Healthpeak Prices Offering of $500 Million of 4.750% Senior Unsecured Notes Due 2033
The estimated net proceeds of the offering are expected to be approximately $492.8 million, after deducting the underwriting discount but before deducting fees and expenses payable by the operating company. The operating company intends to use the net proceeds from the offering to repay borrowings outstanding under its commercial paper program and for general corporate purposes, which may include repaying or repurchasing other indebtedness, working capital, acquisitions, development and redevelopment activities, and capital expenditures. Pending application of the net proceeds from the offering for the foregoing purposes, such proceeds may initially be invested in short-term securities.
The offering is expected to close on August 14, 2025, subject to the satisfaction of customary closing conditions.
PNC Capital Markets LLC, J.P. Morgan Securities LLC, Credit Agricole Securities (USA) Inc., Truist Securities, Inc. and U.S. Bancorp Investments, Inc. are acting as joint book-running managers for the offering.
The offering is being made pursuant to an effective shelf registration statement and prospectus and a related preliminary prospectus supplement filed with the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Copies of the prospectus supplement and related prospectus for the offering, when available, can be obtained from: (i) PNC Capital Markets LLC, 300 Fifth Avenue, 10th Floor, Pittsburgh, PA 15222, by calling toll-free at 855-881-0697 or emailing pnccmprospectus@pnc.com, (ii) J.P. Morgan Securities LLC by calling collect at 212-834-4533, (iii) Credit Agricole Securities (USA) Inc. by calling toll-free at 866-807-6030 or emailing DCMNewYork@ca-cib.com, (iv) Truist Securities, Inc. by calling toll-free at 800-685-4786 or emailing truistsecurities.prospectus@truist.com, and (v) U.S. Bancorp Investments, Inc. by calling toll-free at 877-558-2607.
About Healthpeak
Healthpeak Properties, Inc. is a fully integrated real estate investment trust (REIT) and S&P 500 company. Healthpeak owns, operates, and develops high-quality real estate focused on healthcare discovery and delivery.
Forward-looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are identified by their use of terms and phrases such as 'believe,' 'expect,' 'intend,' 'will,' 'project,' 'anticipate,' 'position,' and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include our ability to complete the offering in a timely fashion or at all, that the proceeds from the offering may not be deployed as anticipated; and those risks and uncertainties associated with Healthpeak's business described in its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and its subsequent filings with the Securities and Exchange Commission. Although Healthpeak believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, Healthpeak can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of the date of this release, and Healthpeak undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in its expectations, except as required by law.
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Turkcell Iletişim Hizmetleri: Second Quarter 2025 Results
ISTANBUL--(BUSINESS WIRE)--Turkcell Iletişim Hizmetleri (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. Our revenue segmentation was revised as of Q1 2025. Within this scope, all past data have been restated for comparability purposes. For a comprehensive explanation, please refer to the Press Release and the Excel file for Q1 2025, available on the Turkcell IR website. We have three reporting segments: "Turkcell Türkiye," which comprises our telecom, digital services, and digital business services related businesses, retail channel operations, smart devices management, and consumer electronics sales through digital channels in Türkiye. All non-financial data presented in this press release is unconsolidated and comprises Turkcell Türkiye only 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. 'Techfin' which comprises all of our financial services businesses. 'Other' which primarily comprises our international, energy businesses, non-group call center, and intersegment eliminations. This press release provides a year-on-year comparison of our key indicators. Figures in parentheses following the operational and financial results for June 30, 2025, refer to the same item as of June 30, 2024. For further details, please refer to our consolidated financial statements and notes as of and for June 30, 2025, accessible via our website in the investor relations section ( Selected financial information presented in this press release for the second quarter of 2024 and 2025 is based on IFRS 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 percentage comparisons in this press release reflect mathematical calculations. NOTICE This press release contains the Company's financial information for the period ended June 30, 2025, prepared in accordance with International Financial Reporting Standards ('IFRS') as issued by the International Accounting Standards Board ('IASB'). This press release contains the Company's financial information prepared in accordance with International Accounting Standard 29, Financial Reporting in Hyperinflationary Economies ('IAS29'). Therefore, the financial statement information included in this press release for the periods presented is expressed in terms of the purchasing power of the Turkish Lira as of June 30, 2025. The Company restated all non-monetary items in order to reflect the impact of the inflation restatement reporting in terms of the measuring unit current as of June 30, 2025. Comparative financial information has also been restated using the general price