\n| \n TRY million<\/b><\/p>\n<\/td>\n | | \n\n Q325<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Q326<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n y\/y%<\/i><\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 9M25<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 9M26<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n y\/y%<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nRevenue<\/p>\n<\/td>\n | | \n\n \n77,236<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n82,044<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 6.2%<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n222,094<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n235,065<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 5.8%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nEBITDA1<\/sup><\/p>\n<\/td>\n | \n\n \n33,944<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n36,243<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 6.8%<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n97,128<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n99,899<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2.9%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nEBITDA Margin (%)<\/p>\n<\/td>\n | | \n\n \n43.9%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n44.2%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 0.3pp<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n43.7%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n42.5%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (1.2pp)<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nEBIT2<\/sup><\/p>\n<\/td>\n | \n\n \n13,438<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n13,623<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 1.4%<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n37,880<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n35,394<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (6.6%)<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nEBIT Margin (%)<\/p>\n<\/td>\n | | \n\n \n17.4%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n16.6%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (0.8pp)<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n17.1%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n15.1%<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (2.0pp)<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nNet Income<\/p>\n<\/td>\n | | \n\n \n7,002<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n6,737<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (3.8%)<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n17,417<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n17,500<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 0.5%<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n HIGHLIGHTS<\/b><\/p>\n\n- \nStrong Q326 growth, supported by corporate and Techfin performance, alongside a solid EBITDA margin;<\/p>\n
\n- \nConsolidated revenues delivered robust year-on-year growth of 6.2%, reaching TRY 82.0 billion. Turkcell T\u00fcrkiye was the primary driver of this performance, delivering 5.1% year-on-year growth, largely supported by the outstanding corporate segment revenue growth of 30.6%. Strong Techfin and the Other segment performance made further contributions to the Group\u2019s top-line.<\/p>\n<\/li>\n
- \nEBITDA1<\/sup> increased by 6.8% to TRY 36.2 billion, leading to an impressive EBITDA margin of 44.2%, despite higher hardware sales. EBIT\u00b2 margin stood at 16.6% in Q326, reflecting higher depreciation and amortization expenses associated with our 5G investments and license.<\/p>\n<\/li>\n
- \nWe recorded a solid net income of TRY 6.7 billion in Q326, underpinned by outstanding operating results, higher monetary gains and lower tax expenses, which collectively cushioned the impact of increased depreciation and finance costs. Significant year-on-year improvement in TOGG\u2019s financial performance also had a more favorable impact on our net income.<\/p>\n<\/li>\n
- \nOur prudent balance sheet management was reflected in a net leverage\u00b3 ratio of 0.31x, while our net FX position remained within the medium-term target range of minus USD 1.5 billion to plus USD 1.5 billion.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n
- \nSuperbox gaining further momentum, fueled by strong 5G network capabilities and growing customer demand;<\/p>\n
\n- \n701 thousand mobile postpaid net additions, bringing the postpaid subscriber share to 82%<\/p>\n<\/li>\n
- \nSuperbox recorded 101 thousand net additions in Q326, its strongest quarterly performance since Q419.<\/p>\n<\/li>\n
- \nFurther progress in transforming our fixed subscriber portfolio towards a more profitable mix, supported by 39 thousand Turkcell Fiber net additions in Q326<\/p>\n<\/li>\n
- \nAcceleration of fiber investment with 242 thousand new homepasses in Q326, bringing the total to 6.9 million<\/p>\n<\/li>\n
- \nWhile the impact of last year’s intense competition on mobile ARPU moderated in the third quarter, the positive contribution of disciplined pricing actions implemented in 2026 is expected to become more visible from Q426 onward.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n
