Slide 1: Investor Presentation Q1 Results, May 2026
I n ve s t o r Pre s e n t at i o n Q1 Results, May 2026
Slide 2: Elbit Systems at a Glance
2025 © Elbit Sys tem s Pr opr ietar y // 2 ELBIT SYSTEMS AT A GLANCE ~$35bn Market cap1 - NASDAQ & TASE listed O U R V I S I O N $30.2bn order backlog2 To be a global leader in $7.9bn revenues in 2025 (up 16% from 2024) designing and delivering innovative solutions for a ~20,000 employees3 secure an
Slide 3: Elbit's Strategic Pillars
// 3 ELBIT’S STRATEGIC PILLARS VISION To be a global leader in designing and delivering innovative solutions for a secure and safer world MISSION To be trusted partner to our customers’ needs, by delivering STRONG TRUSTED R&D AND PEOPLE GROWTH innovative technological WORLDWIDE AND VALUED INNOVATIVE
Slide 4: Financial Overview
F I N A N C I A L OV E R V I E W
Slide 5: 2025 Financial Highlights
// 5 2025 FINANCIAL HIGHLIGHTS $7.9Bn $553M $738M Revenues Free Cash Flow Non-GAAP (*) Operating profit $6.8Bn (2024) $320M (2024) $550M (2024) 16% $233M 34% $12.75 $778M $28.1Bn Non-GAAP EPS (**) Operating cashflow Backlog $8.76 (2024) $535M (2024) $22.6Bn (2024) 46% 46% 24%
Slide 6: Q1 2026 Financial Highlights
// 6 Q1 2026 FINANCIAL HIGHLIGHTS $2.2Bn $210M $222M Revenues Free Cash Flow Non-GAAP (*) Operating profit $1.9Bn (Q1 2025) $161M (Q1 2025) $165M (Q1 2025) 15.5% +49$M 34% $3.87 $281M $30.2Bn Non-GAAP EPS (**) Operating cashflow Backlog $2.57 (Q1 2025) $184M (Q1 2025) $23.1Bn (Q1 2025) 50% 53% 31% F
Slide 7: Q1 2026 Results | Revenue and Backlog $M
// 7 Q1 2026 RESULTS | REVENUE AND BACKLOG $M LATAM OTHER BACKLOG INCREASES BY 2,076 during the quarter 1% 3% APAC -28% -3% NORTH AMERICA 15% 21% 1,242 | +6% 1,700 | +7% 29% 8,753 LTM 3/26 ISRAEL Revenue by BL 3/26 EURO Geography Total BL 27% 71% 30,208 2,195 | +16% ISRAEL 21,455 +31%* 33% 2,765 | +
Slide 8: Business Segments | Annual Revenue $M
// 8 BUSINESS SEGMENTS | ANNUAL REVENUE $M 2023 2024 2025 +38% +2% 2,319 2,036 2,067 18% 22% +7% ESA 1,873 AEROSPACE +16% 1,694 1,679 1,586 1,526 Q1 2026 1,465 1,318 1,306 1,179 +16% Revenue 931 Split 11% 800 C4I & CYBER 721 31% LAND CAGR 5% CAGR 14% CAGR 14% CAGR 33% CAGR 8% 18% ISTAR & E
Slide 9: Business Segments | Annual Operating Income GAAP
// 9 BUSINESS SEGMENTS | ANNUAL OPERATING INCOME GAAP 2023 2024 2025 11.4% 11.4% 9.0% 8.5% 7.8% 7.3% 7.4% 7.0% 7.3% 7.2% 6.7% 6.0% 6.2% 3.5% (0.3%) Aerospace C4I & Cyber ISTAR & EW Land ESA
Slide 10: EPS Non-GAAP $
/ / 10 EPS NON-GAAP $ EPS YoY INCREASE 3.87 Q1/2026 2025 12.75 3.56 3.35 3.23 8.76 2.66 2024 2.57 6.7 2.21 2.08 1.81 1.78 2023 1.65 1.71 1.56 Q1 Q2 Q3 Q4 2023 2024 2025
Slide 11: Free Cash Flow $M
/ / 11 FREE CASH FLOW $M First quarter 2026 Free Cash Flow $210 778 225 553 535 215 FCF 320 281 71 Purchase of PP&E 240 205 210 114 187 Net Cash provided 35 by operating activities 2022 2023 2024 2025 Q1 2026 (73) GAAP CASH CONVERSION RATIO FOR 2025 103% FCF GENERATION CONTINUED TO IMPROVED ALONGSID
Slide 12: Book to Bill | Quarterly $M
/ / 12 BOOK TO BILL | QUARTERLY $M BOOKINGS BOOK TO BILL 3.0 2.7 6,000 2.4 Elbit Vs. Peers Q1 2026 B2B 5,070 1.9 Peer Average 1.3 1.8 2.0 5,000 1.6 1.5 Elbit Systems 1.9 1.3 1.3 1.3 4,265 4,174 1.0 4,000 3,375 - 3,000 2,704 2,598 2,378 2,433 2,410 2,000 (1.0) 1,000 (2.0) - (3.0) Q1.24 Q2.24 Q3.24 Q4
Slide 13: Net Cash / EBITDA - GAAP
/ // /13 13 NET CASH / EBITDA - GAAP NET CASH/EBITDA EBITDA NET CASH* 938 880 0.6 685 0.5 599 544 476 429 2022 2023 2024 2025 LTM 3.26 -0.9 -1.4 -1.6 -592 -683 -861 ELBIT IS CASH NET POSITIVE * Inc lud ing swap d eriv ativ es
Slide 14: Order Backlog & Revenues | Accelerated Growth $M
/ / 14 ORDER BACKLOG & REVENUES | ACCELERATED GROWTH $M 3.67 30,208 28,131 22,617 Backlog to Revenue Ratio 17,756 15,118 Backlog 2.36 13,661 11,024 7,939 8,232 Revenues 6,828 5,279 5,511 5,975 4,663 2020 2021 2022 2023 2024 2025 LTM 3.26 18% 2020-3/2026 10% Backlog CAGR Revenue CAGR
Slide 15: Investing in the Company
/ / 15 INVESTING IN THE COMPANY R&D + CAPEX SPEND (% of Revenues 2025)* TRUMP’S EXECUTIVE ORDER STRENGTHENING THE U.S. DEFENSE INDUSTRIAL BASE * Capital IQ, Company reports
Slide 16: Capital Allocation Framework
/ / 16 CAPITAL ALLOCATION FRAMEWORK CONSISTENTLY INVEST IN RETURN CASH TO MAINTAIN A STRONG ORGANIC GROWTH SHAREHOLDERS BALANCE SHEET R&D $517m in 2025 $112m dividends CAPEX distributed to NET CASH/EBITDA $225m in 2025 shareholders in 2025 0.5X in 2025 DIVIDEND INCREASED TO $1.00 AS OF Q1 2026
Slide 17: 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