Altinay Savunma Teknolojileri A.s. · BIST:ALTNY
Altinay Savunma Teknolojileri A.s — Altınay Savunma Teknolojileri A.Ş. — Q2 2026 Earnings Presentation
62 slides from Altinay Savunma Teknolojileri A.s's earnings presentation, 2026
Slide 1: Analyst Presentation
Analyst Presentation 01.01.2026-30.06.2026
Slide 2: Table of Contents
Table of Contents 01 Altınay Overview 02 Altınay Defense Group Fields of Activity 03 Sustainability 04 Sectoral Information 05 Financial Highlights
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 TAAC BÜYÜKÖZTÜRK Financial Affairs Business Development and Depu
Slide 5: Altınay Overview
5 I t z y P r e s e n t a t i o n ALTINAY OVERVIEW
Slide 6: Altınay 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/Q2 Revenue Subsidiaries Employees 1.000.000.000 TL 30,1 Mn USD 742 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 Altınay Aviation and LETVEN Capital GSYF became Altınay Defense Production Advanced Technologies a partner in Altınay Defense Facility started operations. The defense business unit of Inc. was established. Technologies Inc. Altınay Robot signed its first ASELSAN became a Altınay Defense Tech
Slide 9: Shareholder Structure & Capital Allocation
SHAREHOLDER STRUCTURE & CAPITAL ALLOCATION Registered Capital Ceiling : 5.000.000.000 TL Paid-in Capital : 1.000.000.000 TL Other (39,99) Shareholders Share (Amount) Hakan Altınay 600.101.620 TL Hakan Altınay Other 399.898.380 TL (%60,01) Total 1.000.000.000 TL
Slide 10: Subsidiaries & Partnership Structure
SUBSIDIARIES & PARTNERSHIP STRUCTURE DASAL Aerospsce Technologies Inc. ▪ 100% Altınay Defense Technologies partnership. ▪ In the field fomulti-rotor rotary-wing autonomous unmanned aerial platforms, Altınay Defense Technologies aims to become the leading company and international player in Türkiye w
Slide 11: Human Resources
HUMAN RESOURCES Employee Distribution by Department Male and Female Employees Support 10% 700 606 Management 600 556 16% Engineering 511 500 50% 400 365 300 262 Production 24% 195 200 136 105 117 85 100 43 27 0 2021 2022 2023 2024 2025 2026 Q2 Engineering Production Management Consultant Support Mal
Slide 12: Human Resources
HUMAN RESOURCES Employee's Total Experience/Industry Experience Company-Based Industry Experience 14 12 11,7 9,9 12 10 10 8,6 7,4 8 7,7 8 6,8 6 5,2 6 5,4 4,4 3,8 3,4 4 3,1 3,3 4 2,9 3,3 2,8 2,8 2,7 2 2 1,0 0,2 0 0 Manager Engineer Support Production Manager Engineer Support Production Total Experien
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/KOCAELİ R&D and PRODUCTION FACILITY R&D and PRODUCTION INDUSTRY LAND MAKİNE OSB-DİLOVASI / KOCAELİ HAB OSB-ANKARA (Proj
Slide 14: Altınay Defense Group Fields of Activity
P r e s e n t a t i o n I t z y ALTINAY DEFENSE GROUP FIELDS OF ACTIVITY 14
Slide 15: Altınay Defense Group Fields of Activity
ALTINAY DEFENSE GROUP FIELDS OF ACTIVITY #EngineeringTheFuture
Slide 16: Capabilities
CAPABILITIES Land Systems Naval Systems Air Systems ▪ Bomb Disposal Robots ▪ Helicopter Capture and Transfer Systems ▪ Ejection Release Units (ERU) ▪ Telescopic Mast Systems ▪ Stabilized Pedestal and Sensor Platforms ▪ Flight Control and Utility Actuation Systems ▪ Mission-Critical Actuators ▪ JP-5
Slide 17: Land Systems
LAND SYSTEMS Our systems, designed for a wide range of platforms from heavy armored vehicles to unmanned ground vehicles (UGV), directly contribute to tactical superiority by delivering high durability, precise control and operational continuity. Beyond a standard product approach, we develop custom
Slide 18: Naval Systems
NAVAL SYSTEMS Designed for harsh maritime environments, our systems provide uninterrupted operational capability with robust structures resistant to high humidity, saltwater corrosion and intense ship motion. Our solutions supporting operational continuity in the Blue Homeland are developed in accor
