Altinay Savunma Teknolojileri A.s. · BIST:ALTNY
Altinay Savunma Teknolojileri A.s — FY2025 Earnings Presentation
62 slides from Altinay Savunma Teknolojileri A.s's earnings presentation, 2025
Slide 1: Analyst Presentation
Analyst Presentation 01.01.2025 – 31.12.2025
Slide 2: Table of Contents
Table of Contents 01 03 Altinay Overview 02 Sectoral Information 04 Altinay Defense Financial Highlights Group Fields of Activity
Slide 3: Management Team
MANAGEMENT TEAM Z. Burak MERCAN Enis ATA Murat KOÇ Kutay Çağıl Barış CESAR Faruk EKİNCİ Bayram Gürcan General Manager Deputy Chairman General Manager of DASAL Executive Vice President Executive Vice President KAYIŞ Board Member of TAAC of the Board BÜYÜKÖZTÜRK Financial Affairs Bussines and Developm
Slide 4: Board of Directors
BOARD OF DIRECTORS Hakan ALTINAY Enis ATA Erdem COŞKUN Kamil KILIÇ Mine AYHAN Güven KARAÖZ Chairman of the Board of Directors Deputy Chairman of the Board of Member of the Board of Member of the Board of Independent Board Member Independent Board Member Directors Directors Directors
Slide 5: Altinay Overview
5 I t z y P r e s e n t a t i o n ALTINAY OVERVIEW
Slide 6: Altinay Defense Group Overview
Altinay Defense Group Overview Establishment Field of Activity IPO Date Backlog 2014 Defense and Aerospace Technologies, May 16, 2024 182 Mn USD Value Added Projects Number of Paid-in Capital 2025 Revenue Subsidiaries Employees 1.000.000.000 79,46 Mn USD 673 DASAL, TAAC
Slide 7: Vision Mission
VISION To become one of the top 100 global defense industry companies by delivering technology-leading products and solutions in the defense and aerospace sectors through our unique engineering capabilities and production strength. MISSION In the defense and aerospace industries, we develop critical
Slide 8: History
HISTORY Altinay Defense Production Facility started operations. The defense business unit of Altinay Altinay Aviation and LETVEN Capital GSYF became ASELSAN became a partner of Altinay Defense Technologies Robot signed its first defense project Advanced Technologies Inc. a partner in Altinay Defense
Slide 9: Shareholder Structure & Capital Allocation
SHAREHOLDER STRUCTURE & CAPITAL ALLOCATION Registered Capital Ceiling : 1.000.000.000 TL Paid-in Capital : 1.000.000.000 TL Shareholders Share (Amount) Hakan Altınay (%60,01) Hakan Altinay 600.101.235 40,0% Letven Capital Letven Capital Venture Capital Venture Capital 425 Portfolio Management Inc. M
Slide 10: Subsidiaries & Partnership Structure
SUBSIDIARIES & PARTNERSHIP STRUCTURE DASAL Aviation Technologies Inc. ▪ 100% Altinay Defense Technologies partnership. ▪ In the field of multi-rotor rotary-wing autonomous unmanned aerial platforms, Altinay Defense Technologies aims to become the leading company and international player in Turkey wi
Slide 11: Human Resources
HUMAN RESOURCES Employee Distribution by Department Male and Female Employees Support 600 556 Management 10% 511 11% 500 400 365 Engineering Production 60% 300 262 19% 195 200 105 117 85 100 43 27 0 2021 2022 2023 2024 2025 Engineering Production Management Consultant Support Erkek Kadın 20 Bachelor
Slide 12: Human Resources
HUMAN RESOURCES Employee's Total Experience/Industry Experience Company-Based Industry Experience 16 14,7 14 14 11,6 12 12 11,05 10 9,1 9,8 10 8,5 8 7,4 8 6,3 5,5 6 6 4,7 4,07 3,3 3,6 3,3 3,7 3,4 4 3,1 4 3,2 2,7 2,7 2 2 0 0 Manager Engineer Support Production Manager Engineer Support Production Tota
Slide 13: Facility & Infrastructure
FACILITY & INFRASTRUCTURE R&D and DESIGN OFFICES TEST AREA TESTING AND INTEGRATION CENTER TEKNOPARK İSTANBUL, ANKARA Branch Office UAV TEST AREA ÖMERLİ /İSTANBUL ŞEKERPINAR – GEBZE/KOCAELI R&D and PRODUCTION INDUSTRY LAND R&D and PRODUCTION FACILITY HAB OSB-ANKARA (In The Project Stage) MAKİNE OSB-D
Slide 14: Altinay Defense Group Fields of Activity
ALTINAY DEFENSE P r e s e n t a t i o n GROUP FIELDS OF ACTIVITY I t z y 14
Slide 15: Altinay Defense Group Fields of Activity
