Focusing on developing game-changing technologies, export-oriented growth and producing the best products in its field, Türkiye's defense industry giant ASELSAN continued its successful performance in the first quarter of 2025. According to the financial results announced by the company, the first quarter revenue of 2025 increased by 9% in real terms compared to the same period of the previous year. 22,8 billion TLThe biggest contribution to the revenue during this period came from deliveries of Air Defense Systems, Weapon Systems, Radar, Electronic Warfare, Electro-Optics, Naval Systems and Military Communication Systems.
Operational Efficiency and Increased Profitability
Placing operational efficiency at the center of its activities, ASELSAN aims to achieve %23 The company achieved a strong EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) margin of 1.75% compared to the previous period. %10 with an increase in the rate of 5,1 billion TL ASELSAN managed to keep the Business Received/Sales ratio above 2 for two consecutive years, and carried its stable growth in this area to the first quarter of 2025 and maintained its performance above the sector average.
R&D and Investment Moves Strong Steps Towards the Future
ASELSAN, which is the leader in Türkiye with the number of R&D projects it carries out, will increase its R&D expenditures at a remarkable rate in the first quarter of 2025 compared to the previous year, %33 increasing $250 million The company's investment expenditures also increased in the same period compared to the same period of the previous year. %70 In this three-month period, where investment expenditures for R&D and mass production continued unabated, ASELSAN's financial debts %8 and commercial debts %37 decreased at the rate of.
Strong Financial Structure and Industry Leadership
ASELSAN's Net Debt/EBITDA ratio, which was 2024 at the end of the first quarter of 1,07, will increase to 2025 in the same period of XNUMX. 0,60 level, once again revealing how strong the company's financial structure is. With this ratio, ASELSAN has further strengthened its position, which was already below the sector average. Successfully improving its turnover, backlog, EBITDA and many other important financial indicators, ASELSAN completed the first quarter of 2025 with positive results.
Evaluations from General Manager Ahmet Akyol
ASELSAN General Manager Ahmet Akyol, while evaluating the first quarter financial results of 2025, said, “The first thing that can be said about our first quarter financial results of 2025 is that we continued the strong momentum we achieved in 2024. 2024 was a year of records for ASELSAN in every sense. We achieved the best figures in our history in almost every indicator. We left our mark on the year with our high technology as well as our bright financial results. With our 2024 balance sheet, we both showed a better performance compared to the companies in BIST-30 and positively distinguished ourselves from the major defense industry companies in the world. We managed to become one of the fastest growing defense industry companies in the world in 2024.”
Akyol stated that the successful performance continued when the first quarter results of 2025 were examined, and said, “We continued to grow our turnover by around 10 percent in real terms. We continued the improvement in our cash flow. Our first quarter results also show that our future perspective continues to be positive. The 46 percent increase in orders received compared to the same period of the previous year is clear evidence of our customers’ trust in ASELSAN. The fact that the work received from abroad in particular increased by 220 percent shows that we are on the right track with our export-oriented growth strategy.”
Future Strategic Investments and Operational Success
Ahmet Akyol emphasized that they continue to focus on the future and said, “In the first quarter, we have increased our investment expenditures by 70 percent and our R&D expenditures by 33 percent compared to the previous year. Despite these significant increase rates, I think it is also important that we have managed to improve our cash flow and reduce our financial debts by 8 percent. These show that ASELSAN has achieved increased efficiency with its operational success. Frankly, we see this successful financial performance in the first quarter as a natural result of correct management. We can say that investors in Borsa Istanbul especially appreciate our company in this sense. ASELSAN closed 2024 as the 100th most valuable company in BIST-6. We are currently the most valuable company in BIST-100.”
Key Product and Technology Successes in the First Quarter
ASELSAN achieved significant successes in the first quarter of 2025 with its products and technologies. During this period, deliveries of the HİSAR O Air and Missile Defense System were completed. PUHU 3-LT Electronic Support Systems were put into use of the modernized ZMAs. The GÖZDE Guidance Kit was successfully fired from Bayraktar Akıncı and GÖZDE became Türkiye's first guidance kit to hit a high-speed moving target. The first tests of the ANTIDOT 2-U/S Electronic Support Pod on the Bayraktar TB2 platform were completed. The firing test of the GÖKTAN Project, which provides surface-to-surface strike capability to the TOLUN Ammunition, was successfully completed. The point air defense system GÖKSUR also successfully fired its first shot from a surface platform.
The Fruits of R&D Investments and Increasing Mass Production Capacity
Ahmet Akyol stated that they currently have a very valuable product portfolio thanks to the R&D investments made in the past years and said, “We observe intense interest in our products, especially in areas such as air defense systems, radars and electro-optics, both domestically and internationally. We are currently focused on increasing the mass production capacity of these products. Our 616 major investments of 3 million USD related to photon detectors, radars and air defense systems were included in the Project Based Investment Incentive by the Ministry of Industry and Technology. With these investments, which are especially critical for our ÇELİKKUBBE concept, we will enable ASELSAN to produce high value-added products in multiple quantities. With these investments, we will continue to create value for our state, customers, investors, employees, in short, all our stakeholders.”
New Contracts and Increased Export Revenues
ASELSAN maintained its strong momentum in receiving new orders in the first quarter of 2025. The new contracts signed were %46 increasing at a rate of 1,5 billion dollars These new contracts were realized at the level of 372 Million Dollars The significant increase in export contracts was due to the amount of %220 As a result of this successful performance, ASELSAN's remaining orders will be placed at the end of the first quarter of 2025. 15 billion dollars rose to the level of.
Major Contracts Signed in the First Quarter of 2025:
- A contract for the export of military communication systems signed with an international customer.
- A contract for the export of radar, weapon, air defense and data link systems for naval platforms signed with an international customer.
- Contract for the export of Airborne Electro-Optical payloads signed with an international customer.
- Contract regarding the export of electronic warfare, communication, radar, electro-optic and remote-controlled weapon systems signed for the use of international customers.
- Contract for the supply of new generation Radar Systems signed with the Presidency of Defense Industries of the Presidency of the Republic of Türkiye.
- Contract for the procurement of Public Safety Communication Systems signed with the Presidency of Defense Industries of the Presidency of the Republic of Türkiye.
- Contract for the supply of Railway Signaling Systems signed with Türkiye Rail System Vehicles Industry Inc. (TÜRASAŞ).
- Contract with a domestic customer for the supply of land vehicle payloads.
This strong financial performance displayed by ASELSAN in the first quarter of 2025 clearly demonstrates the company's future growth potential with its increasing export revenues, strategic R&D and investment moves. The achievements show that ASELSAN is reinforcing its leading position in the Turkish defense industry and increasing its effectiveness in the international market day by day.
