The company announced its financial results for the 9 months of the year in the announcement made on the Public Disclosure Platform (KAP).
Accordingly, new business received in the 9-month period of the year amounted to 14 billion dollars. New export contracts signed by ASELSAN, which continues its export-oriented growth strategy with determination, increased by 34 percent to 1.9 billion dollars. For the first time in the history of the company, the level of 30 billion dollars in outstanding orders was exceeded.
Investments in the 9 months of this year increased by 228 percent to 684 million dollars. A strong order portfolio, investments that increase production capacity and the increase in R&D expenditures stood out as the main factors supporting ASELSAN's sustainable growth.
Air defense, radar, electronic warfare systems, underwater systems, artificial intelligence-supported city security systems, guided ammunition systems, electro-optical and communication technologies played a decisive role in the revenue obtained in the 9 months of the year. This growth was supported by the increasing demand for ASELSAN's high-tech products.
The ratio of acquired works to sales increased to 4.4 in the 3rd quarter of this year. Investments in critical infrastructure and facilities required for design and production, which prepare ASELSAN for the future, accelerated significantly during this period.
Supporting its strong growth with a focus on operational excellence, high technology and corporate transformation, ASELSAN also demonstrated a strong performance in productivity indicators. The company's EBITDA margin increased by 190 basis points compared to the same period last year, reaching 26.8 percent. Compared to the end of 2025, the company's trade receivables decreased by 11 percent. Improvements in these areas supported ASELSAN's strong balance sheet structure. In the same period, ASELSAN's EBITDA increased by 38 percent and reached 40.6 billion lira.
The determined execution of practices that increase efficiency and the transformation towards critical and high entry barrier technologies within the product portfolio made a significant contribution to ASELSAN's growth and protection of its operational margins. In the same period, ASELSAN's per capita revenue increased by 4 percent in dollar terms.
R&D EXPENDITURES INCREASED TO 1.3 BILLION DOLLARS
Along with the increasing balance orders, investments that will provide ASELSAN with additional production capability and scale continued uninterruptedly for 9 months of the year. Investments in Oğulbey Technology Base and existing campuses have increased. These investments support ASELSAN to meet its growing order volume and achieve sustainable growth.
The first phase of the Oğulbey Technology Base, the foundation of which was laid in 2025 and which is the largest single defense industry investment in the history of the Republic, started its activities in this period. Similarly, many new investments such as the Guided Ammunition Systems Production Center were put into operation during this period. Robotics and automation infrastructure in the production of air, sea and land defense systems has been significantly strengthened. With the commissioned and ongoing investments, ASELSAN's delivery capacity, speed and quality capabilities have been increased.
ASELSAN's R&D expenditures increased by 36 percent in the relevant period compared to the same period of the previous year, reaching 1.3 billion dollars.
Investments in areas with high entry barriers, especially satellite technologies, quantum computing technologies, underwater technologies, high-power microwave technologies, microelectronic system technologies, smart ammunition and propulsion system technologies, have accelerated.
ASELSAN'S FINANCIAL EXPENSES DECREASED BY 10.3 PERCENT
The company's operational cash flow amounted to 23 billion lira in the 9 months of 2026. During the said period, the share of ASELSAN's financial debts in its assets was 14 percent. With effective financial management and new strategies developed, ASELSAN's financial expenses decreased by 10.3 percent compared to the same period last year.
With its equity ratio at 55 percent, ASELSAN maintained its position above the sector averages in this field. ASELSAN's balance sheet size increased by 15 percent compared to the end of 2025. With strong balance sheet management, efficiency-increasing practices and sustained financial discipline, ASELSAN's return on equity increased by 400 basis points to 16.6 percent in the 9 months of the year, and asset profitability increased to 9 percent, resulting in a significant improvement in capital and asset efficiency.
"WE ARE PROCEEDING WITH THE GOAL OF A STRONGER ASELSAN IN GLOBAL COMPETITION"
ASELSAN General Manager Ahmet Akyol, who included his views on the company's 3rd quarter financial results in the statement, said that 2026 is a year in which ASELSAN not only grows but also changes the scale of growth.
