Turkcell Iletisim Hizmetleri A.S. Q3 2024 Earnings Call Transcript

Quartr
Provided by Quartr
November 7, 2024

There are 8 speakers on the call.

Operator

Ladies and gentlemen, thank you for standing by. I'm Constantino, your Chorus Call operator. Welcome and thank you for joining the Turkcell's conference call and live webcast to present and discuss the Turkcell Third Quarter 2024 Financial Results. All participants will be in listen only mode and the conference is being recorded. The presentation will be followed by a question and answer session.

Operator

At this time, I would like to turn the conference over to Ms. Eszdome Yarden, Investor Relations and Corporate Finance Director. Ms. Yarden, you may now proceed.

Speaker 1

Thank you, Constantino. Hello everyone, and welcome to Turkcell's Q3 2024 earnings call. Today, our CEO, Alita Hakoch and CFO, Kamil Kalyon, will be delivering a brief presentation covering operational and financial results, which will be followed by a Q and A session. Before we begin, I would like to kindly remind you to review our Safe Harbor statements available at the end of our presentation. Now I'm handing the meeting over to Mr.

Speaker 1

Alsaha.

Speaker 2

Thank you, Izzam. Good afternoon, everyone, and thank you for joining us today. This quarter marks my first full year at Turkcell. I'm honored to be a part of this journey, while hitting some major milestones along the way. In September, we completed the divestment of our Ukraine assets, creating value for our shareholders.

Speaker 2

We also opened our very first solar energy field, a big step forward in our sustainability efforts. Recently, I was elected to the Board of GSMA. This is not only a personal honor, but also an opportunity to represent Truxell globally and help shape the future of our industry. I remain committed to growing our businesses and leading Turkey's digital transformation with critical innovations and industry first that will position us for long term success. After a quarterly pause, we are back on growth path in the Q3.

Speaker 2

Our top line increased by 7%, reaching TRY 40,200,000,000. This growth was primarily driven by Turkcell Turkey's strong ARPU Group performance and solid subscriber additions with further support from our Techfin segment. With a clear focus on profitability, our EBITDA rose 10% to TRY 17,800,000,000, delivering a robust EBITDA margin of 44.2%. Our approach to acquiring high value postpaid and fiber customers resulted in 322,000 net additions. We reported a net income of TRY 14,300,000,000, which includes TRY 3,000,000,000 profit from operations, along with proceeds from the sale of our Ukraine assets.

Speaker 2

Next slide please. Let's take a look at our operational performance. On the mobile front, we have faced aggressive pricing in the market since May. We made a 25% price adjustment in July to support a more rational market environment. Despite this, extended competitive campaigns have driven up MMP activity across the market, with market volume rising 47% quarter over quarter.

Speaker 2

We have also responded to some of our competitors' pricing campaigns, resulting in net additions. Focusing on value generating customers, we remain committed to the postpaid segment, adding 515,000 new postpaid subscribers in the 3rd quarter. Over the past year, our postpaid base grew by 1,900,000, pushing the postpaid customer share to 74%, a 4 point increase year on year. On the other hand, the prepaid customer base declined by 266,000, primarily due to the broader adoption of alternative data solutions, which negatively impacted tourist demand. Thanks to steady price adjustment and upsell efforts, along with slowing CPI, mobile ARPU increased by 6.9% year on year.

Speaker 2

We expect to see real growth in Q4. However, due to market aggressiveness and life cycle closures, we saw a churn rate of 2.2%. Next page please. The fixed broadband market stayed rational in Q3, which gave us room to make a price adjustment in August. Following the incumbents action, we stayed focused on fiber subscribers and thanks to strong demand for our high speed end to end fiber service, we had 47,000 net additions.

Speaker 2

With our strategic approach, we now have 82% of our residential fiber customers on 12 month contracts, which has helped in terms of ARPU growth during this inflationary period. Residential Fiber ARPU grew by 15% year on year with our price adjustments. We saw a slight increase in churn, mainly due to price increases and the shift to 12 month contracts. Meanwhile, our take up rate rose by 2.2 points year on year as we focused on adding fiber subscribers over expanding home pass coverage. Another key trend is the rise in demand for higher speed packages.