index of the current period. This release includes forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, Section 21E of the U.S. Securities Exchange Act of 1934, and the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. This includes, in particular, and without limitation, our targets for consolidated revenue growth, data center and cloud revenue growth, EBITDA margin, and operational capex over sales ratio for the full year 2025. In establishing such guidance and outlooks, the Company has used a certain number of assumptions regarding factors beyond its control, particularly in relation to macroeconomic indicators, such as expected inflation levels, that may not be realized or achieved. More generally, all statements other than statements of historical facts included in this press release, including, without limitation, certain statements regarding our operations, financial position, and business strategy, may constitute forward-looking statements. Forward-looking statements can generally be identified by the use of forward-looking terminology such as, among others, 'will,' 'expect,' 'intend,' 'estimate,' 'believe,' 'continue,' and 'guidance.' Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. In addition, certain forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. Many factors could cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance, or achievements that may be expressed or implied by forward-looking statements. Should one or more of these risks or uncertainties materialize or underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, intended, planned, or projected. These forward-looking statements are based upon a number of assumptions and other important factors that could cause our actual results, performance, or achievements to differ materially from our future results, performance, or achievements expressed or implied by such forward-looking statements. 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 2024 filed with the U.S. Securities and Exchange Commission, and in particular, the risk factor section therein. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of this press release. All forward-looking statements in this press release are based on information currently available to the Company, and 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. FINANCIAL HIGHLIGHTS SECOND QUARTER HIGHLIGHTS In line with the dividend resolution adopted at the 2024 Annual General Assembly, the first installment of dividend, amounting TRY4.0 billion, was distributed to shareholders on June 20, 2025. Solid financial performance surpassed expectations Group revenues increased by 12.5% year-on-year primarily due to Turkcell Türkiye's strong ARPU growth as well as the increase in hardware revenues supported by digital business services. The Techfin segment also contributed positively to group revenues, posting a solid 23.1% growth. Meanwhile, our Data Center & Cloud business — a key pillar of our strategy — delivered 53.2% year-over-year growth, further reinforcing our confidence in its long-term potential. EBITDA 1 increased by 14.8%, leading to an EBITDA margin of 43.5%, marking a yearly improvement of 0.9pp; EBIT 2 was up by 39.5%, resulting in an EBIT margin of 16.6%. Profit from continuing operations recorded remarkable growth of 36.8%, generating TRY4.4 billion. Net income rose by 7.1% to TRY4.2 billion. Net leverage 3 level at 0.29x, indicating a healthy position compared to peers Net short FX position of US$102 million in line with our neutral FX definition, which is between plus and minus US$200 million Supporting both engines of growth – proactively managing the subscriber portfolio in intense market conditions and consistently delivering real ARPU growth Recorded the highest mobile postpaid net additions in 5.5 years – 816 thousand Dedicated postpaid focus – 78% postpaid subscriber base share 20 thousand total fiber net additions, including resell operations Sustained real ARPU growth in a volatile environment; Mobile ARPU 4 growth of 9.8%, residential fiber ARPU growth of 17.5% 6.1 million total homepasses; 67 thousand new fiber homepasses this quarter (1) EBITDA is a non-GAAP financial measure. See page 14 for the explanation of how we calculate Adjusted EBITDA and its reconciliation to net income. (2) EBIT is a non-GAAP financial measure and equals EBITDA minus depreciation and amortization expenses. (3) Our net debt calculation includes financial assets at fair value, whether through other comprehensive income or through profit and loss, reported under current and non-current assets, as well as financial assets at amortized cost. Required reserves held in CBRT balances are not included in total cash and net debt calculation, and this change has been reflected in previous quarters' figures (4) Excluding M2M COMMENTS BY CEO, ALİ TAHA KOÇ, PhD Delivering Strong Results in the Second Quarter of 2025 We closed the first half of 2025 with robust results, supported by our superior infrastructure, the trust we have earned from our customers, and our steadfast commitment to strategic priorities. Even in a highly competitive environment, we sustained healthy and profitable growth while advancing Türkiye's digital transformation through targeted technology and infrastructure investments. This solid financial and operational performance strengthens our confidence in achieving our year-end targets. In the second quarter, through tailored offers and pricing strategies designed specifically for each segment, we delivered the highest quarterly net subscriber additions on the postpaid side in the past five and a half years, while maintaining our profitability focus. Consolidated revenues in the second quarter rose 12.5% year-on-year to TRY 