Aselsan Elektronik Sanayi Ve Ticaret A.s. Class B · BIST:ASELS
Aselsan Elektronik Sanayi Ve Ticaret A.s. Class B — Investor Presentation (April 2026)
64 slides from Aselsan Elektronik Sanayi Ve Ticaret A.s. Class B's investor presentation, April 2026
Slide 1: Investor Presentation April 2026
Producing the best-in class products, Developing game-changing technologies, INVESTOR Growing by expanding our global reach. PRESENTATION April 2026 1/22
Slide 2: Agenda
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Slide 3: Agenda
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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. 2025 TOP 10 DEFENCE SPENDERS AND TÜRKİYE MILITARY SPENDING OF TÜRKİYE (5 YEAR AVERAGES) Billion USD -30 20 70 12 0 17 0 22 0 27 0 32 0 37 0 42 0 47 0 52 0 57 0 62
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 BUSINESS DEVELOPMENT & MARKETING CORPORATE MANAGEMENT VICE PRESIDENCY VICE PRESIDENCY TECHNOLOGY & STRATEGY MANAGEMENT FINANCIAL MANAG
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 time. • Significant successes have • With the 1919 cell Pedestal Mounted Stinger System, was been achieved in the phones produced, delivered. • 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: Milestones
MILESTONES • The deliveries of new batteries for HİSAR and KORKUT continue within the scope of their serial production activities. Work has begun on the serial production activities of GÜRZ. • Game-changing UAVs such as Akıncı, Aksungur, TB2, and Anka are equipped with electro-optical, communication
Slide 14: Milestones
MILESTONES • The brain drain has reversed into a net gain. Within one year, the number of engineers returning from abroad to join ASELSAN • Our company has risen to the position of the “Most Valuable Company” has reached 2.5 times the number of engineers who left the on Borsa İstanbul. • As part of
Slide 15: Milestones
MILESTONES • ASELSAN's revenue for the first three months of 2026 increased by 15% in real terms compared to the same period of the previous year, reaching TL 34,3 Billion. • As a result of its export-oriented growth strategy, the new export contracts signed by ASELSAN in the first quarter of 2026 r
Slide 16: Vision 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 17: Technology Bases
TECHNOLOGY BASES MACUNKÖY GÖLBAŞI AKYURT TEMELLİ GÖLBEK 138.761 m² INDOOR AREA 242.948 m² INDOOR AREA 158.138 m² INDOOR AREA 33.488 m² INDOOR AREA 3.294.035 m² TEST AREA 186.848 m² TOTAL AREA 923.167 m² TOTAL AREA 695.071 m² TOTAL AREA 381.730 m² TOTAL AREA • COMMUNICATION AND • RADAR AND ELECTRONIC
Slide 18: Field of Activities
FIELD OF ACTIVITIES MICROELECTRONICS and TRANSPORTATION, COMMUNICATION RADAR and INTEGRATED ELECTRO-OPTICS SECURITY, ENERGY, INFORMATION ELECTRONIC DEFENSE SYSTEMS AVIONICS and GUIDANCE AUTOMATION and TECHNOLOGIES WARFARE TECHNOLOGIES HEALTHCARE MILITARY AVIONIC & NAVIGATION RADAR SYSTEMS AIR & MISS
Slide 19: 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 19/63
Slide 20: MİLGEM (National Corvette) Payloads
MİLGEM (NATIONAL CORVETTE) RADAR & EW SYSTEMS PAYLOADS INTEGRATED COMMUNICATION SYSTEMS ELECTRO-OPTIC SYSTEMS WEAPON SYSTEMS NAVIGATION SYSTEMS SONAR SYSTEMS 20/63
Slide 21: TCG Preveze (Submarine) Payloads
TCG PREVEZE (SUBMARINE) PAYLOADS RADAR SYSTEMS EW SYSTEMS INTEGRATED COMMUNICATION SYSTEMS NAVIGATION SYSTEMS SONAR SYSTEMS TORPEDO PERISCOPE SYSTEM COUNTERMEASURE SYSTEMS 21/63
