ASELSAN’s H1 2025 results show a 30% surge in backlog and $1.3B in new export deals, as the Turkish defence giant hits all-time highs in revenue and orders.
Türkiye’s defence electronics powerhouse ASELSAN posted robust financial results for the first half of 2025, achieving new records in export contracts and backlog. The company announced it had signed $2.8 billion in new contracts during the period—$1.3 billion of which were direct and indirect export deals, marking a historic peak.
Backlog surged by 30% year-on-year to reach $16 billion, reflecting strong demand for ASELSAN’s technologies in both domestic and international markets. The company’s revenue, adjusted for inflation, rose 11.3% year-on-year to 53.7 billion Turkish Lira. EBITDA margin increased by 100 basis points to 25%, with operational EBITDA growing 15% in real terms to 13.5 billion TL.
CEO Ahmet Akyol attributed the growth to higher-tech product focus, improved efficiency, and nationalisation efforts. “Our 2025 H1 performance confirms the momentum built under our aselsaneXt program,” he said. “Despite increased headcount, we improved revenue per employee by 1.6% and delivered eight new products into inventory.”
R&D expenditure rose 42% to $572 million, while infrastructure investments doubled to over $100 million. ASELSAN remains Türkiye’s top investor in defence R&D, currently leading the country in project count.
The company also reported a net debt/EBITDA ratio improvement from 1.21 to 0.57 and a 38% drop in net debt. Operational cash flow stood at 13.6 billion TL, with free cash flow at 816 million TL.
Among key contracts signed were multi-system deals with international clients covering radar, EW, EO payloads, communications, and remote weapon stations. Domestically, ASELSAN secured contracts for next-gen radar systems, rail signalling, and vehicle payloads with Turkish defence and rail sector partners.
In parallel, ASELSAN showcased 10 new high-tech products at the IDEF 2025 fair, including the electromagnetic shield EJDERHA and advanced EO system ASELFLIR-600, attracting global attention.
With growing international presence and a strengthened financial base, ASELSAN ends the first half of 2025 not only as Türkiye’s most valuable listed company—now exceeding $21 billion in market cap—but also as one of the fastest-rising players in global defence electronics.
