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Elbit Systems ™ Investor Presentation Q2 2026
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2 // DISCLAIMER This presentation, reference to which herein includes information that may be provided by Elbit Systems Ltd. ("Elbit systems", and collectively with any or all of its subsidiaries, the “Company”) orally or in writing in connection therewith, is provided for general information only, and should not be relied upon for making any investment decision. By attending or viewing this presentation, each attendee (“Attendee”) agrees that he or she (i) has read this disclaimer, (ii) is bound by the restrictions set out herein, (iii) is permitted, in accordance with all applicable laws, to receive such information, (iv) is solely responsible for his or her own assessment of the business and financial position of the Company and (v) will conduct his or her own analysis and be solely responsible for forming the Attendee's view of the potential future performance of the Company’s business. This presentation does not constitute, is not intended to be, and should not be construed as a recommendation, regarding any securities nor part of any offer, or the solicitation of any offer, to buy, subscribe for or sell any securities of the Company, and nothing in this presentation will in any way constitute or form part of any legal agreement or be relied upon in connection with any contract, commitment or investment decision. Nothing in this presentation constitutes investment advice and any recommendations that may be contained herein have not been based upon a consideration of the investment objectives, financial situation or particular needs of any specific Attendee. No representation, warranty or undertaking, express or implied, is given by the Company and/or its respective directors, officers, employees, agents, representatives and/or advisers as or in relation to the accuracy, completeness or sufficiency of the information contained in this presentation or as to the reasonableness of any assumption contained therein. To the maximum extent permitted by law, the Company and its respective directors, officers, employees, agents, representatives and/or advisers expressly disclaim any and all liability that may arise from any use of this presentation, including any errors or omissions relating to the presentation. The information in this presentation is not intended to replace the need to review Elbit Systems’ filings with the Israel Securities Authority ("ISA") and the U.S. Securities and Exchange Commission ("SEC"), including without limitation its annual report on Form 20-F, prior to making any investment in Elbit Systems' securities. In case of any inconsistencies between the information provided in this presentation and Elbit Systems' filings, the latter will prevail. This presentation may contain forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Israeli Securities Law, 1968) regarding the Company, to the extent such statements do not relate to historical or current facts. Forward-looking statements are based on management’s current expectations, estimates, projections and assumptions about future events. Forward looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions about the Company, which are difficult to predict, including projections of the Company’s future financial results, its anticipated growth strategies and anticipated trends in its business. Therefore, actual future results, performance and trends may differ materially from these forward looking statements due to a variety of factors. Further information is contained in Elbit Systems' annual report on Form 20-F. All forward looking statements speak only as of the date of this presentation. Although the Company believes the expectations reflected in the forward-looking statements contained herein are reasonable, it cannot guarantee future results, level of activity, performance or achievements. Elbit Systems Ltd., its logo, brand, product, service and process names appearing in this presentation or used in this conference are the trademarks or service marks of Elbit Systems or its affiliated companies. All other brand, product, service and process names appearing are the trademarks of their respective holders. Unless otherwise indicated, all numbers in this presentation are as of 31 December 2025. The Company does not undertake to update this presentation or publish any of the data contained therein in the future.
