Aselsan Elektronik Sanayi Ve Ticaret A.s. Class B · BIST:ASELS
Aselsan Elektronik Sanayi Ve Ticaret A.s. Class B — Aselsan — Investor Presentation (April 2025)
63 slides from Aselsan Elektronik Sanayi Ve Ticaret A.s. Class B's investor presentation, April 2025
Slide 1: Investor Presentation
Producing the best-in class products, Developing game-changing technologies, INVESTOR Growing by expanding our global reach. PRESENTATION April 2025 1/22
Slide 2: Agenda
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Slide 3: Agenda
<?xml version="1.0" encoding="UTF-8"?><svg id="Layer_1" data-name="Layer 1" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 3200 1801.62"> <defs> <style> .cls-1 { fill: #c1c1c1; } </style> </defs> <path class="cls-1" d="M4309.61,1314.68l664.45-833.19c56.16-70.43,77.2-162.59,57.16-250.41l- AGENDA 237
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. 2024 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 TECHNOLOGY & STRATEGY MANAGEMENT VICE CORPORATE MANAGEMENT VICE PRESIDENCY PRESIDENCY SUPPLY CHAIN MANAGEMENT VICE PRESIDENCY FINANCIA
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 Pedestal time. • Significant successes have • With the 1919 cell Mounted Stinger System, was delivered. been achieved in the phones produced, • 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 • Our national signaling system has been implemented on the serial production activities of GÜRZ. in the Kağıthane-Gayrettepe section of the Istanbul • Ga
Slide 14: 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 15: Technology Bases
TECHNOLOGY BASES MACUNKÖY GÖLBAŞI AKYURT TEMELLİ GÖLBEK 138.761 m² INDOOR AREA 196.834 m² INDOOR AREA 127.093 m² INDOOR AREA 28.536 m² INDOOR AREA 3.294.000 m² TEST AREA 186.848 m² TOTAL AREA 659.761 m² TOTAL AREA 635.309 m² TOTAL AREA 381.730 m² TOTAL AREA • COMMUNICATION AND • RADAR AND ELECTRONIC
Slide 16: 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 17: 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 17/62
Slide 18: TCG Preveze (Submarine) Payloads
TCG PREVEZE (SUBMARINE) PAYLOADS RADAR SYSTEMS EW SYSTEMS INTEGRATED COMMUNICATION SYSTEMS NAVIGATION SYSTEMS SONAR SYSTEMS TORPEDO PERISCOPE SYSTEM COUNTERMEASURE SYSTEM 18/62
Slide 19: MİLGEM (National Corvette) Payloads
MİLGEM (NATIONAL CORVETTE) RADAR & EW SYSTEMS PAYLOADS INTEGRATED COMMUNICATION SYSTEMS ELECTRO-OPTIC SYSTEMS WEAPON SYSTEMS NAVIGATION SYSTEMS SONAR SYSTEMS 19/62
Slide 20: 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 20/62
Slide 21: Akıncı (Unmanned Combat Aerial Vehicle) Payloads
AKINCI (UNMANNED COMBAT AERIAL VEHICLE) PAYLOADS COMMUNICATION SYSTEMS RADAR SYSTEMS ELECTRONIC WARFARE GUIDED MUNITIONS SYSTEMS ELECTRO OPTIC SYSTEMS 21/62
Slide 22: ATAK Payloads
ATAK HELMET MOUNTED DISPLAY FLIGHT CONTROL & DISPLAY SYSTEMS SYSTEM PAYLOADS ELECTRO-OPTIC SYSTEM COMMUNICATION SYSTEMS ELECTRONIC WARFARE SELF WEAPON MANAGEMENT PROTECTION SYSTEM SYSTEMS NAVIGATION SYSTEMS 22/62
