Financial instruments (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Statement |
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| Disclosure of credit risk |
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date is: | | | | | | | | | | | 31 December | | 31 December | | | Notes | | 2025 | | 2024 | Trade receivables | | 19 | | 23,802,461 | | 21,978,498 | Contract assets | | 21 | | 6,579,303 | | 7,022,965 | Receivables from financial services | | 20 | | 9,113,509 | | 9,829,352 | Cash and cash equivalents (*) | | 23 | | 91,827,945 | | 90,229,104 | Derivative financial instruments | | 34 | | 1,779,279 | | 2,674,277 | Other current & non-current assets (**) | | 17 | | 1,427,859 | | 2,060,434 | Financial assets at amortized cost | | 24 | | 2,148,886 | | 1,395,180 | Financial assets at fair value through profit or loss | | 24 | | 11,106,367 | | 12,481,132 | Financial assets at fair value through other comprehensive income | | 24 | | 38,677,288 | | 18,447,443 | Due from related parties | | | | 367,539 | | 322,688 | | | | | 186,830,436 | | 166,441,073 |
(*) | Cash in hand is excluded from cash and cash equivalents. |
(**) | Prepaid expenses, VAT receivable, receivable from the Ministry of Transport and Infrastructure of Türkiye and advances given are excluded from other current assets and other non-current assets. |
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| Summary of maximum exposure to credit risk for trade and subscriber receivables, other assets and cash and cash equivalent arising from sales transactions including those classified as due from related parties |
The maximum exposure to credit risk for trade receivables, other assets and cash and cash equivalent, including those classified as due from related parties at the reporting date by type of customer is: | | | | | | | | | | | | | | | | | | | | | | | | | | | Less | | Less | | | | | | | | | | | | | | | | | Less Than | | Than 60 | | Than 90 | | Less Than | | Less Than | | Less Than | | Less Than | | Less Than | | | Other assets at | | | | 30 Days Past | | Days Past | | Days Past | | 120 Days | | 150 Days | | 3 years Past | | 4 years | | 5 years | | | 31 December 2025 (*) | | Not Due | | Due | | Due | | Due | | Past Due | | Past Due | | Due | | Past Due | | Past Due | | Total | Gross Carrying Amount | | 166,451,570 | | 2,058,238 | | 475,666 | | 281,111 | | 236,567 | | 241,750 | | 1,859,298 | | 362,517 | | 121,345 | | 172,088,062 | Loss Allowance | | 153,674 | | 49,333 | | 16,630 | | 16,022 | | 16,980 | | 32,306 | | 371,952 | | 243,499 | | 50,042 | | 950,438 |
(*) | Other Assets includes trade receivables, derivative financial instruments, financial assets, other current and non-current assets, cash and cash equivalent and due from related parties, |
As of 31 December 2025, the total amount of derivative financial instruments, financial assets, other assets and cash and cash equivalent included in gross carrying amount is TL 145,896,542. TL and out of this total balance TL 145,858,379 is included within “not due” column with a total loss allowance of TL 5,818. Total overdue balance associated with these assets amounts to TL 38,163. Remaining balances represents trade receivables. | | | | | | | | | | | | | | | | | | | | | | | | | | | Less | | Less | | | | | | | | | | | | | | | | | Less Than | | Than 60 | | Than 90 | | Less Than | | Less Than | | Less Than | | Less Than | | Less Than | | | Contract assets at | | | | 30 Days Past | | Days Past | | Days Past | | 120 Days | | 150 Days | | 3 years Past | | 4 years | | 5 years | | | 31 December 2025 | | Not Due | | Due | | Due | | Due | | Past