Slide 22: TCG Anadolu Payloads
TCG ANADOLU RADAR SYSTEMS ELECTRONIC WARFARE PAYLOADS SYSTEMS ELECTRO-OPTIC SYSTEMS INTEGRATED COMMUNICATION SYSTEMS WEAPON SYSTEMS NAVIGATION SYSTEMS UNDERWATER SYSTEMS 22/63
Slide 23: 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 23/63
Slide 24: Akıncı (Unmanned Combat Aerial Vehicle) Payloads
AKINCI (UNMANNED COMBAT AERIAL VEHICLE) PAYLOADS COMMUNICATION SYSTEMS RADAR SYSTEMS ELECTRONIC WARFARE GUIDED MUNITIONS SYSTEMS ELECTRO OPTIC SYSTEMS 24/63
Slide 25: ATAK Payloads
ATAK HELMET MOUNTED DISPLAY FLIGHT CONTROL & DISPLAY SYSTEMS SYSTEM PAYLOADS ELECTRO-OPTIC SYSTEMS COMMUNICATION SYSTEMS ELECTRONIC WARFARE SELF WEAPON MANAGEMENT PROTECTION SYSTEMS SYSTEMS NAVIGATION SYSTEMS 25/63
Slide 26: 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) 26/63
Slide 27: 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 27/63
Slide 28: Rolling Stocks Payloads
ROLLING STOCKS PAYLOADS 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) 28/63
Slide 29: 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 30: Local Affiliates
LOCAL AFFILIATES 18 1 KONYA SİVAS LOCAL LOCAL İSTANBUL AFFILIATES OFFICE ❖ ASELSAN ❖ ASELSAN Sivas ❖ İstanbul Finans ve Teknoloji Üssü Konya ❖ Mikroelektronik KAYSERİ ❖ TÜYAR ❖ ASPİLSAN ANKARA MALATYA ❖ AB Mikro Nano ❖ ASELSANNET ❖ ASELSAN Malatya ❖ ASELSAN Global ADIYAMAN ❖ BİTES ❖ EHSİM ❖ Adıyaman
Slide 31: Foreign Affiliates & Offices
FOREIGN AFFILIATES & OFFICES ASELSAN MIDDLE EAST ASELSAN KAZAKHSTAN ASELSAN ASELSAN POLONYA ASELSAN BAKÜ UKRAYNA ENGINEERING 4 ASELSAN ROMANYA ASELSAN A F F I L I AT E S ÖZBEKİSTAN ASELSAN ARNAVUTLUK ASELSAN BALKANLAR 7 ASELSAN ASELSAN PAKİSTAN SUUDİ ARABİSTAN ASELSAN CEZAYİR SUBSIDIARIES ASELSAN Fİ
Slide 32: Human Resources
HUMAN RESOURCES Employee Age Average As of 31.03.2026 16.000+ employees 33 ACADEMIC DISTRIBUTION LANE DISTRIBUTION OF ENGINEERS GENDER DISTRIBUTION FEMALE TECHNICIAN 59 % Undergraduate 21% 26% 36 % Master’s Degree 5 % PhD & Post - PhD 6% ADMINISTRATIVE 66% ENGINEER 2% SUPPORT 79% MALE 32/63
Slide 33: 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 Employee Benefits 33/63
Slide 34: Agenda
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Slide 35: ASELSAN at a Glance - 2026 1st Quarter
ASELSAN AT A GLANCE - 2026 1st QUARTER Mcap TOP 1 in BIST-100 with a market capitalization of USD 32+ Billion New Contracts 1,3 Billion USD of new contracts in 2026 Q1 Backlog Backlog of 20,7 Billion USD in 2026 Q1 Export Focused Growth Export to 95 countries R&D Projects and R&D Employment Turkisht
Slide 36: Domestic Sales and Exports
DOMESTIC SALES AND EXPORTS Million TL 180.445 180.000 157.340 15% 27.531 160.000 139.076 22.444 140.000 13% 126.353 10% 12.231 120.000 19.326 100.000 152.914 80.000 134.896 126.845 60.000 107.026 40.000 25% 20.139 34.306 24% 16.104 4.703 20.000 41% 5.412 66% 9.009 44% 13.013 1.540 2.243 3.850 1.574
Slide 37: Financial Highlights - 2026 1st Quarter
FINANCIAL HIGHLIGHTS - 2026 1ST QUARTER 1,3 20,7 34,3 +28% 25% Billion USD Billion USD Billion TL New Contracts Backlog Revenue Increase in EBITDA EBITDA Margin Finansal Göstergeler 2026 1ST QUARTER FINANCIAL HIGHLIGHTS (TL) (Milyon TL) Mart'2025 Mart'2026 %∆ Net Sales 29.825 34.306 15 Gross Profit
Slide 38: Backlog (Billion USD)
BACKLOG (BILLION USD) 20,4 20,7 21 18 BACKLOG AGING 15 14,0 (BILLION USD) 12 10,9 2026* 3,6 - 4,2 9,1 9,7 9,5 9 8,5 8,2 6,2 6,8 2027 4,7 - 5,0 6 2028 3,9 - 4,1 3 2029 3,9 - 4,0 0 2030 and beyond 3,2 - 3,4 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 1Q *Backlog for remaining 9 monhts. Back