Speaker 2

The share of packages of 100 megabits and above in our total residential fiber portfolio has increased by 10 percentage points year on year. To introduce more of our customers to super online fiber quality, we offered a complementary 1000 megabit per second upgrade for a month, which they highly appreciated. Next page please. Let's consider our strategy focus areas, starting with Digital Services and Solutions. In line with our goal of right positioning, we have retained our focus on profitability and ensuring that our digital service portfolio supports ARPU growth.

Speaker 2

As a result, our stand alone paid users reached $5,000,000 in the 3rd quarter. Revenue from standalone digital services and solutions grew by 4% year on year, primarily driven by our pricing actions. This quarter marked a new milestone for us as our IPTV users rose 7% year on year, making us the 2nd largest player in the IPTV market. Moving on to our next focus area, Digital Business Services generated TRY 2,900,000,000 of revenue this quarter. Recurring service revenues rose 18% year on year.

Speaker 2

Macroeconomic headwinds continue to pressure demand in hardware sales, resulting in a contraction from the same period of last year. Our high potential area of data center and cloud, we maintain a strong growth rate of 43%, underlining both market demand and our pricing strength as the market leader. Next slide please. The last strategic focus area I want to talk about is Techfin. In the Q3, Payside revenues grew by 20%, primarily driven by increased commissions and transaction volumes from Payside Card and POS solutions.

Speaker 2

We saw a 24% rise in the transaction volume for PayLater, thanks to more people using it in app stores, with the eligibility for QR payments and an increase in active users. The transaction size in FOSS solutions nearly doubled, thanks to better market penetration and integrations with leading e commerce platforms. Meanwhile, PaySaaS EBITDA increased by 9.2% year on year. When it comes to meeting our customers' technological needs, finance sales revenues rose by a solid 38%. This was due to a larger loan portfolio and higher average interest rates.

Speaker 2

The higher loan interest of our loan portfolio began to compensate for higher funding costs, raising the net interest margin to 4.1%. Despite the challenging macroeconomic conditions, our cost of risk is reasonable at 2.8%. Next slide, please. I want to add my part by sharing our guidance for 2024. When we outlined our plan in May, we penciled in inflation peaking mid year and then easing.

Speaker 2

However, monthly inflation since June has exceeded expectations, driving higher annual inflation in the second half. Following the medium term program update in August, we raised our year end CPI forecast. In light of this, we are adjusting our revenue growth guidance for 2024 to around 7%, solely due to the increased CPI outlook. Our unadjusted financials remain on track. In fact, had inflation aligned with initial expectations, we will have achieved low double digit growth.

Speaker 2

As for our EBITDA margin and CapEx intensity, we are maintaining our guidance. Now I hand over to our CFO, Mr. Kamer Kalyon, for the financials of this quarter.

Speaker 3

Thank you very much, Altabe. Now let's move on to our financial results. 3rd quarter was quite successful for us with 7% top line growth, a healthy yet strong EBITDA margin of above 44% and net income TRY 14,300,000,000, we have clear proof that we are managing our business well. Our consolidated revenues exceeded TRY 40,000,000,000, driven by 7% year on year growth in the Turkcell 2ks segment, thanks to price adjustments, a larger postpaid base and effective upselling. The Techlyn segment contributed TRY 500,000,000 to the top line, backed by impressive performances of financial and Paysale, which grew 38% 20%, respectively.

Speaker 3

The other segment impacted the top line negatively due to reduced demand in consumer electronics. Next slide please. Now let's look at our EBITDA performance. In the Q3 of 2024, EBITDA grew by 10.4 percent year on year to reach TRY 17,800,000,000 driven by strong revenue growth and well managed direct costs. Our EBITDA margin expanded by 1.4 percentage points year on year.

Speaker 3

To invest in our human capital, we made 2 wage adjustments this year, with the second in the third quarter. This reduced the margin by 2.1 percentage points, along with added pressure from rising funding costs. On the other hand, lower growth in the cost of goods sold due to decreasing demand for consumer electronics and the ongoing decline in MTR have positively contributed to the margin. Next slide please. Let's take a closer look at our CapEx management.

Speaker 3

For the Q3 of 2024, our CapEx to sales ratio is 18.1%. Operational CapEx amount remains fairly in line with the Q2. However, with a boost in top line, we observed a typical seasonal slowdown. Half of our budget has been allocated to core communications covering both mobile and fixed services for this quarter. We expect acceleration in tower fiberization in the Q4 heading to our target of 41%.

