Elbit Systems Ltd · TASE:ESLT
Elbit Systems — Investor Presentation (March 2025)
20 slides from Elbit Systems's investor presentation, March 2025
Slide 1: Investor Presentation
Elbit Systems _—~-— Investor Presentation
Slide 2: Elbit Systems at a glance
Elbit Systems at a glance ~$16.3 bn Market cap* - NASDAQ & TASE listed O U R V I S I O N $22.6 bn order backlog at Q4 24 To be a world-leading source $6.8 bn revenues in 2024 ($6.0 in 2023) of innovative, ~20,000 employees technology-based systems Headquarters in Haifa, Israel for diverse defense an
Slide 3: Elbit Systems' Strategic Pillars
// 3 ELBIT SYSTEMS’ STRATEGIC PILLARS BROAD AND STRONG INNOVATION - PEOPLE INNOVATIVE WORLDWIDE COMPETITIVE PORTFOLIO PRESENCE ADVANTAGE RANKED 22ND IN DEFENSE NEWS GLOBAL 100 DEFENSE COMPANIES IN 2024
Slide 4: 2024 Financial Highlights
// 4 2024 FINANCIAL HIGHLIGHTS 14% Revenues +$393M Free Cash Flow 23% Non-GAAP (*) Operating profit $6.8Bn $320M $550M $6.0Bn (2023) $(73)M (2023) $449M (2023) 31% Non-GAAP EPS (**) 370% Operating cashflow 27% Backlog $8.76 $535M $22.6Bn $6.70 (2023) $114M (2023) $17.8Bn (2023)
Slide 5: 2024 Results | Revenues and New Business
// 6 2024 RESULTS | REVENUES AND NEW BUSINESS 3% BACKLOG INCREASES BOTH IN ISRAEL AND IN THE RoW 2% OTHER 22% LATAM NORTH 44% AMERICA 5,115M$ 17% APAC 2024 2024 ISRAEL New Orders Revenues by 11,689M$ Geography 56% 6,574M$ 27% 29% REST OF THE WORLD EUROPE ISRAEL MAINTAINING BALANCE AND DIVERSE GLOBAL
Slide 6: USA | A Strong Presence in a Strategic Market
USA | A Strong Presence in a Strategic Market $1.5Bn Revenues 3,300 Employees 10 States Elbit Systems is an integral part of the US Defense industrial base 7 2025 © Elbit Systems | Elbit Systems Proprietary | As of 31 December 2023
Slide 7: Europe Defence Spending Continues to Increase
// 8 EUROPE DEFENCE SPENDING CONTINUES TO INCREASE European NATO Members, Defence Spending, % of GDP | 2024 Estimate, Selected Countries ELBIT SUBSIDIARIES ACROSS EUROPE % of GDP 0 1 2 3 4 $bn ~1,900 employees Poland 35 Estonia 1 Latvia 1 Greece 8 Lithuania 2 2% → 3% translates Finland into addition
Slide 8: Elbit Systems' Leading Positions
Elbit Systems’ Leading Positions Elbit Systems is a top three DIRCM Helicopter & Fixed-Wing HMD Electronic Warfare global player in multiple markets Laser Systems Command and Control Imaging Systems including: Active Protection Systems Tactical Radios Artillery Systems 9 2025 © Elbit Systems | Elbit
Slide 9: Sustained R&D investment and technology development
Sustained R&D investment and technology development Robotics Training & Simulation Active Protection Systems Lasers Avionics 7% of sales in R&D Artificial Intelligence Autonomous Systems Precision Guided Munitions Electro-Optics 10 2025 © Elbit Systems | Elbit Systems Proprietary Networked Warfare
Slide 10: Value creating M&A | Major acquisitions
Value creating M&A | Major acquisitions ELOP ELISRA SOLTAM IMI HNV Electro Optics EW & SIGINT Artillery Land Systems & Night Vision Munitions 01 02 03 04 06 07 08 09 11 12 13 14 16 17 18 19 21 2000 2005 2010 2015 2020 TADIRAN NICE CYBER & INTEL. UNIVERSAL SPARTON Communications & C4I Cyber Commercia
Slide 11: Book to Bill | Quarterly $M
// 12 BOOK TO BILL | QUARTERLY $M LOCAL INTERNATIONAL BOOK TO BILL 4,500 2.7 3.0 Elbit Vs. Peers 2024 B2B 4,000 4,174 US Peers Average 1.33 1.7 2.0 1.5 1.6 3,500 1.5 Elbit Systems 1.71 1.3 1.3 1.2 3,000 1.0 2,768 64% 2,704 2,658 2,500 2,378 2,433 2,103 - 1,997 58% 47% 2,000 1,263 1,746 1,594 52% 58%
Slide 12: Business Segments | Annual Revenues $M
// 13 BUSINESS SEGMENTS | ANNUAL REVENUES $M 2021 2022 2023 2024 21% 27% +9% 1,586 2,036 2,036 ESA AEROSPACE +29% 1,873 +8% 1,733 1,679 2024 1,583 +12% 1,586 1,4931,4571,465 1,318 1,306 1,179 1,169 Revenue 11% 1,117 +11% 1,0261,046 23% Split CAGR 1,679 800 800 2% 721 CAGR CAGR 678 625 9% 15% LAND C4
Slide 13: Business Segments | Annual Operating Income GAAP
// 14 BUSINESS SEGMENTS | ANNUAL OPERATING INCOME GAAP 2022 2023 2024 11.4% 9.0% 7.8% 7.3% 7.2% 7.0% 7.3% 6.7% 6.2% 6.2% 5.1% 4.7% 3.5% 2.4% (0.3%) Aerospace C4I & Cyber ISTAR & EW Land ESA ON TRACK TO EXPAND POFIT MARGINS
Slide 14: EPS Non-GAAP 2024 Over 2023
// 15 EPS NON-GAAP 2024 OVER 2023 EPS YOY INCREASE 2.8 2.66 2024 2.6 10.00 +31% 9.00 8.76 2.4 2.21 8.00 2.2 2.08 7.00 6.70 2 6.00 1.81 1.8 5.00 1.78 4.00 1.6 1.71 1.65 2023 3.00 1.4 1.56 2.00 1.2 1.00 1 0.00 Q1 Q2 Q3 Q4 EPS 2023 EPS 2024
Slide 15: Free Cash Flow $M
// 16 FREE CASH FLOW $M 535 215 417 189 320 279 132 FCF 228 228 240 205 147 147 Purchase of PP&E 114 187 35 35 Net Cash provided by operating activities 2020 2021 2022 2023 2024 -73 FCF GENERATION IMPROVED ALONGSIDE INCREASED CAPEX INVESTMENT TO SUPPORT GROWTH
Slide 16: Net Debt / EBITDA - GAAP
// 17 NET DEBT / EBITDA - GAAP 1.6 1.4 1.3 0.9 0.9 861 NET DEBT/EBITDA 702 683 685 550 592 544 486 442 476 EBITDA NET DEBT* 2020 2021 2022 2023 2024 LOW FINANCIAL LEVERAGE * Inc luding s wap der ivatives
Slide 17: Order Backlog & Revenues | Accelerated Growth $M
// 18 ORDER BACKLOG & REVENUES | ACCELERATED GROWTH $M 2020-2024 20% Backlog CAGR 10% Revenue CAGR 3.31 22,617 Backlog to Revenue Ratio 17,756 15,118 2.36 13,661 Backlog 11,024 6,828 5,279 5,511 5,975 Revenues 4,663 2020 2021 2022 2023 2024
Slide 18: Capital Allocation Framework
// 19 CAPITAL ALLOCATION FRAMEWORK INVEST IN CONSISTENTLY MAINTAIN A STRONG ORGANIC GROWTH RETURN CASH TO BALANCE SHEET SHAREHOLDERS R&D $466m in 2024 $89m dividends CAPEX distributed to NET DEBT/EBITDA $215m in 2024 shareholders in 2024 0.9X
Slide 19: Generating synergies across segments | Ground Solutions
Generating synergies across segments | Ground Solutions Surveillance, Target Designators, Fire Control and Turrets & weapon systems, Ammunition, Electro Optic Systems | ISTAR and EW Active Protection Systems | Land Tactical Unmanned Aerial Solutions, Training & Simulation | Aerospace Combat Vehicle
Slide 20: Thank You
THANK YOU INVESTOR CONTACTS Dr. Yaacov (Kobi) Kagan, Executive VP – CFO Tel: +972-77296663 | kobi.kagan@elbitsystems.com Daniella Finn, VP Investor Relations Tel: +972-772948984 | Daniella.finn@elbitsystems.com elbitsystems.com