is Maltepe Aydinevler Mahallesi Inonu Caddesi No: 20, Kucukyali Ofispark/Istanbul. It is engaged in establishing and operating a Global System for Mobile Communications (“GSM”) network in Türkiye and regional states.

In April 1998, the Company signed a license agreement (the “2G License”) with the Ministry of Transport and Infrastructure of Türkiye (the “Turkish Ministry”), under which it was granted a 25-year GSM license in exchange for a license fee of USD 500,000. The License permits the Company to operate as a stand-alone GSM operator and releases it from some of the operating constraints in the Revenue Sharing Agreement, which was in effect prior to the 2G License. Under 2G license, the Company pays in cash the Undersecretariat of the Treasury (the “Turkish Treasury”) a monthly tax levy, namely a 'treasury share' equal to 15% of the Company's gross revenue from Turkish GSM operations. The Company continues to build and operate its GSM network and is authorized to, among other things, set its own tariffs within certain limits, charge peak and off-peak rates, offer a variety of service and pricing packages, issue invoices directly to subscribers, collect payments and deal directly with subscribers. Following the 3G tender held by the Information Technologies and Communications Authority (“ICTA”) regarding the authorization for providing IMT-2000/UMTS services and infrastructure, the Company has been granted the A-Type license (the “3G License”) providing the widest frequency band, at a consideration of EUR 358,000 (excluding Value Added Tax (“VAT”)). Payment of the 3G license was made in cash, following the necessary approvals, on 30 April 2009.

The Company and ICTA agreed for the extension the 2G License (which was valid until 27 April 2023). With this extension, 2G License validity has been extended to 30 April 2029 for a consideration of EUR 120,000.

On 26 August 2015, “Authorization Tender on IMT Services and Infrastructure” publicly known as “4.5G license” tender, was held by the ICTA and the Company was awarded with a total frequency band of 172.4 MHz for 13 years. The tender price is EUR 1,623,460 (excluding VAT of 18%). IMT authorization period expires on 30 April 2029 and operators were able to commence service delivery for 4.5G starting from 1 April 2016. 2x1.4 MHz frequency band in 900MHz spectrum and 2 units of 2x5 MHz frequency bands in 2100 MHz spectrum were commenced on 1 December 2015, while remaining packages were commenced on 1 April 2016.

On 16 October 2025, within the scope of the tender organized by the Information and Communication Technologies Authority (ICTA) titled “Authorization Regarding the Establishment and Operation of Mobile Electronic Communications Infrastructure and the Provision of Services, and the Subjecting of Infrastructure and Services Under Existing Authorizations Expiring on 30 April 2029 to This Authorization,” the 5G spectrum allocation tender was concluded on 2 January 2026, following the first payment and the delivery of the Authorization Certificate to the Company. Accordingly, the Company will be able to continue providing mobile communication services from 30 April 2029, when the current GSM license authorization certificates expire, until 31 December 2042 (Note 42).

The Company is obliged to pay the ICTA a monthly treasury shares equal to 90% of 15% of gross revenue and 10% is paid for a universal service fund. In addition, the Company pays annual contributions in an amount equal to 0.35% of net revenue to the ICTA’s expenses and 5% of net revenue to ICTA as a frequency fee (TRx).

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

Reporting entity (continued)

As of 31 December 2025, the capital shares and voting rights of TVF Bilgi Teknolojileri Iletisim Hizmetleri Yatırım Sanayi ve Ticaret Anonim Sirketi (“TVF BTIH”) and IMTIS Holdings S.a r l. (“IMTIS Holdings”) in the Company are 26.2% and 19.8%, respectively since 22 October 2020. The proportion of the Company’s shares that are traded in domestic and foreign stock exchanges are 53.95% (Note 25).

The Group’s immediate and ultimate parents are TVF BTIH, wholly owned by Türkiye Varlik Fonu (“TVF”), as of 31 December 2025. TVF has been established with the Law No. 6741 and published in the Official Gazette dated 26 August 2016.

15% of the total issued shares of Turkcell, owned by TVF BTIH, have been re-classified as a separate class of Group A Shares (the “Group A Shares”);

(i)

With respect to the Group A Shares, each shareholder have been granted six voting right as a privilege for the elections of:

five members of the board of directors of the Company, and

the chairman of the presiding committee of the general assembly of shareholders;

In addition, a nomination privilege has been granted to the holders of the Group A Shares, allowing them to nominate four candidates to be used in the election of the five members of the Company’s Board of Directors, excluding the independent members.

(ii)

All shareholders of the Company (including the holders of Group A Shares) are entitled to cast one vote per share on all other matters submitted to a vote of Turkcell’s shareholders, including the appointment of the residual four members of the board of directors of Turkcell (including independent ones);

(iii)

The chairman of the board of directors shall be elected among the members of the board of directors elected through the exercise of the privileges granted to Group A Shares;

(iv)

The meeting quorum requirement of the board of directors requires five members constituting the majority of full number of its members, and the decision quorum requires the affirmative vote of at least five members present in the meeting; and

(v)

So long as the above-mentioned privileges are in effect, unlimited authority to represent and bind Turkcell regulated under Article 370 of Turkish Commercial Code shall be exercised by two members of the board of directors of the Company, including at least one member of the board of directors of the Company appointed through the exercise of the said privileges by the holders of Group A Shares.

The Company’s board of directors consists of a total of nine non-executive members including three independent members as of 31 December 2025.

The consolidated financial statements of the Company as at and for the year ended 31 December 2025 comprise the Company and its subsidiaries (together referred to as the “Group”) and the Group’s interest in associate. Subsidiaries of the Company, their locations and their nature of operations are disclosed in Note 39. The Company’s and each of its subsidiaries’, associate’s financial statements are prepared as at and for the year ended 31 December 2025.

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

Basis of preparation and summary of material accounting policies

This note provides a list of the material accounting policies adopted in the preparation of these consolidated financial statements. These policies have been consistently applied to all the years presented, unless otherwise stated. The consolidated financial statements are for the Group consisting of the Company and its subsidiaries and the Group’s interest in an associate.

The accompanying consolidated financial statements are based on the statutory records, with adjustments and reclassifications for the purpose of fair presentation in accordance with IFRS as issued by the IASB. The financial statements have been prepared on a historical cost basis, except for the following measured at fair value:

Derivative financial instruments,

Financial asset at fair value through profit or loss and other comprehensive income.

(a)

Compliance with IFRS

The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and interpretations issued by the IFRS Interpretations Committee (“IFRICs”) applicable to companies reporting under IFRS. The financial statements comply with IFRS as issued by the International Accounting Standards Board (“IASB”).

The accounting policies, presentation and methods of computation are consistent with those of the previous financial year and corresponding reporting period, unless otherwise stated.

The General Assembly has the power to amend and reissue the financial statements. The consolidated financial statements as at and for the year ended 31 December 2025 were authorized for issue by the Board of Directors on 5 March 2026.

(b)

Restatement of financial statements during the hyperinflationary periods

The financial statements of the Company and those of the subsidiaries and associates located in Türkiye and Turkish Republic of Northern Cyprus for the year ended 31 December 2025 were restated for the changes in the general purchasing power of Turkish Lira, which is their functional currency, based on International Accounting Standard No. 29 (“IAS 29”) “Financial Reporting in Hyperinflationary Economies”. IAS 29 requires that financial statements prepared in the currency of a hyperinflationary economy be stated in terms of the measuring unit current at the balance sheet date and that corresponding figures for previous periods be restated in the same terms.

One characteristic that necessitates the application of IAS 29 is a cumulative three-year inflation rate approaching or exceeding 100%. Cumulative three-year inflation rate in Türkiye reached 211.4% as at 31 December 2025, based on the Turkish nation-wide Consumer Price Index (“CPI”) announced by the Turkish Statistical Institute (“TSI”). However, IAS 29 does not establish the rate of 100% as an absolute rate at which hyperinflation is deemed to arise. It is a matter of judgment when restatement of financial statements in accordance with IAS 29 becomes necessary. Moreover, hyperinflation is also indicated by characteristics of the economic environment of a country.

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

Basis of preparation and summary of material accounting policies (continued)

(b)

Restatement of financial statements during the hyperinflationary periods (continued)

The table below shows the evolution of CPI in the last three years and as of 31 December 2025:

	2025			2024			2023
Annual Index		3513.87			2684.55			1859.38
Average Index		3183.23			2360.03			1488.91
Yearly Inflation		30.9	%		44.4	%		64.8	%
Cumulative Inflation (last three years)		211.4	%		290.8	%		268.3	%

In a period of inflation, an entity holding an excess of monetary assets over monetary liabilities loses purchasing power and an entity with an excess of monetary liabilities over monetary assets gains purchasing power to the extent the assets and liabilities are not linked to a price level. The gain or loss on the net monetary position is included in the statement of profit or loss as monetary gain (loss) item.

The Company restated all the non-monetary items in order to reflect the impact of the inflation restatement reporting in terms of the measuring unit current as of 31 December 2025. Consequently, the main items restated were Property, Plant and Equipment, Intangible assets, Right-of-Use Assets, Inventories Investments in Equity Accounted Associate and Joint Venture and the Equity items.

Monetary items have not been restated because they are stated in terms of the measuring unit current as of 31 December 2025.

Comparative figures must also be presented in the current currency of 31 December 2025 and are restated using the general price index of the current year. Therefore, all comparative figures for the previous reporting periods have been restated, including foreign subsidiaries’ figures, by applying a general price index, so that the resulting comparative financial statements are presented in terms of the current unit of measurement as of the closing date of the reporting period.

In the statement of profit or loss, except for depreciation and amortization which is calculated using inflation adjusted asset basis, items are restated from the dates when the items of income and expense were initially recorded. The Group uses monthly general price index for this purpose.

Similar to statement of profit or loss, all items in the statement of other comprehensive income are expressed in terms of the measuring unit current at balance sheet date. Therefore, all amounts are restated by applying the change in the general price index from the dates when the items of income and expenses were initially recorded in the financial statements. Impact of inflation accounting on hedging reserve and cost of hedging reserve is transferred to retained earnings when hyperinflation accounting is ceased.

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

Basis of preparation and summary of material accounting policies (continued)

(b)

Restatement of financial statements during the hyperinflationary periods (continued)

All items except those arising from foreign operations in the statement of cash flows are expressed in a measuring unit current at the balance sheet date.

The subsidiaries that use functional currencies other than Turkish Lira (foreign companies with economies that are not considered to be hyperinflationary), do not apply IAS 29 (except for the adjustment of inflation for comparative presentation). The Group restates all comparative consolidated results and financial position in terms of the measuring unit current at the reporting date. The effect arising from the restatement of the beginning of the period net assets of the subsidiaries operating in the related foreign countries to the current period-end purchasing power for presentation purposes due to inflation accounting is reflected in foreign currency translation differences.

(c)

Functional and presentation currency

(i)

Transactions and balances

Transactions denominated in foreign currencies are translated into the functional currency using the exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated into the functional currency using the exchange rates at that date.

Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated to the functional currency using the exchange rates at the date when the fair value was determined. Exchange differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss.

Foreign exchange gains and losses are recognized in profit or loss, except:

For capitalized foreign exchange differences relating to borrowings to the extent that they are regarded as an adjustment to interest costs eligible for capitalization.

Foreign exchange differences are deferred in equity if they relate to qualifying cash flow hedges and qualifying net investment hedges or are attributable to part of the net investment in a foreign operation.

Foreign exchange gains and losses are presented in the statement of profit or loss on a net basis within finance income or finance costs.

(ii)

Foreign operations

The results and financial position of foreign operations (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

Assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet,

Equity for each balance sheet presented is translated at historic cost at the date of transaction,

Income and expenses for each statement of profit or loss and statement of comprehensive income are translated at average monthly exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions) and

All resulting exchange differences are recognized in other comprehensive income and accumulated in the foreign currency translation reserve, in equity.

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

Basis of preparation and summary of material accounting policies (continued)

(c)

Functional and presentation currency (continued)

(ii)

Foreign operations (continued)

On consolidation, exchange differences arising from the translation of borrowings designated as hedges of any net investment in foreign entities are recognized in other comprehensive income. When a foreign operation is sold, the associated exchange differences are reclassified to profit or loss, as part of the gain or loss on sale.

Foreign currency translation differences reclassified to the statement of profit or loss on disposal of a subsidiary are foreign currency translation differences arising on the conversion from the functional currency of the subsidiary sold to TL, which is the presentation currency of the Group.

Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate.

(d)

Use of estimates and judgments

The preparation of the consolidated financial statements requires the use of accounting estimates. Management also needs to exercise judgment in applying the Group’s accounting policies. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Alterations to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

Information about significant areas of estimation, uncertainty and critical judgments in applying accounting policies that have the most significant effect on the amounts recognized in the consolidated financial statements are described below:

Allowance for doubtful receivables

For trade receivables and contract assets the Group applies the simplified approach to providing for expected credit losses (ECL) prescribed in IFRS 9, which requires the use of the lifetime expected loss provision. The Group performed the calculation of ECL rates separately for individual, corporate and wholesale customers. The ECLs were calculated based on actual credit loss experience over the past years. Exposures within each group were segmented based on common credit risk characteristics such as delinquency status. Future collection performance of receivables is estimated by considering general economic conditions to incorporate forward looking information to the expected credit loss calculations.

The Group also applies the general approach defined in IFRS 9 for the recognition of impairment losses on receivables from financial services, carried at amortized cost. Group appropriately classifies its financial instruments considering common risk factors (such as the type of the instrument, credit risk rating, guarantees, time to maturity and sector) to determine whether the credit risk on a financial instrument has increased significantly and to account appropriate amount of credit losses in the consolidated financial statements.

Capitalization and useful lives of assets

The Group evaluates the nature of the capitalized asset for its property, plant and equipment and intangible assets within the scope of IAS 16 and IAS 38 standards, and accordingly, the related assets are depreciated from the date at which the assets are ready for use. The useful lives of such assets depend on management’s view, considering historical experience with similar products as well as anticipation of future events which may impact their life such as changes in technology.

The useful lives and residual values of the Group’s assets are estimated by management at the time the asset is acquired and regularly reviewed for appropriateness. The Group defines useful lives of its assets in terms of the assets’ expected utility to the Group.

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

Basis of preparation and summary of material accounting policies (continued)

(d)

Use of estimates and judgments (continued)

Capitalization and useful lives of assets (continued)

This judgment is based on the experience of the Group with similar assets. In determining the useful life of an asset, the Group also follows technical and/or commercial obsolescence arising on changes or improvements from a change in the market. The useful lives of the telecommunication licenses are based on the duration of the license agreements.

Gross versus net presentation of revenue

When the Group sells goods or services as a principal, revenue and operating costs are recorded on a gross basis. When the Group sells goods or services as an agent, revenue and operating costs are recorded on a net basis, representing the net margin earned. Whether the Group is considered to be acting as principal or agent in the transaction depends on management’s analysis described below and such judgments impact the amount of reported revenue and operating costs but do not impact reported assets, liabilities or cash flows:

Indicators that an entity is a principal:

The entity is primarily responsible for fulfilling the promise to provide the specified good or service,

The entity has inventory risk before the specified good or service has been transferred to a customer or after transfer of control to the customer,

The entity has discretion in establishing the price for the specified good or service.

Contracted handset sales

The Group, the distributors and dealers offer joint campaigns to the subscribers which may include the sale of device by the dealer and/or distributor and a communication service to be provided by the Company. The Company recognizes revenue on net basis, representing the net margin earned, where all or most of the indicators below exists for the device in these transactions:

The Company is not the primary obligor for the sale of handset,

The Company does not have control over the sale prices of handsets,

The Company has no inventory risk.

In all other cases, where above factors do not exist, the Company tends to make judgement primarily by seeking whether or not the inventory risk exists. Inventory risk may arise from the Group’s exposure to economic loss for inventory held prior to the transfer of control to the customer, and/or from firm minimum-purchase commitments with suppliers that expose the Group to economic loss.

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

Basis of preparation and summary of material accounting policies (continued)

(d)

Use of estimates and judgments (continued)

Income taxes

The calculation of income taxes involves a degree of estimation and judgment in respect of certain items whose tax treatment cannot be finally determined until resolution has been reached with the relevant tax authority or, as appropriate, through formal legal process.

As part of the process of preparing the consolidated financial statements, the Group is required to estimate the income taxes in each of the jurisdictions and countries in which it operates. This process involves estimating the actual current tax exposure together with assessing temporary differences resulting from differing treatment of items, such as deferred revenue and reserves for tax and accounting purposes.

The recognition of deferred tax assets is based upon whether it is probable that future taxable profits will be available against which unrecognized tax losses and temporary differences can be utilized. Recognition, therefore, involves judgment regarding the future financial performance of the particular legal entity in which the deferred tax asset has been recognized.

Provisions, contingent liabilities and contingent assets

As detailed and disclosed in Note 32, the Group is involved in a number of investigations and legal proceedings (both as a plaintiff and as a defendant) arising in the ordinary course of business. All these investigations and litigations are evaluated by the Group Management and when it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation, they are accounted for in the consolidated financial statements. For ongoing investigations, Group Management considers the following in determining if a provision should be recognized and the amount of provision needed; i) actual results of investigations in similar nature, ii) information gathered from investigating regulators during oral defense or other meetings, iii) publicly available information about developments at similar investigations completed by the investigating authority. Future results or outcome of these investigations and litigations might differ from these Group Management’s expectations.

All significant investigations and litigations are disclosed unless possibility of outflow is considered remote (and where information concerning provisions are very sensitive, and full disclosure could prejudice the outcome of cases). As at the reporting date, the Group Management believes that appropriate recognition criteria and measurement basis are applied to provisions, contingent liabilities and contingent assets and that sufficient information is disclosed in the notes to enable users to understand their nature, timing and amount by considering current conditions and circumstances.

Asset Retirement Obligation

The Group recognize dismantling cost for towers and base stations and provision for site restoration in the cost of an item of property, plant and equipment where the company has such a legal or constructive obligation. The dismantling costs are calculated according to best estimate of future expected payments discounted at a discount rate that reflects current market assessments of the time value of money and the risks specific to the liability. Net present value of dismantling cost is recognized as cost of the item of property, plant and equipment in non-current assets and as a long-term provision in non-current liability. Depreciation is calculated by using the same useful life relating to that asset and discount interest expense is recognized under finance cost in the statement of profit or loss. The Group expects that the obligations for dismantling, removing and site restoration will not be realized before the associated assets’ end of useful life. Obligations for dismantling, removing and site restoration are discounted using a discount rate of 9.8% –30.5% at 31 December 2025 (31 December 2024: 9.5% –31.2%)

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

Basis of preparation and summary of material accounting policies (continued)

(d)

Use of estimates and judgments (continued)

Floating rate loans and borrowings

For floating–rate loans and borrowings, The Group calculates the effective interest rate(“EIR”) based on a market–derived yield curve applicable for the entire life of the instrument. While applying this approach, the calculated EIR is applied until estimated future cash flows are revised, at which point a new EIR is calculated based on the revised cash flow expectations and the current carrying amount.

(e)

Changes in accounting policies

Other than the adoption of the new and revised standards as explained in Note 2(z), the Group did not make any significant changes to its accounting policies during the current year.

(f)

Changes in accounting estimates

If the application of changes in the accounting estimates affects the financial results of a specific period, the changes in the accounting estimates are applied in that specific period, if they affect the financial results of current and following periods; the accounting estimate is applied prospectively in the period in which such change is made. A change in the measurement basis applied is a change in an accounting policy, and is not a change in an accounting estimate.

The Company does not have significant changes in accounting estimates during the year.

(g)

Comparative information and revision of prior period financial information

The consolidated financial statements of the Group are prepared comparatively with the previous period in order to enable comparability of the financial position and performance trends. In order to comply with the presentation of the current period consolidated financial statements, comparative information is reclassified when deemed necessary and significant differences are disclosed. Significant changes in accounting policies and significant accounting errors are applied retrospectively and prior period financial statements are restated.

The Group has re-evaluated the operating segments in 2025 and changed the segments. As such, prior year segment reporting was restated to be in line with current operating segment structure (Note 5)

(h)

Principles of consolidation and equity accounting

(i)

Business combinations

Business combinations are accounted for using the acquisition method. The consideration transferred in a business combination comprises:

The fair value of the assets transferred,

Liabilities incurred to the former owners of the acquired business,

Equity interests issued by the Group,

The fair value of any asset or liability resulting from a contingent consideration arrangement, and

The fair value of any pre-existing equity interest in the subsidiary.

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

Basis of preparation and summary of material accounting policies (continued)

(h)

Principles of consolidation and equity accounting (continued)

(i)

Business combinations (continued)

Acquisition-related costs are expensed as incurred.

Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date.

Goodwill is measured as the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests. The Group recognizes any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest’s proportionate share of the acquired entity’s net identifiable assets.

Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity’s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions.

Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value with changes in fair value recognized in profit or loss.

(ii)

Subsidiaries

Subsidiaries comprise all entities over which the Group has control. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.

The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.

Intercompany transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of profit or loss, statement of comprehensive income, statement of changes in equity and statement of financial position, respectively.

(iii)

Changes in ownership interests

The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the Group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to the non-controlling and any consideration paid or received is recognized in retained earnings within equity attributable to owners of the Company.

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

Basis of preparation and summary of material accounting policies (continued)

(h)

Principles of consolidation and equity accounting (continued)

(iv)

Business combinations under common control

Business combinations between entities or businesses under common control are excluded from the scope of IFRS 3. In a business combination under common control, assets and liabilities of the acquired entity are stated at predecessor carrying values. Any difference between the consideration given and the aggregate book value of the assets and liabilities of the acquired entity at the date of the transaction is recognized in equity. The acquired entity’s results and financial position are incorporated as if both entities (acquirer and acquiree) had always been combined, or using the results from the date when either entity joined the Group, where such a date is later.

(v)

Investments in associates and joint ventures

An associate is an entity over which the Group has significant influence, but not control or joint control. This is generally the case where the Group holds between 20% and 50% of the voting rights. A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. Investments in associates and joint ventures are accounted for using the equity method of accounting after initially being recognized at cost.

The accounting policies of both companies are aligned with those of the Group. Therefore, no adjustments are made when measuring and recognizing the Group’s share of the profit or loss of the investees after the date of acquisition.

There is no significant goodwill included in the carrying value of associate or joint venture.

Under the equity method of accounting, an investment in an associate is initially recognized at cost and adjusted thereafter to recognize the Group’s share of the post-acquisition profits or losses of the investee in profit or loss, and the Group’s share of movements in other comprehensive income of the investee in other comprehensive income.

The carrying amount of equity-accounted investments is tested for impairment if impairment indicators exist.

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

Basis of preparation and summary of material accounting policies (continued)

(i)

Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

Financial Assets

The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. The Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs.

In order for a financial asset to be classified and measured at amortized cost or fair value through other comprehensive income, it needs to give rise to cash flows that are ‘solely payments of principal and interest (SPPI)’ on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. Financial assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model.

The Group’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets classified and measured at amortized cost are held to collect contractual cash flows while financial assets classified and measured at fair value through other comprehensive income are held to collect contractual cash flows and selling.

Subsequent measurement

For purposes of subsequent measurement, financial assets are classified in four categories:

Financial assets at amortized cost (debt instruments)

·       Financial assets at fair value through other comprehensive income with recycling of cumulative gains and losses (debt instruments)

·       Financial assets designated at fair value through other comprehensive income with no recycling of cumulative gains and losses upon derecognition (equity instruments)

Financial assets at fair value through profit or loss

(ii)

Financial assets at amortized cost (debt instruments)

Financial assets at amortized cost are subsequently measured using EIR method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired.

The Group’s financial assets at amortized cost includes time deposits with maturity more than three months. For more information, refer to Note 24.

(iii)

Financial assets at fair value through other comprehensive income (debt instruments)

For debt instruments at fair value through other comprehensive income, interest income, foreign exchange revaluation and impairment losses or reversals are recognized in the statement of profit or loss and computed in the same manner as for financial assets measured at amortized cost. The remaining fair value changes are recognized in other comprehensive income. Upon derecognition, the cumulative fair value change recognized in other comprehensive income is recycled to profit or loss.

The Group’s debt instruments at fair value through other comprehensive income includes investments in listed debt securities. For more information, refer to Note 24.

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

Basis of preparation and summary of material accounting policies (continued)

(i)

Financial instruments (continued) Financial Assets (continued)

(iv)

Financial assets at fair value through profit or loss

Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the statement of profit or loss.

This category includes investment funds and income from money market fund, and currency protected time deposits which the Group were irrevocably designated at fair value through profit or loss.

