ASELSAN has announced its inflation-adjusted financial results for the first 9 months of 2025. According to the disclosure made to the Public Disclosure Platform (KAP), ASELSAN’s revenue for the first 9 months of 2025 increased by 12,3% in real terms compared to the same period of the previous year, reaching 90,9 billion TL.
During the 9-month period, new orders recorded strong growth, rising 76% year-on-year to 5,7 billion USD. Maintaining its firm commitment to an export-oriented growth strategy and consistently increasing its international footprint, ASELSAN signed direct and indirect export contracts totaling 1,45 billion USD in the first 9 months of the year, representing a 171% increase compared with the same period of the previous year.
The Company’s backlog also rose significantly, increasing 42% year-on-year to 17,9 billion USD. In the same period, investments aimed at strengthening serial-production infrastructure increased to 200 million USD, nearly doubling from the previous year, while R&D expenditures grew by 40% reaching 925 million USD.
Placing operational efficiency and corporate transformation strategies at the core of its activities, ASELSAN recorded an EBITDA margin of 25%, marking an increase of 100 basis points compared to the same period of last year. The Company’s EBITDA generated from its operations also grew in real terms by 18% year-on-year, reaching 22,7 billion TL.
Maintaining its strong growth momentum, ASELSAN once again sustained its Book-to-Bill ratio at 2 for 2 consecutive years one of the key indicators of forward-looking growth. Continuing this positive trend, the Company carried this ratio to 2,5 in the first 9 months of 2025, remaining above industry averages.
In this period, ASELSAN signed a contract valued at 1.65 billion EURO for the procurement of air defense systems, marking the largest single new order secured in 2025. During the same period, the Company’s total assets grew by 6%. Deliveries across key segments including STEEL DOME, radar systems, electro-optics, electronic warfare, security solutions, naval systems, and military communications played a significant role in this performance during the period.
Along with these developments, the Company’s net debt declined by 40% compared to the same period of the previous year. Accordingly, ASELSAN’s Net Debt/EBITDA ratio, which stood at 1,27 during the first 9 months of 2024, showed a strong improvement and realized at 0,57 in the same period of 2025.