ALTINAY DEFENSE GROUP FIELDS OF ACTIVITY #WeStandBehind
Slide 16: Altinay Defense Group Fields of Activity
ALTINAY DEFENSE GROUP FIELDS OF ACTIVITY Fire Control System UAV Satellite Communication Antenna Pedestal Helicopter Capture and Transfer System Barrel Path Lock System Helicopter Satellite Communication Antenna Pedestal Helicopter JP-5 Fuel Transfer System Bullet Transfer System Flight Control Actu
Slide 17: Product Areas Overview
Ammunition Motion Control Unmanned Weapon Systems Disposal and Critical Test Systems Marine Systems Systems Systems Productions Systems Actuators Ammunition and Explosive Unmanned Aerial Vehicles Helicopter Capture and Weapon Systems Iron Bird - Hurjet Production Systems Transfer System Mast Systems
Slide 18: Motion Control Systems
MOTION CONTROL SYSTEMS Within the scope of Motion Control Systems, we provide design, production, integration and after-sales support services on the basis of many critical subsystems and systems such as actuators, stabilized pedestals, gimbals, masts, test systems and servo motor drivers. With our
Slide 19: Flight Control Actuators
FLIGHT CONTROL ACTUATORS KAAN Flight Control Actuators The Flight Control Actuators Subsystem has been developed to guide the aircraft in various axes by moving the flight control surfaces during flight and to optimize the landing / take-off performance by changing the wing profile. These actuators
Slide 20: Landing Gear Systems
LANDING GEAR SYSTEMS Landing Gear Systems Landing gear is a critical component of an aircraft and plays a major role in flight safety and performance As a team armed with extensive engineering expertise and experience, we are confident in developing high-quality, reliable and optimized landing gear
Slide 21: Unmanned Systems
UNMANNED SYSTEMS Within the scope of unmanned aerial vehicles, it provides mini class, light class, medium class and heavy class aerial platforms solutions according to their ability to carry different payloads and perform missions. These solutions can be used in day or night conditions according to
Slide 22: Unmanned Aerial Vehicle Classes
MICRO CLASS LIGHT CLASS MIDDLE CLASS HEAVY CLASS UNMANNED AERIAL UNMANNED AERIAL UNMANNED AERIAL UNMANNED AERIAL VEHICLES TOOLS VEHICLES VEHICLES
Slide 23: Mini Class UAV
MINI CLASS UAV ROTARY WING KAMIKAZE UAV SYSTEM PEREGRINE-X4M PEREGRINE-X4M is a Rotary-Wing Kamikaze UAV system developed for use in the tactical field with target detection and destruction capability, which can be easily carried by a personnel in multiple quantities thanks to its light weight. 2 km
Slide 24: Light Class UAV
LIGHT CLASS UAV INTEGRATED INTO ROTARY WING MOVING VEHICLE UAV SYSTEM BEE-EATER Designed to perform reconnaissance, surveillance and intelligence operations, BEE-EATER has the ability to land autonomously on moving platforms and take off autonomously from these platforms. Thanks to the on-board stat
Slide 25: Light Class UAV
LIGHT CLASS UAV ROTARY-WING SCOUT UAV SYSTEM KIRLANGIÇ-X4A is a reconnaissance UAV system that stands out with its long flight SWALLOW-X4A endurance, durability in harsh weather conditions, modular structure, easy setup, and the ability to be carried comfortably by a single operator. It is a proven
Slide 26: Mid-Range UAV
MID-RANGE UAV ROTARY-WING 5,56 MM FALCON-UCAV ARMED UAV FALCON-UCAV is a Rotary-Wing Armed UAV system that stands out with its turret with 2-axis stabilized mobility, 5.56 mm caliber infantry rifle, superior recoil damper system and high bullet carrying capacity. It is designed to directly hit the t
Slide 27: Heavy Class UAV
HEAVY CLASS UAV ROTARY WING CARGO UAV SYSTEM PUHU-C75 is the leading Rotary Wing Cargo UAV system in its field with its long range, modular structure PUHU-C75 with high horizontal speed and 75 kg payload capacity. It delivers the support materials needed in the tactical field to the target area auto
Slide 28: Heavy Class UAV
