“Remarkable Achievements Resulting in Guidance Upgrade”

Turkcell Iletisim Hizmetleri A.S. (NYSE:TKC) (BIST:TCELL):

• Please note that all financial data is consolidated and comprises that of Turkcell Iletisim Hizmetleri A.S. (the “Company”, or “Turkcell”) and its subsidiaries and associates (together referred to as the “Group”), unless otherwise stated.

• We have four reporting segments:

• "Turkcell Türkiye" which comprises our telecom, digital services and digital business services related businesses in Türkiye (as used in our previous releases in periods prior to Q115, this term covered only the mobile businesses). All non-financial data presented in this press release is unconsolidated and comprises Turkcell Türkiye only figures, unless otherwise stated. The terms "we", "us", and "our" in this press release refer only to Turkcell Türkiye, except in discussions of financial data, where such terms refer to the Group, and except where context otherwise requires.

• “Turkcell International” which comprises all of our telecom and digital services related businesses outside of Türkiye.

• “Techfin” which comprises all of our financial services businesses.

• “Other” which mainly comprises our non-group call center and energy businesses, retail channel operations, smart devices management and consumer electronics sales through digital channels and intersegment eliminations.

• In this press release, a year-on-year comparison of our key indicators is provided and figures in parentheses following the operational and financial results for September 30, 2023 refer to the same item as at September 30, 2022. For further details, please refer to our consolidated financial statements and notes as at and for September 30, 2023, which can be accessed via our website in the investor relations section (www.turkcell.com.tr).

• Selected financial information presented in this press release for the third quarter and nine months of 2022 and 2023 is based on Turkish Accounting Standards (TAS) / Turkish Financial Reporting Standards (TFRS) figures in TRY terms unless otherwise stated.

• In the tables used in this press release totals may not foot due to rounding differences. The same applies to the calculations in the text.

• Year-on-year and quarter-on-quarter percentage comparisons appearing in this press release reflect mathematical calculation.

NOTICE

We are publishing financial statements as of September 30, 2023 prepared in accordance with Turkish Accounting Standards/Turkish Financial Reporting Standards (“TAS”/“TFRS”) only. These standards are issued by the Public Oversight Accounting and Auditing Standards Authority (“POA”) and are in full compliance with IAS/IFRS Standards. In an announcement published by the POA on January 20, 2022, it is stated that TAS 29 “Financial Reporting in Hyperinflationary Economies” does not apply to TFRS financial statements as of December 31, 2021. Since then and as of the preparation date of our latest consolidated financial statements, no new statement has been made by the POA about TAS 29 application. Consequently, no TAS 29 adjustment was made to our consolidated financial statements.

Financial statements prepared in accordance with IFRS should apply IAS 29 “Financial Reporting in Hyperinflationary Economies” as of September 30, 2023. In this context, financial statements prepared in accordance with IFRS and TFRS would have significant differences and would not be comparable as of September 30, 2023. We intend to publish IFRS financial statements, compliant with IAS 29 to the extent that it remains applicable, with our Annual Report on Form 20-F that will be filed to the U.S. Securities and Exchange Commission.

Although we have not prepared a detailed comparison of differences between IFRS (unadjusted according to IAS 29) and TFRS, we have noted in our past financial statements that the most significant differences have appeared in the lines Other Operating Income/Expense, Finance Income/Expense, and Investment Activity Income/ Expense. In the past, revenue, net income and EBITDA have generally not differed. While no assurance can be given that this will be the case for Q3 2023, we are not at present aware of changes that would cause other significant differences, other than those resulting from the application of IAS 29.

