TURKCELL GİZLİ

TURKCELL GROUPQ2 2019

July 31, 2019

TURKCELL GİZLİ

BUSINESS OVERVIEWMurat ErkanTurkcell CEO

TURKCELL GİZLİ

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6.2 Bn TL 21.3% yoy

Q2 2019: SOLID PERFORMANCE

2.6 Bn TL41.2% margin

ROBUST REVENUE GROWTH SOLID ARPU GROWTH

STRONG EBITDA DIGITAL BUSINESS SERVICES IMPROVED LEVERAGE

180 Mn downloads

DIGITAL SERVICES

16.6% yoy

mobile blended

17.2% yoy

residential fiber

1.2x Net Debt/EBITDA

0.3x yoy decrease

693 Mn TL 1H revenue

62% yoy growth

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ConsolidatedTRY Million1 Q2 2018 Q1 2019 Q2 2019 YoY % H1 2019 YoY %

Revenue 5,105 5,675 6,191 21.3% 11,866 20.3%

EBITDA 2,134 2,281 2,553 19.6% 4,834 16.3%

EBITDA Margin 41.8% 40.2% 41.2% (0.6pp) 40.7% (1.4pp)

EBIT 1,088 1,103 1,287 18.3% 2,390 12.2%

EBIT Margin 21.3% 19.4% 20.8% (0.5pp) 20.1% (1.4pp)

Net Income 415 1,224 465 12.1% 1,690 84.5%

Op.Capex/Sales2 20.2% 15.6% 15.4% (4.8pp) 15.5% (0.5pp)

1 TRY figures are based on IFRS. 2 Excluding license fees 3 Share Sales and Purchase Agreement signed on Dec 12,2018.

TURKCELL GROUP FINANCIAL HIGHLIGHTS

• Strong topline growth and solid EBITDA performance

• Net income excluding recognition of liability in relation to Kcell SPA3 is TRY526 mn in Q219, up by 27% yoy

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STRATEGIC PRIORITIES: UPDATE ON EXECUTION

DIGITAL SERVICES

DIGITAL BUSINESSSOLUTIONS

TECHFIN PLATFORM

• KPIs well on track

• Focusing on monetisation

• New projects launched

• Strong pipeline

• Capitalizing on a well-established platform

• Innovative solutions

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DIGITAL SERVICES: ENHANCING USER EXPERIENCE

A WIDE PORTFOLIO OF DIGITAL SERVICES

9 bn messages/month

new: instant translator in 106 languages

117 mn hours of watching/month

new channels / AI-based suggestions

47 minutes streaming/user/day

new experiences with gamification

1,700 magazine&paper: unmatched!

new AI-based article suggestions

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STRONG B2B STRATEGY: DIGITAL BUSINESS SERVICES

426

693

H118 H119

Turkcell Digital SolutionsDigital Partners Ecosystem

Vertical SolutionsManaged Services

Consultant Sales Force

One Stop ShopAutomation

Self Management62%

DIGITAL BUSINESS SERVICES REVENUE GROWTH DRIVERS

ENTERPRISE CUSTOMERS SMB CUSTOMERS

Cloud Security Digitization ICT Services

ENABLERS

STRONG NETWORK

TRY MILLION

TURKCELL GİZLİ

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2550

117

CAPTURING OPPORTUNITY IN TECHFIN: PAYCELL

20162015 2017 2019E2018 2020E 2021E 2022E 2023E

187

20 38 93 135EBITDAMn TL

50%

CAGR2019-2023

TODAY + NEW BUSINESSES

POS & MPOS

Hybrid cards (Gaming, Gift)

Loyalty program

Paycell Card Sales Points

Micro Credit

Carrier Billing

Utility payments

Money Transfer

Mobile wallet

Paycell Top-ups

QR Code PaymentFuture growth driven by

new businesses

TRY MILLION

PAYCELL REVENUE

Recently launched:

TURKCELL GİZLİ

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56.4

62.866.1

34.9

38.1

40.7

Q218 Q119 Q219

1.9% 1.9% 2.0%

Q218 Q119 Q219Note: TV subscribers and the related net add figure include the total of and the change for 3.9 million of «OTT only» cumulative active users.

