管理層發言
Ladies and gentlemen, thank you for standing by. I am Gaeli, your Chorus Call operator. Welcome, and thank you for joining Turkcell's conference call and live webcast to present and discuss Turkcell's second quarter 2026 financial results. All participants will be in listen-only mode and the conference is being recorded. Should anyone need assistance during the conference call, you may signal an operator by pressing *0 on your telephone. At this time, I would like to turn the conference over to Mrs. Özlem Yardım, Investor Relations and Corporate Finance Director. Mrs. Yardım, you may now proceed.
Thank you, Gaeli. Good evening, everyone, and welcome to Turkcell's 2026 second quarter earnings call. Before we begin, I would like to kindly remind you to review our safe harbor statement, which is available at the end of our presentation. Our earnings release and today's presentation are available on our Investor Relations website. Our CEO, Mr. Ali Taha Koç, will begin with an overview of our business performance, followed by our CFO, Mr. Kamil Kalyon, who will take you through our financial results. After the presentation, we will open the line for your questions. It is now my pleasure to hand over to our CEO, Mr. Ali Taha Koç.
Thank you very much, Özlem. Good evening, everyone. Welcome to Turkcell's second quarter 2026 results call. Today, I will take you through our operational and strategic performance for the quarter. After my remarks, Kamil will cover the financial results in more detail, and then we will be happy to take your questions. The key message this quarter is clear: we continue to deliver real growth in a challenging environment. Macro conditions remain demanding, with inflation still above 30%. We keep on delivering real revenue growth for the eighth consecutive quarter, supported by disciplined pricing, continued postpaid additions, and improved churn. In our strategic growth areas — digital business services, fixed wireless access (FWA), data centers, TV, and Techfin — we took another step forward. Throughout all these slides, you will see one consistent story: disciplined, value-focused execution. Let's begin with the numbers. Group revenue reached 71.8 billion Turkish liras, up 2.5% year-over-year. I want to underline this: with inflation at 32%, this is genuine real growth, driven by consistent pricing actions and healthy commercial momentum across our businesses. EBITDA was 30 billion Turkish liras with a margin of 41.8%, and net income was 5.2 billion Turkish liras. Our profitability continues to reflect the strength of our disciplined operations and balanced capital allocation approach. On the operational side, momentum was strong across the board. We added 284 thousand postpaid subscribers in a single quarter. Turkcell Fiber added 31 thousand net subscribers. Mobile ARPU was realized at 448 Turkish liras while residential fiber ARPU reached 570 Turkish liras. Techfin revenue was up 7% to 4.1 billion Turkish liras. Digital business services revenue grew 33% to 8.7 billion Turkish liras. Data center and cloud revenue increased 10% to 1.6 billion, and Superbox, our fixed wireless access technology, added 64 thousand subscribers. These businesses are becoming core engines of Turkcell's growth and reinforce our strategic objective of building a more diversified and resilient business model. Now let me go deeper into each business, starting with mobile. Our mobile business delivered an outstanding quarter. We crossed the 40 million mobile subscriber milestone for the first time in Turkcell's history. This is a testament to the strength of our network, our brand, and our commercial execution. Our postpaid base reached 32.5 million subscribers, driven by 284 thousand net additions in the quarter and 2.4 million over the last 12 months. Our prepaid performance remained broadly stable this quarter as we successfully continued the transition of our mix toward postpaid, which now accounts for 81% of our mobile base. This mix shift is significant, as postpaid customers deliver higher lifetime value through lower churn and multi-service adoption. Churn tells the same compelling story: monthly average churn improved to 1.6%, down significantly from a year ago. So strong net additions combined with declining churn prove one thing — customers are choosing Turkcell with long-term loyalty. On pricing, mobile ARPU excluding M2M grew 27% year-over-year. Given the predominantly contractual nature of our postpaid base, pricing actions are gradually reflected in ARPU as contracts renew. Our strategy remains consistent: we take disciplined pricing actions to sustain real revenue growth supported by our strong brand and superior service quality. One of the most dynamic drivers of our connectivity business today is fixed wireless access. Let me now turn to our FWA performance. Superbox is our fixed wireless access offering, which we view as the next wave of growth in home internet. We are the undisputed market leader with a 74% share of the FWA market. After a soft start to Q2 2025, growth has escalated for four consecutive quarters. We added 64 thousand subscribers this quarter alone, expanding our total Superbox base to 818 thousand. The strong momentum we are building here is particularly encouraging. Looking ahead, 5G will act as a catalyst. Superbox delivers fast, reliable, plug-and-play home internet today, and 5G will elevate that experience to an entirely new level, further accelerating market demand. Superbox enables us to capture broadband demand quickly and efficiently while working hand in hand with our fiber strategy. And fiber remains the backbone of that strategy. Let's move to fixed broadband. Our fixed broadband strategy is straightforward: grow on our own fiber, price with discipline, and deliver a premium service and experience. Turkcell Fiber reached 2.6 million subscribers, with 31 thousand net additions in the quarter and 138 thousand over the last 12 months. We