FINANCIAL HIGHLIGHTS

THIRD QUARTER HIGHLIGHTS

• Another quarter with a solid set of financial results:

• Group revenues up 77.3% year-on-year on the back of the strong ARPU performance and larger subscriber base of Turkcell Türkiye and contribution of techfin business

• EBITDA up 88.9% year-on-year leading to an EBITDA margin of 43.5%; EBIT up 118.7% year-on-year resulting in an EBIT margin of 30.2%

• Net income up 128.7% year-on-year

• Free cash flow³ generation of TRY2.3 billion; net leverage⁴ level at 0.8x; long FX position of US$145 million

• Strong operational performance continued:

• Turkcell Türkiye subscriber base up⁵ by 674 thousand quarterly net additions

• 392 thousand quarterly mobile postpaid net additions; postpaid subscriber base share at 69.8%

• 193 thousand quarterly prepaid subscriber net additions supported by increased tourism activity

• 48 thousand fiber net additions

• 24 thousand new fiber homepasses; exceeded 5.7 million homepasses in total

• Mobile ARPU⁶ ramped up 87.0% year-on-year mainly on the back of sequential price adjustments throughout the year, successful upsell performance and larger postpaid subscriber base

• Robust residential fiber ARPU growth of 63.1% year-on-year mainly on the back of price adjustments, upsell efforts to higher tariffs, 12-month commitment structure as well as higher IPTV pricing

• Data usage of 4.5G users at 19.0 GB in Q323; smartphone penetration at 89%

• We upgraded our guidance⁷ for 2023. Accordingly, we now target revenue growth of ~73% up from ~71%, an EBITDA of ~TRY39 billion compared to ~TRY37 billion. We maintain our operational capex over sales ratio⁸ guidance at ~22%

• General Assembly meeting held on September 13^th:

• TRY2.3 billion dividend distribution was approved; the payment will be made on December 20^th

(1) EBITDA is a non-GAAP financial measure. See page 16 for the explanation of how we calculate Adjusted EBITDA and its reconciliation to net income.

(2) EBIT is a non-GAAP financial measure and is equal to EBITDA minus depreciation and amortization expenses.

(3) Free cash flow calculation includes EBITDA and the following items as per Turkish Financial Reporting Standartds (TFRS) cash flow statement; acquisition of property, plant and equipment, acquisition of intangible assets, change in operating assets/liabilities, payment of lease liabilities and income tax paid.

(4) Starting from Q421, we have revised the definition of our net debt calculation to include "financial assets” reported under current and non-current assets. Required reserves held in CBRT balances are also considered in net debt calculation. We believe that these assets are highly liquid and can be easily converted to cash without significant change in value.

(5) Including mobile, fixed broadband, IPTV and wholesale (MVNO&FVNO) subscribers

(6) Excluding M2M

(7) 2023 guidance figures are based on TFRS, and do not include the effects of a likely adoption of inflationary accounting in accordance with IAS 29.

(8) Excluding license fee

For further details, please refer to our consolidated financial statements and notes as at September 30, 2023 via our website in the investor relations section (www.turkcell.com.tr).

COMMENTS BY CEO, ALİ TAHA KOÇ, PhD

I am proud to have been appointed as the CEO of Turkcell, the pioneering founder of communication technologies in Türkiye. In my new role, I am determined to advance Turkcell's leading position in Türkiye's digital sovereignty by leveraging my knowledge and the rich experience I have gained in the public sector and global technology companies. We will harness our advanced technological capabilities to foster innovation and create a brighter digital future for all. And together with my team, we will lead Turkcell to be the flag carrier of our country's technology transformation.

Turkcell's third-quarter performance confirms the company's strong business model, best-in-class team, and customer satisfaction-oriented technological capabilities. As I look forward, my main objective is to bolster Turkcell's position in the telecommunication and technology market. To unlock the full potential that lies within Turkcell, I aim to focus more on technological advancement and innovation, promote sustainable growth, and create value for Turkcell shareholders.

Price adjustments continue to support growth

Despite the resumed acceleration of inflation in the third quarter, the return to generally accepted economic policies of the new economy management and the confidence-building Medium-Term-Program, which prioritizes the fight against inflation, positively impacted the markets. Increased mobility over the summer months and the back-to-school period in September positively affected our operations. A growing subscriber base, the continuation of sequential price adjustments, and our strategy of upselling, along with the support of our digital services, techfin, and international subsidiaries, have enabled us to deliver another strong quarterly performance successfully. Group revenue grew by 77.3% to TRY 26.0 billion. Additionally, despite the rise in personnel expenses, our robust revenue growth resulted in an 88.9% rise in EBITDA¹ to TRY 11.3 billion. Our EBITDA margin improved by 2.6 percentage points to 43.5%. With the active risk management that supported our strong operational results, our net profit reached TRY 5.5 billion, marking a 128.7% increase year-on-year. Additionally, we paid the first installment of our earthquake relief donation in September.