TURKEY SUBSCRIBERS (million) ARPU (TL)

MONTHLY AVERAGE MOBILE CHURN RATE

18.9

15.0

Postpaid Prepaid

QoQ 215K↑ 1K↓ 15K↑ 337K↑Net add

56%of total mobile

OPERATIONAL HIGHLIGHTS

* The ARPU of mobile customers who have stayed with Turkcell for at least 14 months.

-63K↓

1.4

0.8

20K

Fixed subscribers

17.2%YoY

4.5

TV

fiber ADSL

fiber

cable

ADSL

130 KSuperbox

subscribers

20.5%19.6%like-for-like* growth

16.6%Residential fiber

Mobile blended(excl.M2M)

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SMART CAMPAIGNS IN Q219

LEADERSHIP IN QUALITY AND EXPERIENCE

+11 +10

+23 +22

Q119 Q219

Points over next best Points over third best

Source: Future Bright

CUSTOMER EXPERIENCE

TurkcellScore 21

Consumer Net Promoter Score (Points)

7 mn participants/gifts

«#DO» campaign

3 mn new to our digital services

23 mn participants

1 bn gifts

Turkcell’s Shake & Win

Turkcell’s «Comfortable» Tariff Model

Figures reflect the first six months performance

Hybrid (post&pre) model

~50% new to Turkcell

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31.1 31.0 31.4

17.6 18.5 19.0

Q218 Q119 Q219

4.5G subscribers 4.5G compatible smartphone

3.2 3.4 3.7

6.67.4

8.2

5.05.9

6.6

Q218 Q119 Q219

Non 4.5G Users 4.5G Users Total Users

MOBILE DATA USAGE (Av. GB/User) 4.5G SUBSCRIPTION (million)

GROWTH ENGINE: MOBILE DATA

93% are 4.5G

subscribers

19 million with

4.5G compatible SPs

83% are 4.5G

compatible SPs

8.9 GBin Jun 2019

Data consumption continued its pace with a 8.2GB user/month on average

75% smartphone

penetration

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TRY MILLION1 Q2 2019 YoY% H1 2019 YoY %

Revenue 492 48.4% 917 50.1%

EBITDA 230 88.1% 424 96.9%

EBITDA

Margin46.8% 9.9pp 46.2% 11.0pp

HIGHLIGHTS

1 Figures are based on IFRS

TURKCELL INTERNATIONAL

TURKCELL INT’L REVENUE BREAKDOWN

2 Other comprises lifecell Germany, other international operations and intra-company eliminations. Ukraine, Belarus and Turkish Republic of Northern Cyprus figures are based on stand-alone financials.

66%

19%

10%5%

• 8.2 GB/month 4.5G subs data consumption

• 16% yoy revenue growth in local currency

• MNP launched in May

• 10% yoy revenue growth in local currency

Ukraine

Belarus

TR Northern CyprusOther2

• Like-for-like EBITDA margin improvement is 1.2 pp in Q219 and 3.3 pp in H1 2019

Q219

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OUR SUSTAINABILITY INITIATIVES

906k Kg Co2 EmissionSaving

SOCIALENVIRONMENTAL

GOVERNANCE

ESG Rating: A

900 kWpPower Fieldin TRNC

RENEWABLE ENERGY

WASTE RECYCLING

Zero Waste

OfficesDigitalPublishing

Whiz Kids30k gifted student in 3 years

SOCIAL RESPONSIBILITY

Women in TechnologyOver 3 thousand application

TECHNOLOGY-BASED EDUCATION

DQ InstituteDigital education

Code of Ethics

Anti Corruption Program Sustainability Index

Note: ESG rating last review date is June 6, 2019

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GUIDANCE REVISED UPWARDS

ANNOUNCED (Q418)

