Altinay Savunma Teknolojileri A.s. · BIST:ALTNY
Altinay Savunma Teknolojileri A.s — Altınay Defense Technologies — FY2024 Earnings Presentation
58 slides from Altinay Savunma Teknolojileri A.s's earnings presentation, 2025
Slide 1: Analyst Presentation
Analyst Presentation 01.01.2024 – 31.12.2024
Slide 2: Table of contents
Table of contents 01 03 Altınay Overview 02 Altınay Defense Sectoral Information 04 Financial Group Fields of Highlights Activity
Slide 3: Management Team
MANAGEMENT TEAM Z. Burak MERCAN Enis ATA Murat KOC Kutay Çağıl Barış CESAR Faruk EKİNCİ General Manager Deputy Chairman of General Manager of DASAL Board Member of TAAC the Board BÜYÜKÖZTÜRK Executive Vice President Faruk EKİNCİ ▪ 10+ years in business Executive Vice President Director of Programs G
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 Member of the Board of Member of the Board Independent Board Member Independent Board Member of Directors Directors of 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, 190 USD May 16, 2024 Value Added Projects Million Paid-in Capital 2024/12M Revenue Number of Employees Subsidiaries 235.294.118 53,8 M USD 616 DASAL, TAAC
Slide 7: Vision and 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. The defense business unit of Altinay Aviation and LETVEN Capital GSYF became a Altınay Robot signed its first Advanced Technologies partner in Altınay Defense Altınay Defense Technologies went ASELSAN became a partner of defense project
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 Paid 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
Employee Experience (Year) 15,8 HUMAN RESOURCES 9,9 10,8 8,8 5,0 4,1 3,5 2,8 Management; 10% Support; 10% Executive Engineer Support Production Production; 18% Total Experience Industry Experience Employee Distribution 226 108 Engineering; 62% 91 53 33 36 Support Engineering Production Management 12
Slide 12: Employee Profile
EMPLOYEE PROFILE Number of employees Female & Male Employees 616 700 %83 600 500 600 400 270 254 400 %17 300 92 200 200 0 100 Male Female 0 AST TAAC DASAL TOPLAM Female & Male Employees Bachelor’s Degree + Master’s Degree + PhD %84 %83 194 144 250 200 %79 56 150 Bachelor’s Degree 100 %16 %17 21 34 %
Slide 13: Facility & Infrastructure
FACILITY & INFRASTRUCTURE R&D and DESIGN OFFICES TESTING AND INTEGRATION TEST AREA TEKNOPARK İSTANBUL, ANKARA CENTER UAV TEST AREA Branch Office ŞEKERPINAR – GEBZE/KOCAELI R&D and PRODUCTION FACILITY R&D and PRODUCTION INDUSTRY LAND MAKİNE OSB-DİLOVASI / KOCAELİ HAB OSB-ANKARA
Slide 14: Altinay Defense Group Fields of Activity
P r e s e n t a t i o n ALTINAY DEFENSE GROUP FIELDS OF ACTIVITY I t z y 14
Slide 15: Altinay Defense Group Fields of Activity
Altinay Defense Group Fields of Activity
Slide 16: Altinay Defense Group Fields of Activity
Altinay Defense Group Fields of Activity Fire Control System UAV Satellite Communication Antenna Pedestal Barrel Path Lock System Helicopter Satellite Communication Antenna Pedestal Helicopter Capture and Transfer System Bullet Transfer System Flight Control Actuators Helicopter JP-5 Fuel Transfer S
Slide 17: Altinay Defense Group Fields of Activity
Altinay Defense Group Fields of Activity Ammunition Motion Control Weapon Systems Test Systems Unmanned Systems Marine Systems Disposal and Critical Systems Production Systems Actuators Demilitarisation and Critical Unmanned Aerial Vehicles Helicopter Capture and Weapon Systems Ironbird - Hurjet Pro
