ASELSAN has announced its inflation-adjusted financial results for the first quarter of 2026, showing that the company has carried its growth momentum into the new year with stronger exports, larger backlog, and rising investment levels. According to ASELSAN’s official statement, first-quarter revenue increased by 15% in real terms year-on-year to TRY 34.3 billion, while backlog grew 39% to $20.7 billion. New export contracts signed in the quarter rose 69% to $629 million, highlighting continued international demand for the company’s products and systems.

The company’s profitability indicators also improved. ASELSAN said its EBITDA margin rose to 25.2%, up from 22.6% in the same period of 2025, while EBITDA itself increased 28% to TRY 8.6 billion. Bloomberg HT also reported that the company posted TRY 5.5 billion in net profit for the quarter, above analyst expectations. Together, these results suggest that ASELSAN is not only expanding, but doing so while preserving operational discipline. This final sentence is an inference based on the reported revenue, margin, and profit figures.

A major part of this growth is being supported by continued investment in research, development, and production capacity. ASELSAN said R&D spending in the first quarter rose 41% to $357 million, while investments aimed at serial production jumped 261% to $137 million. The company linked these results to the continued impact of its aselsaneXt transformation program, launched in 2024. Revenue performance in the quarter was driven by areas such as STEEL DOME, radar, electronic warfare, military communications, AI-supported urban security, electro-optics, and guided munitions systems.

The balance-sheet side also points to tighter financial management. ASELSAN said its net debt/EBITDA ratio improved from 0.60 in the first quarter of 2025 to 0.41 in the same period of 2026. Bloomberg HT further reported that the company’s net debt level fell 16% year-on-year and that the share of financial debt in total assets declined from 12.2% to 10.9%. These figures indicate that ASELSAN is financing growth while also strengthening its financial structure. This final sentence is an inference based on the debt and ratio data.

ASELSAN also tied its expansion to future capacity gains. The company said capacity-related investments at the Oğulbey Technology Base and existing sites continued in the quarter, and that the first phase of Oğulbey is expected to enter service in the second half of 2026. Reuters had previously reported that the new technology base is part of a $1.5 billion investment intended to more than double ASELSAN’s production capacity. That means the current spending surge is linked not only to current demand, but also to preparations for a significantly larger production scale. This final sentence is an inference based on ASELSAN’s Q1 statement and Reuters’ earlier reporting on the facility.

Chief Executive Ahmet Akyol said the first-quarter figures show ASELSAN is becoming not only a growing company, but also one that is transforming, deepening, and being managed with discipline. In the same company statement, he said ASELSAN plans to unveil three new products at SAHA 2026, presenting them as evidence that the company is closely tracking the changing nature of modern warfare and responding rapidly with competitive solutions.

Taken together, ASELSAN’s first-quarter 2026 results show simultaneous improvement in revenue, exports, backlog, margins, and leverage. That combination suggests the company is entering the year with both stronger near-term performance and a deeper base for longer-term expansion. If that trend continues, ASELSAN is likely to further strengthen both its global defense profile and its position as one of the main engines of Türkiye’s defense industry. This final assessment is an inference based on the company’s reported Q1 indicators.