When an investment in an associate or a joint venture is held by, or is held indirectly through, an entity that is a venture capital organization, or a mutual fund, unit trust and similar entities including investment-linked insurance funds, the entity may elect to measure that investment at fair value through profit or loss in accordance with IFRS 9.Thus, the Group elects to measure all investments held by RE-PIE Portfoy Yonetim A.S Turkcell Yeni Teknolojiler Girisim Sermayesi (“Turkcell GSYF”) at fair value through profit or loss. For more information, refer to Note 24.

(v)

Impairment

The Group assesses on a forward-looking basis ECL associated with its debt instruments carried at amortized cost and fair value through other comprehensive income. The impairment methodology applied depends on whether there has been a significant increase in credit risk.

Loss allowances are measured on either of the following bases.

12 month expected credit losses (ECLs): these are ECLs that result from possible default events within the 12 months after the reporting date and

Lifetime ECLs: these are ECLs that result from all possible default events over the expected life of a financial instrument.

All Group companies apply simplified lifetime ECL measurement for trade receivables and contract assets except Turkcell Finansman which applies the general approach for trade receivable and contract assets.

Cash and cash equivalents

For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions and other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

(i)

Sale and Repurchase Agreements

Securities purchased under agreements to resell (“Reverse Repo”) are classified and measured at amortized cost with the objective to collect contractual cash flows that are SPPI. Reverse repo transactions are recognized as cash and cash equivalents because they have short-term maturity and is readily convertible to a known amount of cash and subject to an insignificant risk of changes in value.

Central Bank Accounts

According to the “Regulation on Required Reserves (Issue: 2013/15)” published in the Official Gazette No. 31818 on 23 April 2022, TL-denominated cash loans determined by the Central Bank and their issued securities—based on the accounting standards and record-keeping principles applicable to financing companies—loans obtained from domestic banks were also made subject to required reserves. With the amendment to the Communiqué published in the Official Gazette dated 2 December 2025 and numbered 33095, it was decided that TL and foreign currency liabilities of financing companies to domestic banks would be excluded from the scope of required reserves.

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

Basis of preparation and summary of material accounting policies (continued)

(i)

Financial instruments (continued)

Central Bank Accounts (continued)

As for the liabilities subject to required reserves, the rates for Turkish lira required reserves are between 3% and 8% depending on the maturity structure, while the rates for foreign currency required reserves are between 5% and 28%, depending on the maturity structure. (As of 31 December 2024: 5% - 26%). Required reserves are reported as restricted cash under other current assets (Note 17).

Trade receivables

Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. If collection of the amounts is expected in one year or less, they are classified as current assets. If not, they are presented as non-current assets.

Current trade receivables that do not contain a significant financing component are measured at the transaction price, less provision for impairment. When the period between the transfer of the promised good or service and the payment is one year or less, the Group applies the practical expedient and does not adjust the consideration for the effects of a significant financing component. However, non-current trade receivables are recognized initially at fair value and subsequently measured at amortized cost using EIR method, less provision for impairment. See Note 35 for a description of the Group’s impairment policies.

Related parties

A related party is a person or entity that is related to the Group.

(a)

A person or a close member of that person’s family is related to the Group if that person:

(i)

has control or joint control of the Group

(ii)

has significant influence over the Group; or

(iii)

is a member of the key management personnel of the Group or of a parent of the Group.

(b)

An entity is related to the Group if any of the following conditions applies:

(i) The entity and the Group are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others).

(ii) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member).

(iii) Both entities are joint ventures of the same third party.

(iv) One entity is a joint venture of a third entity and the other entity is an associate of the third entity.

(v) The entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group. If the Group is itself such a plan, the sponsoring employers are also related to the Group.

(vi) The entity is controlled or jointly controlled by a person identified in (a).

(vii) A person identified in (a) (i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity).

(viii) The entity, or any member of a group of which it is a part, provides key management personnel services to the reporting entity or to the parent of the reporting entity

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

Basis of preparation and summary of material accounting policies (continued)

(i)

Financial instruments (continued)

Financial liabilities

All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.

The Group’s financial liabilities include trade and other payables, loans and borrowings, and derivative financial instruments.

(i)

Subsequent measurement

For purposes of subsequent measurement, financial liabilities are classified in two categories:

Financial liabilities at fair value through profit or loss

Financial liabilities at amortized cost (loans and borrowings)

(ii)

Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss.

Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognized in the statement of profit or loss.

(iii)

Financial liabilities at amortized cost (loans and borrowings)

After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through the EIR amortization process.

Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as finance costs in the statement of profit or loss. For more information, refer to Note 28.

(iv)

Derecognition

A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of profit or loss.

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

Basis of preparation and summary of material accounting policies (continued)

(i)

Financial instruments (continued)

Offsetting financial assets and financial liabilities

Financial assets and liabilities are offset and the net amount presented in the statement of financial position where the Group has a legally enforceable right to offset the recognized amounts, and there is an intention to settle on a net basis or to realize the asset and settle the liability simultaneously.

(j)

Derivative financial instruments and hedge accounting

Derivative instruments are initially recognized at the acquisition cost reflecting the fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. The derivative instruments of the Group mainly consist of participating cross currency swap contracts which is a cross- currency swap product featuring both buy and sell option structures, cross currency /interest rate swap contracts, foreign currency swap contracts and currency forward contracts instruments. These derivative transactions, even though providing effective economic hedges under the Group risk management position, do not generally qualify for hedge accounting under the specific rules and are therefore treated as derivatives held for trading in the consolidated financial statements. The fair value changes for these derivatives are recognized in the consolidated income statement.

Fair values of foreign exchange forwards, interest rate and foreign exchange swaps (IRS, Cross Currency Swaps etc.) and options are calculated with market levels of interest rates and Central Bank of Republic of Türkiye (“CBRT”) exchange rates via valuation methods and pricing instruments correspondent with market standards. If market levels are not available for valuation date, fair value for forward contracts will be the value of the discounted future value of the difference between contract price level and forward value of CBRT exchange rate with risk free rates for the period. Interest rate and currency swaps will be valued with the difference of the discounted cash flows of each leg of the swaps using risk free rates and CBRT exchange rates. Option transactions will be valued with option pricing models using risk free rates and CBRT exchange rates.

At inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and hedged items including whether changes in the cash flows of the hedging instruments are expected to offset changes in the cash flows of hedged items. The Group documents its risk management objective and strategy for undertaking its hedge transactions. The hedging transactions of the Group that qualify for hedge accounting are accounted for as follows:

(i)

Fair value hedge

Changes in the fair value of derivatives that are designated and qualified as fair value hedges are recorded in the income statement, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The change in the fair value of hedged asset or liability attributable to the hedged risk is recorded as part of the carrying value of the hedged asset or liability during the effective hedging relationship. If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item, for which the effective interest method is used, is amortized using a recalculated effective interest rate.

Fair value hedge accounting has not been applied as of 31 December 2025 and 2024.

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

Basis of preparation and summary of material accounting policies (continued)

(j)

Derivative financial instruments and hedging accounting (continued)

(ii)

Cash flow hedge

Hedges of exposures to variability in cash flows that are attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction and could affect profit and loss are designated as cash flow hedges by the Group in accordance with IFRS 9 hedge accounting requirement. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in the cash flow hedge reserve within equity. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss. Gains or losses relating to the effective portion of the change in intrinsic value of the options are recognized in the cash flow hedge reserve within equity. The changes in the time value of the options that relate to the hedged item (“aligned time value”) are recognized within other comprehensive income in the costs of hedging reserve within equity.

Under IFRS 9, at inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and hedged items including whether changes in the cash flows of the hedging instruments are expected to offset changes in the cash flows of hedged items. The Group documents its risk management objective and strategy for undertaking its hedge transactions.

Hedging relationship is discontinued in its entirety when as a whole it ceases to meet the qualifying criteria after considering the rebalancing of the hedging relationship. Voluntary discontinuation is not done, as it’s prohibited by IFRS 9. Hedge accounting is discontinued when the risk management objective for the hedging relationship has changed, the hedging instrument expires or is sold, terminated or exercised, there is no longer an economic relationship between the hedged item and hedging instrument or when the effect of credit risk starts dominating the value changes that result from the economic relationship.

When the Group discontinues hedge accounting for a cash flow hedge it accounts for the amount that has been accumulated in the cash flow hedge reserve as follows;

-If the hedged future cash flows are still expected to occur, that amount shall remain in the cash flow hedge reserve until the future cash flows occur. That amount shall be reclassified from the cash flow hedge reserve to profit or loss as a reclassification adjustment in the same period or periods during which the expected future cash flows affect profit or loss.

- If the hedged future cash flows are no longer expected to occur, that amount shall be immediately reclassified from the cash flow hedge reserve to profit or loss as a reclassification adjustment

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

Basis of preparation and summary of material accounting policies (continued)

Derivative financial instruments and hedging accounting (continued)

(iii)

Foreign currency hedge of net investments in foreign operations

Foreign exchange gains or losses on the hedging instrument relating to the effective portion of the foreign currency hedge of net investments in foreign operations are recognized in other comprehensive income while any gains or losses relating to the ineffective portion is recognized in the income statement. Tax effects of foreign exchange gains or losses on the hedging instrument relating to the effective portion of the foreign currency hedge of net investments in foreign operations is recognized under other comprehensive income as well (Note 34).

(k)

Property, plant and equipment

(i)

Recognition and measurement

Items of property, plant and equipment are stated at historical cost adjusted for the effects of inflation during the hyperinflationary period, where applicable, less depreciation and impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes cost of materials and direct labor, any other costs directly attributable to bringing the asset to a working condition for its intended use and the costs of dismantling and removing the items and restoring the site on which they are located, if any.

Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These are included in profit or loss.

Changes in the obligation to dismantle, remove assets on sites and to restore sites on which they are located, other than changes deriving from the passing of time, are added or deducted from the cost of the assets in the period in which they occur. The amount deducted from the cost of the asset cannot exceed the balance of the carrying amount on the date of change, and any excess balance is recognized immediately in profit or loss. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.

(ii)

Subsequent costs

Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognized when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.

(iii)

Depreciation

Depreciation is calculated using the straight-line method to allocate their cost, net of their residual values, over their estimated useful lives.

Land is not depreciated.

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

Basis of preparation and summary of material accounting policies (continued)

(k)

Property, plant and equipment (continued)

(iii)

Depreciation (continued)

The ranges of estimated useful lives are as follows:

Mobile network infrastructure	4–20 years
Fixed network infrastructure	3–25 years
Call center equipment	4–8 years
Buildings	21–25 years
Equipment, fixtures and fittings	2–10 years
Motor vehicles	4 – 6 years
Electricity power plant	20 years
Leasehold improvements	3 – 5 years

Depreciation methods, useful lives and residual values are reviewed, and adjusted if appropriate, at the end of each reporting period.

(iv)

Borrowing costs

General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalized during the period that is required to complete and prepare the asset for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period to get ready for their intended use or sale. Other borrowing costs are expensed in the period in which they are incurred.

(l)

Intangible assets

(i)

Telecommunication licenses

Separately acquired telecommunication licenses are stated at historical cost adjusted for the effects of inflation during the hyperinflationary period, where applicable, less amortization and impairment losses.

Amortization

Amortization is recognized in the statement of profit or loss on a straight-line basis by reference to the license period. The range of estimated useful life for telecommunication licenses are as follows:

Telecommunications licenses

6 – 20 years

The Company has been granted the 2G, 3G and 4.5G licenses on 27 April 2023 (renewed) 30 April 2009 and 26 August 2015, respectively. The licenses are effective for 6, 20 and 13 years, respectively.

(ii)

Computer software

Acquired computer software licenses are stated at historical cost adjusted for the effects of inflation during the hyperinflationary period, where applicable, less amortization and impairment losses. Acquired computer software licenses are capitalized based on the costs incurred to acquire and bring to use the specific software.

Costs associated with maintaining computer software programs are recognized as an expense as incurred.

Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognized as intangible assets when the following criteria are met:

It is technically feasible to complete the software such that it will be available for use,

Management intends to complete the software and use or sell it,

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

Basis of preparation and summary of material accounting policies (continued)

(I)

Intangible assets (continued)

(ii)

Computer software (continued)

There is an ability to use or sell the software,

It can be demonstrated how the software will generate probable future economic benefits,

Adequate technical, financial and other resources to complete the development and to use or sell the software are available and

The expenditure attributable to the software during its development can be reliably measured.