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: 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 20: 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 c
Slide 21: 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 22: 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 23: 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 24: 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. UNMA
Slide 25: Light Class UAV
INTEGRATED INTO ROTARY WING MOVING VEHICLE LIGHT CLASS UAV 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 26: Light Class UAV
ROTARY-WING LIGHT CLASS UAV 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 27: Mid-Range UAV
ROTARY-WING 5,56 MM ARMED UAV MID-RANGE UAV FALCON-UCAV is a Rotary-Wing Armed UAV system that stands out with its FALCON-SİHA 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 28: Heavy Class UAV
ROTARY WING CARGO UAV SYSTEM HEAVY CLASS UAV PUHU-C75 is the leading Rotary Wing Cargo UAV system in its field with its long range, PUHU-C75 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 29: 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 30: 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 HURKUS flight and to optimize the landing / take-off performance by changing the wing profile. These act
Slide 31: 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 32: Test Systems
TEST SYSTEMS Iron Bird Test Systems The Demirkuş (Ironbird) 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 t
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 Testing Syste
Slide 34: 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: FLaltinay | wicnenase
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Slide 37: Production Technologies
• Cabling Production • Machining PRODUCTION • Laser Cutting & Bending & Grinding • Electromechanical Assembly TECHNOLOGIES • Electronic Card Production • 3D Printer Technology • Testing & Qualification • Gear Production Electronic Card 3 Axis 4 Axis 5 Axis Harnessing Back 3D Printer Grinding Press b
Slide 38: Certificates and Memberships
CERTIFICATES AND MEMBERSHIPS ✓ AS9100 ✓ ISO 9001 ✓ ISO 14001 ✓ OHSAS 45001 ✓ National Facility Security Certificate ✓ NATO Facility Security Document
Slide 39: Sectoral Information
39 I t z y P r e s e n t a t i o n SECTORAL INFORMATION
Slide 40: World Military Expenditures by Continent
World Military Expenditures by Continent (Billion USD) Worldwide Military Spending 1200 (Billion USD) 1000 2460 800 2148,9 1929,7 1914,8 600 1730 1780,7 1505,8 400 1340,6 1204 1144,1 200 0 1988 1992 1996 2000 2004 2008 2012 2016 2020 2023 2024 America 828 725,3 592 594,6 816,7 961 999,1 857,8 968,2
Slide 41: Turkish Defense Industry Export Revenues
Defense Industry Expenditure (Billion USD) 20 Number of Defense and Aerospace Projects in Türkiye 18 1200 16 1050 982 15 13,5 1000 12,5 793 802 11,6 744 762 800 667 10 8,3 9 7,5 600 553 6 6,7 460 5,5 416 361 5 400 200 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 2014 2015 2016 2017 201
Slide 42: Financial Indicators
FINANCIAL P r e s e n t a t i o n INDICATORS I t z y 42 *It has been prepared using the data presented in the Independent Audit Report of the relevant year and the exchange rate information used in the report
Slide 43: Assets and Equities Grew by Over 100%
ASSETS AND EQUITIES GREW BY OVER %100 Assets Growth (M USD) Equity Growth (M USD) 193,9 115,1 85,7 52,0 2023 2024 2023 2024
Slide 44: Turnover Development
TURNOVER DEVELOPMENT %86 CAGR 2024 Revenue Breakdown (‘21-’24) Yearly (M USD) 53,8 0,8% 40,2 18,6 99,2% 8,3 TL Income USD/EUR Income 2021 2022 2023 2024