Due | | Past Due | | Due | | Past Due | | Past Due | | Total | Gross Carrying Amount | | 6,587,202 | | - | | - | | - | | - | | - | | - | | - | | - | | 6,587,202 | Loss Allowance | | 7,899 | | - | | - | | - | | - | | - | | - | | - | | - | | 7,899 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Less | | Less | | | | | | | | | | | | | | | | | Less Than | | Than 60 | | Than 90 | | Less Than | | Less Than | | Less Than | | Less Than | | Less Than | | | Other assets from financial | | | | 30 Days Past | | Days Past | | Days Past | | 120 Days | | 150 Days | | 3 years Past | | 4 years | | 5 years | | | services at 31 December 2025 (**) | | Not Due | | Due | | Due | | Due | | Past Due | | Past Due | | Due | | Past Due | | Past Due | | Total | Gross Carrying Amount | | 6,939,097 | | 1,330,537 | | 479,110 | | 189,207 | | 180,633 | | 52,437 | | 148,719 | | 1,797 | | 7,609 | | 9,329,146 | Loss Allowance | | 15,410 | | 10,189 | | 2,270 | | 7,608 | | 35,856 | | 33,368 | | 101,530 | | 1,797 | | 7,609 | | 215,637 |
(**) Other Assets includes receivables from financial services, | | | | | | | | | | | | | | | | | | | | | | | | | | | Less | | Less | | | | | | | | | | | | | | | | | Less Than | | Than 60 | | Than 90 | | Less Than | | Less Than | | Less Than | | Less Than | | Less Than | | | Other assets at | | | | 30 Days Past | | Days Past | | Days Past | | 120 Days | | 150 Days | | 3 years Past | | 4 years | | 5 years | | | 31 December 2024 (*) | | Not Due | | Due | | Due | | Due | | Past Due | | Past Due | | Due | | Past Due | | Past Due | | Total | Gross Carrying Amount | | 145,271,903 | | 2,022,883 | | 412,519 | | 262,362 | | 213,536 | | 364,165 | | 1,394,942 | | 346,941 | | 161,577 | | 150,450,828 | Loss Allowance | | 168,202 | | 52,107 | | 16,147 | | 12,619 | | 16,360 | | 15,598 | | 275,011 | | 238,960 | | 67,068 | | 862,072 |
(*) Other Assets includes trade receivables, derivative financial instruments, financial assets, other current and non-current assets, cash and cash equivalent and due from related parties, 35.Financial instruments (continued) Credit risk (continued) Credit quality: (continued) | | | | | | | | | | | | | | | | | | | | | | | | | | | Less | | Less | | | | | | | | | | | | | | | | | Less Than | | Than 60 | | Than 90 | | Less Than | | Less Than | | Less Than | | Less Than | | Less Than | | | Contract assets at | | | | 30 Days Past | | Days Past | | Days Past | | 120 Days | | 150 Days | | 3 years Past | | 4 years | | 5 years | | | 31 December 2024 | | Not Due | | Due | | Due | | Due | | Past Due | | Past Due | | Due | | Past Due | | Past Due | | Total | Gross Carrying Amount | | 7,030,116 | | - | | - | | - | | - | | - | | - | | - | | - | | 7,030,116 | Loss Allowance | | 7,151 | | - | | - | | - | | - | | - | | - | | - | | - | | 7,151 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Less | | Less | | | | | | | | | | | | | | | | | Less Than | | Than 60 | | Than 90 | | Less Than | | Less Than | | Less Than | | Less Than | | Less Than | | | Other assets from financial services at | | | | 30 Days Past | | Days Past | | Days Past | | 120 Days | | 150 Days | | 3 years Past | | 4 years | | 5 years | | | 31 December 2024 (**) | | Not Due | | Due | | Due | | Due | | Past Due | | Past Due | | Due | | Past Due | | Past Due | | Total | Gross Carrying Amount | | 7,605,496 | | 1,506,357 | | 401,836 | | 196,833 | | 96,292 | | 39,166 | | 183,834 | | 2,018 | | 8,899 | | 10,040,731 | Loss Allowance | | 15,568 | | 4,227 | | 1,330 | | 2,622 | | 39,389 | | 22,299 | | 114,832 | | 2,025 | | 9,087 | | 211,379 |
(**) Other Assets includes receivables from financial services.
