Slide 1: Analyst Presentation 01.01.2025 – 30.09.2025
Analyst Presentation 01.01.2025 – 30.09.2025
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 Barış CESAR Faruk EKİNCİ Bayram Gürcan KAYIŞ Z. Burak MERCAN Enis ATA Murat KOÇ Kutay Çağıl BÜYÜKÖZTÜRK Executive Vice President Director of Programs Factory Director General Manager Deputy Chairman General Manager of Executive Vice President Board Member of TAAC of the Board DASAL E
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 215 Mn USD Value Added Projects Number of Paid-in Capital 2025/9M Revenue Subsidiaries Employees 235.294.118 45,2 Mn USD 655 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 : 235.294.118 TL Others Shareholders Share (Amount) (Public) (%37) Hakan Altınay (%63) Hakan Altinay 148.235.294 Letven Capital Venture Capital 100 Portfolio Management Inc. Milres Venture Capita
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 Management 600 Support 543 11% 8% 500 400 Production 20% Engineering 61% 300 200 112 100 %83 %17 0 Male Female Engineering Production Management Consultant Support 450 414 20 Average Employee Experience (Year) 400 18 15,8 350 16 14,7 14,2 13,6 14 300 12 10,7 10,6 250 10,2 10 9,3 8,9
Slide 12: 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 TECHNOLOGY CAMPUS R&D and PRODUCTION FACILITY HAB OSB-ANKARA (In The Project S
Slide 13: 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 13
Slide 14: Altinay Defense Group Fields of Activity
ALTINAY DEFENSE GROUP FIELDS OF ACTIVITY #WeStandBehind
Slide 15: 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 16: Product Groups 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 17: 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 18: 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 19: 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 20: 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 21: 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 22: 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 23: 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 24: 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 25: 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 26: 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 27: 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 28: 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 29: 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 30: 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 31: 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 32: 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 33: 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
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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
20,0 1200 Military Expenditures of Türkiye (Bn USD) Number of Defense and Aviation Projects in Türkiye 18,0 1031 18,0 982 1000 16,0 16,0 793 802 800 744 762 14,0 13,5 667 Billion USD 12,5 12,0 11,6 600 553 460 10,0 416 9,0 361 8,3 400 8,0 7,5 6,7 6,0 200 6,0 5,5 4,0 0 2014 2015 2016 2017 2018 2019 2
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 230,0 140,0 Assets Growth (Mn USD) Equity Growth (Mn USD) 225,0 222,9 220,0 130,0 215,0 210,0 120,0 117,4 205,0 115,1 200,4 113,3 200,0 193,9 110,0 195,0 190,0 185,0 100,0 180,0 175,0 90,0 2024/Q4 2025/Q2 2025/Q3 2024/Q4 2025/Q2 2025/Q3
Slide 43: Revenues
Revenues %86 CAGR (‘21-’24) Revenues YoY (Mn USD) Revenues Q3-9M (Mn USD) USD 70,0 USD 50,0 Revenues (Mn USD) Q3 Revenue USD 45,2 USD 45,0 9M Revenue USD 60,0 USD 53,8 USD 40,0 USD 50,0 USD 35,0 USD 32,7 USD 40,2 USD 40,0 USD 30,0 USD 25,0 USD 30,0 USD 20,0 USD 18,6 USD 13,8 USD 20,0 USD 15,0 USD 8,
Slide 44: EBITDA
EBITDA EBITDA YoY (Mn USD) EBITDA Q3-9M (Mn USD) USD 30,0 EBITDA (Mn USD) 3. Çeyrek FAVÖK 9 Aylık FAVÖK USD 16,00 USD 15,17 USD 15,03 USD 25,0 USD 24,3 USD 14,00 USD 12,00 USD 20,0 USD 10,00 USD 8,86 USD 15,1 USD 15,0 USD 8,00 USD 5,81 USD 10,0 USD 6,00 USD 7,9 USD 4,00 USD 5,0 USD 2,9 USD 2,00 USD
Slide 45: Net Income Before Taxes
Net Income Before Taxes Net Income Before Taxes YoY (Mn USD) Net Income Before Taxes Q3-9M (Mn USD) USD 25,0 Q3 Net Income Before Taxes 9 Net Income Before Taxes Net Income Before Taxes USD 22,4 USD 12,00 USD 11,01 USD 20,0 USD 10,00 USD 15,0 USD 8,00 USD 6,91 USD 6,00 USD 10,0 USD 8,7 USD 4,00 USD