The net additions in postpaid customers surpassed 1.1 million in the first three quarters

The rising competition, which began in the second quarter of the year, continued to impact the third quarter and affect the Mobile Number Portability (MNP) market. While overall price levels in the market continue to rise, we also observed the aggressive campaigns of competitors. As Turkcell, while we occasionally responded to such campaigns, we continue to gain subscribers by sustaining our pricing focus. The price adjustments we made within the scope of inflationary pricing in the mobile segment were also followed by the competition in August. Despite competitive pressures from alternative data service providers, the positive effects of increased tourist numbers, seasonal factors, and our value propositions and strategies tailored to meet customer needs, we had net additions of 586 thousand, where 392 thousand were postpaid and 193 thousand were prepaid subscribers. With our upselling strategy and the increased contribution of price adjustments, mobile blended ARPU² rose 87.0% in the third quarter of the year.

On the fixed side, with the increased penetration due to accelerated investments in previous years and higher demand during the back-to-school period, we gained 48 thousand new fiber subscribers. As our high-speed fiber internet packages continue to attract interest to meet our customers' rising need for speed, the percentage of subscribers in our customer base preferring 100 Mbps speeds and above is on the rise. To pass on price adjustments to our subscribers in a timelier manner, we converted the majority of our offers into 12-month packages. Thanks to these strategies, our residential fiber ARPU increased by an impressive 63.1% year-on-year.

Steady progress in our strategic focus areas

Pioneering the digital transformation, which holds a significant place in the future of our country and the wider world, we continued our activities at full speed this quarter. With our focus on expanding the reach of our digital services, the number of stand-alone users³ of our digital services and solutions rose 20% compared to the same period last year, to 5.8 million. According to the ICTA, TV+ was the only platform to increase its market share in the second quarter, reaching 1.4 million IPTV subscribers. With the support of our end-to-end customized projects tailored to meet companies' digitalization needs, the revenue of our digital business services rose 76% year-on-year, exceeding TRY 1.8 billion. While our data center and cloud business continue to experience strong growth, we have a backlog with a total contract value of TRY 2.6 billion from system integration and managed services projects that will convert to revenue in the coming periods. During this quarter, our techfin companies, Paycell and Financell⁴, continued to deliver strong performances, contributing to the group's growth. Türkiye's digital financial services platform, Paycell, increased its revenues by 112.3% year-on-year to TRY 518 million this quarter. The volume of Paycell's flagship service 'Pay Later' was 2.6 times that of last year, at TRY 2.5 billion. In addition, during the quarter, Paycell launched the 'Paycell Shopping Limit' on Türkiye's leading e-commerce platforms in collaboration with Financell. Meanwhile, the loan portfolio of Financell, which diversifies its service portfolio to reach new customers, rose to TRY 5.7 billion. With the introduction of new products and projects and an increase in average interest rates, Financell's revenues grew by 103.7% year-on-year to TRY 516 million.

We are reinforcing our sustainability strategy with science-based targets

In line with our sustainability strategy, we aim to positively impact our environment, society, business, and the planet through all our endeavors. Being an energy-intensive sector, we continue to increase our initiatives to reduce our environmental impact. We prioritize conducting these efforts through a scientific framework. Within this context, we have formulated our 2030 greenhouse gas reduction goals per the Science Based Targets Initiative (SBTi) criteria. Accordingly, we commit to reduce our absolute Scope 1 and 2 greenhouse gas emissions by 50.47% by 2030 compared to the 2020 baseline emissions. We also commit to reduce our absolute Scope 3 greenhouse gas emissions by 25% compared to the 2020 baseline emissions. We take pride in being the only company in the telecommunication and technology sector in Türkiye with science-based targets approved by SBTi. As Turkcell, we conveyed our sustainability strategy at the SDG Investment Forum at NYSE during the UN's 78^th UN General Assembly. At the event, we also presented Turkcell’s first TCFD (Task Force on Climate-Related Financial Disclosures) Report outlining the risks and opportunities related to climate change and our initiatives toward resilience. We believe that this study will help us holistically evaluate our investments by enabling us to identify our areas requiring development and potential focus points. Furthermore, we are embracing renewable energy, which aligns with our sustainability strategy and offers a cost advantage in meeting our ever-rising energy needs. As Turkcell, in addition to utilizing 100% renewable energy-certified sources, we are ramping up our investments in this field. Accordingly, we took our first step with the 18 MW wind power plant we acquired in 2021. We continue our investments with solar power plants and aim to reach a capacity of 300 MW within the next three years. In the initial phase of these investments, we plan to reach a capacity of 54 MW in the first half of the coming year. We aim to meet 65% of Turkcell's total energy consumption from our green energy production by 2026.