continue to increase the share of customers served through our own fiber infrastructure, reaching 80%, up three percentage points year-on-year. The increase reflects our sharp focus on expanding the highest value part of our fiber business. The strength of our fiber business goes beyond scale, reflecting the quality of our subscriber base. Eighty-eight percent of our residential fiber subscribers are on 12-month contracts, while monthly churn improved to 1.1%. Together, these metrics provide exceptional revenue visibility and reinforce the resilience of our fiber business. On pricing, residential fiber ARPU grew 37% year-over-year, outpacing the inflation rate. Combined with continuous improvements in churn, these results demonstrate the strength of our fiber proposition and the value customers place on our service. At the same time, we continue to expand in Turkey with strong discipline. We passed 194 thousand new homes in this quarter, bringing total home passes to 6.7 million across 31 cities, with a take-up rate of 41%. Take-up rate is one of the metrics we track closely, as it demonstrates that we are expanding where demand is strongest. Connectivity also opens the door to our digital customer services, starting with TV+. TV+ now serves 2.7 million subscribers. Subscriber momentum continues to gather pace throughout the year. Net additions increased from 62 thousand in Q4 last year to 106 thousand in Q1 this year, and accelerated further to 123 thousand this quarter. Content is a key driver of the TV business. Our strategic partnership with HBO Max, launched in November, has significantly enriched our content offering and resonated well with customers. As a result, viewing time increased by 14% quarter-over-quarter and 64% year-over-year. TV+ is about more than subscriber numbers: it strengthens engagement across our ecosystem. Subscribers that actively use TV+ interact with Turkcell more frequently, adopt more of our services, and build deeper, longer-lasting relationships with us. Now let's move to the fastest growing part of the group, digital business services. Digital business services delivered an outstanding quarter, with revenue up 33% year-over-year to 8.7 billion Turkish liras. This strong performance reflects the depth, scalability, and market strength of the digital infrastructure platform we have built over the years. Today, our data center footprint spans four locations: Kocaeli, Ankara, Tekirdağ, and İzmir. Following the activation of a new module during the quarter, our active IT capacity reached 54 megawatts. We are now taking this platform to the next level: construction of hyperscale data center facilities dedicated to the Google Cloud Turkey region in Ankara is underway. A partnership of this caliber is a strong endorsement of the quality of our infrastructure and further strengthens Turkcell's position at the center of Turkey's digital transformation. Including our hyperscale data center investments, our total investment amount reached €612 million as of Q2. Data center and cloud represent 2.3% of our group revenues. While still a developing revenue stream today, we see this business as one of Turkcell's most promising long-term growth platforms. Growth in system integration was supported by both hardware and services. More importantly, we entered the second half of the year with more than 1.5 thousand new contracts and a system integration backlog of 16 billion Turkish liras. This contracted backlog provides exceptional revenue visibility and reinforces our confidence in the sustainability of future growth. Finally, let me turn to our techfin businesses, another critical pillar of the Turkcell ecosystem. Our techfin businesses contributed 6% of group revenue this quarter and continue to strengthen the diversity of our earnings base. Paycell delivered another strong quarter, with revenue increasing 22% year-over-year to 2.4 billion Turkish liras. Pay-later transaction volume surged 84% while POS transaction volume grew 67%. Consequently, total payment value across the Paycell ecosystem reached 39 billion Turkish liras during this quarter. Paycell now serves 6.8 million active users across a broad range of everyday payment services, while the ongoing expansion of our POS solution is further strengthening our merchant ecosystem. Together, these customer and merchant capabilities continue to reinforce the scale and resilience of our payment platform. At Financell, our focus remained firmly on profitability and portfolio quality. This effort resulted in a significant improvement in net interest margin, which increased from 4.5% to 7.8%, while the cost of risk remained well under control at 3.4%. Revenue was 12% lower year-over-year, reflecting our disciplined approach to portfolio management. Financell continues to lead the customer finance market with a 43% market share by number of loans. Our 16.1 million preapproved credit customers provide significant potential for future growth. As we close the quarter, one key message stands out: our core connectivity business continues to perform with resilience, while the businesses in which we have been investing are becoming increasingly important drivers of our growth and are profitable. We remain committed to executing our strategy with discipline, investing in high-return, long-term growth, while continuously enhancing operating margins. Before I conclude, let me briefly touch on our outlook. Since the beginning of the year, the macroeconomic environment has evolved, and we now anticipate year-end inflation to settle around 28% compared with our previous assumption of 23%. Even with this revised inflation assumption, our financial guidance remains unchanged. Finally, I want to express my sincere gratitude to the entire Turkcell team. Their dedication and commitment are behind every achievement we have shared today. With that, I will hand it over to Kamil for a more detailed review of our financial results.