Directly attributable costs that are capitalized as part of the software include employee costs and an appropriate portion of relevant overheads.

Research expenditure and development expenditure that do not meet the criteria above are recognized as an expense as incurred. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period.

Capitalized development costs are recorded as intangible assets and amortized from the point at which the asset is ready for use.

Amortization

Amortization is recognized in the statement of profit or loss on a straight-line basis over the estimated useful lives. The range of estimated useful life for computer software are as follows:

Computer software

3 – 8 years

Amortization methods, useful lives and residual values are reviewed, and adjusted if appropriate, at the end of each reporting period.

(iii)

Other intangible assets

Other intangible assets that are acquired by the Group which have finite useful lives are stated at historical cost adjusted for the effects of inflation during the hyperinflationary period, where applicable, less amortization and impairment losses. Indefeasible Rights of Use (“IRU”) are rights to use a portion of an asset’s capacity granted for a fixed period of time. IRUs are recognized as intangible asset when the Group has specific indefeasible rights to use an identified portion of an underlying asset and the duration of the right is for the major part of the underlying asset's useful economic life. IRUs are amortized over the shorter of the underlying asset's useful economic life and the contract term.

Amortization

Amortization is recognized in the statement of profit or loss on a straight-line basis over the estimated useful lives. The ranges of the estimated useful lives for other intangible assets are as follows:

Indefeasible right-of-use	15 years
Transmission line software	5–10 years
Subscriber acquisition cost	2–7 years
Electricity production license	20 years

Amortization methods, useful lives and residual values are reviewed, and adjusted if appropriate, at the end of each reporting period. Useful lives of subscriber acquisition cost are determined based on expected subscriber lifetimes.

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

Basis of preparation and summary of material accounting policies (continued)

(I)

Intangible assets (continued)

Goodwill

Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortized but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired. It is carried at cost adjusted for the effects of inflation during the hyperinflationary period (when it is arising from acquisition of a business whose functional currency is hyperinflationary), less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.

(m)

Investment properties

Recognition and measurement

Investment properties are properties held for rental yields and/or for capital appreciation (including property under construction for such purposes). Investment properties are stated at historical cost adjusted for the effects of inflation during the hyperinflationary period, where applicable, less depreciation and impairment losses.

An investment property is derecognized upon disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of the property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the period in which the property is derecognized.

Depreciation

Depreciation is calculated using the straight-line method to allocate their cost, net of their residual values, over their estimated useful lives. The ranges of estimated useful lives are as follows:

Investment Property

25-45 years

Depreciation methods, useful lives and residual values are reviewed, and adjusted if appropriate, at the end of each reporting period.

(n)

Inventories

Inventories are stated at the lower of cost, which is adjusted for the effects of inflation during the hyperinflationary period, where applicable, and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs necessary to make the sale. Cost of inventory is determined using the weighted average method and comprises all costs of purchase and other costs incurred in bringing the inventories to their present location and condition. Costs of purchased inventory are determined after deducting rebates and discounts. At 31 December 2025 and 2024, inventories mainly consisted of mobile phone and its accessories, tablet, sim-cards, tower construction materials and other electronic products.

(o)

Impairment of non-financial assets

The Group assesses, at each reporting period, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash generating unit’s (“CGU”) fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

Basis of preparation and summary of material accounting policies (continued)

(o)

Impairment of non-financial assets (continued)

For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses no longer exist or have decreased.

(p)

Employee benefits

(i)

Short-term obligations

Liabilities for salaries including non-monetary benefits that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognized in respect of employees’ services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as employee benefit obligations in the statement of financial position.

(ii)

Post-employment benefits

In accordance with the labor law in Türkiye, the Company and its subsidiaries in Türkiye are required to make lump-sum payments to employees who have completed one year of service and whose employment is terminated without cause or who retire, are called up for military service or die. Such payments are considered as being part of defined benefit plans in accordance with IAS 19 Employee Benefits (“IAS 19”). Thus, the Group has recognized the retirement pay liability provision which is calculated by estimating the present value of future probable obligation of the Company and its subsidiaries in Türkiye arising from retirement of employees. Provision for retirement pay liability is calculated by independent actuaries using the projected unit credit method. The calculated actuarial gains and losses are all recognized in other comprehensive income. For Turkish legal entities, the provision is calculated based on 30 days' pay up to a maximum TL 53.9 as at 31 December 2025 (31 December 2024: TL 41.8), per year of employment, which is adjusted for future increases due to inflation applicable at the date of retirement. Discount rate used for calculating retirement pay liability as of 31 December 2025 is 3.85% (31 December 2024: 2.2%).

(iii)

Share-based payments

The Group provides a cash-settled share-based payment plan for selected employees in return for their services. For cash-settled share-based payment transactions, the Group measures services received and the liability incurred at the fair value of the liability. Liabilities for cash-settled share-based payment plan are recognized as employee benefit expense over the relevant service period. The fair value of the liability is re-measured at each reporting date and at the settlement date. Any changes in fair value are recognized in profit or loss for the period.

(iv)

Personnel bonus

Provision for bonus is provided when the bonus is a legal obligation, or past practice would make the bonus a constructive obligation and the Group is able to make a reliable estimate of the obligation.

(v)

Defined contribution plans

For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognized as employee benefit expense when they are due.

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

Basis of preparation and summary of material accounting policies (continued)

(q)

Provisions

A provision is recognized if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of resources will be required to settle the obligation.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognized even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Provisions are measured at the present value of management’s best estimate of the outflow required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognized as interest expense.

Dismantling, removal and restoring sites obligation

The Group is required to incur certain costs in respect of a liability to dismantle and remove assets and to restore sites on which the assets were located. The dismantling costs are calculated according to best estimate of future expected payments discounted at a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the liability.

(r)

Revenue

Revenue principally consists of telecommunication services revenue, equipment revenue, revenue from financial services and other revenues.

General principles of revenue recognition are summarized below.

Revenue is recognized at the amount of the transaction price that is allocated to the performance obligation. The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. Revenue is recognized when control is transferred to the customer.

Revenue from telecommunication services includes postpaid and prepaid revenue from voice, data, messaging and value-added services, fixed internet services, interconnect revenue, and roaming revenue.

The Group generally recognizes telecommunication revenue over time as it transfers services to its customers because the subscriber simultaneously receives and consumes the benefits provided by the Group, as the Group performs. For certain contracts, the Group recognizes revenue for the products and services early within the contract term, where the collection is made in deferred terms. Collection under these contracts, are considered probable as the Group has contractual right to collect, it has a firm policy and practice to enforce its contractual rights and has a historic pattern of collection.

As a practical expedient, if at contract inception the Group expects that the period between the transfer of a promised good or service to a customer and the customer’s payment for that good or service will be one year or less, the Group does not adjust the promised consideration for the effects of a significant financing component. This practical expedient is not applicable to financial services revenue.

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

Basis of preparation and summary of material accounting policies (continued)

(r)

Revenue (continued)

Bundled services and products and determination of relative standalone price

Services may be bundled with other products and services and these bundled elements involve consideration in the form of a fixed fee or a fixed fee coupled with a continuing payment stream. A good or service is distinct if both of the following criteria are met:

The good or service is capable of being distinct, which is considered present if it is frequently sold on standalone basis by the Group or other third parties,

The promise to transfer the good or service is distinct within the context of the contract, which is considered present if there is no significant integration that combines the goods or services.

The arrangement consideration is allocated to each performance obligation identified in the contract on a relative standalone selling price. If an element of a transaction is not distinct, then it is accounted for as an integral part of the remaining elements of the transaction. Revenue from device sales is recognized when control of the device has been transferred, being the time when delivered to the end customer. For device sales, revenue is recognized at the time when control of the device has been transferred, being when the products are delivered.

Revenue is recognized at the amount of the transaction price that is allocated to the performance obligation. The transaction price is allocated between the identified obligations according to the relative standalone selling prices of the obligations. The determination of standalone selling prices for the telecommunications services that are regularly sold on an individual basis by the Group, are not considered to be a critical accounting judgement since the Group uses the actual standalone price of similar services sold by itself in similar circumstances. However, in cases where the identical goods or services are not sold by the Group, stand-alone selling prices for similar goods and services sold by third parties are observed for the estimation purpose.

Equipment revenue

Equipment revenue consists of, sales of consumer electronics devices to consumers and distinct hardware and other devices delivered as part of digital business solutions to the corporate consumers. These sales are recognized at the point in time when control is transferred to the customer, typically upon delivery of risks and rewards to the customer.

Revenue from financial services

Revenue from financial services consists of interest income earned from consumer financing activities of Turkcell Finansman which is recognized over time in accordance with effective interest method and mobile payment subscriber revenues, merchant commission, bill payment and prepaid card revenues of Turkcell Ödeme ve Elektronik Para Hizmetleri A.Ş. . Revenue from merchant commission, bill payment, and prepaid card services is recognized when control of the underlying service is transferred to the customer; in other words, at the point in time the service is delivered. Mobile payment subscriber revenues, on the other hand, represent revenue streams that are recognized over time.

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

Basis of preparation and summary of material accounting policies (continued)

(r)

Revenue (continued)

Contracted device sales through distributors and dealers

The Group, its distributors and dealers offer joint campaigns to subscribers (mainly corporate subscribers) which may include the sale of device by the dealer and/or the distributor and the sale of communication service by the Group. In certain campaigns, dealers make the handset sales to the subscribers with deferred payment terms. Installment of these handset sales are collected by the Group through letters of undertaking (a formal document transferring right to collect) signed by all parties. The Group pays the distributor the net present value of the installments to be collected from the subscribers and recognizes “contracted receivables” (those that are transferred by the dealers/distributors) in its statement of financial position. The undue (not collected) portion of these contracted receivables which were paid upfront to the distributors/dealers by the Group is classified as “undue assigned contracted receivables” in trade receivables (Note 19). When monthly installment is invoiced to the subscriber, related portion is reclassified as “receivables from subscribers”.

In some cases the Group and distributors offer subscribers to buy a device through consumer financing loan, which will be collected by Turkcell Finansman. The Group carries a risk of collection in these transactions. Turkcell Finansman collects the purchased credit from the subscriber during the contract period. This is classified as revenue from financial services and it represents interest income generated from consumer financing activities. Interest income is recognized as it accrues, using the effective interest method.

In all of the above summarized sales, the Group recognizes device revenue in accordance with the results of the principal and agent analysis explained at note (d); when the Group acts as principal revenue is recognized as gross and when the Group acts as agent, revenue is recognized as net.

The revenue recognition policy for other revenues is to recognize revenue as services are provided.

Contract assets and liabilities

When one of the parties performs the contract, based on the relationship between the Group’s performance and the customer’s payment, the Group recognizes the contract as either a contract asset or a contract liability in the statement of financial position. The Group presents its unconditional rights to the consideration as a receivable separately. Before transferring a good or service to the customer, if the customer is required to pay the consideration or the Group has an unconditional right to receive the consideration (in other words, has a receivable), the Group recognizes the contract as a contract liability on the date the payment is made or the payment due date (whichever is earlier). A contract liability represents the Group's obligation to transfer goods or services to the customer in exchange for the consideration that it has received (or has the right to collect) from the customer. In cases where the Group performs its obligation by transferring goods or services to the customer before the customer makes the payment or before the payment due date, the Group recognizes the contract as a contract asset (excluding amounts presented as receivable). A contract asset represents the Group's right to receive the consideration for the goods or services it has transferred to the customer. The Group evaluates the contract asset for impairment in accordance with IFRS 9. The impairment of a contract asset is measured, presented, and disclosed according to the same principles as a financial asset under IFRS 9.

Contract costs

Contract costs eligible for capitalization as incremental costs of obtaining a contract comprise commission on sale relating to prepaid and postpaid contracts with acquired or retained subscribers. Contract costs are capitalized in the month of service activation if the Group expects to recover those costs. Contract costs comprise sales commissions to dealers and to own salesforce which can be directly attributed to an acquired or retained contract. Contract costs are classified as intangible assets in the consolidated financial statements. The asset is amortized on a straight-line basis over the customer lifetime, consistent with the pattern of recognition of the associated revenue.

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

Basis of preparation and summary of material accounting policies (continued)

(r)

Income taxes

The income tax expense or credit for the period is the tax payable on the current period’s taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.

Income tax expense is recognized in the statement of profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. The current income tax charge is calculated based on the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company and its subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions, where appropriate, based on amounts expected to be paid to the tax authorities.

Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognized if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss and at the time of the transaction, does not give rise to equal taxable and deductible temporary differences. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred tax assets are recognized only if it is probable that future taxable amounts will be available to utilize those temporary differences and tax losses.

Deferred tax liabilities and assets are not recognized for temporary differences between the carrying amount and tax bases of investments in foreign operations where the Company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

Companies within the Group may be entitled to claim special tax exemptions for capital investments in qualifying assets or in relation to qualifying expenditure (e.g., the Research and Development Tax Incentive regime in Türkiye or other investment allowances). The Group accounts for such allowances as tax credits, which means that the allowance reduces income tax payable and current tax expense. A deferred tax asset is recognized for unclaimed tax credits that are carried forward as deferred tax assets.

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

Basis of preparation and summary of material accounting policies (continued)

(s)

Earnings per share

The Group does not have any potential ordinary shares in issue, therefore basic and diluted earnings per share (“EPS”) are equal. Since basic and diluted EPS are equal, the Group presents both basic and diluted EPS on one line described as “Basic and diluted EPS”.

Basic EPS is calculated by dividing the profit attributable to ordinary shareholders of the Company by the weighted-average number of ordinary shares outstanding during the financial year, excluding treasury shares. In Türkiye, entities can increase their share capital by distributing “Bonus share” to shareholders from retained earnings. In computing earnings per share, such “Bonus share” distributions are treated as issued shares. Accordingly, the retrospective effect for such share distributions is taken into consideration when determining the weighted-average number of shares outstanding.

(t)

Non-current assets held for sale and discontinued operations

The Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use.

Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell.

The criteria for held for sale classification is regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Assets and liabilities classified as held for sale are presented separately as current items in the statement of financial position.

Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the statement of profit or loss.

Additional disclosures are provided in Note 3. All other notes to the financial statements include amounts for continuing operations, unless indicated otherwise.

(u)

Equity

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds.

Where any Group company purchases the Company’s equity instruments, for example as the result of a share buy-back plan, the consideration paid, including any directly attributable incremental costs (net of income taxes) is deducted from equity attributable to the owners of the Company as treasury shares until the shares are cancelled or reissued. Where such ordinary shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the owners of the Company (Note 25).

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

Basis of preparation and summary of material accounting policies (continued)

(v)

Dividends

Liability is recognized for any dividend declared, being appropriately authorized and no longer at the discretion of the Company, on or before the end of the reporting period but not distributed at the end of the reporting period.

(w)

Leases

At inception of a contract, the Group assesses whether a contract is, or contains a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, The Group assesses whether:

The contract involved the use of an identified asset - this may be specified explicitly or implicitly;

The asset should be physically distinct or represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, the asset is not identified;

The Group has the right to obtain substantially all of the economic benefits from the use of an asset throughout the period of use and

The Group has the right to direct use of the asset. The Group has the right when it has the decision-making rights that are most relevant to changing the how and for what purpose the asset is used. If these decisions are predetermined;

The Group has the right to operate the asset or,

The Group designed the asset in a way that predetermines how and for what purpose it is used.

At inception or on reassessment of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices.

Right-of-use asset

The Group recognizes a right-of use asset and a lease liability at the lease commencement date.

The right-of-use asset is initially recognized at cost which is adjusted for the effects of inflation during the hyperinflationary period, where applicable, comprising of:

Amount of the initial measurement of the lease liability,

Any lease payments made at or before the commencement date, less any lease incentives received,

Any initial direct costs incurred by the Group and

An estimate of costs to be incurred by the lessee in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease, unless those costs are incurred to produce inventories. The lessee incurs the obligation for those costs either at the commencement date or as a consequence of having used the underlying asset during a particular period.

The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end date of the useful life of the right-of-use asset or the end date of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability (Note 16).

Lease Liability

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the Group’s incremental borrowing rate.

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

Lease payments included in the measurement of the lease liability comprise the following:

Basis of preparation and summary of material accounting policies (continued)

(x)

Leases (continued)

Fixed payments, including in-substance fixed payments,

Variable lease payments that depend on an index or a rate, initially measured using the index or rate at the commencement date,

Amounts expected to be payable under a residual value guarantee and

The exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewable period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease if the Group is reasonably certain to terminate early.

After initial recognition, the lease liability is measured (a) increasing the carrying amount to reflect interest on lease liability; (b) reducing the carrying amount to reflect the lease payments made, and (c) remeasuring the carrying amount to reflect any reassessment or lease modifications or to reflect revised in-substance fixed lease payments.

Where, (a) there is a change in the lease term as a result of reassessment of certainty to exercise an extension option, or not to exercise a termination option as discussed above; or (b) there is a change in the assessment of an option to purchase the underlying asset, assessed considering the events and circumstances in the context of a purchase option, the Group remeasures the lease liabilities to reflect changes to lease payments by discounting the revised lease payments using a revised discount rate. The Group determines the revised discount rate as the interest rate implicit in the lease for the remainder of the lease term, or the its incremental borrowing rate at the date of reassessment, if the interest rate implicit in the lease cannot be readily determined.

Where, (a) there is a change in the amounts expected to be payable under a residual value guarantee; or (b) there is a change in the future lease payments resulting from a change in an index or a rate used to determine those payments, including change to reflect changes in market rental rates following a market rent review, the Group remeasures the lease liabilities by discounting the revised lease payments using an unchanged discount rate, unless the change in lease payments results from a change in floating interest rates. In such case, the Group uses the revised discount rate that reflects changes in the interest rate.

The Group recognizes the amount of the remeasurement of lease liability as an adjustment to the right-of- use asset. Where the carrying amount of the right-of-use asset is reduced zero and there is further reduction in the measurement of the lease liability, the Group recognizes any remaining amount of the remeasurement in profit or loss.

The Group accounts for a lease modification as a separate lease if both:

The modification increases the scope of the lease by adding the right to use one or more underlying assets and

The consideration for the lease increases by an amount commensurate with the stand-alone price for the increase in scope and any appropriate adjustments to that stand-alone price to reflect the circumstances of the particular contract.

The Group as a Lessor

When the Group acts an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use-asset arising from the head lease, not with reference to the underlying asset.

If an arrangement contains lease and non-lease components, the Group applies IFRS 15 to allocate the consideration in the contract.

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

Basis of preparation and summary of material accounting policies (continued)

(y)

New standards and interpretations

The new standards, amendments and interpretations which are effective as of 1 January 2025 are as follows:

Amendments to IAS 21 - Lack of exchangeability

In August 2023, the Board issued amendments to IAS 21. The amendments specify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. When an entity estimates a spot exchange rate because a currency is not exchangeable into another currency, it discloses information that enables users of its financial statements to understand how the currency not being exchangeable into the other currency affects, or is expected to affect, the entity’s financial performance, financial position and cash flows. When applying the amendments, an entity cannot restate comparative information.

The Group expects no significant impact on its balance sheet and equity.

ii)

Standards, amendments and interpretations that are issued but not yet effective:

Standards, interpretations and amendments to existing standards that are issued but not yet effective up to the date of issuance of the consolidated financial statements are as follows. The Group will make the necessary changes if not indicated otherwise, which will be affecting the consolidated financial statements and disclosures, when the new standards and interpretations become effective.

Amendments to IFRS 10 and IAS 28 - Sale or Contribution of Assets between an Investor and its Associate or Joint Venture

In December 2015, IASB postponed the effective date of this amendment indefinitely pending the outcome of its research project on the equity method of accounting. Early application of the amendments is still permitted.

The Group will wait until the final amendment to assess the impacts of the changes.

Amendments to IFRS 9 and IFRS 7 – Classification and measurement of financial instruments

In May 2024, the Board issued amendments to the classification and measurement of financial instruments (amendments to IFRS 9 and IFRS 7). The amendment clarifies that a financial liability is derecognized on the ‘settlement date’. It also introduces an accounting policy option to derecognize financial liabilities that are settled through an electronic payment system before settlement date if certain conditions are met. The amendment also clarified how to assess the contractual cash flow characteristics of financial assets that include environmental, social and governance (ESG)-linked features and other similar contingent features as well as the treatment of non-recourse assets and contractually linked instruments. Additional disclosures in IFRS 7 for financial assets and liabilities with contractual terms that reference a contingent event (including those that are ESG-linked), and equity instruments classified at fair value through other comprehensive income are added with the amendment. The amendment will be effective for annual periods beginning on or after 1 January 2026. Entities can early adopt the amendments that relate to the classification of financial assets plus the related disclosures and apply the other amendments later. The new requirements will be applied retrospectively with an adjustment to opening retained earnings.

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

The Group is in the process of assessing the impact of the amendments on financial position or performance of the Group.

Basis of preparation and summary of material accounting policies (continued)

(y)

New standards and interpretations (continued)

ii)

Standards, amendments and interpretations that are issued but not yet effective (continued):

Annual Improvements to IFRSs – Volume 11

In July 2024, the IASB issued Annual Improvements to IFRS Accounting Standards – Volume 11, amending the followings:

IFRS 1 First-time Adoption of International Financial Reporting Standards – Hedge Accounting by a First-time Adopter: These amendments are intended to address potential confusion arising from an inconsistency between the wording in IFRS 1 and the requirements for hedge accounting in IFRS 9.

IFRS 7 Financial Instruments: Disclosures – Gain or Loss on Derecognition: The amendments update the language on unobservable inputs in the Standard and include a cross reference to IFRS 13.

IFRS 9 Financial Instruments – Lessee Derecognition of Lease Liabilities and Transaction Price: IFRS 9 has been amended to clarify that, when a lessee has determined that a lease liability has been extinguished in accordance with IFRS 9, the lessee is required to apply derecognition requirement of IFRS 9 and recognise any resulting gain or loss in profit or loss. IFRS 9 has been also amended to remove the reference to 'transaction price”.

IFRS 10 Consolidated Financial Statements – Determination of a 'De Facto Agent': The amendments are intended to remove the inconsistencies between IFRS 10 paragraphs.

IAS 7 Statement of Cash Flows – Cost Method: The amendments remove the term of “cost method” following the prior deletion of the definition of 'cost method'.

Improvements are effective for annual reporting periods beginning on or after 1 January 2026. Earlier application is permitted for all.

The amendments are not expected to have a significant impact on the Group’s consolidated financial statements.

Amendments to IFRS 9 and IFRS 7 - Contracts Referencing Nature-dependent Electricity

In December 2024, the Board issued Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7). The amendment clarifies the application of the “own use” requirements and permits hedge accounting if these contracts are used as hedging instruments. The amendment also adds new disclosure requirements to enable investors to understand the effect of these contracts on a company’s financial performance and cash flows. The amendment will be effective for annual periods beginning on or after 1 January 2026. Early adoption is permitted but will need to be disclosed. The clarifications regarding the ‘own use’ requirements must be applied retrospectively, but the guidance permitting hedge accounting have to be applied prospectively to new hedging relationships designated on or after the date of initial application.

The Group expects no significant impact on its balance sheet and equity.

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

Basis of preparation and summary of material accounting policies (continued)

(y)

New standards and interpretations (continued)

ii)

Standards, amendments and interpretations that are issued but not yet effective (continued):

IFRS 18 – The new Standard for Presentation and Disclosure in Financial Statements

In April 2024, IASB issued IFRS 18 which replaces IAS 1. IFRS 18 introduces new requirements on presentation within the statement of profit or loss, including specified totals and subtotals. IFRS 18 requires an entity to classify all income and expenses within its statement of profit or loss into one of five categories: operating; investing; financing; income taxes; and discontinued operations. It also requires disclosure of management-defined performance measures and includes new requirements for aggregation and disaggregation of financial information based on the identified ‘roles’ of the primary financial statements and the notes. In addition, there are consequential amendments to other accounting standards, such as IAS 7, IAS 8 and IAS 34. IFRS 18 and the related amendments are effective for reporting periods beginning on or after 1 January 2027, but earlier application is permitted. IFRS 18 will be applied retrospectively.

The Group is in the process of assessing the impact of the amendments on financial position or performance of the Group.