53.0 billion, driven by strong ARPU growth, an expanding subscriber base, and substantial contributions from our Techfin and digital business services. EBITDA 1 increased 14.8% to reach TRY 23.1 billion, with the EBITDA margin improving by 0.9 percentage points year-on-year to 43.5%. Net income grew 7.1% compared with the previous year, reaching TRY 4.2 billion. Healthy Growth Driven by Outstanding Subscriber Net Additions and Strong ARPU Performance The competitive environment in the telecommunications sector remained as anticipated in the second quarter. Building on strong ARPU growth from the first quarter and leveraging the granular subscriber management model introduced this quarter, we executed our campaigns and offers with greater agility and precision, delivering a strong performance. By focusing on our customers' needs and tailoring differentiated value propositions for specific sub-segments, we achieved 816 thousand net postpaid mobile subscriber additions in the second quarter - the highest figure in the past five and a half years. The share of postpaid subscribers in our total mobile base rose by 5 percentage points year-on-year to reach 78%. This increase, combined with targeted pricing adjustments and effective upselling efforts, drove a 9.8% rise in mobile ARPU (excluding M2M) in the second quarter. Reflecting our customer-focused innovation approach, we embraced the 'Turkcell Solves It' mindset and, with the launch of the Tumbara service, continued to deliver solutions that make our customers' daily lives easier. At the heart of our market-differentiating dynamic pricing and campaign strategies is our commitment to meeting customer demands and expectations. Guided by this focus, we will continue enhancing the service we provide to each customer in the coming period. Meanwhile, by expanding our capacity and accelerating the fiberization of our base stations, we continued to strengthen our infrastructure for the arrival of 5G and invest in Türkiye's digital future. On the fixed broadband side, we grew our network by connecting 67 thousand new households to our end-to-end fiber infrastructure. Including fiber services delivered over other ISPs' infrastructures (resell), we connected a total of 20 thousand new subscribers to fiber internet. The share of subscribers using speeds of 100 Mbps and above in our fixed segment rose by 16 percentage points year-on-year. Supported by our growth-driven strategy in the Turkcell fiber business, targeted price adjustments, and rising customer demand for high-speed internet, residential fiber ARPU posted a strong year-on-year increase of 17.5% in the second quarter. Paycell: Driving Growth in the Techfin Segment Our Techfin business, comprising the Paycell and Financell brands, accounts for 6% of our consolidated revenues and continued to make a strong contribution to group performance, growing by 23.1% in the second quarter. Paycell, which enables customers to securely manage their daily financial needs - from mobile payments to investments, and from bill payments to money transfers - all within a single app, has become the driving force of our Techfin segment, achieving revenue growth of 35.8%. This performance was fueled primarily by increased volume in our POS business and the addition of new customers. Addressing the diverse financing needs of its customers, Financell continued to expand its product portfolio during the period with loan offerings designed to improve access to consumer technology. In the first quarter, we launched the foreign currency loan module. In addition, the 'Small Business Device Loan' product - tailored for sole proprietors within the consumer segment - now provides access to both financing and device insurance. Supported by higher average interest rates, Financell's revenues rose 4.7% year-on-year, while net interest margin (NIM) improved by 2.9 percentage points to reach 4.9%. Leading Türkiye's Tech and Communications Landscape with a Clear Sense of Responsibility We continue to see rising demand in the data center and cloud business, where we have been investing for years with the aim of positioning our country as a regional data hub. Each quarter provides further confirmation of the strength of our strategic positioning. Backed by years of expertise, Turkcell maintains its leadership and continues to expand in the data center industry. Driven by strong market demand and the successful monetization of past capacity investments, data center and cloud revenues rose by a solid 53.2% year-on-year. As part of our investment strategy in key areas such as data centers, cloud technologies, and renewable energy, we signed murabaha financing agreements with leading financial institutions in the Gulf region during the second quarter. These agreements - our first based on interest-free (Islamic) financing from the Gulf region - both diversify our debt portfolio and underscore Turkcell's strong reputation in international markets. We are confident these steps will strengthen our long-term strategic investments and make a significant contribution to our country's development. As Türkiye's leading technology and communications company, we continue forward with determination, fully aware of the responsibilities entrusted to us. I would like to extend my sincere thanks to our Board of Directors for their strategic guidance, to all Turkcell employees for their dedication, and to our customers and partners for their continued trust and collaboration. (1) EBITDA is a non-GAAP financial measure. For details on how we calculate Adjusted EBITDA and its reconciliation to net income, please refer to page 14. Financial Review of Turkcell Group (1) Excluding depreciation and amortization expenses (2) EBITDA