Thank you, Ali Taha. Let me now take you through our financial results. During the second quarter, inflation proved more persistent than anticipated, with regional geopolitical tensions adding further pressure to the macroeconomic outlook. Despite these headwinds, delivering positive real growth clearly underscores the inherent stability of our business model. This performance is a direct result of our strong brand equity, disciplined pricing strategy, and solid commercial momentum across every segment. Simply put, these results give us full confidence in the quality and long-term sustainability of our growth trajectory. Turning to our financial performance in this environment, we generated 71.8 billion Turkish liras in revenues, marking an impressive 2.5% year-on-year growth. Turkcell Turkey continued to drive group expansion, delivering 1 billion in incremental revenue, with accelerated momentum across the corporate segment playing a pivotal role in supporting this performance. On the profitability side, I want to highlight our deliberate strategy around 5G. As the clear leader at every stage of the 5G transition, we intentionally stepped up our marketing investments this quarter to further solidify customer adoption and translate our 5G leadership into long-term commercial value. Even when measured against an exceptionally strong comparable base, we delivered a healthy EBITDA margin of 41.8%, which sits fully in line with our full-year expectations. Moving on to net income, I would like to briefly outline the key dynamics shaping our financial performance this quarter. Following the commercial launch of 5G, depreciation of the associated assets commenced this quarter. Roughly half of the year-on-year increase in depreciation is attributable to these 5G assets. As expected, the resulting increase in depreciation impacted the bottom line, while marking an important transition as our 5G investments moved into active deployment and monetization. This impact was partially offset by higher monetary gains associated with the capitalization of the 5G license compared with the same period last year. Despite the year-on-year increase in our net debt position, our active treasury management continued to deliver tangible benefits. Excluding FX effects, we generated higher financial income while reducing finance expenses, with both contributing positively to our bottom line year-on-year. Moving to our equity-accounted investments: TOGG, in which we are proud to be a founding shareholder, continued to scale its operations during the quarter. As the business matures, the heavy start-up losses of its early years have largely normalized, delivering a more favorable contribution to the group year-on-year. On the tax side, our tax expense was significantly lower year-on-year, supported by fixed asset revaluation effects and tax incentives tied to our growing data center business, leading to a meaningful improvement in our effective tax rate. Bringing all these factors together, we delivered a strong bottom-line performance translating into net income of 5.2 billion Turkish liras. Next, I would like to walk you through the main drivers behind our net FX loss. Before discussing this quarter's impact, let me first emphasize that we continue to manage both FX and interest rate risk proactively with a disciplined approach that balances hedging costs and financial returns. On the borrowing side, the $1 billion Murabaha facility we secured last quarter increased the FX component of our debt portfolio. This exposure is largely balanced by our sizable FX-denominated cash and financial assets, which provide a natural offset against our FX liabilities. At the same time, we actively manage these assets under our treasury strategy to optimize returns while maintaining a disciplined approach to FX risk. Another factor contributing to the FX impact this quarter was our remaining 5G license installments. With two payments still outstanding, these obligations remain subject to FX revaluation. Furthermore, the accelerated pace of TI depreciation compared to previous periods has naturally added to our reported FX expenses. We constantly evaluate alternative hedging strategies. However, under current market dynamics, the cost of fully hedging our FX exposure remains elevated. We believe our current approach strikes an effective balance between managing FX risk and maintaining cost efficiency. Finally, it is essential to evaluate our finance expenses holistically rather than focusing solely on reported FX loss. As part of our proactive liquidity management, we utilize FX swaps to convert hard currency liquidity into Turkish lira and deploy the resulting funds into high-yielding money market instruments and deposits. While the cost of these transactions is recognized as FX losses for accounting purposes, the resulting Turkish lira liquidity generates meaningful interest income which is recorded separately and therefore is not captured in the FX loss line. Therefore, reported FX loss