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Braze Named a Leader in the Inaugural Gartner® Magic Quadrant™ for Email Marketing Platforms

Braze also ranked first in all three Use Cases in the 2026 Gartner Critical Capabilities for Email Marketing Platforms report

NEW YORK–(BUSINESS WIRE)–
Braze (Nasdaq: BRZE), the leading customer engagement platform that empowers brands to Be Absolutely Engaging™, today announced that it has been named a Leader in the inaugural Gartner® Magic Quadrant™ for Email Marketing Platforms. Braze was also ranked first in all three evaluated Use Cases in the companion 2026 Gartner Critical Capabilities for Email Marketing Platforms report: Promotional Messaging (4.34/5), Triggered Messaging (4.38/5), and Post-Purchase Messaging (4.38/5).

Email remains central to how brands build customer relationships, from introducing an offer to helping a customer get more value after a purchase. For marketers, the challenge is making each email relevant to the person receiving it while coordinating that experience with everything else the customer sees and does across channels.

Braze believes its placement reflects its investment in helping marketers use real-time customer data and AI to improve email performance as part of a broader customer engagement strategy. Brands including Panera Bread, KFC, DraftKings, and e.l.f. Cosmetics use Braze to engage their customers.

“Email earns its place in a customer’s inbox when it is useful to that individual,” said Astha Malik, Chief Business Officer, Braze. “That takes an understanding of what the customer needs and how their relationship with the brand is changing, including what happens beyond email. We believe this recognition reflects our commitment to giving marketers the tools to act on that understanding, with AI helping them bring more ambitious ideas to life and deliver measurable value for their customers and their businesses.”

Braze brings email into the same platform marketers use to orchestrate engagement across mobile, web, and other messaging channels. Teams can use customer behavior across those touchpoints to inform email content and timing, and coordinate message frequency and priorities across customer journeys.

Within email workflows, BrazeAI Operator™ helps marketers build and troubleshoot personalization, while BrazeAI Agent Console™ enables teams to embed AI agents in customer journeys to generate individualized content. BrazeAI Decisioning Studio™ helps brands determine relevant experiences for individual customers. Reusable templates and content blocks support consistent execution, with native translation capabilities helping teams adapt messaging for different markets.

Customers are using Braze to turn more relevant email experiences into measurable results.

• Luxury Escapes personalized email offer blocks by membership status at send time using Braze Catalogs. The campaign increased newsletter clickthrough rates by 10% and achieved 142% of its membership signup goal in its first month.

• Cleo used BrazeAI Operator™ to write and debug the business logic behind its personalized welcome series. The redesigned series reduced unsubscribes by 81% and increased app opens by 284%.

• Dayuse used BrazeAI Agent Console™ to create individualized, multilingual email content informed by customer preferences and booking history. After moving from its previous external LLM webhook setup, the company reported an additional 23% uplift in its repeat-booking campaign.

Earlier this year, Braze was also named a Leader in the 2026 Gartner Magic Quadrant for Multichannel Marketing Hubs for the fourth consecutive year, placing furthest in Vision and highest in Ability to Execute. Braze believes its placement as a Leader across both reports reflects the value of connecting email capabilities with a coordinated approach to customer engagement across channels.

Gartner report citations

Gartner, Magic Quadrant for Email Marketing Platforms, Matt Moorut, Alan Lopez, and Noam Dorros, 29 October 2026.

Gartner, Critical Capabilities for Email Marketing Platforms, Alan Lopez, Matt Moorut, and Noam Dorros, 29 October 2026.

Gartner and Magic Quadrant are trademarks of Gartner, Inc., and/or its affiliates.

Gartner does not endorse any company, vendor, product or service depicted in its publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner publications consist of the opinions of Gartner’s business and technology insights organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this publication, including any warranties of merchantability or fitness for a particular purpose.

About Braze

Braze is the leading customer engagement platform that empowers brands to Be Absolutely Engaging™. Braze helps brands deliver great customer experiences that drive value both for consumers and for their businesses. Built on a foundation of composable intelligence, BrazeAI™ allows marketers to combine and activate AI agents, models, and features at every touchpoint throughout the Braze Customer Engagement Platform for smarter, faster, and more meaningful customer engagement. From cross-channel messaging and journey orchestration to AI-powered decisioning and optimization, Braze enables companies to turn action into interaction through autonomous, 1:1 personalized experiences. The company has been consistently recognized as a Leader in marketing technology by industry analysts and was named a G2 “Best of Marketing and Digital Advertising Software Product” in 2026. Braze was also named one of Built In’s 2026 Best Places to Work, one of America’s Greenest Companies for 2025 by Newsweek, and a 2025 Fortune Best Workplace in Technology™ by Great Place To Work®. The company is headquartered in New York with 15 offices across the Americas, EMEA, and APAC. Learn more at braze.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the anticipated benefits from Braze and its products. These forward-looking statements are based on the current assumptions, expectations, and beliefs of Braze and are subject to substantial risks, uncertainties, and changes in circumstances that may cause actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Further information on potential factors that could affect Braze results is included in Braze’s Annual Report on Form 10-Q for the fiscal period ended July 31, 2026, filed with the U.S. Securities and Exchange Commission on September 9, 2026, and the other public filings of Braze with the U.S. Securities and Exchange Commission. The forward-looking statements included in this press release represent the views of Braze only as of the date of this press release, and Braze assumes no obligation, and does not intend, to update these forward-looking statements, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20261109262616/en/

Media contact

Ryan Levitt, [email protected]

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Marketing Digital Marketing Communications Apps/Applications Technology Software Artificial Intelligence

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Turkcell Iletişim Hizmet: Third Quarter 2026 Results

Accelerating Growth, Delivering Strong Results

ISTANBUL–(BUSINESS WIRE)–
Turkcell (NYSE:TKC) (BIST:TCELL):

• Please note that all financial data is consolidated and comprises that of Turkcell İletişim Hizmetleri A.S. (the “Company” or “Turkcell”) and its subsidiaries and associates (together referred to as the “Group”) unless otherwise stated.

• 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 September 30, 2026, refer to the same item as of September 30, 2025. For further details, please refer to our consolidated financial statements and notes as of and for September 30, 2026, accessible via our website in the investor relations section (http://www.turkcell.com.tr).

• Selected financial information presented in this press release for the third quarter of 2025 and 2026 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 September 30, 2026, 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 September 30, 2026. 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 September 30, 2026. 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 2026. 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 2025 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

TRY million		Q325		Q326		y/y%		9M25		9M26		y/y%
Revenue		77,236		82,044		6.2%		222,094		235,065		5.8%
EBITDA1		33,944		36,243		6.8%		97,128		99,899		2.9%
EBITDA Margin (%)		43.9%		44.2%		0.3pp		43.7%		42.5%		(1.2pp)
EBIT2		13,438		13,623		1.4%		37,880		35,394		(6.6%)
EBIT Margin (%)		17.4%		16.6%		(0.8pp)		17.1%		15.1%		(2.0pp)
Net Income		7,002		6,737		(3.8%)		17,417		17,500		0.5%

HIGHLIGHTS

• Strong Q326 growth, supported by corporate and Techfin performance, alongside a solid EBITDA margin;
  • Consolidated revenues delivered robust year-on-year growth of 6.2%, reaching TRY 82.0 billion. Turkcell Türkiye 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’s top-line.

  • EBITDA¹ increased by 6.8% to TRY 36.2 billion, leading to an impressive EBITDA margin of 44.2%, despite higher hardware sales. EBIT² margin stood at 16.6% in Q326, reflecting higher depreciation and amortization expenses associated with our 5G investments and license.

  • We 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’s financial performance also had a more favorable impact on our net income.

  • Our prudent balance sheet management was reflected in a net leverage³ 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.

• Superbox gaining further momentum, fueled by strong 5G network capabilities and growing customer demand;
  • 701 thousand mobile postpaid net additions, bringing the postpaid subscriber share to 82%

  • Superbox recorded 101 thousand net additions in Q326, its strongest quarterly performance since Q419.