We continue our profitability-oriented growth strategy and once again revise our guidance⁵ upward

Based on our strong performance in the first nine months, we are revising our revenue growth and EBITDA guidance for 2023 upward to around 73% and approximately TRY 39 billion, respectively. We expect a ratio⁶ of operational capital expenditures to sales of approximately 22%, in line with our previous expectations.

While thanking all our employees who have contributed to this success, we are also grateful to our Board of Directors for their trust and support. The continuous presence by our side of our customers and business partners empowers us, and we owe special gratitude to them all.

On the centennial of our Republic, I am excited about contributing to the upcoming century through technology and innovation. I respectfully and gratefully commemorate Republic of Türkiye’s founder Gazi Mustafa Kemal Atatürk.

(1) EBITDA is a non-GAAP financial measure. See page 16 for the explanation of how we calculate Adjusted EBITDA and its reconciliation to net income

(2) Excluding M2M

(3) Including IPTV, OTT TV, fizy, lifebox, and Game+

(4) Following the change in organizational structure, the revenues of Turkcell Sigorta Aracılık Hizmetleri A.Ş. (Insurance Agency), which was previously managed under Financell, have are now classified as "Other" in the Techfin segment as of the first quarter of 2023. Within this scope, all past data has beenrevised for comparability purposes.

(5) 2023 guidance figures are based on TFRS, and do not include the effects of a likely adoption of inflationary accounting in accordance with IAS 29.

(6) Excluding license fee

FINANCIAL AND OPERATIONAL REVIEW

Financial Review of Turkcell Group

(1) Excluding depreciation and amortization expenses.

(2) EBITDA is a non-GAAP financial measure. See page 16 for the explanation of how we calculate Adjusted EBITDA and its reconciliation to net income.

(3) EBIT is a non-GAAP financial measure and is equal to EBITDA minus depreciation and amortization expenses.

Revenue of the Group grew by 77.3% year-on-year in Q323. Turkcell Türkiye played a pivotal role in achieving this growth, with a solid ARPU boost resulting from price adjustments and successful upselling efforts, as well as the ongoing expansion of the postpaid customer base. Additionally, our digital services and techfin business made significant contributions to overall revenue growth.

Turkcell Türkiye revenues, comprising 79% of Group revenues, rose 84.5% year-on-year to TRY20,438 million (TRY11,076 million).

- Consumer segment⁴ revenues grew 87.8% year-on-year on the back of the price adjustments to reflect inflationary impacts, as well as successful upselling performance, and a growing subscriber base.

- Corporate segment⁴ revenues rose 90.3% year-on-year, on the back of strong momentum in digital business services revenues.

- Standalone digital services revenues registered as part of consumer and corporate segments were up 103.2% year-on-year in Q323 supported by the increased number of stand-alone paid users and price adjustments of services.

- Wholesale revenues grew 61.4% to TRY1,656 million (TRY1,026 million), mainly due to positive impact of currency movements, as well as the increased international carrier traffic and capacity upgrades of customers.

(4) Following the change in the organizational structure, the revenues from sole proprietorship subscribers that we define as Merchant, which were previously managed under the Corporate segment, are being reported under the Consumer segment as of and from the third quarter of 2023. Within this scope, past data has been revised for comparative purposes.

Turkcell International revenues, comprising 11% of Group revenues, rose 75.4% to TRY2,868 million (TRY1,635 million), with the positive impact of currency movements and lifecell’s operational performance.

