Altinay Savunma Teknolojileri A.s. · BIST:ALTNY
Altinay Savunma Teknolojileri A.s — Altınay Defense Technologies — Q1 2025 Earnings Presentation
57 slides from Altinay Savunma Teknolojileri A.s's earnings presentation, 2025
Slide 1: Analyst Presentation
Analyst Presentation 01.01.2025 – 31.03.2025
Slide 2: Table of Contents
Table of Contents 01 03 Altınay Overview 02 Sectoral Information 04 Altınay Defense Financial Group Fields of Highlights Activity
Slide 3: Management Team
MANAGEMENT TEAM Z. Burak MERCAN Enis ATA Murat KOÇ Kutay Çağıl BÜYÜKÖZTÜRK Barış CESAR General Manager Faruk EKİNCİ Deputy Chairman General Manager of Executive Vice President Executive Vice Director of Programs Board Member of TAAC of the Board DASAL PresidentExecutive Vice General Manager of TAAC
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 195 M USD Value Added Projects Number of Paid-in Capital 2025/1Q Revenue Subsidiaries Employees 235.294.118 17,6 M USD 646 DASAL, TAAC
Slide 7: Vision Mission
VISION As a leader and pioneering company in the global defense industry, Altınay Defense Technologies Inc. aims to exceed the expectations of its customers with its high-tech products and solutions, to be a company that adds value to its employees and society, and to represent our country in the wo
Slide 8: History
HISTORY Altınay Defense Production Facility started operations. Altinay Aviation and The defense business unit of LETVEN Capital GSYF became Advanced Altınay Robot signed its first a partner in Altınay Defense Altınay Defense Technologies Technologies San. A.Ş. ASELSAN became a partner of defense pr
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 Pay Amount (TL) Hakan Altınay Hakan Altınay 148.235.294 25% Letven Capital Venture Letven Capital Venture Capital Capital Portfolio Portfolio Management Inc. Milres
Slide 10: Subsidiaries & Partnership Structure
SUBSIDIARIES & PARTNERSHIP STRUCTURE DASAL Aviation Technologies Inc. ▪ 100% Altınay Defense Technologies partnership. ▪ In the field of multi-rotor rotary-wing autonomous unmanned aerial platforms, Altınay Defense Technologies aim to become the leading company and international player in Turkey wit
Slide 11: Human Resources
HUMAN RESOURCES %83 %17 600 Support 536 Management 10% 500 9% 400 Production 18% Engineering 63% 300 200 110 100 0 Engineering Production Managemenr Consultant Support Male Female 450 High School 412 25 Altinay Defense DASAL TAAC 400 Academy 19,2 20 350 Licence %63,8 300 14,9 15 13,8 Master + 13,1 2
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
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 #ArkasındaBizVarız
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 Helicopter JP-5 Fuel Transfer System Bullet Transfer System Pedestal Flight Control Actu
Slide 16: Motion Control Systems, Unmanned Systems and other product groups
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 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: Naval Systems
NAVAL SYSTEMS Altınay 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 19: Weapon Systems
WEAPON SYSTEMS The systems it develops are specially designed according to the needs of the platforms. Altınay 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 20: Ammunition Disposal and Critical Production Systems
