Turkcell pre-tax profit rose 11.1 per cent in H1, fell 20.5 per cent in Q2

Turkcell reported profit before income tax of TL 19.1 billion for the first half of 2026, up 11.1 per cent, and TL 6.4 billion for the second quarter, down 20.5 per cent, in the Form 6-K that carried its results of 13 August.

Operating profit fell in both periods, by 11.9 per cent to TL 19.6 billion over the half and by 21.8 per cent to TL 8.9 billion in the quarter. The half-year result before tax rose because of two lines below operating profit: net finance costs, helped by a monetary gain of TL 10.7 billion against TL 2.4 billion a year earlier, and a smaller loss from equity-accounted investees.

The monetary gain is not cash. Turkcell reports under IAS 29, the standard for hyperinflationary economies, so its figures are expressed in lira of 30 June 2026 purchasing power and its comparatives are restated with the general price index of the current period, the filing says. Under that standard a company with more monetary liabilities than monetary assets records a gain as prices rise, because the real value of what it owes falls. In its second-quarter commentary the company says higher foreign-exchange losses, driven mainly by a larger net short foreign-exchange position tied to 5G investments, were partly offset by monetary gains after the 5G licence was capitalised. The pages reviewed do not define the line or give the monetary position behind it.

How the half and the quarter differ

Figures are TL million from the income statement, in lira of 30 June 2026 purchasing power, with costs and losses in brackets. Changes and first-quarter amounts, which are the half-year figure less the second quarter, are the Data Desk's calculation.

The three changes add up: -2,643.6 plus 1,838.3 plus 2,719.3 is 1,914.0. The monetary gain equals 56.1 per cent of first-half profit before tax and 54.0 per cent of finance costs, against 17.3 per cent of finance costs a year earlier.

The half-year improvement in net finance costs came in the first quarter, when Turkcell had net finance income of TL 1,679.2 million against net finance costs of TL 501.5 million a year earlier. In the second quarter net finance costs rose to TL 2,114.2 million from TL 1,771.9 million even though the monetary gain more than quadrupled, and the gain equalled 76.2 per cent of profit before tax.

The loss from equity-accounted investees, TL 81.5 million in the half against TL 2,800.8 million, is the largest positive contributor to the rise in pre-tax profit. The commentary says the carmaker TOGG improved its financial performance year on year as it scaled its operations, giving a more favourable contribution to the group's net income. The pages reviewed do not say how much of the TL 2,719.3 million swing is Togg's.

Quarterly amounts from different releases do not add. Turkcell's first-quarter Form 6-K gave net income of TL 4,634 million, while the half-year figure less the second quarter is TL 4,959.5 million, a difference consistent with the restatement of comparatives.

Prices, revenue and the December dividend

The consumer price index in the notes stands at 129.99 at 30 June 2026, 110.39 at 31 December 2025 and 98.40 at 30 June 2025, a rise of 17.8 per cent in six months and 32.1 per cent in twelve, the Data Desk calculates. The release gives second-quarter consumer price inflation of 32.1 per cent year on year. Turkcell's chief executive says the company has revised its year-end inflation assumption to 28 per cent and keeps its full-year guidance. If that is measured as the index at 31 December 2026 against 31 December 2025, the index would end the year near 141.3, a rise of about 8.7 per cent in the second half. The filing does not say what monetary gain Turkcell expects.

Total revenue grew 5.6 per cent to TL 144.9 billion in the half and 2.5 per cent to TL 71.8 billion in the second quarter, on figures restated into current lira. The release's guidance is for 5 to 7 per cent real revenue growth and, in the pages reviewed, does not define real. Because both years are already in June 2026 lira, these growth rates are inflation-adjusted on that basis; the release does not say whether the guidance is measured the same way.

Turkcell paid no dividend in the first half of 2026, against TL 4,835.0 million in the first half of 2025, the cash flow statement shows. The filing records an accrued dividend liability of TL 8,791.7 million, payable on 9 December 2026. The board proposed on 17 March a gross dividend of TL 4.00 a share, TL 8.8 billion in total, and the annual general meeting approved it on 7 May, the company's first-quarter activity report says. The payment equals 9.8 per cent of the TL 89.3 billion of consolidated cash at 30 June, the Data Desk calculates. Corridor Signal has covered the company's licence costs and net debt and its resumed share buyback.

Next release: Turkcell plans to publish its July to September results on 9 November 2026 after the close of trading on Borsa Istanbul, Hisse.net reports, citing a notice the company filed on the Public Disclosure Platform on 20 October. The report mentions no results call.