Slide 23: 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) 23/62
Slide 24: Türksat 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 24/62
Slide 25: Rolling Stocks Subsystems
ROLLING STOCKS SUBSYSTEMS 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) 25/62
Slide 26: 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 27: Local Affiliates
LOCAL AFFILIATES 16 LOCAL İSTANBUL ANKARA AFFILIATES ❖ AB Mikro Nano ❖ İstanbul Finans ve Teknoloji Üssü ❖ ASELSANNET ❖ Mikroelektronik ❖ ASELSAN Global SİVAS ❖ TÜYAR ❖ BİTES ❖ ASELSAN Sivas ❖ EHSİM ❖ ROKETSAN ❖ TEKNOHAB ❖ TR Eğitim ve Teknoloji ❖ ULAK Haberleşme The fields of activity of our affili
Slide 28: Foreign Affiliates & Offices
FOREIGN AFFILIATES & OFFICES ASELSAN ASELSAN KAZAKHSTAN ASELSAN ASELSAN POLAND UKRAINE BAKU ENGINEERING 4 ASELSAN BALKANS ASELSAN A F F I L I AT E S UZBEKISTAN ASELSAN CEZAYİR ASELSAN NORTH CYPRUS 7 ASELSAN MIDDLE EAST ASELSAN ASELSAN SAUDI ARABIA PAKISTAN SUBSIDIARIES ASELSAN PHILIPPINES ASELSAN NI
Slide 29: Human Resources
HUMAN RESOURCES Employee Age Average As of 31.03.2025 12.051 employees 33 ACADEMIC DISTRIBUTION GENDER DISTRIBUTION LANE DISTRIBUTION OF ENGINEERS FEMALE TECHNICIAN 21% 27% 57 % Undergraduate 38 % Master’s Degree 5 % PhD & Post - PhD 6% 64% ADMINISTRATIVE ENGINEER 3% SUPPORT 79% MALE 29/62
Slide 30: 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 Preferable Location and Em
Slide 31: Agenda
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Slide 32: ASELSAN at a Glance - 2025 1st Quarter
ASELSAN AT A GLANCE - 2025 1st QUARTER Mcap TOP 1 in BIST-100 with a market capitalization of USD 15 + Billion New Contracts 1,5 billion USD of new contracts in 2025 Q1 Backlog Backlog of 15 billion USD in 2025 Q1 Export Focused Growth Export to 92 countries R&D Projects and R&D Employment Turkishti
Slide 33: Domestic Sales and Exports
DOMESTIC SALES AND EXPORTS Million TL 140.000 130.000 13% 120.206 120.000 10% 110.000 106.252 17.146 100.000 96.532 9.344 90.000 14.766 80.000 70.000 60.000 103.060 50.000 96.908 40.000 25% 81.766 24% 30.000 44% 16.104 20.139 22.791 66% 13.013 2.243 2.821 1.540 20.000 41% 9.009 2.739 41% 3.850 5.412
Slide 34: Financial Highlights - 2025 1st Quarter
FINANCIAL HIGHLIGHTS - 2025 1ST QUARTER 1,5 Billion 15 Billion 22,8 +10% 23% USD USD Billion TL New Contracts Backlog Revenue Increase in EBITDA EBITDA Margin Finansal Göstergeler 2025 1ST QUARTER FINANCIAL HIGHLIGHTS (TL) (Million TL) March'2024 March'2025 %∆ Net Sales 20.908 22.791 9 Gross Profit
Slide 35: Quarterly Financial Highlights
QUARTERLY FINANCIAL HIGHLIGHTS Million TL REVENUE EBITDA MARGIN 23.000 22.791 23% 23% 22% 22.000 22% 20.908 21.000 21% 20.000 19.000 20% Q1 2024 Q1 2025 Q1 2024 Q1 2025 NET INCOME MARGIN 10% 9% 9% 8% 8% 7% Q1 2024 Q1 2025 35/62
Slide 36: Backlog (Billion USD)
BACKLOG (BILLION USD) 16 15 14 14 BACKLOG AGING 12 10,9 (BILLION USD) 9,1 9,7 9,5 10 8,5 8,2 2025* 2,4 - 2,7 8 6,8 6,2 2026 3,1 - 3,4 6 4,3 2027 3,1 - 3,4 4 2028 2,6 - 2,9 2 2029 and beyond 2,3 - 2,6 0 *Backlog for remaining for 9 months. 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q Bac