is a non-GAAP financial measure. See page 14 for the explanation of how we calculate Adjusted EBITDA and its reconciliation to net income. (3) EBIT is a non-GAAP financial measure and equals EBITDA minus depreciation and amortization expenses. Revenue of the Group rose 12.5% year-on-year in the second quarter of 2025. This resulted from the strong ARPU performance of Turkcell Türkiye with a growing postpaid subscriber base, effective upsell efforts and solid Techfin business performance of 23.1% on a yearly basis. In the second quarter, the Turkcell Türkiye 4 segment was the main driver of this performance, accounting for 91% of Group revenues and rising 11.8% to TRY48,220 million (TRY43,143 million). - Consumer business, representing 75% of Turkcell Türkiye, delivered 9.6% growth. Price increases, subscriber growth in mobile and fixed services, and strong upselling efforts supported this performance. - Corporate revenues, comprising 19% of the segment, increased by 27.3% thanks to high demand on Data Center & Cloud services and strong performance in hardware sales. Notably, Digital Business Services revenues increased by 39.1%, while the Data Center & Cloud business, a sub-segment of Digital Business Services, recorded 53.2% growth in the second quarter. - Wholesale revenues were up 1.1% to TRY2,305 million (TRY2,279 million). (4) Our revenue segmentation was revised as of Q1 2025. Within this scope, all past data have been restated for comparability purposes. For a comprehensive explanation, please refer to the Press Release and the Excel file for Q1 2025, available on the Turkcell IR website. Techfin segment revenues, accounting for 6% of Group revenues, grew by 23.1% to TRY2,916 million (TRY2,369 million). Paycell continued its strong growth momentum, recording 35.8% year-on-year growth in Q225. For details, please refer to the Techfin section. Other 1 segment revenues, comprising 4% of the Group's top-line, which mostly include international business, energy business and non-group call center revenues, rose by 15.2% to TRY1,886 million (TRY1,638 million). Cost of revenue (excluding depreciation and amortization) decreased to 45.9% (46.7%) as a percentage of revenues for the second quarter of 2025. This was driven by the decline in personnel expenses (1.6pp), interconnection cost (0.4pp), funding cost (0.3pp), energy expenses (0.3pp) and other cost items (0.5pp), while the increase in cost of goods sold (1.7pp) and mobile payment expense (0.5pp) as a percentage of revenues. Administrative expenses increased to 3.7% (3.4%) as a percentage of revenues for this quarter. The primary driver of this increase was the rise in personnel expenses. Selling and marketing expenses slightly decreased to 6.3% (6.5%) as a percentage of revenue. Net impairment losses on financial and contract assets were at 0.6% (0.7%) as a percentage of revenue in Q225. EBITDA 2 increased by 14.8% year-on-year in Q225 leading to an EBITDA margin of 43.5% with a 0.9pp improvement (42.6%). - Turkcell Türkiye EBITDA was up by 13.6% to TRY21,838 million (TRY19,220 million), resulting in an EBITDA margin of 45.3% (44.5%). - Techfin segment EBITDA increased by 16.7% to TRY734 million (TRY630 million) with a 1.4pp contraction in EBITDA margin to 25.2% (26.6%). Lower funding costs more than compensated for the increase in mobile payment costs in Q225 as a percentage of revenues. The EBITDA contraction stemmed mainly from cost of collection risk management. - EBITDA of Other was at TRY513 million (TRY255 million). Depreciation and amortization expenses increased by 3.5%, amounting to TRY14,268 million (TRY13,783 million). Net finance costs decreased to TRY1,341 million (TRY2,011 million) in the second quarter of 2025, despite the monetary gain item's contribution being almost halved. This was driven mainly by decreasing net FX loss to TRY2,022 million (TRY2,710 million) and effective balance sheet management. See Appendix A for details of net foreign exchange gain and loss. Other expenses were TRY195 million (TRY284 million) in Q225. Income tax expense amounted to TRY1,690 million (TRY209 million income) in Q225. This variance can be attributed to higher corporate tax, amounting TRY3,667 million, as the company's statutory financials reflected a tax-paying position. Deferred tax income rose to TRY1,977 million and partially offset corporate tax. Profit from continuing operations delivered a solid performance, rising by 36.8% to TRY4,388 million (TRY3,207 million) in the second quarter of the year. As stated above, strong EBITDA, driven by robust operations, and lower net finance costs supported net income, while income tax expense had an adverse impact. Net income of the Group was up by 7.1% to TRY4,201 million (TRY3,922 million) in the second quarter of the year. Notably, discontinued operations contributed TRY713 million to net income in the same period last year due to the sale of our Ukrainian business. (1) Our revenue segmentation was revised as of Q1 2025. Within this scope, all past data have been restated for comparability purposes. For a comprehensive explanation, please refer to the Press Release and the Excel file for Q1 2025, available on the Turkcell IR website. (2) EBITDA is a non-GAAP financial measure. See page 14 for the explanation of how we calculate adjusted EBITDA and its reconciliation to net income. Total cash & debt: Consolidated cash as of June 30, 2025, increased to TRY116,601 million, from TRY80,428 million as of December 31, 2024. Through the Eurobond issuance at the beginning of the year, we secured the financing required for the 5G auction in advance and on favorable terms. On the other hand, we distributed the first installment of dividends to our shareholders on June 