- \nFollowing the Board of Directors’ resolution dated November 2, 2026, Turkcell signed a share purchase agreement on the same day to acquire 11% of the share capital of T\u00fcrkiye’nin Otomobili Giri\u015fim Grubu Sanayi ve Ticaret A.\u015e. (“TOGG”), for a total consideration of EUR 88 million. Upon completion of the transaction, Turkcell’s ownership stake in TOGG will increase to 34.0%, further strengthening our long-term participation in the connected mobility ecosystem.<\/p>\n<\/li>\n
- \nUnder our Share Buyback Program, a total of 20.7 million shares were repurchased for TRY 1.9 billion in October and November 2026, with the aim of ensuring efficient capital allocation and creating long-term shareholder value, taking into account the Company’s financial position, investment needs, and market conditions.<\/p>\n<\/li>\n<\/ul>\n
\n(1) EBITDA is a non-GAAP financial measure. See page 14 for the explanation of how we calculate EBITDA and its reconciliation to net income.<\/p>\n \n(2) EBIT is a non-GAAP financial measure and is equal to EBITDA minus depreciation and amortization expenses.<\/p>\n \n(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.<\/p>\n COMMENTS BY CEO, AL\u0130 TAHA KO\u00c7, PhD<\/b><\/p>\n \nIn the third quarter of 2026, we sustained our operational momentum, accelerated revenue growth, and strengthened profitability, supported by our strong technology infrastructure and the contribution of our innovative solutions. In a period of more rational and value-oriented competition in the sector, we closed the quarter with strong subscriber acquisitions, thanks to our customers\u2019 trust in our service quality and their strong interest in the solutions we offer. In this context, we achieved our highest-ever quarterly subscriber acquisitions with Superbox in the Fixed Wireless Access (FWA), where we are the clear market leader1<\/sup> in T\u00fcrkiye.<\/p>\n\nIn the third quarter, our Group revenues increased by 6.2% year-on-year to TRY 82.0 billion, supported by our end-to-end technology solutions addressing the digital transformation needs of our corporate customers and our strong performance in Techfin. Accordingly, our year-on-year revenue growth accelerated notably compared to the second quarter. Thanks to our strong operational performance and disciplined cost management, consolidated EBITDA2<\/sup> grew by 6.8% year-on-year to TRY 36.2 billion, while our EBITDA margin increased to 44.2%. The notable improvement in our EBITDA margin in the third quarter, following a first-half performance in line with our expectations, further strengthened our confidence in achieving our full-year profitability targets.<\/p>\n\nSupported by our solid operational results, we closed the third quarter with a strong net income of TRY 6.7 billion.<\/p>\n Strong subscriber acquisitions through innovative services<\/b><\/p>\n \nMobile Number Portability (MNP) volume, one of the key indicators of competitive dynamics in the mobile market, has gradually decreased since the beginning of 2026, falling below 2.3 million in the third quarter. This trend indicated continued normalization of competitive conditions in the market. During this period, we continued to differentiate ourselves through innovative initiatives that elevate the customer experience beyond connectivity quality. With the launch of \u201cTurkcell Solution Power\u201d in the third quarter, we aimed to provide our customers with a seamless and integrated experience across all touchpoints. To this end, we integrated our stores, call centers, and digital channels, enabling customers to continue their transactions seamlessly across different channels. Through Teknocan, our AI-powered digital assistant, we also focused on delivering fast, proactive solutions tailored to our customers\u2019 needs. In digital services, we expanded our customer value proposition with \u201cTurkcell One.\u201d The service brings together leading digital platforms, including Netflix, Disney+, YouTube Premium, Amazon Prime, HBO Max, TV+, wonjo kids, fizy Audiobooks, and lifebox, in a single package with the convenience of one bill, and has attracted considerable customer interest in a short period of time.<\/p>\n \nWe expanded our mobile subscriber base, supported by our differentiated customer experience initiatives, tailored value propositions, and strong network infrastructure. In the third quarter, we recorded 579 thousand mobile net additions, including 701 thousand net additions to our postpaid subscriber base, which remains a key strategic priority for us. Our efforts to improve customer satisfaction and retention, along with the normalization of competitive conditions, helped improve our mobile churn rate by 1.0 percentage points year-on-year to 1.6%. Meanwhile, the impact of last year\u2019s intense competition on ARPU continued to ease in the third quarter. We expect the positive impact of our disciplined pricing adjustments since the beginning of the year to become more visible from the fourth quarter onward.<\/p>\n \nOn the fixed broadband side, we focused on expanding our subscriber base on our own fiber infrastructure. In line with this strategy, we added 39 thousand net Turkcell Fiber subscribers in the third quarter and extended our end-to-end, high-quality fiber network to an additional 242 thousand homepasses. Driven by strong demand for high-speed packages, the share of residential fiber subscribers opting for speeds of 1,000 Mbps and above increased by 27 percentage points year-on-year to 38%. Residential fiber ARPU grew by 2.7% year-on-year, supported by shifts to higher-speed packages and our pricing adjustments.