Turkcell (TCELL) 1Q26 Financial Results

Turkcell reported 1Q26 financial results slightly above our expectations, posting TL 68,377 million in revenue, TL 28,300 million in EBITDA, and TL 4,634 million in net income. Relative to our estimates, revenue and EBITDA came in c.1% above, while net income was c.3% ahead. This quarter was marked by sustained operational growth, with net income exceeding expectations despite a high tax burden, supported by non-operating items and a positive contribution from TOGG. We assess the results as neutral. Accordingly, we maintain our 12-month target price at TL 148 and reiterate our Buy recommendation. Our target price implies 30% upside based on the last closing price.