20, 2025. Excluding FX swap transactions, 65% of our cash is in US$, 22% in EUR, 3% in CNY, and 9% in TRY. Consolidated debt as of June 30, 2025, increased to TRY172,858 million from TRY121,738 million as of December 31, 2024. Note that TRY14,320 million of our consolidated debt comprises lease obligations. Additionally, 57% of our consolidated debt is in US$, 26% in EUR, 4% in CNY, and 12% in TRY. Net debt 1, as of June 30, 2025, increased to TRY25,371 million from TRY12,497 million as of December 31, 2024, with a net debt to EBITDA ratio of 0.29x. Turkcell Group had a short net FX position of US$102 million at the end of this quarter (this figure takes hedging portfolio, advance payments and precious metal investments into account). The short FX position of US$102 million is in line with our FX neutral definition, which ranges from -US$200 million to +US$200 million. Capital expenditures: Capital expenditures (CAPEX) amounted to TRY40,560 million in the first half of the year, with TRY24,231 million recorded in the second quarter. Operational capital expenditures (excluding license fees) accounted for 16.9% and 18.5% of total revenues in Q225 and H125, respectively. (1) Our net debt calculation includes financial assets at fair value, whether through other comprehensive income or through profit and loss, reported under current and non-current assets, as well as financial assets at amortized cost. Required reserves held in CBRT balances are not included in total cash and net debt calculation, and this change has been reflected in previous quarters' figures Operational Review of Turkcell Türkiye Summary of Operational Data Quarters Q224 Q125 Q225 y/y % q/q % Number of subscribers 1 (million) 43.2 43.1 43.5 0.7% 0.9% Mobile Postpaid (million) 28.1 29.3 30.1 7.1% 2.7% Mobile M2M (million) 4.7 5.3 5.4 14.9% 1.9% Mobile Prepaid (million) 10.4 9.0 8.7 (16.3%) (3.3%) Turkcell Fiber 2 (thousand) 2,375.6 2,484.4 2,488.2 4.7% 0.2% Resell Fixed Broadband 2 (thousand) 810.6 774.2 763.3 (5.8%) (1.4%) ADSL (thousand) 767.8 721.8 695.9 (9.4%) (3.6%) Cable (thousand) 38.1 33.1 31.3 (17.8%) (5.4%) Fiber (thousand) 4.7 19.3 36.0 666.0% 86.5% Superbox 3 (thousand) 746.4 660.0 654.9 (12.3%) (0.8%) IPTV (thousand) 1,484.4 1,456.3 1,430.0 (3.7%) (1.8%) Churn (%) 4 Mobile Churn (%) 1.5% 1.7% 2.2% 0.7pp 0.5pp Fixed Churn (%) 1.2% 1.4% 1.7% 0.5pp 0.3pp Average mobile data usage per user (GB/user) 18.6 17.9 19.2 3.2% 7.3% Expand (1) Includes mobile, fixed broadband, IPTV, and wholesale (MVNO&FVNO) subscribers (2) As of the fourth quarter of 2024, our fixed broadband subscriber reporting has been revised. Turkcell Fiber refers to customers served entirely through our own fiber infrastructure, while Turkcell Resell includes DSL, Cable, and Fiber sales provided through the infrastructures of other ISPs. Accordingly, historical subscriber figures have been revised to ensure comparability. (3) Superbox subscribers are included in mobile subscribers. (4) Churn figures represent average monthly churn for the respective periods. As the market leader in the mobile segment, our primary objective is to sustain our strong market position. To this end, we adopt a dynamic and tailored approach to subscriber portfolio management by diversifying our value-added tariffs in line with evolving customer needs. This strategic focus drives robust net additions, reinforcing our industry leadership and contributes ARPU growth as well. As a consequence of this strategy, we managed to add 816 thousand postpaid subscribers, marking our strongest performance in over five years. The share of postpaid subscribers in the total mobile subscriber base has thus reached 78%, representing an annual increase of five percentage points. As expected, the prepaid subscriber base declined to 8.7 million, primarily due to the rise of alternative data solutions and a customer shift toward postpaid plans in response to inflationary pressures. Our mobile churn rate increased to 2.2% this quarter due to high volatility in the mobile number portability market, which reached a record-high volume of 5.0 million transactions. Mobile ARPU (excluding M2M) recorded a 9.8% year-over-year increase, driven by price adjustments, successful upselling initiatives, and the notable expansion of our postpaid base, which grew by 2.0 million over the past 12 months. On the fixed side, our resell fiber base grew by 17 thousand during the quarter, largely driven by the launch of fiber services over the incumbent operator's infrastructure earlier this year. Turkcell Fiber recorded a net addition of 4 thousand subscribers. However, a decline of 26 thousand ADSL subscribers, resulting from our profitability-driven approach in the resell segment, offset the total fiber net additions. Consequently, our fixed subscriber base remained broadly stable at 3.3 million as of the end of Q2 2025. Residential fiber ARPU rose by 17.5% year-over-year, fueled by the growing share of high-speed packages, a higher proportion of 12-month contracted subscribers, and price adjustments. The share of high-speed packages (100 Mbps and above) increased by 16 percentage points year-over-year this quarter. As part of our ongoing efforts to expand our fiber footprint, we added 67 thousand new homepasses this quarter, bringing the total number of pure fiber homepasses to 6.1 million. TECHFIN Paycell sustained its role as the primary growth engine of the Techfin segment this quarter, delivering 35.8% year-on-year revenue growth, driven primarily by the POS business. POS services recorded 149% revenue growth fueled by rising transaction volumes and the onboarding of new merchants. Notably, 74% of Paycell's revenues were generated from non-group clients, underscoring its growing success