ASELSAN Posts 25% YoY Revenue Surge in H1 2026, Fuels Growth Narrative

ASELSAN has accelerated its growth engine, delivering a 25% year‑over‑year increase in real revenue to TL 88.5 billion in the first half of 2026.

Record Revenue and Order‑Book Explosion

■25% revenue rise translates to TL 88.5 billion.

■New contracts jumped 72%, reaching $4.9 billion.

■Backlog surged 45%, now at $23.2 billion.

■EBITDA margin improved by 120 basis points to 26.3%.

Dual‑Speed Investment and R&D Outlay

■Capacity‑expansion spend rose 195%, totaling $323 million.

■R&D expenditures grew 41%, hitting $804 million.

■$40 million funded the Oğulbey Technology Campus, adding 17,360 m² of closed‑area facilities.

■Nineteen new robotic‑automation lines were commissioned within six months.

Financial Discipline and Debt Management

■Operational cash flow stood at TL 15.2 billion.

■Net Debt/EBITDA ratio slipped to 0.55 from 0.57.

■Equity ratio held steady at 56%, above industry averages.

■Trade payables fell 17% year‑to‑date.

Market and Investor Sentiment

■The target of a $30 billion backlog reinforces investors’ long‑term growth expectations.

■A high‑tech product mix bolsters export potential and attracts foreign capital.

■Maintaining fiscal discipline amid heavy capex mitigates perceived risk.

Markets view ASELSAN's robust top‑line growth and disciplined balance‑sheet management as a strong indicator of Turkey’s defense sector competitiveness. The acceleration in R&D and capacity investments is expected to underpin sustained margin expansion and earnings durability. The modest decline in Net Debt/EBITDA, despite sizable capital outlays, signals that debt levels remain well‑contained, likely supporting upward pressure on the stock. ASELSAN’s trajectory appears aligned with the broader regional uptick in defense spending.