IFRS 19 – Subsidiaries without Public Accountability: Disclosures

In May 2024, the Board issued IFRS 19, which allows eligible entities to elect to apply reduced disclosure requirements while still applying the recognition, measurement and presentation requirements in other IFRS accounting standards. Unless otherwise specified, eligible entities that elect to apply IFRS 19 will not need to apply the disclosure requirements in other IFRS accounting standards. An entity that is a subsidiary, does not have public accountability and has a parent (either ultimate or intermediate) which prepares consolidated financial statements, available for public use, which comply with IFRS accounting standards may elect to apply IFRS 19. IFRS 19 is effective for reporting periods beginning on or after 1 January 2027 and earlier adoption is permitted. If an eligible entity chooses to apply the standard earlier, it is required to disclose that fact. An entity is required, during the first period (annual and interim) in which it applies the standard, to align the disclosures in the comparative period with the disclosures included in the current period under IFRS 19.

The standard is not applicable for the Group.

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

Basis of preparation and summary of material accounting policies (continued)

(y)

New standards and interpretations (continued)

ii)

Standards, amendments and interpretations that are issued but not yet effective (continued):

Amendments to IAS 21 - Translation to a Hyperinflationary Presentation

The amendments issued by the Board in November 2025 require translation from a non-hyperinflationary functional currency into a hyperinflationary presentation currency at the closing rate. Accordingly, if an entity’s functional currency is the currency of a non-hyperinflationary economy, but its presentation currency is the currency of a hyperinflationary economy, its results and financial position are translated into the presentation currency by translating all amounts (i.e., assets, liabilities, equity items, income and expenses) and all comparatives at the closing rate at the end of the current reporting period. Furthermore, an entity whose functional currency and presentation currency are the currency of a hyperinflationary economy, restates the comparative amounts of a foreign operation, whose functional currency is that of a non- hyperinflationary economy, by applying the general price index, in accordance with IAS 29, to the foreign operation’s comparative figures. The amendments also introduce certain additional disclosure requirements.

The amendments apply for annual reporting periods beginning on or after 1 January 2027 and earlier application is permitted. If an entity’s functional currency and presentation currency are the currency of a hyperinflationary economy (or are the currencies of different hyperinflationary economies) and it translates the results and financial position of foreign operations whose functional currency is that of a non- hyperinflationary economy, then it is required to apply the amendments from the beginning of the annual reporting period in which it first applies the amendments. In addition, it restates the comparative amounts of its foreign operations included in the entity’s previously issued financial statements by applying the general price index it applies to corresponding figures in accordance with IAS 29. Other entities will apply the amendments retrospectively.

The Group expects no significant impact on its balance sheet and equity.

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

Discontinued operations

As per the Group's Board of Directors' decision dated 20 December 2023; a share transfer agreement was signed on 29 December 2023 for the transfer of all shares, along with all rights and debts, of Lifecell LLC, Global LLC, and Ukrtower, which are the Group's wholly owned subsidiaries.

As of 9 September 2024, cash amounting to nominal value of TRY 17,777,962 was received by the Group in accordance with the share purchase agreement.

As of 9 September 2024, other receivables related to the purchase amounting to nominal value of TRY 677,553 were accrued. On 4 August 2025, the amount was finalized with the buyer at nominal value of TRY 490,150 and collected within the year. The difference of nominal value of TRY 187,403 has been reported under discontinued operations in the current period.

The statement of profit or loss of a disposal group as of disposal date and comparative years are presented below:

	1 January- 30 September			1 January- 31 December
	2024			2023
Revenue		9,682,719			14,621,477
Cost of revenue		(3,572,701	)		(9,002,732	)
Gross profit		6,110,018			5,618,745
Selling and marketing expenses		(560,791	)		(838,787	)
Administrative expenses		(356,281	)		(480,417	)
Other operating income/(expense), net		33,761			364,331
Operating profit		5,226,707			4,663,872
Net finance expense / income		(86,267	)		(389,792	)
Profit before income tax		5,140,440			4,274,080
Tax income /(expense)		(419,454	)		(551,773	)
Profit/(loss) for the year from discontinued operations		4,720,986			3,722,307
Gain on sale of disposal of subsidiaries		11,546,264			-
Total		16,267,250			3,722,307

The net cash flows incurred by the disposal group are, as follows:

	30 September			31 December
	2024			2023
Cash flows from operating activities		3,791,188			9,219,057
Cash flows from investing activities		539,153			(3,481,817	)
Cash flows from financing activities		(4,629,707	)		(1,562,706	)
Net cash (outflow)/inflow		(299,366	)		4,174,534

Financial risk management

This note explains the Group’s exposure to financial risks and how these risks could affect the Group’s future financial performance. Current year profit and loss information has been included where relevant to add further context.

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

Financial risk management (continued)

The Group’s risk management policies are set to determine and analyze the risks faced, to establish the appropriate risk limits and to observe the commitment to those limits. These policies are reviewed to make sure they reflect the Group’s operations and the changes in market conditions.

Credit risk

At the reporting date, there were no significant concentrations of credit risk. The maximum exposure to credit risk is represented by the carrying amount of cash and cash equivalents, financial asset at fair value through other comprehensive income, financial asset at fair value through profit or loss, financial asset at amortized cost, derivative financial instruments, contract assets, trade receivables, receivables from financial services, due from related parties and other current and non-current assets (Note 35).

Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. The Group may require collateral in respect of financial assets. Also, the Group may demand letters of guarantee from third parties related to certain projects or contracts.

In monitoring customer credit risk, customers are grouped according to whether they are subscribers, financial services customers, other corporate customers and aging profile, maturity and existence of previous financial difficulties. Trade receivables and contract assets are mainly related to the Group’s subscribers. The Group’s exposure to credit risk on trade receivables and contract assets is influenced mainly by the individual payment characteristics of postpaid subscribers. The Group establishes a provision for impairment losses based on its historical events and future expectations in respect of trade receivables and contract assets. The receivables from financial sector activities consist of contractual assignments from subscribers related to consumer financing activities of Turkcell Finansman, receivables related to payment services and electronic money services of Turkcell Ödeme and Paycell LLC, and receivables related to insurance agency services of Turkcell Sigorta. These receivables are accounted for using the effective interest rate method at amortized cost.

Investments are preferred to be in liquid securities. The counterparty limits are set monthly depending on their ratings from the most credible rating agencies and the amount of their paid-in capital and/or shareholders equity. Policies are in place to review the paid-in capital and rating of counterparties periodically to ensure credit worthiness.

The Group signs local and international derivate agreements in order to be able to execute financial derivative transactions with financial institutions that are believed to have sufficient credit ratings.

The Group’s policy is to provide financial guarantees only to subsidiaries. At 31 December 2025, guarantees of TL 21,607,347 were outstanding (31 December 2024: TL 14,613,792).

Liquidity risk

Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions. At the end of the reporting period the Group held demand deposits of TL 5,595,255 (31 December 2024: TL 6,029,132) (Note 23) that are expected to readily generate cash inflows for managing liquidity risk. Due to the dynamic nature of the underlying businesses, the Group Treasury maintains flexibility in funding by maintaining availability under committed credit lines.

Management monitors rolling forecasts of the Group’s liquidity reserve (Note 35) and cash and cash equivalents (Note 23) on the basis of expected cash flows. In addition, the Group’s liquidity management policy involves projecting cash flows in major currencies and considering the level of liquid assets necessary to meet these, monitoring balance sheet liquidity ratios against internal and external regulatory requirements and maintaining debt financing plans.

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

Financial risk management (continued)

Market risk

Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices affect the Group’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return on risk. The Group uses derivatives in order to manage market risks. All such transactions are carried at within the guidelines set by the Group Treasury.

(i)

Foreign exchange risk

The Group operates internationally and is exposed to foreign exchange risk arising from foreign currency transactions, primarily with respect to the USD, EUR and RMB. Foreign exchange risk arises from recognized assets and liabilities denominated in a currency that is not the functional currency of the relevant Group entity. The Group holds a significant portion of its cash and cash equivalent in foreign currencies in order to manage foreign exchange risk. In addition, derivative financial instruments are used to manage exposure to fluctuations in foreign exchange rates the Company applies hedge accounting. Details of the Company’s foreign exchange risk is disclosed in Note 35.

(ii)

Interest rate risk

The Group’s exposure to interest rate risk is related to its financial assets and liabilities. The Group manage its financial liabilities by providing an appropriate distribution between fixed and floating rate loans. Floating rate exposures can be changed to fixed rate exposures based on short-term and long-term market expectations via financial derivatives. The use of financial derivatives is governed by the Group Treasury’s policies approved by the Audit Committee, which provide written principles on the use of derivatives. The Group’s borrowings and receivables are carried at amortized cost. The borrowings are periodically contractually repriced (Note 35) and are also exposed to the risk of future changes in market interest rates.

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

Segment information

Consistent with the Group’s strategy to provide integrated communications and technology services and to ensure economic integrity, the Group determined its operating segments in accordance with IFRS 8 Operating Segments as “Turkcell Türkiye” and “Techfin”. Although strategic segments provide similar services, they are affected by different economic conditions and geographical locations and they are regularly reviewed by chief operating decision maker (“CODM”) authority in making decisions regarding the Group’s operations, based on resource allocation and performance. The authority responsible for making decisions related to the Group's operations is the Board of Directors. However, the Board of Directors may delegate its powers excluding the non-delegable powers stipulated by law to the CEO and other executives.

The Board primarily uses adjusted EBITDA to assess the performance of the operating segments. Adjusted EBITDA definition includes revenue, cost of revenue excluding depreciation and amortization, selling and marketing expenses and administrative expenses.

Adjusted EBITDA is not a financial measure defined by IFRS as a measurement of financial performance and may not be comparable to other similarly titled indicators used by other companies. Reconciliation of Adjusted EBITDA to the consolidated profit for the year is included in the accompanying notes.

The Group had divided its main operating segments into three groups: Turkcell Türkiye, Turkcell International, and Techfin, within the framework of a strategy to provide integrated communication and technology services, ensuring economic integrity.

Following the sale of Ukrainian entities (Lifecell LLC, Global LLC, and Ukrtower previously reported in International segment) in September 2024 and change in approach for consumer electronics sold through digital channels and smart devices management operations (The other operations of Turkcell Satış, previously reported as Other) towards to align with strategies of integrated channel management within Turkcell Türkiye Segment, the Group reassessed its operating segments and updated the segment structure as of March 31, 2025. Comparative information has been re-presented accordingly. The principal changes are a) elimination of the Turkcell International segment following the sale of the Ukrainian operations, which constituted that majority of related segment and b) reclassification of certain Turkcell Satış operations from Other segment to the Turkcell Türkiye segment.

As a consequence of these changes, telecom and digital services related operations of CJSC Belarusian Telecommunications Network (“BeST”), Kibris Mobile Telekomunikasyon Limited Sirketi (“Kibris Telekom”), East Asian Consortium B.V. (“Eastasian”), Lifecell Ventures Cooperatief U.A (“Lifecell Ventures”), Lifetech LLC (“Lifetech”), Beltower LLC (“Beltower”), Lifecell Digital Limited (“Lifecell Digital”), Yaani Digital BV (“Yaani”) and BiP Digital Communication Technologies B.V (“BiP B.V.”) were reclassified from the Turkcell International segment to the Other segment. Similarly, Turkcell Satış’s operations - comprising consumer electronics sold through digital channels, smart device management operations previously presented within the Other segment is now reported within the Turkcell Türkiye segment.

Turkcell Türkiye reportable segment includes the Groups’s mobile, fixed telecommunications, digital services and digital business services operations of Turkcell, Superonline Iletisim Hizmetleri A.S. (“Turkcell Superonline”), Turkcell Satış A.S’s (“Turkcell Satış”), Turkcell Dijital Is Servisleri A.S. (“Turkcell Dijital”), group call center operations of Global Bilgi Pazarlama Danismanlik ve Cagri Servisi Hizmetleri A.S. (“Turkcell Global Bilgi”), Turktell Bilisim Servisleri A.S. (“Turktell”), Atmosware Teknoloji Egitim ve Danismanlik A.S (“Atmosware Teknoloji”), Turkcell Teknoloji Arastirma ve Gelistirme A.S. (“Turkcell Teknoloji”), Ultia Teknoloji Yazilim ve Uygulama Gelistirme Ticaret A.S. (“Ultia”), Kule Hizmet ve Isletmecilik A.S. (“Global Tower”), Rehberlik Hizmetleri Servisi A.S. (“Rehberlik”), Turkcell Gayrimenkul Hizmetleri A.S. (“Turkcell Gayrimenkul”), Lifecell Dijital Servisler ve Cozumler A.S. (“Lifecell Dijital Servisler”), Lifecell Bulut Cozumleri A.S. (“Lifecell Bulut”), Lifecell TV Yayin ve Icerik Hizmetleri A.S. (“Lifecell TV”), Lifecell Müzik Yayin ve Iletim A.S. (“Lifecell Müzik”), BiP Iletisim Teknolojileri ve Dijital Servisler A.S. (“BiP A.S.”), TDC Veri Hizmetleri A.Ş (“TDC”) and Artel Bilişim Servisleri A.Ş (“Artel).