Slide 37: Enterprise Value and Backlog
ENTERPRISE VALUE AND BACKLOG 16 2,5 14,9 15 14 14 2,0 12 10,9 9,7 9,5 9,8 10 9,1 1,5 8,5 8,2 8 7,4 6,8 6,2 1,00 6 0,70 1,0 4,3 4,1 4 2,7 0,5 1,8 2,0 2 0,7 0,8 0,8 0,3 0 0,0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q Enterprise Value (Billion USD) Backlog (Billion USD) EV/Backlog 37/62
Slide 38: New Contracts (Million USD)
NEW CONTRACTS (MILLION USD) 7.000 6.545 6.000 4.993 5.000 4.057 4.000 3.043 2.881 3.000 2.070 2.022 2.000 1.604 1.468 1.305 1.279 1.000 0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 TOTAL 1.305 2.881 2.070 4.057 3.043 1.279 2.022 1.604 4.993 6.545 1.468 >300 0 1.148 411 1.947 942 0 312
Slide 39: New International Contracts (Million USD)
NEW INTERNATIONAL CONTRACTS (MILLION USD) 1200 1.017 1000 800 601 600 446 415 400 372 313 267 200 0 2019 2020 2021 2022 2023 2024 2025 Q1 39/62
Slide 40: Major Projects Signed – As of 2025 1st Quarter
MAJOR PROJECTS SIGNED – AS OF 2025 1ST QUARTER NAME/AREA OF THE PROJECT NAME OF THE CUSTOMER CONTRACT VALUE (USD) Land Vehicles Payloads Local Client 310 Million Electronic Warfare, Radar, Communication, Navigation, DEARSAN-DESAN-ÖZATA Joint Venture 217 Million Weapon, Electro-Optics and Under Water
Slide 41: Backlog (15 Billion USD) - 2025 1st Quarter
BACKLOG (15 Billion USD) - 2025 1st QUARTER BACKLOG DISTRIBUTION CURRENCY DISTRIBUTION OF BACKLOG 3% 29% 58% 13% 97% Defense Non - Defense EUR TL USD 41/62
Slide 42: Backlog Customer Distribution - 2025 1st Quarter
BACKLOG CUSTOMER DISTRIBUTION-2025 1ST QUARTER BMC, 11,9% TAIS OG and STM, 4,6% MSB, 4,3% Europe and Americas, 2,4% Other, 8,5% TAI, 23,4% Caspian Region; 2,3% Africa, 2,6% Foreign, 12,0% Middle East and Asia, 4,7% Secretariat of Defence Industries, 35,4% 42/62
Slide 43: R&D Spending
R&D SPENDING ASELSAN is the 1st company in Türkiye by the number of R&D Projects and by the R&D employee number in 2023 As a result of R&D Million USD incentives, 16% ASELSAN will not pay 157 800 30% 122 corporate tax until 2029. 600 118 109 70 400 811 712 502 523 45 200 429 208 0 2025 Q1 2023 2020
Slide 44: Capex / Revenue
CAPEX / REVENUE Million TL 24.000 %27 %25 %24 20.000 6.687 %18 %21 %17 %17 %17 16.000 8.041 %18 6.720 %15 12.000 %12 %12 8.000 16.809 %9 11.831 11.370 1.547 %6 4.000 780 1.455 %3 4.231 1.221 2.051 0 %0 2020 2021 2022 (*) 2023 (*) 2024 (*) 2025 (*) 1Ç Intangible Assets Property, Plant and Equipment T
Slide 45: 2025 Guidance
2025 GUIDANCE 2025 Guidance w/IAS 29 (Reel) Revenue Growth (%) > 10 EBITDA Margin (%) > 23 CAPEX (Billion TL) > 20 45/62
Slide 46: Planned Investments
PLANNED INVESTMENTS EO FLIR Systems Radar System Integration and Production Production Facility Automation Center • Production and testing of gimbaled electro-optical systems and vision systems are carried out at Akyurt campus. In this context, production • The volume of business related to radar sy
