TKC · Turkcell Iletisim Hizmetleri A.S.

This filing reflects Turkcell’s formal step toward accessing domestic debt capital markets, as evidenced by its application to the Capital Markets Board for an issuance certificate. The action builds on its November 6, 2025 announcement, suggesting a deliberate and staged regulatory process rather than an ad hoc financing decision. While the application itself does not constitute issuance, it signals management’s intent to raise debt capital locally — potentially to fund operations, refinance existing obligations, or support strategic initiatives. However, the absence of any disclosed terms — including principal amount, maturity, interest rate, or intended use of proceeds — constrains investors’ ability to evaluate credit implications, leverage trajectory, or cost of capital effects. The explicit disclaimer regarding U.S. securities law underscores that this is a purely domestic Turkish market initiative, with no cross-border offering component. For investors, the material implication lies in the forward-looking signal of increased debt capacity utilization, though actual financial impact remains contingent upon regulatory approval and final issuance terms.