should not be viewed in isolation, as it captures only one component of the broader economic outcome of our treasury strategy. Turning to our investments, our operational CapEx-to-sales ratio stood at 25% in the second quarter, bringing our first half ratio to 23.2%. We allocated 81% of our operational CapEx directly to our core business, primarily supporting 5G network rollout and the continuous expansion of our fiber infrastructure. During the quarter, we added 194 thousand new fiber home passes, expanding our total footprint to 6.7 million. Meanwhile, the fiberization rate of our base stations reached 47.5%, further strengthening the quality and resilience of our integrated network. Beyond our core telecom infrastructure, we continue to expand our renewable energy portfolio. In April, we acquired a 12.1 megawatt solar power plant in Mersin, bringing our active solar generation capacity to 74.4 megawatts. We expect this capacity to increase further over the coming quarters as projects currently under development become operational. We also made further progress in our data center investments. We activated the final module of our Ankara data center and broke ground on the data center infrastructure supporting the Google Cloud region in Turkey. With these investment milestones covered, let me now turn to our balance sheet position. Our financial position remains strong, with cash and cash equivalents reaching 89 billion at quarter end. Our cash position remains resilient compared to year end 2025, despite significant planned cash outflows including the first 5G license installment, the annual wireless usage fee, and bonus payments. The Murabaha financing completed during the period further strengthened our liquidity position and provided additional financial flexibility. We remain focused on proactive liquidity management, balancing efficient funding with the preservation of a strong balance sheet. As anticipated, these planned cash outflows resulted in net debt of 44 billion. Importantly, our leverage ratio remained very low at just 0.4 times, well within our comfort zone and among the strongest levels in our peer group. Looking ahead, our robust liquidity fully covers all remaining 5G license obligations and debt maturities over the next four years. Finally, let me touch upon our foreign exchange risk management. As part of our proactive treasury strategy, we selectively use FX swaps to optimize returns on our cash balances, converting a portion of our hard currency liquidity into Turkish lira to benefit from attractive TL yields. At the same time, we maintain a substantial portion of our cash in hard currencies, providing a natural hedge against our FX liabilities. At quarter-end, 60% of our cash was held in hard currencies while 87% of our financial debt was denominated in hard currencies. At the end of the second quarter, we had 4.3 billion US dollar equivalent of FX-denominated financial liabilities balanced by 2.6 billion US dollar equivalent of FX-denominated financial assets and an effective hedging portfolio of 1.2 billion US dollars. The year-on-year increase in FX liabilities primarily reflects our 5G license obligations and related investments, the expansion of our data center capacity, and the BOTAS standard — all directly linked to the execution of our long-term investment strategy. As a result, our net short FX position remained comfortably within our medium-term target range of plus and minus 1.5 billion US dollars. With that, I will hand the call back to the operator and we would be happy to take your questions.
分析師問答
Thank you. Ladies and gentlemen, at this time, we will begin the question-and-answer session. If you wish to remove yourself from the question queue, then you may press *2. Please use your handset when asking your question for better quality. Anyone who has a question may press *1 at this time. One moment for the first question, please. The first question is from the line of Cemal Demirtaş with Bank of America. Please go ahead.
Hi, good evening, everyone. Thanks for the call and the opportunity to ask questions, and congratulations on the results. I have three questions. Sorry about that. The first is very easy: I just wanted to understand what would be the drivers that would help you reaccelerate growth in the second part of the year so that it is more in line with the guidance you provided. I am talking about revenue growth. The second question: I would like to understand a little bit better why the margins at Paycell and Financell are so volatile. For example, if I look at the Paycell margins, there was a 5.5% decrease this quarter versus last year. On the opposite, the Financell margins increased by almost 20 percentage points. So I would like to understand that a little bit better. And then the third question is on CapEx. We have seen your key competitor increasing slightly CapEx guidance in line with FX volatility and high inflation. Are you still comfortable with your current CapEx guidance? Thank you so much.