Expressing that the transformation they achieved with aselsanXt has been reflected in the entire company, from orders to investments, from production capacity to technological depth, Akyol said, "We have gone beyond meeting today's needs. We are creating the capacity to respond to tomorrow's demands, today. We are moving forward with the goal of a faster, more efficient and stronger ASELSAN in global competition." made his statements.
Akyol stated that in addition to stable growth, the growth rate has also increased, and when looking at the third quarter growth figures in dollar terms, he announced that they will grow by 18 percent in 2024, 29 percent in 2025 and 42 percent this year.
Noting that they performed well above the industry's global averages in growth and many business volume indicators, Akyol said, "As a matter of fact, we rose three places to rank 40th in the Defense News Top 100 list announced in August. We became the first Turkish defense industry company to enter the Forbes Global 2000 list. Similarly, the reports of global investment institutions also draw attention to our company's achievements." made the statement.
"WE LOOK AT NOT ONLY THE VOLUME OF GROWTH, BUT ALSO THE QUALITY"
ASELSAN General Manager Akyol pointed out that the effective use of artificial intelligence in processes, the contributions of digital transformation and the increasing share of higher value-added products in the product portfolio were effective in the improvements in revenue and EBITDA margins.
Emphasizing that the improvement of operational margins is especially important as the scale grows, Akyol said:
"These results reveal that, in addition to accomplishing more work, we also carry out high value-added work more efficiently. We look not only at the volume but also the quality of growth. Reaching a more efficient structure while becoming a larger company is one of the most important indicators of the transformation we aim for with aselsanXt. We have broken new records in the history of ASELSAN on the order side. The increase in our ratio of work received to sales to 4.4 is one of the important indicators of our business volume extending to the coming years. This ratio tells us only that today's demand It shows not only its strength but also the growth potential of the coming period. The fact that we are receiving new business far above our sales indicates that we have a long and strong workload ahead of us. Our main responsibility from now on is to transform this portfolio into on-time delivery, new capacity and technological superiority.
We put the first phase of the Oğulbey Technology Base into operation, which is the largest single defense industry investment in the history of the Republic. While we are commissioning new facilities such as the Guided Ammunition Systems Production Center, we are also improving our robotics and automation infrastructure. Our approach here is very clear: We do not expect orders to exceed our capacity. We are preparing our infrastructure today by anticipating the future point of demand. "We transform orders into capacity and capacity into the future."
Akyol stated that they invested in areas with high barriers to entry, from satellite technologies to quantum computing technologies, from underwater systems to high-power microwave and microelectronic technologies, and that they introduced the low orbit satellite concept for the first time at the International Astronautical Congress held in Antalya.
Stating that ASELSAN, which has provided the Turkish Armed Forces with land, sea and air communications since its establishment, will also provide satellite communication services from now on, he said, "Our project, which we call ASTRALINK, has attracted the intense attention of the international community. We will continue to focus on such new technology areas that will strengthen our technological independence, take us higher in exports and open new areas of capability." made his statements.
"WE HAVE ALREADY DOUBLED THE INVESTMENT WE MADE LAST YEAR IN THE FIRST THREE QUARTER OF THIS YEAR"
Akyol stated that he sees not compromising financial discipline as one of his main priorities while making investments, and said, "We have made almost twice the investment we made last year in the first three quarters of this year. We are successfully maintaining our financial stability in an environment where the investment tempo has increased to this extent." made his assessment.
Stating that there is an increasing interest in ASELSAN and the systems they have developed today, both in Turkey and in international markets, Akyol noted that they see this interest as a strategic development and that ASELSAN's wide product portfolio provides a significant advantage at a time when defense budgets are increasing and countries care more about supply security and technological sovereignty.
Akyol stated that they brought ASELSAN to where it is today with its corporate management approach and qualified personnel working with dedication, and said, "Our goal is clear: to make ASELSAN one of the world's leading defense technology companies and strong global technology brands." made the statement.
