ASELSAN increased its revenue by 28 percent in real terms in the first nine months of 2026, reaching 151.5 billion TL; The remaining orders reached 30.7 billion dollars.
ASELSAN, one of Turkey's defense industry companies, announced its financial results for the first nine months of 2026. The company continued its growth with increasing order volume, new contracts and investments to expand its production capacity.
According to the announced data, ASELSAN's balance orders exceeded the level of 30 billion dollars for the first time and reached 30.7 billion dollars. While the company signed new contracts worth a total of 14 billion dollars in the first nine months of the year, it increased its revenues by 28 percent in real terms.
Balance Orders Reached 30.7 Billion Dollars
The most striking indicator in ASELSAN's financial results was the outstanding order amount, which represents the total of orders that have not yet been delivered or recorded as income. The remaining order of 30.7 billion dollars announced by the company reveals the business volume that is expected to turn into production and delivery activities in the coming periods.
The growth of residual orders shows that ASELSAN is undertaking long-term projects in different defense technologies fields and expanding its order portfolio. However, this amount does not mean the company's revenue or direct profit in the same period. Turning orders into revenue; Depends on production, delivery, contract conditions and project schedules.
New Contracts Increased to $14 Billion
ASELSAN signed new contracts worth a total of 14 billion dollars in the first nine months of 2026. The size of the new contracts stood out as one of the key factors supporting the company's existing order portfolio.
The book-to-bill indicator, which shows the ratio of newly acquired business to sales, also increased to 4.4. This ratio indicates that the business volume received in the relevant period reached approximately 4.4 times the sales. In other words, ASELSAN's new order winning rate was significantly higher than its current sales volume.
This indicator is one of the important criteria used to evaluate the company's future business volume in sectors with large-scale projects with long delivery times, such as the defense industry.
Revenue Increased by 28 Percent in Real Terms
ASELSAN's first nine-month revenue increased by 28 percent in real terms compared to the same period last year, reaching 151.5 billion TL. Real growth refers to the increase taking into account the effect of inflation.
The increase in revenue shows that the company continues to transform its growing order portfolio into production and delivery activities. Projects carried out in different fields such as defense electronics, radar, electronic warfare, communications, electro-optics and air defense systems form the basis of ASELSAN's activities.
The combined increase in residual orders and revenue reveals that the company is both winning new business and continuing to generate income from existing projects. However, the impact of these two indicators on future profitability is closely related to the delivery schedule and cost structure of the projects.
R&D Expenditures Increased to 1.3 Billion Dollars
ASELSAN also increased its investments in technology development activities. The company's R&D expenses in the first nine months increased by 36 percent, reaching 1.3 billion dollars.
R&D expenditures; It is important for the development of new products, improvement of existing systems, production of critical sub-components with domestic resources and studies on advanced technologies.
ASELSAN's activities in fields such as radar, electronic warfare, communications, electro-optics, microelectronics, guided systems and underwater technologies play a role in expanding the company's technology portfolio.
The increase in R&D expenditures is an indicator that should be evaluated in terms of the company's future product and technology development capacity as well as short-term financial results.
Investment Expenditures Increased by 228 Percent
Investment expenditures to expand ASELSAN's production capacity also increased significantly. The company increased its spending in this area by 228 percent to 684 million dollars.
Investments in production and testing infrastructure are important in order to meet increasing orders on time. In defense industry projects, in addition to delivery schedules, quality, testing and certification processes must also be completed.
For this reason, expenditures on production capacity are among the factors that support the transformation of the growing order portfolio into actual production and delivery.
EBITDA Margin Increased to 26.8 Percent
EBITDA margin, which shows the operational profitability of the company, increased by 190 basis points to 26.8 percent. While EBITDA expresses profit before interest, depreciation and amortization, EBITDA margin shows the ratio of this amount to revenue.
The increase in margin indicates an improvement in the ratio of ASELSAN's operational earnings from sales to revenue. However, EBITDA is not the same indicator as net profit; Financing expenses, taxes and other items can vary the company's net profit for the period.
The increase in operational margin in a period when R&D and production investments are increased shows that the company is trying to maintain the balance between growth and operational efficiency.
Highlights from ASELSAN's Financial Outlook
$30.7 billion: Residual orders
$14 billion: New contracts
151.5 billion TL: Revenue in the first nine months
28 percent: Real revenue increase
$1.3 billion: R&D expenditures
36 percent: Increase in R&D expenditures
$684 million: Capital expenditures
228 percent: Increase in investment expenditures
26.8 percent: EBITDA margin
4.4: Ratio of jobs received to sales
The results announced by ASELSAN reveal that while the company expanded its order portfolio, it also increased its expenditures on technology development and production capacity. The sustainability of this growth in the coming period; The speed at which orders are turned into deliveries, the structure of new contracts and the contribution of investments to production capacity will be closely monitored.