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| Summary of movements in provision for impairment of receivables from financial services, trade receivables and due from related parties |
Movements in the provision for trade receivables, contract assets, other assets and due from related parties are as follows: | | | | | | | 31 December 2025 | | | Contract | | Trade Receivable & | | | Assets | | Other Assets | Opening balance | | 7,151 | | 862,072 | Provision for impairment recognized during the year | | 2,688 | | 1,844,413 | Amounts collected | | - | | (732,526) | Receivables written off during the year as uncollectible | | - | | (862,229) | Receivables transferred with receivables transfer contract | | - | | (452) | Effect of changes in exchange rates | | - | | 72,951 | Inflation adjustment | | (1,940) | | (233,791) | Closing balance | | 7,899 | | 950,438 |
35.Financial instruments (continued) Impairment losses (continued) | | | | | | | 31 December 2024 | | | Contract | | Trade Receivable & | | | Assets | | Other Assets | Opening balance | | 6,405 | | 1,143,758 | Provision for impairment recognized during the year | | 3,088 | | 1,628,459 | Amounts collected | | - | | (568,365) | Receivables written off during the year as uncollectible | | - | | (1,001,046) | Effect of changes in exchange rates | | - | | 20,440 | Inflation adjustment | | (2,342) | | (361,174) | Closing balance | | 7,151 | | 862,072 |
Movements in the provision for impairment of receivables from financial services are as follows: | | | | | | | 31 December | | 31 December | | | 2025 | | 2024 | Opening balance | | 211,379 | | 277,710 | Provision for impairment recognized during the year | | 582,672 | | 541,279 | Amounts collected | | (245,235) | | (276,351) | Receivables transferred with receivables transfer contract | | (277,682) | | (243,281) | Inflation adjustment | | (55,497) | | (87,978) | Closing balance | | 215,637 | | 211,379 |
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| Summary of analysis of Group's financial liabilities into relevant maturity groupings based on contractual maturities |
The table below analyses the Group’s financial liabilities by considering relevant maturity groupings based on their contractual maturities for: | - | all non-derivative financial liabilities, and |
| - | gross settled derivative financial instruments for which contractual maturities are essential for an understanding of the timing of the cash flows, |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 31 December 2025 | | 31 December 2024 | | | Carrying | | Contractual | | 6 months | | 6-12 | | 1-2 | | 2-5 | | More than 5 | | Carrying | | Contractual | | 6 months | | 6-12 | | 1-2 | | 2-5 | | More than 5 | | | Amount | | cash flows | | or less | | Months | | years | | years | | years | | Amount | | cash flows | | or less | | Months | | years | | years | | years | Non-derivative financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Secured bank loans | | 14,402,452 | | (18,179,335) | | (915,531) | | (952,683) | | (1,783,315) | | (5,664,552) | | (8,863,254) | | 10,239,153 | | (12,467,739) | | (826,118) | | (807,252) | | (1,583,594) | | (4,311,524) | | (4,939,251) | Unsecured bank loans | | 60,895,490 | | (67,902,804) | | (18,071,669) | | (6,986,229) | | (13,642,418) | | (27,358,540) | | (1,843,948) | | 71,437,809 | | (78,630,045) | | (28,042,329) | | (12,005,548) | | (14,464,492) | | (23,274,201) | | (843,475) | Debt securities issued | | 67,866,867 | | (87,445,715) | | (4,729,878) | | (2,232,097) | | (4,464,194) | | (52,129,172) | | (23,890,374) | | 48,584,119 | | (55,051,625) | | (6,079,603) | | (22,893,877) | | (1,320,989) | | (24,757,156) | | - | Lease liabilities | | 15,484,317 | | (27,331,495) | | (3,109,393) | | (1,677,762) | | (4,057,628) | | (6,980,393) | | (11,506,319) | | 6,312,314 | | (11,090,043) | | (1,733,135) | | (1,444,411) | | (2,715,727) | | (3,810,095) | | (1,386,675) | Trade and other payables (*) | | 28,914,825 | | (29,012,755) | | (28,682,215) | | - | | - | | - | | (330,540) | | 26,869,334 | | (26,869,334) | | (26,513,789) | | - | | - | | - | | (355,545) | Due to related parties | | 1,520,516 | | (1,520,516) | | (1,426,111) | | - | | (94,405) | | - | | - | | 1,256,761 | | (1,256,762) | | (1,243,898) | | (12,532) | | - | | (332) | | - | Consideration payable in relation to acquisition of Belarusian Telecom and Boyut Enerji (Note 27) | | 1,640,828 | | (4,286,231) | | (113,175) | | - | | - | | (139,623) | | (4,033,433) | | 1,707,760 | | (4,610,460) | | - | | - | | - | | (227,568) | | (4,382,892) | Derivative