Thank you very much. I will start from the third question. Yes, we are still confident about reaching our guidance on the CapEx side. Even if there were fixed cost increases, as you know, coming from this period, we are very disciplined about CapEx spending. Therefore, we will be careful in how we spend our money, and we do not expect significant deviation from our CapEx guidance. On the second question, Cemal, for the last two-year period we focused on POS solutions and physical point-of-sale acceptance in Paycell. The profitability of these transactions has been slightly eroding Paycell's EBITDA margin, while we have seen very important growth in Paycell volumes. These POS transactions can compress margins even as they grow revenues, but overall we are very happy with Paycell's performance. Regarding Financell, due to the economic conditions in Turkey, there have been tightening policies which have reduced demand for some items such as terminals or equipment this year. This directly affects Financell's credit line and activities. But since the cost of financing has reduced in this environment, you can see higher margins at Financell. So the volatility comes from this dynamic. But we are happy with the contribution of the Techfin side to our overall picture.
For the first question — why we expect reacceleration of growth in the second half — the telecom market competition is normalizing and becoming more realistic compared to mobile number portability dynamics last year. We also implemented dynamic pricing actions in the first half of the year, and the impact of those price changes will support our second half growth. I am confident that DBS and Techfin will continue to support our growth in the second half of the year.
Thank you so much. That was very clear.
The next question is from the line of Ece Mandacı with HSBC. Please go ahead.
Yes, hi. Thanks a lot for taking my question. My question is a follow-up on the growth outlook. When do you see the impact of recent price hikes becoming fully visible in growth, and moving toward your guidance of a high single-digit level? If you could give some color on timing, that would be very helpful. My second question is on your FWA offering. It's very interesting to see the growth in that segment. If you could help us understand your current Superbox base of around 800 thousand: are those devices all 4G-only, or are they capable of using 5G as well? Do customers need to upgrade devices to benefit from the 5G transition? Also, in terms of pricing of FWA, what kind of discount or parity does it have versus the fiber product? Could you describe the offering itself: what speeds customers are getting now and what speeds they are likely to get with 5G? That color would be helpful.
Thank you for the question. On timing: because of the lag effect of our price changes and the common 12-month contract structure, beginning from the end of Q4 you should see the impact and growth more clearly. For FWA: Superbox operates on our highest frequency bands and benefits from the significant 5G investments we have made. We have higher capacity and our 5G offerings support Wi-Fi 7 as well. Right now we target customers using older DSL technologies with a portable, plug-and-play device, which has generated huge market appetite because it is easy to deploy. Initially, our 4G Superbox users need to be swapped to 5G devices to use 5G; current 4G Superbox devices only support 4G technology, so a 5G device is required to utilize the new capacity. We have already deployed 5G widely across Turkey. Regarding pricing, Superbox pricing is broadly comparable to fiber prices — in some cases slightly above fiber, depending on the tariff. We offer plans with limits of 250 GB, 500 GB, or 1 TB, so price varies by data allowance; overall, prices are close and the convenience and portability of Superbox are key differentiators. As for competition, our 74% market share in FWA is an indicator of our strong market position.
Did I hear correctly that the box is more expensive than fiber?
Comparable prices — they are close. Depending on the data allowance, price can change, but they are generally similar and competitive.
Thank you. The next question is from the line of Cemal Demirtaş with Ata Invest. Please go ahead.
Thank you for the presentation and congratulations for good results. My first question is about strategy, Mr. Koç. I remember that when you were appointed as CEO, you had ambitious targets for the digital businesses. You are progressing the company and you now have more drivers beyond being a mobile operator. When do you think we will see other areas like result platforms and data centers have a more significant contribution to revenues? Could we expect any three-year plan or guidance that gives direction on the digital platform contribution in future quarters? It would be helpful to get that perspective, because currently it is a bit harder to see. My second question is about ARPU: in your earnings release you mentioned that ARPU improvement could come in the fourth quarter. If we assume that, are we going to see some improvement in the fourth quarter or should we expect it more in 2027? Thank you. Sorry for long questions.
