ASELSAN CONTINUES TO GROW WITH THE TECHNOLOGIES OF FUTURE
As declared 2025 year as the “Year of Operational Efficiency” and placing corporate transformation initiatives at the core of its agenda, ASELSAN achieved an EBITDA margin of 26.2% during the period, representing a 100-basis-point increase compared to the same period of the previous year. ASELSAN, having maintained its Book-to-Bill ratio one of the key indicators of growth and sustainability at 2 for two consecutive years, further strengthened this momentum in 2025 by increasing the ratio to 2.2, thereby sustaining its outperformance relative to the sector.
The 2025 revenue performance was primarily driven by STEEL DOME, Radar, Electronic Warfare, Electro-Optics, Smart Munition, Guided Munition, Naval and Underwater, Military Communication, and Urban Security Systems. During the period, contracts totaling 2.76 billion EUR for the supply of air defence systems were recorded as the largest new orders received in 2025. The 410 million USD contract signed with a NATO member state stood out as a major export success.
R&D AND SERIAL PRODUCTION DRIVING GROWTH
As Türkiye’s leader in engineer employment and the number of active R&D projects, ASELSAN increased its R&D expenditures by 40% in 2025, reaching USD 1.36 billion USD. In this context, R&D investments remained among the primary drivers supporting ASELSAN’s competitiveness in high-technology domains. In 2025, capital expenditures aimed at strengthening ASELSAN’s serial production capabilities increased by 106% compared to the same period of the previous year, reaching 372 million USD. During the year, ASELSAN put into operation 14 new production facilities, thereby establishing the capacity required to meet increasing demand. These R&D expenditures and serial production investments reinforced ASELSAN’s advanced technology development and manufacturing capabilities, underpinning the Company’s sustainable growth trajectory.
Launched in 2025, the Oğulbey Technology Base representing the largest single defence industry investment in the history of the Republic will provide additional production capacity for STEEL DOME components, further strengthening ASELSAN’s global role in the defence industry. The first phase of this investment is also scheduled to be completed in the second quarter of 2026.
STRONG CASH FLOW, DISCIPLINED FINANCIAL MANAGEMENT
During the period in which investments in R&D and serial production continued uninterruptedly, strong improvements were observed in cash flow. Operational cash flow (OCF) increased from 28 billion TL in 2024 to 49 billion TL in 2025, and free cash flow (FCF) realized from 91 million TL to around 10 billion TL. During the same period, the ratio of financial liabilities to total assets declined from 13.4% to 10%, further strengthening the Company’s balance sheet structure.
ASELSAN recorded a 33% reduction in net debt in 2025, a year marked by the implementation of new financial management strategies. Accordingly, the Company’s Net Debt/EBITDA ratio improved from 0.53 in 2024 to 0.30 in the current period. In this context, ASELSAN further strengthened its financial position by maintaining leverage metrics below sector averages. The increase in the export-oriented order composition, effective financial management, robust cash flow generation, and rising investment expenditures collectively support ASELSAN’s long-term sustainable growth trajectory.
ASELSAN PRESIDENT & CEO AHMET AKYOL EVALUATED 2025 FINANCIAL RESULTS
“We Have Concluded Our 50th Year With Record Results”
“We are proud to have concluded 2025 with landmark records and milestones that crown ASELSAN’s 50-year history. In 2025, we achieved the highest revenue in our history and realized our largest volume of international deliveries to date. We also reached record-breaking levels in both new orders and export contracts. Consequently, our backlog hit a historic peak of 20.4 billion USD. We delivered this performance through a deliberate transformation focused on production capacity, R&D, and efficiency.”
“We are Outperforming Our Global Peers”
We added more than 30 new products to our inventory. We increased our export contracts by 104%; by exporting 16 products for the first time, we introduced Turkish engineering to new markets. In doing so, we grew not only our company but also our country’s high-tech production capacity, providing a greater contribution to the national economy. We also sustained our investments in R&D and innovation. In 2025, our R&D expenditures reached 1.36 billion USD, with R&D funded by internally amounting to 250 million USD.
"We Are Integrating Artificial Intelligence into Our Processes and Products"
We have begun to utilize Artificial Intelligence more effectively. We have established one of Türkiye’s largest data centers within our company. By integrating Artificial Intelligence into our processes—including financial management, procurement, and HR—we have achieved annual savings of 39 million USD. Furthermore, we have started incorporating AI extensively into our products.
We increased our workforce by 18%, creating more than 2,000 new jobs. One of our proudest achievements was ending the year with a net positive brain drain for the first time. Within a single year, 137 colleagues joined ASELSAN, returning to Türkiye from abroad.
The success we have achieved across all fields, from manufacturing and exports to high-tech and talent, reflects the unwavering resolve of our Government, the confidence of our People, and the strategic strength of our aselsaneXt vision. These achievements, which fill our nation with pride, are a testament to the dedication and hard work of our more than 14,000 employees.
“We Are Taking Firm Steps Toward Becoming A Global Brand”
In 2025, ASELSAN significantly increased its presence in global markets, further strengthening its position within the international defence ecosystem. Throughout the year, contracts signed specifically for the STEEL DOME project constituted a major share of the total new business. In 2026, we will take decisive steps in line with our global brand strategy, continue to prioritize exports for growth, and sustain our investments aimed at increasing serial production.