Slide 47: Planned Investments
PLANNED INVESTMENTS Photon Detector Defense System Technologies and Nanotechnology Facility Production and Testing Facility • Photon detectors and nanotechnology are used in electro- • Air Defence Systems and components of ÇELİKKUBBE. optical systems in avionics and guidance projects. • The expectat
Slide 48: Ratings
RATINGS CORPORATE GOVERNANCE RATING CREDIT RATING LONG TERM NOTE SUB CHAPTER NOTE LONG TERM NATIONAL INTERNATIONAL FOREIGN AND Shareholders 89,82 / 100 NOTE HOLDER VIEW FOREIGN AND VIEW LOCAL LOCAL CURRENCY Public Disclosure and Transparency 98,72 / 100 CURRENCY CREDIT RATINGS Stakeholders 99,17 / 1
Slide 49: Agenda
<?xml version="1.0" encoding="UTF-8"?><svg id="Layer_1" data-name="Layer 1" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 3200 1801.62"> <defs> <style> .cls-1 { fill: #c1c1c1; } </style> </defs> <path class="cls-1" d="M4309.61,1314.68l664.45-833.19c56.16-70.43,77.2-162.59,57.16-250.41l- AGENDA 237
Slide 50: Sustainability Journey
SUSTAINABILITY JOURNEY 50/62
Slide 51: Sustainability Journey
SUSTAINABILITY JOURNEY 51/62
Slide 52: Sustainability Journey
SUSTAINABILITY JOURNEY 52/62
Slide 53: Sustainability Journey
SUSTAINABILITY JOURNEY 53/62
Slide 54: Sustainability Journey
SUSTAINABILITY JOURNEY 54/62
Slide 55: Sustainability Journey
SUSTAINABILITY JOURNEY 55/62
Slide 56: Our Value Creation Journey
OUR VALUE CREATION JOURNEY 56/62
Slide 57: 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 57/62
Slide 58: Agenda
<?xml version="1.0" encoding="UTF-8"?><svg id="Layer_1" data-name="Layer 1" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 3200 1801.62"> <defs> <style> .cls-1 { fill: #c1c1c1; } </style> </defs> <path class="cls-1" d="M4309.61,1314.68l664.45-833.19c56.16-70.43,77.2-162.59,57.16-250.41l- AGENDA 237
Slide 59: Consolidated IFRS Balance Sheet
CONSOLIDATED IFRS BALANCE SHEET ASSETS LIABILITIES (Million TL) 31.12.2024 31.03.2025 (Million TL) 31.12.2024 31.03.2025 CURRENT ASSETS 116.798 111.661 CURRENT LIABILITIES 76.781 74.404 Cash and Cash Equivalents 18.311 12.832 Short-term Financial Liabilities 25.134 32.774 Trade Receivables 31.209 27
Slide 60: Consolidated IFRS Income Statement
CONSOLIDATED IFRS INCOME STATEMENT (Million TL) 31.03.2024 31.03.2025 PROFIT OR LOSS Revenue 20.908 22.791 Cost of sales (-) (14.858) (15.969) GROSS PROFIT 6.050 6.821 General administrative expenses (-) (1.429) (1.417) Marketing expenses (-) (467) (590) Research and development expenses (-) (413) (
Slide 61: 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 ASELSAN BAKÜ Business Development, Sales, Maintenance and Repair ASELSANNET Information Systems, Health & Energy Syst
Slide 62: 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 63: Investor Presentation
Producing the best-in class products, Developing game-changing technologies, INVESTOR Growing by expanding our global reach. PRESENTATION April 2025 63/62