Altinay Savunma Teknolojileri A.s. · BIST:ALTNY
Altinay Savunma Teknolojileri A.s — Altinay Defense Technologies — H1 2025 Earnings Presentation
71 slides from Altinay Savunma Teknolojileri A.s's earnings presentation, 2025
Slide 1: Analyst Presentation
Analyst Presentation 01.01.2025 – 30.06.2025
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 Haluk Ziya TÜRKMEN 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 Managing
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 202 Mn USD Value Added Projects Number of Paid-in Capital 2025/6M Revenue Subsidiaries Employees 235.294.118 31,4 Mn USD 647 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 Shareholders Share (Amount) 36,6% Hakan Altinay 148.235.294 Letven Capital Venture Capital 63,0% Portfolio Management Inc. Milres 835.294 Venture Capital Investment Fund 0,4% Oth
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 %84 %16 Management 600 Support 543 11% 7% 500 400 Production Engineering 22% 59% 300 200 104 100 0 Male Female Engineering Production Management Consultant Support 450 %63,1 20 Altinay Defense DASAL TAAC 18 17,7 400 16 15,07 350 408 14 13,6 14 300 12 10,5 10,9 250 9,9 10 9,3 9,3 200
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 ŞEKERPINAR – GEBZE/KOCAELI R&D and PRODUCTION FACILITY R&D and PRODUCTION INDUSTRY LAND MAKİNE OSB-DİLOVASI / KOCAELİ HAB OSB-ANKARA (work in progress)
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 Interest
ALTINAY DEFENSE GRUP FIELDS OF INTEREST Defense Aerospace Space Robotics Power
Slide 15: Motion Control Systems, Unmanned Systems and Weapon Systems
Ammunition Motion Control Unmanned Weapon Systems Disposal and Critical Test Systems Marine Systems Systems Systems Productions Actuators Demilitarisation and Critical Unmanned Aerial Vehicles Helicopter Capture and Weapon Systems Iron Bird - Hurjet Production Systems Transfer System Mast Systems Te
Slide 16: Altinay Defense Group Capabilities & Systems
ALTINAY DEFENSE GROUP CAPABILITIES & SYSTEMS Enginering Capabilities Expertise in Production & Testing Certifications Design & Modelling (Mechnics & Electronics) System Design Precise Machining ISO9001:2021 Analysis (Structural, Thermal, Flow, Life Cycle) Motion Control Precision Gear Manufacturing
Slide 17: Altinay Defense Group Fields of Activity
ALTINAY DEFENSE GROUP FIELDS OF ACTIVITY #WeStandBehind
Slide 18: Altinay Defense Group Fields of Interest
ALTINAY DEFENSE GROUP FIELDS OF INTEREST Land Air Sea Unmanned Air Vehicles Fire Control Systems Helicopter Assist & Transfer Systems Anti-Drone Systems Radar Pedestals Helicopter JP-5 Fuel Transfer Systems Flight Control Systems Electro Mechanical Mast Systems Real-Time Infrared Signature Weapon Sy
Slide 19: Top Products & Solutions
TOP PRODUCTS & SOLUTIONS Aircraft Components Unmanned Systems Landing Gears Cargo UAVs Valves & Manifolds Micro UAVs Hydraulic Components Anti-Drone UAVs Haz-Mat Robotics Helicopter Assist & Transfer Systems Fire Control Actuators JP-5 Fuel Transfer Systems Flight Control Actuators Electro-Optical I
Slide 20: Dual Use Products
DUAL USE PRODUCTS Drones Haz-Mat Robotics Motion Control Electronics Aircraft Components
Slide 21: 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 Helicopter JP-5 Fuel Transfer System Bullet Transfer System Pedestal Flight Control Actu
Slide 22: Land
ALTINAY DEFENSE GROUP LAND LEOPARD-2 ALTAY M60 FIRTINA KMC HİSAR Fire Control Actuators Mast Systems Unmanned Ground Vehicles Drive Electronics & Control Stabilized Platforms Test Systems Integrated UAV Solutions
Slide 23: Critical Systems
CRITICAL SYSTEMS Munition & Explosive Manufacturing Munition Disposal Water Jetting Out Pink/Red Water Treatment 23
Slide 24: Critical Systems
CRITICAL 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 ammunition production capacities for our
Slide 25: 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 26: Naval Systems
