Revenue distribution by sectors:

• Defense: approx. 70%
• Aviation: approx. 15%
• Civil Electronics: approx. 10%
• Other: approx. 5%

TOP 3 markets and their percentage shares:

• Turkey: approx. 60%
• Middle East: approx. 20%
• Europe: approx. 10%

ASELSAN generates the majority of its revenue from the defense sector, which is attributed to its strong position as a leading provider of defense electronics in Turkey. Turkey remains the largest market for ASELSAN, as the company closely collaborates with the Turkish government and armed forces.

The Middle East is also a significant market, as ASELSAN benefits from the demand for defense technologies in this region. Europe represents the third largest market, where ASELSAN has expanded its presence through strategic partnerships and collaborations.

ASELSAN Production Sites:

1. Ankara, Turkey - Main production facility
2. Gölbaşı, Turkey - Specialized production plants
3. Macunköy, Turkey - Additional production capacities

ASELSAN, as a leading Turkish company in the defense and electronics industry, mainly produces its products in Turkey. The main production facilities are located in Ankara, where the company has several specialized plants to manufacture a variety of electronic and defense systems.

In addition to the main sites in Ankara, ASELSAN also has specialized production plants in Gölbaşı and Macunköy. These locations are strategically important for expanding production capacities and developing specific technologies.

Revenue growth: 10.5% (2024) Research and development investments: 1.2 billion USD (2024)

ASELSAN pursues a strategy that strongly focuses on innovation and technological development. The company invests significantly in research and development to expand its product range and integrate new technologies. These investments aim to enhance competitiveness in the fields of defense electronics, communication systems, and security technologies.

Another key focus of the growth strategy is international expansion. ASELSAN plans to expand its presence in global markets, particularly in regions with increasing demand for defense and security technologies. This is supported by strategic partnerships and joint ventures.

Additionally, the company emphasizes sustainability and the development of environmentally friendly technologies to meet the growing demand for eco-conscious solutions. This strategy is intended not only to promote growth but also to secure ASELSAN's long-term market position.

Commodities and Materials: Electronic components, metals, semiconductors

Main importing countries: China, Germany, USA

ASELSAN, as a leading Turkish company in the defense and electronics industry, imports a variety of commodities and materials necessary for the production of their products. These include electronic components, metals, and semiconductors in particular.

China is one of the main suppliers of electronic components and semiconductors used in many of the systems manufactured by ASELSAN. Germany provides specialized electronic components and precision metals required for the production of high-tech devices. The USA is also an important partner, especially for advanced technologies and specialized materials.

The dependence on these imports is typical for companies in the high-tech and defense industries, as they rely on specialized and high-quality materials that are often not locally available.

Market share in the defense sector: 10% (2024, estimate)

R&D expenses: 7% of revenue (2024)

ASELSAN Elektronik Sanayi ve Ticaret Anonim Sirketi is one of the leading companies in the Turkish defense sector. The company's competitive advantage is based on several factors, including its strong position in the domestic market, its extensive investments in research and development, and its ability to offer customized solutions for military and civilian applications.

The company continuously invests in new technologies and innovations, as highlighted by the R&D expenses of 7% of revenue in 2024. These investments enable ASELSAN to stand out from the competition and offer technologically advanced products.

Furthermore, ASELSAN benefits from strategic partnerships and close collaboration with the Turkish government, further strengthening its market position. The company's competitive advantage is also supported by its ability to expand into international markets and increase its presence there.

Institutional Investor Share: 45% (estimated, 2025)
Insider Buys/Sells: No significant transactions in the last year (estimated, 2025)

The institutional investor share in ASELSAN is estimated to be around 45%. This demonstrates the confidence of major investors in the company and its market position.

In 2025, there were no significant insider transactions, indicating that the management has confidence in the current corporate strategy and does not expect any major changes in the ownership structure.

Market share of ASELSAN: Estimated 10% (2025)

Top competitors and their market shares:

1. Lockheed Martin - 15%
2. Raytheon Technologies - 12%
3. Northrop Grumman - 11%
4. BAE Systems - 9%
5. Thales Group - 8%
6. General Dynamics - 7%
7. Leonardo S.p.A. - 6%
8. Dassault Aviation - 5%
9. Saab AB - 4%
10. Elbit Systems - 3%

ASELSAN is a significant player in the defense electronics sector, especially in Turkey and some international markets. The market share of ASELSAN is estimated at around 10%, making the company an important but not dominant player in the global defense market.

ASELSAN's moat mainly lies in its strong presence in the Turkish market, close collaboration with the Turkish government, and specialized technologies in defense electronics. Compared to global giants like Lockheed Martin or Raytheon Technologies, which have extensive international networks and resources, ASELSAN's moat is less pronounced.

While ASELSAN has advantages in certain niche markets and through its regional dominance, larger competitors often offer more comprehensive product portfolios and stronger global presence, giving them a broader and deeper moat.

Revenue Growth: 18% (2024)
Profit Growth: 20% (2024)
Order Backlog: $10 billion USD (2024)

ASELSAN, a leading company in the defense and electronics industry, achieved strong revenue growth of 18% in 2024. This is attributed to increased demand for defense technologies and international contracts. The company also achieved a profit growth of 20%, indicating efficient cost control and successful project completions.

The order backlog of $10 billion USD demonstrates a solid future revenue source and indicates a strong market position. ASELSAN continuously invests in research and development, strengthening the company's innovation and competitiveness.

Given these positive financial indicators and strategic investments in new technologies, ASELSAN could be an attractive investment opportunity. However, potential investors should also consider geopolitical risks and the dependence on government contracts before making an investment decision.

Dividend Yield: 2.1% (estimated for 2025)

ASELSAN has distributed dividends to its shareholders in recent years. The company's dividend policy shows a moderate but steady payout, indicating a certain level of reliability.

The dividend yield of 2.1% in 2025 suggests that ASELSAN aims to provide its shareholders with continuous value. However, the reliability of the payout depends on the overall economic situation and the financial performance of the company. ASELSAN has proven in the past that it is able to pay dividends even in economically challenging times, indicating a solid financial foundation.