Slide 39: New Contracts (Million USD)
NEW CONTRACTS (MILLION USD) 10.000 9.573 9.000 8.000 7.000 6.545 6.000 4.993 5.000 4.057 4.000 2.881 3.043 3.000 2.070 2.022 2.000 1.604 1.279 1.255 1.000 0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 1Q TOTAL 2.881 2.070 4.057 3.043 1.279 2.022 1.604 4.993 6.545 9.573 1.255 >300 1.148 41
Slide 40: New International Contracts (Million USD)
NEW INTERNATIONAL CONTRACTS (MILLION USD) 2.500 2.069 2.000 1.500 1.017 1.000 601 629 500 446 415 267 0 2020 2021 2022 2023 2024 2025 2026 1Q 40/63
Slide 41: Major Projects Signed – As of 2026 1st Quarter
MAJOR PROJECTS SIGNED – AS OF 2026 1ST QUARTER NAME/AREA OF THE PROJECT NAME OF THE CUSTOMER CONTRACT VALUE (USD) Communication Systems and Payloads for Unmanned Surface Vehicles International Client 171 Million Guidance Systems Secretariat of Defence Industries 112 Million Electro-Optic Systems Int
Slide 42: Backlog (20,7 Billion USD) – 2026 1st Quarter
BACKLOG (20,7 Billion USD) – 2026 1st QUARTER DEFENCE/NON DEFENCE CURRENCY DISTRIBUTION OF DISTRIBUTION BACKLOG 3% 43% 51% 97% 6% Defense Non - Defense EUR TL USD 42/63
Slide 43: Backlog Customer Distribution - 2026 1st Quarter
BACKLOG CUSTOMER DISTRIBUTION- 2026 1ST QUARTER MSB; 4,4% BMC; 9,0% TAIS OG and STM; 2,4% Caspian Region; 1,5% Other; 10,3% TAI; 15,3% Europe and Americas; 4,7% Export; 16,2% Middle East, Africa and Asia; 10,0% Secretariat of Defence Industries; 42,5% 43/63
Slide 44: R&D Expenditures
R&D EXPENDITURES ASELSAN is the 1st company in Türkiye by the number of R&D Projects As a result of R&D and by the R&D employee number in 2024 incentives, ASELSAN will not Million USD pay corporate tax 1.400 until 2029. 40% 242 1.200 1.000 16% 157 800 122 600 109 118 1.118 400 712 811 71 200 502 523
Slide 45: Capex / Revenue
CAPEX / REVENUE Million TL 40.000 %40 36.000 %40 32.000 14.696 28.000 %22 %30 7.681 24.000 9.505 %18 20.000 8.073 %17 %18 %17 %20 16.000 12.000 24.200 19.990 5.961 8.000 %10 14.071 13.522 4.000 1.455 7.824 0 2.051 %0 2021 2022 (*) 2023 (*) 2024 (*) 2025 (*) 2026 (*) 1Q Intangible Assets Property, Pl
Slide 46: 2026 Guidance
2026 GUIDANCE 2026 Guidance w/IAS 29 (Real) Revenue Growth (%) > 10 EBITDA Margin (%) > 24 CAPEX (Billion TL) > 50 46/63
Slide 47: Planned Investments
PLANNED INVESTMENTS OĞULBEY TECHNOLOGY BASE • ASELSAN has incorporated a newly allocated area for investment purposes of 6,500-acre in Ankara Oğulbey with the aim of further strengthening its global position in defence technologies. • New investment worth USD 1.5 billion is planned in this new campu
Slide 48: Planned Investments
PLANNED INVESTMENTS Radar System Integration and Defense System Technologies Production Automation Center Production and Testing Facility • The volume of business related to radar systems is expected to • Air Defence Systems and components of STEELDOME. continue to increase in the coming period with
Slide 49: Planned Investments
PLANNED INVESTMENTS Precision Optics and Opto- Photon Detector Mechanical Manufacturing Facility and Nanotechnology Facility • In the field of optics, nationalization and capacity • Photon detectors and nanotechnology are used in electro- expansion are targeted to reduce foreign dependency optical s
Slide 50: Ratings