  • Further progress in transforming our fixed subscriber portfolio towards a more profitable mix, supported by 39 thousand Turkcell Fiber net additions in Q326

  • Acceleration of fiber investment with 242 thousand new homepasses in Q326, bringing the total to 6.9 million

  • While 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.

• Following 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 Türkiye’nin Otomobili Girişim Grubu Sanayi ve Ticaret A.Ş. (“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.

• Under 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.

(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.

(2) EBIT is a non-GAAP financial measure and is equal to 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.

COMMENTS BY CEO, ALİ TAHA KOÇ, PhD

In 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’ 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 in Türkiye.

In 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 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.

Supported by our solid operational results, we closed the third quarter with a strong net income of TRY 6.7 billion.

Strong subscriber acquisitions through innovative services

Mobile 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 “Turkcell Solution Power” 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’ needs. In digital services, we expanded our customer value proposition with “Turkcell One.” 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.

We 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’s 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.

On 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.

We are turning the power of 5G into achievements while preparing for future technologies

Supported 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.

We 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 Türkiye. These initiatives demonstrate the value that 5G can create across various sectors, particularly healthcare, and our ability to develop advanced technology solutions.

In digital infrastructure, we aim to further advance our data center and cloud services, where we hold a leading position in Türkiye, 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.

We 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.

We are growing in our strategic focus areas and strengthening our long-term value creation potential

Our 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.

We 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.

In line with our long-term investment strategy, we decided to increase our stake in Türkiye’nin Otomobili Girişim Grubu (TOGG), which ranked first in Türkiye’s fully electric passenger car market with a 47%³ 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.

We consider representing Turkcell’s technological expertise and Türkiye’s 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.

(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.

(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.

(3) Based on the Automotive Distributors and Mobility Association (ODMD) data for October 2026.

FINANCIAL AND OPERATIONAL REVIEW

Financial Review of Turkcell Group
Profit & Loss Statement (million TRY)				Quarter				Nine Months
		Q325		Q326		y/y%		9M25		9M26		y/y%
Revenue		77,236.3		82,044.2		6.2%		222,094.5		235,065.4		5.8%
Cost of revenue1		(34,139.2)		(37,279.1)		9.2%		(99,971.2)		(108,498.7)		8.5%
Cost of revenue1/Revenue		(44.2%)		(45.4%)		(1.2pp)		(45.0%)		(46.2%)		(1.2pp)
Gross Margin1		55.8%		54.6%		(1.2pp)		55.0%		53.8%		(1.2pp)
Administrative expenses		(3,378.3)		(3,003.8)		(11.1%)		(9,090.7)		(9,449.4)		3.9%
Administrative expenses/Revenue		(4.4%)		(3.7%)		0.7pp		(4.1%)		(4.0%)		0.1pp
Selling and marketing expenses		(5,296.9)		(4,980.4)		(6.0%)		(14,710.3)		(15,874.7)		7.9%
Selling and marketing expenses/Revenue		(6.9%)		(6.1%)		0.8pp		(6.6%)		(6.8%)		(0.2pp)
Net impairment losses on financial and contract assets		(477.5)		(537.7)		12.6%		(1,194.0)		(1,343.3)		12.5%
EBITDA2		33,944.4		36,243.3		6.8%		97,128.3		99,899.2		2.9%
EBITDA Margin		43.9%		44.2%		0.3pp		43.7%		42.5%		(1.2pp)
Depreciation and amortization		(20,506.0)		(22,620.6)		10.3%		(59,248.6)		(64,505.0)		8.9%
EBIT3		13,438.4		13,622.7		1.4%		37,879.8		35,394.2		(6.6%)
EBIT Margin		17.4%		16.6%		(0.8pp)		17.1%		15.1%		(2.0pp)
Net finance income / (costs)		(1,731.5)		(2,363.0)		36.5%		(4,131.5)		(2,822.2)		(31.7%)
Finance income		5,166.7		6,977.6		35.0%		15,048.5		16,153.9		7.3%
Finance costs		(6,437.3)		(13,080.8)		103.2%		(21,288.8)		(34,025.3)		59.8%
Monetary gain / (loss)		(460.9)		3,740.1		n.m		2,108.9		15,049.2		613.6%
Net other income / (expenses)		(703.5)		(1,483.0)		110.8%		(1,639.6)		(2,540.1)		54.9%
Share of profit of equity accounted investees		(529.9)		(162.9)		(69.3%)		(3,486.7)		(248.9)		(92.9%)
Profit Before Income Tax		10,473.5		9,613.8		(8.2%)		28,622.1		29,783.0		4.1%
Income tax expense		(3,489.5)		(2,876.8)		(17.6%)		(10,961.6)		(12,283.5)		12.1%
Profit from continuing operations		6,984.0		6,737.0		(3.5%)		17,660.4		17,499.5		(0.9%)
Profit/(Loss) from discontinued operations		18.2		–		(100.0%)		(243.1)		–		(100.0%)
Net Income		7,002.3		6,737.0		(3.8%)		17,417.3		17,499.5		0.5%
(1) Excluding depreciation and amortization expenses
(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.
(3) EBIT is a non-GAAP financial measure and is equal to EBITDA minus depreciation and amortization expenses.

Revenue of the Group increased by 6.2% year-on-year, reaching TRY 82,044 million (TRY 77,236 million) in Q326.

Consolidated revenue growth was mainly supported by Turkcell Türkiye, which represents 90% of Group revenues and recorded 5.1% year-on-year growth.

• Corporate revenues grew by 30.6% year-on-year, providing strong momentum for Turkcell Türkiye’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.

• Consumer 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.

• Wholesale revenue stood at TRY 4,184 million (TRY 4,425 million), down 5.4% year-on-year.

The 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.

The Other segment revenues, comprising 4% of the Group’s 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.

Cost of revenue (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.

Administrative expenses decreased to 3.7% (4.4%) as a percentage of revenues in the third quarter, thanks to lower personnel expenses.

Selling and marketing expenses as a percentage of revenues improved to 6.1% (6.9%), primarily supported by more efficient personnel cost management.

Net impairment losses on financial and contract assets were broadly stable at 0.7% (0.6%) as a percentage of revenues in Q326.

EBITDA¹ 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.

• Turkcell Türkiye’s EBITDA was TRY 33,773 million (TRY 32,266 million), resulting in an EBITDA margin of 45.5% (45.7%).

• The 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%).

• The Other segment recorded EBITDA of TRY 1,031 million (TRY 708 million), with an EBITDA margin of 34.6% (32.6%).

Depreciation and amortization expenses 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.

Net finance expenses 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.

See Appendix A for details of net foreign exchange gain and loss.

Net other expenses were TRY 1,483 million (TRY 703 million) in Q326.

Income tax expense 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.

Net income 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.

(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.

Total cash & debt: 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.

Consolidated 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 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.

In 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 ±USD 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.

Capital expenditures 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.

Capital expenditures (million TRY)		Nine Months
		9M25		9M26
Operational Capex		40,171.1		53,687.3
License and Related Costs		313.7		63,126.9
Non-operational Capex (Including IFRS15 & IFRS16)		36,224.2		19,685.1
IFRS15		10,353.2		8,658.4
IFRS16		20,283.2		7,175.1
Other		5,587.8		3,851.6
Total Capex		76,709.0		136,499.3
Operational Capex/Revenue (Excluding License and Related Costs)		18.1%		22.8%

(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.

