The following discussion and analysis of our management with regard to our financial condition and the results of our operations should be read together with the Consolidated Financial Statements included in this annual report. In addition to historical information, the following discussion contains forward-looking statements based on current expectations that involve risks and uncertainties. Actual results and the timing of certain events may differ significantly from those projected in such forward-looking statements due to a number of factors, including those set forth in “Item 3. Key Information—D. Risk Factors” and elsewhere in this annual report. I. Overview of the Turkish Economy In 2025, the lagged effects of the monetary transmission mechanism were most distinctly felt on macroeconomic indicators in the Turkish economy, and the disinflationary process became the primary trend. The CBRT maintained its tight monetary policy stance uncompromisingly for the majority of the year, in line with its objective of anchoring inflation expectations. The mechanical decline in headline inflation, which began in the first half of the year driven by strong base effects, evolved into a structural disinflation trend in the second half as the cooling in domestic demand became more pronounced. During this period, despite the rapid deceleration observed in goods inflation, the stickiness in services inflation prompted the CBRT to maintain a cautious approach in its communication and liquidity measures. In terms of external balance and foreign exchange markets, 2025 stands out as a period where macro-financial stability was restored. The suppression of domestic demand through high borrowing costs weakened the import propensity, thereby shifting the growth composition in favor of net exports. This rebalancing facilitated a sustainable improvement in the current account deficit-to-GDP ratio, bringing it below historical averages. In addition to the contraction in the current account deficit, the sharp decline in CDS premiums driven by the implementation of rational policies increased the syndicated loan rollover ratios for Türkiye and supported carry trade inflows. Faced with increased foreign exchange supply, the CBRT’s reserve accumulation strategy enabled a recovery in net international reserves, culminating in the appearance of a managed floating exchange rate regime where the Turkish Lira appreciated in real terms. However, in March 2026, the Turkish economy faced a severe geopolitical shock due to the escalating U.S.-Iran war. Reciprocal strikes on energy infrastructure and logistics routes have sharply reduced risk appetite for emerging markets. As global capital pursues a flight to safety, this has exerted upward pressure on Türkiye’s credit risk premium, significantly impairing the predictability of portfolio inflows and carry trade dynamics. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Türkiye—The majority of our business and assets are in Türkiye, and thus deterioration in the Turkish economy, any depreciation of the Turkish Lira, or any instability in the political environment, may have an adverse effect on our business and financial condition.” 110 Table of Contents Turkcell’s operational performance remains closely tied to Türkiye’s macroeconomic conditions,including population growth, digitalization trends, GDP and inflationary pressures. Factors supporting the growth of Türkiye’s telecommunications sector include population growth, increasing demand for data, decreasing age of first mobile phone usage, digitalization of customers and enterprises and the expansion of M2M connections. While rising GDP generally supports disposable income and demand for premium services, persistent inflation presents a challenge due to the contract-based nature of our business. As a significant portion of our mobile and fixed-line customers are on 12-month (and occasionally 24-month) contracts, there is an inherent time lag in reflecting inflationary effects in our pricing. Inflation is gradually reflected in prices during the re-contracting phase. In addition, inflationary pressures may negatively affect customer purchasing behavior. Following the period of hyperinflation post-2021, a disinflationary trend began to emerge in 2025. Despite this downward trajectory, inflation remained at elevated levels, necessitating continued but more calibrated price adjustments. During 2024 and 2025, we implemented price adjustments in our mobile tariffs in line with the inflationary pressures, while taking into account intensified market competition. Consequently, these adjustments in 2025 were made less frequently or at lower magnitudes compared to prior years, reflecting the cooling inflationary environment. To further enhance our agility in the resell segment and adapt quickly to wholesale cost changes, we revised our tariff structure in August 2025 by introducing non-commitment contracts for xDSL and Türk Telekom Fiber sales. Application of IAS 29 Pursuant to IAS 29, the financial statements of entities whose functional currency is that of a hyperinflationary economy must be restated. As of June 30, 2022, Türkiye has been classified as a hyperinflationary economy based on IAS 29 “Financial Reporting in Hyperinflationary Economies” criteria, as cumulative inflation over three years exceeded 100% by April 2022. The financial statements of the Company and those of the subsidiaries, associates and joint ventures located in Türkiye and the Turkish Republic of Northern Cyprus for the year ended December 31, 2025 were restated for the changes in the general purchasing power of the Turkish Lira, which is their functional currency based on IAS 29. 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. The table below shows the evolution of the CPI over the last three years: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 Annual Index 3,513.9 ​ 2,684.6 ​ 1,859.4 ​ Average Index 3,183.2 ​ 2,360.0 ​ 1,488.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ Yearly Inflation 30.9 % 44.4 % 64.8 % Cumulative Inflation (over three-year period) 211.4 % 290.8 % 268.3 % ​ The Company has restated all non-monetary items using the measuring unit current at December 31, 2025 in order to reflect the impact of the inflation restatement reporting. Comparative figures must also be presented in the currency unit as of December 31, 2025 and have been restated using the general price index of the current year. Therefore, all comparative figures for the previous reporting periods, including those of our foreign subsidiaries, have been restated 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. The financial statements of subsidiaries that use functional currencies other than the 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) See “—VIII. Effects of Inflation” below. II. Taxation Issues in the Telecommunications Sector and Other Sectors in which the Company Operates Under current Turkish tax laws, telecommunications operators and the various sectors in which the Company operates are subject to a complex fiscal regime. Sector-specific taxes are generally charged to subscribers by mobile operators and remitted to the relevant tax authorities. These may be levied upon subscription, on an annual basis, or as ad valorem charges based on service fees. Furthermore, the Company is directly subject to certain taxes, levies, and regulatory charges that are not passed on to subscribers but are accounted for as operational expenses. 111 Table of Contents These tax obligations have affected, and could continue to adversely affect, our financial performance through two distinct channels: by impacting consumer demand due to increased total cost of ownership and by directly eroding our profitability through non-recoverable tax burdens. Moreover, persistent inflationary pressures and resulting national budget deficits may prompt the government to implement additional taxation measures or adjust existing rates, such as Value Added Tax (VAT) and Special Communication Tax (SCT). Such changes, which may occasionally have retrospective effects, could further impact our results of operations. For a detailed discussion of these risks, see “Item 3. Key Information—D. Risk Factors.” The following are the most significant taxes imposed on our telecommunications services, and on us as an operator in the telecommunications sector and in the other sectors where we operate: a.Treasury Share and Universal Service Fund Contribution Pursuant to our licenses (2G and 3G) and Authorization Certificate (4.5G), we are required to pay a treasury share equal to 15% of our gross revenue, including some exemptions. In addition, we must pay annual contributions in an amount equal to 0.35% of our net revenue towards the ICTA’s expenses. We are required to pay 90% of the treasury share to the Turkish Treasury and 10% to the Ministry of Transport and Infrastructure as a universal service fund contribution. All of our treasury share is paid to the ICTA, which then transfers it to the Turkish Treasury and the Ministry of Transport and Infrastructure as detailed above. Also, we are required to pay a Universal Service Fund Contribution equal to 1% of net sales revenue for Turkcell Superonline, Global Tower and Rehberlik. These amounts are paid annually within the month of June of each following year. In addition, we pay annual contributions in an amount equal to 0.35% of our net revenue to the ICTA’s expenses for abovementioned companies. The Share of Turkish Treasury expense amounted to TRY 21,446.5 million, TRY 19,399.6 million, and TRY 17,566.8 million for the years ended December 31, 2025, 2024 and 2023, respectively. The Universal Service Fund expense amounted to TRY 2,850.2 million, TRY 2,556.4 million, and TRY 2,437.9 million for the years ended December 31, 2025, 2024 and 2023, respectively. b.Special Communications Tax (“SCT”) The SCT on mobile telephone services as part of a series of new taxes levied to finance public works required to respond to the earthquakes that struck Türkiye’s Marmara region in 1999. Starting in August 2004, other telecom services (i.e., fixed lines and TV/radio transmission) are also included within the scope of the SCT. The SCT tax amounts collected by us from subscribers in each calendar month are remitted to the tax authorities within the first 15 days of the following month. As of January 30, 2021, the SCT rate for all services within the scope of the tax was set at 10%. Under Law No. 6322, effective July 1, 2012, new mobile subscriptions for Machine to Machine (“M2M”) SIM cards are not subject to the SCT levied upon new subscriptions. The SCT on new mobile subscriptions was TRY 570, TRY 400 and TRY 260 in 2025, 2024 and 2023, respectively. Since 2018, the SCT is calculated for TRY and bundle package sales and also for calling cards sales by including the margin of the distributor or/and retailer and these amounts. Mobile electronic telecommunication operators and authorized fixed telecommunication operators are responsible for the calculation and self-reporting to the tax authorities of the SCT amount on these pre-paid sales. 112 Table of Contents c.Value Added Tax (“VAT”) In Türkiye, the services provided by GSM operators, as is the case with all other services, are subject to Value Added Tax (VAT). The VAT rate applicable to telecommunications services was historically 18% which was increased to 20% effective as of July 10, 2023. VAT for roaming services is calculated solely on the mark-up amount on subscribers’ invoices for roaming services. A VAT exemption for reverse charges is applied on invoices related to roaming services issued by foreign GSM operators on the basis of reciprocity. VAT is calculated for TRY and bundle package sales and also calling card sales by including the margin of the distributor and/or retailer and these amounts. Mobile electronic telecommunication operators and authorized fixed telecommunication operators are responsible for the calculation and self-reporting to the tax authorities of the VAT amount on these pre-paid sales. d.License and Annual Utilization Fees on Subscribers and Operators Subscribers are subject to both license and annual utilization fees. GSM operators are responsible for collecting these fees for each subscription. The license fee was TRY 258.04, TRY 179.28, and TRY 113.14 in 2025, 2024 and 2023 respectively. Subscriptions for the FATIH Project of the Ministry of National Education (launched with the purpose of improving the use of technology at schools) and machine to machine (M2M) SIM cards are not subject to license and annual utilization fees. The payment of the annual utilization fee to the government depends on whether a subscriber is postpaid or prepaid. For postpaid subscribers, the monthly utilization fee was TRY 21.50, TRY 14.94 and TRY 9.43 in 2025, 2024 and 2023, respectively. For prepaid subscribers, the annual utilization fee is calculated by multiplying the number of registered prepaid subscribers at the end of the previous year by the annual utilization fee, and the calculated bulk annual utilization fee is paid by mobile operators the following year on the last business day in February of the following year. Operators must also pay license and annual utilization fees for wireless equipment. As of January 1, 2018, the fee is calculated as 5% of the monthly net sales amount (sales amount related to the FATIH Project is not subject to TRx fees) and is to be paid by the last working day of the following month. e.Special Consumption Tax on the Sales of Mobile Phones The Special Consumption Tax is imposed on certain listed goods, including mobile phones, which are legally defined under the relevant legislation as “transmitter/receiver cellular phones.” This tax arises either at the time of importation of such devices into Türkiye or upon their domestic sale by manufacturers. The tax base thresholds applicable to the Special Consumption Tax on mobile phones were revised by Presidential Decree No. 10521, published in the Official Gazette dated October 24, 2025. With this amendment, the monetary thresholds have been increased, while the statutory tax rates themselves have remained unchanged. Accordingly, the Special Consumption Tax applicable to mobile phones is calculated based on the revised tax base brackets set out below. In all cases, the Special Consumption Tax amount calculated per device may not be lower than the minimum amount prescribed under the relevant legislation. ​ ​ ​ ​ ​ ​ ​ ​ Special ​ ​ ​ Consumption ​ ​ Tax rate Cellular wireless phone devices with a receiver ​ ​ —With Special Consumption Tax base up to TRY 4,500 25 % —With Special Consumption Tax base between TRY 4,500 and TRY 9,000 40 % —Others 50 % ​ 113 Table of Contents The revised thresholds replace the former Special Consumption Tax base limits of TRY 1,500 and TRY 3,500, thereby broadening the scope of the lower and intermediate tax brackets. This adjustment reflects developments in market prices and aims to ensure the continued applicability of the Special Consumption Tax framework to mobile phone transactions under current economic conditions. In addition, importers are required to submit a surveillance certificate to the customs authorities when importing mobile phones with a declared customs value below USD 200. Where such certificate is not obtained, the customs value of the imported devices must be increased to at least USD 200 in order for the importation to be completed. f.Digital Services Tax on Providers The Digital Services Tax (“DST”) is paid by providers at a rate of 5% as of January 1, 2026 and at 2.5% as of January 1, 2027 of monthly revenues generated from the following digital services performed in Türkiye, subject to specified exemptions. Taxpayers exceeding a revenue threshold of EUR750 million in global revenues, including local revenues, or