CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS AS OF AND FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2025
4 November 2025
This report contains condensed consolidated interim financial information and related disclosures and footnotes comprising 45 pages.
CONTENT PAGE CONSOLIDATED STATEMENT OF FINANCIAL POSITION .......................................................................................... 1-3 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME .................................... 4-5 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ........................................................................................... 6 CONSOLIDATED STATEMENT OF CASH FLOWS ...................................................................................................... 7 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS...................................................................................... 8-45 NOTEORGANIZATION AND OPERATIONS OF THE GROUP 8
BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS 9
CASH AND CASH EQUIVALENTS 19
RELATED PARTY DISCLOSURES 20
TRADE RECEIVABLES AND PAYABLES 24
INVENTORIES 25
PREPAID EXPENSES AND DEFERRED INCOME 26
PROPERTY, PLANT AND EQUIPMENT 27
PROVISIONS, CONTINGENT ASSETS AND LIABILITIES 28
TAX 29
COMMITMENTS AND CONTINGENCIES 29
EMPLOYEE BENEFITS 32
SHARE CAPITAL, RESERVES AND OTHER EQUITY ITEMS 33
REVENUE AND COST OF SALES 35
OTHER OPERATING INCOME AND EXPENSES 35
FINANCIAL INCOME 35
FINANCIAL EXPENSES 36
GAIN/(LOSS) ON NET MONETARY POSITION 36
EARNINGS PER SHARE 37
FINANCIAL LIABILITIES 37
FOREIGN EXCHANGE POSITION 39
EVENTS AFTER THE REPORTING PERIOD 45
ASSETS | Note References | Reviewed 30 September 2025 | Audited 31 December 2024 | |
Current Assets | 139.538.973 | 133.104.959 | ||
Cash and Cash Equivalents | 3 | 14.437.566 | 20.868.120 | |
Trade Receivables | 5 | 28.902.261 | 35.566.221 | |
From Related Parties | 4 | 14.460.491 | 15.859.696 | |
From Third Parties | 14.441.770 | 19.706.525 | ||
Other Receivables | 3.833.983 | 3.117.495 | ||
From Related Parties | 4 | 65.546 | -- | |
From Third Parties | 3.768.437 | 3.117.495 | ||
Inventories | 6 | 65.493.112 | 54.526.596 | |
Prepaid Expenses | 7 | 21.795.014 | 15.317.587 | |
From Related Parties | 4 | 2.695.559 | 2.398.567 | |
From Third Parties | 19.099.455 | 12.919.020 | ||
Other Current Assets | 5.077.037 | 3.708.940 | ||
Non-Current Assets | 184.780.379 | 171.435.960 | ||
Financial Investments | 10.144.463 | 10.146.541 | ||
Trade Receivables | 5 | 63.508.041 | 68.960.082 | |
From Related Parties | 4 | 42.805.303 | 50.348.380 | |
From Third Parties | 20.702.738 | 18.611.702 | ||
Other Receivables | 16.096 | 14.924 | ||
From Third Parties | 16.096 | 14.924 | ||
Equity Accounted Investments | 1.387.978 | 1.671.059 | ||
Property, Plant and Equipment | 8 | 50.662.906 | 46.922.161 | |
Intangible Assets | 8 | 35.677.518 | 27.383.099 | |
Prepaid Expenses | 7 | 4.996.780 | 4.689.438 | |
From Related Parties | 4 | 1.248.284 | 1.664.376 | |
From Third Parties | 3.748.496 | 3.025.062 | ||
Deferred Tax Assets | 10 | 17.228.103 | 10.220.146 | |
Other Non-Current Assets | 1.158.494 | 1.428.510 | ||
TOTAL ASSETS | 324.319.352 | 304.540.919 | ||
Not Limited Reviewed | Audited | ||
Note References | 30 September 2025 | 31 December 2024 | |
LIABILITIES | |||
Current Liabilities | 98.423.385 | 87.501.715 | |
Short-term Financial Liabilities | 20 | 12.737.397 | 17.014.289 |
Short-term Portion of Long-term Financial Liabilities | 20 | 24.257.680 | 11.628.374 |
Trade Payables | 5 | 21.588.251 | 24.785.637 |
To Related Parties | 4 | 1.740.961 | 3.083.851 |
To Third Parties | 19.847.290 | 21.701.786 | |
Employee Benefit Obligations | 4.922.287 | 4.440.935 | |
Other Payables | 1.327.903 | 688.063 | |
To Related Parties | 4 | 1.070.000 | 426.910 |
To Third Parties | 257.903 | 261.153 | |
Government Grants and Incentives | 62.716 | 82.826 | |
Deferred Income | 7 | 23.075.937 | 16.311.595 |
To Related Parties | 4 | 3.665.655 | 7.611.454 |
To Third Parties | 19.410.282 | 8.700.141 | |
Short-term Provisions | 10.439.716 | 12.506.148 | |
For Employee Benefits | 12 | 1.943.205 | 3.835.543 |
Other | 9 | 8.496.511 | 8.670.605 |
Other Current Liabilities | 11.498 | 43.848 | |
Non-Current Liabilities | 38.273.720 | 39.732.422 | |
Long-term Financial Liabilities | 20 | 1.211.187 | 12.200.259 |
Trade Payables | 5 | 3 | -- |
To Third Parties | 3 | -- | |
Other Payables | 12.477 | 24.209 | |
To Third Parties | 12.477 | 24.209 | |
Deferred Income | 7 | 30.408.688 | 14.836.489 |
To Related Parties | 4 | 10.844.969 | 8.785.358 |
To Third Parties | 19.563.719 | 6.051.131 | |
Long-term Provisions | 6.612.791 | 12.621.068 | |
Long-term Provisions for Employee Benefits | 12 | 1.315.979 | 1.318.720 |
Other | 9 | 5.296.812 | 11.302.348 |
Other Non-Current Liabilities | 28.574 | 50.397 |
Not Limited Reviewed | Audited | |||
Note References | 30 September 2025 | 31 December 2024 | ||
EQUITY | 187.622.247 | 177.306.782 | ||
Equity Attributable to Equity Holders of the Parent | 186.355.356 | 175.976.962 | ||
Share Capital | 13 | 4.560.000 | 4.560.000 | |
Inflation Adjustments on Share Capital Differences | 13 | 31.512.593 | 31.512.593 | |
Share Premiums Other Comprehensive Income / (Expense) that will not be Reclassified to Profit or (Loss) | 26.346.275 3.998.621 | 26.346.275 4.160.494 | ||
Gain on Revaluation of Property, Plant and Equipment | 5.762.963 | 5.762.963 | ||
Gain/ Loss on Remeasurement of Defined Benefit Plans Other Cumulative Comprehensive Income / (Expense) will be Reclassified to Profit/Loss | (1.764.342) (801.406) | (1.602.469) (760.985) | ||
Gain (Loss) on Financial Assets That Fair Value Difference | ||||
Reflect in Other Comprehensive income | (614.477) | (614.477) | ||
Cumulative Translation Adjustments | (186.929) | (146.508) | ||
Restricted Reserves | 13 | 6.910.020 | 6.369.820 | |
Retained Earnings | 102.178.565 | 84.599.551 | ||
Net Profit for the Year | 11.650.688 | 19.189.214 | ||
Non-Controlling Interests | 1.266.891 | 1.329.820 | ||
TOTAL LIABILITIES AND EQUITY | 324.319.352 | 304.540.919 | ||