Techfin segment revenues, comprising 4% of Group revenues, rose 107.5% to TRY1,036 million (TRY499 million). This performance was driven by a 112.3% rise in Paycell revenues and 103.7% increase in Financell revenues. Please refer to the Techfin section for details.

Other subsidiaries' revenues, at 6% of Group revenues, mainly including consumer electronics sales, call center

revenues and revenues from energy business, increased 13.7% to TRY1,651 million (TRY1,453 million).

Cost of revenue (excluding depreciation and amortization) decreased to 46.8% (50.8%) as a percentage of revenues in Q323. This was driven mainly by the decline in cost of goods sold (3.3pp), energy expenses (2.1pp), and interconnection cost (1.4pp), despite the increase in personnel expenses (1.5pp) and other cost items (1.3pp) as a percentage of revenues.

Administrative Expenses increased to 3.3% (2.7%) as a percentage of revenues in Q323. This was mainly due to increased personnel expenses.

Selling and Marketing Expenses increased to 5.5% (4.7%) as a percentage of revenues in Q323. This was mainly due to the rise in personnel expenses (0.7pp), and marketing expenses (0.1pp).

Net impairment losses on financial and contract assets decreased to 0.8% (1.0%) as a percentage of revenues in Q323.

EBITDA¹ rose by 88.9% year-on-year in Q323 leading to an EBITDA margin of 43.5% (40.9%).

- Turkcell Türkiye’s EBITDA rose 94.9% year-on-year to TRY9,275 million (TRY4,759 million) leading to an EBITDA margin of 45.4% (43.0%).

- Turkcell International EBITDA grew 74.4% year-on-year to TRY1,476 million (TRY846 million), which resulted in an EBITDA margin of 51.5% (51.8%).

- Techfin segment EBITDA rose 66.6% to TRY384 million (TRY230 million) with an EBITDA margin of 37.1% (46.1%). The primary reason for the year-on-year decrease in EBITDA margin was the increased funding cost of Financell in comparison to Q322.

- The EBITDA of other subsidiaries was at TRY179 million (TRY155 million).

Depreciation and amortization expenses increased 44.2% year-on-year in Q323.

Net finance expense decreased to TRY3,276 million (TRY3,650 million) in Q323. This was driven mainly by lower

FX losses from borrowings and issued bonds in addition to derivative instruments' fair value gains. Higher interest expenses limited the positive impact.

See Appendix A for details of net foreign exchange gain and loss.

Net other operating expense was TRY29 million (TRY2,415 million income) in Q323. The impact of the earthquake donation was offset by FX gains and interest income.

See Appendix A for details of net foreign exchange gain and loss.

Net investment activity income increased to TRY1,183 million in Q323 compared to TRY526 million in Q322. This was driven mainly by the fair value gains registered on currency-protected time deposits.

Income tax expense decreased to TRY155 million (TRY501 million) in Q323. This was driven by tax impacts generated by the change in corporate tax rate on deferred tax assets and donation.

Net income of the Group rose 128.7% to TRY5,478 million (TRY2,396 million) in Q323 due to robust operational and financial performance. The earthquake donation payment was partially offset by the aforementioned tax impacts.

Total cash & debt: Consolidated cash as of September 30, 2023 increased to TRY39,054 million from TRY35,030 million as of June 30, 2023. Our cash position was positively impacted by currency movements during the quarter. Excluding FX swap transactions, 56% of our cash is in US$, 13% in EUR, and the remaining part is in local currency.

1) EBITDA is a non-GAAP financial measure. See page 16 for the explanation of how we calculate adjusted EBITDA and its reconciliation to net income.

Consolidated debt as of September 30, 2023 rose to TRY83,452 million from TRY77,198 million as of June 30, 2023, due mainly to the new borrowings, issued bonds and FX impact. Please note that 44% of our consolidated debt is in US$, 27% in EUR, 21% in TRY, 5% in UAH, and 2% in CNY.

Net debt¹ as of September 30, 2023 was at TRY28,135 million with a net debt to EBITDA ratio of 0.8 times. Excluding finance company consumer loans, our telco only net debt was at TRY22,448 million with a leverage of 0.7 times.