NAVAL SYSTEMS NEW GENERATION SUBMARINE MILGEM TCG GAZIANTEP REIS CLASS SUBMARINE Helicopter Assist & Transfer System JP-5 Fuel Transfer System Laser Electronic Warfare System Real Time IR Thermal Management System
Slide 27: 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 28: 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 29: Micro Class Unmanned Aerial Vehicles
MICRO CLASS LIGHT CLASS MIDDLE CLASS HEAVY CLASS UNMANNED AERIAL UNMANNED AERIAL UNMANNED AERIAL UNMANNED AERIAL VEHICLES TOOLS VEHICLES VEHICLES
Slide 30: 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 31: 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 32: Light Class UAV
LIGHT CLASS UAV ROTARY-WING SCOUT UAV SYSTEM SWALLOW-X4A; Compared to its competitors, it stands out with its long flight time, SWALLOW-X4A resistance to harsh weather conditions, modular structure, easy installation and easy transportation by a single personnel; It is a Scout UAV system that has pr
Slide 33: 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 34: 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 35: 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 36: Weapon Systems
WEAPON SYSTEMS The systems it develops are specially designed according to the needs of the platforms. Altinay Defense offers end-to-end ready- to-use system solutions with its testing, qualification and production infrastructure. Starting with the F-16 SALAN System, MMU KAAN and Rotary Wing Drones
Slide 37: Altinay Defense Group Aerospace
ALTINAY DEFENSE GROUP AEROSPACE MMU HURJET F-16 HURKUS GOKBEY ANKA Landing Gear Systems Weapon Systems Satcom Systems Airborne Imaging Systems Flight & Auxiliary Control Actuation HWIL & Iron Bird Test Systems
Slide 38: 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 39: 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 40: 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 41: 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 42: Production Technologies
PRODUCTION TECHNOLOGIES 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 experience. In addition to desig
Slide 43: Slide 43
Slide 44: UUM
1 LV; UUM
Slide 45: Production Technologies
PRODUCTION • Machining • Cabling Production TECHNOLOGIES • • • Laser Cutting & Bending & Grinding 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 B
Slide 46: Certificates and Memberships
CERTIFICATES AND MEMBERSHIPS AS9100 ISO 9001 ISO 14001 OHSAS 45001 National Facility Security Certificate NATO Facility Security Document EYDEP – A Certificate
Slide 47: Investment
INVESTMENT (C) : Completed (O) : Ongoing (P) : Planned (F) : Further Plant / Facility Technology Product Equipment Testing Production Excellence Center (C) Surface Treatment (F) UAV Cargo (PL:250 kg) (P) Precise Gear Manufacturing (O) EMI / EMC Testing (O) Engineering Excellence Center (P) Power Ele
Slide 48: Vision
48 I t z y P r e s e n t a t i o n VISION 48
Slide 49: Sectoral Information
49 I t z y P r e s e n t a t i o n SECTORAL INFORMATION
Slide 50: 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 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Slide 51: 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 12,5 Billion USD 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 52: 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 52 rate information used in the report.
Slide 53: Assets and Equity Growth
Assets and Equity Growth Assets Growth Equity Growth 204,0 125,0 Assets Growth (Mn USD) Equity Growth (Mn USD) 202,4 202,0 120,0 118,3 200,4 115,1 115,0 113,3 200,0 110,0 198,0 105,0 196,0 100,0 193,9 194,0 95,0 192,0 90,0 190,0 85,0 188,0 80,0 2024/Q4 2025/Q1 2025/Q2 2024/Q4 2025/Q1 2025/Q2
Slide 54: Revenues
Revenues %86 CAGR (‘21-’24) Revenues YoY (Mn USD) Revenues Q2-6M (Mn USD) USD 70,0 USD 35,0 Revenues (Mn USD) Q2 Revenue USD 31,4 6M Revenue USD 60,0 USD 30,0 USD 53,8 USD 50,0 USD 25,0 USD 23,9 USD 40,2 USD 40,0 USD 20,0 USD 30,0 USD 15,0 USD 13,6 USD 13,8 USD 18,6 USD 20,0 USD 10,0 USD 10,0 USD 8,
