Altinay Savunma Teknolojileri A.s. · BIST:ALTNY
Altinay Savunma Teknolojileri A.s — Q1 2026 Earnings Presentation
61 slides from Altinay Savunma Teknolojileri A.s's earnings presentation, 2026
Slide 1: Analyst Presentation
Analyst Presentation 01.01.2026 – 31.03.2026
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: 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 4: Management Team
MANAGEMENT TEAM Z. Burak MERCAN Enis ATA Murat KOÇ Kutay Çağıl Barış CESAR Faruk EKİNCİ General Manager Deputy Chairman of the General Manager of Executive Vice President Executive Vice President Board Member of TAAC Board of Directors DASAL BÜYÜKÖZTÜRK Financial Affairs Bussines and Developments De
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 200 Mn USD Value Added Projects Number of Paid-in Capital 2026/1Q Revenue Subsidiaries Employees 1.000.000.000 TL 12,8 Mn USD 714 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 Altinay 600.101.235 39,99% Hakan Altınay (%60,01) Others (Public) 399.898.765 Others (Public) (%39,99) 60,01% SUM 1.000.000.000
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 700 11% 587 Management 600 556 511 15% Engineering 500 52% 400 365 300 262 Production 22% 195 200 127 105 117 85 100 27 43 0 2021 2022 2023 2024 2025 2026 Q1 Engineering Production Management Consultant Support Fem
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 3,2 4 3,1 4 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: Mini Class UAV
ROTARY-WİNG KAMİKAZE UAV SYSTEM MINI CLASS UAV MİKON MİKON is a rotary-wing kamikaze UAV system developed for tactical field use, with target detection and engagement capabilities, and can be easily carried in multiple units by a single personnel thanks to its lightweight design. Our MİKON kamikaze
Slide 23: Light Class UAV
LIGHT CLASS UAV ROTARY WING COUNTER-UAV SYSTEM ALKARA Rotary-Wing Counter-UAV SystemALKARA is a rotary-wing Counter-UAV system with an air-to-air mission profile, specially developed for border security, base area protection, mobile convoy security, and the air defense of critical facilities. 8 km 1
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: 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 PUHU-C75 ROTARY-WING CARGO UAV SYSTEM PUHU-C75 is a pioneering rotary-wing cargo UAV system in its class, featuring long range, high horizontal speed, a modular structure, and a 75 kg payload capacity. With its specially designed units, it autonomously delivers mission- critical supp
Slide 27: Heavy Class UAV
HEAVY CLASS UAV PUHU- C100 ROTARY-WING CARGO UAV SYSTEM Developed with DASAL engineering, PUHU-C100 is a new generation rotary-wing cargo UAV system designed to meet critical logistics needs in the field, with a payload capacity of 100 kg. Offering uninterrupted operation capability even at high alt
Slide 28: Fixed-Wing UAV
FIXED-WING UAV SUMRU FIXED-WING OBSERVER UAV SYSTEM SUMRU, a Fixed-Wing Observer UAV system, has been developed for observation and reconnaissance purposes in long-duration operations, autonomously navigating its mission with its uniquely developed flight control system. It performs target detection
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: Production Technologies
PRODUCTION • Machining • Cabling Production • Non-machining Manufacturing TECHNOLOGIES • • Electronic Card Production Additive Manufacturing • • • Electromechanical Assembly Testing & Qualification Gear Production Electronic Card 3 Axis 4 Axis 5 Axis Harnessing Back Additive Manufacturing Grinding P
Slide 36: 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 37: Sectoral Information
37 I t z y P r e s e n t a t i o n SECTORAL INFORMATION
Slide 38: World Military Expenditures
4.000 World Military Expenditures by Continent (Mn USD) World Military Expenditures (Bn USD) 3.750 1200,0 3.500 3.250 2886 Americas; 1.065,3 3.000 2.750 2.447 2.677 Bn USD 2.500 1000,0 2.200 2.250 2.003 2.000 2.295 1.750 2.039 1.500 1.248 800,0 1.250 Europe; 864,0 1.000 2000 2001 2002 2003 2004 2005
Slide 39: Military Expenditures of Türkiye
28,0 Military Expenditures of Türkiye (Bn USD) 28,0 26,0 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 40: 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 40 rate information used in the report.