Slide 19: Air Systems
AIR SYSTEMS Designed to operate under challenging conditions such as high G-forces, rapid pressure changes and extreme temperature variations, our systems support flight safety, mission precision and operational continuity. Developed in accordance with international aerospace standards, our solution
Slide 20: Unmanned Systems
UNMANNED SYSTEMS Our systems are not only theoretical but proven solutions validated under challenging operational conditions and real mission scenarios. From design to serial production and from flight control software to critical subsystems, all processes are developed in-house delivering technolo
Slide 21: Energy Systems
ENERGY SYSTEMS We design energy systems that ensure high reliability, mission continuity and operational independence under the most demanding operational conditions across land, air and naval platforms. Rather than offering standard off-the-shelf products, we provide tailored engineering solutions
Slide 22: Space and Satellite Technologies
SPACE AND SATELLITE TECHNOLOGIES Designed with the high precision and “zero-error” approach required by the space environment, our systems are developed to withstand all operational conditions—from high shock loads during launch to extreme temperature variations and radiation exposure in orbit. Our
Slide 23: Test Systems
TEST SYSTEMS By leveraging our deep expertise in motion control technologies, we enable platforms and subsystems to be validated under the most demanding scenarios before deployment. Our test solutions provide the capability to analyze system performance, durability and reliability in environments t
Slide 24: Demilitarization, Ammunition Disposal and Critical Production Facilities
DEMILITARIZATION, AMMUNITION DISPOSAL and CRITICAL PRODUCTION FACILITIES Our solutions, developed to address the safety, environmental and operational risks arising from increasing ammunition stockpiles, include advanced technologies that enable the safe separation, recovery and reutilization of mun
Slide 25: Production Technologies
PRODUCTION TECHNOLOGIES Altınay Defense: A Quarter Century of Experience, Pursuing Excellence! Altınay Defense has been carrying out manufacturing and integration activities to the highest quality standards required by the defense and aerospace industries, backed by a quarter century of experience.
Slide 26: Production Technologies
PRODUCTION TECHNOLOGIES Across our production facilities spanning more than 16,000 m², we manage the entire process under one roof, from rapid prototyping to mass production, bringing together our capabilities in mechanical manufacturing, electronics manufacturing, and electromechanical assembly. Wi
Slide 27: Production Technologies
PRODUCTION TECHNOLOGIES • Machining • Electronic Card Production • Cabling Production • Testing & Qualification • Non-Machining Manufacturing • 3D Printing Technology • Electromechanical Assembly • Gear Production Electronic Card 3-Axis 4-Axis 5-Axis Harnessing Back 3D Printer Grinding Press Brake L
Slide 28: Our Subsidiaries and Affiliates
P r e s e n t a t i o n I t z y OUR SUBSIDIARIES AND AFFILIATES 28
Slide 29: DASAL Aerospace Technologies
DASAL Aerospace Technologies DASAL, a national brand distinguished by its original designs, classifies its products into four main categories based on their payload capacity and mission capabilities: Mini, Light, Medium, and Heavy-Class UAVs. These products offer capabilities for reconnaissance, sur
Slide 30: Products
Products Air Defense Cargo ISR Tactical ▪ Alkara ▪ Puhu C75 ▪ Kırlangıç ▪ Peregrine ▪ Puhu C100 ▪ Bee Eater ▪ Falcon ▪ Condor C150 ▪ VTOL
Slide 31: TAAC Aerospace Technologies
