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Investors Deck February 2026
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2 Legal Comments This presentation has been prepared by EL AL Israel Airlines Ltd. (the Company) for the sole purpose of providing information 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 2025 Periodic Report, which was published on February 25, 2026. 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.
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3 As of January 2026 Levy Halevy CEO as of January 2026 Gil Feldman CFO as of December 2025
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4 2025 - Overview (VS 2024) The Israeli aviation industry experienced instability as a result of the ongoing war in Gaza and Operation ‘Rising Lion’ Revenue Net profit $3.48 B ASK EBITDAR 28,824M $947M 27% of revenues $410M 3%+ 1%+ -15% -25% RASK LF 93.8%¢10.97 ~~ 12% of revenues
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5Data source: El Al’s 2025 yearly report 2026 Looking ahead * Forward-looking information $1,961M Liquid resources available for use 50 Aircraft fleet Expanding and modernizing the aircraft fleet 3.5M FFP Members Account for 54% of revenue from flights 3.4 M Passengers 50 Direct destinations Approx. 500 connecting destinations $927M Reservations backlog 515K Credit cards Ben Gurion Airport Strong growth potential is expected due to the return to regular operations and recovery from the war* Aviation industry Continuation of the global growth trend, reflected in a consistent increase in passenger numbers as part of the recovery from the COVID-19 crisis* In 2026 as well, EL AL will continue to grow and expand its route network and seat capacity for its customers*
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6 Looking ahead - 2026 Expanding the route network and increasing frequencies Increasing weekly frequencies on existing routes New York +(3) Thailand +(3) Tokyo +(2) Continued expansion of collaborations Dubrovnik Sicily Sardinia Basel Naples Varna Salzburg Zagreb Hanoi Manila Seoul As of the end of 2025 – 23 Active partnerships Copenhagen
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7 2026Acquisition2025 181+17787 Dreamliner 61+5777 Wide body 262+24737 Narrow body 51+4ACMI* 555+50Total Acquisition of 5 additional aircraft Dreamliner Retrofit Looking ahead - 2026 *Based on a 12-month average
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8 Operational Efficiency Integrating AI Technology & Tools Operational Punctuality Safety & Security Operational Excellence Looking ahead - 2026
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9 Exploring & evaluating options Booking Flight preparation Terminal experience In-flight experience Post-flight Digital and physical experience On-ground & in-flight Enhanced experience throughout the customer journey Looking ahead - 2026
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10 Developing new growth engines Strengthening the customer base and loyalty program Expanding ancillary product portfolio Expanding core business activities Growth engines & revenue diversification Looking ahead - 2026
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11 Committed to meeting our strategic plan targets RISING ABOVE & BEYOND 2030 ~7.6M Passengers (25% of BG Airport) 4B $+ 2030 Revenues -10% Ancillary & non-flight services Efficientcost structure +4M FFP Members
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12 Financial results 2025 & Q4 2025
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El Al’s market share (In thousands of passengers) 13 24% 26% 47% 37% El Al’s Market share 24,035 21,088 13,879 18,470 5,831 5,539 6,590 6,912 2019 2023 2024 2025 ALL PAX LY PAXEl Al passengers Total passengers
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14 Source: IATA | Global Outlook for Air Transport December 2025 Global airport passenger traffic (in billions) 0 5 10 Global Continued growth in passenger traffic 4.6B 4.4B 4.8B 5.0B 5.2B 2019 2023 2024 2025 E2026 Ben-Gurion airport passenger traffic (in millions) Source: Calcalist report, November 2025 0 5 10 15 20 25 Israel In 2026, Ben-Gurion Airport is expected to reach pre-pandemic traffic 24.0M 21.1M 13.9M 18.5M 22.0M 2019 2023 2024 2025 E2026 0 5 10 5.8M 5.5M 6.6M 6.9M Total El Al passengers (In millions) Source: Ben Gurion Annual Reports (2019-2025) 15 20 25 Continuing growth & expanding seat capacity 2019 2023 2024 2025 El Al's growth continues to exceed the global average 14%+ 19%+ 19%+