financial liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Participating Cross Currency Swap and FX swap contracts | | 1,532,645 | | (4,403,795) | | (4,413,037) | | 9,242 | | - | | - | | - | | 648,528 | | (480,762) | | 62,485 | | (97,198) | | (126,785) | | (319,264) | | - | Buy | | - | | (118,318,662) | | (118,260,010) | | (58,652) | | - | | - | | - | | - | | (5,952,982) | | (3,818,507) | | (243,058) | | (239,106) | | (1,652,311) | | - | Sell | | - | | 113,914,867 | | 113,846,973 | | 67,894 | | - | | - | | - | | - | | 5,472,220 | | 3,880,992 | | 145,860 | | 112,321 | | 1,333,047 | | - | TOTAL | | 192,257,940 | | (240,082,646) | | (61,461,009) | | (11,839,529) | | (24,041,960) | | (92,272,280) | | (50,467,868) | | 167,055,778 | | (190,456,770) | | (64,376,387) | | (37,260,818) | | (20,211,587) | | (56,700,140) | | (11,907,838) |
(*) | Advances received, license fee accruals, taxes and withholding taxes payable are excluded from trade and other payables. |
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| Summary of Group's exposure to foreign exchange risk, based notional amounts |
The Group’s exposure to foreign exchange risk at the end of the reporting period, based on notional amounts, was as follows: | | | | | | | | | 31 December 2025 | | | USD | | EUR | | RMB | Foreign currency denominated assets | | | | | | | Other non-current assets | | 69 | | 11 | | - | Financial asset at fair value through other comprehensive income | | 722,376 | | 247,977 | | - | Due from related parties - current | | 71 | | - | | - | Trade receivables and contract assets | | 48,807 | | 14,286 | | - | Other current assets | | 12,025 | | 2,067 | | - | Cash and cash equivalents | | 235,605 | | 593,443 | | - | | | 1,018,953 | | 857,784 | | - | Foreign currency denominated liabilities | | | | | | | Loans and borrowings - non-current | | (351,691) | | (513,400) | | (1,309,560) | Debt securities issued - non-current | | (1,425,663) | | - | | - | Lease obligations - non-current | | (189,174) | | (6,850) | | - | Other non-current liabilities | | (38,281) | | - | | - | Loans and borrowings - current | | (104,210) | | (284,293) | | (191,528) | Debt securities issued - current | | (101,520) | | - | | - | Lease obligations - current | | (25,970) | | (1,174) | | - | Other current liabilities | | (4,420) | | (4,908) | | - | Trade and other payables - current | | (245,818) | | (44,776) | | (644,784) | Due to related parties | | (1,301) | | - | | - | | | (2,488,048) | | (855,401) | | (2,145,872) | | | | | | | | Financial liabilities defined as hedging instruments | | 3,003 | | 102,523 | | - | Exposure related to derivative instruments | | | | | | | Participating cross currency swap and FX swap contracts | | 787,218 | | (132,001) | | 133,696 | Currency forward contracts | | (39,110) | | - | | - | Net exposure | | (717,984) | | (27,095) | | (2,012,176) |
35.Financial instruments (continued) Foreign exchange risk (continued) | | | | | | | | | 31 December 2024 | | | USD | | EUR | | RMB | Foreign currency denominated assets | | | | | | | Other non-current assets | | 69 | | 11 | | - | Financial asset at fair value through other comprehensive income | | 442,921 | | 43,369 | | - | Financial asset at fair value through profit or loss | | - | | - | | - | Due from related parties - current | | 103 | | - | | - | Trade receivables and contract assets | | 39,575 | | 23,748 | | - | Other current assets | | 7,806 | | 2,552 | | 2 | Cash and cash equivalents | | 1,045,260 | | 429,728 | | 213,952 | | | 1,535,734 | | 499,408 | | 213,954 | Foreign currency denominated liabilities | | | | | | | Loans and borrowings - non-current | | (198,028) | | (581,532) | | (773,392) | Debt securities issued - non-current | | (467,354) | | - | | - | Lease obligations - non-current | | (1,287) | | (8,264) | | - | Other non-current liabilities | | (37,041) | | - | | - | Loans and borrowings - current | | (91,476) | | (340,089) | | (130,358) | Debt securities issued - current | | (501,154) | | - | | - | Lease obligations - current | | (60) | | (1,272) | | - | Other current liabilities | | - | | (9,247) | | - | Trade and other payables - current | | (194,302) | | (72,107) | | (257,317) | Due to related parties | | (1,457) | | - | | - | | | (1,492,159) | | (1,012,511) | | (1,161,067) | | | | | | | | Financial liabilities defined as hedging instruments | | 6,582 | | 115,662 | | - | Exposure related to derivative instruments | | | | | | | Participating cross currency swap and FX swap contracts | | (23,572) | | (12,240) | | 358,090 | Currency forward contracts | | 250,000 | | - | | - | Net exposure | | 276,585 | | (409,681) | | (589,023) |