beyond the group ecosystem. Regarding profitability, the increasing share of POS within the revenue mix led to a decline in the EBITDA margin — a trend that was anticipated given the nature of the business model. Unlike many other payment companies, Paycell remains profitable and continues to record a solid EBITDA margin by industry standards. The total transaction volume reached TRY39 billion in the second quarter of 2025, increasing by 75% year-on-year. POS volumes grew by 121%, driving the overall volume increase. Financell sustained its positive revenue growth performance of 4.7%, despite tight monetary conditions and TRY20,000 limit on 12-month installment plans for smart phones. Key contributors to this growth were a higher average interest rate across the loan portfolio compared to the previous year and the implementation of tailored pricing offers. The EBITDA margin increased by 1.4pp to 15.5% in this quarter due mainly to lower funding costs on a yearly basis. Financell's loan portfolio reached TRY7.3 billion in Q225. By the end of the second quarter, the company had 0.7 million active customers. Financell is the market leader in the consumer financing sector, holding a 52% market share 1 by number of loans. (1) Source: Association of Financial Instuitions, as of Q125 TURKCELL GROUP SUBSCRIBERS As of June 30, 2025, the Turkcell Group had approximately 45.6 million registered subscribers. 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, as well as the mobile subscribers of BeST and Kuzey Kıbrıs Turkcell. (1) Subscribers to more than one service are counted separately for each service. This includes mobile, fixed broadband, IPTV, and wholesale (MVNO&FVNO) subscribers. The foreign exchange rates used in our financial reporting, along with certain macroeconomic indicators, are presented below. RECONCILIATION OF NON-GAAP FINANCIAL MEASUREMENTS: We believe that Adjusted EBITDA, among other key metrics, facilitates performance comparisons from period to period and aids management decision making. It also enables performance comparisons between companies. As a performance measure, Adjusted EBITDA 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 and intangible assets (affecting relative depreciation and amortization expenses). 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 IFRS. The following table provides a reconciliation of Adjusted EBITDA, as calculated using financial data prepared in accordance with IFRS to net profit, which we believe is the most directly comparable financial measure calculated and presented in accordance with IFRS. RECONCILIATION OF ARPU: ARPU is an operational metric and the methodology for calculating performance measures such as ARPU varies substantially among operators. It is not standardized across the telecommunications industry; thus, reported performance measures vary from those that may result from using a single methodology. Management believes this metric is helpful in assessing the development of our services over time. The following table shows the reconciliation of Turkcell Türkiye revenues to such revenues included in the ARPU calculations for Q224 and Q225. (1) Revenue from fixed corporate and wholesale business; digital business sales, tower business, and other non-subscriber-based revenues (2) Revenues from Turkcell Türkiye included in ARPU calculation comprise telecommunication services revenue, equipment revenue, and revenues not attributed to ARPU calculation. ABOUT TURKCELL: Turkcell, headquartered in Türkiye, is a leading technology and telecommunications company offering a diverse portfolio of voice, data, and IPTV services across its mobile and fixed networks, alongside digital consumer, enterprise, and techfin solutions. The Turkcell Group operates in three countries: Türkiye, Belarus, and Northern Cyprus. In Q225, Turkcell Group reported revenue of TRY53.0 billion, with total assets of TRY457.4 billion as of June 30, 2025. Listed on both the NYSE and BIST since July 2000, Turkcell remains the only dual-listed company on these exchanges. Read more at Appendix A – Tables Table: Net Foreign Exchange Gain and Loss Details Table: Income Tax Expense Details Expand TURKCELL İLETİŞİM HİZMETLERİ A.Ş IFRS SELECTED FINANCIALS (TRY Million) Half Ended Half Ended Quarter Ended Quarter Ended June 30 June 30 June 30 June 30 2025 2024 2025 2024 Consolidated Statement of Operations Data Turkcell Turkey 94,357.5 84,469.3 48,219.8 43,143.2 Fintech 5,827.8 4,584.2 2,916.3 2,369.4 Other 3,680.2 3,220.4 1,885.9 1,637.5 Total revenue 103,865.5 92,273.9 53,021.9 47,150.2 Total cost of revenue (74,981.6) (71,223.1) (38,579.1) (35,823.7) Total gross profit 28,884.0 21,050.8 14,442.8 11,326.5 Administrative expenses (4,095.9) (3,317.0) (1,975.4) (1,617.2) Selling & marketing expenses (6,749.5) (5,621.4) (3,341.5) (3,047.8) Other Income / (Expense) (671.2) (603.3) (194.5) (283.6) Net impairment loses on financial and contract assets (513.7) (633.7) (308.0) (339.5) Operating profit 16,853.7 10,875.4 8,623.4 6,038.3 Finance costs (10,648.7) (12,800.8) (5,058.9) (5,759.9) Finance income 7,085.3 5,522.4 2,891.5 2,122.2 Monetary gain (loss) 1,842.6 5,502.3 826.1 1,626.2 Share of loss of equity accounted investees (2,120.1) (1,110.8) (1,204.2) (1,028.9) Profit before income tax from continuing operations 13,012.8 7,988.5 6,078.1 2,997.9 Income tax income/ (expense) (5,357.6) (1,723.7) (1,690.1) 209.4 Profit for the year from continuing operations 7,655.2 6,264.8 4,387.9 3,207.3 Profit /(loss) from discontinued operations (187.4) 1,504.7 (187.4) 713.2 Profit for the year 7,467.8 7,769.5 4,200.5 3,920.5 Non-controlling interests - (9.7) - (1.8) Owners of the Company 7,467.8 7,779.2 4,200.5 3,922.3 Basic and diluted earnings per