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Investor Presentation N o v e m b e r 2 0 2 5
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Legal Comments nThis presentation has been prepared by EL AL Israel Airlines Ltd. (the Company) for the sole purpose of providing informatio about the Company, its operations and financial results. The information contained in the presentation is provided for convenience only and does not constitute a basis for making investment decisions nor does it constitute a substitute for data collection and analysis. Moreover, this presentation does not constitute a recommendation, offer, or solicitation for the purchase or sale of shares in the Company, nor does it constitute a substitute for independent judgment or independent collection and analysis of data by each investor. The information and figures provided in the presentation are partial and presented in a condensed form for convenience only. This information should be read along with all details, descriptions, clarifications, assumptions, qualifications, and assessments as well as the description of risk factors included in the Company's 2024 Periodic Report, which was published on March 12, 2025. In any event of inconsistency between the information contained in the presentation and the information included in the Period Report of the Company, the information included in the Period Report will prevail. The data contained in this presentation consist of forecasts and/or assessments and/or assumptions based on data available to the Company as of the date hereof, as well as estimations and expectations of the Company, all of which constitute as forward-looking statements within the meaning defined in the Securities Law, 5728- 1968. The Company has no assurance that such forecasts and/or assessments and/or assumptions will fully or partially materialize, as they depend on external and macroeconomic factors on which the Company has no or little influence, such as changes in market and environmental conditions, regulatory changes or the realization of any of the Company’s risk factors. The Company is not obliged to update or change such forecasts and/or assessments and/or assumptions in order to reflect events or circumstances occurring after the date of this presentation. The presentation also includes estimates and other statistical data based on external sources which have not been independently verified by the Company, and the Company is therefore not responsible for their correctness. 2
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3 Operational indicators Q3 2025 Compared to Q3 2024 Financial results ASK 8,334M +3% RRPK ¢12.56 +3% Load factor 95.3% +1.5% RASK ¢11.97 +4% Total revenue $1,074M +7% Profit before tax $265M +8% Net profit $203M +8% EBITDAR $357M -1%
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2,203 1,984 1,835 1,773 1,6741,586 1,491 1,4481,367 1,1341,088 1,079 1,083 833859 725 736688658 651 668619 645547 550 556 537490 488 341 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 ALL PAX LY PAX 4 EL AL Passengers Total Passengers 37% 43% 44% 50% 57% 51% 49% 45% 39% 34% 46% 41% 43% 33% 32% LY Market share Passenger traffic is gradually returning to normal (In thousands of passengers) Data source: Ben Gurion report
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2,203 1,984 1,835 1,773 1,6741,586 1,491 1,4481,367 1,1341,088 1,079 1,083 833859 725 736688658 651 668619 645547 550 556 537490 488 341 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 ALL PAX LY PAX 640578 484 22% 22% 21% 5 EL AL Passengers Total Passengers 37% 43% 44% 50% 57% 51% 49% 45% 39% 34% 46% 41% 43% 33% 32% LY Market share Q3 2023 2,8382,544 2,301 Passenger traffic is gradually returning to normal (In thousands of passengers) -24% Change in overall passenger traffic (Compared to Q3 2023) +24% Change in El Al passenger traffic (Compared to Q3 2023) Data source: Ben Gurion report
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6 Sales for future departure month Cash Refunds Voucher granted Net Sales Gross ($M)Booking trends Three-month average Dec 2023 – Aug 2025 ($M) Booking* * Booking in terms of sales - do not constitute revenue, but bookings that have been ticketed and will be recognized as revenue after the flight. The figures are the forecast gross sales data, including port taxes attributed thereto, and including sales of vouchers, credits and frequent flyer points. In certain cases the sales of flight tickets can be changed by the customers as a change/credit. 108 772 50 111 147 801 514 SEP 23-NOV 23 DEC 23-FEB 24 MAR 24-MAY 24 JUN 24-AUG 24 SEP 24 - NOV 24 DEC 24 - FEB 25 MAR 25 - MAY 25 JUN 25-AUG 25 EST. SEP 25 NOV 25 959 27% 47% 51% 116 47% 64 932 1 ,113
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7 Looking ahead with a clear business plan and defined goals
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8 Accelerating ahead based on the company’s growth engines 53 23 Passenger aircraft Codeshare (Including cargo, partnershipsleased + ACMI( Fleet Expansion & Partnerships Enhancing Loyalty & Customer Base 3.5M FFP members 498K 5 FlyCard credit Star service card holders 4th year in a row 53% FFP members purchase rate since January 2025 1,828M Cash and financial assets 602M Financial Resilience 534M Net debt + 692M Lease liabilities Financial debt = 1 ,294M Gross debt
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4+ 3.7 3.4 2.5 2023 2024 E2026 ~7.6M Passengers (25% of BG Airport) E2030 9 +$4B Revenue 2030 8-10% Ancillary & non-flight services Efficientcost structure 4M+ FFP Members E2028 Based on the business plan presented in March 2025 Revenue ($B( * 2026, 2028, 2030 estimation
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10 Target Cash balance to REV at the end of the period >15% Target Net debt to EBITDA <3X Target EBITDAR 17-21% Revenues [$B] >4 ASK [B] Target Target 35 Based on the business plan presented in March 2025 Continuing the implementation of El Al’s business plan (E2030)
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11 Based on the business plan presented in March 2025 Strong free cash flow post fleet renewal Y2023 Y2024 E2030 EBITDA 503 1,035 704-742 CAPEX (50) (92) (91) Free cash flow 453 943 613-651(Before debt-service) Loans principal payments (180) (147) )164( Lease fund payment (99) (107) (128) Interest payment (96) (85) (125) Payments = Principal + Interest (Loans and (375) (339) (417) leases) Interest income 10 23 44 Free cash flow 88 627 240-278(After debt-service) • Adjusted free cash flow for 2023, excluding principal and interest payments made in that year for loans and leases whose contractual repayment was in previous years but were actually paid in 2023 due to deferrals reached by the COVID-19 crisis. It should be noted that after 2024, an insignificant deferred balance will remain • The projected EBITDA is based on the average range (19%) of the EBITDAR as a percentage of the revenue rate. • Excluding taxes and dividend distribution 1.83B Cash and financial assets Q3 2025 Dummy Text
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Financial stability 12 Equity * Stock-base compensation 997 364 527 111 -209 -5-549 -347 31.12.21 31.12.22 31.12.23 31.12.24 Net Profit Options* Other 30.9.25 31.12.21 31.12.22 31.12.23 31.12.24 30.9.25 Financial 1,129 1,112 1,031 823 692Debt Lease 1,006 909 804 696 602Liabilities Debt 2,135 2,021 1,835 1,519 1,294 Cash and financial 91 283 406 1,444 1 ,222 assets Net Debt 2,044 1,737 1,429 75 )534( Net Debt / N/A EBITDA Negative 5.6 2.8 0.1 <0 [LTM] EBITDA Dummy Text
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Thank you