ASELSAN has announced its inflation-adjusted financial results for the first half of 2025 through the Public Disclosure Platform (KAP). Accordingly, the company’s revenues increased by 11.3% in real terms compared to the same period last year, reaching TRY 53.7 billion. Meanwhile, new business acquisitions rose by 10%, totaling USD 2.8 billion, indicating strong growth.
As part of its export-oriented growth strategy, ASELSAN signed USD 1.3 billion worth of direct and indirect export agreements in the first six months of the year. The company’s backlog of orders increased by 30%, reaching USD 16 billion compared to the same period last year. During this period, investments in serial production infrastructure and R&D expenditures continued to rise without interruption.
2025 First Half Performance Summary
- New Contracts: USD 2.8 billion
- Export Contracts: USD 1.3 billion
- Backlog Orders: USD 16 billion (30% increase)
- Revenue: TRY 53.7 billion (11.3% increase)
- EBITDA Margin: 25% (up from 24% last year)
- Order-to-Sales Ratio: 2
- Net Debt / EBITDA: 0.57 (down from 1.21)
- R&D Spending: USD 572 million (42% increase)
- Infrastructure Investment: USD 104 million (100% increase)
Strong Growth and Operational Efficiency
ASELSAN continued to benefit from the aselsaneXt Program, which was launched at the beginning of 2024, into the second quarter of 2025. During this period, revenue rose by 11.3%, reaching TRY 53.7 billion, with significant contributions from deliveries in air defense, electronic warfare, electro-optics, radar, avionics, security, and weapon systems.
With improved operational efficiency, the EBITDA margin climbed to 25%, and EBITDA rose by 15% in real terms, reaching TRY 13.5 billion. ASELSAN maintained its order-to-sales ratio at 2 for the second consecutive year, outperforming industry averages.
Uninterrupted Focus on R&D and Investment
ASELSAN, the leader in the number of R&D projects in Türkiye, increased its R&D expenditures by 42%, reaching USD 572 million in the first half of 2025. Investments in serial production infrastructure surged by 100%, exceeding USD 100 million.
The ratio of financial debt to total assets dropped from 14.5% to 12.7%, while trade payables decreased by 21% compared to the end of 2024. Net debt fell by 38% year-on-year, reducing the Net Debt/EBITDA ratio from 1.21 to 0.57, thereby strengthening financial health.
Robust Cash Flow
While investments continued, trade payables declined, and cash flow improved. In the first half of 2025, ASELSAN generated TRY 13.6 billion in cash from operations and posted a positive free cash flow of TRY 816 million.
Executive Commentary
ASELSAN CEO Ahmet Akyol emphasized the positive impact of the aselsaneXt program on the company’s strong financial momentum in the first half of 2025.
- 11% real growth in revenue
- USD 2.8 billion in new contracts
- USD 1.3 billion in exports
- 30% growth in backlog, reaching USD 16 billion
Akyol identified three key factors behind increased profitability and financial discipline:
- Focus on high-tech products and rapid product development
- Improved operational efficiency
- Localization efforts
He noted an increase in revenue from new products, USD 25 million in savings from AI integrations, and a 1.6% improvement in revenue per employee despite a growing workforce. ASELSAN also achieved significant cost advantages through localization of supply chains.
Strategic Achievements and Export Drive
ASELSAN showcased 10 new high-tech products at the IDEF 2025 defense fair. Highlighted systems included:
- EJDERHA, an electromagnetic shield for the skies and a key component of the ÇELİKKUBBE (Iron Dome)
- GÖKTAN, a game-changer in ground strike operations
- ASELFLIR-600, the world’s best-in-class electro-optical system
ASELSAN became the most valuable company on Borsa Istanbul, reinforcing investor confidence with a market capitalization exceeding USD 21 billion.
In the second half of the year, ASELSAN plans to continue its R&D and investments, focusing on expanding capacity in air defense, radar, smart munitions, guidance systems, and electro-optics. The company also aims to enter new export markets, responding to increasing global security demands.
Key Contracts Signed in 1H 2025:
- Export of military communication systems
- Radar, weapon, and air defense systems for naval platforms
- Export of airborne electro-optical payloads
- Export of electronic warfare, communication, radar, and weapon systems
- Procurement of new-generation radar systems (via the Presidency of Defense Industries)
- Public safety communication systems procurement
- Signaling and high-speed train subsystem projects
- Payloads for land vehicles (domestic clients)
With its strong momentum in both domestic and international markets, ASELSAN successfully closed the first half of 2025 on a high note.
