The waters remain turbulent in Otokar's Romania tender, one of the largest land vehicle export projects of the Turkish defense industry. Romtehnica, the company of the Romanian Ministry of National Defense, demanded a new payment of approximately 2.3 billion TL (230 million Romanian Lei) from Otokar on the grounds of delays in local production preparations. Otokar announced that it would make the payment but would resort to legal remedies.
In the tender for the 4x4 Tactical Wheeled Light Armored Vehicle (COBRA II), won by Otokar for the needs of the Romanian Armed Forces, disagreements regarding "technology transfer and local production" processes have started to reflect on the financial statements. Following the first penalty demand announced on January 16, 2026, the crisis escalated with the new KAP (Public Disclosure Platform) statement dated February 14, 2026.
The Bill Gets Heavier: Reason Local Production Milestones
Otokar tarafından Kamuyu Aydınlatma Platformu’na (KAP) yapılan açıklamaya göre; Romtehnica, sözleşme takviminde yer alan “yerel üretim hazırlıklarına yönelik ara hedeflerin zamanında yerine getirilmediği” iddiasıyla şirkete yeni bir ödeme emri gönderdi.
Talep edilen tutar 230.217.479,41 Rumen Leyi olarak açıklandı. Bu rakam, güncel kurla yaklaşık 2 milyar 326 milyon TL’ye tekabül ediyor. Romanya tarafı, araçların sadece Türkiye’den ithal edilmesini değil, sözleşme gereği Romanya’da kurulacak hatlarda üretilmesini şart koşuyordu. Süreçteki aksamalar, bu devasa faturanın ana sebebi olarak gösteriliyor.
Otokar: We Will Pay, But We Will Sue
Otokar yönetimi, projenin devamlılığını sağlamak ve sözleşmesel yükümlülükleri yerine getirmek adına stratejik bir karar aldı. Şirket, yasal hakları saklı kalmak kaydıyla söz konusu 2.3 milyar TL’lik tutarı 2026 yılı ilk çeyreği içerisinde ödeyeceğini bildirdi.
However, the company does not accept Romtehnica's claims. The statement read, "It is planned to object to the relevant demands, conduct negotiations between the parties, and file a cancellation lawsuit regarding this demand."
What Will Be the Financial Impact?
This massive payment will occupy a significant place in Otokar's balance sheet. The company will spread the accounting of the payment over two years:
- 2025 Portion: Approximately 862 Million TL will be covered from the accruals accounted for as a deduction from progress payments in the 2025 financial statements.
- 2026 Portion: The remaining approximately 1.465 Billion TL will be expensed by offsetting from progress payments related to 2026.
Is the Project's Future at Risk?
The most critical detail in the KAP statement was the warning regarding the future of the project. Otokar shared with its investors that the delays and disputes experienced "have the potential to negatively affect the continuity of the project and lead to additional compensation claims."
Nevertheless, the company emphasized that work is underway to resolve the disputes and continue the performance of contractual obligations. The Romania project carries strategic importance as it is one of the largest armored vehicle exports by the Turkish defense industry to a NATO member country.