Turkcell Group had a long FX position of US$145 million as at the end of the third quarter (Please note that this figure takes hedging portfolio and advance payments into account). The long FX position of US$145 million is in line with our FX neutral definition, which is between -US$200 million and +US$200 million.

Capital expenditures: Capital expenditures, including non-operational items, amounted to TRY6,102 million in Q323. In Q323 and 9M23, operational capital expenditures (excluding license fees) at the Group level were at 14.6% and 17.4% of total revenues, respectively.

(1) Starting from Q421, we have revised the definition of our net debt calculation to include "financial assets” reported under current and non-current assets. Required reserves held in CBRT balances are also considered in net debt calculation. We believe that these assets are highly liquid and can be easily converted to cash without significant change in value.

Operational Review of Turkcell Türkiye

(1) Including mobile, fixed broadband, IPTV and wholesale (MVNO&FVNO) subscribers.

(2) Superbox subscribers are included in mobile subscribers.

(3) Churn figures represent average monthly churn figures for the respective quarters.

Turkcell Türkiye's customer base continued to expand, reaching 42.7 million with a net quarterly addition of 674 thousand, driven by strong postpaid net addition performance, and increased tourist activity during the summer season which is lower than normal trend due to the widespread use of alternative data solutions (eSIM technology), and gained momentum in September with back-to-school season. This performance resulted in a total of almost 1 million net additions in the first nine months of the year.

On the mobile front, our subscriber base expanded to 38.2 million, with strong performance on both the prepaid and postpaid sides, driven by 586 thousand quarterly net additions on the mobile front. Enhanced tourism activities contributed to a quarterly net addition of 193 thousand prepaid subscribers. Meanwhile, we registered 392 thousand quarterly net additions to the postpaid subscriber base, supported by higher acquisitions. Accordingly, our postpaid subscribers reached 69.8% (66.5%) of our mobile subscriber base as at the end of Q323.

On the fixed front, our subscriber base reached 3.1 million as of Q323 with 57 thousand quarterly net additions. As a result of our dedicated investments in fiber, we saw an increase of 48 thousand new quarterly net additions. Meanwhile, our IPTV subscriber base reached 1.4 million with 31 thousand net additions in Q323.

The average monthly mobile churn rate was at 2.0% in Q323. The average monthly fixed churn rate was 1.6%.

Our mobile ARPU (excluding M2M) rose 87.0% year-on-year primarily due to sequential price adjustments, effective upselling, the acquisition of subscribers generating higher revenue and larger postpaid subscriber base.

Our residential fiber ARPU growth was 63.1% year-on-year. This was driven mainly by price adjustments, efforts to higher tariffs, 12-month commitment structure as well as higher IPTV pricing.

Average monthly mobile data usage per user rose 13.9% year-on-year to 18.0 GB with the increasing number and data consumption of 4.5G users. Accordingly, the average mobile data usage of 4.5G users reached 19.0 GB in Q323.

Total smartphone penetration on our network reached 89% in Q323 on a 2.4pp year-on-year rise. 94.2% of those smartphones were 4.5G compatible.

TURKCELL INTERNATIONAL

(1) Since July 10, 2015, we hold a 100% stake in lifecell.

lifecell (Ukraine) revenues rose 25.7% year-on-year in Q323 in local currency terms driven mainly by increased in data revenues on back of price adjustments. lifecell registered an EBITDA margin of 55.3%. The reason of decline in margin is higher roaming, interconnection and energy expenses. lifecell registered UAH555 million net income in Q323.

lifecell revenues in TRY terms grew 81.4% year-on-year in Q323. Meanwhile, lifecell’s EBITDA in TRY terms grew by 67.8%, leading to an EBITDA margin of 55.3%.

(2) We may occasionally offer campaigns and tariff schemes that have an active subscriber life differing from the one that we normally use to deactivate subscribers and calculate churn.

(3) Active subscribers are those who in the past three months made a revenue generating activity.

lifecell’s three-month active subscribers continued to increase and reached 9.1 million in Q323. 3-month active ARPU grew 19.2% year-on-year mainly on the back of price adjustments. Meanwhile, lifecell’s smartphone penetration in Ukrainian market was 84.3% as at the end of Q323.