Notes | Not Limited Reviewed 1 January- 30 September | Not Limited Reviewed 1 July- 30 September | Not Limited Reviewed 1 January- 30 September | Not Limited Reviewed 1 July- 30 September | ||||
References | 2025 | 2025 | 2024 | 2024 | ||||
PROFIT OR LOSS Revenue | 14 | 90.872.870 | 33.132.260 | 80.930.749 | 29.073.200 | |||
Cost of Sales (-) | 14 | (62.784.749) | (23.521.892) | (55.909.899) | (20.617.379) | |||
GROSS PROFIT | 28.088.121 | 9.610.368 | 25.020.850 | 8.455.821 | ||||
General Administrative Expenses (-) | (4.221.916) | (1.312.804) | (4.710.249) | (1.510.424) | ||||
Marketing Expenses (-) | (2.076.516) | (607.244) | (1.971.454) | (677.602) | ||||
Research and Development Expenses (-) | (2.869.812) | (833.677) | (2.141.446) | (642.220) | ||||
Other Operating Income | 15 | 24.398.453 | 5.087.273 | 17.091.049 | 4.725.890 | |||
Other Operating Expenses (-) | 15 | (17.044.532) | (4.438.259) | (14.137.011) | (4.721.923) | |||
OPERATING PROFIT | 26.273.798 | 7.505.657 | 19.151.739 | 5.629.542 | ||||
Income From Investing Activities Shares of profit/(losses) of Equity Accounted Investees | 302.173 (211.334) | 83.619 11.827 | 93.240 (32.573) | 299 (2.794) | ||||
OPERATING PROFIT BEFORE FINANCIAL | ||||||||
EXPENSE | 26.364.637 | 7.601.103 | 19.212.406 | 5.627.047 | ||||
Financial Income | 16 | 2.592.105 | 536.789 | 904.546 | 245.868 | |||
Financial Expense (-) | 17 | (10.612.562) | (2.264.738) | (7.507.231) | (2.851.788) | |||
Monetary Gain/(Loss) | 18 | (15.690.500) | (655.149) | (13.945.106) | (2.947.876) | |||
PROFIT BEFORE TAX FROM CONTINUING | ||||||||
OPERATIONS | 2.653.680 | 5.218.005 | (1.335.385) | 73.251 | ||||
Tax Income from Continuing Operations | 10 | 8.934.079 | (521.907) | 9.432.595 | 2.730.603 | |||
- Current Corporate Tax Expense(-) | (91.979) | 28.686 | (15.867) | 3.217 | ||||
- Deferred Tax Income | 9.026.058 | (550.593) | 9.448.462 | 2.727.386 | ||||
PROFIT FOR THE PERIOD FROM CONTINUING | ||||||||
OPERATIONS | 11.587.759 | 4.696.098 | 8.097.210 | 2.803.854 | ||||
Profit for the Period Attributable to | 11.587.759 | 4.696.098 | 8.097.210 | 2.803.854 | ||||
Non-Controlling Interest | (62.929) | (69.234) | (89.330) | 132.652 | ||||
Owners of the Company | 19 | 11.650.688 | 4.765.332 | 8.186.540 | 2.671.202 | |||
11.587.759 | 4.696.098 | 8.097.210 | 2.803.854 | |||||
Earnings for per 100 Shares (in full kuruş) | 19 | 255,50 | 104,50 | 179,53 | 58,58 | |||
References
30 September2025
30 September2025
30 September2024
30 September2024
PROFIT FOR THE PERIOD FROM CONTINUING OPERATIONSItems that will not to be reclassified subsequently in Profit or Loss | (161.873) | (142.259) | (213.969) | (200.026) | ||||
Loss on Remeasurement of Defined Benefit | ||||||||
Plans | 12 | (215.830) | (189.679) | (285.046) | (266.455) | |||
Deferred Tax Income / (Expense) | 53.957 | 47.420 | 71.077 | 66.429 | ||||
Items that may be reclassified subsequently to profit or loss | (40.421) | (33.823) | (165.565) | (11.704) | ||||
Foreign Currency Exchange Differences | (40.421) | (33.823) | (165.565) | (11.704) | ||||
OTHER COMPREHENSIVE INCOME | (202.294) | (176.082) | (379.534) | (211.730) | ||||
TOTAL COMPREHENSIVE INCOME | 11.385.465 | 4.520.016 | 7.717.676 | 2.592.124 | ||||
Total Comprehensive Income Attributable to Non-Controlling Interest | (62.929) | (69.234) | (89.330) | 132.652 | ||||
Owners of the Company | 11.448.394 | 4.589.250 | 7.807.006 | 2.459.472 | ||||
11.385.465 | 4.520.016 | 7.717.676 | 2.592.124 | |||||
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE NINE MONTH ENDED 30 SEPTEMBER 2025
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 30 September 2025, unless otherwise indicated.)
Other Comprehensive Income / Expense that will not to be Reclassified Subsequently to
Profit or Loss
Other Comprehensive Income
/ Expense that may not to be Reclassified Subsequently to
Profit or Loss Retained Earnings
Inflation | Share | Gain (Loss) on Financial Assets That Fair Value Difference Reflect in | Equity | ||||||||||
Adjustments | Issuance | Remeasurement | Other | Net | Attributable | Non- | |||||||
Share | on Share | Premiums/ | Revaluation | of Defined | Comprehensi | Translation | Restricted | Retained | Profit/(Loss) | to Owners of | Controlling | ||
Capital | Capital | (Discounts) | Reserves | Benefit Plans | ve income | Reserves | Reserves | Earnings | for the Year | the Company | Interests | Equity | |
Balance as of 1 January 2024 | 4.560.000 | 31.512.593 | 26.346.275 | 5.261.378 | (1.275.913) | -- | 101.887 | 6.305.830 | 72.100.336 | 13.202.588 | 158.114.974 | 1.936.517 | 160.051.491 |
Transfers | -- | -- | -- | -- | -- | -- | -- | 67.980 | 12.454.810 | (12.522.790) | -- | -- | -- |
Total Comprehensive Income | -- | -- | -- | -- | (213.969) | -- | (165.565) | -- | -- | 8.186.540 | 7.807.006 | (89.330) | 7.717.676 |
Dividends | -- | -- | -- | -- | -- | -- | -- | -- | -- | (679.799) | (679.799) | -- | (679.799) |
Balance as of 30 September 2024 (Closing Balance) | 4.560.000 | 31.512.593 | 26.346.275 | 5.261.378 | (1.489.882) | -- | (63.678) | 6.373.810 | 84.555.146 | 8.186.539 | 165.242.181 | 1.847.187 | 167.089.368 |
Balance as of 1 January 2025 | 4.560.000 | 31.512.593 | 26.346.275 | 5.762.963 | (1.602.469) | (614.477) | (146.508) | 6.369.820 | 84.599.551 | 19.189.214 | 175.976.962 | 1.329.820 | 177.306.782 |
Transfers | -- | -- | -- | -- | -- | -- | -- | 540.200 | 17.579.014 | (18.119.214) | -- | -- | -- |
Total Comprehensive Income | -- | -- | -- | -- | (161.873) | -- | (40.421) | -- | -- | 11.650.688 | 11.448.394 | (62.929) | 11.385.465 |
Dividends | -- | -- | -- | -- | -- | -- | -- | -- | -- | (1.070.000) | (1.070.000) | -- | (1.070.000) |
Balance as of 30 September 2025 (Closing Balance) | 4.560.000 | 31.512.593 | 26.346.275 | 5.762.963 | (1.764.342) | (614.477) | (186.929) | 6.910.020 | 102.178.565 | 11.650.688 | 186.355.356 | 1.266.891 | 187.622.247 |
The accompanying notes are an integral part of the consolidated financial statements.
ASELSAN ELEKTRONİK SANAYİ VE TİCARET ANONİM ŞİRKETİ AND ITS SUBSIDIARIESCONSOLIDATED STATEMENT OF CASH FLOWS FOR THE NINE MONTH ENDED 30 SEPTEMBER 2025
(Amounts are expressed in Thousand Turkish Lira ("TL") in terms of the purchasing power of the TL at 30 September 2025, unless otherwise indicated.)