<\/p>\n We are turning the power of 5G into achievements while preparing for future technologies<\/b><\/p>\n \nSupported by our strong network infrastructure, we provide our customers with a superior connectivity experience through Superbox in Fixed Wireless Access (FWA), one of the key areas where we turn our leadership in 5G technology into value. With our Superbox offerings designed to meet different usage needs, we bring the high speeds and superior connectivity quality enabled by 5G to our customers. Driven by strong demand for Superbox and our high service quality, we achieved a record high in quarterly subscriber acquisitions in the third quarter. During the same period, we recorded 101 thousand net additions, marking our strongest quarterly performance since Q4 2019. This performance further reinforced our leadership in Fixed Wireless Access.<\/p>\n \nWe continue to turn the opportunities offered by 5G into tangible value, not only in communications but also in the digital transformation of different industries. Following the remote surgery performed in the second quarter, we achieved another first in healthcare in the third quarter by transmitting video and audio from a robotic surgery system in real time over our 5G network using network slicing technology, for the first time in T\u00fcrkiye. These initiatives demonstrate the value that 5G can create across various sectors, particularly healthcare, and our ability to develop advanced technology solutions.<\/p>\n \nIn digital infrastructure, we aim to further advance our data center and cloud services, where we hold a leading position in T\u00fcrkiye, through our work on GPU-based cloud solutions and next-generation AI infrastructure. Through our participation in international R&D projects in strategic areas such as 6G, artificial intelligence, and next-generation digital infrastructure, we contribute to bringing future technologies to life and shaping global standards.<\/p>\n \nWe also acquired office buildings at the Istanbul Financial Center to bring our teams together in a more integrated working environment. The new location will enable closer collaboration between our technology, R&D, and support teams, helping us improve efficiency and share knowledge.<\/p>\n We are growing in our strategic focus areas and strengthening our long-term value creation potential<\/b><\/p>\n \nOur Digital Business Services (DBS) revenues grew by an impressive 65.3% year-on-year in the third quarter, driven by our comprehensive technology solutions that address the end-to-end digital transformation needs of our corporate customers. The share of DBS revenues in consolidated revenues also increased to 13%. Meanwhile, Techfin, a key component of our diversified business model, maintained its contribution to Group growth, with 8.9% revenue growth in the third quarter. Paycell was the main driver of this performance, benefiting from strong momentum in POS services and mobile payments.<\/p>\n \nWe continue to invest in renewable energy with determination, in line with our sustainability goals. In the third quarter, we activated our 16.3 MW solar power plant in Ankara, bringing our total installed ground-mounted solar power generation capacity to 175.4 MW and active capacity to 90.8 MW. These investments not only support our environmental goals but also help us manage our energy costs more efficiently. As a result, our total energy expenses as a percentage of revenues decreased to 1.8% in Q3 2026, compared to 2.3% in the same period last year.<\/p>\n \nIn line with our long-term investment strategy, we decided to increase our stake in T\u00fcrkiye’nin Otomobili Giri\u015fim Grubu (TOGG), which ranked first in T\u00fcrkiye’s fully electric passenger car market with a 47%3<\/sup> market share as of October 2026, from 23% to 34%. We believe that TOGG’s established market position and expanding product portfolio, supported by the introduction of new models, will drive sales volumes and economies of scale, creating long-term growth opportunities. We expect this investment, which is also strategically aligned with our technology infrastructure and digital services capabilities, to contribute to our long-term value creation goals.<\/p>\n\nWe consider representing Turkcell\u2019s technological expertise and T\u00fcrkiye\u2019s capabilities on international platforms as an important responsibility. In this regard, I am honored to have been elected to the GSMA Board for a second term. The GSMA is an organization that plays a key role in shaping the future of the global mobile industry. I also view this role as a valuable opportunity to contribute to the development of the global technology ecosystem. I would like to sincerely thank our customers, shareholders, and Board of Directors for their trust and support in our journey to create value through technology, and our colleagues for their dedication and hard work that make our achievements possible.<\/p>\n \n(1) Our Superbox market share is calculated based on the Fixed Wireless (Mobile) subscribers as defined by the Information and Communication Technologies Authority (ICTA). The market share figure is as of Q226.<\/p>\n \n(2) EBITDA is a non-GAAP financial measure. See page 14 for the explanation of how we calculate EBITDA and its reconciliation to net income.