ASELSAN announced its financial results for the first half of 2026 on the Public Disclosure Platform (KAP). Backed by technology investments and operational discipline, the company maintained its growth trajectory.
In the first six months of the year, ASELSAN's revenue reached TL 88.5 billion, marking a 25% real growth (37% in USD terms) compared to H1 2025. Revenue was driven by Air Defense, Radar, Electronic Warfare, Smart City Security, Naval, Electro-Optic, and Guided Munition Systems. The company signed $4.9 billion in new contracts (a 72% increase), bringing its total order backlog up 45% to $23.2 billion. The Book-to-Bill ratio stood at 2.5.
R&D, Capacity Investments, and Advanced Technologies
During H1 2026, ASELSAN increased its capacity expansion investments by 195% to $323 million. A $40 million investment brought 17,360 square meters of new production and test centers online for Smart Munitions, Air Defense, and Underwater Systems. 19 new robotic automation lines were deployed in 6 months, and the first phase of the Oğulbey Technology Base is scheduled to become operational in Q3 2026.
R&D expenditures rose 41% to $804 million, targeting entry-barrier domains such as LEO Satellite Technologies, Quantum Computing, Underwater Systems, Propulsion Systems, Microelectronics, Lasers, and Long-Range Guided Munitions.
Financial Metrics and Civil Projects
ASELSAN’s EBITDA margin improved by 120 basis points to 26.3%, while EBITDA reached TL 23.2 billion (up 31%). The Net Debt/EBITDA ratio declined from 0.57 to 0.55. Operating cash flow stood at TL 15.2 billion, total assets grew 8%, equity increased 4%, and return on equity rose from 11.9% to 15.5%. The share of financial debt in total assets was 13.3%, with an equity ratio of 56%.
In civil domain operations, the Halkalı-Istanbul Airport Metro line equipped with ASELSAN signaling technology went live, and the Lifeline Heart-Lung Machine was utilized in open-heart surgery for the first time. ASELSAN was also listed in the Forbes Global 2000 list and recruited over 1,000 employees in H1 2026.
Executive Statement
Ahmet Akyol, General Manager of ASELSAN, stated:
In H1 2026, we took our historical performance from 2025 even further. We increased our revenue by 25% in real terms year-on-year to TL 88.5 billion, representing a 37% growth in USD terms. We believe we will see backlog levels of $30 billion starting next year. In the first half, we increased R&D spending by 41% to $804 million and production capacity investments by 195% to $323 million. Achieving a Net Debt/EBITDA ratio of 0.55 proves our financial discipline during an intensive investment cycle.