At the end of September, approximately 97% of their stores were open across the country on a daily average basis. In the third quarter of 2023, about 6.7% of their nearly 9.5 thousand sites experienced temporary outages on an average day. Notably, their ICT systems, including billing, functioned smoothly without any interruptions throughout the quarter. Furthermore, Lifecell's existing cash reserves are more than adequate to support its ongoing operations.

(1) BeST, in which we hold an 100% stake, has operated in Belarus since July 2008.

BeST revenues increased 17.8% year-on-year in Q323 in local currency terms. This was driven mainly by the rise in data and voice revenues, supported by price increases and the rising weight of higher tariffs in the mix as well as a 9.1% increase in the three-month active subscriber base. BeST’s EBITDA was at BYN20.5 million in Q323 with an EBITDA margin of 45.5% on a 14.4pp improvement. The decrease in interconnection expenses had a strong positive impact on the EBITDA. BeST’s revenues in TRY terms grew by 43.5% year-on-year in Q323 and EBITDA margin was at 45.6%.

BeST offers LTE services to all six regions, encompassing 4.1 thousand sites. This strategic expansion has played a substantial role in the growing adoption of 4G services, with 82% of the 3-months active subscriber base, continuing to enhance mobile data consumption and the utilization of digital services. Meanwhile, 4G subscribers saw a strong increase in their average monthly data consumption, with an 11% rise compared to the previous year, reaching 19.1 GB.

(2) Kuzey Kıbrıs Turkcell, in which we hold a 100% stake, has operated in Northern Cyprus since 1999.

Kuzey Kıbrıs Turkcell revenues grew 96.0% year-on-year in Q323, driven by mobile segment revenues backed by increased ARPU. The EBITDA of Kuzey Kıbrıs Turkcell rose 111.0% year-on-year leading to an EBITDA margin of 41.5% in Q323. The EBITDA was positively affected by a robust top-line performance and the interconnection cost.

TECHFIN

Paycell saw another quarter of strong performance registering 112.3% year-on-year revenue growth in Q323. This growth was mainly attributed to the consistently high demand for digital payment services. Paycell strategically leveraged its diverse product range, which includes mobile payment services, POS solutions, and the Paycell card, with a particular focus on the Pay Later solution, to effectively respond to and satisfy the rising demand. Paycell’s EBITDA rose 133.9% year-on-year, leading to an EBITDA margin of 49.2% in Q323. The growth is sustained by successful performance in all verticals.

In Q323, the transaction volumes for Paycell's product portfolio continued to show significant growth. We launched the Paycell Shopping Limit product in collaboration with Financell to enhance our customers' shopping experiences on the leading e-commerce platforms in this quarter. Meanwhile, the quarterly transaction volume for the Pay Later service, excluding group transactions, more than doubled year-on-year, reaching TRY2.5 billion. This service was utilized by 5.9 million active Pay Later users in Q323. At the same time, transactions made with the Paycell card increased to TRY3.9 billion. The overall transaction volume for POS solutions also rose to TRY6.2 billion, with a quarterly increase of 32%. Meanwhile, the total transaction volume across all services increased 76% to TRY18.3 billion, year-on-year, thanks to the increase in 3-month active users to 8.1 million and their increased usage.

In Q323, Financell had a big boost in their revenue, with a 103.7% growth compared to the previous year. This growth is mainly attributable to the expansion of the loan portfolio and the higher interest rates compared to the same period of last year. The decline in the EBITDA margin was mainly due to the increase in funding costs. Despite the strong operational and financial results, due to earthquake donation, Financell incurred a net loss in this quarter.

Financell's loan portfolio saw substantial growth, rising from TRY4.7 billion in Q223 to TRY5.7 billion in Q323. This expansion can be attributed to increased economic activity and greater lending to the corporate sector. Additionally, Financell's cost of risk decreased from 1.9% in Q223 to 1.5% in Q323, primarily as a result of reduced the negative impacts from February’s earthquakes. Additionally, Financell has extended loans to over 27 thousand corporate customers.

(1) Following the change in the organizational structure, the revenues of Turkcell Sigorta Aracılık Hizmetleri A.Ş. (Insurance Agency), which was previously managed under the Financell, has been classified from Financell to "Other" in the Techfin segment as of the first quarter of 2023. Within this scope, all past data have been revised for comparability purposes.

