ASELSAN has disclosed its inflation-accounting applied financial results for the first half of 2025, sustaining its strong performance across all key financial metrics. During the first six months of 2025, revenues rose to 53.7 billion TL, reflecting a 11.3% real increase year-on-year, driven by ongoing deliveries in areas such as air defense, electro-optics, radar, avionics, electronic warfare, security and weapon systems.
During the first half of the year, new contracts totaled 2.8 billion USD, representing an increase of 10% compared to the same period of the previous year, while direct and indirect export contracts saw a remarkable surge, reaching up to 1.3 billion USD. ASELSAN’s backlog orders expanded by 30%, leveling up to 16 billion USD. With a real increase of 15% compared to the same period of the previous year, EBITDA generated from operations reached 13.5 billion TL with a margin of 25%, and the Book-to-Bill ratio was recorded at 2, positioning the company above the industry average.
In the first half of 2025, by climbing up 42% compared to the previous year, company’s R&D expenditures reached to 572 million USD during the reporting period, while expenditures on infrastructure investment grew by 100%, doubling the same period of last year by reaching up to 104 million USD. A 38% decrease in net debt compared to last year’s first half resulted in a significant improvement in the Net Debt/EBITDA ratio, dropping from 1.21 to 0.57.
ASELSAN CEO Ahmet Akyol evaluated the 2025 first half results stating: “With the aselsaneXt program we launched in 2024, we had gained strong financial momentum. Our second-quarter results once again confirmed that we maintained this momentum in the first half of 2025. Our revenue, which we increased by over 11% in real terms, along with a new contract volume of 2.8 billion USD — 1.3 billion USD of which is export-related — clearly demonstrates the solid financial footing ASELSAN has established. The 30% increase in our backlog, reaching 16 billion USD, indicates that our company will continue its stable and robust growth base.
We can highlight three key factors behind this success: first, focusing on high-tech products and rapid product launches; second, efficiency improvements; and third, localization efforts. For example, in the first six months of this year, we introduced 8 new products which were given into inventory for the first time. Due to integration of artificial Intelligence into our processes, we achieved 25 million USD in annual savings. Despite a significant increase in our workforce, we improved revenue per employee by 1.6%. Additionally, with the orders placed for products localized together with our suppliers, we created a significant cost advantage.
The first half of 2025 was highly productive not only in terms of financial indicators but also regarding our strategic initiatives. At the IDEF fair we participated in, we showcased 10 new high-tech and high value-added products for the first time. This successful outcome has emerged thanks to our technological expertise, financial performance, and the impact of recent global developments. ASELSAN’s value on Borsa İstanbul also confirms these achievements. In 2025, ASELSAN rose to become the most valuable company on Borsa İstanbul. Currently, our market capitalization has exceeded 21 billion USD. This development is a concrete indication of our investors’ confidence in the company and their belief in our long-term potential.
We will continue to progress with the same determination in the second half of the year. We will maintain our R&D and investments, particularly increasing our serial production capacity in critical areas such as air defense, radar, smart ammunition, guidance systems, and electro-optics. With our export-oriented growth strategy, we will expand into new markets.”
