Türk Telekom reports third-quarter results on 4 November against narrowed 8% guidance

Türk Telekomünikasyon A.S. will publish its financial reports for July to September 2026 on 4 November, according to a regulatory disclosure dated 1 October. They will be the first accounts since the company narrowed its revenue growth guidance in August, and the first to include a wage increase that took effect on 1 September.

The calendar notice gives only the date. It does not say whether an earnings call will follow or whether the company will update its full-year guidance. For the second quarter, a 6 July notice set 5 August as the date for the reports, and the company disclosed its guidance revision on that day.

The yardstick: August guidance

The third-quarter results will be measured against guidance the company revised on 5 August. Türk Telekom then narrowed its 2026 forecast for consolidated revenue growth, excluding IFRIC 12, to 8 per cent from 8 to 9 per cent, kept its EBITDA margin forecast at 41 to 42 per cent and set capital expenditure intensity at 34 per cent, from 33 to 34 per cent, according to the guidance disclosure. It cited geopolitical risks and macroeconomic developments, and raised its assumption for year-end inflation in 2026 to 27 per cent from 22 per cent.

The guidance excludes spending on solar investments, on the extension agreement for the provision of electronic communication services and on licence fees, the disclosure says. It does not say whether the revenue growth target is stated in nominal terms or after adjustment for inflation, which matters when the company itself assumes 27 per cent inflation for the year.

Costs inside the quarter

Wages for about 8,200 employees covered by the collective agreement with the Türkiye Haber-İş union rose by 8 per cent from 1 September, the second step of a two-year agreement that raised them by 24 per cent from 1 March, according to a disclosure of 22 May. If inflation over the six months exceeds 8 per cent, the excess, together with a welfare adjustment of 15 per cent of that rate, is added to the March 2027 increase, the disclosure says. The agreement runs from 1 March 2026 to 29 February 2028. The third-quarter accounts will include one month at the new rate; the disclosure gives no estimate of the cost of either step.

On 12 August the board resolved to carry out a comprehensive assessment of the company's real estate portfolio, to evaluate its economic value and use and to identify alternatives for managing it, a disclosure shows. The company said developments would be disclosed in due course; its disclosure list shows none to 17 October.

Ratings and management

S&P Global Ratings affirmed the company at BB/B with a stable outlook on 9 July, and its stand-alone credit profile at bbb-, two notches higher, according to a disclosure of that date. Fitch kept its long-term foreign-currency rating at BB- and moved the outlook to positive and then back to stable, each time following its outlook on Türkiye, disclosures of 4 February and 27 April show. JCR Eurasia Rating affirmed the company's international rating at BB and its national rating at AAA (tr), both with stable outlooks, on 13 August.

On 13 October the company said its IT assistant general manager, Gökhan Evren, and its head of enterprise risk, Serdar Toraman, had left. Bilal Topal, previously legal collections director, was appointed acting IT assistant general manager, and Oguzhan Satiroglu, previously executive and CEO general management coordinator, was named head of enterprise risk, according to the disclosure. Satiroglu joined the company in July 2026 after a career at the Ministry of Trade.

The results on 4 November are the next document to read: they should show revenue growth against the 8 per cent guidance, capital expenditure intensity against 34 per cent, and whether the company changes either forecast.