Turkish defense electronics manufacturer ASELSAN reported a 28% real increase in revenue for the first nine months of 2026, reaching 151.5 billion Turkish Lira, driven by strong operational execution, expanding production capacity, and rising global demand.
According to the official financial disclosure submitted to the Public Disclosure Platform (KAP), the company’s total order backlog surpassed $30.7 billion for the first time in corporate history, supported by $14 billion in new contracts signed during the period. New export contracts surged by 34% year-over-year to reach $1.9 billion, bringing the company’s Book-to-Bill ratio to 4.4.
Capital expenditures climbed 228% to $684 million as the company accelerated infrastructure investments, including commissioning the initial phase of the Oğulbey Technology Base. R&D expenditures also rose by 36% to $1.3 billion, focusing on Low Earth Orbit (LEO) satellite technologies, quantum computing, underwater systems, high-power microwaves, and microelectronics.
Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) increased by 38% to 40.6 billion Lira, with the EBITDA margin expanding by 190 basis points to 26.8%.
“2026 is not just a year in which ASELSAN has grown, it is the year we redefined the very scale of our growth,” said Ahmet Akyol, Chief Executive Officer of ASELSAN. “Securing orders far above sales volume signals a robust and sustained workload in the years to come.”
Key Financial & Operational Indicators (Q3 2026 / 9-Month)
| Metric / Indicator | Value (Q3 2026) | YoY Change / Comparison |
| Total Revenue | TL 151.5 Billion | +28% (Real terms) |
| New Contracts Signed | USD 14.0 Billion | All-time high |
| New Export Contracts | USD 1.9 Billion | +34% |
| Total Order Backlog | USD 30.7 Billion | Surpassed $30B for the first time |
| Book-to-Bill Ratio | 4.4 | Up from 2.5 in Q3 2025 |
| EBITDA Amount | TL 40.6 Billion | +38% |
| EBITDA Margin | 26.8% | +190 bps (from 24.9%) |
| CapEx & Capacity Investments | USD 684 Million | +228% |
| R&D Expenditures | USD 1.3 Billion | +36% |
| Revenue per Employee | — | +4% (in USD terms) |
| Operational Cash Flow | TL 23.0 Billion | Sustained financial discipline |
| Return on Equity (ROE) | 16.6% | +400 bps |
| Return on Assets (ROA) | 9.0% | Up from 2025 levels |
