Aselsan Elektronik Sanayi Ve Ticaret A.s. Class B · BIST:ASELS
Aselsan Elektronik Sanayi Ve Ticaret A.s. Class B — Aselsan — Investor Presentation (February 2025)
62 slides from Aselsan Elektronik Sanayi Ve Ticaret A.s. Class B's investor presentation, February 2025
Slide 1: Investor Presentation
Producing the best-in class products, Developing game-changing technologies, INVESTOR Growing by expanding our global reach. PRESENTATION February 2025 1/61
Slide 2: Agenda
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Slide 3: Agenda
<?xml version="1.0" encoding="UTF-8"?><svg id="Layer_1" data-name="Layer 1" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 3200 1801.62"> <defs> <style> .cls-1 { fill: #c1c1c1; } </style> </defs> <path class="cls-1" d="M4309.61,1314.68l664.45-833.19c56.16-70.43,77.2-162.59,57.16-250.41l- AGENDA 237
Slide 4: Türkiye and ASELSAN's Place in Global Defense
TÜRKİYE AND ASELSAN’S PLACE IN GLOBAL DEFENSE As being the 2nd biggest army in NATO, Türkiye has a healthy growth rate of defense budget. 2023 TOP 10 DEFENCE SPENDERS AND TÜRKİYE MILITARY SPENDING OF TÜRKİYE (5 YEAR AVERAGES) Billion USD Billion USD USA 916 16 296 14 Russia 109 12 84 Saudi Arabia 76
Slide 5: Shareholder Structure
SHAREHOLDER STRUCTURE Shareholder Structure Turkish Armed Forces Foundation (TAFF) ASELSAN is the biggest defense company TAFF BOARD OF TRUSTEES listed on BIST and it is the only quoted company among TAFF subsidiaries. -President (Chairman) -Vice President Turkish Armed -Minister of National Defense
Slide 6: Board of Directors and Board Committees
BOARD OF DIRECTORS AND BOARD COMMITTEES Board of Directors Corporate Audit Risk Management Governance Committee Committee Committee • Our Company's Board of Directors consists of 9 members, 3 of whom are independent board members. • There is 1 female member on the board of directors. • There are no
Slide 7: Organizational Structure
ORGANIZATIONAL STRUCTURE ASELSAN BOARD OF DIRECTORS PLANNING & COORDINATION DIRECTORATE OF INTERNAL AUDIT THE BOARD OF DIRECTORS CABINET TO THE CEO CEO LEGAL AFFAIRS TECHNOLOGY & STRATEGY MANAGEMENT VICE CORPORATE MANAGEMENT VICE PRESIDENCY PRESIDENCY SUPPLY CHAIN MANAGEMENT VICE PRESIDENCY FINANCIA
Slide 8: Milestones
MILESTONES 1975- 1983 1979 1978 1980 1985 • ASELSAN was established in 1975 by TAFF in order to meet the product needs in the field of • ASELSAN's first campus, • Harp and data Macunköy facility, was • The first radio product • Export activities terminal devices military communications. was produced
Slide 9: Milestones
MILESTONES 2000- 2006 1997 1995 2005 • It was ranked 97th in the Defense News Top 100 list for the first • Türkiye’s first weapon system, the Pedestal time. • Significant successes have • With the 1919 cell Mounted Stinger System, was delivered. been achieved in the phones produced, • An R&D contrac
Slide 10: Milestones
MILESTONES 2017 2015 2016 • First Domestic Base Station Antenna to be used in 4.5G Network was developed by • ASELSAN's third campus, Gölbaşı • Spatial Address Registration System Data Production and ASELSAN. facility, was opened. Dissemination contract was signed with the Ministry of Interior. • A
Slide 11: Milestones
MILESTONES 2020 2021 • In order to fight the corona virus pandemic, ASELSAN delivered • HİSAR O+ serial production and Ka Band National Satellite hundred fully domestic and national ventilators within 14 days. Communication HUB System and Modem development contracts were signed. • Gücümüz Bir (Power