Operational Review of Turkcell Türkiye

Summary of Operational Data		Quarters
		Q325		Q226		Q326		y/y %		q/q %
Number of subscribers1(million)		43.8		44.8		45.3		3.4%		1.1%
Mobile Postpaid (million)		30.6		32.5		33.2		8.5%		2.2%
Mobile M2M (million)		5.6		6.1		6.5		16.1%		6.6%
Mobile Prepaid (million)		8.4		7.5		7.4		(11.9%)		(1.3%)
Turkcell Fiber (thousand)		2,521.6		2,625.7		2,665.1		5.7%		1.5%
Resell Fixed Broadband (thousand)		740.4		657.7		615.1		(16.9%)		(6.5%)
ADSL (thousand)		654.7		532.6		481.4		(26.5%)		(9.6%)
Cable (thousand)		28.2		21.1		19.0		(32.6%)		(10.0%)
Fiber (thousand)		57.4		104.0		114.7		99.8%		10.3%
Superbox2 (thousand)		678.1		818.1		919.4		35.6%		12.4%
IPTV (thousand)		1,425.2		1,429.9		1,443.4		1.3%		0.9%
Churn (%)3
Mobile Churn (%)		2.6%		1.6%		1.6%		(1.0pp)		–
Fixed Churn (%)		2.0%		1.6%		2.0%		–		0.4pp
Average mobile data usage per user (GB/user)		20.9		26.3		27.8		33.0%		5.7%
(1) Including mobile, fixed broadband, IPTV, and wholesale (MVNO&FVNO) subscribers
(2) Superbox subscribers are included in mobile subscribers.
(3) Churn figures represent average monthly churn figures for the respective periods.

ARPU (Average Monthly Revenue per User)		Quarters
(TRY, IAS29 Adjusted)		Q325		Q226		Q326		y/y %		q/q %
Mobile ARPU, blended		454.4		404.1		436.6		(3.9%)		8.0%
Mobile ARPU, blended (excluding M2M)		524.0		472.5		512.2		(2.3%)		8.4%
Postpaid		513.9		452.2		481.8		(6.2%)		6.5%
Postpaid (excluding M2M)		620.4		551.6		589.2		(5.0%)		6.8%
Prepaid		242.4		197.3		237.2		(2.1%)		20.2%
Fixed Residential ARPU, blended		607.7		611.9		647.1		6.5%		5.8%
Residential Fiber ARPU		606.5		602.0		622.6		2.7%		3.4%

Turkcell achieved 579 thousand mobile net additions in Q326, driven by an outstanding performance in the postpaid segment, with 701 thousand net additions. Prepaid subscriber trends also showed a notable year-on-year improvement. Competitive dynamics in the mobile market became increasingly rational during the quarter, with Mobile Number Portability (MNP) volumes falling below 2.3 million, compared to quarterly levels of around 5 million in 2025. Our superior service quality, enhanced customer experience across all touchpoints, and strategic focus on customer retention contributed to greater customer loyalty, with mobile churn improving to 1.6% from 2.6% in Q325.

On the ARPU front, we have maintained our disciplined approach to price adjustments throughout 2026. Notably, we recorded strong quarter-on-quarter ARPU growth across all segments in Q326. We expect the positive contribution of our pricing actions to become more visible from the fourth quarter onward, supporting ARPU performance in the coming periods.

Building on the strong momentum of the previous quarter, Superbox accelerated its growth in Q326, fueled by our superior 5G network capabilities. Offering fiber-like speeds and a seamless connectivity experience in areas beyond our fiber footprint, Superbox continues to attract strong customer interest. In the third quarter, we achieved an all-time high in subscriber acquisitions. We also recorded 101 thousand net additions, marking our strongest quarterly performance since Q419. This outstanding performance further strengthened our leadership in the Fixed Wireless Access (FWA) market, bringing our market share to 75%¹.

We further expanded our fiber footprint in the third quarter, adding 242 thousand new homepasses and bringing our total fiber homepasses to 6.9 million. By strategically directing our fiber investments towards areas with strong demand potential, we maintained a solid take-up rate of 41%, reflecting our ability to effectively convert fiber homepasses into subscribers. During the quarter, we added 39 thousand net subscribers to our own fiber network. We also continued to shift our fixed subscriber portfolio towards a more profitable mix, gradually reducing our ADSL and cable subscriber base while increasing the share of Turkcell Fiber subscribers.

Customer demand for higher-speed connectivity remained strong throughout the quarter, as reflected in the growing share of 1,000 Mbps and above packages in residential fiber. Supported by our disciplined pricing actions and an increasing share of high-speed packages, residential fiber ARPU grew by 2.7% year-on-year in this quarter.

(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.

TECHFIN

Paycell Financial Data (million TRY)				Quarter				Nine Months
		Q325		Q326		y/y%		9M25		9M26		y/y%
Revenue		2,377.0		2,916.6		22.7%		6,488.1		7,791.1		20.1%
EBITDA		773.7		824.7		6.6%		2,359.3		2,390.5		1.3%
EBITDA margin (%)		32.6%		28.3%		(4.3pp)		36.4%		30.7%		(5.7pp)
Net income		313.0		452.5		44.6%		1,014.4		1,086.3		7.1%

Paycell maintained its outstanding momentum in Q326, delivering 22.7% revenue growth on a yearly basis. This strong performance made a significant contribution to the Group’s top-line. Non-group revenues accounted for 81% of the total, reflecting Paycell’s strong presence in the broader payment ecosystem. The yearly change in the EBITDA margin, which was recorded at 28.3% in Q326, mainly reflected the growing contribution of the POS business, given its structurally lower margin profile.

The POS business was the standout performer, achieving record-high quarterly revenue with 43.7% year-on-year growth. The share of POS revenues in total increased to 48%. POS transaction volume grew by 94% year-on-year, reflecting growing demand for our digital payment solutions. Mobile Payment was another important contributor, with revenues increasing by 15.3% year-on-year. The non-group active subscriber base maintained its strong growth momentum, while the introduction of Turkcell One supported active subscriber growth within the Group.

Paycell’s total transaction volume expanded by 71% year-on-year to TRY 82.1 billion, supported primarily by strong POS activity, followed by money transfers and mobile payments. This increase was primarily driven by the strong 95% year-on-year growth in non-group transaction volume.

Financell Financial Data (million TRY)				Quarter				Nine Months
		Q325		Q326		y/y%		9M25		9M26		y/y%
Revenue		1,882.9		1,686.0		(10.5%)		5,610.0		4,993.4		(11.0%)
EBITDA		248.5		548.0		120.5%		832.2		1,791.4		115.3%
EBITDA margin (%)		13.2%		32.5%		19.3pp		14.8%		35.9%		21.1pp
Net income / (loss)		(49.1)		68.1		n.m		(1.2)		295.4		n.m

Financell’s loan portfolio maintained its healthy growth momentum in Q326, reaching TRY 10.7 billion, with an active customer base of 0.6 million. The company preserved its leading position in the financing sector with a 43%¹ market share by number of loans. Supported by lower funding costs and our risk-based pricing strategy, net interest margin (NIM) improved significantly to 7.7%, compared to 5.0% in Q325.

While ongoing installment restrictions continued to weigh on Financell’s revenue performance on a yearly basis, the company delivered 3.0% quarter-on-quarter growth in Q326. Looking ahead, the increase in the 12-month installment limit for new device purchases from TRY 20,000 to TRY 40,000, effective from early October, is expected to further support revenue growth in the coming quarters.

(1) Source: Association of Financial Institutions, as of Q226.

TURKCELL GROUP SUBSCRIBERS

As of September 30, 2026, the Turkcell Group had approximately 47.6 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, BeST’s mobile subscribers and Kuzey Kıbrıs Turkcell’s mobile and fixed subscribers.

Turkcell Group Subscribers		Q325		Q326		y/y%
Turkcell Türkiye subscribers1 (million)		43.8		45.3		3.4%
BeST (Belarus)		1.6		1.6		–
Kuzey Kıbrıs Turkcell		0.6		0.7		16.7%
Turkcell Group Subscribers (million)		46.0		47.6		3.5%
(1) Subscribers to more than one service are counted separately for each service. Including mobile, fixed broadband, IPTV, and wholesale (MVNO&FVNO) subscribers.

