ASELSAN, Türkiye’s leading defense electronics company, has announced its inflation-adjusted financial results for the first half of 2025, highlighting sustained growth across all key performance metrics. The company reported revenue of 53.7 billion TL, marking a real increase of 11.3% year-on-year, driven by continued deliveries in key sectors such as air defense, electro-optics, radar, avionics, electronic warfare, security, and weapon systems.
Export Growth and Contract Volume
ASELSAN secured 2.8 billion USD in new contracts during the first six months of 2025 — a 10% increase compared to the same period last year. Of this amount, 1.3 billion USD came from direct and indirect export contracts, underscoring the company’s expanding global footprint. The company’s order backlog rose by 30%, reaching 16 billion USD, indicating strong future demand.
Operational and Financial Highlights
The company reported EBITDA of 13.5 billion TL, reflecting a 15% real increase compared to H1 2024, and maintained a solid EBITDA margin of 25%. ASELSAN’s Book-to-Bill ratio was recorded at 2, surpassing industry benchmarks and affirming healthy growth momentum.
R&D and Infrastructure Investment Surge
In the first half of 2025, R&D expenditures surged by 42%, reaching 572 million USD, while infrastructure investments doubled to 104 million USD. Additionally, the company significantly reduced its net debt by 38%, lowering its Net Debt/EBITDA ratio from 1.21 to 0.57, reinforcing financial stability.
Strategic Insights from ASELSAN CEO
Commenting on the results, ASELSAN CEO Ahmet Akyol stated:
“With the aselsaneXt program launched in 2024, we gained strong financial momentum. Our H1 2025 results confirm this continued success. A revenue increase of over 11% in real terms and a growing export share demonstrate our financial strength. The 30% rise in our backlog to 16 billion USD ensures sustained long-term growth.”
He emphasized three pillars behind this success: a focus on high-tech product development, efficiency improvements, and localization efforts. Notably, ASELSAN introduced eight new products into inventory in H1 2025 and achieved 25 million USD in annual savings through AI integration. Despite a larger workforce, revenue per employee improved by 1.6%, showcasing operational efficiency.
Strategic Achievements and Market Position
At IDEF 2025, ASELSAN unveiled 10 new high-tech, high-value-added products, further cementing its role in Türkiye’s defense ecosystem. The company’s market performance also reflects investor confidence, with ASELSAN becoming the most valuable company on Borsa İstanbul, reaching a market capitalization exceeding 21 billion USD.
Looking Ahead
CEO Akyol concluded,
“We will continue to invest in R&D and expand 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 aim to enter new global markets in the second half of the year.”
