Record First Half for ASELSAN: New Contracts Reach $4.9 Billion

ASELSAN set a record in new contract volume in the first half of 2026. The company's newly signed contracts rose by 72% to USD 4.9 billion, while remaining orders increased by 45% to USD 23.2 billion. ASELSAN's first-half revenue grew in real terms by 25% to TRY 88.5 billion.

ASELSAN, one of Turkey's leading defense industry companies, sustained strong growth performance with its financial results for the first six months of 2026. According to the results disclosed to the Public Disclosure Platform, ASELSAN recorded significant increases in both new contracts and remaining orders during the first half of the year.

72% increase in new contracts
ASELSAN's newly signed contracts in the first half of 2026 rose by 72% compared to the same period of the previous year, reaching USD 4.9 billion. This figure entered the records as the company's highest new contract volume achieved in any six-month period.

The total value of the company's unfulfilled current orders also reached USD 23.2 billion with a 45% increase. The ratio of new business to sales rose from 2 to 2.5.

ASELSAN General Manager Ahmet Akyol noted that the company exceeded the USD 20 billion level in remaining orders for the first time in 2025, sharing expectations that levels around USD 30 billion could be seen starting from the following year.

Revenue reached TRY 88.5 billion
ASELSAN's revenue in the first half of the year grew in real terms by 25% compared to the same period of the previous year, reaching TRY 88.5 billion. The company's dollar-based revenue growth materialized at 37%.

Deliveries for air defense, radar, electronic warfare, artificial intelligence-enabled urban security, naval systems, electro-optical and guided ammunition systems contributed to the revenue increase.

During the same period, the company signed new contracts with international customers for the export of air defense, radar, electronic warfare, communications, electro-optical and avionics systems. These agreements also included ASELSAN-manufactured payloads to be used on unmanned aerial and naval vehicles.

R&D investments increased to USD 804 million
ASELSAN supported its growth with technology and R&D investments. The company's R&D expenditures in the first half of 2026 reached USD 804 million with a 41% increase.

LEO satellite technologies, quantum computing, underwater systems, propulsion, microelectronics, laser and long-range guided ammunition technologies were among the main areas in which the company invested.

Investments in serial production and capacity increase rose by 195% to USD 323 million.

Increasing production capacity
The company commissioned new production and test centers, completed with USD 40 million investment in the first half and with a total closed area of 17,360 square meters.

The facilities, to be used in production and testing activities for smart ammunition, air defense and underwater systems, also expanded robotic and automation infrastructure. ASELSAN brought 19 new robotic automation lines into service during the first six months of the year.

The Oğulbey Technology Hub, expected to play an important role in increasing the company's serial production capacity, is planned to begin production in the third quarter of 2026 in its first phase.

EBITDA reached TRY 23.2 billion
Strong increases were recorded in ASELSAN's operational profitability. The company's EBITDA rose by 31% compared to the same period of the previous year, reaching TRY 23.2 billion. The EBITDA margin stood at 26.3%, with a 120 basis point increase.

First-half operational cash flow materialized at TRY 15.2 billion, while the net debt/EBITDA ratio declined from 0.57 to 0.55. Return on equity increased from 11.9% to 15.5%.

Over 1,000 hired in first half
ASELSAN provided employment for over 1,000 new personnel in the first half of the year as part of its expanding production and technology development activities. It was noteworthy that approximately 15% of the new employees consisted of personnel transferred from abroad to Turkey.

The company's performance in the first half of 2026, characterized by increasing order volume in defense technologies, strong remaining orders, high R&D investments and capacity increases, indicates that ASELSAN is maintaining its growth momentum.

Source