OVERVIEW OF THE MACROECONOMIC ENVIRONMENT

The foreign exchange rates used in our financial reporting, along with certain macroeconomic indicators, are set out below.

		Quarter										Nine Months
		Q325		Q226		Q326		y/y%		q/q%		9M25		9M26		y/y%
GDP Growth (Türkiye)		3.9%		2.3%		n.a		n.a		n.a		3.8%		n.a		n.a
Consumer Price Index (Türkiye)(yoy)		33.3%		32.1%		29.7%		(3.6pp)		(2.4pp)		33.3%		29.7%		(3.6pp)
US$ / TRY rate
Closing Rate		41.4984		46.5551		48.9131		17.9%		5.1%		41.4984		48.9131		17.9%
Average Rate		40.6880		45.3619		47.7116		17.3%		5.2%		38.5365		45.5539		18.2%
EUR / TRY rate
Closing Rate		48.6479		53.0950		55.5103		14.1%		4.5%		48.6479		55.5103		14.1%
Average Rate		47.3843		52.6083		54.8382		15.7%		4.2%		43.0830		52.9420		22.9%
US$ / BYN rate
Closing Rate		3.0247		2.9066		3.0285		0.1%		4.2%		3.0247		3.0285		0.1%
Average Rate		2.9985		2.8371		2.9735		(0.8%)		4.8%		3.1079		2.8956		(6.8%)

RECONCILIATION OF NON-GAAP FINANCIAL MEASUREMENTS:

We believe that EBITDA, among other key metrics, facilitates performance comparisons from period to period and management decision making. It also enables performance comparisons between companies. EBITDA as a performance measure 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 expense and amortization expense). We also present 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 EBITDA when reporting their results.

Our 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 / (loss) of equity accounted investees and minority interest.

Nevertheless, 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 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.

Turkcell Group (million TRY)				Quarter				Nine Months
		Q325		Q326		y/y%		9M25		9M26		y/y%
Consolidated net profit		7,002.3		6,737.0		(3.8%)		17,417.3		17,499.5		0.5%
Profit/(Loss) from discontinued operations		18.2		–		(100.0%)		(243.1)		–		(100.0%)
Income tax expense		(3,489.5)		(2,876.8)		(17.6%)		(10,961.6)		(12,283.5)		12.1%
Consolidated profit before income tax		10,473.5		9,613.8		(8.2%)		28,622.1		29,783.0		4.1%
Share of loss of equity accounted investees		(529.9)		(162.9)		(69.3%)		(3,486.7)		(248.9)		(92.9%)
Finance income		5,166.7		6,977.6		35.0%		15,048.5		16,153.9		7.3%
Finance costs		(6,437.3)		(13,080.8)		103.2%		(21,288.8)		(34,025.3)		59.8%
Monetary gain / (loss)		(460.9)		3,740.1		n.m		2,108.9		15,049.2		613.6%
Other income / (expenses)		(703.5)		(1,483.0)		110.8%		(1,639.6)		(2,540.1)		54.9%
EBIT		13,438.4		13,622.7		1.4%		37,879.8		35,394.2		(6.6%)
Depreciation and amortization		(20,506.0)		(22,620.6)		10.3%		(59,248.6)		(64,505.0)		8.9%
EBITDA		33,944.4		36,243.3		6.8%		97,128.3		99,899.2		2.9%

RECONCILIATION OF ARPU: ARPU is an operational metric and the methodology for calculating performance measures such as ARPU varies substantially among operators and is not standardized across the telecommunications industry, and reported performance measures thus vary from those that may result from the use of 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 Q3 2025 and Q3 2026.

Reconciliation of ARPU		Q325		Q326
Turkcell Türkiye Revenue (million TRY)		70,644.0		74,248.0
Telecommunication services revenue		64,889.5		65,845.9
Equipment revenue		5,060.3		7,790.3
Other		694.2		611.7
Revenues which are not attributed to ARPU calculation1		(11,472.1)		(14,914.6)
Turkcell Türkiye revenues included in ARPU calculation2		58,477.7		58,721.7
Mobile blended ARPU (TRY)		454.4		436.6
Average number of mobile subscribers during the year (million)		38.9		40.3
Fixed residential ARPU (TRY)		607.7		647.1
Average number of fixed residential subscribers during the year (million)		3.0		3.1
(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 which are not attributed to ARPU calculation.

ABOUT TURKCELL: Turkcell is a technology and telecommunications company headquartered in Türkiye, offering a unique portfolio of voice, data, and TV services over its mobile and fixed networks along with digital consumer, enterprise, and techfin services. Turkcell Group operates in three countries: Türkiye, Belarus, and Northern Cyprus. In Q326, Turkcell Group reported revenue of TRY 82.0 billion, with total assets of TRY 715.1 billion as of September 30, 2026. Listed on both the NYSE and BIST since July 2000, Turkcell remains the only dual-listed company on these exchanges. Read more at https://www.turkcell.com.tr/en-en/about-us/investor-relations.

Appendix A – Tables

Table: Net foreign exchange gain and loss details

Million TRY				Quarter				Nine Months
		Q325		Q326		y/y%		9M25		9M26		y/y%
Net FX loss before hedging		(4,420.2)		(5,748.8)		30.1%		(7,174.5)		(14,827.7)		106.7%
Swap interest income/(expense)		511.9		0.1		(100.0%)		748.2		89.5		(88.0%)
Fair value gain on derivative financial instruments		2,046.2		(2,435.4)		(219.0%)		(298.2)		(6,385.8)		2,041.4%
Net FX loss after hedging		(1,862.1)		(8,184.1)		339.5%		(6,724.5)		(21,123.9)		214.1%

Table: Income tax expense details

Million TRY				Quarter				Nine Months
		Q325		Q326		y/y%		9M25		9M26		y/y%
Current tax expense		(2,026.6)		(3,481.4)		71.8%		(8,062.1)		(7,756.1)		(3.8%)
Deferred tax income / (expense)		(1,462.9)		604.6		n.m		(2,899.5)		(4,527.5)		56.1%
Income tax expense		(3,489.5)		(2,876.8)		(17.6%)		(10,961.6)		(12,283.5)		12.1%

 

		TURKCELL İLETİŞİM HİZMETLERİ A.Ş IFRS SELECTED FINANCIALS
		(TRY Million)
		Nine Months			Nine Months			Quarter Ended			Quarter Ended
		September 30			September 30			September 30			September 30
		2026			2025			2026			2025
Consolidated Statement of Operations Data
Turkcell Turkey		212,459			202,242			74,248			70,644
Fintech		13,395			12,552			4,817			4,424
Other		9,211			7,301			2,979			2,168
Total revenue		235,065			222,094			82,044			77,236
Total cost of revenue		(173,004	)		(159,220	)		(59,900	)		(54,645	)
Total gross profit		62,062			62,875			22,145			22,591
Administrative expenses		(9,449	)		(9,091	)		(3,004	)		(3,378	)
Selling & marketing  expenses		(15,875	)		(14,710	)		(4,980	)		(5,297	)
Other Income / (Expense)		(2,540	)		(1,640	)		(1,483	)		(703	)
Net impairment loses on financial and contract assets		(1,343	)		(1,194	)		(538	)		(478	)
Operating profit		32,854			36,240			12,140			12,735
Finance costs		(34,025	)		(21,289	)		(13,081	)		(6,437	)
Finance income		16,154			15,048			6,978			5,167
Monetary gain (loss)		15,049			2,109			3,740			(461	)
Share of loss of equity accounted investees		(249	)		(3,487	)		(163	)		(530	)
Profit before income tax from continuing operations		29,783			28,622			9,614			10,473
Income tax income/ (expense)		(12,284	)		(10,962	)		(2,877	)		(3,489	)
Profit for the year from continuing operations		17,500			17,660			6,737			6,984
Profit /(loss) from discontinued operations		–			(243	)		–			18
Profit for the year		17,500			17,417			6,737			7,002
Owners of the Company		17,500			17,417			6,737			7,002
Basic and diluted earnings per share for profit attributable to owners of the Company (in full TL)		8.04			7.99			3.10			3.21
Basic and diluted earnings per share for profit from continuing operations attributable to owners of the Company (in full TL)		8.04			8.10			3.10			3.20
Other Financial Data
Gross margin		26.4	%		28.3	%
EBITDA(*)		99,899			97,128
Total Capex		136,499			76,709
Operational capex		53,687			40,171
Licence and related costs		63,127			314
Non-operational Capex		19,685			36,224
Consolidated Balance Sheet Data (at period end)		30.09.2026			31.12.2025
Cash and cash equivalents		98,952			114,158
Total assets		715,139			622,298
Long term debt		185,006			152,578
Total debt		226,239			197,228
Total liabilities		381,867			299,903
Total shareholders’ equity		333,272			322,396
(*) 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 September 30, 2026, on our website