HEAVY CLASS UAV ROTARY-WING CARGO UAV SYSTEM CONDOR-C150 is a Rotary Wing Cargo UAV system designed to quickly and effectively CONDOR-C150 transport critical support materials such as food and ammunition with its high payload capacity. With its unique design, it stands out as a platform that is uniq
Slide 29: Naval Systems
NAVAL SYSTEMS Altinay Defence has a special team of experts and intellectual engineering know-how who have brought various systems such as the helicopter capture and transfer system (KuşKapanı), JP5 fuel transfer system and real-time infrared track management system (GEZKIY), which were made ready f
Slide 30: Weapon Systems
WEAPON SYSTEMS The systems it develops are custom-designed to meet the specific needs of specific platforms. Altınay Defense offers end-to-end, ready-made system solutions with its testing, qualification, and production infrastructure. Starting with the F-16 SALAN System and continuing with the MMU
Slide 31: Ammunition Destruction and Critical Production Systems
AMMUNITION DESTRUCTION AND CRITICAL PRODUCTION SYSTEMS The wars that increased with the 2000s made the ammunition production capacity and the recycling of expired ammunition critical for countries. With its Exproof unmanned machine design capability, Altinay Defense offers solutions that increase am
Slide 32: Test Systems
TEST SYSTEMS Iron Bird Test Systems The Demirkuş (Iron bird) Test System is one of the most sophisticated test systems developed in Turkey to date, and it is a test platform where all critical systems and sub-components of the aircraft, especially the flight control system, are tested. By measuring
Slide 33: Test Systems
TEST SYSTEMS Motion Control System PROPERTIES APPLICATIONS • High Precision Positioning • Actuator Testing and Verification • Full Digital Control • Platform Testing and Validation • User-Friendly Interface • Flight & Vehicle Simulators Platform Test Systems On-Cycle Hardware Platform and Actuator T
Slide 34: Production Technologies
PRODUCTION TECHNOLOGIES P r e s e n t a t i o n I t z y Altinay Defence: Excellence with a Quarter of a Century Experience! Altinay Defense continues its production and integration activities at the highest quality standards required by the defense and aerospace industry with its quarter-century of
Slide 35: aNwe™
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Slide 36: Production Technologies
PRODUCTION • Machining • Cabling Production TECHNOLOGIES • • • Non-machining Manufacturing Electronic Card Production 3D Printer Technology • • • Electromechanical Assembly Testing & Qualification Gear Production Electronic Card 3 Axis 4 Axis 5 Axis Harnessing Back 3D Printer Grinding Press Brake La
Slide 37: Certificates and Memberships
CERTIFICATES AND MEMBERSHIPS As a result of the evaluation carried out within the scope of the Industrial Competency Assessment and Support Program (EYDEP) conducted by the Presidency of Defense Industries, it has been entitled to receive a ✓ AS9100 ✓ ISO 9001 certificate at the ES-401-A level. ✓ IS
Slide 38: Sectoral Information
38 I t z y P r e s e n t a t i o n SECTORAL INFORMATION
Slide 39: World Military Expenditures
2.750 2.677 World Military Expenditures by Continent (Mn USD) World Military Expenditures (Bn USD) 2.447 1200,0 2.500 2.200 2.250 Americas; 1068,4 2.003 2.295 2.000 Bn USD 2.039 1000,0 1.750 1.500 1.248 1.250 800,0 Europe; 679,6 1.000 2008 2000 2001 2002 2003 2004 2005 2006 2007 2009 2010 2011 2012
Slide 40: Military Expenditures of Türkiye
28,0 28,0 26,0 Military Expenditures of Türkiye (Bn USD) 26,0 26,0 Military Expenditures of Türkiye (Bn USD) 26,0 24,0 24,0 22,0 22,0 20,0 20,0 18,0 18,0 Billion USD Billion USD 18,0 18,0 16,0 16,0 16,0 16,0 13,5 13,5 14,0 12,5 14,0 12,5 11,6 11,6 12,0 12,0 10,0 9,0 10,0 9,0 8,3 8,3 7,5 7,5 8,0 6,7
Slide 41: Financial Highlights
FINANCIAL P r e s e n t a t i o n HIGHLIGHTS I t z y *It has been prepared using the data presented in the Independent Audit Report of the relevant year and the exchange 41 rate information used in the report.