Speaker 3

In September, we activated 6.4 megawatt of capacity in our solar energy investments. The remaining capacity, which is already being installed, is currently awaiting legal approval. We anticipate that these will be reflected in our CapEx over the subsequent two quarters. Regarding data center investments, we are progressing with the finalization of 2 modules and remain aligned with our targets. Looking ahead, we expect CapEx intensity to rise next quarter consistent with the seasonality of our businesses.

Speaker 3

Next slide please. Now let's turn our attention to the balance sheet. Following the Ukraine asset sale, our cash position increased to TRY 82,000,000,000. Additionally, the gross debt balance decreased to TRY 107,000,000,000. As a result, our net debt position decreased to TRY 9,000,000,000 level, which brings our net leverage ratio to 0.1 times.

Speaker 3

Our FX debt service for this year is around USD179 1,000,000, which we deem manageable. We have adequate cash to cover the redemption of 10 year euro bond in 2025. Hence, considering potential data center investments, 5 gs network preparations and ongoing renewable energy investments, we have applied to the CMB to issue a new euro bond up to TRY 1,000,000,000 which will be partially sustainable. The majority of our cash remains denominated in hard currencies. Excluding FX swaps, 57% of our cash is in U.

Speaker 3

S. Dollars and 21% in euros. Next slide please. Lastly, let's look into the management of foreign currency risk. At the end of Q3, we had approximately US2 $1,000,000,000 equivalent in FX financial liabilities on our balance sheet.

Speaker 3

With proceeds from Ukraine asset sale, our FX denominated financial assets increased to US2.2 billion dollars already moving us into a long FX position. As part of our strategic FX management efforts at the beginning of the quarter, we decreased our net FX position to minimize hedging costs. Our derivative portfolio decreased to US111 $1,000,000 We closed the quarter with a net long FX position of $228,000,000 mainly due to proceeds from lifestyle sales. Going forward, we aim to stay within our target FX range of plus and minus $200,000,000 As this concludes my presentation, we can now start the Q and A session.

Operator

Ladies and gentlemen, at this time, we will begin the question and answer session. The first question comes from the line of Mois Teil with Schroders. Please go ahead.

Speaker 4

Hello and congrats on the results. Thanks for taking my question. It is, 1st of all, about the divestment proceeds you mentioned at the beginning of the call. Could you please share more color on them? And then also, I think you briefly spoke about your 20 25 CapEx outlook.

Speaker 4

If you could provide more details on that, both in terms of the different projects you're looking at, the sum or the expected or the approximately expected CapEx to sales ratio? And then lastly, you finished this quarter at a very low net leverage level. I was wondering what you consider to be the ideal net leverage and what do you expect for 2025? Thank you very much.

Speaker 2

First of all, I just want to start with the divestment process. We have completed the sale of process on 9th September. The final sales value will be determined based on closing adjustments to be made and as well as based on the level of net cash debt on financial statements to be prepared as of the closing date. Although we do not have a Board decision regarding the proceeds we will obtain from the sales of our assets in Ukraine, prospectively, we might have important investments, some of them depending on regulatory authorities' decisions to come such as 5 gs tender and its rollout plan or any other big scale business initiatives creating value for our shareholders in the upcoming periods. Although we are diligently exploring a range of competitive and rational alternatives, we have the redemption of our Eurobond in 2025.

Speaker 2

And for the second question, CapEx. As part of our CapEx planning this year, we will continue to focus more and more on our core businesses. Accordingly, we will follow our demand driven CapEx approach. Moreover, we are expecting the wide space capacity of our data centers by adding new modules to meet increasing demand in Turkey and in the region. Additionally, we have renewable energy investment plans on the energy side to meet our own electricity demand.

Speaker 2

In 2023, we initiated investments in solar plant installations to achieve a capacity of 300 megawatts within 3 years. The installation of the first phase of 54 megawatts has been completed. And out of this 54 Megawatt, 6.4 Megawatt of the first phase has been activated in Q3 2024. We aim to cover 65% of the Turkcell's total electricity consumption from our own green energy production off by 2026. And also, we are waiting for a 5 gs tender as well.