TRY 20 million in local revenues, are subject to DST. Taxpayers who fall below either of the two thresholds specified herein are exempt from DST. Revenues generated from some services provided by Turkcell Group are subject to DST; however, the total of those revenues did not exceed the stated thresholds as at December 31, 2025. We will continue to monitor such revenues and any updates in the related legislation. g.Tax Law No. 7524 Tax Law No. 7524, entitled “Amendments to the Tax Code and Certain Other Laws,” was published in the Official Gazette on August 2, 2024 and has entered into force. i. Domestic Minimum Corporate Tax Under the provision, the amount of corporate tax may not be less than 10% of the corporate profit, determined prior to the application of specific discounts or exemptions. Law No. 7524 entered into effect for earnings generated in the 2025 fiscal year and in subsequent periods. Although we do not anticipate any significant impact from this regulation for the 2025 fiscal year, we cannot predict any impact for the 2026 period and beyond. ii. Introduction of withholding tax in e-commerce Tax Law No. 7524 imposing an obligation on intermediary service providers and electronic commerce service providers to withhold tax on payments rendered to service providers and electronic commerce providers. The withholding tax rate applicable to e-commerce activities has been set at 1%. iii. Permission to transfer carried forward VAT and the right to refund to the new company through tax inspection, regardless of the statute of limitations, in merger, acquisition and division transactions Tax Law No. 7524 provides that the amount of VAT that could not be deducted by taxpayers who have ceased operations, undergone a demerger, or been dissolved may be deducted by the transferee company, subject to the outcome of a tax inspection. iv. VAT amounts that cannot be deducted within a five-year period shall be removed from the carryforward VAT Account and transferred to a special account, where they will be recognized as an expense Pursuant toTax Law No. 7524, VAT amounts that have been carried forward for five calendar years or more shall be removed from the Discount VAT Accounts and transferred to a special account. These amounts will subsequently be recognized as an expense in the calculation of income or corporate tax, subject to the findings of a tax inspection initiated at the taxpayer’s request. 114 Table of Contents v. Determination of the Main Procedure in VAT Refunds as Tax Inspection In order to ensure the accuracy of VAT refund claims and to prevent unjustified refunds, it has been established that VAT refund claims shall be processed based on the findings of tax inspections. h.Investment Incentive Regime Presidential Decree No. 9903, effective May 2025, replaced Türkiye’s previous investment incentive regime, introducing key changes to corporate tax reductions. Under the new framework, investment contribution ratios range from 20% to 50%, with the tax reduction rate set at 60%. Notably, the portion of incentives applicable to profits from other activities during the investment period has been reduced from 80% to 50%. While existing certificates remain governed by prior legislation, they now face restrictions on capacity increases and equipment transfers if the investment subject is not supported under the new rules. i.Other Tax Legislation Significant tax regulations and amendments are summarized below. i. R&D and innovation activities Amendments relating to R&D and innovation activities were introduced on February 3, 2021. Key changes included: o Extension of incentive periods for Technology Development Zones and R&D/Design Centers until December 31, 2028. o Companies benefiting from annual R&D incentives exceeding TRY 1 million were required to allocate 2% (set as TRY 5 million and %3 as of today), of the incentive amount (capped at TRY 100 million annually) into a special fund. These funds must be invested in venture capital investment funds or venture capital trusts supporting entrepreneurs based in Türkiye or those operating within incubation centers. ii. Revaluation of Depreciable Assets In periods where the conditions requiring the application of inflation adjustment are not met, depreciable assets recorded in the balance sheet together with their accumulated depreciation may be subject to revaluation. Accordingly, depreciable assets may be revalued pursuant to Provisional Article of the Turkish Tax Procedure Law (VUK) for the 2025 fiscal year, including the related provisional tax periods, as well as for the 2026 and 2027 fiscal years, provided that the conditions for inflation adjustment are not satisfied. The exceptions set forth under Article 298(Ç) remain applicable. Taxpayers may also apply revaluation to depreciable assets and related accumulated depreciation at the end of provisional tax periods, in accordance with the Tax Procedure Law. In fiscal periods during which the Company elects to conduct a revaluation of depreciable assets, an increase in depreciation expenses is anticipated within the Company’s statutory records. Concurrently, any revaluation surplus arising from such valuation is recognized under a designated reserve account within equity in the statutory books. Any portion of the revaluation surplus—excluding capital injuction—that is transferred to another account or withdrawn from the entity shall be subject to corporate taxation in the period of such transaction, irrespective of the net taxable income for said period. Upon the disposal of revalued assets through sale, transfer, withdrawal from the business, or liquidation, the revaluation surplus maintained in the designated reserve account shall be treated consistently with accumulated depreciation and shall be included in the determination of the taxable gain on disposal. 115 Table of Contents iii. Changes to Withholding Tax Rates under Provisional Article 67 of the Income Tax Law The withholding tax rates stipulated in Provisional Article 67 of the Income Tax Law are subject to periodic amendments. Consequently, the rates applied to income derived from financial instruments—such as investment funds, bonds, and time deposits—may vary. While these changes generally do not result in additional tax liabilities, they may create a financing cost during the period until the taxes paid via withholding are offset against corporate income tax or other similar taxes. iv. Amendments to Research and Development (R&D) Incentives Law No. 7555, published in the Official Gazette dated July 24, 2025, introduced amendments to the Technology Development Zones Law. Under the amendments, the income tax withholding incentive and stamp tax exemption granted to R&D, design and support personnel have been capped at an amount equal to forty times the gross minimum wage, effective as of August 1, 2025. j.Tax disputes Changes in the Ministry of Treasury and Finance’s amendments and interpretation of the taxation codes, especially changes regarding consumption taxes (VAT and SCT), may adversely affect consumer prices. In addition to the prospective financial impact of such changes, unanticipated tax liabilities and fines may also be levied against our financial results in prior years, since companies’ operations in the previous five years may be subject to financial investigation. For a description of various tax related disputes to which we are party, see “Item 8. Financial Information—A. Consolidated Statements and Other Financial Information—I. Legal Proceedings.” III. Southeastern Türkiye Earthquakes On February 6, 2023, two high-magnitude earthquakes, centered in Kahramanmaras (the “Southeastern Türkiye Earthquakes”), impacted 11 cities across Southeastern Türkiye and affected the lives of 14 million people, which accounted for 16% of Türkiye’s population. The earthquakes caused widespread devastation to property and infrastructure in the affected regions. They also resulted in significant loss of life and property damage. In connection with the Southeastern Türkiye Earthquakes, several presidential decrees were implemented that included various requirements with respect to the waiver of certain fees and taxes for telecommunications services and subscribers in affected areas. See “Item 4. Information on the Company—B. Business Overview—XIII. Regulations of the Turkish Telecommunications Industry—dd. Regulations Regarding the Southeastern Türkiye Earthquakes” for further details. In addition, an additional corporate earthquake tax provision was implemented. As of December 31, 2023, in line with our initial assessments, the impact of the Southeastern Türkiye Earthquakes on our 2023 results (without adjustment for inflation) demonstrated a direct and indirect revenue impact of around TRY 1.5 billion mainly stemming from providing one month free communication, providing free emergency packages, loss of additional income streams such as digital channels, handset and equipment sales and upsell package sales, an operating expense impact of around TRY 400 million, and a capital expenditure impact of around TRY 900 million. Our 2024 results did not demonstrate any further significant impacts. In 2023, the company committed up to TRY 3.5 billion (not restated for IAS 29) in cash and in-kind donations to support relief efforts following the earthquakes in Southeastern Türkiye. These contributions were channeled directly to victims or through authorized organizations, including the Ministry of Interior Disaster and Emergency Management Presidency (AFAD) and the Turkish Red Crescent (Kızılay) and/or other institutions and organizations announced by mentioned agencies. Following approval at the General Assembly on September 13, 2023, the donations were executed in two installments, occurring in September 2023 and January 2024. See “Item 10. Additional Information—B. Memorandum and Articles of Association—III. Capital Structure—c. Dividend Distribution and Allocation of Profits” for further details. 116 Table of Contents IV. Critical Accounting Policies Our discussion and analysis of our financial condition and results of operations are based on our Consolidated Financial Statements, which have been prepared in accordance with IFRS issued by the IASB. The preparation of these financial statements requires us to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities as of the date of the financial statements and for the period then ended. On an ongoing basis, we evaluate the estimates used. We base our estimates on historical experience, actuarial estimates, current conditions and various other assumptions that we believe to be reasonable under the circumstances. These estimates are the basis for determining the carrying values of assets and liabilities, and are not readily apparent from other sources. Actual outcomes may differ materially from these estimates. Our critical accounting policies are disclosed in Note 2 (d) (Basis of preparation and summary of significant accounting policies - Use of estimates and judgments) to our Consolidated Financial Statements included elsewhere in this annual report. V. Reportable Segments and Reporting Currency Our operations are aggregated under two main reportable segments, Turkcell Türkiye and Techfin. All other businesses are reported under the Other segment. The Group had previously divided its main operating segments into three groups: Turkcell Türkiye, Turkcell International, and Techfin. As of March 31, 2025, consistent with the Group’s strategy to provide integrated communications and technology services and to ensure economic integrity, the Group revised its operating segments in accordance with IFRS 8 Operating Segments. The principal changes were: a) elimination of the Turkcell International segment following the sale of the Ukrainian operations, which constituted that majority of such 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 BeST, Kıbrıs Telekom, Eastasian, Lifecell Ventures, Lifetech, Beltower, Lifecell Digital, Yaani and 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 are now reported within the Turkcell Türkiye segment. See Note 5 of our Consolidated Financial Statements included elsewhere in this annual report. Following these changes, the Group’s three segments now include the following: ● Turkcell Türkiye comprises mobile, fixed telecom and digital services related businesses (including data center and cloud) in Türkiye. Our Turkish telecommunications business represents the largest share of our business, accounting for 91.2% of our revenues and 94.6% of our Adjusted EBITDA in the year ended December 31, 2025. ​ 117 Table of Contents ● Techfin comprises all our financial services businesses inside and outside of Türkiye. Techfin accounted for 5.7% of our revenues in the year ended December 31, 2025, and is mainly derived from Turkcell Finansman A.Ş. (“Financell”) (which accounted for 2.5% of our revenues in the year ended December 31, 2025), Paycell (which accounted for 3% of our revenues in the year ended December 31, 2025) and Turkcell Dijital Sigorta. ● Other segment mainly comprises telecommunications, digital services, and energy-related activities outside Türkiye, and intersegment eliminations. This segment accounted for 5.9% of our revenues in the year ended December 31, 2025, of which 2.8% is attributable to intersegment eliminations, resulting in a net contribution of 3.1%.Our financial statements are presented in TRY only, which is the currency in which we recognize the majority of our revenues and expenses. 5.A Operating Results Our Consolidated Financial Statements as of December 31, 2025, 2024, and 2023 and for each year in the three-year period ended December 31, 2025 included in this annual report, have been prepared in accordance with IFRS as issued by the IASB. We have restated all non-monetary items to reflect the impact of hyperinflation adjustments, expressed in the measuring unit current at December 31, 2025. Comparative figures for prior years have also been restated using the general price index of the current reporting year. The following table presents selected consolidated statements of profit or loss, financial position and cash flows data as of and for each year in the three-year period ended December 31, 2025, prepared in accordance with IFRS as issued by the IASB, which have been derived from our Consolidated Financial Statements as of and for the year ended December 31, 2025 and as of the respective years. Except where otherwise indicated, financial figures in this section include the effects of applying IAS 29. For further information, see “—Operating and Financial Review and Prospects—I. Overview of the Turkish Economy—Application of IAS 29” above. 