Slides
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Investor Presentation M a r c h 2025
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2 // Elbit Systems at a glance To be a world-leading source O U R V I S I O N of innovative, technology-based systems for diverse defense and civilian applications ~$16.3 bn Market cap* - NASDAQ & TASE listed $22.6 bn order backlog at Q4 24 $6.8 bn revenues in 2024 ($6.0 in 2023) ~20,000 employees Headquarters in Haifa, Israel Subsidiaries in numerous countries *As of March 2025
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3 // ELBIT SYSTEMS’ STRATEGIC PILLARS RANKED 22ND IN DEFENSE NEWS GLOBAL 100 DEFENSE COMPANIES IN 2024 PEOPLE STRONG WORLDWIDE PRESENCE INNOVATION - COMPETITIVE ADVANTAGE BROAD AND INNOVATIVE PORTFOLIO
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4 // USA | A Strong Presence in a Strategic Market $1.5Bn Revenues 3,300 Employees 10 States As of 31 December 2023 Elbit Systems is an integral part of the US Defense industrial base
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5 // European NATO Members, Defence Spending, % of GDP | 2024 Estimate, Selected Countries 5 // ELBIT SUBSIDIARIES ACROSS EUROPE EUROPE DEFENCE SPENDING CONTINUES TO INCREASE 2% → 3% translates into additional $280 billion 0 1 2 3 4 Poland Estonia Latvia Greece Lithuania Finland Britain Germany Turkey France Italy Spain 1 35 1 8 2 7 82 98 23 64 34 21 $bn US President Trump: “NATO should be at 5% GDP” ~1,900 employees% of GDP
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6 // Elbit Systems’ Leading Positions Elbit Systems is a top three global player in multiple markets including: DIRCM Helicopter & Fixed-Wing HMD Electronic Warfare Laser Systems Command and Control Imaging Systems Active Protection Systems Tactical Radios Artillery Systems *Based on Elbit Systems' proprietary market analysis, competitions and contract wins.
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7 // Sustained R&D investment and technology development 7% of sales in R&D Active Protection Systems Robotics Avionics Autonomous Systems Precision Guided Munitions Networked Warfare Electro-Optics Artificial Intelligence Lasers Training & Simulation
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8 // UNIVERSAL ELOP Value creating M&A | Major acquisitions 2000 2010 2020 01 02 03 04 06 07 08 09 11 12 13 14 17 18 2005 2015 19 ELISRA SOLTAM IMI TADIRAN NICE CYBER & INTEL. Electro Optics EW & SIGINT Artillery Land Systems & Munitions Communications & C4I Cyber Commercial Avionics Night Vision 21 HNV SPARTON Underwater Warfare 16 Multiple bolt on acquisitions since 2000 to acquire technologies and market positions
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9 // 2024 FINANCIAL HIGHLIGHTS $22.6Bn $320M $535M $6.8Bn $17.8Bn (2023) $(73)M (2023) $114M (2023) $6.0Bn (2023) 370% $8.76 $6.70 (2023) $550M $449M (2023) Backlog Revenues Free Cash Flow Operating cashflowNon-GAAP EPS (**) Non-GAAP (*) Operating profit 31% 27% 14% +$393M 23%
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10 // Q4 2024 FINANCIAL HIGHLIGHTS Backlog Revenues Free Cash Flow Operating cashflow Non-GAAP (*) Operating profit50% 70% 27% 19% $404M$1.9Bn $284M (Q4 2023)$1.6Bn (Q4 2023) $158M $105M (Q4 2023) $2.66 $1.56 (Q4 2023) $22.6Bn$452M $17.8Bn (Q4 2023)$314M (Q4 2023) 44% 42% Non-GAAP EPS (**)
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11 // 2024 RESULTS | REVENUES AND NEW BUSINESS Revenues by Geography 2024 22% NORTH AMERICA 29% ISRAEL 27% EUROPE 17% APAC 2% LATAM 3% OTHER New Orders 11,689M$ 2024 MAINTAINING BALANCE AND DIVERSE GLOBAL PRESENCE BACKLOG INCREASES BOTH IN ISRAEL AND IN THE RoW 44% 5,115M$ ISRAEL 56% 6,574M$ REST OF THE WORLD