Note
Not Limited Reviewed 1 January-30 September
Not Limited Reviewed 1 January-30 September
References 2025 2024
A.Cash Flows from Operating Activities | 24.094.505 | 1.204.217 | |
Profit for the Period | 11.587.759 | 8.097.210 | |
Adjustments to Reconcile Profit for the Period | 9.947.762 | 6.367.554 | |
- Adjustments for Depreciation and Amortization Expense | 8 | 3.748.282 | 2.990.899 |
- Adjustments for Impairment Loss (Reversal of Impairment Loss) | 201.655 | (67.904) | |
Adjustments for Impairment Loss (Reversal of Impairment Loss) of Receivables | 5 | (8.913) | (18.997) |
Adjustments for Impairment Loss (Reversal of Impairment Loss) of Inventories | 6 | 210.568 | (48.907) |
- Adjustments for Provisions | 495.116 | 3.066.870 | |
Adjustments for (Reversal of) Provisions Related with Employee Benefits | 12 | (692.682) | (586.955) |
Adjustments for (Reversal of) Lawsuit and/or Penalty Provisions | (1.750.746) | 1.039.252 | |
Adjustments for (Reversal of) Warranty Provisions | 3.097.120 | 2.388.618 | |
Adjustments for (Reversal of) Other Provisions | (158.576) | 225.955 | |
- Adjustments for Interest (Income) Expenses | (756.673) | (502.586) | |
Adjustments for Interest Income | (1.456.753) | (1.187.295) | |
Adjustments for Interest Expense | 700.080 | 684.709 | |
- Adjustments for Retained Profit of Equity Accounted Investees | 211.334 | 32.573 | |
- Adjustments for Tax (Income)/Expenses | (8.934.079) | (9.432.595) | |
- Other Adjustments for which Cash Effects are Investing or Financing Cash Flow | 7.564.335 | 6.901.653 | |
- Other Adjustments to Reconcile Profit (Loss) | 7.417.792 | 3.378.644 | |
Changes in Working Capital | 6.342.262 | (10.000.139) | |
- Decrease (Increase) in Trade Receivables | 4.676.864 | (2.574.102) | |
- Decrease (Increase) in Other Receivables Related with Operations | (717.660) | (415.076) | |
- Decrease (Increase) in Inventories | 6 | (10.741.223) | 2.479.986 |
- Decrease (Increase) in Prepaid Expenses | 7 | (6.014.654) | (2.783.640) |
- Increase (Decrease) in Trade Payables | 5 | (2.081.735) | (1.203.901) |
| 12 | 481.352 11.401.330 | 1.409.356 (12.777.082) |
- Increase (Decrease) in Other Operating Payables | (441.891) | (308.656) | |
- Increase (Decrease) in Government Grants and Subsidies | (20.110) | 2.178 | |
- Increase (Decrease) in Deferred Income | 17.683.179 | (43.207) | |
- Adjustments Related to Monetary Gain/ Losses | (7.072.040) | 7.684.147 | |
- Other Increase (Decrease) in Working Capital | (811.150) | (1.470.142) | |
Cash Flows From Operations | 27.877.783 | 4.464.625 | |
Payments Related with Provisions for Employee Benefits | 12 | (373.238) | (462.295) |
Payments Related with Other Provisions | (3.318.061) | (2.782.246) | |
Income Taxes Refund (Paid) | (91.979) | (15.867) | |
B.Cash Flows From Investing Activities | (24.668.594) | (19.695.464) | |
Proceeds from Sales of Property, Plant, Equipment and Intangible Assets | 144.601 | 520.682 | |
Purchase of Property, Plant and Equipment | 8 | (7.247.996) | (4.764.441) |
Purchase of Intangible Assets | 8 | (16.767.108) | (15.439.693) |
Dividends Received | 66.546 | 59.619 | |
Other Cash Inflows (Outflows) | (864.637) | (71.631) | |
C.Cash Flows From Financing Activities | (1.986.939) | 14.485.878 | |
Proceeds from Borrowings | 18.469.433 | 32.261.740 | |
Repayments of Borrowings | (20.456.372) | (17.775.862) | |
NET INCREASE/DECREASE IN CASH AND CASH EQUIVALENTS BEFORE EFFECT OF EXCHANGE RATE CHANGES (A+B+C) | (2.561.028) | (4.005.369) | |
D. EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 361.331 | 5.161 | |
E. MONETARY GAİN/LOSS EFFECT ON CASH AND CASH EQUİVALENTS | (4.230.857) | (3.159.573) | |
NET INCREASE/DECREASE IN CASH AND CASH EQUIVALENTS (A+B+C+D+E) | (6.430.554) | (7.159.781) | |
F.CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD | 20.868.120 | 11.954.133 |
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD (A+B+C+D+E+F) 3 14.437.566 4.794.352
The accompanying notes are an integral part of the consolidated financial statements.
- ORGANIZATION AND OPERATIONS OF THE GROUP
ASELSAN Elektronik Sanayi ve Ticaret Anonim Şirketi ("the Company") was established in order to engage principally in research, development, engineering, production, tests, assembly, integration and sales, after sales support, consultancy and trading activities, to provide and conduct all sorts of activities for project preparation, engineering, consultancy, service providing, training, contracting, construction, publishing, trading, operation and internet services regarding various software, equipment, system, tools, material and platforms in the fields of electrical, electronics, microwave, electro-optics, guidance, computer, data processing, encryption, security, mechanics, chemistry and related areas within the army, navy, air force and aerospace applications to all institutions, organizations, companies and individual consumers.
The Company was established at the end of 1975 as a corporation by Turkish Land Forces Foundation. The Company commenced its production activities in Macunköy Facilities in early 1979.
As of the reporting date, the Company has been organized under six divisions under the Vice Presidential Sector with regard to investment and production requirements of projects. These divisions comprise Communication and Information Technologies Vice Presidency (''HBT''), Microelectronics and Electro-Optics Vice Presidency (''MEOS''), Avionics and Guidance Systems Vice Presidency ("AGS"), Integrated Defence Systems Technologies Vice Presidency (''SST''), Radar and Electronic Warfare Systems Vice Presidency (''REHİS''), and Transportation, Security, Energy, Automation and Healthcare Systems Vice Presidency (''UGES'').
In addition to the Vice Presidencies above, the Company organization also includes five Vice Presidencies to fulfil the planning, monitoring and analyzing functions: Financial Management Vice Presidency, Corporate Management Vice Presidency, Technology and Strategy Management Vice Presidency, Business Development and Marketing Vice Presidency, Supply Chain Management Vice Presidency and Malatya Campus Directorate. In addition to these, there are also Legal Affairs and Office of the Private Secretary.
The Internal Audit Department and Board of Directors Planning and Coordination Management have been established under the Board of Directors.
The Company maintains production and engineering operations in Ankara, Macunköy, Akyurt and Gölbaşı campuses and engineering operations in Hacettepe Teknokent, Teknopark İstanbul, Aselsan Temelli Campus and Aselsan Malatya Campus. Headquarters is located in Ankara Macunköy.
Turkish Armed Forces Foundation ("TSKGV") is the main shareholder of the Company which holds 74,20 percent of the capital and maintains control of the Company. TSKGV was established on 17 June 1987 with the law number 3388, in order to manufacture or import guns, equipment and appliances needed for Turkish Armed Forces.
The Company is registered to Capital Markets Board of Türkiye ("CMB") and its shares have been quoted in Borsa İstanbul Anonim Şirketi ("BIST") since 1990. As of 30 September 2025, 25,80 percent of the Company's shares are publicly traded (31 December 2024: 25,80 percent) (Note 13).
The Company's trade registry address is Mehmet Akif Ersoy Mahallesi İstiklal Marşı Caddesi No:16 06200 Yenimahalle/Ankara. The average number of personnel employed by the Group as of 30 September 2025 is 13.879 (31 December 2024: 12.014).
-
ORGANIZATION AND OPERATIONS OF THE GROUP (continued)
The Company's consolidated subsidiaries are ASELSAN Baku ("ASELSAN Baku"), Aselsan Sivas Hassas Optik San. Tic. A.Ş. (" ASELSAN Sivas Hassas Optik"), Mikroelektronik Ar-Ge Tasarım ve Ticaret Ltd. Co. ("MKR-IC"), ASELSANNET Elektronik ve Haberleşme Sistemleri Sanayi Ticaret İnşaat ve Taahhüt Ltd. Co. ("ASELSANNET"), Aselsan Konya Silah Sistemleri Anonim Şirketi ("ASELSAN Konya"), ASELSAN Malaysia Sdn. Bhd. ("ASELSAN Malaysia"), BITES Savunma Havacılık ve Uzay Teknolojileri Yazılım Elektronik A.Ş. ("BITES"), Aselsan Global Dış Ticaret ve Pazarlama A.Ş. ("ASELSAN Global"), ASELSAN UKRAINE LLC. ("ASELSAN Ukrayna"), ASELSAN Latin Amerika SpA ("ASELSAN Latin Amerika") and ASELSAN Technologies Limited ("ASELSAN UAE"). They are collectively referred as the "Group" in the accompanying notes.
The Company has six branch offices; Aselsan Elektronik Sanayi ve Ticaret Anonim Şirketi EP Co. (''ASELSAN South Africa''), ASELSAN Balkans (''ASELSAN Balkans''), ASELSAN Kıbrıs İleri Araştırma Merkezi ("ASELSAN N.Cyprus"), ASELSAN Elektronik Sanayi ve Ticaret A.Ş. Katar ("ASELSAN Qatar"), ASELSAN Elektronik Sanayi ve Ticaret A.Ş. Poland ("ASELSAN Poland) and ASELSAN Elektronik Sanayi ve Ticaret A.Ş. Albania ("ASELSAN Albania) located in Republic of South Africa, Macedonia, Turkish Republic of Northern Cyprus ("TRNC"), Qatar, Poland and Albania, respectively. The branches are also included in the consolidated financial statements.