118 Table of Contents Selected Financial Data Prepared in Accordance with IFRS as Issued by the IASB ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ (TRY millions including application of IAS 29, except share data and certain other data) Consolidated Statement of Profit or Loss Data ​ ​ ​ ​ ​ ​ ​ Total revenue(1) ​ 241,470.8 ​ 218,160.0 ​ 202,429.0 ​ Total cost of revenue(2) ​ (173,124.4) ​ (164,325.7) ​ (159,533.8) ​ Total gross profit ​ 68,346.4 ​ 53,834.4 ​ 42,895.1 ​ Other income ​ 452.2 ​ 329.1 ​ 1,668.3 ​ Administrative expenses ​ (9,948.3) ​ (9,057.6) ​ (6,481.1) ​ Selling and marketing expenses ​ (16,880.7) ​ (14,331.0) ​ (10,738.5) ​ Net impairment losses on financial and contract assets ​ (1,428.7) ​ (1,336.7) ​ (1,905.2) ​ Other expenses ​ (2,227.3) ​ (3,374.3) ​ (10,674.3) ​ Operating profit ​ 38,313.6 ​ 26,063.9 ​ 14,764.3 ​ Finance income ​ 16,841.5 ​ 13,584.6 ​ 23,931.9 ​ Finance costs ​ (22,064.0) ​ (22,285.6) ​ (37,666.9) ​ Monetary gain (loss) ​ 1,598.4 ​ 7,657.9 ​ 7,213.2 ​ Net finance costs(3) ​ (3,624.2) ​ (1,043.1) ​ (6,521.8) ​ Share of profit of equity accounted investees ​ (3,499.1) ​ (4,139.7) ​ 2,882.3 ​ Profit before income tax ​ 31,190.3 ​ 20,881.2 ​ 11,124.7 ​ Income tax (expense)/ benefit ​ (13,398.8) ​ (6,369.3) ​ 8,836.5 ​ Profit from continuing operations ​ 17,791.4 ​ 14,511.9 ​ 19,961.2 ​ Profit/(loss) from discontinued operations(4) ​ (187.4) ​ 16,267.3 ​ 3,722.3 ​ Profit for the year ​ 17,604.0 ​ 30,779.2 ​ 23,683.5 ​ Attributable to: ​ ​ ​ ​ ​ ​ ​ Owners of the Company ​ 17,604.0 ​ 30,790.4 ​ 23,724.6 ​ Non-controlling interests ​ — ​ (11.2) ​ (41.1) ​ Profit for the year ​ 17,604.0 ​ 30,779.2 ​ 23,683.5 ​ Basic and diluted earnings per share from continuing operations(5) ​ 8.2 ​ 6.7 ​ 9.2 ​ Basic and diluted earnings per share from discontinued operations(5) ​ (0.1) ​ 7.5 ​ 1.7 ​ Consolidated Cash Flows Data ​ ​ ​ ​ ​ ​ ​ Net cash inflow from operating activities ​ 96,619.6 ​ 82,798.7 ​ 78,845.6 ​ Net cash outflow from investing activities ​ (74,938.6) ​ (48,561.2) ​ (39,507.9) ​ Net cash (outflow)/ inflow from financing activities ​ (1,531.0) ​ (12,806.8) ​ 12,792.7 ​ Other Financial Data ​ ​ ​ ​ ​ ​ ​ Weighted average number of shares(6) ​ 2,178,379,952 ​ 2,181,023,660 ​ 2,182,106,193 ​ Dividends declared(7) ​ 8,800.0 ​ 8,000.0 ​ 6,277.0 ​ Dividends per share(8) ​ 4.000 ​ 3.636 ​ 2.853 ​ Gross margin(9) ​ 28.3 % 24.7 % 21.2 % Adjusted EBITDA(10) ​ 104,017.0 ​ 91,365.5 ​ 82,919.3 ​ Adjusted EBITDA Margin(10) ​ 43.1 % 41.9 % 41.0 % Capital expenditures(11) ​ 89,961.0 ​ 71,753.2 ​ 68,150.1 ​ (1) Total revenue includes telecommunication services revenues, equipment revenues, revenue from financial services and other (See Note 6 of our Consolidated Financial Statements included elsewhere in this annual report). (2) Total cost of revenue includes depreciation and amortization, cost of goods sold, payments for the Turkish Treasury share, interconnection and termination expenses, energy expenses, employee benefit expenses, radio expenses, frequency expenses, transmission expenses, universal service fund, roaming expenses, cost of revenue from financial services, internet expenses and others (See Note 11 of our Consolidated Financial Statements included elsewhere in this annual report) (3) As of December 31, 2025, interest income and expense on financial assets measured at amortized cost are shown netted of on our consolidated statement of profit or loss. (4) As of December 31, 2023, lifecell, UkrTower and Global LLC have been classified as a disposal group held for sale and as a discontinued operation. As of September 9, 2024 disposal group held for sale has been sold. (See Note 3 of our Consolidated Financial Statements included elsewhere in this annual report). 119 Table of Contents (5) 2025, 2024 and 2023 EPSs are computed over the “Weighted average number of shares” (See Note 26 of our Consolidated Financial Statements included elsewhere in this annual report). (6) On February 17, 2023, the Company purchased a total of 1,000,000 shares at a average price level of TRY 33.88. On August 5, 2024, and August 21, 2024 the Company purchased a total of 3,001,398 shares with average prices ranging from TRY 98.05 to TRY 99.87. On March 21, 2025, and November 12, 2025 the Company purchased a total of 2,662,240 shares with average prices ranging from TRY 87.99 to TRY 95.58. Treasury shares are recognized as a deduction from equity. These amounts are not restated under IAS 29 for the purpose of this disclosure. (7) On March 17, 2026, the Board of Directors proposed a TRY 8,800.0 million dividend to shareholders. This proposal is subject to approval at the Annual General Meeting scheduled for May 7, 2026, with the distribution planned for December 9, 2026. This represents a gross cash dividend of TRY 4.00 for each share with a nominal value of TRY 1. (8) Dividends per share were computed over 2,200,000,000 shares. (9) Gross margin is calculated as total gross profit divided by total revenue. (10) Adjusted EBITDA is a non-GAAP financial measure that is defined as the profit of the Company for the period before finance income, finance costs, monetary gain and loss, income tax expense, other income, other expenses, profit or loss from discontinued operations, share of profit or loss of equity accounted investees and depreciation and amortization. A reconciliation of Adjusted EBITDA to profit for the year is presented below. Adjusted EBITDA Margin is a non-GAAP financial measure that is defined as Adjusted EBITDA divided by total revenues. (11) Capital expenditure represents additions to property, plant and equipment, intangible assets and right of use assets. In 2023, 2024 and 2025 total additions arising from subscriber’s acquisition costs and right of use assets amounts to 16,244.1 million, TRY 18,608.7 million and TRY 28,924.8 million, respectively. The following table provides a reconciliation of Adjusted EBITDA, as calculated by management using financial data prepared in accordance with IFRS as issued by the IASB, from net profit, which we believe is the most directly comparable financial measure calculated and presented in accordance with IFRS as issued by the IASB. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ (in TRY millions, including the application of IAS 29) Profit for the year ​ 17,604.0 ​ 30,779.2 ​ 23,683.5 (Profit)/loss from discontinued operations ​ 187.4 ​ (16,267.3) ​ (3,722.3) Income tax (income)/expense ​ 13,398.8 ​ 6,369.3 ​ (8,836.5) Consolidated profit before income tax ​ 31,190.3 ​ 20,881.2 ​ 11,124.7 Share of (profit)/ loss of equity accounted investees ​ 3,499.1 ​ 4,139.7 ​ (2,882.3) Depreciation and amortization ​ 63,928.3 ​ 62,256.4 ​ 59,149.1 Other operating expense, net* ​ 1,775.0 ​ 3,045.2 ​ 9,006.0 Net finance costs ​ 5,222.6 ​ 8,701.0 ​ 13,735.0 Monetary (gain) loss ​ (1,598.4) ​ (7,657.9) ​ (7,213.2) Adjusted EBITDA ​ 104,017.0 ​ 91,365.5 ​ 82,919.3 * For details of “Other operating expense, net” please see “—VI. Year ended December 31, 2025 compared to the year ended December 31, 2024.” 120 Table of Contents The following table presents selected operational data as of and for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of and for the ​ ​ year ended December 31, ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ Industry Data ​ ​ ​ ​ Population of Türkiye (in millions)(1) ​ 86.1 ​ 85.7 ​ 85.4 ​ Turkcell Data(2) ​ ​ ​ ​ ​ ​ ​ Mobile postpaid subscribers at end of period (in millions)(3) ​ 31.5 ​ 29.1 ​ 27.2 ​ Mobile M2M subscribers at end of period (in millions) ​ 5.9 ​ 5.0 ​ 4.5 ​ Superbox subscribers at end of period (in thousands)(4) ​ 716.1 ​ 680.3 ​ 719.9 ​ Mobile prepaid subscribers at end of period (in millions)(3) ​ 7.6 ​ 9.2 ​ 10.8 ​ Turkcell Fiber subscribers at end of period (in thousands)(11) ​ 2,573.6 ​ 2,454.5 ​ 2,286.7 ​ Resell Fixed Broadband subscribers at end of period (in thousands)(11) ​ 712.9 ​ 779.0 ​ 803.5 ​ ADSL subscribers at end of period (in thousands) ​ 611.4 ​ 738.2 ​ 760.7 ​ Cable subscribers at end of period (in thousands) ​ 25.7 ​ 35.5 ​ 38.5 ​ Fiber subscribers at end of period (in thousands) ​ 75.8 ​ 5.3 ​ 4.4 ​ IPTV subscribers at end of period (in thousands) ​ 1,430.5 ​ 1,462.8 ​ 1,409.2 ​ Total Turkcell Türkiye subscribers at end of period (in millions) (5) ​ 43.9 ​ 43.1 ​ 42.5 ​ Total Turkcell Group subscribers at the end of period (in millions)(6) ​ 46.2 ​ 45.2 ​ 56.3 ​ Mobile ARPU (in TRY)(7) ​ 348.0 ​ 320.0 ​ 294.1 ​ Mobile blended ARPU (excluding M2M) ​ 400.8 ​ 362.3 ​ 328.3 ​ Postpaid ARPU ​ 396.9 ​ 366.8 ​ 343.4 ​ Postpaid ARPU (excluding M2M) ​ 478.9 ​ 437.2 ​ 404.8 ​ Prepaid ARPU ​ 178.4 ​ 192.6 ​ 181.5 ​ Fixed residential ARPU (in TRY)(7) ​ 474.6 ​ 405.8 ​ 359.0 ​ Residential fiber ARPU ​ 475.9 ​ 412.4 ​ 362.9 ​ Mobile churn (monthly)(8) ​ 2.3 % 2.0 % 2.0 % Fixed churn (monthly)(9) ​ 1.7 % 1.5 % 1.5 % Turkcell employees at end of period ​ 3,381 ​ 3,298 ​ 3,413 ​ Total Group Employees at end of period(10) ​ 24,290 ​ 22,228 ​ 24,352 ​ (1) The population of Türkiye for 2025, 2024 and 2023 is based on TurkStat’s announcements. (2) For a discussion of how these metrics affect our revenues, please see “—VI. Year Ended December 31, 2025 Compared to the Year Ended December 31, 2024—a. Total Revenue” and “—VII. Year Ended December 31, 2024 Compared to the Year Ended December 31, 2023—a. Total Revenue.” (3) Subscriber numbers do not include subscribers in Ukraine, Belarus and the Turkish Republic of Northern Cyprus. (4) Superbox subscribers are included in the number of mobile subscribers. (5) Total Turkcell Türkiye subscriber numbers do not include subscribers in Belarus and the Turkish Republic of Northern Cyprus, which are part of the “Other” segment. (6) Total Turkcell group subscriber numbers include subscribers in Ukraine (for 2023 only) and in Belarus and the Turkish Republic of Northern Cyprus for the periods of 2023, 2024 and 2025. (7) We calculate monthly ARPU for mobile and fixed residential services by dividing subscriber or network driven revenues in Turkcell Türkiye (excluding revenue from fixed corporate and wholesale business, digital business sales, tower business and other non-subscriber-based revenues) for the relevant year by twelve and further dividing by the average number of subscribers during the annual period. Figures are restated in accordance with IAS 29. For a calculation of ARPU, see “—I. Overview of Business —ARPU” below. 121 Table of Contents (8) Average monthly mobile churn rate represents the rate of mobile subscriber disconnections during a certain period and is the percentage calculated by dividing the total number of subscriber disconnections during a certain period by the average number of subscribers for the same period. For these purposes, we define “average number of subscribers” as the number of subscribers at the beginning of the period plus one half of the total number of our gross subscribers acquired during the period. See “Item 4. Information on the Company—B. Business Overview—V. Churn” for information concerning subscriber disconnection policy. (9) Average monthly fixed churn rate represents the rate of fixed subscriber disconnections during a certain period and is the percentage calculated by dividing the total number of subscriber disconnections during a certain period by the average number of subscribers for the same period. For these purposes, we define “average number of subscribers” as the number of subscribers at the beginning of the period plus one half of the total number of gross subscribers acquired during the period. Churn refers to our fixed subscribers in Türkiye that are both voluntarily and involuntarily disconnected from our network. Fixed churn rate includes switches between fiber, ADSL and cable. (10) See “Item 6. Directors, Senior Management and Employees—D. Employees” for information concerning our consolidated subsidiaries. (11) 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 infrastructures of other ISPs. Accordingly, historical subscriber figures have been revised to ensure comparability. I. Overview of Business Turkcell, a joint stock company organized and existing under the laws of the Republic of Türkiye, was incorporated in 1993 and commenced its operations in 1994. Turkcell operates under 2G, 3G, 4.5G, and 5G licenses. In the 5G spectrum tender held on October 16, 2025, Turkcell secured the right to acquire the widest frequency allocation, totaling 160 MHz. Following this acquisition, Turkcell now holds a total spectrum portfolio of 394.4 MHz, representing approximately 41.6% of the total spectrum available to mobile operators in Türkiye. Within the scope of the 5G tender, the acquired spectrum authorizations are valid until December 31, 2042. In addition, Turkcell has obtained renewal rights for its existing authorizations (2G, 3G and 4.5G) from April 1, 2029 to December 31, 2042. Our services portfolio includes high-quality mobile and fixed voice, data, TV and digital services over our network. We continue to focus on our customer-oriented approach and our ability to provide quick and differentiated solutions to meet our customers’ needs through lifestyle segments and usage habits. As of December 31, 2025, we had 7.6 million prepaid subscribers and 31.5 million postpaid subscribers, compared to 9.2 million prepaid subscribers and 29.1 million postpaid subscribers as of December 31, 2024. In the mobile segment, we increased our postpaid subscriber base from 76.0% in 2024 to 80.7% in 2025 thanks to our value-focused approach. In the fixed segment, our subscriber base reached 3.3 million for the year ended December 31, 2025 compared to 3.2 million for 2024. 2.6 million of this base in 2025 are Turkcell Fiber customers. At year-end 2025 we had 46.2 million subscribers for the Group compared to 45.2 million in 2024. Our monthly average mobile churn rate in 2025 was 2.3%. Churn rate is the percentage calculated by dividing the total number of subscriber disconnections during a period by the average number of subscribers for the same period. For a more detailed discussion, please See “Item 4. Information on the Company—B. Business Overview—V. Churn.” We booked an impairment provision for contract assets, other assets and receivables from financial services in our Consolidated Financial Statements in the amount of TRY 1,174.0 and TRY 1,080.6 million as of December 31, 2025 and 2024 respectively, which we believe to be adequate. The movement in the impairment provision as of December 31, 2025 was mainly driven by collections of TRY 977.8 million, write-offs of overdue receivables of TRY 862.2 million and inflation adjustments of TRY 291.2 million, which were partially offset by impairment losses recognized during the year amounting to TRY 2,429.8 million. 122 Table of Contents ARPU We calculate monthly ARPU for mobile and fixed residential services by dividing subscriber or network driven revenues in Turkcell Türkiye (excluding revenue from fixed corporate and wholesale services, digital business sales, tower operations and other non-subscriber-based revenues) for the relevant year by 12 then dividing by the average number of subscribers during the annual period. ARPU is an operational measurement tool and the methodology for calculating performance measures such as ARPU varies substantially among operators, and is not standardized across the telecommunications industry, and reported performance measures thus vary from those that may result from the use of a single methodology. Management considers this metric useful for evaluating service performance trends over time. The following table shows the reconciliation of Turkcell Türkiye revenues to the portion of such revenues included in the ARPU calculations for 2025, 2024 and 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ ​ Year ended ​ ​ ​ Year ended ​ ​ December 31, ​ December 31, ​ December 31, ​ ​ 2025 ​ 2024 ​ 2023 ​ ​ (in TRY thousand) ​ (in TRY thousand) ​ (in TRY thousand) Turkcell Türkiye Revenue(i) ​ 220,319,476 ​ 199,742,396 ​ 186,257,652 Telecommunication Services Revenue ​ 199,161,698 ​ 179,628,578 ​ 162,586,486 Equipment Revenue 18,934,975 ​ 17,715,566 ​ 21,230,404 Other 2,222,803 ​ 2,398,252 ​ 2,440,762 Revenues which are not attributed to ARPU Calculation(ii) (39,400,551) ​ (35,642,443) ​ (38,828,840) Turkcell Türkiye revenues included in ARPU calculation(i) 178,696,122 ​ 161,701,701 ​ 144,988,050 Mobile Blended ARPU (TRY) (i) 348.0 ​ 320.0 ​ 294.1 Average Number of Mobile Subscribers during the year (million) 38.7 ​ 38.4 ​ 37.8 Fixed Residential ARPU (TRY) (i) 474.6 ​ 405.8 ​ 359.0 Average Number of Fixed Residential Subscribers during the year (million) 3.0 ​ 2.9 ​ 2.7 ​ i. Includes restatements as of December 31, 2025 in accordance with IAS 29, for further information please see “—Operating and Financial Review and Prospects—I. Overview of the Turkish Economy—Application of IAS 29” above. ii. Revenue from fixed corporate and wholesale business, digital business sales, tower business and other non-subscriber-based revenues. II. International and Other Domestic Operations In addition to our businesses in Türkiye, we have telecommunications operations in the Turkish Republic of Northern Cyprus and Belarus. On December 29, 2023, a share transfer agreement of our Ukrainian subsidiaries, lifecell, UkrTower and Global LLC, to NJJ Capital, was announced. Therefore, since December 31, 2023, the group has classified the related assets and liabilities as assets held for sale in the consolidated statement of financial position and results of operations as discontinued operations. On September 9, 2024, the Company announced that the transfer of shares, along with all rights and liabilities of the above mentioned companies had been completed. For a description of, and additional information regarding, our international and other domestic operations, see “Item 4. Information on the Company—B. Business Overview.” III. Revenues Revenues include telecommunication services, equipment revenues, revenue from financial services and other revenues. Telecommunication service revenues mainly include voice, data, messaging, digital services and solutions, interconnect, roaming, and wholesale. 