Slide 12: Milestones
MILESTONES • GÜRZ, GÖKSUR, GÖKDEMİR and GÖKBERK were • Our national platforms KAAN, HÜRJET, AKINCI, ALTAY, MİLGEM, TCG added to our air defense systems. Anadolu and PİRİ REİS were equipped with ASELSAN systems. • Helmet Integrated Imaging System TULGAR was • The serial production phase of the Siper
Slide 13: Vision and Mission
VISION MISSION To be a reliable, competitively By focusing primarily on the needs of the Turkish preferred, environmentally friendly, Armed Forces; to provide high-value-added, and human-conscious technology innovative and reliable products and solutions to firm, which preserves its sustainable both
Slide 14: Facilities
FACILITIES MACUNKÖY GÖLBAŞI AKYURT TEMELLİ GÖLBEK 138.761 m² INDOOR AREA 196.834 m² INDOOR AREA 127.093 m² INDOOR AREA 28.536 m² INDOOR AREA 3.294.000 m² TEST AREA 186.848 m² TOTAL AREA 659.761 m² TOTAL AREA 635.309 m² TOTAL AREA 381.730 m² TOTAL AREA • COMMUNICATION AND • RADAR AND ELECTRONIC • MIC
Slide 15: Field of Activities
FIELD OF ACTIVITIES COMMUNICATION MICROELECTRONICS and RADAR and INTEGRATED TRANSPORTATION, INFORMATION ELECTRO-OPTICS ELECTRONIC DEFENSE SYSTEMS SECURITY, ENERGY, TECHNOLOGIES AVIONICS and GUIDANCE WARFARE TECHNOLOGIES and HEALTHCARE MILITARY AVIONIC & NAVIGATION RADAR SYSTEMS AIR & MISSILE DEFENSE
Slide 16: From Deep Ocean to Space
FROM DEEP OCEAN TO SPACE Our Systems are Directly Exported by ASELSAN and Also Integrated as Payloads Within Systems Exported by Other Turkish Defense Companies 16/61
Slide 17: TCG Preveze (Submarine) Payloads
TCG PREVEZE (SUBMARINE) PAYLOADS RADAR SYSTEMS EW SYSTEMS INTEGRATED COMMUNICATION SYSTEMS NAVIGATION SYSTEMS SONAR SYSTEMS TORPEDO PERISCOPE SYSTEM COUNTERMEASURE SYSTEM 17/61
Slide 18: MİLGEM (National Corvette) Payloads
MİLGEM (NATIONAL CORVETTE) RADAR & EW SYSTEMS PAYLOADS INTEGRATED COMMUNICATION SYSTEMS ELECTRO-OPTIC SYSTEMS WEAPON SYSTEMS NAVIGATION SYSTEMS SONAR SYSTEMS 18/61
Slide 19: Altay Tank Payloads
ALTAY TANK WEAPON SYSTEM FIRE CONTROL SYSTEM PAYLOADS ACTIVE PROTECTION SYSTEMS RECONNASISSANCE & SURVEILLANCE SYSTEMS NAVIGATION SYSTEMS LASER WARNING SYSTEM COMMAND CONTROL COMMUNICATION SYSTEMS SYSTEMS 19/61
Slide 20: Akıncı (Unmanned Combat Aerial Vehicle) Payloads
AKINCI (UNMANNED COMBAT AERIAL VEHICLE) PAYLOADS COMMUNICATION SYSTEMS RADAR SYSTEMS ELECTRONIC WARFARE GUIDED MUNITIONS SYSTEMS ELECTRO OPTIC SYSTEMS 20/61
Slide 21: ATAK Payloads
ATAK HELMET MOUNTED DISPLAY FLIGHT CONTROL & DISPLAY SYSTEMS SYSTEM PAYLOADS ELECTRO-OPTIC SYSTEM COMMUNICATION SYSTEMS ELECTRONIC WARFARE SELF WEAPON MANAGEMENT PROTECTION SYSTEM SYSTEMS NAVIGATION SYSTEMS 21/61
Slide 22: KAAN (National Combat Aircraft) Payloads
KAAN (NATIONAL COMBAT AIRCRAFT) INTEGRATED RF SYSTEMS (IRFS) PAYLOADS INTEGRATED COMMUNICATION, NAVIGATION, IDENTIFICATION TULGAR HELMET MOUNTED SYSTEM (ICNI) DISPLAY GUIDANCE KITS INTEGRATED EO SYSTEM (IEOS) FLIGHT CONTROL SYSTEM SENSORS (IMU) 22/61
Slide 23: Turksat 6A Payloads
TURKSAT 6A UZAY PLATFORMU PAYLOADS X-BAND TRANSPONDERS KU-BAND TRANSPONDERS KU-BAND INET TURKIYE ANTENNA X-BAND DOCON PAYLOAD INTERFACE UNIT KU-BAND RECEIVER 23/61
Slide 24: Rolling Stocks Subsystems
