ASELSAN has announced its inflation-adjusted financial results for Q1’25. The company maintained its strong momentum in the first quarter of the year, with robust growth in all key financial indicators. According to results, revenues reached 22.8 billion TL with a real growth of 9% compared to the same period of last year supported by deliveries in air defense, weapon systems, radar, electronic warfare, electro-optics, naval systems, and military communications. New contracts worth 1.5 billion USD marked a 46% increase, while export contracts soared by 220%, reaching 372 million USD. The company’s total backlog grew by 35%, climbing to 15 billion USD. EBITDA reached 5.1 billion TL with a margin of 23%, while the book-to-bill ratio realized at 2.3.
Investments in R&D and production continued to rise, with R&D expenditures increasing by 33% to 250 million USD and investment expenditures growing by 70% year-over-year. In this period, financial debts were reduced by 8% and trade payables reduced by 37%. The company’s Net Debt/EBITDA ratio dropped from 1.07 to 0.60, maintaining its position well below the sector average.
ASELSAN President & CEO Ahmet Akyol evaluated the first quarter financial results: “ASELSAN’s financial results for the first quarter of 2025 clearly reflect that we have successfully maintained the strong momentum of 2024 in which we became one of the world’s fastest-growing defense companies. Reflecting on our success, the results of the first quarter of 2025 are a clear demonstration of our ongoing strong performance and customer satisfaction. We sustained a real revenue growth of around 10% and continued to improve our cash flow. Compared to the same period of the previous year, a 46% increase in received orders clearly reflects our customers' confidence in ASELSAN’s technologies and a remarkable 220% increase in international orders reflects the success of our export driven growth strategy. As a result of these achievements, ASELSAN is currently the most valuable company on the BIST-100 index.
On the technology front, we recorded several critical product and technology milestones in the first quarter. We continued the serial production deliveries of HİSAR-O Air and Missile Defense System, and completed the deliveries of PUHU 3-LT Electronic Support Systems, modernized ZMA-X unmanned land vehicles to our armed forces. Our GÖZDE Guidance Kit achieved a first by successfully striking a moving target from Bayraktar AKINCI. We conducted the first test of TOLUN, conducted within GÖKTAN system, demonstrating its newly integrated ground-to-ground engagement capability. Our electronic support pod ANTIDOT 2-U/S proved its capabilities with the successful tests conducted on Bayraktar TB-2. In addition, our GÖKSUR Point Defense Missile System conducted its first successful launch from a surface platform.
Our investments in R&D to date have positioned ASELSAN as a key global player with a high-value product portfolio. Today, we are witnessing a strong domestic and international demand, especially in our air defense, radar, and electro-optical systems. In order to enhance our mass production capabilities, we have launched three strategic investment projects totaling $616 million, covering critical areas such as photon detectors, radar technologies, and air defense systems. These projects, supported under the Ministry of Industry and Technology’s Project-Based Investment Incentive Program, are essential for our Steel Dome concept and will enable ASELSAN to deliver high value-added technologies at a large scale.”