AMMUNITION DISPOSAL 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, Altınay Defense offers solutions that increase ammun
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 PEREGRINE-X4M UAV SYSTEM 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 BEE-EATER UAV SYSTEM 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 SWALLOW-X4A; Compared to its competitors, it stands out with its long flight time, resistance to harsh weather conditions, modular structure, easy installation and easy transportation by a single personnel; It is a Scout UAV system that has
Slide 26: Mid-Range UAV
MID-RANGE UAV ROTARY-WING 5,56 MM FALCON-SİHA 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 PUHU-C75 is the leading Rotary Wing Cargo UAV system in its field with its long range, modular structure 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 CONDOR-C150 is a Rotary Wing Cargo UAV system designed to quickly and effectively 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: 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 30: 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 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 Altınay Defence: Excellence with a Quarter of a Century of Experience! Altınay 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 de
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Slide 36: Production Technologies
PRODUCTION • Machining • Laser Cutting & Bending & • • Cabling Production Electromechanical Assembly Grinding • Testing & Qualification TECHNOLOGIES • Electronic Card Production • 3D Printer Technology • Gear Production Electronic Card 3 Axis 4 Axis 5 Axis Harnessing Back 3D Printer Grinding Press B
Slide 37: 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 38: Sectoral Information
38 I t z y P r e s e n t a t i o n SECTORAL INFOTMATION
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 2013 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Slide 40: Türkiye Military Expenditures and Defense Industry
20,0 1200 Military Expenditures of Türkiye (Bn USD) 18,0 Number of Defense and Aviation Projects in 1050 18,0 1000 Türkiye 982 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 Statistics
FİNANCIAL P r e s e n t a t i o n STATISTICS 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 USD 205,0 USD 119,0 USD 118,4 Assets Growth (Mn USD) USD 202,4 Equity Growth (Mn USD) USD 118,0 USD 200,0 USD 117,0 USD 116,0 USD 194,2 USD 115,3 USD 195,0 USD 115,0 USD 114,0 USD 190,0 USD 113,0 USD 112,0 USD 185,0 USD 111,0 USD 180,0 USD 110,0 2
Slide 43: Revenues
Revenues %86 CAGR (‘21-’24) Revenues YoY (Mn USD) Revenures QoQ (Mn USD) USD 70,0 USD 20,0 Revenues (Mn USD) Revenues (Mn USD) USD 17,6 USD 18,0 USD 60,0 USD 53,8 USD 16,0 USD 50,0 USD 14,0 USD 40,2 USD 12,0 USD 40,0 USD 10,3 USD 10,0 USD 30,0 USD 8,0 USD 18,6 USD 6,0 USD 20,0 USD 4,0 USD 10,0 USD 8
Slide 44: EBITDA
EBITDA EBITDA YoY (Mn USD) EBITDA QoQ (Mn USD) USD 30,0 USD 7,0 EBITDA (Mn USD) USD 6,3 EBITDA (Mn USD) USD 25,0 USD 24,3 USD 6,0 USD 5,0 USD 20,0 USD 4,0 USD 15,1 USD 15,0 USD 3,0 USD 10,0 USD 7,9 USD 2,0 USD 5,0 USD 1,0 USD 2,9 USD 1,0 USD 0,0 USD 0,0 2021 2022 2023 2024 2024/1Ç 20251Ç
Slide 45: Net Income Before Taxes
Net Income Before Taxes Net Income Before Taxes YoY (Mn USD) Net Income Before Taxes (Mn USD) USD 25,0 USD 6,0 Net Income Before Taxes USD 22,4 Net Income Before Taxes USD 5,7 USD 5,0 USD 20,0 USD 4,0 USD 15,0 USD 3,0 USD 2,0 USD 10,0 USD 8,7 USD 1,0 USD 5,0 USD 0,0 USD 0,9 USD 1,0 -USD 0,1 USD 0,0