-
BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS
- The Basis of Presentation Statement of Compliance to TFRS
The accompanying consolidated financial statements are prepared in accordance with the requirements of CMB Communiqué Serial II, No: 14.1 "Basis of Financial Reporting in Capital Markets" ("Communiqué"), which were published in the Official Gazette No: 28676 on 13 June 2013 and in accordance with the Turkish Financial Reporting Standards ("TFRS") and Interpretations that have been put into effect by the Public Oversight Accounting and Auditing Standards Authority ("POA").
The consolidated financial statements has been presented with examples of Financial Statement by the POA. All reports have suited the TFRS formats. The consolidated financial statements are prepared according to historical cost accounting except for the revaluation of land and financial instruments. The consolidated condensed financial statements of the Group for the nine months ended 30 September 2025 have been prepared in accordance with TAS 34 Interim Financial Reporting. The interim condensed financial statements do not contain all the information and explanations that should be included in the annual financial statements and should be read together with the annual consolidated financial statements of the Group as of 31 December 2024.
Approval of the Consolidated Financial Statements
These consolidated financial statements have been approved for issue by the Board of Directors with the resolution number 1284 on 4 November 2025. There is no authority other than General Assembly and legal entities has the right to amend the consolidated financial statements.
Functional Currency
The individual financial statements of each Group entity are presented in the currency of the primary economic environment ("Functional Currency") in which the entity operates. The Company's reporting currency is Turkish Lira (''TL''). For the purpose of the consolidated financial statements, the results and financial position of each entity are expressed in TL, which is the functional, and presentation currency of the Company for the consolidated financial statements. Amounts are expressed in thousands of TL or Foreign Currency unless otherwise stated. Kuruş, Turkish Currency subunit and 1 TL is equal to 100 Kuruş.
-
BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (continued)
-
The Basis of Presentation (continued)
Preparation of Financial Statements in Hyperinflationary Periods
With the decision taken on 17 March 2005, the CMB has announced that, effective from 1 January 2005, the application of inflation accounting is no longer required for companies operating in Türkiye and preparing their financial statements in accordance with CMB Accounting Standards and therefore the preparation and presentation of financial statements in accordance with International Accounting Standard 29 "Financial Reporting in Hyperinflationary Economies" is no longer required.
On 23 November 2023, Public Oversight Accounting and Auditing Standards Authority ("POA") announced the application of inflation accounting in Türkiye and according to the announcement, financial statements of entities applying TFRS for the annual reporting period ending on or after December 31, 2023 should be presented as adjusted for the effects of inflation in accordance with the related accounting principles in TAS 29. As of the date of these financial statements, inflation adjustment has been made in accordance with TAS 29 while preparing the financial statements dated 30 September 2025.
IAS 29 requires that financial statements prepared in the currency of a hyperinflationary economy be stated in terms of the measuring unit current at the balance sheet date and that corresponding figures for previous periods be restated in the same terms using the general price index. One of the conditions that require the application of TAS 29 is a three-year cumulative inflation rate of approximately 100% or more. In Türkiye, based on the consumer price index ("CPI") published by the Turkish Statistical Institute ("TURKSTAT"), the cumulative rate was 222% for the three-year period ended 30 September 2025 (31 December 2024: %291).
Adjustments for inflation have been calculated based on the coefficients calculated using the Consumer Price Index in Türkiye published by the Turkish Statistical Institute. As of 30 September 2025, the indices and coefficients used in the restatement of the accompanying financial statements are as follows:
Period
Index
Correction Coefficient
30 September 2025
3.367,22
1
31 December 2024
2.684,55
1,25430
30 September 2024
2.526,16
1,33294
31 December 2023
1.859,38
1,81094
The main lines of TAS 29 indexation transactions are as follows:
As of the balance sheet date, all items other than those stated in terms of current purchasing power are restated by using the relevant consumer price index coefficients. Prior year amounts are restated in the same way. Financial statements of previous reporting periods have been restated to reflect the current purchasing power of money at the latest balance sheet date. The current period restatement factor has been applied to the prior period financial statements.
Monetary assets and liabilities are not restated because they are expressed in terms of the purchasing power of money at the balance sheet date. Monetary items are cash and items to be received or paid in cash.
2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (continued) - The Basis of Presentation (continued)
-
The Basis of Presentation (continued)
Non-monetary assets and liabilities are restated by reflecting the changes in the general price index from the date of acquisition or initial recognition to the balance sheet date in their acquisition costs and accumulated amortization amounts. Accordingly, property, plant and equipment, intangible assets, right-of-use assets and similar assets are restated to their acquisition values, which do not exceed their market values. Depreciation has been restated in a similar manner. Amounts included in shareholders' equity have been restated by applying the consumer price indices for the periods in which such amounts were contributed to or arose within the Company.
All items in the income statement, except for the effects of non-monetary items in the balance sheet on the income statement, have been restated by applying the multiples calculated over the periods when the income and expense accounts were initially recognized in the financial statements.
The gain or loss arising on the net monetary position as a result of general inflation is the difference between the restatement adjustments to non-monetary assets, equity items and income statement accounts. This gain or loss on the net monetary position is included in net profit.
All items presented in the statement of cash flows are restated for the effects of inflation in the measuring unit current at the end of the reporting period.
The effect of inflation on cash flows from operating, investing and financial activities is attributed to the related item and the monetary gain or loss on cash and cash equivalents is presented separately.
-
BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (continued)
-
The Basis of Presentation (continued) Basis of Consolidation
Subsidiaries:
The details of the subsidiaries of the Group are as follows:
Group's proportion of ownership and voting power held (%)Subsidiaries
Location
Functional 30 Currency
Septe
mber 31 Dece
2025
mber
2024
Main Activity
ASELSANNET
Türkiye
TL
100
100
Communication systems
Marketing and sales of the
ASELSAN Baku
Azerbaijan
AZN
100
100
group products
ASELSAN Global
Türkiye
TL
100
100
Export
ASELSAN Sivas
Türkiye
TL
Hassas Optik
80
80
Sensitive optic technologies
Microelectronic R&D
MKR-IC
Türkiye
TL
85
85
projects
Remote controlled weapon
ASELSAN Malaysia
Malaysia
MYR
100
100
systems
Weapon and weapon
ASELSAN Konya
Türkiye
TL
51
51
systems
Defense, Aerospace, Space
BITES
Türkiye
TL
100
100
Technologies, Software
Marketing and sales of the
ASELSAN Ukraine
Ukraine
UAH
100
100
group products
ASELSAN Latin
Marketing and business
Amerika
Chile
CLP
100
100
development
Marketing and business
ASELSAN UAE
UAE
AED
100
100
development
The consolidated financial statements include the financial statements of the Company and its subsidiaries. Control is achieved when the Company:
has power over the investee;
is exposed, or has rights, to variable returns from its involvement with the investee; and
has the ability to use its power to affect its returns
The Company reassesses whether or not it controls an investee when if facts and circumstances arise there are changes to one or more of the three elements of control listed above.
2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (continued)
-
The Basis of Presentation (continued) Basis of Consolidation (continued) Subsidiaries (continued):
Even though the Company has voting rights less than a majority, if it has ability to manage the operation of the investee unintentionally, then the Group assess that it has control over that investee.
The Company considers all relevant facts and circumstances in assessing whether or not the
Company's voting rights in an investee are sufficient to give it power, including:
comparison of voting rights of the Group and the others,
potential voting rights held by the Group, and others,
rights arising from contractual arrangements; and
any additional facts and circumstances that indicate the Group has, or does have, the current ability to direct the relevant activities at the time that decisions need to be made (including voting patterns at previous shareholders' meeting).
-
The Basis of Presentation (continued) Basis of Consolidation
The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. Income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of profit or loss and other comprehensive income from the date the Company gains control until the date when the Company ceases to control the subsidiary.
Each item of profit or loss and other comprehensive income are attributed to the owners of the Company and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if results in the non-controlling interests having a deficit balance.
When necessary, adjustments are made to the financial statements of subsidiaries to align with the Group accounting policies and the Group's accounting policies.