<\/p>\n \n(3) Based on the Automotive Distributors and Mobility Association (ODMD) data for October 2026.<\/p>\n FINANCIAL AND OPERATIONAL REVIEW<\/b><\/p>\n\n\n| \n Financial Review of Turkcell Group<\/b><\/p>\n<\/td>\n | | \n | \n | \n | \n | \n | \n | \n | <\/tr>\n \n| \n Profit & Loss Statement (million TRY)<\/b><\/p>\n<\/td>\n | | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Quarter<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Nine Months<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n\n Q325<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n Q326<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n y\/y%<\/i><\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 9M25<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 9M26<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n y\/y%<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Revenue<\/b><\/p>\n<\/td>\n | | \n\n 77,236.3<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 82,044.2<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 6.2%<\/i><\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 222,094.5<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 235,065.4<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 5.8%<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nCost of revenue1<\/sup><\/p>\n<\/td>\n | \n\n \n(34,139.2)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(37,279.1)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 9.2%<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(99,971.2)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(108,498.7)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 8.5%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n Cost of revenue1<\/sup>\/Revenue<\/b><\/p>\n<\/td>\n | \n\n (44.2%)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (45.4%)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (1.2pp)<\/i><\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (45.0%)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (46.2%)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (1.2pp)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Gross Margin1<\/sup><\/b><\/p>\n<\/td>\n | \n\n 55.8%<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 54.6%<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (1.2pp)<\/i><\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 55.0%<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 53.8%<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (1.2pp)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nAdministrative expenses<\/p>\n<\/td>\n | | \n\n \n(3,378.3)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(3,003.8)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (11.1%)<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(9,090.7)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(9,449.4)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 3.9%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n Administrative expenses\/Revenue<\/b><\/p>\n<\/td>\n | | \n\n (4.4%)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (3.7%)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 0.7pp<\/i><\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (4.1%)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (4.0%)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 0.1pp<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nSelling and marketing expenses<\/p>\n<\/td>\n | | \n\n \n(5,296.9)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(4,980.4)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (6.0%)<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(14,710.3)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(15,874.7)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 7.9%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n Selling and marketing expenses\/Revenue<\/b><\/p>\n<\/td>\n | | \n\n (6.9%)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (6.1%)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 0.8pp<\/i><\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (6.6%)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (6.8%)<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (0.2pp)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nNet impairment losses on financial and contract assets<\/p>\n<\/td>\n | | \n\n \n(477.5)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(537.7)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 12.6%<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,194.0)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,343.3)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 12.5%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n EBITDA2<\/sup><\/b><\/p>\n<\/td>\n | \n\n 33,944.4<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 36,243.3<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 6.8%<\/i><\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 97,128.3<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 99,899.2<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 2.9%<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n EBITDA Margin<\/b><\/p>\n<\/td>\n | | \n\n 43.9%<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 44.2%<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 0.3pp<\/i><\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 43.7%<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 