ASELSAN Posts 25% YoY Revenue Growth and 120‑bp FAVoK Margin Boost in H1 2026

ASELSAN posted ₺88.5 billion revenue in the first half of 2026, delivering a %25 real‑terms increase versus the same period last year.

Linear Surge in Financial Metrics

■Revenue: ₺88.5 billion (+%25 real)

■EBITDA: ₺23.2 billion (+%31)

■EBITDA Margin: 26.3% (+120 basis points)

■Net Debt/EBITDA: 0.55 (down from 0.57 YoY)

Order Book and Investment Highlights

■New contracts: $4.9 billion (+%72)

■Backlog: $23.2 billion (+%45)

■R&D spend: $804 million (+%41)

■Capital investments: $323 million (+%195)

Margin Stability and Debt Discipline

■Operating cash flow: ₺15.2 billion

■Financial debt to assets: 13.3%

■Equity ratio: 56% (above industry average)

■Trade payables: %17 decline

■Return on equity: 15.5% (up from 11.9% at year‑start)

Strategic R&D and Capacity Expansion

■OĞULBEY Technology Campus: 17 360 m² closed area, $40 million investment

■19 new robotic‑automation lines commissioned

■Accelerated projects in LEO satellites, quantum computing, underwater systems, and laser technologies

Market participants view ASELSAN’s robust top‑line growth and disciplined debt profile as a catalyst for a positive equity revaluation, especially given the long‑term demand trajectory in the defense sector. The improvement in Net‑Debt/EBITDA underscores sustained financial discipline during a high‑investment phase, likely curbing short‑term volatility for HFT algorithms while enhancing overall market liquidity.