ASELSAN announced its inflation-adjusted financial results for the first quarter of 2025. In the statement made to the Public Disclosure Platform (KAP), it was stated that the company’s revenue in the first three months of the year increased by 9% in real terms compared to the same period of the previous year and reached TL 22.8 billion.

In the same period, new contracts signed by the company increased by 46% to USD 1.5 billion, while export contracts increased by 220% to USD 372 million. ASELSAN’s outstanding orders increased by 35% to USD 15 billion.

In the details of the financial performance in the first quarter, EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) margin, which indicates the operating profitability of the company, was realised as 23%. EBITDA reached TL 5.1 billion, up 10% in real terms compared to the same period of the previous year.

The ratio of work in progress to sales increased to 2.3, thus ASELSAN continued to be above the sector average in this area. Net Debt/EBITDA ratio was recorded as 0.60% and decreased compared to the same period of the previous year.

The largest contribution to ASELSAN’s revenue growth came from deliveries of Air Defence Systems, Radar, Electronic Warfare, Weapon Systems, Naval Systems, Electro-Optics and Military Communication Systems.

While the company focused on operational efficiency, it also increased its investment and R&D expenditures. R&D expenditures increased by 33 per cent to USD 250 million. Investment expenditures increased by 70 per cent in the same period. Financial debts decreased by 8% and trade payables by 37%.

ASELSAN signed many new contracts with domestic and foreign customers in the first quarter of 2025. These contracts included the export of military communication systems for international customers, radar, weapon, air defence and data link systems for naval platforms, airborne electro-optical payloads, electronic warfare and remote-controlled weapon systems.

In addition, contracts were signed with the Presidency of the Republic of Turkey Presidency of Defence Industries for new generation radar systems and public security communication systems. Contracts were also signed with Türkiye Raylı Sistem Araçları Sanayi A.Ş. (TURASAŞ) for railway signalling systems and with a domestic customer for the supply of payloads for land vehicles.

Ahmet Akyol, General Manager of ASELSAN, stated that the strong financial and operational momentum achieved in 2024 was carried into the first quarter of 2025. Akyol stated that the 220% increase in export contracts in particular supported the company’s growth in global markets.

He stated that the company’s $616 million investment in radars, photon detectors and air defence systems within the scope of the ÇELİKKUBBE concept was included in the Project-Based Investment Incentive programme by the Ministry of Industry and Technology.

Akyol also said that the delivery of the HİSAR O Air and Missile Defence System has been completed, while PUHU 3-LT Electronic Support Systems and modernised armoured combat vehicles have been delivered to the army.

He announced that the GÖZDE Guidance Kit achieved a first with its ability to hit high-speed targets, the tests of the ANTIDOT 2-U/S Electronic Support Pod with Bayraktar TB2 were completed, and the surface-to-surface strike capability of the TOLUN ammunition was tested in the GÖKTAN Project. He also stated that the first firing of the GÖKSUR point air defence system from a surface platform was successfully carried out.