TAAC Aerospace Technologies TAAC Aerospace Technologies (TAAC) was established in July 2019 as a joint venture between Turkish Aerospace Industries (TUSAŞ) and ALTINAY Defense Technologies. The company was founded with the aim of developing critical Flight and Motion Control Systems, Landing Gear Sy
Slide 32: Products
Products Actuators Control Units Landing Gear Test Systems ▪ Flight Control Actuation Systems ▪ Effective Control Systems for Flight Safety ▪ Landing Gear Systems ▪ Hydraulic Power System Testing ▪ Utility Actuation Systems ▪ Flight Control System Testing ▪ Landing Gear and Auxiliary Systems
Slide 33: Sustainability
SUSTAINABILITY
Slide 34: Sustainability
SUSTAINABILITY At Altınay Defense, we position sustainability not merely as an environmental responsibility, but as a strategic component of technology development, risk management, and long-term value creation. Value Creation Model Through financial capital, manufactured capital, human capital, int
Slide 35: We Contribute to 9 of the Sustainable Development Goals
WE CONTRIBUTE TO 9 OF THE SUSTAINABLE DEVELOPMENT GOALS! We manage our priority impact areas with a focus on environmental responsibility, employee rights, human rights, and social development. Priorities Aligned with 9 SDG Corporate Technology, R&D and Digital Innovation Talent and Career Managemen
Slide 36: Sustainability
SUSTAINABILITY Altınay Defense 2025 Greenhouse Gas Emissions • To monitor and improve our environmental performance, we calculated our 2025 Scope 1 and Scope 2 greenhouse gas emissions in accordance with the GHG Protocol. TOTAL EMISSIONS CO₂ (tonnes CO₂e) S1 2024 SCOPE 1 S1 2025 SCOPE 1 S2 2024 SCOP
Slide 37: Certifications and Memberships
CERTIFICATIONS AND MEMBERSHIPS ✓ AS9100 As a result of the assessment conducted under the Industrial Competence Assessment and Support ✓ ISO 9001 ✓ ISO 14001 Program (EYDEP), carried out by the Presidency of Defence Industries (SSB), the company was ✓ OHSAS 45001 awarded an ES-401-A level certificat
Slide 38: Industry Overview
38 I t z y P r e s e n t a t i o n INDUSTRY OVERVIEW
Slide 39: 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 40: 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 41: Financial Highlights
P r e s e n t a t i o n I t z y FINANCIAL HIGHLIGHTS *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. 41
Slide 42: Assets and Equity Growth
Assets and Equity Growth Assets Growth Equity Growth 300,0 140,0 Assets Growth (Mn USD) Equity Growth (Mn USD) 126,6 264,6 118,9 120,0 115,1 250,0 225,5 100,0 193,9 200,0 80,0 150,0 60,0 54,0 52,7 100,0 83,2 85,7 40,0 50,0 20,0 0,0 0,0 2022 2023 2024 2025 2026 Q2 2022 2023 2024 2025 2026 Q2
Slide 43: Revenues
Revenues %76 CAGR (‘21-’25) Revenues YoY (Mn USD) Revenues2025/Q2-2026 Q2 (Mn USD) USD 85,0 USD 50,0 USD 79,5 Revenues (Mn USD) Q2 Revenue (Mn USD) USD 45,0 USD 75,0 USD 40,0 USD 65,0 USD 35,0 USD 53,8 USD 31,4 USD 55,0 USD 30,1 USD 30,0 USD 45,0 USD 40,2 USD 25,0 USD 20,0 USD 35,0 USD 15,0 USD 25,0
Slide 44: EBITDA
EBITDA EBITDA YoY(Mn USD) EBITDA 2025/Q2-2026/Q2 (Mn USD) USD 30,0 USD 30,0 EBITDA (Mn USD) Q2 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 9,9 USD 9,6 USD 10,0 USD 10,0 USD 7,9 USD 5,0 USD 5,0 USD 2,9 USD 0,0 USD 0,0 2021 2022 2023 2024 2025 20
Slide 45: Net Income Before Taxes
Net Income BeforeTaxes Net Income Before Taxes YoY (Mn USD) Net Income Before Taxes 2025/Q2-2026/Q2 (Mn USD) USD 25,0 USD 25,0 Net Income Before Taxes USD 22,4 6M Net Income Before Taxes USD 20,0 USD 20,0 USD 15,0 USD 15,0 USD 10,0 USD 8,7 USD 10,0 USD 7,1 USD 5,0 USD 4,4 USD 5,0 USD 3,2 USD 0,9 USD
Slide 46: Margin of Profit
Margin of Profit Gross Margin& EBITDA Margin& Pre-Tax Profit Margin(2024 -2025 & 2025/Q2 –2026/Q2) 60% 60,0% 2024 2025 2025 2Q 2026 2Q 51% 50% 50,0% 45% 42% 39,0% 40% 40,0% 32% 31,1% 31,4% 32,0% 30% 30,0% 20% 18% 20,0% 13,9% 10,7% 9% 10% 10,0% 0% 0,0% Gross Margin EBITDA Margin Pre-Tax Profit Margin
