The backlog rose by $7.5 billion from the previous quarter, while new export contracts increased 34% to $1.9 billion. Its book-to-bill ratio reached 4.4, which Akyol said signalled a substantial workload extending into future years.
“Securing orders far above sales volume signals a robust and sustained workload in the years to come,” Akyol said. “Our primary responsibility moving forward is to convert this portfolio into timely deliveries, expanded production capacity, and sustained technological superiority.”
The first phase of the Oğulbey Technology Base became operational during the period, following the start of construction in 2025. Aselsan also commissioned a Guided Ammunition Systems Production Centre and strengthened robotics and automation across air, naval and land defence manufacturing.
Revenue reached TL 151.5 billion, up 28% in real terms from the first nine months of 2025. EBITDA increased 38% to TL 40.6 billion, and its margin widened by 190 basis points to 26.8%.
“This improvement was driven by the effective use of Artificial Intelligence in our processes, the impact of digital transformation, and the growing share of higher value-added products in our portfolio,” Akyol said. “We are not only measuring growth by its volume, but by its quality.”
Research and development expenditure rose 36% to $1.3 billion. Priorities include low-Earth-orbit satellites, quantum computing, underwater systems, high-power microwaves, microelectronics, smart ammunition and propulsion technologies.
Akyol said the ASTRALINK project would extend Aselsan’s communications business into satellite services. The company presented its low-orbit satellite concept at the International Space Congress in Antalya.
“Maintaining financial discipline while executing our investments remains one of our top priorities,” Akyol said. “We have invested nearly twice the amount of last year’s total capital expenditure within the first nine months of this year.”
Operating cash flow reached TL 23 billion, while financing expenses fell 10.3% from the corresponding period of 2025. Financial liabilities represented 14% of total assets, and return on equity rose by 400 basis points to 16.6%.
Akyol said rising defence budgets and greater emphasis on supply-chain security and technological sovereignty were increasing interest in Aselsan’s products. He described the company’s objective as becoming one of the world’s leading defence technology businesses.
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