123 Table of Contents IV. Operating Costs and Other Operating Expense a.Cost of Revenues Cost of revenues includes depreciation and amortization charges, cost of goods sold, payments for the treasury share and universal service fund, interconnection and termination costs mainly paid to Türk Telekom and Vodafone, employee benefit expenses for technical personnel, radio expenses, frequency expenses, energy expenses, internet expenses, transmission expenses, roaming expenses paid to international operators for calls by our subscribers outside Türkiye and cost of revenue from financial services. b.Administrative Expenses Administrative expenses consist of employee benefit expenses for non-technical, non-marketing, and non-sales employees, service expenses, consultancy expenses, collection expenses, maintenance and repair expenses, travel and entertainment expenses and other overhead charges. c.Selling and Marketing Expenses Selling and marketing expenses consist of advertising, employee benefit expenses of sales and marketing related employees, and other expenses, including sponsorship expenses, communication expenses, travel and entertainment expenses, stamp duty expenses, consultancy and office expenses. d.Net Impairment Losses on Financial and Contract Assets Net impairment losses on financial and contract assets consist of expected credit losses recognized mainly for trade receivables, receivables from financial services. The impairment methodology applied depends on whether there has been a significant increase in credit risk. Loss allowances are measured using simplified lifetime expected credit losses (“ECL”) measurement for trade receivables and contract assets and 12 month and lifetime ECL for receivables of Financell. e.Other Operating Income/Expense, net Other operating income/(expense), net consists of donation expenses, litigation expenses, restructuring cost, insurance compensation and others. f.Results of Operations The following table shows certain items in our consolidated statement of operations as a percentage of revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ (in TRY millions) Results of Operations (% of revenue) ​ ​ ​ Revenue 100.0 ​ 100.0 ​ 100.0 Cost of revenue (71.7) ​ (75.3) ​ (78.8) Gross margin 28.3 ​ 24.7 ​ 21.2 Administrative expenses (4.1) ​ (4.2) ​ (3.2) Selling and marketing expenses (7.0) ​ (6.6) ​ (5.3) Net impairment losses on financial and contract assets (0.6) ​ (0.6) ​ (0.9) Other operating income/(expenses), net (0.7) ​ (1.4) ​ (4.4) Operating profit 15.9 ​ 11.9 ​ 7.3 ​ 124 Table of Contents V. Segment Overview 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 previously divided its main operating segments into three groups: Turkcell Türkiye, Turkcell International, and Techfin. As of March 31, 2025, consistent with the Group’s strategy to provide integrated communications and technology services and to ensure economic integrity, the Group revised its operating segments in accordance with IFRS 8 Operating Segments. The Group’s segments are now “Turkcell Türkiye” and “Techfin” and “Other.” See “—V. Reportable Segments and Reporting Currency.” ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Intersegment ​ ​ ​ ​ ​ ​ Turkcell Türkiye ​ Techfin ​ Other ​ Eliminations ​ Consolidated ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ (in TRY millions) Total segment revenue 220,319.5 ​ 199,742.4 ​ 13,688.8 ​ 11,300.9 ​ 14,139.7 ​ 10,974.6 ​ (6,677.1) ​ (3,857.8) ​ 241,470.8 ​ 218,160.0 Inter-segment revenue (1,146.4) ​ (1,315.2) ​ (1,233.8) ​ (1,068.6) ​ (4,296.9) ​ (1,474.1) ​ 6,677.1 ​ 3,857.8 ​ — ​ — Revenues from external customers 219,173.1 ​ 198,427.2 ​ 12,455.1 ​ 10,232.3 ​ 9,842.7 ​ 9,500.5 ​ — ​ — ​ 241,470.8 ​ 218,160.0 Adjusted EBITDA* 98,416.5 ​ 86,852.7 ​ 3,383.1 ​ 2,845.9 ​ 2,695.9 ​ 2,111.6 ​ (478.6) ​ (444.8) ​ 104,017.0 ​ 91,365.5 Net impairment losses on financial and contract assets (991.6) ​ (1,068.5) ​ (332.9) ​ (260.1) ​ (104.3) ​ (8.1) ​ — ​ — ​ (1,428.7) ​ (1,336.7) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Intersegment ​ ​ ​ ​ ​ ​ Turkcell Türkiye ​ Techfin ​ Other ​ Eliminations ​ Consolidated ​ ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ (in TRY millions) Total segment revenue ​ 199,742.4 ​ 186,257.7 ​ 11,300.9 ​ 8,633.9 ​ 10,974.6 ​ 11,404.2 ​ (3,857.8) ​ (3,866.8) ​ 218,160.0 ​ 202,429.0 Inter-segment revenue ​ (1,315.2) ​ (1,225.6) ​ (1,068.6) ​ (784.8) ​ (1,474.1) ​ (1,856.4) ​ 3,857.8 ​ 3,866.8 ​ — ​ — Revenues from external customers ​ 198,427.2 ​ 185,032.1 ​ 10,232.3 ​ 7,849.1 ​ 9,500.5 ​ 9,547.8 ​ — ​ — ​ 218,160.0 ​ 202,429.0 Adjusted EBITDA* ​ 86,852.7 ​ 78,046.6 ​ 2,845.9 ​ 3,037.9 ​ 2,111.6 ​ 2,269.6 ​ (444.8) ​ (434.9) ​ 91,365.5 ​ 82,919.3 Net impairment (losses)/gains on financial and contract assets ​ (1,068.5) ​ (1,739.4) ​ (260.1) ​ (154.9) ​ (8.1) ​ (10.9) ​ — ​ — ​ (1,336.7) ​ (1,905.2) ​ * For a definition of Adjusted EBITDA please see “Non-IFRS Measures.” Turkcell Türkiye a.2025 compared to 2024 Total revenues generated by the Turkcell Türkiye segment increased by 10.3% to TRY 220,319.5 million in 2025 from TRY 199,742.4 million in 2024, primarily driven by an increase in the number of subscribers and ARPU growth through price adjustments, upsell efforts, as well as an increase in corporate revenues driven by digital business services performance and data center and cloud revenues. Turkcell Türkiye’s total subscriber base reached 43.9 million in 2025, with a net increase of 788 thousand, representing a 1.9% year-on-year growth. Our mobile subscriber base grew by 809 thousand to 39.1 million. We continued to prioritize profitable growth in a highly competitive environment where Mobile Number Portability (MNP) transaction volumes reached a record high of approximately 18 million in 2025. 125 Table of Contents The mobile postpaid subscriber base achieved its highest growth in 26 years, with 2.4 million net additions bringing the postpaid base to 31.5 million in 2025 end. Accordingly, postpaid subscribers account for 80.7% of our mobile segment as of the end of 2025 as compared to 76.0% as of the end of 2024. The growth in postpaid subscribers is one of the key drivers of mobile ARPU growth, as these customers typically generate higher revenue than prepaid subscribers. Concurrently, our prepaid subscriber base decreased to 7.6 million in 2025, from 9.2 million in 2024, primarily driven by 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). Turkcell Türkiye’s Adjusted EBITDA increased by 13.3% to TRY 98,416.5 million in 2025 from TRY 86,852.7 million in 2024, mainly due to the increase in revenues resulting from the reasons mentioned above, despite the increase in cost of revenues and operational expenses. Total operating costs (without depreciation, amortization and impairment of fixed assets) increased to TRY 121,903.0 million in 2025, representing an 8.0% increase as compared to 2024. These higher costs were primarily related to increases in selling and marketing expenses driven by 5G-related marketing activities, treasury share payments in line with mobile revenue growth, and radio expenses associated with 5G network preparation, partially offset by the decrease in energy expenses. Please see “—VI. Year ended December 31, 2025 compared to the year ended December 31, 2024—b. Cost of Revenue.” b.2024 compared to 2023 Total revenues generated by the Turkcell Türkiye segment increased by 7.2% to TRY 199,742.4 million in 2024 from TRY 186,257.7 million in 2023. Turkcell Türkiye’s subscriber base reached 43.1 million in 2024, with a net increase of 578 thousand. We have achieved 3.7 million net subscriber additions over the past three years thanks to our superior infrastructure, a wide range of solutions tailored to customer preferences, and pioneering campaigns designed to simplify our customers’ lives. This success is also attributable to the customer experience we provide and our analytical capabilities. Mobile postpaid subscriber base experienced substantial growth, reaching 29.1 million with a strong 1.9 million net additions—the highest in 15 years. Accordingly, postpaid subscribers account for 76.0% of our mobile segment as of the end of 2024. The growth in postpaid subscribers is one of the key drivers of mobile ARPU growth, as these customers typically generate higher revenue than prepaid subscribers. Concurrently, our prepaid subscriber base decreased to 9.2 million, primarily driven by the widespread usage of alternative data solutions (e-SIM) and the routine disconnection of inactive prepaid subscribers during the quarter, in line with our churn policy. The competitive environment, which intensified in May and peaked in December, drove the MNP market in Türkiye to unprecedented highs. While our mobile churn rate in the fourth quarter of the year exceeded that of the same period last year, the annual churn rate remained stable at 2% throughout the year thanks to our successful subscriber retention strategy. Turkcell Türkiye’s Adjusted EBITDA increased by 11.3% to TRY 86,852.7 million in 2024 from TRY 78,046.6 million in 2023, mainly due to the increase in revenues resulting from the reasons mentioned above, despite the increase in cost of revenues and operational expenses. Total operating costs (without depreciation, amortization and impairment of fixed assets) increased to TRY 112,889.7 million in 2024, representing a 4.3% increase as compared to 2023. These higher costs were related to the increases in employee benefit expenses and treasury share. Please see “—VII. Year ended December 31, 2024 compared to the year ended December 31, 2023—b. Cost of Revenue.” Techfin a. 2025 compared to 2024 Total revenues generated by the Techfin segment increased by 21.1% to TRY 13,688.8 million in 2025 from TRY 11,300.9 million in 2024, mainly driven by Paycell’s strong increase in revenues, while Financell recorded limited revenue growth due to the prevailing interest rate environment and continuing regulatory limits on loan durations for smartphone installments. Paycell revenues grew 41.0% and Financell revenues grew by 0.5%. 126 Table of Contents Techfin’s Adjusted EBITDA increased by 18.9% to TRY 3,383.1 million in 2025 from TRY 2,845.9 million in 2024, as the strong revenue growth was partially offset by a proportionally higher increase in costs. As a percentage of revenues, Techfin’s Adjusted EBITDA decreased by 0.5 percentage points to 24.7% in 2025 from 25.2% in 2024. This was mainly due to higher mobile payment expenses driven by the demand for POS solutions, with Paycell’s EBITDA margin declining to 34.3% from 43.0%. This impact was partially offset by the improvement in Financell’s EBITDA margin, which expanded to 16.1% from 14.9%, supported by lower funding costs relative to the prior year. b. 2024 compared to 2023 Total revenues generated by Techfin segment increased by 30.9% to TRY 11,300.9 million in 2024 from TRY 8,633.9 million in 2023 due to the higher loan portfolio of Financell and the continued demand for diversified portfolio of services (mobile payment (Pay Later), Paycell card and payment facilitation (POS) solutions) in 2024 compared to 2023. Paycell revenues grew 25% and Financell revenues grew by 32.8% Techfin’s Adjusted EBITDA decreased by 6.3% to TRY 2,845.9 million in 2024 from TRY 3,037.9 million in 2023, mainly due to the increase in cost of revenue and operational expenses being higher than the increase in revenues. As a percentage of revenues, Techfin’s Adjusted EBITDA decreased by 10 percentage points to 25.2% in 2024 from 35.2% in 2023. This was mainly due to increases in funding expenses (contributing 8.6%). Other a. 2025 compared to 2024 Total revenues generated by the Other segment (excluding intersegment eliminations) increased by 28.8% to TRY 14,139.7 million in 2025 from TRY 10,974.6 million in 2024, as restated primarily driven by higher energy revenues from Turkcell Enerji’s electricity sales to other Group entities, as well as revenue growth at BeST and Kıbrıs Telekom supported by subscriber base expansion and tariff increases. BeST’s subscriber base grew by 6.7% to 1.6 million in 2025 from 1.5 million in 2024, while Kıbrıs Telekom’s subscriber base grew by 16.7% to 0.7 million in 2025 from 0.6 million in 2024. The Other segment’s Adjusted EBITDA increased by 27.7% to TRY 2,695.9 million in 2025 from TRY 2,111.6 million in 2024, driven by the strong operational performance of both BeST and Kıbrıs Telekom. EBITDA margin remained broadly stable at 19.1%, compared to 19.2% in 2024. b. 2024 compared to 2023 Total revenues generated by the Other segment (excluding intersegment eliminations), mainly comprised of international telecommunications operations (BeST in Belarus and Kıbrıs Telekom), energy business, non-group call center revenues, decreased by 3.8% to TRY 10,974.6 million in 2024 from TRY 11,404.2 million in 2023, primarily due to lower energy revenues as a result of a reduction in electricity trading activities. Other segment’s Adjusted EBITDA decreased by 7.0% to TRY 2,111.6 million in 2024 from TRY 2,269.6 million in 2023. VI. Year ended December 31, 2025 compared to the year ended December 31, 2024 Subscriber discussion 2025 was marked by aggressive competition in the mobile market, with mobile number portability transactions reaching record levels. Despite this environment, we achieved growth in both subscriber numbers and ARPU by maintaining a disciplined and balanced operational approach. As of December 31, 2025, our mobile subscriber base in Türkiye reached 39.1 million, including 31.5 million postpaid subscribers, compared to 38.3 million total and 29.1 million postpaid subscribers at the end of 2024. This represents a net annual increase of 788 thousand mobile subscribers as compared to 578 thousand for 2024. Growth was primarily driven by 2.4 million net additions to the postpaid segment, which constitutes 80.7% of our total mobile base in 2025-end, up from 76.0% in 2024. Prepaid subscribers decreased to 7.6 million. This shift was consistent with our value-focused strategy and reflects customer preference for fixed-price postpaid packages to mitigate inflationary pressures, alongside the increasing adoption of e-SIM technology. 