RATINGS CORPORATE GOVERNANCE RATING CREDIT RATING LONG TERM LONG TERM NOTE SUB CHAPTER NOTE NATIONAL INTERNATIONAL NOTE HOLDER FOREIGN AND VIEW FOREIGN AND VIEW Shareholders 89,86 / 100 LOCAL CURRENCY LOCAL CURRENCY Public Disclosure and Transparency 98,72 / 100 CREDIT RATING CREDIT RATINGS Stakehol
Slide 51: Agenda
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Slide 52: Sustainability Journey
SUSTAINABILITY JOURNEY 52/63
Slide 53: Sustainability Journey
ASELSAN started a young talent program, which is now called A-Talent. SUSTAINABILITY 1980’s With this program, which has made a great contribution to ASELSAN's recruitment of a competent workforce with a sustainable approach, JOURNEY employees who started working in the 1980s are now working in ASEL
Slide 54: Sustainability Journey
ASELSAN ranked among the top four companies in the “Türkiye's Most SUSTAINABILITY 2013 Desirable Companies to Work For” list conducted by an international company. JOURNEY 2014 ASELSAN's first Sustainability Report was published. 2015 All in-house correspondence and some of the external corresponden
Slide 55: Sustainability Journey
ASELSAN was awarded the title of Climate Leader for the first time in the SUSTAINABILITY 2019 2019 CDP (Carbon Disclosure Project) Climate Change Reporting with an A- score. ASİL Assistance Association was established. JOURNEY Transferred to the TS ISO 45001 standard and ASELSAN became one of the fi
Slide 56: Sustainability Journey
ASELSAN received an A- score in CDP Water Reporting, in which it participated for the 2021 first time, and received an A- score in CDP Climate Change Supply Chain Management with its value chain efforts. SUSTAINABILITY ASELSAN became one of the first companies to successfully pass the audit with the
Slide 57: Sustainability Journey
SUSTAINABILITY 2024 The aselsaneXt Program was launched. Achieved the highest possible score of A in CDP Climate Change Supply JOURNEY Chain Management and maintained an A- in CDP Water Reporting. Established and certified the ISO 46001:2019 Water Efficiency Management System. Published the Board Di
Slide 58: 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 58/63
Slide 59: Agenda
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Slide 60: Consolidated IFRS Balance Sheet
CONSOLIDATED IFRS BALANCE SHEET ASSETS LIABILITIES (Million TL) 31.12.2025 31.03.2026 (Million TL) 31.12.2025 31.03.2026 CURRENT ASSETS 192.552 207.675 CURRENT LIABILITIES 138.903 134.882 Cash and Cash Equivalents 32.007 31.006 Short-term Financial Liabilities 41.846 48.771 Trade Receivables 42.761
Slide 61: Consolidated IFRS Income Statement
CONSOLIDATED IFRS INCOME STATEMENT (Million TL) 31.03.2025 31.03.2026 PROFIT OR LOSS Revenue 29.825 34.306 Cost of sales (-) (20.898) (23.769) GROSS PROFIT 8.927 10.537 General administrative expenses (-) (1.854) (1.804) Marketing expenses (-) (772) (866) Research and development expenses (-) (1.103
Slide 62: 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 Information ASELSAN BAKU Business Development, Sales, Maintenance and Repair ASELSANNET Systems, Health & Energy Syst
Slide 63: 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 64: Investor Presentation
Producing the best-in class products, Developing game-changing technologies, INVESTOR Growing by expanding our global reach. PRESENTATION April 2026 64/63
ASELSAN Elektronik Sanayi ve Ticaret A.Ş. — Investor Presentation (April 2026) on 6ix