ASELSAN has announced its inflation-adjusted financial results for 2025, marking the conclusion of its 50th anniversary year with record-breaking achievements across revenue, exports, order intake, and backlog. The results, disclosed to Türkiye’s Public Disclosure Platform (KAP), underscore the company’s sustained growth trajectory, export-oriented expansion, and strengthened financial position.
Record Revenue and Export Growth
As the most valuable company listed on Borsa İstanbul, ASELSAN reported total revenue of 180.4 billion TL in 2025, reflecting a 15% real-term increase compared to the previous year. The company’s international momentum accelerated significantly, with direct and indirect exports rising by 89%, reaching USD 958 million.
In a notable milestone, 16 products were exported for the first time, while export unit value climbed to USD 2,200 per kilogram, signaling a shift toward higher value-added technology solutions. ASELSAN secured more than USD 2 billion in new export contracts during the year, representing a 104% increase over 2024.
Overall new order intake rose by 46%, totaling USD 9.6 billion, while the company’s backlog also expanded by 46% to reach a historic USD 20.4 billion. All key performance indicators reached all-time highs during the anniversary year.
Operational Efficiency and Sector Outperformance
Declaring 2025 as the “Year of Operational Efficiency,” ASELSAN implemented comprehensive corporate transformation initiatives, resulting in an EBITDA margin of 26.2%, a 100-basis-point improvement year-on-year.
The company further strengthened its growth outlook by increasing its Book-to-Bill ratio to 2.2, up from 2 in the previous two years, reinforcing its long-term sustainability and outperformance relative to industry peers.
Revenue growth was primarily driven by demand across key segments, including STEEL DOME, radar systems, electronic warfare, electro-optics, smart and guided munitions, naval and underwater systems, military communications, and urban security technologies.
Among the largest contracts recorded in 2025 were €2.76 billion in air defense system agreements, alongside a USD 410 million export contract with a NATO member state, highlighting ASELSAN’s expanding role within allied defense ecosystems.
R&D and Production Expansion Fuel Long-Term Growth
ASELSAN continued to strengthen its technological base, increasing R&D expenditures by 40% to reach USD 1.36 billion, maintaining its leadership in engineer employment and active research projects in Türkiye. Internally funded R&D amounted to USD 250 million.
Capital expenditures focused on serial production capacity rose by 106%, reaching USD 372 million. During the year, ASELSAN commissioned 14 new production facilities, enhancing its ability to meet growing domestic and international demand.
A flagship development was the launch of the Oğulbey Technology Base, described as the largest single defense industry investment in the history of the Republic of Türkiye. The facility will provide additional production capacity for STEEL DOME components, with the first phase scheduled for completion in the second quarter of 2026.
Strengthened Financial Structure and Cash Flow
Despite sustained investment in R&D and manufacturing capacity, ASELSAN significantly improved its financial metrics. Operational cash flow increased from 28 billion TL in 2024 to 49 billion TL in 2025, while free cash flow rose from 91 million TL to approximately 10 billion TL.
The ratio of financial liabilities to total assets declined from 13.4% to 10%, and net debt was reduced by 33%. The company’s Net Debt/EBITDA ratio improved from 0.53 to 0.30, positioning ASELSAN below sector-average leverage levels and reinforcing balance sheet resilience.
CEO Ahmet Akyol: “We Have Concluded Our 50th Year with Record Results”
Evaluating the 2025 performance, ASELSAN President & CEO Ahmet Akyol described the year as a landmark period in the company’s five-decade history.
“We are proud to have concluded 2025 with record-breaking revenue, international deliveries, new orders, and export contracts,” Akyol stated. “Our backlog has reached a historic peak of USD 20.4 billion. This performance reflects a deliberate transformation centered on production capacity, R&D, and operational efficiency.”
He highlighted the addition of more than 30 new products to the company’s portfolio and emphasized the strategic importance of expanding exports and introducing Turkish engineering solutions into new markets.
Artificial Intelligence and Talent Investment
ASELSAN also intensified its digital transformation efforts by integrating Artificial Intelligence across internal processes and product development. The company established one of Türkiye’s largest corporate data centers and reported USD 39 million in annual savings through AI-driven efficiencies in financial management, procurement, and human resources.
Workforce expansion remained a priority, with employee numbers reaching 14,000, reflecting an 18% increase and the creation of more than 2,000 new positions. Notably, ASELSAN recorded a net positive brain drain for the first time, with 137 professionals returning to Türkiye from abroad to join the company.
Toward a Global Brand Strategy
As ASELSAN enters its next phase, leadership has emphasized a strengthened global brand strategy for 2026, prioritizing export-led growth and continued investment in serial production capacity.
With record financial results, expanded R&D capability, growing international contracts, and strengthened cash flow, ASELSAN’s 50th anniversary year stands as a defining milestone in its evolution into a globally competitive defense technology company.
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