Turkey’s defense industry companies brought significant gains to investors in 2024, standing out as one of the strongest-performing sectors on Borsa Istanbul. With major projects, export deals, and technological investments, defense stocks surged in value and outperformed many global competitors.

The year’s top performer was Altınay Defense Technologies, whose shares skyrocketed by 133.5% after being listed on the stock exchange on May 16, 2024. The company’s success was driven by its ongoing UAV projects and growing role in both domestic and international defense markets.

Another major player, ASELSAN, provided investors with a 61.5% return during the same period. Renowned for its indigenous communication and electronic systems, ASELSAN continues to play a critical role in strengthening Turkey’s defense infrastructure. The company also signed a €50.8 million export agreement with a European Union-based client for land weapon systems and aims to rank among the world’s top 30 defense companies by 2030. ASELSAN currently holds 42nd place on the prestigious Defense News Top 100 list.

Otokar also maintained strong momentum with a 15.5% stock gain, bolstered by international contracts, including Turkey’s largest-ever land vehicle export deal—worth around $1 billion—signed with Romania. Other notable performers included Papilon Defense (+48.7%) and Onur Yüksek Teknoloji (+45.8%), while SDT Space & Defense Technologies saw a decline of 20.7%.

Turkish defense firms outperformed several global industry giants. Japan’s Mitsubishi Heavy rose 169.7%, South Korea’s Hanwha Aerospace 153.5%, and Germany’s Rheinmetall 115.3%, while U.S.-based Lockheed Martin gained only 7.2%, and BAE Systems 3.4%. Meanwhile, Boeing and Lufthansa recorded significant losses of 32% and 23.7%, respectively.

Turkey’s defense industry continues to strengthen its global presence—not only through its advanced military technologies but also by delivering solid financial performance for investors. Analysts predict that the sector’s growth and profitability will remain strong in 2025 and beyond.