Slide 55: EBITDA
EBITDA EBITDA YoY (Mn USD) EBITDA Q2-6M (Mn USD) USD 30,0 EBITDA (Mn USD) USD 12,00 Q2 EBITDA USD 10,36 6M EBITDA USD 24,3 USD 9,86 USD 25,0 USD 10,00 USD 8,77 USD 20,0 USD 8,00 USD 15,1 USD 15,0 USD 6,00 USD 10,0 USD 4,00 USD 7,9 USD 2,40 USD 5,0 USD 2,00 USD 2,9 USD 0,0 USD 0,00 2021 2022 2023 202
Slide 56: Net Income Before Taxes
Net Income Before Taxes Net Income Before Taxes YoY (Mn USD) Net Income Before Taxes Q2-6M (Mn USD) USD 25,0 USD 10,00 Net Income Before Taxes Q2 Net Income Before Taxes USD 22,4 USD 8,18 USD 8,12 6M Net Income Before Taxes USD 8,00 USD 20,0 USD 6,00 USD 15,0 USD 4,36 USD 4,00 USD 10,0 USD 8,7 USD 2
Slide 57: Margin of Profit
Margin of Profit Gross Margin & EBITDA Margin & Pre-Tax Profit Margin (2023 - 2024 & 2024/6M – 2025/6M) 60,0% 55,0% 51,5% 2023 2024 2024/6M 2025/6M 51,0% 43,3% 45,0% 50,0% 45,0% 39,0% 42,0% 33,9% 39,0% 38,0% 35,0% 31,4% 40,0% 25,0% 30,0% 22,0% 13,9% 15,0% 20,0% 5,0% 10,0% -5,0% 0,0% Gross Margin EBI
Slide 58: RoA & RoE
RoA & RoE 25,0% RoA RoE 21,4% 20,0% 15,0% 13,5% 11,1% 10,0% 6,6% 5,0% 4,0% 2,9% 1,8% 2,3% 0,0% 2022 2023 2024 2025/6M
Slide 59: Net Working Capital
Net Working Capital (Mn USD) 24,1 6,4 5,8 43,2 43,5 37,1 120,0 Total Current Assets (Mn USD) 104,2 104,9 105,1 100,0 Total Current Liabilities (Mn USD) 80,0 60,4 60,0 40,0 29,5 25,4 20,0 0,0 -20,0 -19,0 -23,7 -40,0 -36,3 -60,0 -61,0 -61,4 -80,0 -68,0 2021 2022 2023 2024 2025/Q1 2025/6M
Slide 60: Financial Position
Financial Position Leverage Ratios 2021 2022 2023 2024 2025/Q1 2025/Q2 Total Debt / Equity 68,4% 54,2% 62,6% 68,5% 71,0% 76,9% Net Financial Debt / Equity -27,4% 20,1% 20,6% 13,0% 22,0% 25,2% Total Assets / Equity 168,4% 154,2% 162,6% 168,5% 171,0% 176,9% 2025Q1 – 2025Q2 Net Financial Debt (M USD) 2
Slide 61: Revenue Breakdown
Revenue Breakdown 20256M 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% 5,55 17,7% Aircraft Components 1,66 20,0% 8,85 47,6% 23,69 58,9% 31,37 58,3% 13,81 44,0% Unmanned Actuators Platforms 1,84 22,2%
Slide 62: Backlog Projections
Backlog Projections Backlog* Prediction (M USD) Orders Received by Year (M USD) 225,0 180 202,0 155,3 160 200,0 140 175,0 120 150,0 100 81,0 80 125,0 60 47,0 100,0 32,6 40 75,0 18,6 24,1 75,0 67,0 20 60,0 50,0 0 2020 2021 2022 2023 2024 2025/6M 25,0 • The total Backlog amount of 202 Million USD is e
Slide 63: 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 122,1M$ -R&D -Products 100,0M$ 81,3M$ 52,9M$ Far
Slide 64: 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 65: 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 66: R&D Expenditures
R&D Expenditures Customer R&D and Own Resources R&D (Mn USD) Non Contracted R&D 2022 0,6 • 72,8% of R&D Expenditures is Covered by 3,8 Contracted R&D Customers in 2025/6M 2021 1,8 5,3 2022 3,6 3,8 2023 3,1 2,4 2024 3,8 7,2 2025Q1 1,3 3,1 2025Q2 1,1 3,3 0,0 1,0 2,0 3,0 4,0 5,0 6,0 7,0 8,0
Slide 67: Use of IPO Proceeds
Use of IPO Proceeds Use of Public Offering Proceeds as of June 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% 536.975.517 286.078.532 250.896.985 2. Testing and Ve
Slide 68: Balance Sheet
Balance Sheet Assets (M USD) 2021 2022 2023 2024 2025/Q2 Liabilities and Equity 2021 2022 2023 2024 2025/Q2 Current Assets 60,4 25,4 29,5 104,2 105,1 CURRENT LIABILITIES 36,3 19,0 23,7 61,0 68,0 Cash and Cash Equivalents 41,7 2,2 3,1 19,3 13,5 Current Borrowings 2,6 2,0 4,2 15,2 22,3 Financial Inves
Slide 69: Income Statement
Income Statement Financial Statements (Mn USD) 2021 2022 2023 2024 2024/6M 2025/6M Revenue 19,7 31,4 40,3 53,8 23,9 31,4 Cost of Sales -7,2 -15,4 -24,5 -26,3 -11,6 -19,2 Gross Profit 12,5 16,0 15,8 27,5 12,3 12,3 General Administrative Expenses -1,0 -1,7 -1,2 -3,3 -1,0 -1,6 Marketing Expenses -0,3 0
Slide 70: 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 71: Thank you
Thank you +90 216 504 00 50 yatirimci.iliskileri@altinay.com
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