Announcement • May 02
Netas Telekomünikasyon A.S., Annual General Meeting, Jun 11, 2026 Netas Telekomünikasyon A.S., Annual General Meeting, Jun 11, 2026. Location: orhanli mah. irfan cad. no:28 34956, orhanli-tuzla, istanbul Turkey Reported Earnings • Mar 16
Full year 2025 earnings released: ₺5.26 loss per share (vs ₺4.33 loss in FY 2024) Full year 2025 results: ₺5.26 loss per share (further deteriorated from ₺4.33 loss in FY 2024). Revenue: ₺12.0b (up 31% from FY 2024). Net loss: ₺341.0m (loss widened 22% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 112 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 13
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: ₺2.82b (up 15% from 3Q 2024). Net loss: ₺151.9m (loss widened 127% from 3Q 2024). New Risk • Sep 11
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Turkish stocks, typically moving 8.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Negative equity (-₺64m). Minor Risk Share price has been volatile over the past 3 months (8.2% average weekly change). New Risk • May 29
New major risk - Negative shareholders equity The company has negative equity. Total equity: -₺46m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risk Negative equity (-₺46m). Minor Risk Market cap is less than US$100m (₺3.18b market cap, or US$81.4m). Announcement • May 05
Netas Telekomünikasyon A.S., Annual General Meeting, May 28, 2025 Netas Telekomünikasyon A.S., Annual General Meeting, May 28, 2025. Location: orhanli mah. irfan cad. no:28 34956 orhanli-tuzlai, istanbul Turkey New Risk • Mar 20
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₺3.61b (US$95.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Reported Earnings • Mar 12
Full year 2024 earnings released: ₺4.33 loss per share (vs ₺1.54 profit in FY 2023) Full year 2024 results: ₺4.33 loss per share (down from ₺1.54 profit in FY 2023). Revenue: ₺9.18b (up 32% from FY 2023). Net loss: ₺280.5m (down 382% from profit in FY 2023). Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 58% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Nov 25
Now 21% overvalued Over the last 90 days, the stock has fallen 13% to ₺72.70. The fair value is estimated to be ₺60.28, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 48% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Nov 10
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 3.7% to ₺72.75. The fair value is estimated to be ₺60.60, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 48% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Sep 05
Second quarter 2024 earnings released: ₺1.66 loss per share (vs ₺1.31 profit in 2Q 2023) Second quarter 2024 results: ₺1.66 loss per share (down from ₺1.31 profit in 2Q 2023). Revenue: ₺2.19b (up 35% from 2Q 2023). Net loss: ₺107.9m (down 227% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 76% per year whereas the company’s share price has increased by 73% per year. New Risk • Aug 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Turkish stocks, typically moving 8.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.3x net interest cover). Minor Risks Share price has been volatile over the past 3 months (8.2% average weekly change). Large one-off items impacting financial results. Reported Earnings • Jun 04
First quarter 2024 earnings released: ₺1.32 loss per share (vs ₺1.32 loss in 1Q 2023) First quarter 2024 results: ₺1.32 loss per share (improved from ₺1.32 loss in 1Q 2023). Revenue: ₺1.72b (up 60% from 1Q 2023). Net loss: ₺85.3m (flat on 1Q 2023). Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 49% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 31
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₺74.00, the stock trades at a trailing P/E ratio of 48.2x. Average trailing P/E is 33x in the Communications industry in Asia. Total returns to shareholders of 247% over the past three years. Valuation Update With 7 Day Price Move • Apr 23
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₺95.60, the stock trades at a trailing P/E ratio of 62.2x. Average trailing P/E is 32x in the Communications industry in Asia. Total returns to shareholders of 295% over the past three years. New Risk • Apr 08
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 29% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.4x net interest cover). Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Large one-off items impacting financial results. Reported Earnings • Apr 01
Full year 2023 earnings released Full year 2023 results: Revenue: ₺6.96b (up 74% from FY 2022). Net income: ₺99.7m (up ₺130.2m from FY 2022). Profit margin: 1.4% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Feb 27
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 81% to ₺86.35. The fair value is estimated to be ₺71.83, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 45% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Jan 22
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.0% to ₺46.24. The fair value is estimated to be ₺58.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 45% over the last 3 years. Meanwhile, the company has become profitable. Buying Opportunity • Dec 01
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 24%. The fair value is estimated to be ₺55.47, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 45% over the last 3 years. Meanwhile, the company has become profitable. New Risk • Nov 14
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₺2.86b (US$99.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.4x net interest cover). Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (₺2.86b market cap, or US$99.9m). Buying Opportunity • Nov 13
Now 21% undervalued Over the last 90 days, the stock is up 8.5%. The fair value is estimated to be ₺55.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 45% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Nov 05
