Export performance strengthened significantly, with direct and indirect export contracts reaching 1.45 billion USD, a 171% increase compared to the same period in 2024. ASELSAN’s order backlog rose by 42% to 17.9 billion USD.
Investments in production infrastructure nearly doubled to 200 million USD, while R&D spending rose by 40%, amounting to 925 million USD. The company’s EBITDA margin increased by 100 basis points to 25%, and real-term EBITDA grew by 18% year-on-year, reaching 22.7 billion TL.
Maintaining a strong forward-looking growth trend, ASELSAN’s Book-to-Bill ratio stood at 2.5 for the first nine months of 2025, remaining above industry averages. A record 1.65 billion EURO contract was signed for air defence systems, the largest single new order of the year.
Deliveries across critical sectors—such as STEEL DOME, radar, electro-optics, electronic warfare, naval systems, and military communications—contributed significantly to the company’s performance. Total assets rose by 6%, and net debt fell by 40%, with the Net Debt/EBITDA ratio improving from 1.27 to 0.57.
Commenting on the results, ASELSAN CEO Ahmet Akyol said: “Our strong momentum in growth remained intact in the third quarter, and we delivered real growth of 12,3% in the first 9 months of the year. In addition to sustaining our robust financial and operational performance, we successfully maintained our strong pace in new orders. This milestone clearly demonstrates the continued trust of our customers and stakeholders, and reaffirms ASELSAN’s strategic role in the defense and technology ecosystem.”
He continued: “When we look at our financial statements, we observe significant improvements across all key indicators such as revenue, profitability, leverage, and cash flow compared with the same period of last year. Our financial performance clearly demonstrates that ASELSAN is being managed with strong discipline, achieving not only growth but sustainable and value-driven growth, and that the Company is positioned for continued success.”
Highlighting recent achievements, Akyol added: “Today, ASELSAN develops products that only a select number of companies worldwide are capable of producing and the third quarter marked a historic period for ASELSAN. In a ceremony attended by the President of Türkiye, we delivered 47 components of the STEEL DOME system to our heroic Armed Forces. During this significant event, we also laid the foundation of our new OĞULBEY Technology Base. With a total investment value of 1.5 billion USD, this project stands as the largest single defense industry investment in the history of the Republic of Türkiye. Once completed, the facility will become the largest air defense complex in Europe. In this way, ASELSAN’s production capacity, particularly in air defense systems and across several other strategic domains, will expand substantially.”
He concluded: “As a company that develops and manufactures high-technology solutions, ASELSAN continues to serve as a strong attraction point for Türkiye’s brightest youth. We will continue to invest in our employees, the true heroes behind the achievements that make our nation proud, as well as in the promising talents.”