Slide 45: EBITDA Reached 8.4 Times
EBITDA REACHED 8,4 TIMES EBITDA by Year (M USD) 24,3 15,1 7,9 2,9 2021 2022 2023 2024
Slide 46: Net Profit Before Tax Reached 25X
NET PROFIT BEFORE TAX REACHED 25X Net Profit Before Tax by Year (M USD) 22,4 8,7 0,9 1 2021 2022 2023 2024
Slide 47: Profit Margins
PROFIT MARGINS 12-Month Profit Margin Comparison 60% 51% 45% 50% 39% 42% 38% 40% 30% 22% 20% 10% 0% Gross Profit Margin EBITDA Margin Profit Before Tax Margin 2023 2024
Slide 48: ROA and ROE Increased 3 Times
ROA AND ROE INCREASED 3 TIMES 19% 17% 15% 12% 10% 10% 7% 4% 2021 2022 2023 2024 Return on Equity Return on Assets
Slide 49: Net Working Capital (M USD)
NET WORKING CAPITAL (M USD) 24,1 6,4 6,2 43,2 120,0 100,0 80,0 60,0 104,2 40,0 60,4 20,0 25,4 29,5 0,0 -19,0 -23,7 -36,3 -20,0 -61,0 -40,0 -60,0 2021 2022 2023 2024 -80,0 Current Assets Cunrrent Liabilities
Slide 50: Financial Indebtedness (M USD)
FINANCIAL INDEBTEDNESS (M USD) Leverage Ratios 2021 2022 2023 2024 Total Liabilities/Equity 68% 54% 63% 69% -39% 2% 12% -2% Net Financial Liabilities/Equity Total Assets/Equity 168% 154% 163% 169% 2024/12M Financial Liabilities 2024/12 Net Financial Debt Position (M USD) Distribution by Years 22,9 2
Slide 51: Turnover Distribution by Business Group
TURNOVER DISTRIBUTION BY BUSINESS GROUP 2024 Turnover Distribution by Business Group Net Satış Tutarı (M USD) 2021 % 2022 % 2023 % 2024 % Motion Control Systems 3,3 17% 2,8 9% 2,5 6% 5,4 10% Production Motion Control Unmanned Systems 2,8 14% 2,1 7% 1,2 3% 2,7 5% Test Systems 6% Systems Unmanned 8% 1
Slide 52: Backlog Projection
New Contracts Acquired Over the Years (USD Million) BACKLOG PROJECTION 155,3 81,0 Backlog* Insights (USD Million) 47,0 32,6 18,6 200 180 160 2020 2021 2022 2023 2024 140 120 100 190 80 The total backlog amount of 190 Million USD, 60 Between 2025 and 2027, it is expected to return to turnover as 40 8
Slide 53: R&D Investment
R & D INVESTMENT 11,7 12,0 9,7 0,6 9,2 9,0 10,0 0,6 1,6 1,4 8,0 5,6 6,0 11,1 1,0 9,1 4,0 7,6 7,6 4,6 2,0 - 2020 2021 2022 2023 2024 Equity R&D Costumer R&D
Slide 54: Use of IPO Proceeds
USE OF IPO PROCEEDS Share in Net Realized Amount IPO Revenue Planned Usage Amount Remaining (%) Amount (TL) (TL) (TL) , 1. New Facility Investments and Production Technologies Investments 50% 537,0 116,4 420,6 2. Test and Verification Technologies and R&D and P&D Investments 15% 161,1 7,6 153,5 3. G
Slide 55: Balance Sheet
BALANCE SHEET Assets (M USD) 2021 2022 2023 2024 Resources (M USD) 2021 2022 2023 2024 Current Assets 60,4 25,4 29,5 104,2 Short-Term Liabilities 36,3 19,0 23,7 61,0 Cash and cash equivalents 41,7 2,2 3,1 19,3 Short-term borrowings 2,6 2,0 4,2 15,2 Financial Investments 0,0 0,0 - 5,3 Short-term port
Slide 56: Income Statement
INCOME STATEMENT Income Statement (M USD)) 2021 2022 2023 2024 Revenue 19,7 31,4 40,3 53,8 Cost of Sales -7,2 -15,4 -24,4 -26,3 Britker/Harm 12,5 16,1 15,8 27,5 General Administrative Expenses -1,0 -1,7 -1,2 -3,3 Marketing Expenses -0,3 0,0 -0,1 -0,6 Research and Development Expenses -3,7 -2,0 -2,2
Slide 57: Legal Notice
Legal Notice P r e s e n t a t i o n I t z y The data for the future period in this presentation do not constitute a commitment. The expectations/forecasts reflected in the presentation may be affected by changes in various variables and assumptions, and there may be significant differences between
Slide 58: Thanks
Thanks +90 216 504 00 50 yatirimci.ilişkileri@altinay.com
Altınay Defense Technologies — FY2024 Earnings Presentation on 6ix