ASELSAN (ASELS) 3Q25 Financial Results

We view ASELSAN’s 3Q25 results as neutral. The company maintained a solid operational performance; however, the stock has already largely priced in these positive expectations. Although the bottom line came in above expectations, current valuation levels suggest only limited short-term upside potential. We continue to favor ASELSAN’s business model and keep the company under close coverage. With its leading position in the defense industry, strong order backlog, and export-oriented growth strategy, we maintain our 12-month target price of TL220 per share and reiterate our “HOLD” recommendation. The robust backlog and ongoing large-scale platform projects are expected to continue supporting revenue growth in the coming periods.