Slide 46: Margin of Profit
Margin of Profit Gross Margin & EBITDA Margin & Pre-Tax Profit Margin (2023 - 2024 & 2024Q1 - 2025Q1) 60,0% 55,0% 2023 2024 48,0% 2024Q1 2025Q1 51,0% 45,0% 50,0% 45,0% 42,0% 35,9% 39,0% 35,0% 32,6% 40,0% 38,0% 28,4% 25,0% 30,0% 22,0% 15,0% 20,0% 9,5% 5,0% 10,0% -0,6% -5,0% 0,0% Gross Margin EBITDA M
Slide 47: RoA & RoE
RoA & RoE 2022 – 2023 – 2024 and 2025/Q1 RoA and RoE 25,0% RoA RoE 21,4% 20,0% 15,0% 12,4% 11,1% 10,7% 10,0% 8,3% 7,4% 5,0% 2,9% 1,8% 0,0% 2022 2023 2024 2025Q1
Slide 48: Net Working Capital
Net Working Capital (M USD) 24,1 6,4 6,2 43,2 43,5 120 Total Current Assets (Mn USD) 104,2 104,9 100 Total Current Liabilities (Mn USD) 80 60,4 60 40 29,5 25,4 20 0 -20 -19 -23,7 -40 -36,3 -60 -61 -61,4 -80 2021 2022 2023 2024 2025Q1
Slide 49: Financial Position
Financial Position Leverage Ratios 2021 2022 2023 2024 2025/Q1 Total Debt / Equity 68,3% 54,4% 62,6% 68,5% 57,3% Net Financial Debt / Equity -39,1% 1,7% 12,3% 3,4% 8,3% Total Assets / Equity 168,5% 154,4% 162,6% 168,5% 171,0% 2024/12 Net Financial Debt (M USD) 2025/Q1 Distribution of Debt Over Years
Slide 50: Revenue Breakdown
Revenue Breakdown 2025Q1 Revenue Breakdown by Products & Solutions Products & Solutions 2021 2022 2023 2024 2025/Q1 Unmanned Systems Actuators 4,51 54,3% 7,39 39,7% 14,16 35,2% 18,89 35,1% 7,24 41,1% 2% Aircraft Components 1,66 20,0% 8,85 47,6% 23,69 58,9% 31,37 58,3% 6,89 39,2% Platforms 18% Actuat
Slide 51: Backlog Projections
Backlog Projections Backlog* Prediction (M USD) Orders Received by Year (M USD) 225,0 180,0 155,3 195,0 160,0 200,0 140,0 175,0 120,0 150,0 100,0 81,0 80,0 125,0 60,0 47,0 100,0 40,0 32,6 75,0 18,6 75,0 20,0 10,8 60,0 60,0 0,0 50,0 2020 2021 2022 2023 2024 2025Q1 25,0 • The total Backlog amount of 1
Slide 52: 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 • %70 percent of R&D Expenditures is Contracted R&D Covered by Customers in 2025Q1 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 0,0 1,0 2,0 3,0 4,0 5,0 6,0 7,0 8,0
Slide 53: Use of IPO Proceeds
Use of IPO Proceeds Share in Net IPO Remaining Amount Fund Usage Planned Amount (TL) Actual Usage Amount Proceeds (%) (TL) 1. New Facility Investments and Production Technologies Investments 50% ₺ 536.975.517,3 ₺ 199.135.980,0 ₺ 337.839.537,3 2. Testing and Verification Technologies and R&D and P&D
Slide 54: Balance Sheet
Balance Sheet Assets (M USD) 2021 2022 2023 2024 2025Q1 LIABILITIES AND EQUITY (M USD) 2021 2022 2023 2024 2025Q1 Current Assets 60,4 25,4 29,5 104,2 104,9 CURRENT LIABILITIES 36,3 19,0 23,7 61,0 61,4 Cash and Cash Equivalents 2,2 3,1 19,3 15,7 Current Borrowings 2,6 2,0 4,2 15,2 18,3 Financial Inve
Slide 55: Income Statement
Income Statement Financial Statements (Mn USD) 2021 2022 2023 2024 2024/1Ç 2025/1Ç Revenue 19,7 31,4 40,3 53,8 10,3 17,6 Cost of Sales -7,2 -15,4 -24,4 -26,3 -7,4 -9,2 Gross Profit 12,5 16,1 15,8 27,5 2,9 8,4 General Administrative Expenses -1,0 -1,7 -1,2 -3,3 -0,6 -0,7 Marketing Expenses -0,3 0,0 -
Slide 56: 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 57: Thank you
Thank you +90 216 504 00 50 yatirimci.ilişkileri@altinay.com
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