Slide 41: Assets and Equity Growth
Assets and Equity Growth Assets Growth Equity Growth 300 140,0 Assets Growth (Mn USD) 124,6 Equity Growth (Mn USD) 118,9 245,3 120,0 115,1 250 225,5 100,0 193,9 200 80,0 150 60,0 54,0 52,7 100 83,2 85,7 40,0 50 20,0 0 0,0 2022 2023 2024 2025 2026 Q1 2022 2023 2024 2025 2026 Q1
Slide 42: Revenues
Revenues %76 CAGR (‘21-’25) Revenues YoY (Mn USD) Revenues 2025/Q1-2026 Q1 (Mn USD) USD 105,0 USD 50,0 Revenues (Mn USD) Q1 Revenue (Mn USD) USD 95,0 USD 45,0 USD 85,0 USD 79,5 USD 40,0 USD 75,0 USD 35,0 USD 65,0 USD 30,0 USD 53,8 USD 55,0 USD 25,0 USD 45,0 USD 40,2 USD 20,0 USD 17,6 USD 35,0 USD 15
Slide 43: EBITDA
EBITDA EBITDA YoY (Mn USD) EBITDA 2025/Q1-2026/Q1 (Mn USD) USD 30,0 USD 30,0 EBITDA (Mn USD) Q1 EBITDA (Mn USD USD 25,0 USD 24,3 USD 25,0 USD 20,0 USD 20,0 USD 15,1 USD 15,0 USD 14,3 USD 15,0 USD 10,0 USD 10,0 USD 7,9 USD 6,3 USD 5,0 USD 5,0 USD 4,2 USD 2,9 USD 0,0 USD 0,0 2021 2022 2023 2024 2025 2
Slide 44: Net Income Before Taxes
Net Income Before Taxes Net Income Before Taxes YoY (Mn USD) Net Income Before Taxes 2025/Q1-2026/Q1 (Mn USD) USD 25,0 USD 25,0 Net Income Before Taxes USD 22,4 3M Net Income Before Taxes USD 20,0 USD 20,0 USD 15,0 USD 15,0 USD 10,0 USD 10,0 USD 8,7 USD 7,1 USD 5,7 USD 5,0 USD 5,0 USD 2,0 USD 0,9 US
Slide 45: Margin of Profit
Margin of Profit Gross Margin & EBITDA Margin & Pre-Tax Profit Margin (2024 - 2025 & 2025/Q1 – 2026/Q1) 60% 55,0% 2024 2025 48,0% 2025 1Q 2026 1Q 51% 45,0% 50% 45% 39,4% 42% 35,9% 35,0% 32,6% 32,6% 40% 32% 25,0% 30% 15,3% 15,0% 20% 18% 9% 5,0% 10% -5,0% 0% Gross Margin EBITDA Margin Pre-Tax Profit G
Slide 46: RoA & RoE
RoA & RoE 2022 –2023 –2024-2025 ve 2026/Q1 ROA and ROE 25,0% RoA RoE 21,4% 20,0% 15,0% 13,5% 11,1% 10,0% 6,6% 6,4% 5,0% 3,4% 2,9% 3,2% 1,8% 1,7% 0,0% 2022 2023 2024 2025 2026 Q1
Slide 47: Net Working Capital (Mn USD)
Net Working Capital (Mn USD) 6,4 5,8 43,2 26,7 23,0 150,0 Total Current Assets (Mn USD) 112,8 119,6 104,2 100,0 Total Current Liabilities (Mn USD) 50,0 25,4 29,5 0,0 -19,0 -23,7 -50,0 -61,0 -100,0 -86,1 -96,6 -150,0 2022 2023 2024 2025 2026 Q1
Slide 48: Financial Position
Financial Position Leverage Ratios 2022 2023 2024 2025 2026 Q1 Total Debt / Equity 54,2% 62,6% 68,5% 89,6% 96,9% Net Financial Debt / Equity 20,1% 20,6% 13,0% 42,1% 48,7% Total Assets / Equity 154,2% 162,6% 168,5% 189,6% 196,9% 2025/Q1-2026/Q1 Net Financial Debt (Mn USD) 2026 Q1 Distribution of Debt
Slide 49: Revenue Breakdown
Revenue Breakdown 2026 3M Revenue Breakdown by Products & Solutions Products & Solutions 2022 2023 2024 2025 2026 Q1 Actuators 7,39 39,7% 14,16 35,2% 18,89 35,1% 14,48 18,2% 1,6 13% Unmanned Aircraft Components 8,85 47,6% 23,69 58,9% 31,37 58,3% 31,6 39,8% 6,3 49% Systems Actuators 9% 13% Platforms
Slide 50: Backlog Projections