Third quarter 2023 earnings released: ₺0.22 loss per share (vs ₺0.47 loss in 3Q 2022) Third quarter 2023 results: ₺0.22 loss per share (improved from ₺0.47 loss in 3Q 2022). Revenue: ₺1.93b (up 84% from 3Q 2022). Net loss: ₺14.4m (loss narrowed 54% from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 20
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ₺1.62b (up 82% from 2Q 2022). Net income: ₺85.2m (up 193% from 2Q 2022). Profit margin: 5.2% (up from 3.3% in 2Q 2022). The increase in margin was driven by higher revenue. New Risk • Jun 20
New major risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Turkish stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Negative equity (-₺71m). Earnings have declined by 43% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Market cap is less than US$100m (₺1.62b market cap, or US$68.7m). Reported Earnings • May 07
First quarter 2023 earnings released: ₺1.32 loss per share (vs ₺0.74 loss in 1Q 2022) First quarter 2023 results: ₺1.32 loss per share (further deteriorated from ₺0.74 loss in 1Q 2022). Revenue: ₺1.08b (up 57% from 1Q 2022). Net loss: ₺85.6m (loss widened 77% from 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 32% per year, which means it is well ahead of earnings. Reported Earnings • Mar 10
Full year 2022 earnings released Full year 2022 results: Revenue: ₺4.01b (up 75% from FY 2021). Net loss: ₺30.6m (loss narrowed 95% from FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 137 percentage points per year, which is a significant difference in performance. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director Özer Karabulut was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 05
Third quarter 2022 earnings released: ₺0.49 loss per share (vs ₺0.71 loss in 3Q 2021) Third quarter 2022 results: ₺0.49 loss per share (improved from ₺0.71 loss in 3Q 2021). Revenue: ₺1.05b (up 117% from 3Q 2021). Net loss: ₺31.5m (loss narrowed 31% from 3Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 123 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 20
Second quarter 2022 earnings released: EPS: ₺0.45 (vs ₺1.30 loss in 2Q 2021) Second quarter 2022 results: EPS: ₺0.45 (up from ₺1.30 loss in 2Q 2021). Revenue: ₺892.7m (up 83% from 2Q 2021). Net income: ₺29.1m (up ₺112.8m from 2Q 2021). Profit margin: 3.3% (up from net loss in 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 122 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 29
First quarter 2022 earnings released: ₺0.74 loss per share (vs ₺0.12 loss in 1Q 2021) First quarter 2022 results: ₺0.74 loss per share (down from ₺0.12 loss in 1Q 2021). Revenue: ₺686.8m (up 40% from 1Q 2021). Net loss: ₺48.3m (loss widened ₺40.5m from 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 102 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 6 experienced directors. No highly experienced directors. 2 independent directors (5 non-independent directors). Independent Director Özer Karabulut was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 11
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: ₺10.30 loss per share (down from ₺1.10 loss in FY 2020). Revenue: ₺2.30b (up 33% from FY 2020). Net loss: ₺668.2m (loss widened ₺597.1m from FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Reported Earnings • Nov 06
Third quarter 2021 earnings released: ₺0.70 loss per share (vs ₺0.41 loss in 3Q 2020) The company reported a soft third quarter result with increased losses and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: ₺484.4m (up 24% from 3Q 2020). Net loss: ₺45.4m (loss widened 75% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 36% per year, which means it is well ahead of earnings. Reported Earnings • Aug 12
Second quarter 2021 earnings released: ₺1.29 loss per share (vs ₺0.30 profit in 2Q 2020) The company reported a soft second quarter result with weaker earnings and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: ₺487.7m (up 15% from 2Q 2020). Net loss: ₺83.7m (down ₺102.0m from profit in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 32% per year, which means it is well ahead of earnings. Reported Earnings • Mar 07
Full year 2020 earnings released: ₺1.10 loss per share (vs ₺2.29 loss in FY 2019) The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2020 results: Revenue: ₺1.73b (up 31% from FY 2019). Net loss: ₺71.1m (loss narrowed 52% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has increased by 30% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 15
New 90-day high: ₺35.20 The company is up 84% from its price of ₺19.18 on 17 November 2020. The Turkish market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Communications industry, which is down 8.0% over the same period. Is New 90 Day High Low • Jan 08
New 90-day high: ₺29.50 The company is up 41% from its price of ₺20.96 on 09 October 2020. The Turkish market is up 24% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Communications industry, which is down 5.0% over the same period. Is New 90 Day High Low • Dec 23
New 90-day high: ₺23.16 The company is up 38% from its price of ₺16.84 on 24 September 2020. The Turkish market is up 20% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Communications industry, which is down 7.0% over the same period. Is New 90 Day High Low • Nov 05
New 90-day high: ₺22.84 The company is up 58% from its price of ₺14.43 on 07 August 2020. The Turkish market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Communications industry, which is down 12% over the same period. Is New 90 Day High Low • Sep 30
New 90-day high: ₺19.40 The company is up 31% from its price of ₺14.86 on 02 July 2020. The Turkish market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Communications industry, which is up 1.0% over the same period.