ASELSAN Sees Robust Expansion with Historic $16 Billion Order Backlog in First Half of 2025
Turkey’s foremost defense firm ASELSAN has unveiled its inflation-adjusted financial outcomes for the initial half of 2025, demonstrating persistent growth across essential performance metrics.
The organization disclosed earnings of 53.7 billion Turkish liras (approximately 1.32 billion USD), reflecting an 11.3% genuine rise compared to the equivalent period from the previous year. This escalation was credited to sustained deliveries in pivotal sectors, including aerial defense, radar technologies, electro-optics, avionics systems, electronic warfare, and armament solutions.
New contract agreements during the timeframe amounted to 2.8 billion USD, signifying a 10% growth year-over-year. Export-oriented contracts (both direct and indirect) represented 1.3 billion USD. ASELSAN’s order book expanded to 16 billion USD, a 30% enhancement from the last year, elevating the company’s Book-to-Bill ratio to 2.
Operational EBITDA reached 13.5 billion TL in the first half of 2025, illustrating a genuine surge of 15% and a margin of 25%. Furthermore, the company reported a 38% year-on-year decline in net liabilities, lowering its Net Debt/EBITDA ratio from 1.21 to 0.57.
Investment in research and development skyrocketed to 572 million USD during this period, a 42% increase from the prior year, while capital expenditures for infrastructure also doubled to 104 million USD.
Commenting on the results, ASELSAN CEO Ahmet Akyol pointed out that the financial outcomes were bolstered by the company’s relentless modernization and efficiency initiatives. Akyol emphasized the significance of the aselsaneXt program launched in 2024, along with the firm’s commitment to high-tech product development and localization strategies.
In the first half of 2025, ASELSAN introduced eight new products to its array and displayed ten additional items at the IDEF defense showcase. Akyol mentioned that embedding artificial intelligence into operational workflows led to projected annual savings of 25 million USD. He also noted a 1.6% increase in revenue per employee, despite an expanding workforce.
The CEO further stated that localization initiatives contributed to cost reductions and highlighted the organization’s goal to broaden its footprint in global markets during the latter half of the year. Plans include enhancing production capabilities in areas such as aerial defense systems, intelligent munitions, and electro-optics.
ASELSAN’s market valuation exceeded 21 billion USD in 2025, solidifying its position as the most valued enterprise on Borsa İstanbul.