42.5%<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (1.2pp)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nDepreciation and amortization<\/p>\n<\/td>\n | | \n\n \n(20,506.0)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(22,620.6)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 10.3%<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(59,248.6)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(64,505.0)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 8.9%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n EBIT3<\/sup><\/b><\/p>\n<\/td>\n | \n\n 13,438.4<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 13,622.7<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 1.4%<\/i><\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 37,879.8<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 35,394.2<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (6.6%)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n EBIT Margin<\/b><\/p>\n<\/td>\n | | \n\n 17.4%<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 16.6%<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (0.8pp)<\/i><\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 17.1%<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 15.1%<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (2.0pp)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nNet finance income \/ (costs)<\/p>\n<\/td>\n | | \n\n \n(1,731.5)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(2,363.0)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 36.5%<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(4,131.5)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(2,822.2)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (31.7%)<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nFinance income<\/p>\n<\/td>\n | | \n\n \n5,166.7<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n6,977.6<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 35.0%<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n15,048.5<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n16,153.9<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 7.3%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nFinance costs<\/p>\n<\/td>\n | | \n\n \n(6,437.3)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(13,080.8)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 103.2%<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(21,288.8)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(34,025.3)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 59.8%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nMonetary gain \/ (loss)<\/p>\n<\/td>\n | | \n\n \n(460.9)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n3,740.1<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n n.m<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n2,108.9<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n15,049.2<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 613.6%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nNet other income \/ (expenses)<\/p>\n<\/td>\n | | \n\n \n(703.5)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,483.0)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 110.8%<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(1,639.6)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(2,540.1)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 54.9%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n \nShare of profit of equity accounted investees<\/p>\n<\/td>\n | | \n\n \n(529.9)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(162.9)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (69.3%)<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(3,486.7)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(248.9)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (92.9%)<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n Profit Before Income Tax<\/b><\/p>\n<\/td>\n | | \n\n 10,473.5<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 9,613.8<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (8.2%)<\/i><\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 28,622.1<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 29,783.0<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 4.1%<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nIncome tax expense<\/p>\n<\/td>\n | | \n\n \n(3,489.5)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(2,876.8)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (17.6%)<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(10,961.6)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(12,283.5)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 12.1%<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n Profit from continuing operations<\/b><\/p>\n<\/td>\n | | \n\n 6,984.0<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 6,737.0<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (3.5%)<\/i><\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 17,660.4<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 17,499.5<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (0.9%)<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n \nProfit\/(Loss) from discontinued operations<\/p>\n<\/td>\n | | \n\n \n18.2<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(100.0%)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(243.1)<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n–<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n(100.0%)<\/p>\n<\/td>\n<\/tr>\n | \n| \n Net Income<\/b><\/p>\n<\/td>\n | | \n\n 7,002.3<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 6,737.0<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n (3.8%)<\/i><\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 17,417.3<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 17,499.5<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 0.5%<\/i><\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n\u00a0<\/td>\n<\/tr>\n | \n| \n \n(1) Excluding depreciation and amortization expenses<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(2) EBITDA is a non-GAAP financial measure. See page 14 for the explanation of how we calculate EBITDA and its reconciliation to net income.<\/p>\n<\/td>\n<\/tr>\n | \n| \n \n(3) EBIT is a non-GAAP financial measure and is equal to EBITDA minus depreciation and amortization expenses.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Revenue <\/b>of the Group increased by 6.2% year-on-year, reaching TRY 82,044 million (TRY 77,236 million) in Q326.<\/p>\n \nConsolidated revenue growth was mainly supported by Turkcell T\u00fcrkiye, which represents 90% of Group revenues and recorded 5.1% year-on-year growth.<\/p>\n \n- \nCorporate revenues grew by 30.6% year-on-year, providing strong momentum for Turkcell T\u00fcrkiye’s growth. Digital Business Services (DBS) stood out with an impressive 65.3% increase in revenues, driven primarily by higher hardware sales linked to an increased number of one-off projects, alongside expanding recurring service revenues supported by price adjustments.<\/p>\n<\/li>\n
- \nConsumer segment revenues achieved positive year-on-year growth in Q326, marking an encouraging inflection point. Building on increasingly rational market dynamics and disciplined pricing actions implemented throughout 2026, we expect this momentum to strengthen, with the contribution of these actions to ARPU and consumer revenues becoming more visible from Q426 onward.<\/p>\n<\/li>\n
- \nWholesale revenue stood at TRY 4,184 million (TRY 4,425 million), down 5.4% year-on-year.<\/p>\n<\/li>\n<\/ul>\n
\nThe Techfin segment, accounting for 6% of Group revenues, delivered remarkable yearly growth of 8.9%, reaching TRY 4,817 million (TRY 4,424 million). This strong performance contributed positively to the Group’s overall growth. Paycell remained the key growth driver, further accelerating its strong momentum, primarily led by the outstanding performance of the POS segment. For further details, please refer to the Techfin section.<\/p>\n \nThe Other segment revenues, comprising 4% of the Group\u2019s revenues, which mostly include Turkcell International, the energy business, and non-group call center revenues, recorded outstanding growth of 37.4%, reaching TRY 2,979 million (TRY 2,168 million) in Q326. Non-group call center operations made a meaningful contribution to this strong performance.<\/p>\n Cost of revenue<\/b> (excluding depreciation and amortization) increased slightly year-on-year to 45.4% (44.2%) as a percentage of revenues for the third quarter of 2026. The year-on-year change was primarily driven by higher cost of goods sold (2.3pp), managed service expenses (0.8pp), mobile finance expenses (0.4pp), and content expenses (0.3pp), despite lower funding costs (0.7pp), energy expenses (0.5pp), treasury share (0.5pp), interconnection expenses (0.4pp) and other expenses (0.5pp) as a percentage of revenues. Strong revenue growth in our Digital Business Services and Paycell businesses was the main factor behind the increases in cost of goods sold, managed service expenses and mobile finance expenses.<\/p>\n Administrative expenses <\/b>decreased to 3.7% (4.4%) as a percentage of revenues in the third quarter, thanks to lower personnel expenses.<\/p>\n Selling and marketing expenses<\/b> as a percentage of revenues improved to 6.1% (6.9%), primarily supported by more efficient personnel cost management.<\/p>\n Net impairment losses on financial and contract assets <\/b>were broadly stable at 0.7% (0.6%) as a percentage of revenues in Q326.<\/p>\n EBITDA1<\/sup><\/b> increased by 6.8% year-on-year to TRY 36,243 million (TRY 33,944 million) in Q326, with the EBITDA margin rising to 44.2% (43.9%). This margin performance was achieved despite strong growth in relatively lower-margin businesses, such as hardware sales and POS, as robust revenue growth and continued optimization of expenses supported profitability.<\/p>\n\n- \nTurkcell T\u00fcrkiye\u2019s EBITDA was TRY 33,773 million (TRY 32,266 million), resulting in an EBITDA margin of 45.5% (45.7%).<\/p>\n<\/li>\n
- \nThe Techfin segment maintained its strong momentum, with EBITDA reaching TRY 1,439 million (TRY 971 million), resulting in a notable improvement in the EBITDA margin, which increased by 8.0 pp year-on-year to 29.9% (21.9%).<\/p>\n<\/li>\n
- \nThe Other segment recorded EBITDA of TRY 1,031 million (TRY 708 million), with an EBITDA margin of 34.6% (32.6%).<\/p>\n<\/li>\n<\/ul>\n