OP. CAPEX / SALES*

TURKCELL GROUP

2019 GUIDANCE

REVENUE GROWTH

EBITDA MARGIN

REVISION (Q119)

16% - 18%

37% - 40%

16% - 18%16% - 18%

*Excluding licence fees

39% - 41%

16% - 18%

17% - 19%

38% - 40%

NEW

17% - 19%

TURKCELL GİZLİ

FINANCIAL OVERVIEWOsman YılmazTurkcell CFO

TURKCELL GİZLİ

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5,105

6,191

895

160 5 25

RevenueQ218

Δ TurkcellTurkey

Δ TurkcellInternational

ΔTCF* Δ OtherSubsidiaries

RevenueQ219

2,134

2,1342,547 2,521 2,512

2,512 2,553

1,086(673)

(26) (9) 41

EBITDAQ218

Δ in Revenues

Δ in Direct cost of

revenues**

Δ in G&Aexp.

Δ in S&Mexp.

Δ doubtful trade

receivables ***

EBITDAQ219

Margin41.2%

REVENUE & EBITDA

* Turkcell Consumer Finance Company, Financell ** Excluding depreciation and amortization *** net impairment losses on financial and contract assets

21.3%

REVENUETRY MILLION

• 1.1 bn TL yearly revenue increase in Q219; Turkcell Turkey is the main growth driver

• Effective G&A and S&M management; +1.0 pp QoQ improvement in EBITDA margin

EBITDA & EBITDA MARGIN

Margin 41.8% 19.6%

TRY MILLION

EBIT: 1,08821.3%

EBIT: 1,28720.8%

TURKCELL GİZLİ

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H1 2018 H1 2019 YoY %

Revenues 442.6 477.4 7.9%

EBITDA 204.4 234.6 14.8%

EBITDA Margin 46.2% 49.1% 2.9pp

Net Income1 162.2 78.2 (51.8)%

CONSUMER FINANCE

TECHFIN: NEW GROWTH AND PROFITABILITY ENGINE

HANDSET FINANCING

0.4 0.3 0.3

4.73.6 3.2

Q218 Q119 Q219

Financell ConsumerLoans

Turkcell ContractedReceivables

TRY BILLION

5.14.0

3.6

2 per IFRS 3 in the past one year

TRY MILLION

H1 2018 H1 2019 YoY %

Revenues 88.8 117.1 31.9%

EBITDA 66.1 86.6 31.0%

EBITDA Margin 74.4% 74.0% (0.4)pp

TRY MILLION

PAYMENT SERVICES

1 including the 57 mn TL and 45 mn TL dividend from Paycell in Q218 and Q219, respectively

125 TL average

monthly installment

97% penetration of

loan insurance3

1,542 TL average

ticket size

2.9% cost of risk2

1.5Bn TL transaction

size in Q219

4.9Mn 3-month

active user of Paycell

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SOLID BALANCE SHEET

NET DEBT/ EBITDA

1 Q119 figure includes proceeds from the Fintur transaction closed on April 2, 2019.

2 Excludes Turkcell Consumer Finance Company’s loan portfolio

TCF loan porfolio

Net Debt2

TRY Mn Q4 2018 Q1 2019 Q2 2019

Total Cash1 7,419 11,118 10,687

Total Assets 42,765 46,079 45,608

Total Debt 20,156 22,867 22,062

Lease Obligations 1,414 1,410 1,577

Total Equity 16,054 17,102 17,331

Net Debt 12,736 11,749 11,375

Net Debt2 8,565 8,108 8,160

SUMMARY

8,565 8,108 8,160

4,171

3,6413,215

1.4x1.3x

1.2x

1.0x0.9x 0.9x

Q418 Q119 Q219

Net Debt/EBITDA Net Debt/EBITDA2

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7,419

9,80910,813 10,687 10,687

2,390

2,444(1,070)

(300) (69) (127)