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| Financial liabilities |
| | | | | | | Carrying | | Fair | | | amount | | value | As at 31 December 2025: | | | | | Bank loans | | 13,531,565 | | 13,687,071 | Debt securities | | 65,458,584 | | 68,565,634 |
| | | | | | | Carrying | | Fair | | | amount | | value | As at 31 December 2024: | | | | | Bank loans | | 11,636,551 | | 11,626,438 | Debt securities | | 44,652,694 | | 44,389,870 |
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| Interest rate risk |
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| Statement |
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| Sensitivity analysis for types of market risk |
An increase/decrease of interest rates by 100 basis points would have (decreased)/increased equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign exchange rates, remain constant. The analysis is performed on the same basis at 31 December 2025 and 2024: | | | | | | | | | | | Profit or loss | | Equity | | | 100 bps | | 100 bps | | 100 bps | | 100 bps | | | increase | | decrease | | increase | | decrease | 31 December 2025 | | | | | | | | | Variable rate instruments (financial liability) | | 1,256,743 | | (1,256,743) | | - | | - | Cash flow sensitivity (net) | | 1,256,743 | | (1,256,743) | | - | | - | 31 December 2024 | | | | | | | | | Variable rate instruments (financial liability) | | 1,856,389 | | (1,856,389) | | - | | - | Cash flow sensitivity (net) | | 1,856,389 | | (1,856,389) | | - | | - |
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| Summary of variable interest-bearing financial instruments |
| | | | | | | | | | | | | | | 31 December 2025 | | 31 December 2024 | | | | | Effective | | | | Effective | | | | | | | Interest | | Carrying | | Interest | | Carrying | | | Note | | Rate | | Amount | | Rate | | Amount | Variable rate instruments | | | | | | | | | | | USD floating rate loans | | 28 | | 5.9 | % | 15,162,603 | | 5.8 | % | 7,722,781 | EUR floating rate loans | | 28 | | 5.3 | % | 38,273,025 | | 4.5 | % | 43,295,242 |
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| Currency risk |
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| Statement |
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| Sensitivity analysis for types of market risk |
| | | | | | | | | 31 December 2025 | | | Profit/(Loss) | | Equity | | | Appreciation of | | Depreciation of | | Appreciation of | | Depreciation of | Sensitivity analysis | | foreign currency | | foreign currency | | foreign currency | | foreign currency | | | | | | | | | | 1- USD net asset/liability | | (3,077,445) | | 3,077,445 | | - | | - | 2- Hedged portion of USD risk (-) | | - | | - | | (12,870) | | 12,870 | 3- USD net effect (1+2) | | (3,077,445) | | 3,077,445 | | (12,870) | | 12,870 | | | | | | | | | | 4- EUR net asset/liability | | (136,703) | | 136,703 | | - | | - | 5- Hedged portion of EUR risk (-) | | - | | - | | (517,261) | | 517,261 | 6- EUR net effect (4+5) | | (136,703) | | 136,703 | | (517,261) | | 517,261 | | | | | | | | | | 7- Other foreign currency net asset/liability (RMB) | | (1,226,965) | | 1,226,965 | | - | | - | 8- Hedged portion of other foreign currency risk (-) (RMB) | | - | | - | | - | | - | 9- Other foreign currency net effect (7+8) | | (1,226,965) | | 1,226,965 | | - | | - | Total (3+6+9) | | (4,441,113) | | 4,441,113 | | (530,131) | | 530,131 |
| | | | | | | | | 31 December 2024 | | | Profit/(Loss) | | Equity | | | Appreciation of | | Depreciation of | | Appreciation of | | Depreciation of | Sensitivity analysis | | foreign currency | | foreign currency | | foreign currency | | foreign currency | | | | | | | | | | 1- USD net asset/liability | | 1,275,184 | | (1,275,184) | | - | | - | 2- Hedged portion of USD risk (-) | | - | | - | | (30,347) | | 30,347 | 3- USD net effect (1+2) | | 1,275,184 | | (1,275,184) | | (30,347) | | 30,347 | | | | | | | | | | 4- EUR net asset/liability | | (1,970,305) | | 1,970,305 | | - | | - | 5- Hedged portion of EUR risk (-) | | - | | - | | (284,165) | | 284,165 | 6- EUR net effect (4+5) | | (1,970,305) | | 1,970,305 | | (284,165) | | 284,165 | | | | | | | | | | 7- Other foreign currency net asset/liability (RMB) | | (369,958) | | 369,958 | | - | | - | 8- Hedged portion of other foreign currency risk (-) (RMB) | | - | | - | | - | | - | 9- Other foreign currency net effect (7+8) | | (369,958) | | 369,958 | | - | | - | Total (3+6+9) | | (1,065,079) | | 1,065,079 | | (314,512) | | 314,512 |
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