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ASELSAN's revenue in the first nine months of the year reached 151.5 billion lira, up 28 percent from the same period last year, the company announced in a filing on the Public Disclosure Platform.

New orders taken in the period totaled 14 billion dollars, new export contracts rose 34 percent to 1.9 billion dollars, and the order backlog passed 30 billion dollars for the first time in the company's history.

Orders and export contracts set records

The company said new work secured during the nine-month period amounted to 14 billion dollars. Export contracts climbed 34 percent to 1.9 billion dollars as ASELSAN pressed ahead with its export-focused growth strategy. The backlog balance exceeded 30 billion dollars for the first time ever.

The ratio of orders received to sales rose to 4.4 in the third quarter, which the company described as an indicator of the workload extending into the coming years. Revenue during the period was driven by air defense, radar, electronic warfare systems, underwater systems, artificial intelligence-supported urban security systems, guided munitions, electro-optical and communications technologies, supported by rising demand for high-technology products.

EBITDA margin and profitability improve

The EBITDA margin increased 190 basis points from the same period last year to 26.8 percent, while the EBITDA amount grew 38 percent to 40.6 billion lira. Revenue per employee rose 4 percent in dollar terms. Trade receivables fell 11 percent compared with the end of 2025.

Operating cash flow reached 23 billion lira in the first nine months of 2026. Financial liabilities accounted for 14 percent of assets, and financing expenses declined 10.3 percent year on year. The equity ratio stood at 55 percent, and the balance sheet grew 15 percent from the end of 2025.

Return on equity climbed 400 basis points to 16.6 percent and return on assets rose to 9 percent, which the company attributed to balance sheet management, efficiency measures and financial discipline.

Investments jump 228 percent as capacity expands

Investments in the first nine months of the year increased 228 percent to 684 million dollars. Work continued at the Oğulbey Technology Campus and at existing sites to add production capacity and scale. The first phase of the Oğulbey campus, described as the largest single defense industry investment in the history of the Republic of Türkiye and whose foundation was laid in 2025, began operating during the period.

New facilities such as the Guided Munitions Systems Production Center were brought online, and robotic and automation infrastructure for air, naval and land defense production was strengthened. The company said the projects raised its delivery capacity, speed and quality.

R&D spending rose 36 percent from the same period last year to 1.3 billion dollars. Investment accelerated in high-barrier technology areas including satellite technologies, quantum computing, underwater technologies, high-power microwave systems, microelectronics and smart munitions and propulsion systems.

Chief executive points to faster growth

ASELSAN General Manager Ahmet Akyol said 2026 was a year in which the company changed the scale of its growth, not merely grew, and that the transformation launched under aselsaneXt was felt across orders, investments, production capacity and technological depth. "We have gone beyond meeting today's needs. We are building today the capacity to answer tomorrow's demands. We are moving toward a faster, more efficient ASELSAN that is stronger in global competition," Akyol said.

Akyol said dollar-based third-quarter growth was 18 percent in 2024, 29 percent in 2025 and 42 percent this year. In the Defense News Top 100 list announced in August, ASELSAN climbed three places to 40th, and it became the first Turkish defense industry company to enter the Forbes Global 2000 list, Akyol said.

Akyol linked the gains in revenue and EBITDA margin to the use of artificial intelligence in processes, digital transformation and a larger share of higher value-added products in the portfolio. "We look not only at the volume of growth but also at its quality," Akyol said, adding that the orders-to-sales ratio of 4.4 pointed to a long and strong workload ahead and that the next task is to convert the portfolio into on-time deliveries, new capacity and technological superiority.

Satellite project and international ambitions

Akyol said the company introduced a low-earth orbit satellite concept for the first time at the International Astronautical Congress held in Antalya. ASELSAN, which has provided land, naval and air communications for the Turkish Armed Forces since its founding, will also offer satellite communication services under a project named ASTRALINK, which drew strong interest from the international community, Akyol said.

Akyol said the company invested almost twice as much in the first three quarters of this year as in all of last year while maintaining financial stability, and described the growing interest in ASELSAN systems in Türkiye and international markets as a strategic development at a time when defense budgets are rising and supply security and technological sovereignty matter more to countries. The stated goal is to make ASELSAN one of the world's leading defense technology companies and global technology brands.

Key takeaways

• ASELSAN's nine-month revenue reached 151.5 billion lira, a 28 percent increase year on year.
• New orders totaled 14 billion dollars, and the order backlog passed 30 billion dollars for the first time.
• Investments rose 228 percent to 684 million dollars and R&D spending climbed to 1.3 billion dollars.
• The EBITDA margin reached 26.8 percent, while third-quarter dollar growth accelerated to 42 percent.