ROLLING STOCKS SUBSYSTEMS TRACTION CONVERTOR AND AUXALRY POWER UNIT EUROPEAN VITAL Signaling Systems Rolling Stocks Systems COMPUTER (EVC) TRACTION MOTOR DRIVER MACHINE INTERFACE (DMI) TRAIN CONTROL AND JURIDICAL RECORDER UNIT MANAGEMENT SYSTEM DOPPLER RADAR (JRU) 24/61
Slide 25: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS Attractive market fundamentals of • Government’s priority on development of local Turkish defense defense industry Indigenous • On-going geopolitical Türkiye’nin savunma harcamalarında high-tech • Accumulated know-how of tension ASELSAN as an engineering artış beklentisi ca
Slide 26: Local Affiliates
LOCAL AFFILIATES 16 LOCAL İSTANBUL ANKARA AFFILIATES ❖ AB Mikro Nano ❖ İstanbul Finans ve Teknoloji Üssü ❖ ASELSANNET ❖ Mikroelektronik ❖ ASELSAN Global SİVAS ❖ TÜYAR ❖ BİTES ❖ ASELSAN Sivas ❖ EHSİM ❖ ROKETSAN ❖ TEKNOHAB ❖ TR Eğitim ve Teknoloji ❖ ULAK Haberleşme The fields of activity of our affili
Slide 27: Foreign Affiliates & Offices
FOREIGN AFFILIATES & OFFICES ASELSAN ASELSAN KAZAKHSTAN ASELSAN ASELSAN POLAND UKRAINE BAKU ENGINEERING 4 ASELSAN A F F I L I AT E S UZBEKISTAN ASELSAN BALKANS ASELSAN NORTH CYPRUS 6 ASELSAN MIDDLE EAST ASELSAN SAUDI ARABIA ASELSAN PAKISTAN SUBSIDIARIES ASELSAN NIGERIA ASELSAN MUSCAT ASELSAN MALAYSI
Slide 28: Human Resources
HUMAN RESOURCES Employee Age Average As of 31.12.2024 11.562 employees 33 ACADEMIC DISTRIBUTION GENDER DISTRIBUTION LANE DISTRIBUTION OF ENGINEERS FEMALE TECHNICIAN 21% 27% 58 % Undergraduate 38 % Master’s Degree 4 % PhD & Post - PhD 6% 64% ADMINISTRATIVE ENGINEER 3% SUPPORT 79% MALE 28/61
Slide 29: Talent Management
TALENT MANAGEMENT ASELSAN Vocational and Technical Anatolian High School Internship and Candidate Engineering Opportunities for High School and University Students Master's and Doctorate Program Incentives for Employees ASELSAN Academy Technology Projects with Universities Preferable Location and Em
Slide 30: Agenda
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Slide 31: ASELSAN at a Glance
ASELSAN AT A GLANCE Mcap One of the first 10 company in BIST with a market capitalization of USD 10 + Billion New Contracts 6,5 billion USD of new contracts in 2024 Backlog Backlog of 14 billion USD in 2024 Export Focused Growth Export to 92 countries R&D Projects and R&D Employment Turkishtime 1st
Slide 32: Domestic Sales and Exports
DOMESTIC SALES AND EXPORTS Million TL 140.000 130.000 120.000 13% 120.206 17.146 110.000 10% 106.252 100.000 96.532 9.344 90.000 14.766 80.000 70.000 60.000 103.060 50.000 96.908 81.766 40.000 25% 24% 30.000 44% 20.139 15.139 16.104 66% 13.013 2.243 20.000 9.009 1.540 41% 1.574 2.739 41% 3.850 5.412
Slide 33: 2024 Financial Highlights
2024 FINANCIAL HIGHLIGHTS 6,5 Billion 14 Billion 120,2 +31% 25% USD USD Billion TL New Contracts Backlog Revenue Increase in EBITDA EBITDA Margin Finansal Göstergeler 2024 FINANCIAL HIGHLIGHTS (TL) (Million TL) 2023 2024 %∆ Net Sales 106.252 120.206 13 Gross Profit 29.028 38.158 31 Gross Profit Marg
Slide 34: Quarterly Financial Highlights
QUARTERLY FINANCIAL HIGHLIGHTS Million TL REVENUE EBITDA MARGIN 60.000 55.683 49.862 30% 26% 27% 50.000 25% 25% 23% 22% 23% 23% 40.000 19% 20% 30.000 15% 23.179 18.071 18.996 20.120 22.348 18.200 20.000 10% 10.000 5% 0 0% Q1 Q1 Q2 Q2 Q3 Q3 Q4 Q4 Q1 Q1 Q2 Q2 Q3 Q3 Q4 Q4 2023 2024 2023 2024 2023 2024
Slide 35: Backlog (Billion USD)