All intragroup balances, equity, income and expenses, profits and losses and cash flows relating to transactions between members of the Group are eliminated during consolidation.
-
BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (continued)
- The Basis of Presentation (continued) Basis of Consolidation (continued) Joint Ventures
The details of the Group's interests in joint ventures as of 30 September 2025 and 31 December 2024 are as follows:
Group's proportion of
ownership and voting power
held (%)
Joint Ventures Principal Activity
Country of establishment and operation
30 September
2025
31 December
2024
ASELSAN Bikent Mikro Nano Teknolojileri Sanayi ve Ticaret Anonim Şirketi
(''ASELSAN Bilkent Mikro Nano'')
International Golden Group ("IGG") ASELSAN Integrated Systems LLC
("IGG ASELSAN Integrated Systems ")
Kazakhstan ASELSAN Engineering LLP
("ASELSAN Kazakhstan
Engineering")
ASELSAN Middle East PSC
("ASELSAN Middle East")
TÜYAR Mikroelektronik Sanayi ve Ticaret Anonim Şirketi
("TÜYAR Mikroelektronik
Sanayi")
BARQ QSTP LLC.
("BARQ QSTP LLC.")
Teknohab Teknoloji Geliştirme Bölgesi Yönetici Anonim Şirketi ("TEKNOHAB Teknoloji
Geliştirme Bölgesi")
EHSİM Elektronik Harp Sistemleri Müh. Tic. Anonim Şirketi ("EHSİM")
TR Eğitim ve Teknoloji Anonim
Şirketi
("TR Eğitim ve Teknoloji")
İstanbul Finans ve Teknoloji Üssü Anonim Şirketi
("İstanbul Finans ve Teknoloji Üssü")
Adıyaman Kablo ve Konnektör Anonim Şirketi
("Adıyaman Kablo ve Konnektör")
ULAK Haberleşme A.Ş. ("ULAK")
Production of micro and nano sized devices which contains semi-conductive and similar technological materials
Manufacturing, testing, maintenance-repair and marketing of remote control system
Manufacturing, development and maintenance repair of electronic devices and systems
Production, sales and technical maintenance service of electronic and electro-optic devices and systems
Production of micro and nano-sized devices containing semiconductor
Command and control systems, thermal and night vision camera, crypto, remote-controlled weapon systems
Manage and operate the technology development zone
Electronic warfare systems, tactical command
and control systems & decoy target systems
Human Resources Studies, consultancy and training activities, certification activities, training software activities, publishing activities
To establish infrastructure activities for the development of the financial technology ecosystem
Production, design and sale of cables, connectors, cabling and similar products and technologies
Design, development and engineering activities of broadband communication devices
and mobile communication systems
Türkiye 50 50
United Arab Emirates | 49 | 49 |
Kazakhstan | 49 | 49 |
Jordan | 49 | 49 |
Türkiye | 51 | 51 |
Qatar | 48 | 48 |
Türkiye | 13,04 | 13,04 |
Türkiye | 50 | 50 |
Türkiye | 35 | 35 |
Türkiye | 9,25 | 44,44 |
Türkiye | 15 | 15 |
Türkiye | 51 | 51 |
-
BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (continued)
-
The Basis of Presentation (continued) Basis of Consolidation (continued) Joint Ventures (continued):
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control.
The Group's joint ventures; EHSİM established in 1998, IGG ASELSAN Integrated Systems and ASELSAN Kazakhstan Engineering established in 2011, ASELSAN Middle East established in 2012 and ASELSAN Bilkent Mikro Nano established in 2014, TÜYAR Mikroelektronik Sanayi and ULAK established in 2017, TEKNOHAB Teknoloji Geliştirme Bölgesi established in 2018, TR Eğitim ve Teknoloji established in 2019, İstanbul Finans ve Teknoloji Üssü established in 2022, and Adıyaman Kablo ve Konnektör established in 2024 were included in the condensed consolidated financial statements by using the equity method. Since BARQ QSTP LLC is at micro level, there is no material consolidation effect on the Group's financial statements.
-
Comparative Information and Restatement of Prior Period Consolidated Financial Statements
In order to determine the financial position and performance trends, the Group's consolidated financial statements are presented comparatively with the corresponding figures. For the purpose of having consistency with the current term's presentation of consolidated financial statements, comparative information is reclassified and significant differences are explained if necessary.
-
Accounting Policies, Changes in Accounting Estimates and Errors
Significant changes in accounting policies and errors are applied retrospectively and prior period financial statements are restated, changes in accounting estimates are reflected to the financial in current period profit/loss.
When change in estimate in accounting policies are related with only one period, changes are applied on the current period but if the estimated changes are for the following periods, changes are applied both on the current and following periods prospectively.
2. BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (continued) -
New and Revised Turkish Accounting Standards
The accounting policies adopted in preparation of the consolidated financial statements as at 30 September 2025 are consistent with those of the previous financial year, except for the adoption of new and amended TFRS and TFRS interpretations effective as of 1 January 2025 and thereafter. The effects of these standards and interpretations on the Group's financial position and performance have been disclosed in the related paragraphs.
-
The new standards, amendments and interpretations which are effective as at 1 January 2025 are as follows:
Amendments to IAS 21 - Lack of Exchangeability;
Effective from annual periods beginning on or after 1 January 2025. An entity is impacted by the amendments when it has a transaction or an operation in a foreign currency that is not exchangeable into another currency at a measurement date for a specified purpose. A currency is exchangeable when there is an ability to obtain the other currency (with a normal administrative delay), and the transaction would take place through a market or exchange mechanism that creates enforceable rights and obligations. The Group assessed that there is no impact on its consolidated financial statements resulting from the amendments of IAS 21.
- The new amendments that are issued by the International Accounting Standards Board (IASB) but not issued by POA
-
The new standards, amendments and interpretations which are effective as at 1 January 2025 are as follows:
Amendments to IAS 21 - Lack of Exchangeability;
-
The Basis of Presentation (continued) Basis of Consolidation (continued) Joint Ventures (continued):
The following amendments which are issued by IASB but not yet adapted/issued by POA. Therefore, they do not constitute part of TFRS. The Group will make the necessary changes to its consolidated financial statements after the amendments are issued and become effective under TFRS.
IFRS 18 Presentation and Disclosure in Financial Statements;Effective from annual periods beginning on or after 1 January 2027. This is the new standard on presentation and disclosure in financial statements, with a focus on updates to the statement of profit or loss. The key new concepts introduced in IFRS 18 relate to:
The structure of the statement of profit or loss;
Required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity's financial statements (that is, management defined performance measures); and
Enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general.
IFRS 19 Subsidiaries without Public Accountability: Disclosures;Effective from annual periods beginning on or after 1 January 2027. Earlier application is permitted. This new standard works alongside other IFRS Accounting Standards. An eligible subsidiary applies the requirements in other IFRS Accounting Standards except for the disclosure requirements and instead applies the reduced disclosure requirements in IFRS 19. IFRS 19's reduced disclosure requirements balance the information needs of the users of eligible subsidiaries' financial statements with cost savings for preparers. IFRS 19 is a voluntary standard for eligible subsidiaries. A subsidiary is eligible if:
It does not have public accountability; and
It has an ultimate or intermediate parent that produces consolidated financial statements available for public use that comply with IFRS Accounting Standards.
-
New and Revised Turkish Accounting Standards (continued)
Amendments to the Classification and Measurement of Financial Instruments
Amendments to the Classification and Measurement of Financial Instruments was issued in May 2024 in response to feedback received as part of the post-implementation review of the classification and measurement requirements in IFRS 9 Financial Instruments and related requirements in IFRS 7 Financial Instruments: Disclosures. effective from 1 January 2026.
The amendments specify:
when a financial liability settled using an electronic payment system can be deemed to be discharged before the settlement date;
how to assess the contractual cash flow characteristics of financial assets with contingent features when the nature of the contingent event does not relate directly to changes in basic lending risks and costs; and
new or amended disclosure requirements relating to investments in equity instruments designated at fair value through other comprehensive income and financial instruments with contingent features that do not relate directly to basic lending risks and costs.
