I. Overview We are exposed to foreign exchange rate risks because our income, expenses, assets and liabilities are denominated in a number of different currencies, primarily Turkish Lira, U.S. Dollars, Euros, Chinese Renminbi, and Belarusian Rubles. In particular, a substantial majority of our debt obligations and equipment expenses are currently, and are expected to continue to be, denominated in U.S. Dollars, Euros and Chinese Renminbi, while the revenues generated by the corresponding activities are denominated in other currencies, in particular the Turkish Lira, and Belarusian Rubles. Similarly, we are subject to market risk stemming from changes in interest rates that may affect the cost of our financing, as well as, liquidity risk, which is the risk that the Group will not be able to meet its financial obligations as they fall due. We provide a detailed analysis of our foreign exchange interest rate and liquidity risks in Note 35 (Financial Instruments) to our Consolidated Financial Statements in this annual report on Form 20-F. a. Foreign Exchange Risk Management Our functional currency is the TRY for operations conducted in Türkiye, but certain revenues, purchases, operating costs and expenses and resulting receivables and payables are denominated in a number of different currencies. In addition at the group level, a substantial majority of our debt obligations and equipment expenses are currently, and are expected to continue to be, denominated in U.S. Dollars, Euros and Chinese Renminbi while the revenues generated by the corresponding activities are denominated in other currencies, in particular the Turkish Lira and Belarusian Rubles. Transactions denominated in foreign currencies are recorded at the exchange rates prevailing at the dates of the transactions. Assets and liabilities denominated in foreign currencies are converted into functional currency at the exchange rates prevailing at the reporting date, with the resulting exchange differences recognized in the determination of net income. Foreign exchange losses from lifecell exclude foreign exchange losses arising in the foreign operations’ individual financial statements which have been recognized directly in equity in the foreign currency translation differences in the consolidated financial statements in accordance with accounting policy for net investment in foreign operations. Historically, we have managed our foreign exchange position in the range of a neutral short/long position of USD 200 million. However, following the significant foreign currency requirements associated with the 5G spectrum license and BOTAŞ’s auctions payments in late 2025, our net short foreign exchange position increased beyond this position. Consequently, the Company has temporarily suspended its neutral position definition and intends to proactively manage this exposure over the next 18 months, until the 5G license payment schedule is finalized. We will closely monitor market conditions and proactively manage this position over the next one and a half years. 184 Table of Contents As of December 31, 2025, the Company held approximately 56% of its total cash and cash equivalents in hard currencies (including the impact of FX swaps). The foreign exchange cash ratio in our total cash is at approximately 66%, as of December 2025. Before hedging transactions, approximately 95% of our debt was foreign currency denominated and approximately 62% of our total financial debt had a fixed interest rate. As of December 2025, we managed our foreign exchange and interest rate risk through cash flow hedge, neutral hedge and proxy hedges. Hedging transactions are put in place for the duration of the relevant debt financing and cover payments of both principal and interest. Our net short foreign exchange position (including advance payments) amounted to USD 957 million as of December 31, 2025. Market risk-sensitive instruments consist of loans and borrowings mainly denominated in foreign currencies (substantially in U.S. Dollars and Euros) totaling TRY 144,866 million, which represents the majority of total indebtedness as of December 31, 2025. Additionally, we have a total of TRY 91,828 million in cash, which is mainly denominated in foreign currencies, predominantly in U.S. Dollars and Euros. In previous years, to manage and hedge our foreign exchange risk more effectively, we used cross currency swaps, participating cross currency swaps, future contracts and currency forward contracts, and we may enter into forward transactions and currency swap contracts and participating cross currency swap contracts in the future as well. Due to the current regulations of the CBRT and the BRSA, the variety of hedging tools decreased sharply. In addition, in order to take advantage of market volatility in the foreign exchange markets and increase the yield on our free cash, we may enter into option transactions to buy or sell certain currencies and gold, allowing us to mitigate our exposure to negative foreign exchange rate swings. See Note 35 to our Consolidated Financial Statements included elsewhere in this annual report. Hedging transactions are authorized and executed pursuant to clearly defined policies and procedures, which provide that the transaction is entered into to protect us from fluctuations in currency values. Analytical techniques are used to manage and monitor foreign exchange risk, which includes market valuation and sensitivity analysis. In addition, we keep a significant proportion of our monetary assets in U.S. Dollars/ Euros to reduce our currency exposure. While we are currently able to hedge our principal TRY exposure to the U.S. Dollar, Euro and the CNY on commercially reasonable terms, no assurance can be given that we will continue to be able to do so under all circumstances in the future, in particular taking into account the context created by the political and geopolitical risks which has had, and is likely to continue to have, a material impact on the volatility of global markets which, in turn, may lead to a material increase in our financing costs. b. Interest Rates Risk Management We are exposed to variations in interest rates, primarily in Euros, U.S. Dollars, Chinese Renminbi and Turkish Lira denominated debt and investments, which may affect the amounts of future interest income or expenses (reinvestment risk or cash flow risk) and also cause changes in the values of our interest-bearing assets, which have already been added to the statement of financial position. We manage interest rate risk by financing non-current assets with long-term debt with variable interest rates and equity. Turkcell started actively hedging its long-term foreign exchange liabilities in 2016. In previous years, to hedge our interest rate risk, we utilized interest rate derivative structures considering the market levels. Due to the current regulations, the variety of interest rate hedging tools has been reduced. ​ 185 Table of Contents The following table sets forth the carrying amount and fair value of loans, maturities and average effective interest rates for bank loans. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2025 ​ ​ ​ December 31, 2024 ​ ​ Effective ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ interest ​ carrying ​ ​ ​ ​ ​ ​ ​ 2029 ​ Fair ​ interest ​ carrying ​ ​ ​ ​ ​ ​ ​ 2028 ​ Fair ​ ​ rate ​ amount ​ 2026 ​ 2027 ​ 2028 ​ thereafter ​ Value ​ rate ​ amount ​ 2025 ​ 2026 ​ 2027 ​ thereafter ​ Value Variable rate instruments Unsecured & Secured bank loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ USD floating rate loans 5.9 % 15,162.6 ​ 3,481.0 ​ 1,171.0 ​ 1,821.3 ​ 8,689.3 ​ 15,163 ​ 5.8 % 7,722.7 ​ 2,782.7 ​ 2,693.0 ​ 1,642.7 ​ 604.4 ​ 7,722.7 EUR floating rate loans 5.3 % 38,273.0 ​ 12,370.4 ​ 10,744.8 ​ 9,420.0 ​ 5,737.8 ​ 38,273 ​ 4.5 % 43,295.0 ​ 14,918.1 ​ 9,371.3 ​ 8,280.3 ​ 10,725.4 ​ 43,295.0 ​ For contractual cash flows and nominal interest of bank loans, See Note 28 and Note 35 to our Consolidated Financial Statements included elsewhere in this annual report. We use sensitivity analysis techniques to measure and assess our interest rate risk. The basis for the sensitivity analysis is an aggregate corporate-level interest rate exposure composed of interest-bearing investments and interest-bearing debts. When we assume a 1 percentage point increase in interest rates for all maturities from their levels as of December 31, 2025, with all other variables held constant, our profit before income tax decreases or increases by TRY 1,256.7 million. ​ 186 Table of Contents