Backlog Projections Backlog* Prediction (Mn USD) Orders Received by Year (Mn USD) 225,0 180 200,0 155,3 200,0 160 175,0 140 150,0 120 125,0 100 81,0 100,0 80 72,0 83,0 75,0 75,0 60 47,0 50,0 42,0 40 32,6 24,0 18,6 25,0 20 - 0 Backlog 2026 2027 2028 2020 2021 2022 2023 2024 2025 2026/Q1 • 290 Million
Slide 51: Backlog Projections
Backlog Projections Potential International Markets 800,0M$ 750,3M$ Backlog Europe Mena 700,0M$ 639,7M$ -Oem Expected -Products -Products 600,0M$ Realized -R&D -R&D 494,4M$ 500,0M$ 400,0M$ 369,4M$ 300,0M$ 273,1M$ 195,0M$ 182,0M$ 200,0M$ -Products -Oem 122,1M$ 81,3M$ -R&D -Products 100,0M$ 52,9M$ 28,
Slide 52: Contract Projections
Contract Projections 600,0M$ Contracts 514,1M$ 500,0M$ 444,2M$ Expected 400,0M$ Realized 346,4M$ 300,0M$ 260,3M$ 212,6M$ 200,0M$ 155,3M$ 100,0M$ 81,0M$ 72,0M$ 47,0M$ 32,6M$ 18,6M$ 0,0M$ 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Slide 53: Sales Projections
Sales Projections 250,0M$ Sales Growth An average of minimum 20% growth expected 200,0M$ International Sales Local Sales Realized Expected 150,0M$ 100,0M$ 50,0M$ 0,0M$ 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 International 0,5M$ 1,0M$ 3,5M$ 6,4M$ 6,1M$ 8,5M$ 11,0M$ 17,0M$ 23,0M$ 37,0M$ Sale
Slide 54: 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 first quarter of 2026, 87% of total 2021 1,8 R&D expenditures consist of costs converted 5,3 3,6 to sales. 2022 3,8 3,1 ▪ 13% of R&D expenditures are covered by 2023 2,4 equity. 20
Slide 55: Use of IPO Proceeds
Use of IPO Proceeds Use of Public Offering Proceeds as of March 31, 2026 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% 536.975.517 482.195.626 54.779.891 2. Testing and Ve
Slide 56: Balance Sheet
Balance Sheet Assets (M USD) 2023 2024 2025 2025 Q1 2026 Q1 Liabilities and Equity 2023 2024 2025 2025 Q1 2026 Q1 Current Assets 29,5 104,2 112,8 104,9 119,6 CURRENT LIABILITIES 23,7 61,0 86,1 61,4 96,6 Cash and Cash Equivalents 3,1 19,3 7,3 15,7 5,8 Current Borrowings 4,2 15,2 35,5 18,3 40,9 Financ
Slide 57: Income Statement
Income Statement Financial Statements (Mn USD) 2023 2024 2025 2025 Q1 2026 Q1 Revenue 40,3 53,8 79,5 17,6 12,8 Cost of Sales -24,5 -26,3 -54,3 -9,2 -7,8 Gross Profit 15,8 27,5 25,1 8,4 5,0 General Administrative Expenses -1,2 -3,3 -3,6 -0,7 -1,3 Marketing Expenses -0,1 -0,6 -0,6 -0,1 -0,2 Research a
Slide 58: ALTNY–BIST100 Stock Performance
ALTNY–BIST100 Stock Performance
Slide 59: ALTNY Stock Performance
Savunma Xaltinay ALTNY Stock Performance Price ME Volume 35 100.000.000.000 9.000.000.000 30 8.000.000.000 7.000.000.000 20 6.000.000.000 5.000.000.000 15 4.000.000.000 10 3.000.000.000 2.000.000.000 1.000.000.000 9207 E0 TE 9202'E0 ST 9Z0Z°E0'Z0 9202 Z0'9T 92022020 9207 TO6T 9202 T0'S0 St0ZZT'6T SZ
Slide 60: 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 61: Thank you
Thank you +90 216 504 00 50 yatirimci.iliskileri@altinay.com
Altinay Savunma Teknolojileri A.Ş. — Q1 2026 Earnings Presentation on 6ix