ASELSAN (ASELS) 4Q25 Financial Results
Tacirler Investment
We evaluate ASELSAN’s 4Q25 results positively, driven by slightly better-than-expected operational performance and stronger-than-forecast net profitability. Following the 4Q25 results, we revise our forward estimates upward, raise our 12-month target price to TL420 from TL240, and upgrade our recommendation to BUY from HOLD. The record-high backlog of USD20.4bn, increasing export contracts, and ongoing capacity expansion investments continue to underpin the company’s medium and long-term growth outlook.