Slide 47: RoA & RoE
RoA& RoE 2022 –2023 –2024-2025-2025/Q2- 2026/Q2 ROA and ROE 25,0% RoA RoE 21,4% 20,0% 15,0% 13,5% 11,1% 10,0% 6,6% 6,4% 5,3% 5,0% 3,4% 4,0% 2,9% 2,3% 2,6% 1,8% 0,0% 2022 2023 2024 2025 2025 Q2 2026 Q2
Slide 48: Net Working Capital
Net Working Capital (Mn USD) 6,4 5,8 43,2 26,7 21,4 150,0 Total Current Assets (Mn USD) 130,1 Total Current Liabilities (Mn USD) 112,8 104,2 100,0 50,0 25,4 29,5 0,0 -19,0 -23,7 -50,0 -61,0 -100,0 -86,1 -108,6 -150,0 2022 2023 2024 2025 2026 Q2
Slide 49: Financial Position
Financial Position Leverage Ratios 2021 2022 2023 2024 2025 2026 Q2 Total Debt / Equity 68,4% 54,2% 62,6% 68,5% 89,6% 109,0% Net Financial Debt / Equity -27,4% 20,1% 20,6% 13,0% 42,1% 53,8% Total Assets / Equity 168,4% 154,2% 162,6% 168,5% 189,6% 209,0% 2025/Q2-2026/Q2 Net Financial Debt(Mn USD) 202
Slide 50: Revenue Breakdown
Revenue Breakdown 2026 6M Revenue Breakdown by Products & Solutions (Mn USD) Products & Solutions 2022 2023 2024 2025 2026 Q2 Unmanned Actuators 7,39 40% 14,16 35% 18,89 35% 14,48 18% 12,1 40% Systems Platforms 9% 12% Aircraft Components 8,85 47% 23,69 59% 31,37 58% 31,65 40% 11,6 39% Actuators 40%
Slide 51: Backlog Projections
Backlog Projections Backlog* Prediction (Mn USD) Orders Received by Year (Mn USD) 225,0 180 200,0 200,0 160 155,3 175,0 140 150,0 120 125,0 100 96,0 81,0 100,0 80 72,0 75,0 62,0 60 47,0 44,0 50,0 42,0 40 32,6 18,6 25,0 20 - 0 Backlog 2026 2027 2028 2020 2021 2022 2023 2024 2025 2026/Q2 *Backlog Amou
Slide 52: 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 53: 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 54: 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 55: R&D Expenditures
R&D Expenditures Customer R&D and Own Resources R&D (Mn USD) 0,6 Non Contracted R&D 2020 3,8 Contracted R&D 2021 1,8 ▪ As of Q2 2026, 88% of total R&D expenditures 5,3 3,6 consist of costs converted to sales. 2022 3,8 3,1 ▪ 12% of R&D expenditures are covered by 2023 2,4 equity. 2024 3,8 7,2 2025 3,
Slide 56: Use of IPO Proceeds
Use of IPO Proceeds Use of Public Offering Proceeds as of June 30, 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% 536.975.517 502.340.615 34.634.902 2. Testing and Ver
Slide 57: Balance Sheet
Balance Sheet Assets (M USD) 2023 2024 2025 2025 Q2 2026 Q2 Liabilities and Equity 2023 2024 2025 2025 Q2 2026 Q2 Current Assets 29,5 104,2 112,8 105,1 130,1 CURRENT LIABILITIES 23,7 61,0 86,1 68,0 108,6 Cash and Cash Equivalents 3,1 19,3 7,3 13,5 8,1 Current Borrowings 4,2 15,2 35,5 22,3 45,6 Finan
Slide 58: Income Statement
Income Statement Financial Statements (Mn USD) 2023 2024 2025 2025 Q2 2026 Q2 Revenue 40,3 53,8 79,5 31,4 30,1 Cost of Sales -24,5 -26,3 -54,3 -19,2 -20,7 Gross Profit 15,8 27,5 25,1 12,3 9,4 General Administrative Expenses -1,2 -3,3 -3,6 -1,6 -2,3 Marketing Expenses -0,1 -0,6 -0,6 -0,3 -0,9 Researc
Slide 59: ALTNY–BIST100 Stock Performance
ALTNY–BIST100 Stock Performance
Slide 60: ALTNY Stock Performance
0 1.000.000.000 2.000.000.000 3.000.000.000 4.000.000.000 5.000.000.000 7.000.000.000 8.000.000.000 9.000.000.000 10.000.000.000 6.000.000.000 16.05.2024 10.06.2024 5.07.2024 30.07.2024 24.08.2024 18.09.2024 13.10.2024 7.11.2024 2.12.2024 27.12.2024 21.01.2025 15.02.2025 12.03.2025 6.04.2025 1.05.20
Slide 61: Legal Disclaimer
Legal Disclaimer This presentation has been prepared by Altınay Savunma Teknolojileri A.Ş. (the “Company”) solely for informational purposes, based on information and sources believed to be accurate and reliable as of the date of this presentation. Neither this presentation nor any information conta
Slide 62: Thank You
Thank You +90 216 504 00 50 yatirimci.iliskileri@altinay.com
Altınay Savunma Teknolojileri A.Ş. — Q2 2026 Earnings Presentation on 6ix