Speaker 2

And then 2025 is going to be getting ready for the 5 gs live network. So we are expecting an auction is going to be happening in 2025. So we need to prepare our infrastructure for the 5 gs when the 5 gs is ready in 2020 live in 2026. So it's going to be a CapEx intensive year. And all in all, mobile and fixed CapEx will take more than half of the CapEx budget, with the remaining share to be taken mainly by data centers and renewable energy investments.

Speaker 3

And regarding your net leverage question, Tim, as I mentioned in my presentation with the help of proceeds from the sale of Ukraine assets, our net leverage ratio is very, very minimum nowadays, but our target is to keep our leverage below the industry average and our long term internal target is around 1.56 1 point 5

Speaker 4

times. Okay. Thank you.

Speaker 2

I'll

Speaker 4

step back into the queue. I will have more questions later, I guess.

Operator

The next question comes from the line of Vistra Vazenia with Barclays. Please go ahead.

Speaker 5

Yes, hello. Thank you very much for the presentation and congrats on the results. I have just one question regarding your potential bond issuance program. Given that you just received €500,000,000 profits and now you're planning to issue €1,000,000,000 So I was just trying to understand or maybe you could provide more color in terms of the timing of the issuance? And also, are you planning to issue the whole EUR 1,000,000,000 or it will be split in parts?

Speaker 5

And also, you mentioned that you're planning sustainable or green bond. So which one are you planning to issue?

Speaker 3

Thank you. Thank you very much for your question. First of all, I would like to mention that as Mr. Alkabe said that we have some investments liabilities or investment figures in 2025 like 5 gs data center solar and in order to recover our operations, we will make we will continue to make our CapEx investments. Also we have a redemption of 2025 as you know, euro about.

Speaker 3

Therefore, our expectation or our intention is to issue a $1,000,000,000 around $1,000,000,000 Eurobond. Most probably it would be 50%, 50%, 50% would be conventional and 50% most probably would be sustainable loan. We are waiting the approval of the CMB regarding this issuance after we take the issuance approval. Most probably we will be in the market in the first quarter of 2025.

Speaker 5

Thank you. Thank you very much. You're welcome.

Operator

The next question comes from the line of Demetas Jamal with Ata Invest. Please go ahead.

Speaker 6

Thank you for the presentation and congratulations for good results. My question is about the growth prospects. I know that you have been ambitious about the growth potential in the long term,

Speaker 7

but I would like

Speaker 6

to understand the plans related to data centers and clouds. We see some significant increase in the 3rd quarter. How should we assume for the following years regarding the growth? What should be the portion of this business in overall your business side? That's my question for the maybe next several years.

Speaker 6

And the second question is after U. S. Elections, Trump won elections as far as we see, regarding the projects, the China U. S. Relations, all those technology issues, Do you have any strategy in your mind regarding the projects for the future?

Speaker 6

Or does it have any impact on your plans related to the relations globally? Thank you.

Speaker 2

Thank you very much. It's a great question. So you're right. We have ambitions and growth in long term. In order to keep Turkey's data in Turkey, we maintain our leading position in the data centers market and aim to increase our investment focus in our data centers as well as our cloud businesses.

Speaker 2

If you look around, currently the highest market share and market cap firms are totally investing on more on the data center business. And then with the AI, artificial intelligence, we are expecting that the need for the data center is going to increase exponentially. So AI is coming, and it's we are just seeing a small fragment of the AI yet. So in the future, everybody is going to start using AI. So we are expecting that all this process, all this servers, all this AI chips are supposed to be located in data centers.

Speaker 2

So besides the current needs in Turkey, we think that all these data centers that we are going to build is going to be full of these AI chips and then AI processing. The data center market is currently very active. We anticipate that market growth will continue in the coming years due to the increasing needs within both public and private sectors. So cloud, everybody is going to go to cloud because it is the best way to move your IT infrastructure. Because instead of investing loss, the big amount of money in your IT infrastructure, renting and then moving your software into cloud is the next big revolution in IT industry.

Speaker 2

So all the companies from smaller SMEs to big companies, they have to move their IT infrastructure to cloud. And then the best thing is, if you are closer to the cloud or the data centers, you are going to get the best performance. And in this region, we already have 4 big data centers, and we already spent €330,000,000 and we are going to be a biggest cloud vendor, cloud supplier in this region. And with respect to the second question regarding the project, we are just following the elections closely. And then what we can do is currently, we are just we are also that we are quoted in the New York Stock Exchange, and we are closely following the elections, and it's very new.