When I started this role I had a dream and I am executing it with discipline. Turkcell began its journey in the data center business in 2016 and initially built a collocation business, which is profitable, but limited. To scale and become a larger cloud and services provider, we needed to add service businesses on top of collocation. This is the reason for our large agreement with Google Cloud — roughly a $3 billion investment — to realize that vision. Collocation alone is sensitive to political issues and hardware availability: if companies cannot buy servers, they do not need collocation. Server prices have been rising due to processor and RAM constraints, and customers increasingly look for cloud services rather than buying hardware. This supports our service strategy. Currently, DC and cloud revenue reached 2.3% of overall revenues; it was much lower a few quarters back. We are constantly improving that percentage. We have started construction for the Google Cloud region and in 18 to 24 months we expect to start selling services from that capacity. The service business will bring more revenue, and I am confident that in five to six years you will see much more meaningful revenue from data centers. We expect that by 2030–2031, 10%–15% of group revenue could come from our data center business, but that is a long-term story. Also, with AI requirements, the value of this investment becomes even more apparent: to host AI workloads you need data centers. We currently have 54 megawatts of capacity suitable for AI workloads, and if customers bring AI servers or chips, we have the locations. So I am very optimistic about future revenue. Regarding ARPU, the price and ARPU measures we have implemented will gradually increase ARPU, but the real full impact will be more visible in 2027. You will, however, see positive signals earlier.
And one related to your system integration backlog of 16 billion: should we expect a gradual increase in the backlog in the following quarters, or more significant improvements later in 2027 or 2028?
Thank you. When you look at Q1 and Q2 results, we had very significant projects coming from governmental bodies and other large customers. When you start a big project, there are often follow-on projects. Therefore, our expectation is that these projects will continue in 2027. One of Turkcell's strengths is not only the consumer side but also the enterprise side. That is why Google and other large companies choose us as a partner. We invested in this service line six to seven years ago and we are now harvesting those investments. Most probably, this momentum will continue in the coming years.
Thank you for your answers.
The next question is from the line of Evgeniya Bystrova with Barclays. Please go ahead.
Hello. Good evening, and thank you for the presentation. I have just one quick question, and apologies if you covered it earlier: could you break down the expected payments for the 5G tender? I know there was a payment in Q1 including VAT, but could you specify what the 5G payment in Q1 was and what the expected payments are in the next quarters and their timing? Thank you.
Okay. The 5G license is payable in three installments. The first installment, which included VAT, was paid in January of this year and was around $605 million because it included VAT. The second installment is due in December this year and is around $400 million. The third and final installment is due in May 2027 and is also around $400 million.
Thank you. The next question is from the line of Yusuf Karağöz with Ak Yatırım. Please go ahead.
Thank you so much for the presentation. I have two questions. First, do you expect any changes to the credit limits for installments on newly purchased devices? This is important for 5G penetration and for Financell. My second question: have you started to see the contribution from 5G on ARPU growth? And a related question on data centers: how much EBITDA did data centers generate in the second quarter, and could you share details about data center contribution within digital business services? Thank you so much.
Thank you for the question. The first part is very important, especially for 5G penetration. Around 30%–35% of our users have 5G phones today. To support local production, late last year we reached an agreement with Samsung to produce in Turkey; that local production should support devices priced below 20 thousand Turkish liras. However, with recent supply chain issues and component price pressures, device prices have been increasing. We are lobbying to increase the installment limit because if the limit stays fixed at 20 thousand liras, it will become harder to find phones below that threshold. In our planning we keep the limit at 20 thousand, but if it changes upward it would positively affect our outlook, particularly for Financell. Currently, some installment options allow for three-month or 12-month terms depending on regulation, but a higher limit would support penetration. Regarding 5G's effect on ARPU, we can see that data usage has increased with 5G, and 5G users tend to have higher ARPUs. As we migrate customers from 4G to 5G-capable phones, we expect a positive impact on ARPU. On the data center EBITDA margins, we are not expecting any erosion in our consolidated EBITDA margins due to the DC operation. Our business plans show that EBITDA margins from DC operations will be accretive and will not erode consolidated margins.
Thank you so much.
Ladies and gentlemen, there are no further questions at this time. I will now turn the conference over to Turkcell management for any closing comments.
Thank you. Thank you very much, and see you in our third quarter call.
Thank you very much for sparing your time. Thank you for joining us. Goodbye.
Ladies and gentlemen, the conference has now concluded and you may disconnect your telephone. Thank you for calling, and have a pleasant evening.