Türkiye’s Defence Giant ASELSAN Posts 12.3% Real Growth and Historic USD 17.9 Billion Order Backlog

(DEFENCE SECURITY ASIA) — Türkiye’s leading defence electronics company, ASELSAN, has announced its inflation-adjusted financial results for the first nine months of 2025, showcasing one of the strongest growth periods in its history despite a challenging global environment.

According to the company’s disclosure to the Public Disclosure Platform (KAP), ASELSAN’s revenue surged by 12.3% in real terms compared to the same period last year, reaching USD 3.0 billion.

The company’s order performance was particularly impressive, with new orders soaring by 76% year-on-year to USD 5.7 billion, underlining the growing trust of international and domestic customers in ASELSAN’s expanding portfolio of advanced defence systems.

Continuing its strong export-oriented growth strategy, ASELSAN signed direct and indirect export contracts worth USD 1.45 billion, representing an exceptional 171% increase compared with the same period in 2024.

This surge reflects ASELSAN’s success in broadening its global reach across Asia, the Middle East, and Africa through high-technology solutions in radar, electronic warfare, communications, and electro-optics.

The company’s order backlog climbed 42% year-on-year, reaching USD 17.9 billion, marking one of the largest backlogs ever recorded in Türkiye’s defence sector.

Investments in serial-production infrastructure nearly doubled to USD 200 million, while R&D expenditures rose 40% to USD 925 million, reinforcing ASELSAN’s position as Türkiye’s innovation engine in defence technologies.

ASELSAN maintained a strong EBITDA margin of 25%, improving by 100 basis points compared to 2024, while its Book-to-Bill ratio reached 2.5, well above global industry averages and sustaining a two-year trend above 2—signifying strong future growth potential.

Landmark Air Defence Contract and Strengthened Financial Position

During the period, ASELSAN signed a EUR 1.65 billion (approximately USD 1.8 billion) contract for the procurement of air defence systems—the largest single new order of 2025.

Deliveries across multiple strategic segments—including STEEL DOME, radar systems, electro-optics, electronic warfare, naval systems, and secure communications—significantly contributed to the company’s performance.

ASELSAN’s total assets grew by 6%, reflecting the steady expansion of its industrial base and balance sheet strength.

The company’s net debt declined by 40% year-on-year, leading to a substantial improvement in leverage ratios.

Its Net Debt/EBITDA ratio improved from 1.27 in 2024 to 0.57 in 2025, underscoring ASELSAN’s disciplined cash flow management and strong financial health.

CEO Akyol: “Sustainable, Value-Driven Growth with Global Momentum”

ASELSAN CEO Ahmet Akyol emphasized that the company’s robust growth momentum remained intact.

“Our strong momentum in growth remained intact in the third quarter, and we delivered real growth of 12.3% in the first nine months of the year,” Akyol said.
“In addition to sustaining our robust financial and operational performance, we successfully maintained our strong pace in new orders. This milestone clearly demonstrates the continued trust of our customers and stakeholders, and reaffirms ASELSAN’s strategic role in the defence and technology ecosystem.”

Akyol noted that ASELSAN continues to outperform across all financial indicators, from revenue and profitability to leverage and cash flow.

“Our financial performance clearly demonstrates that ASELSAN is being managed with strong discipline, achieving not only growth but sustainable and value-driven growth, and that the company is positioned for continued success,” he added.

The third quarter of 2025 also marked a historic milestone for ASELSAN and Türkiye’s defence sector.

In a ceremony attended by President Recep Tayyip Erdoğan, ASELSAN delivered 47 components of the STEEL DOME system—a key element of Türkiye’s layered air defence architecture—to the Turkish Armed Forces.

During the same ceremony, ASELSAN laid the foundation of its new OĞULBEY Technology Base, a project valued at USD 1.5 billion, representing the largest single defence industry investment in the history of the Republic of Türkiye.

Once completed, the OĞULBEY complex will become Europe’s largest air defence production facility, significantly expanding Türkiye’s capacity to produce advanced radar, missile, and command-control systems domestically.

“As a company that develops and manufactures high-technology solutions, ASELSAN continues to serve as a strong attraction point for Türkiye’s brightest youth. We will continue to invest in our employees—the true heroes behind the achievements that make our nation proud—as well as in the promising talents,” Akyol said.

ASELSAN’s sustained growth, record exports, and groundbreaking infrastructure investments continue to reflect its pivotal role in advancing Türkiye’s national defence capabilities and technological independence—positioning the company as one of the most dynamic and globally competitive defence firms of 2025. — DEFENCE SECURITY ASIA