Speaker 2

So I'm too we are just going to look into the relationship, and then we will see currently, we don't see any impact in our businesses, but we are just going to follow it up. And to say the truth that there were multiple elections passed in the United States and then the presidents changed and then our relationship is always stable. So we are expecting that our relationship is going to keep stable in the near future as well.

Speaker 6

And as a follow-up, related to 5 gs, is it still early to talk about the timing? Or maybe I'm missing some points, but what might be the potential timing on that?

Speaker 2

So actually, let me tell you that every couple of years, the technology always improves. So to say the truth that like the last time we did in 4.5 gs, currently the new release of the technology, GSMA technology is called 5 gs Advanced. So say to that, we are not late or early, so we are going to get the best out of the technology the best state of the art technology in Turkey. And our Minister of Transportation is our Minister of Transportation already announced that 2025, there's going to be a frequency auction. So like we did in the 4.5 gs, there are some specific frequencies that needs to be auctioned and then we're going to pay frequency money for that auction.

Speaker 2

And then similarly, 5 gs also has specific frequency that all the operator has to buy, has to give some with the tender needs to pay some money on that. And that's going to happen. The auction is going to be happening in 2025. And most of the time, after the auction, they always give 6 to 8 months of time frame like they did the similar in the 4.5 gs in 2015 the auction happened and 2016 the live 4.5 gs started at the April 1, 2016. So we are expecting the similar time frames when we have the auction in 2025.

Speaker 2

6 to 8 months later, we are going to have a live most of what is going to happen in the 2026.

Speaker 6

Thank you. And then very last question regarding 2025, what's going to be your story compared to 2020? Or you had difficult times when the inflation increase was very significant and then you adapted market conditions. But now we are possibly into a disinflationary environment and maybe in a couple of sentence, how do you see 2025 on your side? Thank you.

Speaker 2

So to say that 2025 is going to be we are just going to be focusing more and more on the R and D domain as well and we focus on R and D more. But straight to that, right now, we are saying we have a motto saying that everyone works with Turkcell, but also in 20 to 25, we are going to see that everything is going to start working with Turkcell as well, especially in terms of things, it's going to be a huge growth area for us. So currently, the number of subscribers is going to increase IoT domain, increase drastically. We are expecting that's going to happen. And also in 2025, we will sustain our postpaid focus on the mobile side and as well as we are going to have a fiber focus on the fixed side.

Speaker 2

We will continue to take necessary pricing actions by avoiding macro and competitive conditions as well. Accordingly, we expect real revenue growth in 2025 as well. We are currently working on the figures, and we will be able to share more details of our expectation of the 2025 within our year end result announcement, most probably in couple of months.

Speaker 6

Thank you, Alitave. Thank you.

Operator

The next question is a follow-up question from the line of Maurice Till with Schroders. Please go ahead.

Speaker 4

Thanks for taking this follow-up. There have been statements in the press that consolidation of Torqcell and Torq Telecom is currently not foreseen. But it was very interesting to see that Torq Telecom was being asked this question at all because I didn't have it on the radar because I thought that the market structure as it is in Turkey doesn't require consolidation. Could you just address this elephant in the room? I'd be interested in knowing more about your thoughts about it.

Speaker 4

Thank you.

Speaker 2

I think it is just a rumor. We never ever heard about that kind of consultations. I'm pretty sure it's just a rumor.

Speaker 4

All right, chief.

Operator

The next question comes from the line of Madhavendra Singh with HSBC. Please go ahead.

Speaker 7

Yes, hi. Thanks a lot for taking my questions. My first question is on your operational performance and about the pricing outlook. So if you could disaggregate how much of the growth in the Q3 was because of price increase or pricing? And then do you have any further plans to increase prices?

Speaker 7

And how comfortable are you with your ability to continue with the price hikes? So that's the first question. And second question is on your data center strategy, as you mentioned. If possible, I may have missed it, but if you could remind about your targets, how many megawatts capacity are you looking for and by when? And would you consider any M and A to reach there?

Speaker 7

Or do you want to go there organically in its entirety? And then finally, if you could also talk about your overall M and A strategy. Is there any gap in your offering that you think you would want to complete with any potential M and A? Thank you.