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15 Financial results Operational indicators 2025 ASK 28,824M +3% RRPK ¢11.70 ~ Load factor 93.8% RASK ¢10.97 ~ ~ Q4 2025 ASK 6 ,9110M +4.6% RRPK ¢16 211, Load factor 92.7% -3.5 B.p RASK ¢1112, -2% +2%
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16 3,4763,432 2,503 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 202520242023 Annual ($M) 852852 678 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 Q4/25Q4/24Q4/23 Q4 ($M) Revenue A moderate increase in revenue, reflecting growth in seat capacity, despite the impact of Operation ‘Rising Lion’ Revenue was partially impacted by a decline in cargo revenue
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17 EBITDAR Operational cash profit Strong operational cash flow profitability driven by high load factors and continued seat capacity growth Compared to 2024, operating cash flow was primarily impacted by several factors: • Operation ‘Rising Lion’ increased production costs, partly due to the impact of a stronger NIS relative to the US Dollar Exceeding the strategic plan’s annual target 947 1,112 556 0 200 400 600 800 1,000 1,200 202520242023 Annual ($M) 199275 161 0 200 400 600 800 1,000 1,200 Q4/25Q4/24Q4/23 Q4 ($M) * 27%32%22% 6*% From Revenues
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186*% From Revenues Net profit The decline in net profit was driven by the decrease in operating cash flow Significant decrease in financing expenses resulting from a reduction in financial debt and growth in financial assets Increase in one-time expenses 410 545 117 0 100 200 300 400 500 600 202520242023 Annual ($M) 46 130 40 0 100 200 300 400 500 600 Q4/25Q4/24Q4/23 Q4 ($M) * 12%1,%5%
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19 Free cash flow FCF [Pre-tax & after debt service] Strong free cash flow driven by business results and a reduced debt burden The decline compared to 2024 was primarily driven by the decrease in operating cash flow 88 627 470 2023 2024 2025 Annual ($M)
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20 [M$ ]Debt balance Approx $300M Average annual debt repayment Approx $1.96B Available liquid resources $685M Cash surplus Leases Loans 1,021 909 804 696 600 1,214 1,112 1,031 823 676 2019 2022 2023 2024 2025 2,236 2,021 1,835 1,519 1,276 Lease paymentsLoan repayment 80 266 164116 123 118
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21 Financial stability 2021 2022 2023 2024 2025 Financial Debt 1,129 1,112 1,031 823 ,7, Lease liabilities 1,006 909 804 678 ,00 Debt 2,135 2,021 1,835 1,519 6 1927, Available funds balance 91 283 406 1,444 6 191,1 Net (surplus) Debt 2,044 1,737 1,429 75 (,85) Net Debt / EBITDA [LTM] N/A Negative EBITDA 5.6 2.8 0.1 <0 -549 -347 -209 527 410 118 -7 1,048 31.12.21 31.12.22 31.12.23 31.12.24 Net Profit Options* Other 31.12.25 [M$] Equity * Stock based compensation M$ ** As of December 31 **
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Dividend .0% 9-month margin Jan-Sep 2025 102~$ M 304573₪ Per stock Total dividend 22
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23 861 945 941 153 53 41 73 103 105 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 SEP 25 NOV 25 DEC 25 - FEB 26 1,087 47% 51% 49% 47% 60% 53%47% 6 19101 Booking trend * 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 forecasted 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. 51% 6 19087 56% Sales for future departures Cash refunds Vouchers granted Net sales Gross ($M) Booking*
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End of year reservations backlog based on deferred revenue from flight tickets and vouchers $927M Reservations backlog 24 927930 543 482 2025202420232022 * 27%27%22%24% * End of year reservations based on deferred revenue from ticket sales and vouchers, relative to prior year revenue Annual ($M) * * **
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Thank you