ASELSAN Breaks Records as Order Backlog Surpasses $30 Billion

Ender Öztürk

October 27, 2026

ASELSAN, Turkey’s leading defense electronics company, announced its financial results for the first nine months of 2026 through the Public Disclosure Platform (KAP) this week. The company achieved a historic milestone as its backlog of orders exceeded $30 billion for the first time, reaching a total of $30.7 billion. Revenue grew by 28 percent in real terms to 151.5 billion TL compared to the same period in the previous year. These figures highlight ASELSAN’s rapid expansion in both domestic and international markets, driven by new contracts worth $14 billion and a significant 34 percent increase in export agreements during the first three quarters of the year.

Financial Results Show That Profitability Ratios Improve

The company is translating its global operational growth directly into profitability and efficiency indicators. ASELSAN’s Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) rose by 38 percent compared to the same period last year, reaching 40.6 billion TL. The EBITDA margin also saw a significant increase, rising by 190 basis points to 26.8 percent. During this period, revenue per employee recorded a 4 percent increase in dollar terms, reflecting higher productivity across the organization.

A balanced picture also emerges on the financial sustainability side. The company’s operational cash flow was realized at 23 billion TL, while the share of financial debts within total assets remained steady at around 14 percent. Thanks to effective debt management, financing expenses decreased by 10.3 percent. Return on equity improved by 400 basis points to 16.6 percent, and return on assets rose to 9 percent. The company’s total equity ratio remained strong at 55 percent, preserving its robust balance sheet structure.

New Operational Data Indicate That the Order Backlog Continues to Expand

ASELSAN’s performance in the third quarter of 2026 is characterized by a massive influx of new business. The book-to-bill ratio, which compares orders received to sales, reached a remarkable 4.4, up from 2.5 in the previous year. This suggests that for every dollar of product delivered, the company is securing more than four dollars in new orders. This ratio ensures a guaranteed workload for the coming years and provides long-term visibility for production schedules.

The backlog portfolio now stands at $30.7 billion, a figure that provides a strong foundation for future revenue. New contracts signed during this nine-month period reached $14 billion, while international expansion efforts bore fruit with $1.9 billion in new export contracts. This 34 percent growth in exports underscores the company’s increasing influence in the global defense market and its ability to compete with major international players.

Infrastructure Investments Accelerate as New Production Facilities Open

To meet the growing demand from the record-breaking backlog, ASELSAN has significantly increased its resources dedicated to production infrastructure. The company’s investments in capacity expansion and high technology surged by 228 percent, reaching $684 million. A major highlight of this period was the commencement of the first phase of the Oğulbey Technology Base, which stands as the largest single-site defense industry facility in the history of the Republic.

In addition to this massive base, the Guided Munitions Systems Production Center became operational. ASELSAN also expanded its robotic automation infrastructure across land, sea, and air system production lines. As the company with the highest number of R&D projects in Turkey, ASELSAN increased its R&D spending by 36 percent to $1.3 billion. Research and development efforts have gained momentum in high-entry-barrier fields such as microelectronics, quantum computing, underwater technologies, high-power microwave systems, and propulsion technologies.

Strategic Growth Programs Ensure That Global Competitiveness Increases

Evaluating the financial results, ASELSAN General Manager Ahmet Akyol stated that the aselsaneXt transformation program is being successfully reflected in the field. He emphasized that the growth seen in 2026 is not just about volume but also about changing the scale of growth. Akyol noted that dollar-based growth in the third quarter reached 42 percent this year, compared to 18 percent in 2024 and 29 percent in 2025.

Akyol also highlighted that ASELSAN has risen to 40th place on the Defense News Top 100 list and became the first Turkish defense industry company to enter the Forbes Global 2000 list. Looking toward the future, the company is expanding its reach into space. With the ASTRALINK low-orbit satellite concept, which was first announced at the International Astronautical Congress, ASELSAN aims to carry the communication infrastructure it provides on land, sea, and air into space. This strategic positioning in air defense, electronic warfare, and space technologies is expected to maintain the company’s export-oriented growth trajectory.

What are your thoughts on ASELSAN’s historic $30 billion order backlog and its latest investments in space technology? We invite you to share your opinions on the future of the Turkish defense industry in the comments section below.