ASELSAN Breaks Records as Order Backlog Surpasses $30 Billion

Ender Öztürk

October 27, 2026

ASELSAN announced its financial performance for the first nine months of 2026 via the Public Disclosure Platform (KAP), marking a period of unprecedented growth and strategic expansion. The Turkish defense leader reported that its revenue increased by 28% in real terms compared to the same period last year, reaching 151.5 billion TL. For the first time in its history, the company’s total backlog surpassed the $30 billion threshold, settling at $30.7 billion. This surge was supported by $14 billion in new contracts and a 34% increase in export deals, which reached $1.9 billion. These results highlight the company’s expanding role in the global defense market and its robust financial health.

Financial Discipline Drives Significant Profitability Growth

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

A balanced picture also emerges on the financial sustainability front. The company’s operational cash flow was recorded at 23 billion TL, while the share of financial debt within total assets remained stable at around 14%. Through effective debt management, financing expenses decreased by 10.3%. Return on equity improved by 400 basis points to 16.6%, and return on assets rose to 9%. The total equity ratio remained strong at 55%, preserving a healthy balance sheet structure.

Infrastructure Investments Reach Historic Levels at Oğulbey Base

To meet the growing backlog of orders, ASELSAN has significantly increased the resources allocated to its production infrastructure. Investments in capacity expansion and high technology jumped by 228%, reaching $684 million. During this period, the first phase of the Oğulbey Technology Base, which stands as the largest single defense industry facility in the history of the Republic, became operational.

Furthermore, the Guided Munitions Systems Production Center was commissioned, and robotic automation infrastructure was expanded across land, sea, and air system production lines. This transformation ensures that the company can handle the massive influx of new orders while maintaining high manufacturing standards. The shift toward automated systems is expected to further reduce long-term operational costs and increase output speed.

Research and Development Spending Accelerates Future Innovation

As the company with the highest number of R&D projects in Turkey, ASELSAN increased its R&D expenditures by 36% to $1.3 billion. Research processes have gained momentum in high-barrier fields such as microelectronics, quantum computing, underwater technologies, high-power microwave systems, and propulsion technologies. These investments are designed to ensure long-term technological independence and competitive superiority.

ASELSAN General Manager Ahmet Akyol noted that the aselsaneXt transformation program is yielding successful results in the field. He emphasized that the book-to-bill ratio reaching 4.4 guarantees the workload for coming years. Akyol stated that 2026 is a year where the scale of growth has fundamentally shifted, with dollar-based growth reaching 42% in the third quarter.

Global Expansion Plans Include New Space Technologies

ASELSAN has ascended to the 40th position on the Defense News Top 100 list and became the first Turkish defense company to enter the Forbes Global 2000. Beyond traditional defense, the company is moving its communication expertise into orbit. The ASTRALINK low-earth orbit satellite concept, introduced at the International Astronautical Congress, represents the company’s ambition to extend its communication infrastructure from land, sea, and air into space.

With increasing global defense budgets and a heightened focus on supply chain security, ASELSAN aims to maintain its export-oriented growth trajectory. The company’s full production schedule and diverse product portfolio in air defense, electronic warfare, and radar systems position it as a critical player in the international arena for the foreseeable future.

How do you think ASELSAN’s record-breaking backlog and its expansion into space technologies will impact the global defense market in the coming decade? Share your thoughts and predictions in the comments section below.