ASELSAN has signed a €523 million contract with Türkiye’s Presidency of Defence Industries (SSB) to develop a new-generation air and missile defence system. The company disclosed the award to Borsa Istanbul investors through the Public Disclosure Platform (KAP) on 26 October, the same day the contract took effect.
In its filing, ASELSAN said it expects the contract to have a positive effect on its turnover, with the work centred on developing the new-generation system for Türkiye’s air and missile defence. The filing also shows that SSB accounts for 30.6% of ASELSAN’s net sales and 37.8% of its trade receivables as of the disclosure date.
The contract extends a run of air defence work that ASELSAN has disclosed since late September, beginning with a €1.234 billion subcomponent contract with ROKETSAN on 23 September. On 1 October, ASELSAN signed a €1.0085 billion contract for serial production of long-range air defence systems, the first of several October awards.
A €488.5 million air defence export contract followed on 2 October, and three days later ASELSAN disclosed a €2.46 billion hybrid air defence contract. The company then reported $157.9 million in export contracts on 6 October and a $195 million radar contract on 7 October, taking the combined value of awards disclosed over that period past €5 billion.
Those awards came after a €1.47 billion Steel Dome production contract in July, which followed a first half in which ASELSAN’s order backlog reached $23.2 billion.
The order book then reached $30.7 billion at the end of the third quarter. The backlog rose by $7.5 billion during the quarter, passing ASELSAN’s $30 billion year-end target one quarter ahead of schedule.
Third-quarter revenue rose 35% to TL58.1 billion, while earnings before interest, taxes, depreciation and amortization (EBITDA) climbed 51% to TL16.0 billion. Net profit for the quarter rose 82% to TL11.2 billion, the largest percentage gain among the headline quarterly figures.
Over the first nine months of 2026, ASELSAN’s revenue reached TL151.5 billion, representing real growth of 28%. Nine-month EBITDA reached TL40.6 billion at a margin of 26.8%, while capital expenditure stood at $684 million. The 28% real growth and 26.8% margin both sit above the full-year guidance ASELSAN held at the half-year mark, which called for real revenue growth of at least 10% and an EBITDA margin above 24%.
New export contracts signed over the same nine months rose 34% to $1.9 billion. The September backlog was the highest in the company’s history, with domestic work accounting for most of ASELSAN’s revenue.
In the first half, ASELSAN’s revenue was split 17% international and 83% domestic. The company also spent $804 million on research and development (R&D) in the first half, up 41%, while capacity investment rose 195% to $323 million over the same period.
The development contract came days after ROKETSAN said its SİPER Product-2 long-range interceptor changed targets in flight during a test, with ASELSAN named among the contributors. With the €523 million award, ASELSAN now has a development contract running alongside the serial production and export air defence contracts it signed in October.