Cash Q418 EBIT Depreciation andAmortization

Change inoperating

assets/liabilities

Cash flow frominvesting activities

Cash flow fromfinancing activities

Other Cash Q219

LIQUIDITY MANAGEMENT

TRY MILLION1

Q418 - Q219

1 Figures are based on IFRS.

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(301)(255)

(224)

216 207

Q218 Q318 Q418 Q119 Q219

FX EXPOSURE

10.7Bn TLNominal

34%

8%50%

8%

50%

33%

8%9%

CASH1 DEBT

Before Hedging

2 Including advance payments, hedging and excluding FX swap transactions for TL borrowing. Derivatives (VIOP) and forward transactions are included.

After Hedging

NET FX POSITION2

22.1Bn TL

USD MILLION

Share

1 Excluding FX swap transactions for TL borrowing.

USD EUR TRY Other

80%

17%

3%

TURKCELL GİZLİ

For further information please e-mail

investor.relations@turkcell.com.tror call Turkcell Investor Relations at

(+90 212 313 1888)

Turkcell IR app

For Android For iOS

THANK YOU

APPENDIX

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1: Refers to downloads as of June 30, 2019. 2: 3-MAU includes users who utilised the zero rating benefit of Dergilik magazines and newspapers via browser. 3: 3-month active users also include IPTV users 4: My Account is renamed as Digital Operator in 4Q 2018.

3-Month Active User

Service KPIs

Download1

283K

1.5Mn

38MnGames played

on BiP

DIGITALPUBLISHING2

12.2Mn

12.0Mn

0.8Mncopies read

per day

MUSICPLATFORM

23.4Mn

3.7Mn

8.3Mnsongs streamed

per day

MOBILE TV3

13.3Mn

4.2Mn

4.0MnTV sessions

per day

PERSONAL CLOUD

11.8Mn

2.6Mn

40docs uploaded

per person / day

DIGITAL SERVICES: UNIQUE PORTFOLIO

8.5Mn

3.8Mn

1.0Mnsearchper day

DIGITAL OPERATOR4

43.6Mn

20.1Mn

29% more ARPU

INSTANT MESSAGING

37.8Mn

9.9Mn

302Mnmessages per day

GAMINGPLATFORMS

SEARCH ENGINE

Unique visitor on BiP

For BackgammonGO

YoY +5.8M +6.3M +4.9M +4.2M +11.5M +3.4M

+0.2M +0.5M +2.1M +0.6M +8.3M +1.9M

+16.9M

+1.3M -0.2MYoY

n.a.

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NOTICE

This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21Eof the Securities Exchange Act of 1934 and the Safe Harbor provisions of the US Private Securities Litigation Reform Act of 1995. Thisincludes, in particular, our targets for revenue, EBITDA and capex in 2019 or for the medium term 2018 to 2020. More generally, allstatements other than statements of historical facts included in this presentation, including, without limitation, certain statementsregarding the launch of new businesses, our operations, financial position and business strategy may constitute forward-lookingstatements. In addition, forward-looking statements generally can be identified by the written or oral use of forward-lookingterminology 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 noassurance that such expectations will prove to be correct. All subsequent written and oral forward-looking statements attributable to usare expressly qualified in their entirety by reference to these cautionary statements. For a discussion of certain factors that may affectthe outcome of such forward looking statements, see our Annual Report on Form 20-F for 2018 filed with the U.S. Securities andExchange Commission, and in particular the risk factor section therein. We undertake no duty to update or revise any forward lookingstatements, 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 presentation, whichremains subject to verification, completion and change. No responsibility or liability is or will be accepted by the Company or any of itssubsidiaries, board members, officers, employees or agents as to or in relation to the accuracy or completeness of the informationcontained in this presentation or any other written or oral information made available to any interested party or its advisers.

Please note that all financial data are consolidated whereas non-financial data are unconsolidated unless otherwise specified. In thecharts or tables used in this presentation totals may not foot due to rounding differences. The figures used in this presentation arerounded while percentage changes are calculated based on the figures disclosed in the press release.