Speaker 3

Thank you very much for the question. As you mentioned, we have a very successful quarter in Q3. And in real terms, our revenues grew by 7% in this quarter in Q3. Turkcell Turkiye is the main driver about this growth and real growth is 7% in Turkcell Turkiye recurring income. We have a very good successful period both coming from the expanding of our subscriber base, mainly postpaid front and the real ARPU growth, the main drivers of the growth.

Speaker 3

We also achieved a growth in 11 31% year on year. Therefore, it's 31% year on year. Therefore, it's very successful period for the FinTech side. These are the main drivers of our Q3 results. Regarding the price increases, as you know, as a leading operator in mobile sites, we are living in a hyperinflationary environment, and we have made quarterly price adjustments starting from 2021.

Speaker 3

And when you look at the history, except for Q1 'twenty 23 and Q2 'twenty 24, we made a lot of price increases. In July, around 25%. We did our final price increases in July, around 25%. Therefore, when you look at the year on year cumulative price increases, has amounted around 90% on the mobile side. Therefore, you will take the necessary actions by evaluating macro and competitive conditions because when you look at our market, our competitors has aggressive and very aggressive companies day by day they can make.

Speaker 3

Therefore, we are looking at the actions, the behaviors and we are taking the necessary actions by evaluating both macro and competitive competition in this year and 2025 also.

Speaker 2

On the second question, let me tell you that currently we have 33 megawatts of capacity in the data center. So previously, all the data centers are measured with the white spaces, but with all the processing power, it's all electricity consumption. So 33 megawatts, which is 4 big data centers. But the difference between the Turkey and Turkcell data center businesses, in Turkcell, we just design data center with the highest standard, we construct the data center with the highest standards and also we operate data center with the highest standards. So that's the reason that we have a very fruitful market and then all the big companies in the turkey are just our customers in the data center business.

Speaker 2

And then we are the leader in this market. And safe truth that this year we will increase this capacity by at least 30% more. And every year we are planning to organically grow and with this also with this high quality data center, all the there is a huge appetite among the cloud vendors or cloud providers to collaborate. So we are closely talking with them as well. So we are going to have a very ambitious data center targets for the next year and the following.

Speaker 7

And your overall M and A strategy, sorry?

Speaker 2

Yes. Currently, we are just exited from Ukraine as well. So we don't have any M and A strategy in any Genet countries. We are not looking into that business.

Speaker 3

If you are asking for the data center issue, we would not we are not contemplating any M and A action. It would be an organic growth.

Speaker 7

And within Turkey also, you are not looking to do any other M and A, right?

Speaker 3

Regarding data center also, talking about the other activities?

Speaker 7

Other areas as well.

Speaker 6

Got you.

Speaker 3

In the short term, we do not have any M and A, but it's not it doesn't mean that we are closing our eyes to opportunities. If we find, for example, suitable opportunities which will help us, assist us to make a growth revenue growth or EBITDA contribution, why not? But currently, in our short term plan, we do not have such kind of M and A, but it doesn't mean that we are closing our eyes to opportunities.

Speaker 7

Great. Thank you very much for taking my question.

Speaker 3

You're welcome. Thank you very much for your question.

Operator

The next question comes from it's a follow-up question from the line of Vistrova Evgenia with Barclays. Please go ahead.

Speaker 5

Yes, thank you. Thank you for the opportunity to ask a question again. I wanted to ask you about potential sale of the stake of Turkey Wealth Fund in Turkcell. Maybe there are any developments or some talks about it going on. I appreciate that it might be sensitive.

Speaker 5

So any color would be very, very helpful. Thank you.

Speaker 2

Sridhar, this is just the questions needs to be answered by the Turkish Wealth Fund. So these are they are our shareholders, and they have to decide and they have to answer your questions. So it is out of scope of this collating.

Speaker 5

Thank you.

Operator

Ladies and gentlemen, there are no further questions at this time. I will now turn the conference over to Trukuil management for any closing comments. Thank you.

Speaker 2

Thank you very much for the and also thank you very much for listening us. And also hopefully, we are going to have another call in the end of the Q4, and we are going to soon talk to each other. Thank you very much for your time.

Speaker 1

Thank you for joining us. Bye.

Operator

Ladies and gentlemen, the conference is now concluded and you may disconnect your telephone. Thank you for calling and have a pleasant evening.

Powered by Quartr
Earnings Conference Call
Turkcell Iletisim Hizmetleri A.S. Q3 2024
00:00 / 00:00