Slide 46: Margin of Profit
Margin of Profit Gross Margin & EBITDA Margin & Pre-Tax Profit Margin (2023 - 2024 & 2024/9M – 2025/9M) 60,0% 2023 2024 60,0% 2024/9M 2025/9M 51,0% 49,5% 49,5% 50,0% 50,0% 45,0% 42,0% 42,5% 39,0% 38,0% 40,0% 40,0% 33,3% 30,0% 30,0% 22,0% 19,0% 20,0% 20,0% 15,3% 10,0% 10,0% 0,0% 0,0% Gross Margin EBI
Slide 47: RoA & RoE
RoA & RoE 25,0% RoA RoE 21,4% 20,0% 15,0% 13,5% 11,1% 10,0% 6,6% 5,8% 5,0% 2,9% 3,2% 1,8% 0,0% 2022 2023 2024 2025/9M
Slide 48: Net Working Capital
Net Working Capital (Mn USD) 24,1 6,4 5,8 43,2 35,7 150,0 Total Current Assets (Mn USD) 119,5 Total Current Liabilities (Mn USD) 104,2 100,0 60,4 50,0 25,4 29,5 0,0 -19,0 -23,7 -50,0 -36,3 -61,0 -83,8 -100,0 2021 2022 2023 2024 2025/9M
Slide 49: Financial Position
Financial Position Leverage Ratios 2021 2022 2023 2024 2025/Q3 Total Debt / Equity 68,4% 54,2% 62,6% 68,5% 89,9% Net Financial Debt / Equity -27,4% 20,1% 20,6% 13,0% 35,1% Total Assets / Equity 168,4% 154,2% 162,6% 168,5% 189,9% 2024 – 2025/Q3 Net Financial Debt (M USD) 2025/9M Distribution of Debt
Slide 50: Revenue Breakdown
Revenue Breakdown 2025 9M Revenue Breakdown by Products & Solutions Products & Solutions 2021 2022 2023 2024 2025/6A Actuators 4,51 54,3% 7,39 39,7% 14,16 35,2% 18,89 35,1% 12,24 27,1% Unmanned Aircraft Components 1,66 20,0% 8,85 47,6% 23,69 58,9% 31,37 58,3% 14,92 33,0% Systems Actuators 14% 27% Pl
Slide 51: Backlog Projections
Backlog Projections Backlog* Prediction (M USD) Orders Received by Year (M USD) 225,0 215,0 180 200,0 160 155,3 175,0 140 150,0 120 125,0 100 81,0 100,0 80 75,0 70,0 75,0 60 47,0 45,0 32,6 37,0 50,0 40 25,0 18,6 25,0 20 - 0 Backlog 2025 2026 2027 2028 2020 2021 2022 2023 2024 2025/9M *Backlog Amount
Slide 52: Backlog Projections
Backlog Projections 800,0M$ Backlog 738,0M$ Potential International Markets 700,0M$ 660,0M$ Europe Mena Expected 600,0M$ 568,7M$ -Oem -Products -Products -R&D -R&D 500,0M$ 470,1M$ Realized 400,0M$ 371,6M$ 293,6M$ 300,0M$ 195,0M$ 200,0M$ -Products -Oem -R&D -Products 122,1M$ 100,0M$ 81,3M$ 52,9M$ Far
Slide 53: Contract Projections
Contract Projections 350,0M$ Contracts 310,0M$ 300,0M$ 285,0M$ Expected 260,0M$ 250,0M$ Realized 233,0M$ 200,0M$ 190,0M$ 155,3M$ 160,0M$ 150,0M$ 100,0M$ 81,0M$ 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 Expected 150,0M$ Realized 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$ 8,4M$ 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 2022 0,6 3,8 Contracted R&D ▪ As of the third quarter of 2025, 79% of 1,8 total R&D expenditures consisted of 2021 5,3 market-transformed costs. 2022 3,6 ▪ 21% of R&D expenditures were covered by 3,8 equity. 2023 3,1 2,4
Slide 56: Use of IPO Proceeds
Use of IPO Proceeds Use of Public Offering Proceeds as of September 30, 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 a
Slide 57: Balance Sheet
Balance Sheet Assets (M USD) 2021 2022 2023 2024 2025/Q3 Liabilities and Equity 2021 2022 2023 2024 2025/Q3 Current Assets 60,4 25,4 29,5 104,2 119,52 CURRENT LIABILITIES 36,3 19,0 23,7 61,0 83,8 Cash and Cash Equivalents 41,7 2,2 3,1 19,3 10,2 Current Borrowings 2,6 2,0 4,2 15,2 28,9 Financial Inve
Slide 58: Income Statement
Income Statement Financial Statements (Mn USD) 2021 2022 2023 2024 2024/9M 2025/9M Revenue 19,7 31,4 40,3 53,8 32,7 45,2 Cost of Sales -7,2 -15,4 -24,5 -26,3 -16,5 -26,0 Gross Profit 12,5 16,0 15,8 27,5 16,2 19,2 General Administrative Expenses -1,0 -1,7 -1,2 -3,3 -1,8 -2,7 Marketing Expenses -0,3 0
Slide 59: ALTNY–BIST100 Stock Performance
- 40,00 60,00 80,00 100,00 140,00 20,00 120,00 16.05.2024 27.05.2024 05.06.2024 14.06.2024 28.06.2024 09.07.2024 19.07.2024 30.07.2024 08.08.2024 19.08.2024 28.08.2024 09.09.2024 18.09.2024 27.09.2024 08.10.2024 17.10.2024 28.10.2024 07.11.2024 18.11.2024 27.11.2024 06.12.2024 17.12.2024 26.12.2024
Slide 60: ALTNY Stock Performance
20 60 80 40 0 100 120 140 16.05.2024 27.05.2024 05.06.2024 14.06.2024 28.06.2024 09.07.2024 19.07.2024 30.07.2024 08.08.2024 19.08.2024 28.08.2024 09.09.2024 18.09.2024 27.09.2024 08.10.2024 17.10.2024 28.10.2024 07.11.2024 18.11.2024 27.11.2024 06.12.2024 ALTNY 17.12.2024 26.12.2024 07.01.2025 ALTN
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