Annual Improvements to IFRS Accounting Standards-Volume 11Annual Improvements to IFRS Accounting Standards-Volume 11 contains the following amendments effective from 1 January 2026::
IFRS 1 First-time Adoption of International Financial Reporting Standards
Hedge accounting by a first-time adopter
IFRS 7 Financial Instruments: Disclosures
Gain or loss on derecognition
Guidance on implementing IFRS 7 Financial Instruments: Disclosures
Introduction
Disclosure of deferred difference between fair value and transaction price
Credit risk disclosures
IFRS 9 Financial Instruments
Derecognition of lease liabilities
Transaction price
IFRS 10 Consolidated Financial Statements
Determination of a 'de facto agent'
IAS 7 Statement of Cash Flows
Cost method
-
BASIS OF PRESENTATION OF CONSOLIDATED FINANCIAL STATEMENTS (continued)
2.4 New and Revised Turkish Accounting Standards (continued) Contracts Referencing Nature-dependent Electricity
Contracts Referencing Nature-dependent Electricity amends IFRS 9 Financial Instruments and IFRS 7 Financial Instruments effective from 1 January 2026: Disclosures to more faithfully reflect the effects of contracts referencing nature-dependent electricity on an entity's financial statements.
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture Amendments to IFRS 10 and IAS 28In December 2015, the IASB decided to defer the effective date of the amendments until such time as it has finalised any amendments that result from its research project on the equity method. Early application of the amendments is still permitted.
The amendments address the conflict between IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures in dealing with the loss of control of a subsidiary that is sold or contributed to an associate or joint venture. The amendments clarify that a full gain or loss is recognised when a transfer to an associate or joint venture involves a business as defined in IFRS 3 Business combinations. Any gain or loss resulting from the sale or contribution of assets that does not constitute a business, however, is recognised only to the extent of unrelated investors' interests in the associate or joint venture.
The amendments must be applied prospectively. Early application is permitted and must be disclosed.
-
CASH AND CASH EQUIVALENTS
30 September
2025
31 December
2024
Cash Bank
-
Time deposit
1.524
11.025.300
1.334
19.362.131
-
Demand deposit
1.499.620
1.317.216
Investment funds
1.774.205
--
Other
136.917
187.439
Cash and cash equivalents on the cash flow statement
14.437.566
20.868.120
Interest income accruals
--
--
14.437.566
20.868.120
As of 30 September 2025, the Group has time deposits denominated in foreign currencies with maturities on October 2025 (31 December 2024: January 2025), with the interest rates between 1,50
percent and 3,75 percent (31 December 2024: 0,50 percent and 3 percent) amounting to TL 5.375.239
(31 December 2024: TL 2.349.416) in several banks.
As of 30 September 2025, the Group has time deposits denominated in TL terms with maturities on October 2025 (31 December 2024: January 2025) with the interest rates between 40,00 percent and
41,50 percent (31 December 2024: 48,50 percent and 49,25 percent) amounting to TL 5.650.061 (31 December 2024: TL 17.012.715) in several banks.
As of 30 September 2025, the Group's investment funds consist of money market funds.
- RELATED PARTY DISCLOSURES
Transactions between the Company and its subsidiaries which are related parties of the Company have been eliminated on consolidation, therefore have not been disclosed in this note.
The trade receivables from related parties generally arise from sales activities with maturitiy of 1 year.
The trade payables to related parties generally arise from the purchase activities with maturities of 1-4 months.
Total amount of salaries and other short-term benefits paid for key management for the period ended 30 September 2025 is approximately TL 395.509 (The vast majority consists of paid wages and benefits.)(30 September 2024: TL 320.448).
The details of transactions between the Group and other related parties are disclosed in the following pages.
4. RELATED PARTY DISCLOSURES (continued)30 September 2025 | ||||||||||||
Receivables | Payables | |||||||||||
Short-term | Long-term | Short-term | Long-term | |||||||||
Balances with related parties | Trading | Prepaid Expenses | Other Receivables | Trading | Prepaid Expenses | Trading | Deferred Income | Other Payables 1 | Trading | Deferred Income | ||
Main shareholder TSKGV | 94 | -- | -- | -- | -- | -- | -- | 793.425 | -- | -- | ||
Main shareholder's subsidiaries and associates | ||||||||||||
Hava Elektronik San. ve Tic. Anonim Şirketi (''HAVELSAN'') | 14.447 | 556.917 | -- | 821 | 206.451 | 280.797 | 8 | -- | -- | 1.488.220 | ||
HAVELSAN Teknoloji Radar San. ve Tic. Anonim Şirketi ("HTR") | 172.056 | 262.858 | -- | -- | 73.586 | 592.557 | -- | -- | -- | -- | ||
İşbir Elektrik Sanayii Anonim Şirketi ("İŞBİR") | -- | 194.847 | -- | -- | 27.641 | 124.064 | -- | -- | -- | -- | ||
NETAŞ Telekomünikasyon Anonim Şirketi ("NETAŞ") | -- | 1.403 | -- | -- | 14.868 | 104.767 | -- | -- | -- | -- | ||
Savunma Teknolojileri Mühendislik ve Ticaret Anonim Şirketi ("STM") | 111.693 | 18.870 | -- | 1.768.000 | -- | 2.227 | -- | -- | -- | 997.396 | ||
Tusaş Motor Sanayii Anonim Şirketi ("TEI") | 51.933 | -- | -- | 16.996 | -- | -- | 6.296 | -- | -- | -- | ||
Türk Havacılık ve Uzay Sanayi ve Ticaret Anonim Şirketi ("TUSAŞ") | 5.033.488 | 1.143 | -- | 5.185.889 | -- | 25.781 | 396.493 | -- | -- | 1.006.284 | ||
Financial Instruments | ||||||||||||
ASPİLSAN Enerji Sanayi ve Ticaret Anonim Şirketi ("ASPİLSAN") | 2 | 63.629 | -- | -- | -- | 34.267 | -- | -- | -- | -- | ||
Roket Sanayi ve Ticaret Anonim Şirketi ("ROKETSAN") | 4.612.009 | 64.883 | 65.546 | 519.638 | 830.851 | 41.840 | 343.740 | -- | -- | 235.387 | ||
Joint ventures and its related parties | ||||||||||||
ASELSAN Bilkent Mikro Nano | -- | 408.676 | -- | -- | 44.635 | 73.876 | -- | -- | -- | -- | ||
İhsan Doğramacı Bilkent Üniversitesi | -- | 5.302 | -- | -- | -- | 12.787 | -- | -- | -- | -- | ||
IGG | 25.530 | -- | -- | 3.038 | -- | -- | 2.928 | -- | -- | -- | ||
IGG ASELSAN Integrated Systems | 7.146 | 36.368 | -- | -- | 3.627 | 31.455 | -- | -- | -- | -- | ||
Kazakhstan ASELSAN Engineering | 371.136 | 9.109 | -- | 61.574 | -- | 339 | 10.994 | -- | -- | -- | ||