		TURKCELL İLETİŞİM HİZMETLERİ A.Ş TURKISH ACCOUNTING STANDARDS SELECTED FINANCIALS
		(TRY Million)
		Nine Months			Nine Months			Quarter Ended			Quarter Ended
		September 30			September 30			September 30			September 30
		2026			2025			2026			2025
Consolidated Statement of Operations Data
Turkcell Turkey		212,459			202,242			74,248			70,644
Fintech		13,395			12,552			4,817			4,424
Other		9,211			7,301			2,979			2,168
Total revenues		235,065			222,094			82,044			77,236
Direct cost of revenues		(173,004	)		(159,220	)		(59,900	)		(54,645	)
Gross profit		62,062			62,875			22,145			22,591
Administrative expenses		(9,449	)		(9,091	)		(3,004	)		(3,378	)
Selling & marketing  expenses		(15,875	)		(14,710	)		(4,980	)		(5,297	)
Other operating income		14,275			35,429			6,642			6,696
Other operating expense		(4,680	)		(2,493	)		(2,392	)		(784	)
Operating profit		46,332			72,009			18,410			19,829
Impairment losses determined in accordance with TFRS 9		(1,343	)		(1,194	)		(538	)		(478	)
Income from investing activities		13,141			10,168			5,203			3,067
Expense from investing activities		(210	)		(487	)		(62	)		(312	)
Share on profit of investments valued by equity method		(249	)		(3,487	)		(163	)		(530	)
Income before financing costs		57,672			77,009			22,850			21,576
Finance income		137			701			49			579
Finance expense		(43,075	)		(51,197	)		(17,025	)		(11,221	)
Monetary gain (loss)		15,049			2,109			3,740			(461	)
Income from continuing operations before tax and non-controlling interest		29,783			28,622			9,614			10,473
Tax income (expense) from continuing operations		(12,284	)		(10,962	)		(2,877	)		(3,489	)
Profit from continuing operations		17,500			17,660			6,737			6,984
Profit /(loss) from discontinued operations		–			(243	)		–			18
Profit for the period		17,500			17,417			6,737			7,002
Owners of the Parent		17,500			17,417			6,737			7,002
Earnings per share		8.04			7.99			3.10			3.21
Earnings per share from discontinued operations		8.04			8.10			3.10			3.20
Earnings per share from continuing operation		–			-0.11			–			0.01
Other Financial Data
Gross margin		26.4	%		28.3	%		27.0	%		29.2	%
EBITDA(*)		99,899			97,128			36,243			33,944
Total Capex		136,499			76,709			23,725			20,141
Operational capex		53,687			40,171			18,184			13,369
Licence and related costs		63,127			314			20			8
Non-operational Capex		19,685			36,224			5,522			6,764
Consolidated Balance Sheet Data (at period end)		30.09.2026			31.12.2025
Cash and cash equivalents		98,952			114,158
Total assets		715,139			622,298
Long term debt		185,006			152,578
Total debt		226,239			197,228
Total liabilities		381,867			299,903
Total equity		333,272			322,396
(*) 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 September 30, 2026, on our website

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20261109536645/en/

For further information, please contact Turkcell

Investor Relations

Tel: + 90 212 313 1888

[email protected]

Corporate Communications:

Tel: + 90 212 313 2321

[email protected]

KEYWORDS: Turkey Europe

INDUSTRY KEYWORDS: Data Management Technology Other Technology Telecommunications Mobile/Wireless Networks Internet

MEDIA:

Posted on November 9, 2026 11:03 am

Kyverna Therapeutics Announces Publication of Registrational Miv-cel Data in Patients with Stiff Person Syndrome in JAMA Neurology

Publication reinforces miv-cel’s potential to deliver durable clinical benefit with a single dose, enabled by miv-cel’s unique construct, and become the first approved therapy in SPS and first approved CAR T-cell therapy for autoimmune disease

Initially presented at AAN, the primary analysis measured at 16 weeks demonstrated statistically significant improvements across all primary and secondary endpoints, including mobility and disability, with patients no longer requiring chronic immunotherapies

Consistent, well-tolerated safety profile with no high-grade CRS or ICANS, and
no cases of IEC-HS

EMERYVILLE, Calif., Nov. 09, 2026 (GLOBE NEWSWIRE) — Kyverna Therapeutics, Inc. (Nasdaq: KYTX), a late-stage clinical immunology company pioneering transformative therapies for people with neurologic autoimmune diseases, today announced the publication of the primary analysis of KYSA-8, its registrational trial of miv-cel (mivocabtagene autoleucel, KYV-101) in patients with stiff person syndrome (SPS) in the Journal of the American Medical Association (JAMA) Neurology. These published data were presented in a late-breaking oral presentation at the American Academy of Neurology (AAN) Annual Meeting in April 2026. Kyverna also recently shared its one-year durability data from the KYSA-8 trial at MS Toronto, the joint ACTRIMS-ECTRIMS meeting.

“The publication of the KYSA-8 registrational data in JAMA Neurology underscores the unique potential of miv-cel to liberate patients with stiff person syndrome from life-long disease burden and chronic immunotherapy use,” said Marinos C. Dalakas, MD, PhD, Professor of Neurology, Thomas Jefferson University, senior author and lead study investigator of the clinical trial. “Importantly, for patients and the field, miv-cel showed a well-tolerated safety profile with no high-grade CRS or ICANS, and no cases of IEC-HS. Having cared for patients with SPS for more than 30 years and witnessed the debilitating impact of this progressive disease, I believe miv-cel can change the therapeutic landscape for SPS by offering the potential to reverse patient disability. It’s truly remarkable to see some of my patients who, for years, required assistive devices to now walking independently, in some cases even running.”

In KYSA-8, a single dose of miv-cel delivered statistically significant improvements across all primary and secondary endpoints at 16 weeks with all patients discontinuing chronic immunotherapies. In addition, of the 12 patients who required walking aid assistance at baseline, 67% no longer needed walking assistance at 16 weeks. Miv-cel also demonstrated a consistent and well-tolerated safety profile.

“The publication of our registrational KYSA-8 trial data in JAMA Neurology marks an important milestone for both the miv-cel SPS program and Kyverna,” said Warner Biddle, Chief Executive Officer of Kyverna Therapeutics. “These unprecedented results demonstrate clinical outcomes not previously seen in SPS, including patients regaining mobility after a single dose of miv-cel. The data further support miv-cel’s potential to redefine treatment in SPS by reversing the course of this debilitating and progressive disease while maintaining a well-tolerated safety profile. With no approved therapies for SPS and a significant unmet need, we are working urgently to bring miv-cel to patients as quickly as possible. We believe these findings further support the potential of miv-cel across a range of neurological autoimmune diseases.”

The full publication, “Mivocabtagene Autoleucel CD19 Chimeric Antigen Receptor T-Cell Therapy in Stiff Person Syndrome: A Nonrandomized Clinical Trial,” appears in the Nov. 9^th issue of JAMA Neurology.