Depreciation and amortization expenses<\/b> were up by 10.3%, amounting to TRY 22,621 million (TRY 20,506 million). This increase was mainly attributable to depreciation and amortization expenses associated with our 5G assets, which began to be recognized in the second quarter of 2026, as well as other investments.<\/p>\n Net finance expenses <\/b>amounted to TRY 2,363 million (TRY 1,732 million) in Q326, mainly reflecting FX losses associated with a year-on-year increase in the short net FX position due to 5G investments and the higher depreciation of the Turkish lira compared to previous quarters. These were partially offset by monetary gains arising from the capitalization of the 5G license. Excluding monetary gain and FX loss, net finance income increased 3.5-fold year-on-year.<\/p>\n \nSee Appendix A for details of net foreign exchange gain and loss.<\/p>\n Net other expenses <\/b>were TRY 1,483 million (TRY 703 million) in Q326.<\/p>\n Income tax expense <\/b>decreased to TRY 2,877 million (TRY 3,489 million) in the third quarter, benefiting from the revaluation of fixed assets during the quarter. The impact of this revaluation more than compensated for the effects of the discontinuation of inflation accounting in statutory financial statements as of Q425.<\/p>\n Net income <\/b>was recorded at a robust TRY 6,737 million (TRY 7,002 million) in Q326. Strong operating performance, increased monetary gains and lower tax expenses helped offset higher depreciation and finance costs. TOGG’s expanding operational scale led to a substantial year-on-year improvement in its financials, resulting in a more favorable impact on the Group’s bottom line.<\/p>\n \n(1) EBITDA is a non-GAAP financial measure. See page 14 for the explanation of how we calculate EBITDA and its reconciliation to net income.<\/p>\n Total cash & debt: <\/b>Consolidated cash as of September 30, 2026 amounted to TRY 98,952 million compared with TRY 114,158 million as of December 31, 2025. The decline was primarily attributable to significant cash outflows in the first quarter, including USD 653 million (including VAT) for the first installment of the 5G license and the Wireless Usage Fee, as well as employee bonus payments. As of the end of Q326, 55% of our cash is in TRY, 37% in USD, and 8% in EUR. Excluding FX swap transactions, 43% of our cash is in USD, 33% in TRY, and 24% in EUR.<\/p>\n \nConsolidated debt increased to TRY 226,239 million as of September 30, 2026, up from TRY 197,228 million as of December 31, 2025. The increase was driven primarily by the USD 1 billion Murabaha syndicated loan facility secured in March. Lease liabilities accounted for TRY 17,080 million of our consolidated debt. Following hedging transactions, 67% of our consolidated debt (including IFRS16 impact) was in USD, 20% in EUR, 7% in TRY, and 5% in CNY. As of September 30, 2026, net debt1<\/sup> increased to TRY 40,686 million from TRY 18,509 million as of December 31, 2025, with a net debt to EBITDA ratio of 0.31x.<\/p>\n\nIn the third quarter, we maintained our proactive balance sheet management approach, assessing hedging costs and FX movements. Given the elevated cost of hedging, we adopted a selective hedging strategy focusing on shorter maturities. Accordingly, we maintained our net FX position within the medium-term target range of \u00b1USD 1.5 billion. At the end of Q326, the Group’s net short FX position, including the hedging portfolio and advance payments, stood at USD 1.3 billion, almost flat quarter-on-quarter.<\/p>\n Capital expenditures <\/b>increased to TRY 136,499 million in the first nine months of the year, including the USD 1.2 billion 5G license (exc. VAT). Operational capex (excluding license fees) accounted for 22.2% and 22.8% of total revenues in Q326 and 9M26, respectively.<\/p>\n\n\n| \n Capital expenditures (million TRY)<\/b><\/p>\n<\/td>\n | | \n\n Nine Months<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n\n 9M25<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 9M26<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Operational Capex<\/b><\/p>\n<\/td>\n | | \n\n 40,171.1<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 53,687.3<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n License and Related Costs<\/b><\/p>\n<\/td>\n | | \n\n 313.7<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 63,126.9<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n Non-operational Capex (Including IFRS15 & IFRS16)<\/b><\/p>\n<\/td>\n | | \n\n 36,224.2<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 19,685.1<\/b><\/p>\n<\/td>\n<\/tr>\n\n| \n IFRS15<\/i><\/p>\n<\/td>\n | | \n\n 10,353.2<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 8,658.4<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n IFRS16<\/i><\/p>\n<\/td>\n | | \n\n 20,283.2<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 7,175.1<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n Other<\/i><\/p>\n<\/td>\n | | \n\n 5,587.8<\/i><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 3,851.6<\/i><\/p>\n<\/td>\n<\/tr>\n\n| \n Total Capex<\/b><\/p>\n<\/td>\n | | \n\n 76,709.0<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 136,499.3<\/b><\/p>\n<\/td>\n<\/tr>\n\n | \n | \n\n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n | \n| \n Operational Capex\/Revenue
\n
<\/b>(Excluding License and Related Costs)<\/i><\/p>\n<\/td>\n | | \n\n 18.1%<\/b><\/p>\n<\/td>\n | \n \n\u00a0<\/p>\n<\/td>\n | \n 22.8%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n(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.<\/p>\n Operational Review of Turkcell T\u00fcrkiye<\/b><\/p>\n | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |