Slide 1: Investor Presentation
Investor Presentation November 2025
Slide 2: Disclaimer
// 2 DISCLAIMER This presentation, reference to which herein includes information that may be provided by This presentation may contain forward-looking statements (within the meaning of Section Elbit Systems Ltd. ("Elbit systems", and collectively with any or all of its subsidiaries, the 27A of the
Slide 3: Elbit Systems at a Glance
2025 © Elbit Sys tem s Pr opr ietar y // 3 ELBIT SYSTEMS AT A GLANCE ~$24bn Market cap1 - NASDAQ & TASE listed O U R V I S I O N $25.2bn order backlog2 To be a world-leading source $7.7bn revenues in LTM Q3 2025 ($6.5bn in LTM Q3 2024) of innovative, ~20,000 employees3 technology-based systems Headq
Slide 4: Elbit Systems' Strategic Pillars
// 4 ELBIT SYSTEMS’ STRATEGIC PILLARS BROAD PORTFOLIO BEING GLOBAL INNOVATIVE AND PEOPLE AND VERTICALLY WHILE BEING COMPETITIVE INTEGRATED LOCAL - GLOCAL ADVANTAGE RANKED 22ND IN DEFENSE NEWS GLOBAL 100 DEFENSE COMPANIES IN 2024
Slide 5: A Comprehensive and Relevant Portfolio
// 9 A COMPREHENSIVE AND RELEVANT PORTFOLIO AIR & SPACE LAND NAVAL UNMANNED NETWORKED CYBER HOMELAND COMMERCIAL HPL WARFARE SECURITY
Slide 6: Value Creating M&A | Major Acquisitions
// 10 VALUE CREATING M&A | MAJOR ACQUISITIONS ELOP ELISRA SOLTAM IMI HNV Expansion into EO Expansion into EW Expanded Advanced Transformed into a Full Enhanced Night Systems for Space, Air Systems for Air, Land Artillery Solutions Service Land Systems Vision, Warfighter and Land & DIRCM and Sea & Ai
Slide 7: Financial Overview
F I N A N C I A L O V E RV I E W
Slide 8: Q3 2025 Financial Highlights
// 12 Q3 2025 FINANCIAL HIGHLIGHTS1 Non-GAAP +12% Revenues +$96mm Free Cash Flow2 +33% Operating Income2,3,4 $1.9bn $101mm $187mm $1.7bn (Q3 2024) $5mm (Q3 2024) $141mm (Q3 2024) Non-GAAP Diluted Net Cash Provided +52% Net EPS2,3,5 +100mm by Operating Activities +14% Backlog $3.35 $157mm $25.2bn $2.
Slide 9: 2024 Financial Highlights
// 13 2024 FINANCIAL HIGHLIGHTS1 Non-GAAP +14% Revenues +$393mm Free Cash Flow2 +23% Operating Income2,3,4 $6.8bn $320mm $550mm $6.0bn (2023) $(73)mm (2023) $449mm (2023) Non-GAAP Diluted Net Cash Provided +31% Net EPS2,3,5 +370% by Operating Activities +27% Backlog $8.76 $535mm $22.6bn $6.70 (2023)
Slide 10: LTM 2025 Results | Revenue Breakdown
// 14 LTM 2025 RESULTS | REVENUE BREAKDOWN 3% 20% 1% 1,653 26% OTHER 21% 2,160 LATAM NORTH ESA AMERICA AEROSPACE 15% LTM APAC LTM 2025 2025 Revenues 11% Revenues by 26% by Segment 892 Geography 2,213 C4I & CYBER LAND 27% 33% EUROPE ISRAEL 17% 1,398 ISTAR & EW BALANCED AND DIVERSE BUSINESS ACROSS GEO
Slide 11: Order Backlog & Revenue | Accelerated Growth
// 15 ORDER BACKLOG & REVENUE | ACCELERATED GROWTH 2020-2025 18% Backlog CAGR 11% Revenue CAGR 3.27 25,210 Backlog to Revenue Ratio 22,617 17,756 Backlog 15,118 2.36 13,661 11,024 Revenues 7,720 6,828 5,511 5,975 5,279 4,663 2020 2021 2022 2023 2024 LTM Q3'25
Slide 12: Business Segments | Annual Revenue & Operating Income
// 16 BUSINESS SEGMENTS | ANNUAL REVENUE & OPERATING INCOME 2022 2023 2024 LTM 2025 +6% +9% +32% 2,600 +8% +29% 2,213 +8% +4% 2,036 2,160 +6% +1% 2,200 1,873 +12% +12% 1,733 1,679 1,653 1,800 +13% 1,586 +12% 1,318 1,398 1,457 1,465 +11% 1,306 1,400 +6% 1,179 1,169 1,046 800 892 1,000 678 721 600 11.
Slide 13: Non-GAAP Diluted Net EPS
// 17 NON-GAAP DILUTED NET EPS1 NON-GAAP DILUTED NET EPS1 YoY INCREASE 3.5 3.35 2025 3.23 2024 14.00 +54% 3 11.81 12.00 2.66 2.57 10.00 2.5 2.21 7.66 2.08 8.00 2 1.81 6.00 2023 1.78 4.00 1.5 1.71 1.65 1.56 2.00 1 0.00 Q1 Q2 Q3 Q4 LTM Q3'24 LTM Q3'25
Slide 14: Free Cash Flow
// 18 FREE CASH FLOW1 FCF CAPEX Net Cash provided by operating activities 535 215 461 128 417 189 CAPEX 215 333 205 320 189 187 279 132 228 240 205 132 128 147 114 187 35 2020 2021 2022 2023 2024 Q1-Q3 2025 2020 2021 2022 2023 2024 Q1-Q3 2025 (73) FCF GENERATION IMPROVED ALONGSIDE INCREASED CAPEX IN
Slide 15: Capital Allocation Framework
// 19 CAPITAL ALLOCATION FRAMEWORK INVESTED IN CONSISTENTLY RETURNED ORGANIC GROWTH CASH TO SHAREHOLDERS R&D $466mm in 2024 $89mm dividends distributed to CAPEX shareholders in 2024 $215mm in 2024 IN MAY ELBIT RAISED $ 589 MILLION IN A SHARE OFFERING TO INVESTORS ON NASDAQ IN August 2025 QUARTERLY D
Slide 16: Appendix | Non-GAAP Financial Data
// 20 APPENDIX | NON-GAAP FINANCIAL DATA The non-GAAP financial data, including Adjusted gross profit, Adjusted operating income, We believe adjusted diluted earnings per share is useful to existing shareholders, potential Adjusted net income, and Adjusted diluted earnings per share, is presented to
Slide 17: Appendix - Reconciliation of GAAP to Non-GAAP
// 21 APPENDIX - RECONCILIATION OF GAAP TO NON-GAAP (UNAUDITED) SUPPLEMENTAL FINANCIAL DATA (US Dollars in millions, except for per share amounts) (US Dollars in millions, except for per share amounts)
Slide 18: Appendix - Reconciliation of GAAP to Non-GAAP
// 22 APPENDIX - RECONCILIATION OF GAAP TO NON-GAAP (UNAUDITED) SUPPLEMENTAL FINANCIAL DATA (US Dollars in millions, except for per share amounts) (US Dollars in millions, except for per share amounts)
Slide 19: Thank You
THANK YOU Dr. Yaacov (Kobi) Kagan, Executive VP - CFO Daniella L. Finn, Vice President Investor Relations Tel: +972-77296663 | kobi.kagan@elbitsystems.com Tel: +972-54-42636 | daniella.finn@elbitsystems.com