127 Table of Contents In the fixed broadband segment, the competitive landscape remained challenging due to delayed pricing adjustments by other internet service providers. Our total fixed subscriber base grew by 53 thousand net additions to reach 3.3 million as of December 31, 2025 as compared to 3.2 million for 2024. This growth was supported by the expansion of our fiber infrastructure and rising demand for high-speed services, with fiber customers increasing to 2.6 million from 2.5 million in 2024. Internationally, our Belarusian subsidiary, BeST, reported 1.6 million registered mobile subscribers as of December 31, 2025, up from 1.5 million in 2024 rising 6.7% as compared to 2024. In Turkish Republic of Northern Cyprus, Kıbrıs Telekom’s mobile subscriber base reached 0.7 million at the end of 2025, compared to 0.6 million at the close of 2024, rising 16.7% as compared to 2024. a.Total Revenue Total consolidated revenues increased 10.7% to TRY 241,470.8 million in 2025 from TRY 218,160.0 million in 2024. This growth was primarily driven by the expanding subscriber base and ARPU growth in Turkcell Türkiye, resulting from postpaid subscriber additions, price adjustments and upsell activities. Additionally, revenue growth was supported by the strong performance of digital business services, specifically the data center and cloud business which grew by 45.0% year-on-year and hardware sales to enterprises, as well as growth in the Techfin business led by Paycell. Paycell delivered 41.0% revenue growth, primarily driven by its POS services, as transaction volumes doubled to reach TRY 88.4 billion. For discussion of year-on-year comparison for total revenues generated by Turkcell Türkiye, Techfin and Other segments, please refer to “—V. Segment Overview.” b.Cost of revenue Cost of revenue, including depreciation and amortization, increased by 5.4% to TRY 173,124.4 million in 2025 from TRY 164,325.7 million in 2024, mainly due to increases in depreciation and amortization, treasury share and universal service fund, employee benefit expenses, cost of goods sold, frequency expenses, cost of revenue from financial services, radio expenses and transmission expenses, partially offset by decreases in energy expenses and interconnection expenses. Depreciation and amortization charges increased by 2.7% to TRY 63,928.3 million in 2025 from TRY 62,256.4 million in 2024. The amortization expense for computer software and subscriber acquisition costs (SAC) increased to TRY 12,569.0 million and TRY 10,419.9 million in 2025 from TRY 11,194.6 million and TRY 9,765.2 million in 2024. The increase is mainly attributable to new software additions and higher SAC capitalization driven by growth in subscriber base and revenues. Treasury share and universal service fund paid to the ICTA increased by 10.7% to TRY 24,296.7 million in 2025 from TRY 21,956.0 million in 2024, substantially in line with the growth in mobile revenues which is the base for these payments. Employee benefit expenses within cost of revenue increased by 2.0% to TRY 20,587.0 million in 2025 from TRY 20,176.6 million in 2024, primarily driven by annual wage adjustments. Cost of goods sold increased by 7.4% to TRY 17,133.0 million in 2025 from TRY 15,945.8 million in 2024, primarily driven by higher equipment sales volumes, reflecting our focus on enterprise hardware sales. Frequency expenses increased by 10.3% to TRY 7,854.8 million in 2025 from TRY 7,121.5 million in 2024, in line with the increase in Turkcell’s revenues which constitute the calculation base for frequency fees. Cost of revenue from financial services increased by 24.8% to TRY 7,350.6 million in 2025 from TRY 5,892.1 million in 2024, mainly due to higher mobile payment expenses reflecting the strong demand for Paycell’s POS solutions, with total POS transaction volume doubling year-on-year to TRY 88.4 billion. Interconnection and termination fees decreased by 1.9% to TRY 5,766.2 million in 2025 from TRY 5,879.2 million in 2024, primarily driven by limited growth in overall traffic volumes, while the offsetting effect of the increase in national SMS unit prices had a relatively minor impact on total fees. 128 Table of Contents Energy costs decreased 12.6% to TRY 5,105.3 million in 2025 from TRY 5,843.3 million in 2024, primarily driven by the impact of Turkish Lira depreciation and savings from solar energy initiatives, which more than offset the rise in energy prices. Radio costs increased by 47.9% to TRY 4,048.0 million in 2025 from TRY 2,736.6 million in 2024, primarily due to higher network field costs. Transmission costs increased by 12.3% to TRY 2,830.4 million in 2025 from TRY 2,520.3 million in 2024, mainly due to a rise in price, capacity and exchange rate effects. Roaming expenses decreased by 2.2% to TRY 1,937.0 million in 2025 from TRY 1,981.2 million in 2024, mainly due to the increased impact of higher foreign exchange rates. As a result of the factors discussed above, total gross profit margin increased by 3.6 percentage points from 24.7% in 2024 to 28.3% in 2025. c.Administrative expenses Administrative expenses increased by 9.8% to TRY 9,948.3 million in 2025 from TRY 9,057.6 million in 2024 with the increase driven mainly by the rise in employee benefits expenses, collection expenses and consultancy expenses. Employee benefit expenses, the largest component of administrative expenses, increased by 3.4% to TRY 6,755.9 million in 2025 from TRY 6,536.2 million in 2024 primarily driven by annual wage adjustments. d.Selling and marketing expenses Selling and marketing expenses increased by 17.8% to TRY 16,880.7 million in 2025 from TRY 14,331.0 million in 2024, mainly due to the increase in marketing and selling expenses, as well as a more limited increase in employee benefit expenses. Marketing expenses increased by 23.2% to TRY 6,668.6 million in 2025 from TRY 5,410.7 million in 2024 driven by advertising and sponsorship activities including 5G-related marketing expenses. Selling expenses increased by 116.8% to TRY 1,495.7 million in 2025 from TRY 690.0 million in 2024. Employee benefit expenses increased by 3.2% to TRY 7,888.2 million in 2025 from TRY 7,640.5 million in 2024, primarily driven by annual wage adjustments. e.Net impairment losses on financial and contract assets Net impairment losses on financial and contract assets increased by 6.9% to TRY 1,428.7 million in 2025 from TRY 1,336.7 million in 2024 in line with the increase in revenue. Net impairment losses on financial and contract assets as a percentage of revenues remained stable at 0.6% for the year ended December 31, 2025 compared to 0.6% for the year ended December 31, 2024. We booked an impairment provision of TRY 1,174.0 million and TRY 1,080.6 million for trade receivables, contract assets and receivables from financial services as at December 31, 2025 and 2024, respectively. f.Other operating income/(expenses), net Other net operating expenses decreased to TRY 1,775.0 million in 2025 from TRY 3,045.2 million in 2024, mainly due to the non-recurrence of the distributor restructuring cost of TRY 1,580.3 million recognized in 2024 in connection with the Group’s reduction of its distributor network from two to one. g.Operating profit Operating profit increased by 47.0% to TRY 38,313.6 million in 2025 from TRY 26,063.9 million in 2024. As a percentage of revenues, operating profit increased from 11.9% in 2024 to 15.9% in 2025, primarily due to an increase in total revenues and a more limited increase in cost of revenues. 129 Table of Contents h.Net finance income/(costs) Net finance costs increased to TRY 3,624.2 million in 2025 from TRY 1,043.1 million in 2024. Finance income increased by 24.0% to TRY 16,841.5 million in 2025 from TRY 13,584.6 million in 2024, primarily due to higher interest income from financial assets, which increased to TRY 4,918.5 million from TRY 1,481.7 million, and income from money market funds, which increased to TRY 3,008.8 million in 2025, and decrease in income from foreign exchange protected deposits, which amounted to TRY 2,233.6 million in 2024. Finance costs decreased slightly by 1.0% to TRY 22,064.0 million in 2025 from TRY 22,285.6 million in 2024. Moreover, monetary gain arising from IAS 29 implementation amounted to TRY 1,598.4 million and TRY 7,657.9 million respectively in 2025 and 2024, mainly due to the slowing pace of inflation and increased monetary composition of the company which has an adverse impact on monetary gain. i.Income tax (expense)/benefit Income tax expense increased to TRY 13,398.8 million in 2025 from TRY 6,369.3 million in 2024. This was primarily driven by the higher deferred tax expense resulting from the removal of inflationary accounting adjustments in the 2025 statutory financials. This negative impact was partially offset by a deferred tax benefit arising from the revaluation of fixed assets in accordance with Article 298(Ç) of the Turkish Tax Procedure Law. For further information, see “Taxation Issues in the Telecommunications Sector and Other Sectors in which the Company Operates - Revaluation of Depreciable Assets” j.Share of (loss)/profit of equity accounted investees Share of loss of equity accounted investees narrowed by 15.5% to TRY 3,499.1 million in 2025, compared to TRY 4,139.7 million in 2024. This improvement was primarily driven by the favorable impact of the revision to the Special Consumption Tax base implemented in 2025 and enhanced operational efficiencies, both of which reduced the losses recognized from the Company’s investment in Togg. Despite this positive trend, Togg’s overall financial performance continued to be impacted by significant research and development expenditures and marketing expenditures. k.Profit/loss from discontinued operations In 2025, there were no discontinued operations. The loss from discontinued operations of TRY 187.4 million in 2025 represents the final settlement of the receivable arising from the sale of the Ukrainian subsidiaries in 2024. In 2024, profit from discontinued operations was TRY 16,267.3 million. This consisted of the profit for the period from discontinued operations from January 1 to September 9, 2024 (the closing date) of TRY 4,721.0 million and the gain on disposal of the Ukrainian subsidiaries of TRY 11,546.3 million. See Note 3 of our Consolidated Financial Statements included elsewhere in this annual report. l.Profit for the year Profit for the period attributable to owners of the Company decreased to TRY 17,604.0 million in the year ended December 31, 2025 from TRY 30,779.2 million in the year ended December 31, 2024. The year-on-year decline mainly reflects a high base in 2024, driven by TRY 16,267.3 million of income from discontinued operations, comprising a one-off gain on the disposal of the Ukrainian subsidiaries and profit generated through the closing date of September 9, 2024. Profit from continuing operations increased by 22.6% to TRY 17,791.4 million in 2025 from TRY 14,511.9 million in 2024, primarily driven by EBITDA growth, a decreased share of loss from equity accounted investees and a decline in net finance costs excluding monetary gain, partially offset by lower monetary gain and higher income tax expense. m.Non-controlling interests Non-controlling interests in the net loss (profit) of our consolidated subsidiaries is classified separately in the Consolidated Financial Statements of operations under “non-controlling interests.” There were no amounts allocated to non-controlling interests for the year ended December 31, 2025, compared to a loss allocated to non-controlling interests of TRY 11.2 million for the year ended December 31, 2024. 130 Table of Contents VII. Year ended December 31, 2024 compared to the year ended December 31, 2023 Subscriber discussion We had 38.3 million mobile subscribers in Türkiye, including 29.1 million mobile postpaid subscribers, as of December 31, 2024, compared to 38.0 million mobile subscribers in Türkiye, with 27.2 million mobile postpaid subscribers, as of December 31, 2023. During 2024, we recorded a net increase of 303 thousand mobile subscribers. This was mainly driven by 1.9 million net additions to the postpaid subscriber base, which reached 76% of total mobile subscribers. We had 1.6 million net losses in prepaid subscribers as of December 31, 2024, which was due mainly to widespread usage of alternative data solutions (e-SIM) and the disconnection of 326 thousand inactive prepaid subscribers during the last quarter of the year in line with our churn policy. In the fixed segment, our subscriber base reached 3.2 million for the year ended December 31, 2024, of which 2.5 million were fiber customers, compared to 3.1 fixed broadband subscribers, which 2.3 million were fiber customers, for the year ended December 31, 2023. The net additions in fiber of customers, were supported by our accelerated fiber infrastructure investments and the continued demand for high-speed and high-quality household broadband connections. In Belarus, we had 1.5 million registered mobile subscribers as of December 31, 2024 inline with December 31, 2023. Three-month active subscribers were at 1.2 million as of December 31, 2024, unchanged from December 31, 2023. Kıbrıs Telecom mobile subscribers were stable at 0.6 million as of December 31, 2024, as compared to December 31, 2023. a.Total Revenue Total consolidated revenues increased 7.8% to TRY 218,160.0 million in 2024 from TRY 202,429.0 million in 2023. This growth was mainly attributable to the expanding customer base of Turkcell Türkiye, driven by the postpaid subscriber base, and price adjustments. Additionally, revenue growth was supported by our techfin business and digital services. For discussion of year-on-year comparison for total revenues generated by Turkcell Türkiye, Turkcell International, Techfin and Other segments, please refer to “—V. Segment Overview.” b.Cost of revenue Cost of revenue, including depreciation and amortization, increased by 3.0% to TRY 164,325.6 million in 2024 from TRY 159,533.8 million in 2023, mainly due to the increase in treasury share expenses and universal service fund, employee benefit expenses, radio expenses, frequency expenses, depreciation and amortization and cost of revenue from financial services, partially offset by decreases in interconnection expenses and energy expenses. As a percentage of revenues, cost of revenues decreased by 3.5 percentage points to 75.3% in 2024 from 78.8% in 2023. This was mainly due to decreases in depreciation and amortization (contributing 0.7%), cost of goods sold (contributing 2.7%), interconnection and termination expense (contributing 1.0%), and energy expense (contributing 0.8%), despite an increase in employee benefit expense (contributing 1.4%). Depreciation and amortization charges (including impairment charges) increased by 5.3% to TRY 62,256.4 million in 2024 from TRY 59,149.1 million in 2023. The depreciation expense for our network infrastructure increased to TRY 22,389.6 million in 2024 from TRY 17,161.5 million in 2023. Even though there was an increase in depreciation expense for our network infrastructure due to new network investments, this increase was lower than the yearly inflation. The amortization expense for our computer software and subscriber acquisition costs (SAC) increased to TRY 11,194.6 million and TRY 9,765.2 million in 2024 from TRY 12,143.4 million and TRY 12,061.5 million in 2023. The increase is mainly attributable to new software additions and higher capitalization of SAC in accordance with IFRS15. Cost of goods sold decreased 21.1% to TRY 15,945.8 million in 2024 from TRY 20,211.9 million in 2023, mainly due to the decreased volume in equipment sales, partially due to our focus on sales through our digital platforms. Treasury share and universal service fund over our mobile revenues paid to the ICTA increased by 10.3% to TRY 21,956.0 million in 2024 from TRY 19,904.7 million in 2023, mainly due to an increase in mobile revenues which is the base of treasury share and universal service fund. 131 Table of Contents Employee benefit expenses increased by 26.4% to TRY 20,176.6 million in 2024 from TRY 15,964.3 million in 2023, mainly due to the biannual salary increases applied in January and July 2024. Interconnection and termination fees decreased by 21.4% to TRY 5,879.2 million in 2024 from TRY 7,475.2 million in 2023, mainly due to decreasing