Slide 1: Investor Presentation
Investor Presentation June 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 ~$19bn Market cap1 - NASDAQ & TASE listed O U R V I S I O N $23.1bn order backlog2 To be a world-leading source $6.8bn revenues in 2024 ($6.0bn in 2023) of innovative, ~20,000 employees3 technology-based systems Headquarters in Hai
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 5.12 9 Revenue $bn 114 99 100 98 96 97 96 New Business $bn 15 2.25 15 15 15 13 88 15 84 85 12 Total Budget 1.05 1.10 1.01 84 85 83 1.99 81 82 83 12 12 76 Defense Budget Incre
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 $1.5bn1 3,300 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 Overview
F I N A N C I A L O V E RV I E W
Slide 11: 2024 Financial Highlights
// 11 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 12: Q1 2025 Financial Highlights
// 12 Q1 2025 FINANCIAL HIGHLIGHTS1 Non-GAAP +22% Revenues +$247mm Free Cash Flow2 +36% Operating Income2,3,4 $1.9bn $161mm $165mm $1.6bn (Q1 2024) $(86)mm (Q1 2024) $122mm (Q1 2024) Non-GAAP Diluted Net Cash Provided +42% Net EPS2,3,5 +$190mm by Operating Activities +14% Backlog $2.57 $184mm $23.1b
Slide 13: 2024 Results | Revenue Breakdown
// 13 2024 RESULTS | REVENUE BREAKDOWN 3% 21% 27% 2% 1,586 2,036 OTHER 22% LATAM AEROSPACE NORTH ESA AMERICA 17% 2024 APAC Revenues 2024 Revenues by 23% by Segment 11% Geography 1,679 800 C4I & CYBER LAND 27% 29% EUROPE ISRAEL 18% 1,318 ISTAR & EW U.S. dollars (in millions) As of December 31, 2024 A
Slide 14: Order Backlog & Revenue | Accelerated Growth
// 14 ORDER BACKLOG & REVENUE | ACCELERATED GROWTH U.S. dollars (in millions) 2020-2024 20% Backlog CAGR 10% Revenue CAGR 3.23 22,617 23,132 Backlog to Revenue Ratio 17,756 15,118 13,661 Backlog 2.36 11,024 6,828 7,170 5,279 5,511 5,975 Revenues 4,663 2020 2021 2022 2023 2024 LTM Q1'25
Slide 15: Business Segments | Annual Revenue & Operating Income
// 15 BUSINESS SEGMENTS | ANNUAL REVENUE & OPERATING INCOME U.S. dollars (in millions) 2022 2023 2024 +9% +8% +29% 2,036 +8% 2,100 1,873 +1% 1,733 +12% +12% 1,679 +13% 1,586 1,457 1,465 1,600 1,318 1,306 +6% +11% 1,179 1,169 1,046 1,100 800 678 721 600 % of operating income (based on revenue) GAAP 1
Slide 16: Non-GAAP Diluted Net EPS
// 16 NON-GAAP DILUTED NET EPS1 U.S. dollars NON-GAAP DILUTED NET EPS1 YoY INCREASE 2.8 2.66 2025 2.57 2.6 2024 10.00 9.52 +41% 2.4 9.00 2.21 8.00 2.2 2.08 6.73 7.00 2 6.00 1.81 1.8 5.00 1.78 4.00 1.6 1.71 2023 1.65 3.00 1.4 1.56 2.00 1.2 1.00 1 0.00 Q1 Q2 Q3 Q4 LTM Q1'24 LTM Q1'25 1 Non-GAAP dilute
Slide 17: Free Cash Flow
// 17 FREE CASH FLOW1 FCF CAPEX Net Cash provided by operating activities 535 215 U.S. dollars (in million) 417 189 CAPEX 320 279 215 132 205 189 187 228 240 205 132 147 114 187 35 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 (73) FCF GENERATION IMPROVED ALONGSIDE INCREASED CAPEX INVESTMENT TO
Slide 18: Net Debt / EBITDA
// 1 8 // 18 NET DEBT / EBITDA 1.6 1.4 1.3 0.9 0.9 861 NET DEBT/EBITDA 702 683 685 550 592 544 486 442 476 EBITDA1 NET DEBT1,2 2020 2021 2022 2023 2024 LOW FINANCIAL LEVERAGE 1 Net Debt and EBITDA are non-GAAP financial metrics 2 Includes swap derivatives
Slide 19: 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 Q1 2025 QUARTERLY DIVIDEND INCREASED TO 60 CENTS FROM 50 CENTS IN Q4 2024
Slide 20: 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 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) ( * ) W h i l e a m o r t i z a t i o n o f a c q u i r e d i n t a n g i b l e a s s e t s i s e
Slide 22: 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) ( * ) W h i l e a m o r t i z a t i o n o f a c q u i r e d i n t a n g i b l e a s s e t s i s e
Slide 23: Appendix - Reconciliation of GAAP to Non-GAAP EBITDA Q1 2025
// 23 APPENDIX - RECONCILIATION OF GAAP TO NON-GAAP EBITDA Q1 2025 (US Dollars in millions, except for per share amounts) (US Dollars in millions, except for per share amounts) Three months ended Three months ended Q1 2025 Q1 2025 March 31, 2025 March 31, 2025 GAAP operating income $149.7 Non-GAAP o
Slide 24: Thank You
THANK YOU INVESTOR CONTACTS 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