Turkcell Group Subscribers

Turkcell Group registered subscribers amounted to approximately 56.2 million as of September 30, 2023. This figure is calculated by taking the number of subscribers of Turkcell Türkiye, and of each of our subsidiaries. It includes the total number of mobile, fiber, ADSL, cable and IPTV subscribers of Turkcell Türkiye, and the mobile subscribers of lifecell, BeST and Kuzey Kıbrıs Turkcell.

(1) Subscribers to more than one service are counted separately for each service. Including mobile, fixed broadband, IPTV and wholesale (MVNO&FVNO)

subscribers

OVERVIEW OF THE MACROECONOMIC ENVIRONMENT

The foreign exchange rates used in our financial reporting, along with certain macroeconomic indicators, are set out below.

RECONCILIATION OF NON-GAAP FINANCIAL MEASUREMENTS: We believe Adjusted EBITDA, among other measures, facilitates performance comparisons from period to period and management decision making. It also facilitates performance comparisons from company to company. Adjusted EBITDA as a performance measure eliminates potential differences caused by variations in capital structures (affecting interest expense), tax positions (such as the impact of changes in effective tax rates on periods or companies) and the age and book depreciation of tangible assets (affecting relative depreciation expense). We also present Adjusted EBITDA because we believe it is frequently used by securities analysts, investors and other interested parties in evaluating the performance of other mobile operators in the telecommunications industry in Europe, many of which present Adjusted EBITDA when reporting their results.

Our Adjusted EBITDA definition includes Revenue, Cost of Revenue excluding depreciation and amortization, Selling and Marketing expenses, Administrative expenses and Net impairment losses on financial and contract assets, but excludes finance income and expense, other operating income and expense, investment activity income and expense, share of profit of equity accounted investees and minority interest.

Nevertheless, Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation from, or as a substitute for analysis of our results of operations, as reported under TFRS. The following table provides a reconciliation of Adjusted EBITDA, as calculated using financial data prepared in accordance with TFRS to net profit, which we believe is the most directly comparable financial measure calculated and presented in accordance with TFRS.

NOTICE: This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. This includes, in particular, our targets for revenue, EBITDA and capex for 2023. More generally, all statements other than statements of historical facts included in this press release, including, without limitation, certain statements regarding the launch of new businesses, our operations, financial position and business strategy may constitute forward-looking statements. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as, among others, "will," "expect," "intend," "estimate," "believe", "continue" and “guidance”.

Although Turkcell believes that the expectations reflected in such forward-looking statements are reasonable at this time, it can give no assurance that such expectations will prove to be correct. All subsequent written and oral forward-looking statements attributable to us are expressly qualified in their entirety by reference to these cautionary statements. For a discussion of certain factors that may affect the outcome of such forward looking statements, see our Annual Report on Form 20-F for 2022 filed with the U.S. Securities and Exchange Commission, and in particular the risk factors section therein. We undertake no duty to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The Company makes no representation as to the accuracy or completeness of the information contained in this press release, which remains subject to verification, completion and change. No responsibility or liability is or will be accepted by the Company or any of its subsidiaries, board members, officers, employees or agents as to or in relation to the accuracy or completeness of the information contained in this press release or any other written or oral information made available to any interested party or its advisers.

ABOUT TURKCELL: Turkcell is a digital operator headquartered in Türkiye, serving its customers with its unique portfolio of digital services along with voice, messaging, data and IPTV services on its mobile and fixed networks. Turkcell Group companies operate in 4 countries – Türkiye, Ukraine, Belarus, and Northern Cyprus. Turkcell launched LTE services in its home country on April 1^st, 2016, employing LTE-Advanced and 3 carrier aggregation technologies in 81 cities. Turkcell offers up to 10 Gbps fiber internet speed with its FTTH services. Turkcell Group reported TRY26.0 billion revenue in Q323 with total assets of TRY149.2 billion as of September 30, 2023. It has been listed on the NYSE and the BIST since July 2000, and is the only dual-listed company in Türkiye. Read more at www.turkcell.com.tr.

Appendix A – Tables

Table: Net foreign exchange gain and loss details

Table: Income tax expense details

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