About KYSA-8 Registrational Clinical Trial

KYSA-8 is a single-arm registrational Phase 2 trial in which 26 adult patients with SPS, who had an inadequate response to at least one immunotherapy treatment, received a single dose of miv-cel. The primary endpoints are the change from baseline in the Timed 25-Foot Walk (T25FW) at 16 weeks and the incidence and severity of adverse events (AEs). Secondary endpoints measuring disability, stiffness, hypersensitivity, and mobility include the Modified Rankin Scale (mRS), Distribution-of-stiffness Index (DSI), Heightened Sensitivity Scale (HSS), and Hauser Ambulation Index (HAI), respectively.

About Miv-cel (mivocabtagene autoleucel, KYV-101)

Miv-cel is a fully human, autologous, CD19-targeting CAR T-cell therapy with CD28 co-stimulation. It is uniquely designed for potency and tolerability with the potential to achieve deep B-cell depletion, reset the immune system and deliver durable drug-free, disease-free remission in autoimmune diseases with a single dose. Miv-cel is under investigation for B-cell driven autoimmune diseases and is produced using a well-established, validated manufacturing process. To date, more than 100 patients have been treated with miv-cel across a range of autoimmune diseases, and the clinical data demonstrates a consistent and well-tolerated safety profile.

About Stiff Person Syndrome (SPS)

SPS is a rare, progressive neurologic autoimmune disease characterized by muscle stiffness and painful muscle spasms, impacting mobility and gait. Stiffness, rigidity, and spasms in the torso, arms, and legs lead to progressive disability causing up to 80% of patients to lose mobility, requiring walking aid assistance or wheelchair use^1-3. SPS has been shown to lead to permanent disability and increased risk of mortality³. Most patients with SPS have antibodies to glutamic acid decarboxylase 65 (GAD65) or the glycine receptor, which disrupt normal inhibitory neurotransmission, contributing to the hallmark symptoms of SPS. There are currently no FDA-approved treatments for SPS. Current treatment options include symptomatic treatments, off-label immunotherapies, such as intravenous immunoglobulin (IVIg), rituximab and plasmapheresis, as well as supportive care and physical, speech, occupational, and psychiatric therapy; however, the majority of patients have inadequate or no response to these treatment options. An estimated 6,000 patients are diagnosed with SPS in the United States^4-5.

About Kyverna Therapeutics

Kyverna Therapeutics, Inc. (Nasdaq: KYTX) is a late-stage clinical immunology company pioneering differentiated therapies with curative potential for neurologic autoimmune diseases. Kyverna’s lead autologous CD19-targeting CAR T-cell therapy candidate, miv-cel (mivocabtagene autoleucel, KYV-101), has demonstrated the potential to fundamentally change the treatment paradigm across multiple B-cell-driven autoimmune diseases. Kyverna is advancing its potentially first-in-class neuroimmunology franchise with its recently completed registrational trial in stiff person syndrome (SPS) and an ongoing registrational trial for generalized myasthenia gravis (gMG).

Miv-cel has received three FDA Regenerative Medicine Advanced Therapy (RMAT) designations, in SPS, gMG, and non-active secondary progressive multiple sclerosis (naSPMS) based on compelling clinical data, further reinforcing the therapy’s potential across neuroimmunology. Additionally, the Company continues to advance new innovations that broaden access and choice for patients, expanding its leadership position in the field. For more information, please visit https://kyvernatx.com.

Forward-looking Statements

Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements.” The words, without limitation, “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these or similar identifying words. Forward-looking statements in this press release include, without limitation, those related to: the potential transformative and durable clinical benefit of a single dose of miv-cel, including its ability to reverse the course of SPS and redefine treatment for SPS while maintaining a well-tolerated safety profile; Kyverna’s regulatory path for SPS and the potential for FDA approval of miv-cel in SPS; Kyverna’s efforts to bring miv-cel to patients as quickly as possible; the potential that miv-cel will be the first approved therapy for SPS and the first approved CAR T-cell therapy for autoimmune disease; the potential for miv-cel to liberate patients with SPS from life-long disease burden and chronic immunotherapy use, to reverse disability and change the therapeutic landscape for SPS, or to fundamentally change the treatment paradigm across multiple B-cell-driven and neurological autoimmune diseases; miv-cel’s potential to deliver durable, drug-free, disease-free remission in autoimmune diseases; any potential benefits of RMAT designations for miv-cel in SPS, gMG and naSPMS by the FDA; and Kyverna’s expected upcoming pipeline milestones, including for SPS, gMG, PMS and additional pipeline opportunities. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: uncertainties related to market conditions; the possibility that results from prior clinical trials, named-patient access activities and preclinical studies may not necessarily be predictive of future results; the possibility that the FDA or other regulatory agencies may require additional trials or studies, or may delay or decline approval of miv-cel; risks related to intellectual property rights; and other factors discussed in the “Risk Factors” section of Kyverna’s previously filed Annual Report on Form 10-K for the year ended December 31, 2025 and its Quarterly Report on Form 10-Q for the quarter ended June 30, 2026. Any forward-looking statements contained in this press release are based on the current expectations of Kyverna’s management team and speak only as of the date hereof, and Kyverna specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

Contact:

Investors: [email protected]
Media: [email protected]

¹ Rakocevic G, et al. BMC Neurol. 2019;19:1.
² Dalakas MC. Nat Rev Neurol. 2024;20(10):587-601.
³ Duddy ME, Baker MR. Front Neurol Neurosci. 2009;26:147-165.
⁴ Crane PD, et al. Neurology. 2024;103(12):e210078.
⁵ Analysis of 2024 Komodo U.S. Claims Data.

Posted on November 9, 2026 11:03 am

SHAREHOLDER ALERT: Bronstein Gewirtz & Grossman, LLC Announces Class Action Against Millrose Properties, Inc. (NYSE: MRP) — Investors Who Suffered Losses Are Encouraged to Contact the Firm

Lead Plaintiff Deadline: December 8, 2026. Investors who purchased (NYSE: MRP) securities between February 7, 2025 and October 2, 2026 may be eligible to recover losses

NEW YORK, Nov. 09, 2026 (GLOBE NEWSWIRE) — This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired Millrose securities between February 7, 2025 and October 2, 2026, both dates inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: bgandg.com/cases/millrose-properties-inc-mrp-class_action_lawsuit.

Millrose Case Details

The Complaint alleges that throughout the Class Period, Defendants failed to disclose to investors that:

1.  despite representations to the contrary, Millrose’s objectives were not limited to engaging in land purchases, horizontal development, and homesite option purchase arrangements for Lennar and potentially other homebuilders and developers;
2. despite representations to the contrary, Millrose would in fact enter into lease agreements and would have tenants in its properties;
3. Millrose would purchase $200 million worth of properties from Lennar Corporation;
4. Millrose would lease the properties purchased from Lennar Corporation out at a loss; and
5. as a result of the foregoing, defendants’ positive statements about Millrose’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
   
   

What’s Next for Millrose Investors?

A class action lawsuit has already been filed. If you wish to review a copy of the Complaint, you can visit the firm’s site: bgandg.com/cases/millrose-properties-inc-mrp-class_action_lawsuit. or you may contact Peretz Bronstein, Esq. or his Client Relations Manager, Nathan Miller, of Bronstein, Gewirtz & Grossman, LLC at 917-590-0911. If you suffered a loss in Millrose you have until December 8, 2026, to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff.

No Cost to Millrose Investors

We, Bronstein, Gewirtz & Grossman LLC, represent investors in class actions on a contingency fee basis. That means we will ask the court to reimburse us for out-of-pocket expenses and attorneys’ fees, usually a percentage of the total recovery, only if we are successful.

Why Bronstein, Gewirtz & Grossman, LLC for Millrose Securities Class Action?

Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits. Our firm has recovered hundreds of millions of dollars for investors nationwide. More at www.bgandg.com

“Our practice centers on restoring investor capital and ensuring corporate accountability, which serves to uphold the essential integrity of the marketplace,” said Peretz Bronstein, Founding Partner of Bronstein, Gewirtz & Grossman, LLC.

Follow us for updates on LinkedIn, X, Facebook, or Instagram.

Contact Info

Peretz Bronstein, Esq. or Nathan Miller
Bronstein, Gewirtz & Grossman, LLC
917-590-0911 | [email protected]

Attorney advertising.
Prior results do not guarantee similar outcomes.

Posted on November 9, 2026 11:03 am

Vishay Intertechnology to Showcase Passive and Semiconductor Solutions for the All-Electric Society at electronica 2026

Company to Highlight Latest Technologies in a Series of Reference Designs and Demonstrations for AI Data Center Power, E-Mobility, Robotics, Energy Storage, and Smart Sensing

MALVERN, Pa., Nov. 09, 2026 (GLOBE NEWSWIRE) — Vishay Intertechnology, Inc. (NYSE: VSH) today announced that at electronica 2026, the company will be exhibiting its broad portfolio of passive and semiconductor solutions and discussing their pivotal role in shaping a sustainable future through the all-electric society. In hall C4, booth 478, Vishay will showcase its differentiated products and solutions in a range of applications and use cases, including AI data center power, on-board charging, battery management, e-mobility and urban mobility, robotics and drones, energy storage systems (ESS), power distribution, and human-machine interfaces (HMI).

Vishay experts will be on site to dive into the latest developments in power conversion, motor control, circuit protection, and sensing technologies. Reference designs on display will feature Vishay’s silicon, and silicon carbide (SiC) MOSFETs; power modules; TVS diodes; capacitors; magnetics; resistors; optoelectronics; and more. Among the highlights taking center stage at Vishay’s booth will be:

AI Data Centers

• A high density 1.6 kW DC/DC converter for AI server power delivery, featuring 650 V GaN MOSFETs to convert a 400 V data center bus to a regulated 50 V intermediate bus
• An 800 V HVDC, 12 kW full-brick converter with an output voltage equal to one-sixteenth of the input voltage
• A 3 kW, 48 V intermediate bus and 32-phase GPU power delivery design
• A 40-phase core voltage regulator for data center CPU / GPU power delivery
• A backup unit for AI data center racks featuring electric double-layer capacitors (EDLC), providing fast peak power support, 48 V to 50 V bus stabilization, and short duration ride-through
• ESTA DC-Link and filter capacitors and Sfernice precharge and power conversion resistors for solid-state transformer (SST) designs

E-Mobility

• A 22 kW bidirectional AC/DC stage for on-board chargers, converting AC inputs to 800 V DC and featuring SiC MOSFET power modules and DC-Link film capacitors
• An 11 kW, 800 V to 800 V DC/DC charging stage based on a phase modular topology, featuring SiC MOSFET power modules and AC and pulse film capacitors
• A compact 3.6 kW, 800 V to 48 V auxiliary DC/DC bidirectional converter featuring SiC and Si MOSFETs in top side cooled packages, PowerPAK® 15 x 21LR and PowerPAK 10 x 15LR respectively, custom magnetics, and an optocoupler driver
• An electrochemical impedance spectroscopy (EIS) excitation circuit for a split 800 V battery pack, supporting estimation of battery state of charge and state of health
• A 48 V, 5 kW inverter for light electric vehicles, featuring 80 V silicon MOSFET power modules, hybrid polymer capacitors, and ceramic capacitors for EMI filtering
• A 48 V, 3.6 kW unidirectional on-board charger for light electric vehicles and urban mobility

Robotics and Drones

• A servo controller for robotics featuring power MOSFETs, current sensing shunt resistors, and an absolute encoder for position feedback
• A four in one electronic speed controller (ESC) for quadcopters, featuring power MOSFETs, TVS diodes, and polymer tantalum capacitors

Industrial and Automotive Power and Safety

• EDLC backup solutions for 3.3 V and 12 V supplies
• Isolation resistance monitoring for 400 V and 800 V systems
• An 800 V active discharge circuit featuring a photovoltaic gate driver, SiC MOSFET, and hybrid wirewound resistors
• An active discharge evaluation board using Ametherm PTC thermistors
• A bidirectional FPGA-based eFuse application developed in partnership with Altera
• A unidirectional MCU-based eFuse application developed in partnership with NXP
• Thermal management and energy dense resistor solutions, featuring thermal jumpers for efficient board-level thermal management alongside a wide range of special resistors

HMI and Smart Sensing

• Proximity sensing for touchless control and wakeup in HMI applications
• Color and light sensing, encoding, and infrared illumination
• Haptic actuators for automotive cockpit applications and optical force and touch sensing for steering wheel controls

electronica 2026 will be taking place November 10-13 in Munich, Germany. More information on the event is available at https://electronica.de/en/trade-fair/.

Vishay manufactures one of the world’s largest portfolios of discrete semiconductors and passive electronic components that are essential to innovative designs in the automotive, industrial, computing, consumer, telecommunications, military, aerospace, and medical markets. Serving customers worldwide, Vishay is The DNA of tech.^® Vishay Intertechnology, Inc. is a Fortune 1000 Company listed on the NYSE (VSH). More on Vishay at www.Vishay.com.

The DNA of tech
^® is a registered trademark of Vishay Intertechnology, Inc. PowerPAK is a registered trademark of Siliconix incorporated.

Vishay on Facebook:
http://www.facebook.com/VishayIntertechnology

Vishay Twitter feed:
http://twitter.com/vishayindust

Link to product photo:

www.redpinesgroup.com/Vishay/Vishay-electronica_300dpi.jpg

For more information please contact:

Vishay Intertechnology
Peter Henrici, +1 408 567-8400
[email protected]
 or
Redpines
Bob Decker, +1 415 409-0233
[email protected]

Posted on November 9, 2026 11:03 am

Northern Trust and Microsoft Frontier Company Collaborate to Transform Client Onboarding Through AI

Northern Trust and Microsoft Frontier Company Collaborate to Transform Client Onboarding Through AI

New client onboarding agent, built with Microsoft Frontier Company forward deployed engineers, reduces onboarding data preparation time by 83 percent, while enhancing efficiency and maintaining strong privacy, security and governance controls.

CHICAGO & REDMOND, Wash.–(BUSINESS WIRE)–Northern Trust and Microsoft today announced an expanded collaboration to accelerate AI transformation across Northern Trust, beginning with the deployment of a new AI-powered client onboarding agent for clients on Northern Trust Asset Servicing’s Front Office Solutions platform. Developed jointly by Northern Trust and Microsoft Frontier Company Forward Deployed Engineering (FDE) teams, the agent streamlines one of the most complex aspects of institutional client onboarding: transforming years of data and transaction history into a standardized format ready for use within Northern Trust’s reporting environment. The new capability combines advanced AI with enterprise-grade privacy, security and governance to help deliver a faster, more efficient onboarding experience for clients.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261109144614/en/

Hill-climbing to 95% quality score

For Front Office Solutions clients, onboarding can be particularly complex given the breadth and depth of investment data involved. The platform provides performance and analytics for institutional investors, including foundations, endowments, pension schemes and large family offices. Onboarding can require Northern Trust to consolidate large volumes of investment and transaction data from multiple sources to reconstruct performance histories, particularly for alternative assets.

The challenge addressed by the new client onboarding agent reflects a broader industry trend: more than half of asset owners (57%) surveyed by Northern Trust cite consolidating data from multiple, disparate internal and external sources as their biggest challenge. The agent automates a key part of this process by converting clients’ historical transaction data into Northern Trust’s standardized format, cutting data preparation time by 83 percent – from two and a half weeks to three days^[1] – while achieving a 96.5 percent F1 first-pass quality score^[2], a standard AI evaluation metric that combines precision and recall into a single quality metric. The solution has been designed with human oversight embedded throughout the workflow, enabling analysts to review outputs, evaluate reasoning, resolve exceptions and continuously improve performance through expert feedback and governance. By using the agent during implementation, before the client goes live, analysts can identify and reconcile errors while validating the client’s starting data.

