Model Portfolio

ROI potential is calculated based on the stock prices as of November 7, 2025.

Ak Investment Research Comment

TCELL OUT

Following our recent review, we remove Turkcell (TCELL TI) from our model portfolio.

Turkcell, güçlü operasyonel ve finansal performansını — sağlam marjlar, güçlü nakit yaratımı ve sağlıklı bilanço desteğiyle — sürdürse de, risk-getiri dengesinin artık daha az cazip hale geldiğini düşünüyoruz.

Although Turkcell continues to deliver solid operational and financial performance — supported by resilient margins, strong cash generation, and a healthy balance sheet — we believe the risk-reward balance has turned less favorable. As discussed in our recent comment, the company’s growth profile has become increasingly pricing-led, accompanied by limited subscriber expansion and prolonged market share erosion. With ARPU multiples near nineyear highs and a rising degree of price sensitivity among consumers, the competitive landscape appears more advantageous for lower-priced operators, creating potential downside risks to Turkcell’s ARPU-driven growth model in the medium term.In addition, recent BTK data highlights intensifying competition, with over 16 million mobile number portings in the past year and a notable 4.9 million in 2Q25 alone. Over the last four quarters as of end-3Q25, TTK OM added more than 1.7 million net subscribers, while Turkcell lost around 0.4 million, underscoring the ongoing shift in market momentum. We continue to view Turkcell as a fundamentally strong company; however, given increased competitive headwinds and limited near-term catalysts, we believe it is prudent to remove the stock from our model portfolio until we gain better visibility on subscriber dynamics and pricing sustainability.

TCELL shares underperformed the benchmark index by 7.1% since its inclusion in May 12, 2025.

Following the update, we also revised our portfolio weights. We increased our positions in YKBKNK, TUPRS, OTK AR, and CCOLA by 2 percentage points each, and in MGROS by 1 percentage point. Conversely, we reduced our weighting in TOASO by 1 percentage point.