Slide 42: Assets and Equity Growth
Assets and Equity Growth Assets Growth Equity Growth 250,0 225,5 Equity Growth (Mn USD) Aktif Gelişimi (Mn USD) 140,0 200,0 193,9 118,9 120,0 115,1 100,0 150,0 80,0 100,0 85,7 60,0 54,0 52,7 83,2 40,0 50,0 20,0 0,0 0,0 2022 2023 2024 2025 2022 2023 2024 2025
Slide 43: Revenues
Revenues %76 CAGR (‘21-’25) Revenues YoY (Mn USD) Revenues Q4-12M (Mn USD) USD 105,0 USD 90,0 Revenues (Mn USD) Q4 Revenue USD 79,5 USD 95,0 USD 80,0 12M Revenue USD 85,0 USD 79,5 USD 70,0 USD 75,0 USD 60,0 USD 53,8 USD 65,0 USD 50,0 USD 53,8 USD 55,0 USD 40,0 USD 34,3 USD 45,0 USD 40,2 USD 30,0 USD
Slide 44: EBITDA
EBITDA EBITDA YoY (Mn USD) USD 30,0 EBITDA (Mn USD) USD 25,0 USD 24,3 USD 20,0 USD 15,1 USD 15,0 USD 14,3 USD 10,0 USD 7,9 USD 5,0 USD 2,9 USD 0,0 2021 2022 2023 2024 2025
Slide 45: Net Income Before Taxes
Net Income Before Taxes Net Income Before Taxes YoY (Mn USD) USD 25,0 Net Income Before Taxes USD 22,4 USD 20,0 USD 15,0 USD 10,0 USD 8,7 USD 7,1 USD 5,0 USD 0,9 USD 1,0 USD 0,0 2021 2022 2023 2024 2025
Slide 46: Margin of Profit
Margin of Profit Gross Margin & EBITDA Margin & Pre-Tax Profit Margin (2024-2025) 60% 2025 2024 51% 50% 45% 42% 40% 32% 30% 20% 18% 9% 10% 0% Gross Margin EBITDA Margin Pre-Tax Profit Margin
Slide 47: RoA & RoE
RoA & RoE 25,0% RoA RoE 21,4% 20,0% 15,0% 13,5% 11,1% 10,0% 6,6% 6,1% 5,0% 3,4% 2,9% 1,8% 0,0%
Slide 48: Net Working Capital
Net Working Capital (Mn USD) 24,1 6,4 5,8 43,2 26,7 150,0 Total Current Assets (Mn USD) Total Current Liabilities (Mn USD) 112,8 104,2 100,0 60,4 50,0 25,4 29,5 0,0 -19,0 -23,7 -50,0 -36,3 -61,0 -100,0 -86,1 2021 2022 2023 2024 2025
Slide 49: Financial Position
Financial Position Leverage Ratios 2022 2023 2024 2025 Total Debt / Equity 54,2% 62,6% 68,5% 89,6% Net Financial Debt / Equity 20,1% 20,6% 13,0% 42,1% Total Assets / Equity 154,2% 162,6% 168,5% 189,6% 2024 – 2025 Net Financial Debt (M USD) 2025 Distribution of Debt Over Years 0,3% 1% USD 44,6 USD 46
Slide 50: Revenue Breakdown
Revenue Breakdown 2025 Revenue Breakdown by Products & Solutions Products & Solutions 2022 2023 2024 2025 Unmanned Actuators 7,39 39,7% 14,16 35,2% 18,89 35,1% 14,48 18,2% Systems Actuators 10% Aircraft Components 8,85 47,6% 23,69 58,9% 31,37 58,3% 31,65 39,8% 18% Platforms 1,76 9,5% 1,84 4,6% 2,89
Slide 51: Backlog Projections
Backlog Projections Backlog* Prediction (M USD) Orders Received by Year (M USD) 225,0 180 160 155,3 200,0 182,0 175,0 140 150,0 120 125,0 100 96,0 81,0 100,0 80 72,0 75,0 60 47,0 55,0 50,0 40 32,6 31,0 18,6 25,0 20 - 0 Backlog 2026 2027 2028 2020 2021 2022 2023 2024 2025 *Backlog Amount: Previous Ye
Slide 52: Backlog Projections
Backlog Projections 450,0M$ Potential International Markets Backlog 410,6M$ 400,0M$ Europe Mena 350,0M$ Realized Expected 342,1M$ -Oem -Products -Products 300,0M$ 285,1M$ -R&D -R&D 250,0M$ 237,6M$ 195,0M$ 198,0M$ 200,0M$ 182,0M$ 150,0M$ 122,1M$ 100,0M$ 81,3M$ -Products -Oem 52,9M$ 50,0M$ 28,6M$ -R&D
Slide 53: Contract Projections
Contract Projections 350,0M$ Contracts 300,0M$ Expected Realized 250,0M$ 232,2M$ 200,0M$ 193,5M$ 155,3M$ 161,3M$ 150,0M$ 134,4M$ 112,0M$ 100,0M$ 81,0M$ 72,0M$ 47,0M$ 50,0M$ 32,6M$ 18,6M$ 0,0M$ 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Slide 54: Sales Projections
Sales Projections 250,0M$ Sales Growth An average of minimum 20% growth expected International Sales 200,0M$ Local Sales Realized Expected 150,0M$ 100,0M$ 50,0M$ 0,0M$ 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 International Sales 0,5M$ 1,0M$ 3,5M$ 6,4M$ 6,1M$ 15,4M$ 19,0M$ 27,4M$ 38,4M$ 49,0
Slide 55: R&D Expenditures
R&D Expenditures Customer R&D and Own Resources R&D (Mn USD) Non Contracted R&D 2020 0,6 3,8 Contracted R&D ▪ As of the third quarter of 2025, 81% of 1,8 total R&D expenditures consisted of 2021 5,3 market-transformed costs. 3,6 2022 3,8 ▪ 19% of R&D expenditures were covered by equity. 2023 3,1 2,4
Slide 56: Use of IPO Proceeds
Use of IPO Proceeds Use of Public Offering Proceeds as of December 31, 2025 Share in Net IPO Planned Amount Actual Usage Remaining Amount Fund Usage Proceeds (%) (TL) Amount (TL) 1. New Facility Investments and Production Technologies Investments 50% 536.975.517 424.195.626 112.779.891 2. Testing an
Slide 57: Balance Sheet
Balance Sheet Assets (M USD) 2022 2023 2024 2025 Liabilities and Equity 2022 2023 2024 2025 Current Assets 25,4 29,5 104,2 112,8 CURRENT LIABILITIES 19,0 23,7 61,0 86,13 Cash and Cash Equivalents 2,2 3,1 19,3 7,3 Current Borrowings 2,0 4,2 15,2 35,5 Financial Investments 0,0 0,0 5,3 0,9 Current Port
Slide 58: Income Statement
Income Statement Financial Statements (Mn USD) 2022 2023 2024 2025 Revenue 31,4 40,3 53,8 79,5 Cost of Sales -15,4 -24,5 -26,3 -54,3 Gross Profit 16 15,8 27,5 25,1 General Administrative Expenses -1,7 -1,2 -3,3 -3,6 Marketing Expenses 0 -0,1 -0,6 -0,6 Research and development expense -2 -2,2 -6,4 -9
Slide 59: ALTNY–BIST100 Stock Performance
0 5 10 15 20 25 30 16.05.2024 35 28.05.2024 07.06.2024 24.06.2024 04.07.2024 17.07.2024 29.07.2024 08.08.2024 20.08.2024 02.09.2024 12.09.2024 24.09.2024 04.10.2024 16.10.2024 28.10.2024 08.11.2024 20.11.2024 02.12.2024 12.12.2024 24.12.2024 06.01.2025 16.01.2025 28.01.2025 07.02.2025 19.02.2025 BİS
Slide 60: ALTNY Stock Performance
Price 15 20 25 30 35 0 5 10 16.05.2024 28.05.2024 07.06.2024 24.06.2024 04.07.2024 17.07.2024 29.07.2024 08.08.2024 20.08.2024 02.09.2024 12.09.2024 24.09.2024 04.10.2024 16.10.2024 28.10.2024 08.11.2024 20.11.2024 02.12.2024 12.12.2024 24.12.2024 06.01.2025 16.01.2025 28.01.2025 07.02.2025 19.02.20
Slide 61: Legal Disclaimer
Legal Disclaimer P r e s e n t a t i o n I t z y The forward-looking data included in this presentation do not constitute a commitment. The expectations / forecasts reflected in the presentation may be affected by various variables and changes in assumptions, and there may be significant differences
Slide 62: Thank you
Thank you +90 216 504 00 50 yatirimci.iliskileri@altinay.com
Altinay Savunma Teknolojileri A.Ş. — FY2025 Earnings Presentation on 6ix