mobile termination rates in Türkiye. Energy cost decreased by 15.9% to TRY 5,843.3 million in 2024 from TRY 6,948.7 million in 2023, mainly due to the inflation effect. Frequency expenses increased by 10.3% to TRY 7,121.5 million in 2024 from TRY 6,472.1 million in 2023. The frequency fees are paid at 5% of the net revenues of Turkcell İletişim Hizmetleri and the increased frequency expenses were in line with the increase in Turkcell’s revenues. Cost of revenue from financial services increased by 68.5% to TRY 5,892.1 million in 2024 from TRY 3,497.9 million in 2023, mainly due to rise in the loans portfolio of Financell and Paycell’s increased transaction volume across all services along with rising interest rates. Radio cost increased by 5.8% to TRY 2,736.6 million in 2024 from TRY 2,586.8 million in 2023, primarily due to increased roll out. Transmission costs decreased by 9.0% to TRY 2,520.3 million in 2024 from TRY 2,769.2 million in 2023 primarily due to price increases remaining below annual inflation, despite increased capacity and adverse exchange rate effects. Roaming expenses decreased 7.6% to TRY 1,981.2 million in 2024 from TRY 2,144.6 million in 2023, mainly due to the rise in travel and the increased impact of higher foreign exchange rates. As a result, total gross profit margin increased 3.5% from 21.2% in 2023 to 24.7% in 2024. c.Administrative expenses Administrative expenses increased 39.8% to TRY 9,057.6 million in 2024 from TRY 6,481.1 million in 2023, mainly due to higher employee benefit expenses. Employee benefit expenses rose by 41.4% to TRY 6,536.2 million in 2024 from TRY 4,621.3 million in 2023, mainly due to biannual salary increases implemented in January and July 2024. As a percentage of revenues, administrative expenses increased to 4.2% for the year ended December 31, 2024 from 3.2% for the year ended December 31, 2023. d.Selling and marketing expenses Selling and marketing expenses increased by 33.5% to TRY 14,331.0 million in 2024 from TRY 10,738.5 million in 2023, mainly due to the increase in marketing expenses and employee benefit expenses, partially offset by a decrease in selling expenses. As a percentage of revenues, selling and marketing expenses increased to 6.6% for the year ended December 31, 2024 compared to 5.3% for the year ended December 31, 2023. This was driven mainly by the rise in employee benefits expenses (contributing 0.6%). Employee benefit expenses increased 28.8% to TRY 7,640.5 million in 2024 from TRY 5,933.1 million in 2023, due to the biannual salary increases applied in January and July 2024. e.Net impairment losses on financial and contract assets Net impairment losses on financial and contract assets decreased by 29.8% to TRY 1,336.7 million in 2024 from TRY 1,905.2 million in 2023. Net impairment losses on financial and contract assets as a percentage of revenues were 0.6% for the year ended December 31, 2024 as compared to 0.9% for the year ended December 31, 2023. We booked an impairment provision of TRY 1,080.6 million and TRY 1,427.9 million for contract assets, other assets and receivables from financial services as at December 31, 2024 and 2023, respectively. 132 Table of Contents f.Other operating income/(expenses), net Other net operating expenses income decreased to TRY 3,045.2 million in 2024 from TRY 9,006.0 million in 2023, mainly due to the donation in 2023 for the Southeastern Türkiye Earthquakes and other litigation expenses. However, the decrease in other net operating income was partially offset by a rise in insurance compensation income and income from equipment donations. g.Operating profit Operating profit increased by 76.5% to TRY 26,063.9 million in 2024 from TRY 14,764.2 million in 2023. As a percentage of revenues, operating profit increased from 7.3% in 2023 to 11.9% in 2024, primarily due to an increase in total revenues and a more limited increase in cost of revenues. h.Net finance income/(costs) Net finance costs decreased to TRY 1,043.1 million in 2024 from TRY 6,521.8 million in 2023. Finance income decreased by 43.2% to TRY 13,584.6 million in 2024, as compared to TRY 23,931.9 million in 2023, mainly due to decrease in income from financial assets carried at fair value and decrease in the cash flow hedges- reclassified to profit or loss. Finance costs decreased by 40.8% to TRY 22,285.6 million in 2024 from TRY 37,666.9 million in 2023, mainly due to the decrease in net foreign exchange losses. Net foreign exchange losses decreased to TRY 4,912.9 million in 2024 from TRY 26,488.3 million in 2023. Moreover, monetary gain (loss) arising from IAS 29 implementation amounted to TRY 7,657.9 million and TRY 7,213.2 million respectively in 2024 and 2023 years. The decrease in monetary gain was due to the net monetary position change. i.Income tax (expense)/benefit Income tax shifted from income of TRY 8,836.5 million in 2023 to an expense of TRY 6,369.3 million in 2024, primarily due to the one-off deferred tax income recognized in 2023 following the initial implementation of inflation accounting in accordance with the amendments to the Tax Procedure Law and Corporate Tax Law, to the statutory financial statements as of December 31, 2023 (which adjusted the tax bases for the effects of inflation). Accordingly, a net deferred tax asset was recognized for the impact of inflation adjustment on the tax bases of non-monetary items as of December 31, 2023. This recognition continued to be applied in 2024. Additionally, the increase in corporate tax expense was primarily driven by the Company’s statutory financial statements reflecting a tax-paying position in 2024. j.Share of (loss)/profit of equity accounted investees Share of profit/(loss) of equity accounted investees decreased from a profit of from TRY 2,882.3 million in 2023 to a loss of TRY 4,139.7 million in 2024, mainly due to increased losses from TOGG, primarily driven by higher cost of sales, R&D and marketing expenses. k.Profit from discontinued operations Profit from discontinued operations increased from TRY 3,722.3 million in 2023 to TRY 16,267.3 million in 2024. This increase was mainly due to the gain on the sale of Ukrainian assets, which amounted to TRY 11,546.3 million, with the remaining portion corresponding to the profit for the year from discontinued operations, which amounted to TRY 4,721.0. See Note 3 of our Consolidated Financial Statements included elsewhere in this annual report. l.Profit for the period Profit for the period attributable to owners of the Company increased to TRY 30,779.2 million in the year ended December 31, 2024 from TRY 23,683.5 million in the year ended December 31, 2023 in addition to the gain on the sale of Ukrainian assets, higher operating profit and lower net finance costs enabled a higher net income as compared to the same period of last year. 133 Table of Contents m.Non-controlling interests Non-controlling interests in the net loss (profit) of our consolidated subsidiaries is classified separately in the Consolidated Financial Statements of operations under “non-controlling interests.” Loss allocated to non-controlling interests amounted to TRY 11.2 million for the year ended December 31, 2024, compared to a loss allocated non-controlling interests amounted to TRY 41.1 million for 2023. VIII. Effects of Inflation According to TurkStat, the annual consumer price inflation in Türkiye exhibited volatility throughout 2025, ultimately decreasing to 30.89% by year-end from 44.38% in 2024. This trend was influenced by various factors, including wage adjustments, fiscal measures, political tensions, and supply-side pressures in the agricultural sector. The year-end inflation converged with the targets outlined in the Government’s latest Medium-Term Program and CBRT expectations survey. Despite the deceleration in inflation, the USD/TRY exchange rate increased from 35.22 at year-end 2024 to 42.86 at year-end 2025. As of February 2026, headline inflation was at 31.5%. While the CBRT projects a year-end inflation rate of 16.0% for 2026, the March 2026 CBRT Survey of Market Participants indicates a higher market expectation of 25.38%. While recent policy decisions by various national governments and the U.S.-Israel-Iran war may amplify global inflation risks, Türkiye’s expansionary fiscal policy and political uncertainties are heightening the risk of high domestic inflation. For a comprehensive discussion on the application of IAS 29 (Financial Reporting in Hyperinflationary Economies) to our financial statements, please refer to “—Operating and Financial Review and Prospects—I. Overview of the Turkish Economy—Application of IAS 29.” In 2025, the Company remained committed to a rational pricing strategy to mitigate the adverse effects of the macroeconomic environment, particularly persistent inflation, on its financial performance. We implemented two strategic price adjustments during the year, which allowed us to maintain a dynamic competitive position and support ARPU growth. For further details on our pricing strategy in the context of inflation and the potential impacts of continued inflation, see “Item 4. Information on the Company—B. Business Overview—IV. Tariffs” and “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Business.” For further details on impact of deferred tax impact of removal of inflationary accounting on statutory accounts, see “Item 5. Operating and Financial Review and Prospects—5A. Operating Results—VI. Year ended December 31, 2025 compared to the year ended December 31, 2024 - i.Income tax (expense)/benefit.” IX. Foreign Currency Fluctuations We conduct our business in several currencies other than functional currencies of each of our locations. As a result of our exposure to foreign currency, exchange rate fluctuations have a significant impact, in the form of both translation and transaction risks, on our Consolidated Financial Statements. Our foreign currency risk management policy is focused on hedging foreign currency exposure arising from non-TRY denominated liabilities and purchase commitments. Exchange rate fluctuations affect assets and liabilities denominated in foreign currencies, primarily through our exposure related to debt obligations and capital expenditures. We hold some of our cash portfolio in foreign currency to manage our non-TRY denominated liabilities in Türkiye. To manage this risk, we utilize natural hedging by maintaining a portion of our cash in foreign currency. Additionally, we manage exchange rate and interest rate risks by executing derivative transactions, such as NDFs, swaps, and IRS, across various maturities. We are increasing the diversification of financial products to protect our foreign currency assets against currency fluctuations and enhance returns from these foreign assets. 134 Table of Contents Although the variety of available instruments and market liquidity have decreased while costs have risen, the foreign exchange risks resulting from our USD, EUR, and CNY-denominated purchases and borrowings remain at manageable levels, supported by existing market mechanisms that enable effective hedging. While we are currently able to hedge our principal TRY exposure to the USD, EUR and CNY on commercially reasonable terms, no assurance can be given that we will continue to be able to do so under all circumstances. This is particularly true given the ongoing volatility in global markets, which has had, and is likely to continue to have, a material impact on financial stability and may lead to a significant increase in our financing costs. We aim to maintain the proportion of on-balance sheet transactions while maintaining the “natural hedge” structure in order to reduce the costs associated with exchange rate and interest rate risks. In Türkiye, regulatory measures are sometimes introduced to derivative markets in order to control foreign exchange markets. Potential regulations may increase Turkcell’s hedging costs. See “Item 11. Quantitative and Qualitative Disclosures About Market Risk.” X. Interest Rates Hedging We continually monitor and examine financing opportunities to improve our financial flexibility and performance. Depending on the availability in both domestic and international debt and capital markets, we monitor new financing alternatives on an ongoing basis for contingency purposes as well as to fund potential new investments. Policy makers have implemented various regulations regarding the utilization of loans and the usage of derivatives. As a result, the variety of interest rate hedging tools decreased sharply in the market. We are exposed to interest rate risk, since part of our debt portfolio is dependent on floating rates. Uncertainty over the economic policy stance of the U.S. Federal Reserve Chair, the U.S.-Israel-Iran war, the high external debt levels of the United States in 2026, potential overvaluation of technology companies, interest rate increases in Japan, volatile movements in U.S. and Japanese bond curves and geopolitical tensions may contribute to volatility in interest rate markets and could increase hedging costs. XI.New Accounting Standards Issued See Note 2 of our Consolidated Financial Statements included elsewhere in this annual report. 5.B Liquidity and Capital Resources a.Net Cash Flows We require significant liquidity to finance capital expenditures for the expansion and improvement of our mobile and fiber communications network, including the maintenance of existing infrastructure and investments in 5G infrastructure, for working capital needs, investments in data centers and renewable energy, and the servicing of our debt obligations and 5G license payments. Below is a summary of our consolidated cash flows for the years ended December 31, 2025, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2023 ​ ​ (in TRY millions) Net cash inflow from operating activities 96,619.6 ​ 82,798.7 ​ 78,845.6 Net cash outflow from investing activities (74,938.6) ​ (48,561.2) ​ (39,507.9) Net cash inflow/(outflow) from financing activities (1,531.0) ​ (12,806.8) ​ 12,792.7 Net increase in cash and cash equivalents 20,150.0 ​ 21,430.7 ​ 52,130.4 Effects of exchange rate changes and inflation adjustments on cash and cash equivalents (18,245.1) ​ (33,286.5) ​ (31,186.3) ​ We consider the subtotal comprising profit for the period after non-cash items, as presented in the consolidated statement of cash flows, in order to analyze the increase in cash inflow from operating activities, which increased to TRY 128,097.2 million in 2025, from TRY 108,424.8 million in 2024. Furthermore, the increase in working capital (mainly due to changes in trade receivables, other current assets, trade and other payables, and receivables from financial operations) as well as the increase in income tax paid (to TRY 9,026.0 million in 2025 from TRY 2,816.1 million in 2024) resulted in a 16.7% increase in net cash provided by our operating activities. As a result, net cash provided by our operating activities was TRY 96,619.6 million in 2025 and TRY 82,798.7 million in 2024. For more information, see the Consolidated Statement of Cash Flows to our Consolidated Financial Statements for the year ended December 31, 2025 included elsewhere in this annual report. 