BACKLOG (BILLION USD) 14 14 12 10,9 BACKLOG AGING 10 9,1 9,7 9,5 (BILLION USD) 8,5 8,2 8 6,8 2025* 2,1 - 2,4 6,2 6 2026 2,8 - 3,1 4,3 2027 2,8 - 3,1 4 2028 2,6 - 2,8 2 2029 and beyond 2,3 - 2,6 0 *Backlog for full year. 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Backlog (Billion USD) 2,5 2 2
Slide 36: Enterprise Value and Backlog
ENTERPRISE VALUE AND BACKLOG 16 2,5 14 14 2,0 12 10,9 10 9,7 9,5 9,8 9,1 1,5 8,5 8,2 8 7,4 6,8 6,2 6 1,0 4,3 4,1 0,68 0,70 4 2,7 0,5 1,8 2,0 2 0,7 0,8 0,8 0,3 0 0,0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Enterprise Value (Billion USD) Backlog (Billion USD) EV/Backlog 36/61
Slide 37: New Contracts (Million USD)
NEW CONTRACTS (MILLION USD) 7.000 6.545 6.000 4.993 5.000 4.057 4.000 3.043 2.881 3.000 2.070 2.022 2.000 1.604 1.305 1.279 1.000 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 TOTAL 1.305 2.881 2.070 4.057 3.043 1.279 2.022 1.604 4.993 6.545 >300 0 1.148 411 1.947 942 0 312 0 2.625 2.050 50-30
Slide 38: New International Contracts (Million USD)
NEW INTERNATIONAL CONTRACTS (MILLION USD) 1200 1.017 1000 800 601 600 446 415 400 313 267 200 0 2019 2020 2021 2022 2023 2024 38/61
Slide 39: Major Projects Signed – As of 2024
MAJOR PROJECTS SIGNED – AS OF 2024 NAME/AREA OF THE PROJECT NAME OF THE CUSTOMER CONTRACT VALUE (USD) Supply of Military Equipment Ministry of National Defence 556 Million Naval Warfare Systems and Payloads of MİLGEM 9-12 TAIS Shipyards & STM Joint Venture 458 Million Frigates City Security Secretar
Slide 40: 2024 Backlog (14 Billion USD)
2024 BACKLOG (14 Billion USD) BACKLOG DISTRIBUTION CURRENCY DISTRIBUTION OF CURRENCY DISTRIBUTION OF BACKLOG EXPENDITURES 3% 11% 19% 29% 56% 15% 70% 97% Defense Non - Defense EUR TL USD EUR TL USD 40/61
Slide 41: 2024 Backlog - Customer Distribution
2024 BACKLOG - CUSTOMER DISTRIBUTION TAIS OG and STM; 4,9% BMC; 9,4% MSB; 5,8% Caspian Region; 3,2% Other; 9,0% Europe and Americas; 2,6% TAI; 25,4% Foreign, 12,1% Africa; 0,5% Middle East and Asia; 5,8% 5,7% Secretariat of Defence Industries; 33,5% 41/61
Slide 42: R&D Spending
R&D SPENDING ASELSAN is the 1st company in Türkiye by the number of R&D Projects and by the R&D employee number in 2023 As a result of R&D incentives, Million USD 16% 157 800 ASELSAN will not pay 30% 122 corporate tax until 600 2029. 109 118 70 400 811 712 502 523 200 429 0 2023 2024 2020 2022 2021
Slide 43: Capex / Revenue
CAPEX / REVENUE Million TL 24.000 %20 %17 %17 %18 %17 20.000 %17 6.076 %12 %14 16.000 6.106 7.306 %11 12.000 %8 8.000 15.272 %5 10.749 10.330 4.000 %2 780 1.455 1.221 2.051 0 -%1 2020 2021 2022 (*) 2023 (*) 2024 (*) Intangible Assets Property, Plant and Equipment Total Capex / Revenue (*) IAS 29 Fin
Slide 44: 2025 Guidance
2025 GUIDANCE 2025 Guidance w/IAS 29 Revenue Growth (%) > 10 EBITDA Margin (%) > 23 CAPEX (Billion TL) > 20 44/61
Slide 45: Planned Investments
PLANNED INVESTMENTS EO FLIR Systems Radar System Integration and Production Production Facility Automation Center • Production and testing of gimbaled electro-optical systems and vision systems are carried out at Akyurt campus. In this context, production • The volume of business related to radar sy
Slide 46: Planned Investments
PLANNED INVESTMENTS Photon Detector Defense System Technologies and Nanotechnology Facility Production and Testing Facility • Photon detectors and nanotechnology are used in electro- • Air Defence Systems and components of STEEL DOME. optical systems in avionics and guidance projects. • The expectat
