ASELSAN 2026 Q1: Strong Growth and Export Performance

ASELSAN, the company with the highest market value on Borsa Istanbul, delivered a strong financial performance in the first quarter of 2026. The company's revenue increased by 15% in real terms compared to the same period last year, reaching TRY 34.3 billion. New export contracts signed during this period rose by 69% to USD 629 million, while the order backlog increased by 39% to USD 20.7 billion. ASELSAN increased its investments in scaling and capacity expansion by 261% in the first quarter, reaching USD 137 million. R&D expenditures also rose by 41% to USD 357 million. The company's Net Debt/EBITDA ratio declined from 0.60 in the same period last year to 0.41, indicating maintained financial strength. Half of the contracts signed in the first quarter were export-oriented. Agreements with international customers covered areas such as communication systems, payloads for unmanned surface vehicles, air defense, and avionics systems. Additionally, contracts were signed for the export of Electro-Optic Systems abroad via a domestic platform manufacturer and for the supply of Guidance Systems with the Presidency of Defense Industries. ASELSAN General Manager Ahmet Akyol noted that the company achieved 13% real growth in 2024 and 15% in 2025, and that this strong performance continued in the first quarter of 2026. Akyol emphasized that strong demand for products and technologies fuels investment appetite. The company, which delivered 286,000 products last year, aims to exceed 400,000 units this year. Akyol assessed the visit of the NATO Secretary General to ASELSAN as an indicator of the company's transformation into a global actor setting technology standards. Meanwhile, according to the report by the Stockholm International Peace Research Institute (SIPRI), Turkey ranked 18th in the world with military spending of USD 30 billion in 2025. Turkey's arms exports increased by 122% in the 2021-2025 period compared to the previous five-year period, while imports decreased by 9.7%. These developments are seen as a reflection of progress in the domestic defense industry and the contribution of companies like ASELSAN. This is not investment advice.