Slide 1: Investor Presentation
Investor Presentation August 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 ~$22bn Market cap1 - NASDAQ & TASE listed O U R V I S I O N $23.8bn order backlog2 To be a world-leading source $7.5bn revenues in LTM Q2 2025 ($6.3bn in LTM Q2 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: The Israeli Defense Prime
// 5 THE ISRAELI DEFENSE PRIME Billion NIS DEFENSE BUDGET PROPOSAL - "NAGEL" COMMITTEE1,2 ELBIT SYSTEMS REVENUE IN ISRAEL 123 9 5.12 114 Revenue $bn 99 100 98 96 97 96 15 88 15 15 15 15 13 84 85 New Business $bn 2.25 85 12 84 82 83 83 12 12 81 Total Budget 76 1.05 1.10 1.01 1.99 63 63 72 73 63 63 De
Slide 6: Europe Defence Spending Continues to Increase
// 6 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 ~1,800 employees Poland 35 Estonia 1 Latvia 1 Increase of Greece 8 European defense from 2% → 3% of Lithuan
Slide 7: USA | A Strong Presence in a Strategic Market
// 7 USA | A STRONG PRESENCE IN A STRATEGIC MARKET MARITIME FMF SENSING UPSIDE One of two US producers of Sonobuoys SOLDIER SCALE WITH LETHALITY PLATFORM Sensing systems PRODUCTION for augmented NATO F-35, reality for day Apache, and F-16 and night operations $1.6bn1 3,200 10 Revenues Employees Stat
Slide 8: A Comprehensive and Relevant Portfolio
// 8 A COMPREHENSIVE AND RELEVANT PORTFOLIO AIR & SPACE LAND NAVAL UNMANNED NETWORKED CYBER HOMELAND COMMERCIAL HPL WARFARE SECURITY
Slide 9: Value Creating M&A | Major Acquisitions
// 9 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 & Air
Slide 10: Financial Overviews
coauuuuuuu, FINANCIAL OVERVIEWS
Slide 11: Q2 2025 Financial Highlights
// 11 Q2 2025 FINANCIAL HIGHLIGHTS1 +21% Revenues +$74mm Free Cash Flow2 +34% Non-GAAP Operating Income2,3,4 $2.0bn $71mm $175mm $1.6bn (Q2 2024) $(3)mm (Q2 2024) $131mm (Q2 2024) Net Cash Provided +55% Non-GAAP Diluted Net EPS2,3,5 +272% by Operating Activities +12% Backlog $3.23 $120mm $23.8bn $2.
Slide 12: 2024 Financial Highlights
// 12 2024 FINANCIAL HIGHLIGHTS1 +14% Revenues +$393mm Free Cash Flow2 +23% Non-GAAP Operating Income2,3,4 $6.8bn $320mm $550mm $6.0bn (2023) $(73)mm (2023) $449mm (2023) Net Cash Provided +31% Non-GAAP Diluted Net EPS2,3,5 +370% by Operating Activities +27% Backlog $8.76 $535mm $22.6bn $6.70 (2023)
Slide 13: LTM 2025 Results | Revenue Breakdown
// 13 LTM 2025 RESULTS | REVENUE BREAKDOWN 3% 21% 2% 1,662 27% OTHER 22% 2,174 LATAM NORTH ESA AMERICA AEROSPACE 16% LTM APAC LTM 2025 2025 Revenues 11% Revenues by 25% by Segment 862 Geography 2,041 C4I & CYBER LAND 26% 31% EUROPE ISRAEL 17% 1,382 ISTAR & EW BALANCED AND DIVERSE BUSINESS ACROSS GEO
Slide 14: Order Backlog & Revenue | Accelerated Growth
// 14 ORDER BACKLOG & REVENUE | ACCELERATED GROWTH 2020-2025 17% Backlog CAGR 10% Revenue CAGR 3.16 22,617 23,758 Backlog to Revenue Ratio 17,756 15,118 2.36 13,661 Backlog 11,024 7,516 6,828 5,511 5,975 Revenues 5,279 4,663 2020 2021 2022 2023 2024 LTM Q2'25
Slide 15: Business Segments | Annual Revenue & Operating Income
// 15 BUSINESS SEGMENTS | ANNUAL REVENUE & OPERATING INCOME 2022 2023 2024 LTM 2025 +7% +9% +8% +22% 2,041 +8% +5% +29% 2,200 2,036 2,174 +5% +1% 1,873 +12% +12% 1,679 1,733 1,586 1,662 1,800 +13% 1,382 1,457 1,465 +8% 1,318 1,306 +11% 1,179 1,169 1,400 +6% 1,046 800 862 1,000 721 678 600 11.4% 9.0%
Slide 16: Non-GAAP Diluted Net EPS
// 16 NON-GAAP DILUTED NET EPS1 NON-GAAP DILUTED NET EPS1 YoY INCREASE 3.5 LTM 2025 3.23 2024 12.00 +49% 10.68 3 2.66 10.00 2.57 2.5 8.00 2.21 7.16 2.08 6.00 2 1.81 2023 4.00 1.78 1.5 1.71 1.65 1.56 2.00 1 0.00 Q1 Q2 Q3 Q4 LTM Q2'24 LTM Q2'25
Slide 17: Free Cash Flow
// 17 FREE CASH FLOW1 FCF CAPEX Net Cash provided by operating activities 535 215 417 189 CAPEX 215 205 320 189 304 73 187 279 132 228 240 205 231 132 147 114 187 73 35 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 LTM LTM (73) FCF GENERATION IMPROVED ALONGSIDE INCREASED CAPEX INVESTME
Slide 18: Capital Allocation Framework
// 18 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 NET IN A SHARE OFFERING TO INVESTORS ON NASDAQ IN August 2025 QUARTER
Slide 19: Appendix | Non-GAAP Financial Data
// 19 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 20: Appendix - Reconciliation of GAAP to Non-GAAP
// 20 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 21: 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 22: 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