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

Segment information (continued)

Techfin reportable segment includes all financial services operations of Turkcell Finansman A.Ş (“Turkcell Finansman”), Turkcell Ödeme ve Elektronik Para Hizmetleri A.Ş. (“Turkcell Ödeme”),Paycell LLC(“Paycell LLC”), Paycell Europe GmbH (“Paycell Europe”), Turkcell Sigorta Aracılık Hizmetleri A.Ş. (“Turkcell Sigorta”), Sofra Kurumsal ve Ödüllendirme Hizmetleri A.Ş (“Sofra”), Turkcell Dijital Teknolojileri Limited (“Turkcell Dijital Teknoloji”), and Turkcell Dijital Sigorta A.Ş. (“Turkcell Dijital Sigorta”). The operations of these legal entities aggregated into one reportable segment as the nature of services are similar and most of them share smilar economic characteristics.

Other operating segment comprises telecommunications, digital services, and energy-related activities outside Türkiye. This segment included CJSC Belarusian Telecommunications Network (“BeST”), Kıbrıs Mobile Telekomunikasyon Limited Sirketi (“Kıbrıs Telekom”), East Asian Consortium B.V. (“Eastasian”), Lifecell Ventures B.V (“Lifecell Ventures”), Lifetech LLC (“Lifetech”), Beltower LLC (“Beltower”), Lifecell Digital Limited (“Lifecell Digital”), Yaani Digital BV (“Yaani”), BiP Digital Communication Technologies B.V (“BiP B.V.”), Turkcell Global Bilgi non Group call center activities, Turkcell Enerji Çözümleri ve Elektrik Satış Ticaret A.Ş. (“Turkcell Enerji”), Boyut Grup Enerji Elektrik Üretim ve İnşaat Sanayi ve Ticaret A.Ş. (“Boyut Enerji”) and Turkcell Yeni Teknolojiler Girişim Sermayesi Yatırım Fonu (“Turkcell GSYF”).

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

Segment information (continued)

	Turkcell Türkiye				Techfin				Other				Intersegment Eliminations				Consolidated
	2025		2024		2025		2024		2025		2024		2025		2024		2025		2024
Total segment revenue	220,319,476		199,742,397		13,688,815		11,300,922		14,139,663		10,974,558		(6,677,133	)	(3,857,847	)	241,470,821		218,160,030
Inter-segment revenue	(1,146,421	)	(1,315,189	)	(1,233,763	)	(1,068,601	)	(4,296,949	)	(1,474,057	)	6,677,133		3,857,847		-		-
Revenues from external customers	219,173,055		198,427,208		12,455,052		10,232,321		9,842,714		9,500,501		-		-		241,470,821		218,160,030
Adjusted EBITDA	98,416,482		86,852,705		3,383,133		2,845,933		2,695,945		2,111,613		(478,585	)	(444,772	)	104,016,975		91,365,479
IFRS 9 impairment loss provision	(991,553	)	(1,068,536	)	(332,900	)	(260,082	)	(104,253	)	(8,094	)	-		-		(1,428,706	)	(1,336,712	)

	Turkcell Türkiye				Techfin				Other				Intersegment Eliminations				Consolidated
	2024		2023		2024		2023		2024		2023		2024		2023		2024		2023
Total segment revenue	199,742,397		186,257,652		11,300,922		8,633,914		10,974,558		11,404,209		(3,857,847	)	(3,866,822	)	218,160,030		202,428,953
Inter-segment revenue	(1,315,189	)	(1,225,601	)	(1,068,601	)	(784,782	)	(1,474,057	)	(1,856,439	)	3,857,847		3,866,822		-		-
Revenues from external customers	198,427,208		185,032,051		10,232,321		7,849,132		9,500,501		9,547,770		-		-		218,160,030		202,428,953
Adjusted EBITDA	86,852,705		78,046,630		2,845,933		3,037,930		2,111,613		2,269,590		(444,772	)	(434,858	)	91,365,479		82,919,292
IFRS 9 impairment loss provision	(1,068,536	)	(1,739,411	)	(260,082	)	(154,928	)	(8,094	)	(10,897	)	-		-		(1,336,712	)	(1,905,236	)

The impairment loss expense of the Group related to tangible and intangible fixed assets, amounting to TL 578,914 (31 December 2024 TL 179,148) relates to the Turkcell Türkiye main operating segment.

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

Segment information (continued)

	31 December			31 December			31 December
	2025			2024			2023
Profit from continuing operations		17,791,410			14,511,901			19,961,224
Add/(Less):
Income tax expense		13,398,842			6,369,264			(8,836,533	)
Finance income		(16,841,450	)		(13,584,573	)		(23,931,920	)
Finance costs		22,064,023			22,285,584			37,666,918
Other income		(452,244	)		(329,088	)		(1,668,287	)
Other expenses		2,227,278			3,374,279			10,674,263
Monetary (gain) loss		(1,598,366	)		(7,657,905	)		(7,213,152	)
Depreciation and amortization		63,928,335			62,256,360			59,149,066
Share of loss/(gain) of equity accounted investees		3,499,147			4,139,657			(2,882,287	)
Consolidated adjusted EBITDA		104,016,975			91,365,479			82,919,292

Geographical information

In presenting the information based on geographical segments, segment revenue is based on the geographical location of operations and segment assets are based on the geographical location of the assets.

	31 December 2025		31 December 2024		31 December 2023
Revenues
Türkiye		235,619,865		213,086,672		197,752,484
Belarus		3,410,938		2,848,809		2,616,599
Turkish Republic of Northern Cyprus		2,436,107		2,177,073		1,999,709
Netherlands		2,414		47,476		60,161
Germany		1,497		-		-
		241,470,821		218,160,030		202,428,953

	31 December 2025		31 December 2024		31 December 2023
Non-current assets
Türkiye		329,950,253		294,618,497		265,137,838
Belarus		3,149,942		1,397,877		1,410,297
Turkish Republic of Northern Cyprus		3,125,530		3,239,031		5,759,783
Unallocated non-current assets		7,718,460		2,560,029		839,349
		343,944,185		301,815,434		273,147,267

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

Revenue

	Turkcell Türkiye				Techfin				Other				Intersegment Eliminations						Consolidated
	2025		2024		2025		2024		2025		2024		2025			2024			2025		2024
Telecommunication services		199,161,698		179,628,578		-		-		5,501,850		4,768,363		(216,417	)		(280,026	)		204,447,131		184,116,915
Equipment revenues		18,934,975		17,715,566		-		-		349,285		268,468		(12,702	)		(14,507	)		19,271,558		17,969,527
Revenue from financial services		-		-		13,688,815		11,300,922		-		-		(1,232,267	)		(1,068,600	)		12,456,548		10,232,322
Other		2,222,803		2,398,253		-		-		8,288,528		5,937,727		(5,215,747	)		(2,494,714	)		5,295,584		5,841,266
Total		220,319,476		199,742,397		13,688,815		11,300,922		14,139,663		10,974,558		(6,677,133	)		(3,857,847	)		241,470,821		218,160,030

	Turkcell Türkiye				Techfin				Other				Intersegment Eliminations						Consolidated
	2024		2023		2024		2023		2024		2023		2024			2023			2024		2023
Telecommunication services		179,628,578		162,586,486		-		-		4,768,363		4,320,270		(280,026	)		(379,595	)		184,116,915		166,527,161
Equipment revenues		17,715,566		21,230,404		-		-		268,468		346,012		(14,507	)		(42,561	)		17,969,527		21,533,855
Revenue from financial services		-		-		11,300,922		8,633,914		-		-		(1,068,600	)		(784,783	)		10,232,322		7,849,131
Other		2,398,253		2,440,762		-		-		5,937,727		6,737,927		(2,494,714	)		(2,659,883	)		5,841,266		6,518,806
Total		199,742,397		186,257,652		11,300,922		8,633,914		10,974,558		11,404,209		(3,857,847	)		(3,866,822	)		218,160,030		202,428,953

Revenue from financial services comprise of interest income generated from consumer financing activities, The Group has interest income amounting to TL 5,421,155, TL 5,455,388 and TL 3,824,709, for the years ended 31 December 2025, 2024 and 2023, respectively.

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

Revenue (continued)

31 December 2025

Turkcell
Turkiye

Techfin

Other

Intersegment
eliminations

Consolidated

Telecommunication Services

199,161,698

5,501,850

(216,417

)

204,447,131

At a point in time

1,635,865

9,037

1,644,902

Over time

197,525,833

5,492,813

(216,417

)

202,802,229

Equipment Related

18,934,975

349,285

(12,702

)

19,271,558

At a point in time

18,040,795

349,285

(12,702

)

18,377,378

Over time

894,180

Revenue from financial operations

13,688,815

(1,232,267

)

12,456,548

At a point in time

8,129,149

(1,194,728

)

6,934,421

Over time

5,559,666

(37,539

)

5,522,127

Other

2,222,803

8,288,528

(5,215,747

)

5,295,584

At a point in time

370,774

5,895

(2,015

)

374,654

Over time

1,852,029

8,282,633

(5,213,732

)

4,920,930

Total

220,319,476

13,688,815

14,139,663

(6,677,133

)

241,470,821

At a point in time

20,047,434

8,129,149

364,217

(1,209,445

)

27,331,355

Over time

200,272,042

5,559,666

13,775,446

(5,467,688

)

214,139,466

	31 December 2024
	Turkcell Turkiye	Techfin	Other	Intersegment eliminations		Consolidated
Telecommunication Services	179,628,578	-	4,768,363	(280,026	)	184,116,915
At a point in time	1,162,258	-	7,910	-		1,170,168
Over time	178,466,320	-	4,760,453	(280,026	)	182,946,747
Equipment Related	17,715,566	-	268,468	(14,507	)	17,969,527
At a point in time	16,885,389	-	268,468	(14,507	)	17,139,350
Over time	830,177	-	-	-		830,177
Revenue from financial operations	-	11,300,922	-	(1,068,600	)	10,232,322
At a point in time	-	5,689,927	-	(984,127	)	4,705,800
Over time	-	5,610,995	-	(84,473	)	5,526,522
Other	2,398,253	-	5,937,727	(2,494,714	)	5,841,266
At a point in time	436,886	-	48,541	(5,081	)	480,346
Over time	1,961,367	-	5,889,186	(2,489,633	)	5,360,920
Total	199,742,397	11,300,922	10,974,558	(3,857,847	)	218,160,030
At a point in time	18,484,533	5,689,927	324,919	(1,003,715	)	23,495,664
Over time	181,257,864	5,610,995	10,649,639	(2,854,132	)	194,664,366

	31 December 2023
	Turkcell Turkiye	Techfin	Other	Intersegment eliminations		Consolidated
Telecommunication Services	162,586,486	-	4,320,270	(379,595	)	166,527,161
At a point in time	2,752,270	-	5,441	120,855		2,878,566
Over time	159,834,216	-	4,314,829	(500,450	)	163,648,595
Equipment Related	21,230,404	-	346,012	(42,561	)	21,533,855
At a point in time	20,260,290		346,012	(42,561	)	20,563,741
Over time	970,114		-	-		970,114
Revenue from financial operations	-	8,633,914	-	(784,783	)	7,849,131
At a point in time		4,203,924		(710,770	)	3,493,154
Over time		4,429,990		(74,013	)	4,355,977
Other	2,440,762	-	6,737,927	(2,659,883	)	6,518,806
At a point in time	220,110		58,716	102		278,928
Over time	2,220,652		6,679,211	(2,659,985	)	6,239,878
Total	186,257,652	8,633,914	11,404,209	(3,866,822	)	202,428,953
At a point in time	23,232,670	4,203,924	410,169	(632,374	)	27,214,389
Over time	163,024,982	4,429,990	10,994,040	(3,234,448	)	175,214,564

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

Other income and expense

Recognized in the statement of profit or loss:

	31 December 2025		31 December 2024		31 December 2023
Depositary reimbursement	161,280		116,386		205,727
Insurance compensation	60,107		-		517,510
Income from equipment donations	-		-		387,496
Rent income	14,868		11,753		50,094
Other	215,989		200,949		507,460
Other income	452,244		329,088		1,668,287

Donation expenses (*)	(936,436	)	(961,359	)	(7,407,230	)
Litigation expenses	(501,463	)	(203,452	)	(1,395,185	)
Loss on cancellation of lease contract	(231,238	)	(291,835	)	(276,976	)
Loss on sale of fixed assets	(57,738	)	(46,595	)	(30,199	)
Restructuring cost	(65,917	)	(50,064	)	(874,490	)
Distributor restructuring cost (**)	-		(1,580,288	)	-
Other	(434,486	)	(240,686	)	(690,183	)
Other expense	(2,227,278	)	(3,374,279	)	(10,674,263	)

(*) In 2023, the donation expenses mainly relate to the donation payment made on 6 February 2023, following the devastating earthquake disaster centered in Kahramanmaraş. This donation payment was made in accordance with the opportunity granted by the Capital Markets Board's decision dated 9 February 2023. In 2025 and 2024, the donation expenses consist of donations mainly made to educational and sport activities.