ASELSAN Middle East | 122.516 | -- | -- | -- | -- | 3.862 | 9.598 | -- | -- | 8.310 | ||
TÜBİTAK BİLGEM | -- | 83.511 | -- | -- | 11.562 | 228.829 | -- | -- | -- | -- | ||
TÜBİTAK-UME | -- | 5.485 | -- | -- | -- | 3 | -- | -- | -- | -- | ||
TÜBİTAK Bilimsel Teknolojik Araştırma | -- | 43.409 | -- | 423.125 | 1.356 | 4.950 | 5.807 | -- | -- | 13.957 | ||
TÜBİTAK SAGE Savunma Sanayii | 79.147 | 694.116 | -- | 6.012 | 22.969 | 111.344 | 4.331 | -- | -- | -- | ||
TÜBİTAK Uzay Teknolojileri Araştırma Enstitüsü | -- | 801 | -- | -- | 4.811 | 16.721 | -- | -- | ||||
Savunma Sanayi Başkanlığı ("SSB") | -- | -- | -- | 34.820.210 | -- | -- | 2.152.798 | -- | -- | 7.095.382 | ||
SSTEK | 2.624.969 | -- | -- | -- | -- | -- | 732.662 | -- | -- | 33 | ||
EHSİM | 23 | 116.950 | -- | -- | 337 | 47.066 | -- | -- | -- | -- | ||
ULAK | 1.234.302 | 8.331 | -- | -- | -- | -- | -- | -- | -- | -- | ||
TÜYAR Mikroelektronik Sanayi | -- | 118.951 | -- | -- | 5.590 | 3.019 | -- | -- | -- | -- | ||
TR Eğitim ve Teknoloji | -- | -- | -- | -- | -- | 410 | -- | -- | -- | -- | ||
Shares offered to the public | -- | -- | -- | -- | -- | -- | -- | 276.575 | -- | -- | ||
14.460.491 | 2.695.559 | 65.546 | 42.805.303 | 1.248.284 | 1.740.961 | 3.665.655 | 1.070.000 | -- | 10.844.969 | |||
4. | RELATED PARTY DISCLOSURES (continued) | |||||||||
31 December 2024 | ||||||||||
Receivables | Payables | |||||||||
Short-term | Long-term | Short-term | Long-term | |||||||
Balances with related parties | Trading | Prepaid Expenses | Other Receivables | Trading | Prepaid Expenses | Trading | Deferred Income | Other Payables1 | Trading | Deferred Income |
Main shareholder TSKGV | -- | -- | -- | -- | -- | -- | -- | 426.910 | -- | -- |
Main shareholder's subsidiaries and associates Hava Elektronik San. ve Tic. Anonim Şirketi (''HAVELSAN'') | 65.107 | 678.218 | -- | 18.586 | 259.781 | 1.060.850 | 7 | -- | -- | 807.125 |
HAVELSAN Teknoloji Radar San. ve Tic. Anonim Şirketi ("HTR") | 51.660 | 280.085 | -- | -- | 64.641 | 661.204 | 14.865 | -- | -- | -- |
İşbir Elektrik Sanayii Anonim Şirketi ("İŞBİR") | -- | 235.068 | -- | -- | 52.805 | 96.902 | -- | -- | -- | -- |
NETAŞ Telekomünikasyon Anonim Şirketi ("NETAŞ") Savunma Teknolojileri Mühendislik ve Ticaret Anonim Şirketi ("STM") | -- 172.866 | 10.290 25.996 | -- -- | -- 935.494 | 23.238 -- | 53.067 22.979 | -- -- | -- -- | -- -- | -- 792.885 |
Tusaş Motor Sanayii Anonim Şirketi ("TEI") | 55.005 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
Türk Havacılık ve Uzay Sanayi ve Ticaret Anonim Şirketi ("TUSAŞ") | 5.062.018 | -- | -- | 2.898.419 | -- | 17.728 | 450.559 | -- | -- | -- |
Financial Instruments ASPİLSAN Enerji Sanayi ve Ticaret Anonim Şirketi ("ASPİLSAN") | -- | 29.810 | -- | -- | 6.053 | 24.037 | 5.892 | -- | -- | -- |
Roket Sanayi ve Ticaret Anonim Şirketi ("ROKETSAN") | 4.704.270 | 94.139 | -- | 493.309 | 1.042.139 | 582.838 | 647.621 | -- | -- | 329.435 |
Joint ventures and its related parties ASELSAN Bilkent Mikro Nano | -- | 308.479 | -- | -- | 92.168 | 110.685 | -- | -- | -- | -- |
İhsan Doğramacı Bilkent Üniversitesi | -- | 7.803 | -- | -- | -- | 46 | -- | -- | -- | -- |
IGG | 27.180 | -- | -- | 3.811 | -- | -- | 2.928 | -- | -- | -- |
IGG ASELSAN Integrated Systems | 7.608 | 45.632 | -- | -- | 4.549 | 30.387 | -- | -- | -- | -- |
Kazakhstan ASELSAN Engineering | 374.567 | -- | -- | 74.859 | -- | 361 | 1.733 | -- | -- | -- |
ASELSAN Middle East | 154.342 | -- | -- | -- | -- | 32.683 | 436 | -- | -- | 6.915 |
TÜBİTAK BİLGEM | -- | 106.551 | -- | -- | 17.417 | 126.549 | -- | -- | -- | -- |
TÜBİTAK-UME | -- | 3.128 | -- | -- | -- | 4 | -- | -- | -- | -- |
TÜBİTAK BİLİMSEL TEKNOLOJİK ARAŞTIRMA | 12.365 | 57.193 | -- | 386.258 | 1.610 | 4.678 | 6.918 | -- | -- | 17.303 |
TÜBİTAK SAGE Savunma Sanayii | 37.663 | 246.525 | -- | 12.176 | 96.669 | 193.894 | 1.279 | -- | -- | -- |
Savunma Sanayi Başkanlığı ("SSB") | 3.965.199 | -- | -- | 45.525.468 | -- | -- | 5.979.011 | -- | -- | 6.811.036 |
SSTEK | 4 | -- | -- | -- | -- | -- | 500.205 | -- | -- | 20.659 |
ULAK | 1.169.842 | 2.977 | -- | -- | -- | 4.096 | -- | -- | -- | -- |
TÜYAR Mikroelektronik Sanayi | -- | 65.384 | -- | -- | -- | -- | -- | -- | -- | -- |
EHSİM | -- | 201.289 | -- | -- | 3.306 | 60.863 | -- | -- | -- | -- |
15.859.696 | 2.398.567 | -- | 50.348.380 | 1.664.376 | 3.083.851 | 7.611.454 | 426.910 | -- | 8.785.358 | |
-
RELATED PARTY DISCLOSURES (continued)
1 January-
30 September
1 July-
30 September
1 January-
30 September
1 July-
30 September
2025
2025
2024
2024
Transactions with related parties
Purchases
Purchases
Purchases
Purchases
Main Shareholder
TSKGV
2.130
523
1.953
597
Main shareholder's shareholders/subsidiaries/associates
NETAŞ
146.535
40.291
160.731
25.827
İŞBİR
355.695
84.229
255.815
102.984
HTR
1.129.460
419.205
901.069
272.438
TUSAŞ
53.205
51.815
16.529
16.015
HAVELSAN
573.240
150.932
320.530
227.282
STM
63.932
27.296
38.452
29.633
Financial Investments
ROKETSAN
638.591
636.838
6.164
5.900
ASPİLSAN
127.111
51.401
181.111
55.866
Joint ventures and its related parties
İhsan Doğramacı Bilkent Üniversitesi
14.275
364
2.728
770
TÜBİTAK BİLGEM
246.628
113.689
126.163
5.852
TÜBİTAK-UME
5.731
3.623
2.942
1.809
TÜBİTAK Bilimsel Teknolojik Araştırma
44.830
11.397
3.641
--
TÜBİTAK SAGE Savunma Sanayii
376.254
204.103
397.422
104.942
TÜBİTAK Uzay Teknolojileri Araştırma Enstitüsü
15.634
15.634
--
--
SSTEK
530
--
--
--
3.793.781
1.811.340
2.415.250
849.915
1 January-
30 September
2025
1 July-
30 September
2025
1 January-
30 September
2024
1 July-
30 September
2024
Transactions with related parties
Sales
Sales
Sales
Sales
Main Shareholder
TSKGV
500
157
531
221
Main shareholder's shareholders/subsidiaries /associates
TUSAŞ
12.149.196
2.851.969
18.551.352
7.201.735
STM
2.565.051
1.623.612
4.405.283
626.206
HAVELSAN
637.698
471.014
184.139
131.383
HTR
255.192
148.359
39.439
14.410
Financial Investments
ROKETSAN
4.231.693
1.496.782
2.411.698
448.170
ASPİLSAN
1.955
--
167
1
Joint ventures and its related parties
TÜBİTAK Bilimsel Teknolojik Araştırma
86.235
57.179
144.389
36.297
TÜBİTAK SAGE Savunma Sanayii
240.372
80.978
--
--
Savunma Sanayi Başkanlığı
36.520.474
15.057.658
82.691.467
32.579.814
SSTEK
11.425.564
11.415.741
71.266
14.170
68.113.930
33.203.449
108.499.731
41.052.407
Transactions with related parties are generally related to the purchases and sales of goods and services related to projects under TFRS 15 "Revenue from Contracts with Customers".
4.