share for profit attributable to owners of the Company (in full TL) 3.43 3.57 1.93 1.80 Basic and diluted earnings per share for profit from continuing operations attributable to owners of the Company (in full TL) 3.51 2.88 2.01 1.47 Other Financial Data Gross margin 27.8% 22.8% 27.2% 24.0% EBITDA(*) 45,303.9 38,776.7 23,085.8 20,104.6 Total Capex 40,560.4 27,906.3 24,231.4 14,777.8 Operational capex 19,217.8 19,447.5 8,949.2 11,254.7 Licence and related costs 219.5 18.6 213.6 8.6 Non-operational Capex 21,123.1 8,440.2 15,068.5 3,514.5 Consolidated Balance Sheet Data (at period end) 6/30/2025 12/31/2024 Cash and cash equivalents 116,601.1 80,428.4 Total assets 457,381.7 401,679.9 Long term debt 113,421.1 61,178.2 Total debt 172,858.1 121,737.9 Total liabilities 237,675.3 183,538.7 Total shareholders' equity 219,706.4 218,141.2 (*) Please refer to the notes on reconciliation of Non-GAAP Financial measures on page 14 For further details, please refer to our consolidated financial statements and notes as at June 30, 2025, on our website Expand TURKCELL İLETİŞİM HİZMETLERİ A.Ş TURKISH ACCOUNTING STANDARDS SELECTED FINANCIALS (TRY Million) Half Ended Half Ended Quarter Ended Quarter Ended June 30 June 30 June 30 June 30 2025 2024 2025 2024 Consolidated Statement of Operations Data Turkcell Turkey 94,357.5 84,469.3 48,219.8 43,143.2 Fintech 5,827.8 4,584.2 2,916.3 2,369.4 Other 3,680.2 3,220.4 1,885.9 1,637.5 Total revenues 103,865.5 92,273.9 53,021.9 47,150.2 Direct cost of revenues (74,981.6) (71,223.1) (38,579.1) (35,823.7) Gross profit 28,884.0 21,050.8 14,442.8 11,326.5 Administrative expenses (4,095.9) (3,317.0) (1,975.4) (1,617.2) Selling & marketing expenses (6,749.5) (5,621.4) (3,341.5) (3,047.8) Other operating income 20,601.9 8,224.1 11,198.5 2,932.7 Other operating expense (1,226.0) (1,234.9) (483.8) (518.4) Operating profit 37,414.4 19,101.6 19,840.7 9,075.7 Impairment losses determined in accordance with TFRS 9 (513.7) (633.7) (308.0) (339.5) Income from investing activities 5,091.1 2,289.4 2,444.8 643.9 Expense from investing activities (125.6) (118.6) (66.0) (63.0) Share on profit of investments valued by equity method (2,120.1) (1,110.8) (1,204.2) (1,028.9) Income before financing costs 39,746.1 19,527.9 20,707.3 8,288.2 Finance income 87.6 485.4 (379.1) (345.7) Finance expense (28,663.5) (17,527.1) (15,076.3) (6,570.9) Monetary gain (loss) 1,842.6 5,502.3 826.1 1,626.2 Income from continuing operations before tax and non-controlling interest 13,012.8 7,988.5 6,078.1 2,997.9 Tax income (expense) from continuing operations (5,357.6) (1,723.7) (1,690.1) 209.4 Profit from continuing operations 7,655.2 6,264.8 4,387.9 3,207.3 Profit /(loss) from discontinued operations (187.4) 1,504.7 (187.4) 713.2 Profit for the period 7,467.8 7,769.5 4,200.5 3,920.5 Non-controlling interest - (9.7) - (1.8) Owners of the Parent 7,467.8 7,779.2 4,200.5 3,922.3 Earnings per share 3.43 3.57 1.93 1.80 Earnings per share from discontinued operations 3.51 2.88 2.01 1.47 Earnings per share from continuing operation -0.09 0.69 -0.09 0.33 Other Financial Data Gross margin 27.8% 22.8% 27.2% 24.0% EBITDA(*) 45,303.9 38,776.7 23,085.8 20,104.6 Total Capex 40,560.4 27,906.3 24,231.4 14,777.8 Operational capex 19,217.8 19,447.5 8,949.2 11,254.7 Licence and related costs 219.5 18.6 213.6 8.6 Non-operational Capex 21,123.1 8,440.2 15,068.5 3,514.5 Consolidated Balance Sheet Data (at period end) 6/30/2025 12/31/2024 Cash and cash equivalents 116,601.1 80,428.4 Total assets 457,381.7 401,679.9 Long term debt 113,421.1 61,178.2 Total debt 172,858.1 121,737.9 Total liabilities 237,675.3 183,538.7 Total equity 219,706.4 218,141.2 (*) Please refer to the notes on reconciliation of Non-GAAP Financial measures on page 14 For further details, please refer to our consolidated financial statements and notes as at June 30, 2025, on our website Expand
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Circle's Q2 Pop Fizzles as Price Target Gets Cut
Circle Internet Group (NYSE:CRCL) had its big earnings debut since going public in June, and on paper, the numbers looked impressive. Revenue for the second quarter jumped 53%, fueled by a 90% year-over-year surge in USDC circulation to $61.3 billion. But despite that strong top-line growth, the stock fell almost 6% after-hours on August 12. The drop came after Circle revealed it plans to sell 10 million new shares, which raised concerns about dilution. Warning! GuruFocus has detected 5 Warning Sign with CRCL. US Tiger Securities analyst Bo Pei isn't ready to turn bullish just yet. He trimmed his price target from $200 to $180, pointing out that while Circle is in a strong position in the regulated stablecoin market and has its new Arc blockchain product on the way, several red flags remain. Profit margins are under pressure and may tighten further in the second half of the year. Operating costs are climbing faster than expected. And with 96% of revenue still coming from interest-sensitive reserves, a cut in Federal Reserve rates could take a bite out of income. On top of that, the valuation is steep, trading at more than 60 times projected 2026 EBITDA. Investors are betting heavily on Circle's growth story, but without a crypto market rebound or better industry conditions, that bet might feel expensive. For now, the stock's future seems to hinge on whether the momentum in digital assets can keep up with the lofty expectations. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Strong Earnings and Favorable Inflation Readings