(**) Expenses resulting from company's restructuring of distributors across Turkey, the number of distributors has been reduced from two to one.

Employee benefit expenses

	31 December 2025		31 December 2024		31 December 2023
Wages and salaries (*)		35,086,787		34,171,035		26,148,693
Defined benefit plan (**)		420,984		489,632		579,560
Defined contribution plans		220,614		124,826		142,681
		35,728,385		34,785,493		26,870,934

(*) Wages and salaries include compulsory social security contributions, bonuses and share based payments.

(**) Remeasurements of defined benefit plans for the years ended 31 December 2025, 2024 and 2023 amounting to TL 1,161,825, TL (231,601) and TL (283,013) respectively are reflected in other comprehensive income.

Employee benefit expenses are recognized in cost of revenue, selling and marketing expenses and administrative expenses.

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

9.	Finance income and costs

Recognized in the statement of profit or loss:

	31 December 2025			31 December 2024			31 December 2023
Interest income		8,711,978			9,869,230			5,892,931
Income from money market fund		3,008,831			-			-
Income from financial assets carried at fair value		202,147			2,233,632			8,702,488
Cash flow hedges – reclassified to profit or loss (*)		-			-			6,212,859
Net fair value gains on derivative financial instruments and interest		-			-			2,162,706
Interest income from financial assets		4,918,494			1,481,711			960,936
Finance income		16,841,450			13,584,573			23,931,920

Net foreign exchange losses		(7,366,352	)		(4,912,921	)		(26,488,339	)
Net interest expenses for financial assets and liabilities measured at amortized cost		(14,123,157	)		(14,996,147	)		(11,031,337	)
Net fair value losses on derivative financial instruments and interest		(774,771	)		(1,503,427	)		-
Cash flow hedges – reclassified to profit or loss (*)		412,285			(803,095	)		-
Other		(212,028	)		(69,994	)		(147,242	)
Finance costs		(22,064,023	)		(22,285,584	)		(37,666,918	)

Monetary gain (loss)		1,598,366			7,657,905			7,213,152

Net finance costs		(3,624,207	)		(1,043,106	)		(6,521,846	)

(*) Reclassification adjustments relating to cash flow hedge are TL 412,285, TL 186,626 and TL 6,960,313 and reclassification adjustments relating to cost of hedging reserve are TL (0), TL (989,721) and TL (747,454) for the years ended 31 December 2025, 2024, 2023 respectively.

Net foreign exchange losses mainly include foreign exchange losses on borrowings, bonds issued and foreign exchange gains on cash and cash equivalents.

Interest income and expense on financial assets and liabilities measured at amortized cost are shown as netted on consolidated statement of profit or loss. The Group has gross interest income on financial assets measured at amortized cost and interest expense on financial liabilities measured at amortized cost amounting to TL 1,946,505, TL (16,069,661), TL 2,176,235, TL (17,172,380), and TL 1,463,282, TL (12,494,618) for the years ended 31 December 2025, 2024 and 2023, respectively.

Foreign exchange gains and losses are shown as netted on consolidated statement of profit or loss. The company has gross foreign exchange gains and losses amounting to TL 28,819,000, TL (36,185,351), TL 14,908,457 TL (19,821,377) and TL 39,850,830, TL (66,339,170) for the years ended 31 December 2025, 2024 and 2023, respectively.

	31 December			31 December			31 December
	2025			2024			2023
Current income tax expense		(8,614,543	)		(4,322,773	)		(1,290,850	)
Deferred income tax expense		(4,784,299	)		(2,046,491	)		10,127,383
Total income tax expense		(13,398,842	)		(6,369,264	)		8,836,533

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

10.

Income tax expense

Reconciliation of income tax expense

	31 December 2025			31 December 2024			31 December 2023
Profit from continuing operations before income tax expense		31,190,252			20,881,165			11,124,691
Profit before income tax expense		31,002,849			37,148,415			14,846,998

Tax at the Turkiye’s tax rate		(7,750,712	)		(5,220,291	)		(2,781,173	)
Difference in overseas tax rates		(139,052	)		144,421			192,727
Effect of exemptions (*)		4,559,479			4,097,475			3,729,553
Effect of amounts which are not deductible and permanent differences		(305,532	)		887,389			(1,190,358	)
Change in unrecognized deferred tax assets (**)		(273,014	)		(491,509	)		403,740
Adjustments for current tax of prior years		5,771			1,363,663			157,579
Effect of increase in corporate tax rate in Turkiye		-			-			(2,015,933	)
Tax effect of investment in associate		(883,281	)		(714,705	)		(775,809	)
Tax effect of Law No 7440		-			-			(534,025	)
Current period revaluation effect (***)		7,767,678			-			-
Inflation adjustments		(16,388,192	)		(6,344,842	)		11,643,353
Other		8,013			(90,865	)		6,879
Total income tax expense		(13,398,842	)		(6,369,264	)		8,836,533

(*) Effect of exemptions mainly consist of R&D discounts and exemptions due to capital investments.

(**) The net deferred tax assets not recognized in the statement of financial position mainly consist of unused current period losses for which no deferred tax asset has been calculated.

(**) In accordance with the Law No. 7440 on the “Restructuring of Certain Receivables and Amending Certain Laws” published in the Official Gazette on 12 March 2023, it has been decided that an additional tax of 10% should be calculated over the deduction amounts (included in 2022 tax returns) and tax bases subject to reduced corporate tax.

(***) As of 2025, inflation adjustment to be applied under the Turkish Tax Procedure Law has been postponed for the 2025, 2026 and 2027 fiscal years pursuant to Law No. 7571. Within this scope, the Company revalued its depreciable assets in accordance with Article 298/Ç of the Turkish Tax Procedure Law, and the resulting revaluation increase has been recognized in a reserve account in the statutory records.

The corporate tax rate in Türkiye is 25% for companies (31 December 2024: 25%, 31 December 2023: 25%), 30% for banks ((31 December 2024: 30%, 31 December 2023: 30%), and companies within the scope of Law No. 6361, electronic payment and money institutions, authorized foreign exchange institutions, asset management companies, capital market institutions, insurance and reinsurance companies and pension companies.

An amendment to Turkey's Corporate Tax Law (No. 5520) was submitted on July 5, 2023, and published in the Official Gazette on July 15, 2023. According to this; the corporate tax rate has been increased from 20% to 25% for companies, 25% to 30% for banks, and companies within the scope of Law No. 6361, electronic payment and money institutions, authorized foreign exchange institutions, asset management companies, capital market institutions, insurance and reinsurance companies and pension companies. New tax rates became effective starting from the declarations that were submitted as of 1 October 2023 but it is applied for the annual taxable income.

The Group has applied the exception to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

11.

Expenses by nature

Breakdown of expenses by nature for the years ended 31 December 2025, 2024 and 2023 is as follows:

Cost of revenue:

	31 December 2025			31 December 2024			31 December 2023
Depreciation and amortization (*)		(63,928,335	)		(62,256,360	)		(59,149,066	)
Share of Turkish Treasury		(21,446,492	)		(19,399,594	)		(17,556,821	)
Employee benefit expenses		(20,587,035	)		(20,176,605	)		(15,964,322	)
Cost of goods sold		(17,133,015	)		(15,945,843	)		(20,211,853	)
Frequency expenses		(7,854,795	)		(7,121,548	)		(6,472,148	)
Cost of revenue from financial services ()**		(7,350,595	)		(5,892,109	)		(3,497,863	)
Interconnection and termination expenses		(5,766,236	)		(5,879,187	)		(7,475,184	)
Energy expenses		(5,105,345	)		(5,843,273	)		(6,948,681	)
Radio expenses		(4,048,031	)		(2,736,561	)		(2,586,778	)
Universal service fund		(2,850,247	)		(2,556,410	)		(2,347,905	)
Transmission expenses		(2,830,437	)		(2,520,299	)		(2,769,227	)
Roaming expenses		(1,937,043	)		(1,981,180	)		(2,144,591	)
Internet expense		(1,924,180	)		(1,972,603	)		(2,241,780	)
Others		(10,362,652	)		(10,044,078	)		(10,167,604	)
		(173,124,438	)		(164,325,650	)		(159,533,823	)

(*) As at 31 December 2025, depreciation and amortization expenses include depreciation and amortization expenses related to the financial services amounting to TL 1,057,188 (31 December 2024: TL 794,426 and 31 December 2023: TL 617,720).

(**) As at 31 December 2025, cost of revenue from financial services includes employee benefit expenses related to the financial services amounting to TL 497,205 (31 December 2024: TL 432,219 and 31 December 2023: TL 352,191).

Selling and marketing expenses:

	31 December 2025			31 December 2024			31 December 2023
Employee benefit expenses		(7,888,200	)		(7,640,468	)		(5,933,094	)
Marketing expenses		(6,668,587	)		(5,410,651	)		(3,722,422	)
Selling expenses		(1,495,726	)		(689,966	)		(579,633	)
Others		(828,209	)		(589,895	)		(503,391	)
		(16,880,722	)		(14,330,980	)		(10,738,540	)

Administrative expenses:

	31 December			31 December			31 December
	2025			2024			2023
Employee benefit expenses		(6,755,945	)		(6,536,201	)		(4,621,328	)
Collection expenses		(545,781	)		(395,033	)		(243,523	)
Consultancy expenses		(529,156	)		(428,522	)		(389,458	)
Service expenses		(368,415	)		(349,275	)		(297,949	)
Travel and entertainment expenses		(263,576	)		(226,257	)		(157,614	)
Maintenance and repair expenses		(109,593	)		(137,510	)		(135,597	)
Utility expenses		(24,874	)		(12,498	)		(15,129	)
Others		(1,350,975	)		(972,273	)		(620,530	)
		(9,948,315	)		(9,057,569	)		(6,481,128	)

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

11.

Expenses by nature (continued)

Net impairment losses on financial and contract assets:

	31 December 2025			31 December 2024			31 December 2023
Net impairment losses on financial and contract assets		(1,428,706	)		(1,336,712	)		(1,905,236	)
		(1,428,706	)		(1,336,712	)		(1,905,236	)

TURKCELL ILETISIM HIZMETLERI AS

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

As at and for the year ended 31 December 2025

12.

Property, plant and equipment

	Balance at 1										Acquisition through		Impairment expenses/		Effects of movements in			Balance at 31
Cost	January 2025		Additions		Disposals			Transfers			business combinations		(reversals)		exchange rates			December 2025
Network infrastructure (All operational)		359,720,059		12,528,460		(6,286,970	)		22,761,683					-		763,971			389,487,203
Land and buildings		27,408,142		1,497,578		-			2,908,443			117,743		-		(39,158	)		31,892,748
Equipment, fixtures and fittings		23,650,648		1,765,385		(352,705	)		416,503			-		-		(170,631	)		25,309,200
Motor vehicles		333,371		24,710		(45,468	)		-			-		-		2,391			315,004
Leasehold improvements		7,276,404		222,030		(399	)		-			-		-		(135	)		7,497,900
Electricity production power plant		646,880		5		-			-			-		-		(7	)		646,878
Construction in progress		6,566,301		27,860,339		(44,393	)		(26,096,298	)		-		-		111,499			8,397,448
Total		425,601,805		43,898,507		(6,729,935	)		(9,669	)		117,743		-

TURKCELL ILETISIM HIZMETLERI A S 6-K