TRADE RECEIVABLES AND PAYABLES
a)
Trade receivables
Details of the Group's trade receivables
are as follows:
Short-term trade receivables
30 September
2025
31 December
2024
Trade receivables
14.338.607
19.644.841
Trade receivables from related parties
(Note 4)
14.460.491
15.859.696
Notes receivable
71.750
51.026
Other receivables
31.413
10.658
Doubtful trade receivables
31.590
40.503
Allowance for doubtful trade receivables (-) (31.590) (40.503)
28.902.261 35.566.221
Long-term trade receivables
30 September
2025
31 December
2024
Unbilled receivables from contracts with customers
19.687.310
17.653.746
Trade receivables
1.015.428
957.956
Unbilled receivables from contracts with customers -
Related party (Note 4)
42.805.303
50.348.380
63.508.041
68.960.082
The movement for the Group's allowance for doubtful receivables is as follows:
30 September
2025
30 September
2024
Opening balance
40.503
95.939
Provision for the period
--
6.326
Provisions no longer required
(701)
--
Monetary gain/(loss)
(8.212)
(25.323)
Closing balance
31.590
76.942
b) Trade payables
Details of The Group's trade payables are as follows:
Short-term trade payables
30 September
2025
31 December
2024
Trade payables
18.594.499
19.772.314
Due to related parties (Note 4)
1.740.961
3.083.851
Notes payable
1.118.374
1.410.641
Other trade payables
134.417
518.831
21.588.251
24.785.637
Long-term trade payables
30 September
2025
31 December
2024
Trade payables
3
--
3
--
- INVENTORIES
30 September | 31 December | |
2025 | 2024 | |
Raw materials | 35.890.919 | 32.135.196 |
Work-in progress | 23.130.760 | 15.743.388 |
Goods in transit 1 | 1.929 | 26.241 |
Finished goods | 3.282.970 | 1.943.942 |
Other inventories | 1.256.485 | 3.439.982 |
Trade goods | 2.166.858 | 1.264.088 |
Allowance for impairment on inventories (-) | (236.809) | (26.241) |
65.493.112 | 54.526.596 |
The Group provides an allowance for impairment on inventories when the inventories net realizable values are lower than their costs or when they are determined as slow-moving inventories.
The Group has identified raw material, work-in progress and finished goods inventories below net realizable value within the current year.
Impaired inventory movements for the period ended in 30 September are as follows:
2025 | 2024 | |
Opening balance | 26.241 | 138.442 |
Provision for the period | 340.178 | 99.910 |
Provision unrealised | (129.610) | (148.817) |
Closing balance | 236.809 | 89.535 |
1 Goods in transit includes the goods for which significant risks and rewards of ownership has been transferred to the Group due to their shipping terms.
6. PREPAID EXPENSES AND DEFERRED INCOME | ||
30 September | 31 December | |
Short-term prepaid expenses | 2025 | 2024 |
Order advances given for inventory purchases | 17.310.697 | 9.861.784 |
Short-term order advances given to related | ||
parties for inventory purchases (Note 4) | 2.695.559 | 2.398.567 |
Work advances | 1.372.915 | 888.810 |
Prepaid expenses | 415.843 | 2.168.426 |
21.795.014 | 15.317.587 | |
30 September | 31 December | |
Long-term prepaid expenses | 2025 | 2024 |
Long-term order advances given to related | ||
parties for inventory purchases (Note 4) | 1.248.284 | 1.664.376 |
Order advances given for inventory purchases | 1.713.191 | 1.683.248 |
Order advances given for fixed assets purchases | 1.366.701 | 596.587 |
Prepaid expenses | 668.604 | 745.227 |
4.996.780 | 4.689.438 | |
30 September | 31 December | |
Short-term deferred income | 2025 | 2024 |
Order advances received | 9.105.335 | 4.633.226 |
Order advances received from related parties | ||
(Note 4) | 3.665.655 | 7.611.454 |
Deffered income | 10.304.947 | 4.066.915 |
23.075.937 | 16.311.595 | |
30 September | 31 December | |
Long-term deferred income | 2025 | 2024 |
Order advances received | 8.885.074 | 5.561.385 |
Order advances received from related parties | ||
(Note 4) | 10.844.969 | 8.785.358 |
Deferred income | 10.678.645 | 489.746 |
30.408.688 | 14.836.489 | |
7. PROPERTY, PLANT AND EQUIPMENT | ||
Property, Plant | Intangible | |
Cost | and Equipment | Assets |
Opening balance as of 1 January 2025 | 78.564.690 | 42.543.418 |
Additions | 7.307.799 | 16.767.108 |
Disposals | (744.027) | (7.917.385) |
Closing balance as of 30 September 2025 | 85.128.462 | 51.393.141 |
Accumulated Depreciation and Amortisation | ||
Opening balance as of 1 January 2025 | 31.642.529 | 15.160.319 |
Change for the period1 | 3.400.547 | 783.596 |
Disposals | (577.520) | (228.292) |
Closing balance as of 30 September 2025 | 34.465.556 | 15.715.623 |
Net book value as of 30 September 2025 | 50.662.906 | 35.677.518 |
Net book value as of 31 December 2024 | 46.922.161 | 27.383.099 |
Property, Plant | Intangible | |
Cost | and Equipment | Assets |
Opening balance as of 1 January 2024 | 73.015.020 | 36.614.373 |
Additions | 4.770.960 | 15.439.693 |
Disposals | (1.929.345) | (7.166.516) |
Closing balance as of 30 September 2024 | 75.856.635 | 44.887.550 |
Accumulated Depreciation and Amortisation | ||
Opening balance as of 1 January 2024 | 30.041.872 | 14.615.545 |
Change for the period | 2.468.306 | 867.684 |
Disposals | (1.354.640) | (156.105) |
Closing balance as of 30 September 2024 | 31.155.538 | 15.327.124 |
Net book value as of 30 September 2024 | 44.701.097 | 29.560.426 |
Net book value as of 31 December 2023 | 42.973.148 | 21.998.828 |
In accordance with TFRS 13 "Fair Value Measurement" standard, fair values of the lands are considered as level three of fair value hierarchy, since measurement techniques do not include observable market inputs.
1 The amount of amortization related to inventories are TL 435.861 in the year 2025 (September 2024: TL 345.091)
8. | PROVISIONS, CONTINGENT ASSETS AND LIABILITIES | ||
a) Provisions | |||
Other short-term provisions | 30 September 2025 | 31 December 2024 | |
Provision for warranties1 | 4.154.293 | 4.943.079 | |
Provision for onerous contracts | 73.810 | 273.689 | |
Provision for delay penalties2 | 3.551.918 | 2.402.700 | |
Sales commission | 114.715 | 143.887 | |
Provision for legal cases | 91.653 | 68.504 | |
Provision for cost expenses | 418.070 | 811.490 | |
Other | 92.052 | 27.256 | |
8.496.511 | 8.670.605 | ||
Other long-term provisions | 30 September 2025 | 31 December 2024 | |
Provision for delay penalties | 503.017 | 630.934 | |
Provision for onerous contracts | 4.793.795 | 10.671.414 | |
5.296.812 | 11.302.348 | ||
There has not been any final judicial decision against the Group due to the responsibility related with work accidents within 2025.
As of the dates 30 September 2025 and 31 December 2024, according to the declarations written by the legal counselors, the lawsuits and legal executions in favor of and against the Group are as follows:
Description 2025 2024Ongoing lawsuits filed by the Group 31.938 | 53.766 |
Execution proceedings carried out by the Group 982.839 | 936.833 |
Ongoing lawsuits filed against the Group 91.653 | 68.504 |
Executions against the Group 29.469 | 24.043 |
Lawsuits finalized against the Group within the period 30.925 Lawsuits finalized in favor of the Group within the period 5.253 | 8.854 6.214 |
a)
b)
c)
d)
e)
f)
Ongoing lawsuits filed by the Group are comprised of lawsuits for patents, trademarks and lawsuits filed by the Group due to the disagreements related to previous lawsuits. These lawsuits will not be recognised in the financial statements until they are finalized.
Execution of proceedings carried out by the Group are comprised of lawsuits that would result in favor of the Group that will be
recognised as revenue under "Other Operating Income" line when they are collected.
The Company made provisions for all lawsuits filed against the Group and recognised as "Provisions" in the statement of financial positon and "Other Operating Expense" in the statement of profit or loss and other comprehensive income.
Executions against the Group are not included in Financial Statements.
Lawsuits finalized against the Group are recognised in the statement of profit or loss to the extent that the amount differs from the amount previously provided. Amounts in excess of the amount previously provided are recognised under 'Other Operating Expense' when the penalty is paid.
Lawsuits finalized in favor of the Group are recognised in statement of profit or loss and other comprehensive income under "Other Operating Income" line when the final judgement is determined.
1 The Group's provision for warranty is based on sales under warranty are estimated in accordance with historical data. Provision for warranty is calculated by using warranty rate included in the contract as long as the invoice issued throughout the life of the Contract
2 Provision for delay penalties and fines are calculated in accordance with interest rates mentioned in the agreement for defaulet and
within the client's knowledge.