Built on Microsoft Azure, the agent uses Microsoft Foundry for enterprise AI and integrates with familiar Microsoft 365 tools, including Microsoft Excel and SharePoint, so Northern Trust analysts can review, refine and approve its work. A governed intelligence layer powered by Azure preserves approved onboarding knowledge, allowing the solution to build upon institutional expertise over time and continuously improve the onboarding process. The result is less manual work for analysts, a faster and more predictable experience for clients, and a more efficient onboarding experience.

Designed for the rigorous requirements of the financial services industry, the client onboarding agent incorporates robust privacy, security and governance controls. Taking an “eyes off” approach, Microsoft hill-climbed on F1 first-pass quality scoring and other evaluation measurements using only anonymized data, ensuring Northern Trust client data remained securely governed under the firm’s control throughout the process. This model has enabled the organization to achieve production-scale performance while meeting the stringent data stewardship expectations of a highly regulated industry. Through this collaboration, Northern Trust and Microsoft have established a model for how highly regulated institutions can adopt frontier AI while retaining ownership and control of their data, expertise, and institutional knowledge.

“At Northern Trust, our close relationships with our clients give us a unique perspective on how their needs are evolving and where we can create value,” said Pete Cherecwich, Chief Operating Officer, Northern Trust. “The client onboarding agent is an example of an approach that combines Northern Trust’s asset servicing expertise with Microsoft’s AI capabilities to help get clients up and running more quickly during onboarding. The solution reduces the time required to prepare and validate clients’ data while maintaining the oversight and controls our clients expect, creating capacity for both sides to focus on higher-value work.”

Northern Trust is applying AI to the qualities that have defined the firm for more than 135 years: service, expertise and integrity. At the center of this strategy is augmented intelligence: using AI as a force multiplier for human expertise, while keeping judgment and accountability with people. The firm’s collaboration with Microsoft Frontier Company brings that approach to life through AI-powered agents designed to transform critical business processes, enhance decision-making and deliver better client outcomes.

“Advanced AI can turn deep industry expertise into better client experiences and new capacity for growth,” said Bill Borden, Corporate Vice President, Worldwide Financial Services, Microsoft. “Through Microsoft Frontier Company, our collaboration with Northern Trust shows what next-generation enterprise operating models can look like: AI amplifying human expertise to accelerate service delivery and improve agility, with governance and human oversight built in. This approach points to a broader opportunity across regulated industries to transform complex workflows and deliver business value without compromising trust.”

About Northern Trust

Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking services to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of September 30, 2026, Northern Trust had assets under custody/administration of US$19.9 trillion, and assets under management of US$2.0 trillion. For more than 135 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on northerntrust.com. Follow us on Instagram @northerntrustcompany or Northern Trust on LinkedIn.

Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/terms-and-conditions.

About Microsoft

Microsoft (Nasdaq “MSFT” @microsoft) creates platforms and tools powered by AI to deliver innovative solutions that meet the evolving needs of our customers. The technology company is committed to making AI available broadly and doing so responsibly, with a mission to empower every person and every organization on the planet to achieve more.

1. Following deployment of the client onboarding agent, Northern Trust measured preparation times for real client onboarding scenarios. The analysis included data transformation, analyst review, exception handling, and final validation. The resulting percentage improvement was calculated by comparing the prior workflow baseline of approximately 2.5 weeks with the average time required to complete measured production cases using the agent-assisted process
2. The 96.5 percent F1 quality score reflects first-pass results from controlled testing across seven representative test cases using real, anonymized historical client transaction workbooks supplied by Northern Trust. Agent-generated output values were compared with analyst-prepared reference outputs withheld during execution, before analyst feedback or corrections. F1 combines precision and recall.

View source version on businesswire.com: https://www.businesswire.com/news/home/20261109144614/en/

Media Contacts
Northern Trust: Laura Hayes | +1 312-721-3217 | [email protected]

Microsoft: We. Communications for Microsoft | +1 425-638-7777 | [email protected]

KEYWORDS: North America United States Ireland United Kingdom Europe Illinois Washington

INDUSTRY KEYWORDS: Data Management Banking Technology Professional Services Business Digital Cash Management/Digital Assets Security Asset Management Software Artificial Intelligence Fintech

MEDIA:

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Keysight Brings Radio Frequency and Photonic Design Together for Tower Semiconductor

Designers can simulate the complete signal path across electronic and optical domains before tapeout

SANTA ROSA, Calif.–(BUSINESS WIRE)–Keysight Technologies, Inc. (NYSE: KEYS) has certified Advanced Design System (ADS) Photonic Designer to support Tower Semiconductor’s PH18 silicon photonics process design kits (PDKs). Engineers can now work from schematic through simulation and layout in one environment. Teams already working on high-speed digital and radio frequency (RF) projects in ADS can use Tower processes to design photonic integrated circuits (PICs) or co-design them with electronic circuits in the same tool.

As optical link rates climb to 1600G and beyond, electrical and optical interactions impacted by interdependent physics determine performance. Verification must cover the PIC and the system in which it will operate, which has meant design teams working in separate tools to transfer different data and translate models, limiting what can be simulated. Integrating electrical and optical work removes that.

Tower RF processes have run on Keysight ADS for more than a decade, with circuit design and simulation in ADS, electromagnetic analysis in RFPro, and electrothermal simulation for silicon germanium power amplifiers. Engineers can design PH18 photonic circuits in the same schematic as their high-performance electronic circuits. The PDK provides physics-based models of photonic components, which designers integrate directly into electrical-optical-electrical (EOE) simulations to predict real-world device, component, and system performance.

ADS provides design rule check (DRC) compliant photonic layout devices and designer level layout versus schematic (LVS) checks, so performance and physical issues surface before fabrication. Foundry level verification and tapeout are completed using Tower tools.

Dr. Samir Chaudhry, Vice President of Customer Design Enablement and Reliability, Tower Semiconductor, said: “The convergence of electronics and photonics for applications such as CPO and NPO is driving a new generation of high-bandwidth, low-power communication systems. By bringing Tower’s PH18 silicon photonics foundry technology into the Keysight ADS environment, we are enabling designers to model, simulate, and optimize complete electro-optical systems with greater accuracy and efficiency. This collaboration builds on our decade’s long partnership with Keysight and helps our customers shorten development cycles, reduce design iterations, and accelerate the deployment of advanced silicon photonics solutions.”

Niels Faché, Senior Vice President, Design Engineering Software, Keysight, said: “Photonic integrated circuits are becoming central to high-speed data communications, and the cost of getting the design wrong keeps rising. A general-purpose simulation gives you a plausible answer, but to get one that you can act on, the models have to be tied to the larger system of what is being fabricated. Working with Tower Semiconductor reflects our long-standing commitment to a unified workflow for electronic and photonic engineering.”

The Tower PH18 PDK for ADS Photonic Designer is available now.

Resources

• Product page:Photonic Design Automation Software
• Product page:Connect Device Physics to System Performance
• Application note:End-to-End Electrical-Optical-Electrical Flow in Keysight ADS | Keysight
• Product page:Tower Semiconductor Worldwide Design Enablement

About Keysight Technologies

Keysight (NYSE: KEYS) serves technology innovators as a mission-critical design enablement partner for the world’s most complex engineering challenges. By connecting market-leading design, emulation, and test solutions across the full life cycle, Keysight helps engineering teams accelerate innovation, reduce risk, and bring new technologies to market faster. Customers across AI infrastructure, communications, industrial automation, aerospace and defense, automotive, semiconductor, and general electronics rely on Keysight to bridge virtual design and physical reality, enabling confident decisions earlier. Learn more at www.keysight.com.

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