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12 // 21% 446 21% 366 13% 261 42% 1,174 36% 1,516 48% 1,137 53% 1,441 42% 1,021 79% 1,656 79% 1,380 87% 1,736 58% 1,594 64% 2,658 52% 1,241 47% 1,263 58% 1,412 2,103 1,746 1,997 2,768 4,174 2,378 2,704 2,433 1.5 1.2 1.3 1.7 2.7 1.5 1.6 1.3 (3.0) (2.0) (1.0) - 1.0 2.0 3.0 - 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 Q1.23 Q2.23 Q3.23 Q4.23 Q1.24 Q2.24 Q3.24 Q4.24 BOOK TO BILL | QUARTERLY $M LOCAL INTERNATIONAL BOOK TO BILL B2BElbit Vs. Peers 2024 1.33US Peers Average 1.71Elbit Systems Peers include – Lockheed Martin, Northrop Grumman, Leonardo DRS, L 3 Harris, Boeing, General Dynamic, 2024
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13 // BUSINESS SEGMENTS | ANNUAL REVENUES $M 1,583 625 1,026 1,117 1,493 1,733 678 1,046 1,169 1,457 1,873 721 1,179 1,306 1,465 2,036 800 1,318 1,679 1,586 Aerospace C4I & Cyber ISTAR & EW Land ESA Revenue Split 2024 21% 1,586 ESA CAGR 9% 2023 202420222021 AEROSPACE 27% 2,036 C4I & CYBER 11% 800 ISTAR & EW 18% 1,318 LAND 23% 1,679 CAGR 9% CAGR 9% CAGR 15% CAGR 2% +9% +11% +12% +29% +8% GROWTH ACROSS SEGMENTS 2024
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14 // BUSINESS SEGMENTS | ANNUAL OPERATING INCOME GAAP 6.2% 7.2% 4.7% 2.4% 5.1% 6.7% 7.0% 11.4% 6.2% (0.3%) 7.3% 7.8% 7.3% 9.0% 3.5% Aerospace C4I & Cyber ISTAR & EW Land ESA 2023 20242022 ON TRACK TO EXPAND POFIT MARGINS
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15 // EPS NON-GAAP 2024 OVER 2023 1.78 1.65 1.71 1.56 1.81 2.08 2.21 2.66 1 1.2 1.4 1.6 1.8 2 2.2 2.4 2.6 2.8 Q1 Q2 Q3 Q4 6.70 8.76 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 EPS 2023 EPS 2024 EPS YOY INCREASE 2024 2023 +31%
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16 // FREE CASH FLOW $M FCF Purchase of PP&E Net Cash provided by operating activities FCF GENERATION IMPROVED ALONGSIDE INCREASED CAPEX INVESTMENT TO SUPPORT GROWTH 2020 2021 2022 2023 2024 279 132 417 189 240 205 114 187 535 215 147 228 35 320 -73 35 228 147
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17 // 486 550 476 544 685 442 702 683 861 592 0.9 1.3 1.4 1.6 0.9 2020 2021 2022 2023 2024 EBITDA NET DEBT/EBITDA 17 // NET DEBT / EBITDA - GAAP NET DEBT* LOW FINANCIAL LEVERAGE * Including swap derivatives
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18 // 2020 - 2024 Backlog CAGR20% Revenue CAGR10% ORDER BACKLOG & REVENUES | ACCELERATED GROWTH $M Revenues Backlog Backlog to Revenue Ratio 11,024 13,661 15,118 17,756 22,617 4,663 5,279 5,511 5,975 6,828 2020 2021 2022 2023 2024 3.31 2.36
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19 // CAPITAL ALLOCATION FRAMEWORK INVEST IN ORGANIC GROWTH R&D $466m in 2024 CAPEX $215m in 2024 CONSISTENTLY RETURN CASH TO SHAREHOLDERS $89m dividends distributed to shareholders in 2024 MAINTAIN A STRONG BALANCE SHEET NET DEBT/EBITDA 0.9X
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20 // Generating synergies across segments | Ground Solutions T actical Unmanned Aerial Solutions, Training & Simulation | Aerospace Surveillance, T arget Designators, Fire Control and Electro Optic Systems | ISTAR and EW Turrets & weapon systems, Ammunition, Active Protection Systems| Land Radios & communications Systems, Command and Control, Autonomy & Robotics | C4I and CYBER Combat Vehicle Systems, Mortars, C4I, T arget Designators, next gen warfighter systems | Elbit Systems of America
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THANK YOU Daniella L. Finn, Vice President Investor Relations Tel: +972-54-4262636 | daniella.finn@elbitsystems.com Dr. Yaacov (Kobi) Kagan, Executive VP - CFO Tel: +972-77296663 | kobi.kagan@elbitsystems.com