135 Table of Contents Net cash outflow from investing activities increased to TRY 74.938,6 million in 2025, from TRY 48,561.2 million in 2024. This change was mainly due to cash outflows from purchase of shares or borrowing instruments of other enterprises or funds, which increased to TRY 108,053.2 million in 2025 from TRY 78,769.2 million in 2024, and acquisition of property, plant and equipment and intangible assets, which increased to TRY 71,776.3 million in 2025 from TRY 66,663.2 million in 2024, a decrease by cash inflow from the proceeds of the disposal of the Ukrainian subsidiaries which amounted to TRY 17,957.6 million in 2024 to TRY 528.0 million in 2025. Net cash outflow from financing activities decreased to TRY 1.531,0 million in 2025, from TRY 12,806.8 million in 2024. This change was mainly due to net cash inflow from proceeds of loans, borrowings and bonds that was more than offset by cash outflow in proceeds from issues of loans and borrowings. Effects of exchange rate changes on cash and cash equivalents and inflation adjustment mainly comprises of adjustments in order to reflect the impact of the inflation effect and translation differences on cash and cash equivalents, which decreased to TRY 18.245,1 in 2025 from TRY 33,286.5 in 2024. b.Sources of Liquidity Turkcell relies on its cash from operations to provide funding for its operations, complemented by a diverse range of financial instruments to ensure liquidity. In addition to cash generated internally, the company utilizes bank financing from both local and international institutions, as well as engaging in capital markets issuance. These strategies have enabled Turkcell to maintain a robust financial position while pursuing its growth objectives. As of December 31, 2025, our total debt was TRY 158,649.1 million (including TRY 15,484.3 million of lease obligations). We believe we maintain a strong liquidity position with cash and cash equivalents of TRY 91,828.3 million as of December 31, 2025. This position fully covers our 5G tender payment obligations as well as our debt service (including interest) for the next twelve months, excluding the consumer finance unit. Excluding 5G tender payments, our cash position is sufficient to cover our debt service through approximately year-end 2029. Beyond that, we currently have debt repayments (including interest) amounting to approximately USD 1.8 billion scheduled until 2036, covering multiple years. In the year ended December 31, 2025, our net debt position slightly increased to TRY 14.9 billion from TRY 14.0 billion as of year ended December 31, 2024. Consequently, the net debt to Adjusted EBITDA ratio decreased to 0.14x from 0.15x over the same period. These levels are well below our 1.0x threshold of net debt to EBITDA. We have achieved this position despite continued investments in our network, with our operational capital expenditure (excluding licenses) to sales ratio of 22.6% in the year ended December 31, 2025. As described in more detail below, our borrowings consist of bilateral loans from local and international financial institutions, Murabaha facilities, ECA-backed financings,144A/ Regulation S sustainable and conventional Eurobonds sold to qualified investors in the international markets and finance lease obligations with either fixed or floating interest rates. A significant portion of our borrowings is utilized to finance our capital expenditures, acquisition of GSM licenses and consolidated subsidiaries’ financing needs. Our loans are denominated in several currencies including U.S. Dollar, CNY, EUR, or TRY. The floating interest rates vary from SOFR+0.6% to SOFR+2.2% and from EURIBOR+0.7% to EURIBOR+4.0% for the loans denominated in U.S. Dollars and EUR, respectively. The fixed interest rates vary from (i) 1.5% to 7.7% for the loans denominated in U.S. Dollars, (ii) 3.6% to 3.95% for the loans denominated in EUR, (iii) 36.2% to 45.5% denominated in TRY, and (iv) 4.0% to 5.5% for the loans denominated in CNY. Our borrowings are payable over the period spanning from 2026 to 2037. The ratio of our debt to equity was 61.2% as of December 31, 2025 compared to 55.8% as of December 31, 2024. We have been able to maintain our leverage at a satisfactory level and in line with our targets. For more information, See Note 28 to our Consolidated Financial Statements included elsewhere in this annual report. Financing agreements of Turkcell In October 2015, Turkcell issued a Eurobond with an aggregate principal amount of USD 500 million featuring a 10-year maturity and a coupon rate of 5.75% (based on a 5.95% reoffer yield). This Eurobond was fully redeemed at its maturity on October 15, 2025, in accordance with its terms. On April 11, 2018 we issued a Eurobond with an aggregate principal amount of USD 500 million with a fixed coupon rate of 5.80% per annum (based on a 6.10% reoffer yield) and 10 years maturity with a redemption date of April 11, 2028. The notes are listed on the official list of the Irish Stock Exchange Euronext Dublin. 136 Table of Contents The Company signed a sustainability-linked loan agreement with BNP Paribas Fortis SA/NV, originally entered into on May 10, 2019 and subsequently amended on December 24, 2021. Under the amended terms, the facility amount was increased to EUR 70 million from the original amount of EUR 50 million and the maturity was extended to December 2026. The applicable total cost varies between EURIBOR +2.125% and 2.325%, contingent upon the achievement of specific environmental sustainability targets. These KPIs include the share of renewable energy in total electricity consumption, the volume of internal renewable energy production, and the annual collection of electronic waste. On August 7, 2020, we signed a loan package of EUR 500 million with CDB which can be utilized in both EUR and RMB terms for financing Turkcell Group’s infrastructure investments in the next three years. The respective loan has a maturity of eight years and a grace period of three years. The loan will be repaid in the following five years after the three-year grace period (availability period). The annual interest rate is EURIBOR+2.29% for the EUR denominated portion and 5.15% fixed for the RMB denominated portion. The loan agreement comprises two tranches, each EUR 250 million. The first tranche has been fully utilized in November 2022. Although the availability period for the second tranche was extended until March 31, 2024, it expired without being utilized. The loans will be repaid until August 2028. On January 24, 2025, we issued Eurobonds with an aggregate principal amount of USD 1 billion in two tranches, comprising a USD 500 million conventional tranche with a fixed coupon rate of 7.45% per annum and a five-year maturity with a redemption date of January 24, 2030, and a USD 500 million sustainable tranche with a fixed coupon rate of 7.65% per annum and a seven-year maturity with a redemption date of January 24, 2032. The notes have since been listed on the official list of Euronext Dublin. On September 23, 2024, Turkcell signed a EUR 50 million green loan agreement with Development Investment Bank of Türkiye and utilized EUR 31.5 million of the loan on September 24, 2024 and subsequently utilized the remaining EUR 18.5 million on February 5, 2025 at an interest rate of six-month Euribor +2%. On May 12, 2025, Turkcell signed a USD 150 million Murabaha financing agreement with Dubai Islamic Bank, which was fully utilized on May 13, 2025. As of December 31, 2025, we had EUR 27.6 million and RMB 1.3 billion in total committed lines as follows: ● On July 25, 2024, we signed a EUR 93.9 million, 12-year semi-annual amortizing export finance facility funded by HSBC Bank Middle East Limited and covered by Exportkreditnämnden (EKN) of Sweden in order to finance our procurement from a global vendor between 2024-2027. The loan agreement comprises three tranches, each with a tenor of 12 years. The last tranche can be utilized until May 2027 and each tranche is to be repaid in semi-annual installments. The total annual cost of the loan is 2.17% including all other annual and upfront fees. We have utilized EUR 66.2 million facility under this agreement by fully utilizing the first and second tranche on July 31, 2024 and March 28, 2025, with EUR 27.6 million remaining under this facility agreement as of December 31, 2025. ● We signed a loan agreement for RMB 1,230 million with the China Development Bank on September 30, 2024, under the insurance of China Export & Credit Insurance Corporation. As of December 31, 2025, we have utilized RMB 1.1 billion under this agreement. We signed a loan agreement for RMB 1,230 million with the China Development Bank on March 27, 2025 at an interest margin of 4.01% under the insurance of China Export & Credit Insurance Corporation. As of December 31, 2025, we have no utilization under this agreement. Various issuances have been carried out within the current Capital Markets Board (CMB) limit ceiling. As of December 31, 2025, the amount of financing bonds in circulation was TRY 750 million. On March 23, 2026, we signed a USD 1 billion syndicated Murabaha facility with a consortium of 14 international banks, led by HSBC Bank Middle East Limited. The facility has a seven-year door-to-door maturity with an annual profit rate of three-month SOFR plus 1.95%, representing an all-in cost of three-month SOFR plus 2.14% per annum. Financing agreements of Turkcell Superonline On December 15, 2025, Turkcell Superonline signed a USD 100 million Murabaha financing agreement with Dubai Islamic Bank maturing in seven years on a door-to-door basis, which was fully utilized on December 18, 2025. 137 Table of Contents In addition, Turkcell Superonline received CMB approval for the issuance on August 7, 2025 of lease certificates (sukuk) in the amount of TRY 3 billion, with maturities up to 12 months, to be issued in one or more tranches in the domestic Turkish market, without a public offering, by way of a private placement and/or to institutional investors. As of December 31, 2025, TRY 500 million of the lease certificates were outstanding. Financing agreements of Financell Financell mainly relies on bilateral loans from local and international banks. If the bank borrowings are in hard currencies, they are immediately swapped into TRY liabilities in order to avoid FX risk. Whenever Financell borrowed in hard currencies in the past three years, it executed cross currency swap transactions that matched the full cash flow of the relevant loan during its maturity. The remainder of the borrowings are local currency loans from Turkish banks and local capital markets. As of December 31, 2025, Financell had a loan portfolio of TRY 5.4 billion and EUR 39 million. In addition, Financell received the approval of the Capital Markets Board on August 7, 2025, for the issuance of commodity trading-based lease certificates (sukuk) in an aggregate nominal amount of up to TRY 2.5 billion through an asset leasing company established in Türkiye. The lease certificates are denominated in Turkish Lira and may be issued in one or more tranches, with maturities of up to 12 months, in the domestic Turkish market, without a public offering, by way of a private placement and/or to institutional investors. As of December 31, 2025, there was an outstanding lease certificate issuance of TRY 420 million. Financing agreements of other subsidiaries Certain of our subsidiaries engage in borrowing transactions to support their operations, including various loan facilities and debt instruments, including the following: ● Turkcell Ödeme: On July 23, 2025,Turkcell Ödeme received CMB approval for the issuance of lease certificates up to TRY 2 billion. These certificates, with maturities up to 12 months, are issued in the domestic market via private placement or sales to institutional investors. As of December 31, 2025, the outstanding lease certificate issuance amounted to TRY 650 million. ● TDC: On May 16, 2025, TDC signed a EUR 100 million Murabaha financing agreement with Emirates NBD to fund data center investments. The facility was fully utilized on May 26, 2025. ● Turkcell Satış: As of December 2025, Turkcell Satış held TRY 435 million short term Turkish Lira loans obtained from local banks. c.Uses of Liquidity Our cash outflows through 2025 primarily included dividend payments, quarterly corporate tax payments, capital expenditures, debt service, and our working capital needs. Our capital expenditure for property, plant, equipment and intangible assets primarily relates to network infrastructure, computer software, telecommunication licenses, subscriber acquisition costs and purchasing land, buildings and equipment. In 2025, capital expenditures were focused on new infrastructure roll out for mobile infrastructure, the expansion of fixed broadband footprint, investments in energy self-sufficiency and data center expansion. These expenditures were funded through a combination of operating cash flows and strategic external financing, maintaining a conservative Net Debt to Adjusted EBITDA ratio of 0.14x as of December 31, 2025. Further information on capital expenditure is included in Notes 12, 13 and 16 to the Consolidated Financial Statements included elsewhere in this annual report. We expect that our total operational capital expenditures, which we define as total capital expenditures excluding license fees, spectrum-related costs, and non-operational items such as those related to IFRS 15 and IFRS 16, as a percentage of revenues in 2026 will be approximately 25%, reflecting continued 5G deployment and investments in strategic areas like data center and renewables. 138 Table of Contents We believe our existing liquidity, including working capital and available credit facilities, is sufficient to meet our current operational requirements and debt service obligations. While we expect to generate adequate cash flows from our services, significant outflows are anticipated in 2026 for 5G license payment, 5G network rollout, further data center capacity increases, and potential dividend payments. Although macroeconomic volatility in Türkiye persists, we expect currency risk to remain manageable if inflation targets and exchange rate trends align with recent forecasts. However, continued high-scale investments and spectrum-related obligations may lead to increased borrowing needs and impact our net cash used in financing activities. We continue to assess potential financing alternatives for the funding of these payments and closely monitor developments in both the capital markets and the loan markets. These pressures have reduced, and may continue to reduce, our liquidity and may lead to an increase in borrowing needs and net cash used by financing activities. See “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Business—Changes in the regulatory environment in the sectors in which we operate could adversely affect our business and financial condition.” The forward-looking statements made here regarding our liquidity and any other financial results are not a guarantee of performance. They are subject to risks and uncertainties that could cause future activities and results of operations to be different from those set forth in this annual report. Important factors that may adversely affect our projections include general economic and geopolitical conditions, in particular inflation and foreign currency exchange rates, changes in the competitive environment, legal risks, developments in the domestic and international capital markets, increased investments, changes in telecommunications regulations and mismatches between the currencies in which we generate revenue and hold liquid assets and the currencies in which we incur liquid obligations and debt. See “Item 3. Key Information—D. Risk Factors” for a discussion of these and other factors that may affect our projections. Off-Balance Sheet Arrangements Off-balance sheet arrangements refer to any transaction, agreement, or other contractual arrangement involving an unconsolidated entity (other than contingent liabilities arising from litigation, arbitration or regulatory action) under which a company has (i) provided guarantee contracts; (ii) retained or contingent interests in transferred assets; (iii) any obligation under derivative instruments classified as equity; or (iv) any obligation arising out of material variable interests in an unconsolidated entity that provides financing, liquidity, market risk or credit risk support to the company, or that engages in leasing, hedging, or research and development arrangements with the company. Contingent Liabilities The following table illustrates our major contingent liabilities as of December 31, 2025. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of contingent liability expiration per period— ​ ​ ​ ​ Remaining commitment ​ ​ Total ​ ​ ​ At ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ amount ​ December 31, ​ ​ ​ Less than ​ 1‑3 ​ 3‑5 ​ Over ​ ​ committed ​ 2025 ​ Indefinite* ​ one year ​ years ​ years ​ 5 years ​ (in TRY millions) Bank Letters of Guarantee 42,215.1 ​ 42,215.1 ​ 15,017.8 ​ 3,301.6 ​ 2,290.8 ​ 16,489.0 ​ 5,115.9 * Bank letters of guarantee are not given for a specific period. Most of the guarantees will remain as long as the business relationship with the counterparty continues. As of December 31, 2025, we have contingent liabilities in respect of bank letters of guarantee obtained from banks and given to the ICTA, custom authorities, private companies, financial guarantees provided to subsidiaries and other public organizations amounting to TRY 42,215 million. We also provided guarantees to distributors amounting to TRY 2,541 million. 139 Table of Contents Contractual Obligations For a discussion of our major contractual and commercial obligations and commitments as of December 31, 2025, see Note 36 to our Consolidated Financial Statements included elsewhere in this annual report. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of Commitment ​ ​ ​ ​ ​ ​ Less than ​ ​ ​ 1‑3 ​ ​ ​ 3‑5 ​ ​ ​ After Other Commercial Commitments ​ Total ​ 1 year ​ years ​ years ​ 5 years ​ ​ (in TRY millions) Purchase obligations ​ 15,399.3 ​ 4,144.9 ​ 7,508.3 ​ 3,741.1 ​ 5.0 Capital Expenditure 10,354.6 ​ 1,143.3 ​ 5,847.4 ​ 3,362.9 ​ — ​ On December 31, 2025, outstanding purchase commitments with respect to property, plant and equipment, inventory, advertising and sponsorship amounted to TRY 15,399.3 million (December 31, 2024: TRY 5,602.2 million). Of this, TRY 10,354.6 million consisted of capital expenditure related to the acquisition of property, plant and equipment. d. Capital Transactions In 2025, in accordance with the Board of Directors’ share buyback decisions on 27 July 2016 and 30 January 2017, and later, within the Company’s buyback program, the Company purchased a total of 2,662,240 shares at a average price level of between TRY 87.99 and TRY 95.58. In 2024 the Company purchased a total of 3,001,398 shares at a average price level of between TRY 98.05 and TRY 99.87. Treasury shares are recognized by deducting from equity. The amounts are historical amounts that have not been indexed for the purpose of this disclosure. Please See “Item 10. Additional Information—B. Memorandum and Articles of Association—III. Capital Structure” and “Item 16.E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers.” e. Dividend Payments On May 2, 2024, the Company’s General Assembly approved a dividend of TRY 6,277.0 million from the 2023 net distributable profit. This represented a gross cash dividend of TRY 2.853181 per share, which was paid on December 5, 2024. On May 15, 2025, the General Assembly approved a gross dividend of TRY 8,000.0 million from the 2024 net distributable profit. This represented a gross cash dividend of TRY 3.6363636 per share, paid in two equal installments on June 20, 2025 and December 26, 2025. Most recently, on March 17, 2026, the Board of Directors proposed a gross cash dividend of TRY 8,800.0 million from the 2025 net distributable profit. This represents TRY 4.00 per share with a nominal value of TRY 1.00. This proposal is subject to approval at the Annual General Meeting scheduled for May 7, 2026, with the distribution planned for December 9, 2026. The data provided in this section are not restated for IAS 29. For additional details regarding our dividend policy, see “Item 8 Financial Information—A. Consolidated Statements and Other Financial Information—II. Dividend Policy.” 5.C Research and Development, Patents and Licenses, etc. Turkcell aims to remain at the forefront of technological advancements with ongoing investments in technologies such as AI, cybersecurity, cloud, network technologies. By leveraging its extensive R&D capabilities, Turkcell is committed to developing innovative solutions that will support the digital infrastructure of tomorrow, technological competence and be ready for the quick pace of advancements. Turkcell’s medium-term goal is to drive digital transformation, both within Türkiye and beyond. Over recent years, Turkcell has developed a broad range of proprietary digital services and solutions, building a diversified portfolio of mobile applications available on iOS, Android and HarmonyOS platforms. These applications can be downloaded from application marketplaces and are accessible to all users, regardless of their mobile operator. All applications are developed and maintained by Turkcell’s in-house mobile application development team. 140 Table of Contents In parallel, research and development activities focused on 5G and beyond communication technologies are carried out by the Next Generation R&D (NG-R&D) team. This team also hosts 6GEN.LAB, a dedicated research structure established specifically for advanced communication technologies and supported under the TÜBİTAK 1515 – Frontier R&D Laboratory Support Programme. Turkcell actively contributes to international standardization efforts, most notably within 3GPP and the ITU, while maintaining close collaboration with leading global ecosystem stakeholders, including GSMA, NGMN, and 6G-SNS-IA. In addition to a robust portfolio of ongoing publicly funded R&D projects, Turkcell has submitted numerous national and international R&D project proposals aligned with its strategic focus on 6G technologies, particularly under the Horizon Europe and SNS Joint Undertaking (SNS JU) programs. The knowledge base and intellectual outputs generated through these efforts are protected through patenting activities, while accumulated expertise and know-how are shared with the broader ecosystem through peer-reviewed journal publications and international conference papers. The established team of experts at Turkcell develops a broad array of convenient and reliable solutions with innovative roadmaps. The activities of technology centers, include the following: ● Partnership software development, customization, and/or integration of software products; ● Development of network infrastructure strategies in a rapidly evolving information and communication technologies landscape; and ● Designing short- and long-term innovative technology roadmaps for operations and technological needs. Turkcell owns numerous patents, utility models, trademarks and industrial designs. The significance of intellectual property rights, along with the associated culture, has been disseminated throughout the entire group. Accordingly, processes and solutions developed within the group are addressed from this perspective. Turkcell Group holds a total of 5,464 national and 331 international patent applications, along with 1,247 registered patents. 5.D Trend Information a.Changing Subscriber Base and Usage Patterns Driven by our value focused strategy, the proportion of postpaid subscribers within our Turkish mobile subscriber base reached 80.7% in 2025, compared to 76.0% in 2024, and 71.5% in 2023. As our business strategy evolves, we expect the contribution of mobile and fixed data to our total revenues will continue to grow. This growth is expected to be fueled by increasing smartphone penetration, the continued expansion of our postpaid subscriber base, and the rising data consumption following the commercial launch of 5G services. Conversely, voice and SMS revenues are projected to continue their downward trend as a percentage of total revenues, reflecting the ongoing global shift away from conventional telecommunication services. Despite the high inflation and challenging macroeconomic conditions in Türkiye, consumer spending habits and consumption patterns remained resilient throughout 2025. When examining the household consumption statistics from TurkStat for the year 2025, we observe that information and communication services accounted for a mere 4% of the household budget. This relatively low share of wallet suggests that telecommunication services are less sensitive to inflationary pressures compared to discretionary spending categories. In 2025 and throughout the first quarter of 2026, we have observed sustained demand for higher data quotas in mobile and increased migration to high-speed fiber broadband packages. However, the Turkish telecommunications market experienced heightened competition in 2025, evidenced by an increase in Mobile Number Portability (MNP) activity. Industry-wide MNP figures reached record levels as operators engaged in aggressive customer acquisition campaigns and tactical pricing to capture value-seeking subscribers. In addition, the proliferation of alternative data providers offering roaming services via eSIM technology has intensified competition, particularly in the tourist and high-end segments. Despite these competitive pressures and the fluidity of the subscriber market, the Company has successfully maintained its market leadership by leveraging its network quality, comprehensive digital ecosystem, and superior customer experience to drive subscriber retention and high-value acquisitions. 141 Table of Contents b.Regulations affecting our prices A significant portion of our revenue is attributable to interconnection fees and retail tariffs. The ICTA has in the past and may in the future introduce regulatory decisions reducing interconnection rates and imposing minimum and maximum prices on retail tariffs. For a more detailed discussion of these factors, please see “Item 4. Information on the Company—B. Business Overview—XIII Regulation of the Turkish Telecommunications Industry” and the discussion below. The ICTA has on several occasions intervened to place caps or set lower limits on the tariffs that we charge in the Turkish market, as described in more detail below. In the past, the ICTA’s intervention in our retail voice and SMS prices negatively affected our ability to design and launch campaigns and offers and, consequently, had a negative impact on our business. In 2016, the ICTA removed the regulation on lower limit on on-net retail prices and campaigns. These pricing regulations were valid on all single voice tariffs and campaigns, whereas we were obliged to maintain our minimum on-net SMS rate on network base. The ICTA may again intervene, impacting the prices we charge for our tariffs. For examples, the mobile retail price caps and interconnection rates have had an impact on our prices. Mobile Retail Price Caps Maximum tariffs (including national and international call and SMS fee, name/title change fee, account takeover fee, MSISDN change fee, SIM card change fee, deactivating fee, detailed billing fee, and directory assistance service fee) are regulated by the Retail Price Cap Regulation adopted by the ICTA and updated every six months. The latest ICTA Board Decision dated March 17, 2026 set the rates at TRY 4.75 per minute for national voice and TRY 3.39 for national SMS for Turkcell, Vodafone and TT Mobile as of April 1, 2026. Interconnection Rates In accordance with the relevant articles of the Electronic Communications Law and subsequent Access and Interconnection Ordinance, the ICTA regulates both fixed and mobile interconnection rates. The mobile interconnection rates have substantially been changed so far with the interventions of the ICTA, where these prices were gradually decreased based on a glide path between 2022-2024. Further changes in interconnection rates may lead to us restructuring our tariffs and may impact our operational results. i.Mobile Termination Rates (“MTR”) Since July 2013, Turkcell has been paid 2.50 kr/min for mobile call termination on its network. Rates for Vodafone and TT Mobil were TRY 2.58 kr/min and TRY 2.96 kr/min respectively. (TRY 1 Kurus (“TRY 1 kr”) = TRY 0.01) The latest decision concerning Mobile Call Termination published on June 8, 2021 updated and gradually decreased the MTRs as of January 1, 2022 until January 1, 2024 when the asymmetry in MTRs were removed and the rates were equalized at the level of 2.1 kr/min for all operators. The change in MTR levels positively affected our financials in 2022 to 2024 (i.e. EBITDA levels). The glide path of Mobile Call Termination Rates for voice calls between Turkcell, Vodafone, TT Mobil is summarized in the table below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ VOICE (TRY Kurus) ​ ​ TURKCELL ​ ​ ​ VODAFONE ​ ​ ​ TT MOBIL 01/01/2022 2.39 2.44 2.71 01/01/2023 2.25 2.28 2.41 01/01/2024 - onwards ​ 2.10 2.10 2.10 ​ The Mobile Call Termination Rate of 2.10 kurus will remain in effect. 142 Table of Contents ii.SMS Termination Rates The latest ICTA decision regarding SMS termination rates (on mobile networks), dated December 14, 2021, updates, equalizes and gradually increases SMS Termination Rates as of April 1, 2022 until January 1, 2024. If an agreement cannot be reached regarding the rates after January 1, 2024, operators can apply to the ICTA with a request for a reconciliation procedure. The announced change in SMSTR had a limited positive effect on our financials (i.e. EBITDA levels). SMS Termination Rate of Türk Telekom’s (on its fixed network) is TRY 2.60 kr/SMS. The glide path of SMS Termination Rates on Turkcell, Vodafone, TT Mobil’s networks are summarized in the table below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SMS (TRY Kurus) ​ ​ TURKCELL ​ ​ ​ VODAFONE ​ ​ ​ TT MOBIL 01/04/2022 0.8 0.8 0.8 01/01/2023 1.0 1.0 1.0 01/01/2024 ​ 1.2 1.2 1.2 01/01/2025 2.6 2.6 2.6 01/01/2026 3.2 3.2 3.2 ​ iii.Fixed Termination Rates The latest ICTA decision regarding FTRs, dated December 14, 2021, sets an IP-based, single fee structure and gradually decreases FTRs as of January 1, 2022. As of January 1, 2024, FTR were equalized for all operators at the level of 1.47 kr/min. The announced change in FTR levels had limited positive effect on our financials (i.e. EBITDA levels). The glide path of Fixed Termination Rates on Türk Telekom and Other Fixed Operators (including Turkcell Superonline) are summarized in the table below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ FTR (TRY Kurus) ​ ​ TÜRK TELEKOM ​ ​ ​ ​ Single-Transit ​ Double-Transit ​ Local ​ OTHER FIXED OPERATORS 2009-2021 1.71 ​ ​ ​ 2.24 ​ ​ ​ 1.39 ​ ​ ​ 3.20 01/01/2022 ​ ​ 1.63 ​ ​ 2.80 01/01/2023 ​ ​ 1.55 ​ ​ 2.20 01/01/2024 - onwards ​ ​ 1.47 ​ ​ 1.47 ​ c.Currency devaluation and impairments Our results of operations and the value of certain of our assets have been adversely affected by devaluations in Türkiye and in the currencies of certain countries, in particular Belarus, in the last few years. The value of the Turkish Lira against USD continued to decrease in 2025, depreciating by 21.7% in 2024 compared to depreciation of 19.7% in 2024. In Belarus, the USD/BYN appreciated by 16.4 % in 2025 in contrast with a depreciation of 9.3% in 2024. Any currency devaluation remains a risk and may continue to have an adverse effect in the future. Furthermore, operational and technological changes, general macroeconomic conditions, legal, regulatory or political obstacles in Belarus, as well as the effects of certain sanctions impacting our activities in Belarus and the measures adopted, or that may be adopted, by other countries in response to these events, may lead to further impairments in the values of certain of our assets in the future. 5.E Critical Accounting Estimates For a discussion of our significant accounting estimates and assumptions, See Note 2 to our Consolidated Financial Statements included elsewhere in this annual report. ​ 143 Table of Contents