Strong Q2 Earnings Season Continues with Upward Revisions As we move through the final peak week of earnings season, the blended growth rate for S&P 500 has now moved into the double digits, hitting 11.8% with 90% companies reporting.1 Thus far 81% of companies have beaten expectations on the top and bottom-line, well above historical averages over the last 1, 5 and 10 years.2 Warning! GuruFocus has detected 6 Warning Sign with META. Forward looking guidance has also come in better-than-expected, pushing analyst estimates for Q3 earnings higher. Currently, analysts polled by FactSet expect Q3 S&P 500 EPS to come in at 7.2%. And it's not just Q3 estimates that are increasing, but CY 2025 expectations are up as well. Very infrequently do we see the sell-side raise expectations during the calendar year. In fact, 2025 estimates have declined ahead of every reporting season (Q3 & Q4 2024, Q1 2025) in the last 12-months, with the exception of Q2 2025. CY 2025 EPS growth currently stands at 10.3% vs. the end of Q2 (June 30) when growth was anticipated to come in at 8.9%. According to FactSet, 6 of the S&P's 11 sectors have seen estimates bumps, with Communication Services, Tech, Financials and Consumer Discretionary seeing the most meaningful increases.3 Speaking of Consumer Discretionary, the sector (XLY) has just slightly underperformed the S&P 500 since the April 8 lows (28.5% vs. 29.2%) and will wrap up the earnings season when retailers begin to report next week. This will give us a much needed read on the state of the US consumer, especially in light of recent weaker-than-expected jobs reports. A Favorable Set Up for US Equities Going Into the End of the Year? Strong Q2 earnings and rising expectations for Q3 and 2025 are largely due to robust performance from U.S. tech companies and renewed investor interest in the sector following its Q1 slowdown. Technology (XLK) is one of only two S&P 500 sectors to outperform since the April 8 low, up 49.1% compared to the index's 29.2% gain. The momentum in U.S. tech appears set to continue absent any major external shocks. Solid corporate fundamentals and earnings results are positive indicators heading into the end of the year. Another encouraging development is the current trend of interest rate cuts. Earlier today (Tuesday, August 12), CPI data surpassed expectations, with the consumer price index rising 2.7% on an annualized basis in July, lower than the Dow Jones estimate of 2.8%.4 This milder inflation report boosted markets, fueling hopes that the Federal Reserve will proceed with a rate cut at its September meeting. The CME Group's FedWatch tool now indicates a 91% probability of a September rate cut.5 The combination of upward-trending earnings and (potentially) downward-trending interest rates creates a favorable environment for the broader U.S. equity markets. On Deck This Week The final peak week of the Q2 earnings season will see results from 2,300 companies (out of our universe of 11,000+ global equities). The busiest day of the week is anticipated to be Thursday, August 14, when 699 companies are set to report. This day we will get a peek at the state of the consumer when Tapestry and Birkenstock share their results. Source: Wall Street Horizon Outlier Earnings Dates in The Remainder of Q2 Earnings Season Academic research shows that, when a company confirms a quarterly earnings date that is later than when they have historically reported, it's typically a sign that the company will share negative news on their upcoming call, while moving a release date earlier suggests the opposite.6 In the next few weeks we get results from some large companies on major indexes that have pushed their Q2 2025 earnings dates outside of their historical norms. Three companies within the S&P 500 confirmed outlier earnings dates for the rest of the season, two of which are later than usual and therefore have negative DateBreaks Factors*. Those names are Agilent Technologies (NYSE:A) and Synopsys Inc (NASDAQ:SNPS). The only name that has advanced their earnings date is MongoDB Inc. (NASDAQ:MDB). Source: Wall Street Horizon 1 FactSet Earnings Insight, John Butters, August 8, 2025, 2 FactSet Earnings Insight, John Butters, August 8, 2025, 3 FactSet Earnings Insight, John Butters, August 8, 2025, 4 July 2025 Consumer Price Index, U.S. Bureau of Labor Statistics, August 12, 2025, CME Group FedWatch Tool, August 12, 2025, Time Will Tell: Information in the Timing of Scheduled Earnings News, Journal of Financial and Quantitative Analysis, Eric C. So, Travis L. Johnson, Dec, 2018, Copyright 2025 Wall Street Horizon, Inc. All rights reserved. Do not copy, distribute, sell or modify this document without Wall Street Horizon's prior written consent. This information is provided for information purposes only. Neither TMX Group Limited nor any of its affiliated companies guarantees the completeness of the information contained in this publication, and we are not responsible for any errors or omissions in or your use of, or reliance on, the information. This publication is not intended to provide legal, accounting, tax, investment, financial or other advice and should not be relied upon for such advice. The information provided is not an invitation to purchase securities, including any listed on Toronto Stock Exchange and/or TSX Venture Exchange. TMX Group and its affiliated companies do not endorse or recommend any securities referenced in this publication. This publication shall not constitute an offer to sell or the solicitation of an offer to buy, nor may there be any sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. TMX, the TMX design, TMX Group, Toronto Stock Exchange, TSX, and TSX Venture Exchange are the trademarks of TSX Inc. and are used under license. Wall Street Horizon is the trademark of Wall Street Horizon, Inc. All other trademarks used in this publication are the property of their respective owners. This article first appeared on GuruFocus.
