Aug 13, 2026 earnings call — Real growth, FWA and data center expansion
Group revenue reached 71.8 billion Turkish liras, up 2.5% year-over-year, showing real growth despite 32% inflation.
Revenue $1.5B (est $1.5B) · EPS $0.13
Key quotes
"We keep on delivering real revenue growth for the 8th consecutive quarter."
"With a 74% share of FWA, fixed wireless access market."
"Following the activation of a new module during the quarter, our active IT capacity reached 54 megawatts."
Analyst Q&A 5
Growth drivers, margin changes and capital spending
Q (BofA): The analyst asked three things: what will reaccelerate revenue growth in H2, why Paycell and Financell margins moved so much, and whether the company is comfortable with its CapEx guidance.
A: Management said they remain confident they will meet the CapEx guidance and will spend CapEx carefully. They said Paycell margins were pressured by physical POS transactions even though Paycell grew, while Financell margins rose because equipment demand was weak but financing costs fell. Management also said competition normalizing, pricing actions, and DBS/fintech will support second-half growth.
"We are still confident about to reach our guidance in the CapEx side." — Kamil Kalyon (CFO)
FWA devices, 5G upgrade and pricing
Q (Mandaci Ece · HSBC): When will recent price hikes fully show in growth? Are current Superbox/FWA customers on 4G or 5G devices and do they need upgrades? How does Superbox pricing compare to fiber and what speeds/limits are offered?
A: They said price changes have a lag and, because contracts are 12 months, impact will be clearer from the end of Q4. On FWA, they said they invested in high-band 5G, are swapping 4G Superbox users to 5G devices, and customers need 5G equipment to use the 5G capacity. They said Superbox prices are a little above fiber but comparable, with plans limited to 250GB, 500GB or 1 terabyte.
"Superbox pricing is a little bit above fiber prices." — Ali Taha Koc (CEO)
Data center growth timing and ARPU recovery
Q (Cemal Demirtas · Ata Invest): When will data center, cloud and other platforms make a meaningful revenue contribution (any multi-year direction)? And when will ARPU recovery appear — in Q4 or later? Also asked about backlog and system integration project timing.
A: They said the data center move is long term: collocation alone is limited so they added cloud services and made a large Google Cloud deal. Data center and cloud revenue rose to 2.3% of total recently and they started Google Cloud DC construction; they expect to start selling services in about 18 months/2 years and see larger revenue by 2030-2031. On ARPU, they said ARPU will slowly increase but the real impact is expected in 2027, while positive signals should appear earlier; they also said big government and enterprise projects are driving continued work into 2027.
"we are expecting in 2030-2031, 10% to 15% of the revenue is gonna come from our data center business." — Ali Taha Koc (CEO)
5G tender payment timing and amounts
Q (Evgeniya Bystrova · Barclays): What exactly was paid for the 5G tender in Q1, and what payments are expected next quarter and when?
A: They said the tender is paid in three installments. The first installment (including VAT) was paid in January of this year. The second installment is due in December this year at around $400 million, and the third is due in May 2027 at around $400 million; the first installment amount was stated as 600 to 5 million US dollars because it included VAT.
"The second installment is gonna be in the December. This year. And it is around $400 million." — Ali Taha Koc (CEO)
Device credit limits, 5G ARPU impact, DC EBITDA
Q (Ak Yatirim): Will credit/installment limits change (affecting 5G phone uptake and financing)? Is 5G already driving ARPU? And how much EBITDA did the data center make in Q2; any segment details?
A: They said about 30%–35% of users have 5G phones and 5G usage is rising, so 5G users have higher ARPUs and 5G will slowly lift ARPU. On credit limits, they keep a 20,000 limit in planning, are lobbying to raise it because phones are getting more expensive, and offer 3-month or 12-month installment options. On data center EBITDA they did not give a Q2 EBITDA number; management said they do not expect any erosion in DC EBITDA margins and that DC margins will not erode consolidated EBITDA margins.
"And Regarding the EBITDA margins of the DC operation, I we are not expecting any erosion in our EBITDA margins." — Kamil Kalyon (CFO)