Slide 47: Ratings
RATINGS CORPORATE GOVERNANCE RATING CREDIT RATING LONG TERM NOTE SUB CHAPTER NOTE LONG TERM NATIONAL INTERNATIONAL FOREIGN AND Shareholders 89,82 / 100 NOTE HOLDER VIEW FOREIGN AND VIEW LOCAL LOCAL CURRENCY Public Disclosure and Transparency 98,72 / 100 CURRENCY CREDIT RATINGS Stakeholders 99,17 / 1
Slide 48: Agenda
<?xml version="1.0" encoding="UTF-8"?><svg id="Layer_1" data-name="Layer 1" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 3200 1801.62"> <defs> <style> .cls-1 { fill: #c1c1c1; } </style> </defs> <path class="cls-1" d="M4309.61,1314.68l664.45-833.19c56.16-70.43,77.2-162.59,57.16-250.41l- AGENDA 237
Slide 49: Sustainability Journey
SUSTAINABILITY JOURNEY 49/61
Slide 50: Sustainability Journey
SUSTAINABILITY JOURNEY 50/61
Slide 51: Sustainability Journey
SUSTAINABILITY JOURNEY 51/61
Slide 52: Sustainability Journey
SUSTAINABILITY JOURNEY 52/61
Slide 53: Sustainability Journey
SUSTAINABILITY JOURNEY 53/61
Slide 54: Sustainability Journey
SUSTAINABILITY JOURNEY 54/61
Slide 55: Our Value Creation Journey
OUR VALUE CREATION JOURNEY 55/61
Slide 56: Contact Information
CONTACT INFORMATION Address ASELSAN Elektronik Sanayi ve Ticaret A.Ş. Mehmet Akif Ersoy Mah. İstiklal Marşı Cad. No:16 06200 Yenimahalle, Ankara Telephone 0312 592 10 00 Web www.aselsan.com.tr/en/investor-relations E-Mail aselsan.ir@aselsan.com 56/61
Slide 57: Agenda
<?xml version="1.0" encoding="UTF-8"?><svg id="Layer_1" data-name="Layer 1" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 3200 1801.62"> <defs> <style> .cls-1 { fill: #c1c1c1; } </style> </defs> <path class="cls-1" d="M4309.61,1314.68l664.45-833.19c56.16-70.43,77.2-162.59,57.16-250.41l- AGENDA 237
Slide 58: Consolidated IFRS Balance Sheet
CONSOLIDATED IFRS BALANCE SHEET ASSETS LIABILITIES (Million TL) 31.12.2023 31.12.2024 (Million TL) 31.12.2023 31.12.2024 CURRENT ASSETS 105.229 106.119 CURRENT LIABILITIES 72.447 69.762 Cash and Cash Equivalents 9.543 16.637 Short-term Financial Liabilities 27.155 22.836 Trade Receivables 29.732 28.
Slide 59: Consolidated IFRS Income Statement
CONSOLIDATED IFRS INCOME STATEMENT (Million TL) 31.12.2023 31.12.2024 PROFIT OR LOSS Revenue 106.252 120.206 Cost of sales (-) (77.225) (82.047) GROSS PROFIT 29.028 38.158 General administrative expenses (-) (4.891) (5.276) Marketing expenses (-) (2.088) (2.630) Research and development expenses (-)
Slide 60: Activity Fields of Our Affiliates, Subsidiaries and Offices
ACTIVITY FIELDS OF OUR AFFILIATES, SUBSIDIARIES AND OFFICES LOCAL FOREIGN Company Field of Activity Company Field of Activity Communication Systems, Security Systems, IT & Geographic ASELSAN BAKÜ Business Development, Sales, Maintenance and Repair ASELSANNET Information Systems, Health & Energy Syst
Slide 61: Disclaimer
DISCLAIMER With the Capital Markets Board of Türkiye Bulletin dated 28.12.2023 numbered 2023/81, CMB announced that issuers and capital market institutions shall prepare their annual financial statements ending on 31.12.2023 or later, in accordance with IAS 29 Financial Reporting in Hyperinflationar
Slide 62: Investor Presentation
Producing the best-in class products, Developing game-changing technologies, INVESTOR Growing by expanding our global reach. PRESENTATION February 2025 62/61