Türkiye’s leading defense company ASELSAN has released its inflation-adjusted financial results for the first half of 2025, showing continued growth across core performance indicators.
The company reported revenues of 53.7 billion Turkish liras (about 1.32 billion USD), reflecting an 11.3% real increase compared to the same period last year. This growth was attributed to continued deliveries across key sectors, including air defense, radar, electro-optics, avionics, electronic warfare, and weapon systems.
New contract signings during the period totaled 2.8 billion USD, marking a 10% increase year-on-year. Export-related deals (both direct and indirect) accounted for 1.3 billion USD. ASELSAN’s order backlog reached 16 billion USD, a 30% increase from the previous year, pushing the company’s Book-to-Bill ratio to 2.
Operational EBITDA reached 13.5 billion TL in the first half of 2025, representing a real increase of 15% and a margin of 25%. The company also reported a 38% year-on-year reduction in net debt, bringing its Net Debt/EBITDA ratio down from 1.21 to 0.57.
Research and development spending rose to 572 million USD in the period, up 42% from the previous year, while infrastructure investments doubled to 104 million USD.
Commenting on the results, ASELSAN CEO Ahmet Akyol noted that the financial performance was supported by the company’s ongoing modernization and efficiency efforts. Akyol highlighted the role of the aselsaneXt program launched in 2024, as well as the company’s focus on high-tech product development and localization strategies.In the first half of 2025, ASELSAN added eight new products to inventory and showcased ten others at the IDEF defense exhibition. Akyol said the integration of artificial intelligence into operational processes resulted in estimated annual savings of 25 million USD. He also pointed to a 1.6% increase in revenue per employee despite a larger workforce.
The CEO added that localization efforts helped reduce costs, and emphasized the company’s aim to expand its presence in international markets in the second half of the year. Plans include increasing production capacity in areas such as air defense systems, smart munitions, and electro-optics.
ASELSAN’s market capitalization surpassed 21 billion USD in 2025, making it the highest-valued company on Borsa İstanbul.