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2025 © Elbit Systems Proprietary 3 // ELBIT SYSTEMS AT A GLANCE O U R V I S I O N To be a global leader in designing and delivering innovative solutions for a secure and safer world ~$40bn Market cap1 - NASDAQ & TASE listed $32.0bn order backlog2 $8.5bn revenues in LTM Q2 2026 (up 14% from LTM Q2 2025) ~21,000 employees2 Headquarters in Haifa, Israel Subsidiaries in numerous countries 1 As of August 10, 2026 2 As of June 30, 2026
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ELBIT’S STRATEGIC PILLARS RANKED 22nd IN DEFENSE NEWS GLOBAL 100 DEFENSE COMPANIES IN 2025 STRONG WORLDWIDE PRESENCE TRUSTED AND VALUED PARTNER R&D AND INNOVATIVE PROTFOLIO PEOPLE GROWTH CULTURE 4 // VISION To be a global leader in designing and delivering innovative solutions for a secure and safer world To be trusted partner to our customers ’ needs, by delivering innovative technological solutions and leveraging the unique entrepreneurial and team spirit of our people MISSION
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F I N A N C I A L OV E R V I E W
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6 // 2025 FINANCIAL HIGHLIGHTS $28.1Bn $553M $778M $7.9Bn $22.6Bn (2024) $320M (2024) $535M (2024) $6.8Bn (2024) 46% $12.75 $8.76 (2024) $738M $550M (2024) Backlog Revenues Free Cash Flow OperatingcashflowNon-GAAP EPS (**) Non-GAAP (*) Operating profit 46% 24% 16% $233M 34%
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7 // Q2 2026 FINANCIAL HIGHLIGHTS $32.0Bn $150M $237M $2.3Bn $23.8Bn (Q2 2025) $71M (Q2 2025) $120M (Q2 2025) $2.0Bn (Q2 2025) 97% $4.14 $3.23 (Q2 2025) $237M $175M (Q2 2025) Backlog Revenues Free Cash Flow OperatingcashflowNon-GAAP EPS (**) Non-GAAP (*) Operating profit 28% 34% 15.9% +80$M 36%
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8 // Q1 2026 RESULTS | REVENUE AND BACKLOG $M 27% 8,609 ISRAEL 73% 23,343 REST OF THE WORLD BACKLOG INCREASES BY 1,744 during the quarter MAINTAINING BALANCE AND DIVERSE GLOBAL PRESENCE Revenue by Geography LTM 6/26 Total BL 31,952 +34%* BL 6/26 3% +3% OTHER 1% -7% LATAM NORTH AMERICA 21% 1,760 | +8% ISRAEL 34% 2,950 | +24% EURO 26% 2,195 | +11% APAC 15% 1,300 | +9% * In comparison to Backlog at end of Q2 2025
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9 // BUSINESS SEGMENTS | ANNUAL REVENUE $M 1,873 721 1,179 1,306 1,465 2,036 800 1,318 1,679 1,586 2,067 931 1,526 2,319 1,694 Aerospace C4I & Cyber ISTAR & EW Land ESA 2024 20252023 +2% Revenue Split Q2 2026 LAND 32% ISTAR & EW 18% C4I & CYBER 10% 20% ESA 20% AEROSPACE G R O W T H A C R O S S A L L S E G M E N T S 2025 CAGR 5% CAGR 14% CAGR 14% CAGR 33% CAGR 8% +16% +16% +38% +7%
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10 // BUSINESS SEGMENTS | ANNUAL OPERATING INCOME GAAP 6.7% 7.0% 11.4% 6.2% (0.3%) 7.3% 7.8% 7.3% 9.0% 3.5% 7.4% 6.0% 8.5% 11.4% 7.2% Aerospace C4I & Cyber ISTAR & EW Land ESA 2024 20252023
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11 // EPS NON-GAAP $ 1.78 1.65 1.71 1.56 1.81 2.08 2.21 2.662.57 3.23 3.35 3.56 3.87 4.14 Q1 Q2 Q3 Q4 6.7 8.76 12.75 2023 2024 2025 EPS YoY INCREASE 2025 2024 2023 2026
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12 // FREE CASH FLOW $M FCF Purchase of PP&E Net Cash provided by operating activities 2022 2023 2024 2025 H1 2026 518 158 240 205 114 187 535 215 778 225 553 320 (73) 35 360 FCF GENERATION CONTINUED TO IMPROVED ALONGSIDE INCREASED CAPEX INVESTMENT TO SUPPORT GROWTH GAAP CASH CONVERSION RATIO FOR 2025 103 % First quarter 2026 Free Cash Flow $ 210
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13 // ORDER BACKLOG & REVENUES | ACCELERATED GROWTH $M Backlog Backlog to Revenue Ratio 11,024 13,661 15,118 17,756 22,617 28,131 31,952 4,663 5,279 5,511 5,975 6,828 7,939 8,546 2020 2021 2022 2023 2024 2025 LTM 6.26 3.74 2.36 Revenues Revenue CAGR 11%2020 - 6 / 2 0 2 6 Backlog CAGR 19%
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14 // CAPITAL ALLOCATION FRAMEWORK INVEST IN ORGANIC GROWTH R&D $583m in LTM Q2 2026 CAPEX $311m in LTM Q2 2026 CONSISTENTLY RETURN CASH TO SHAREHOLDERS $112m dividends distributed to shareholders in 2025 MAINTAIN A STRONG BALANCE SHEET NET CASH/EBITDA 0.7X in LTM Q2 2026 DIVIDEND INCREASED TO $ 1.00 AS OF Q 1 2026
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15 // APPENDIX | NON-GAAP FINANCIAL DATA The non-GAAP financial data, including Adjusted gross profit, Adjusted operating income, Adjusted net income, and Adjusted diluted earnings per share, is presented to enable investors to have additional information on our business performance as well as a further basis for periodical comparisons and trends relating to our financial results. We believe such data provides useful information to investors and analysts by facilitating more meaningful comparisons of our financial results over time. The non-GAAP adjustments exclude amortization expenses of intangible assets related to acquisitions that occurred mainly in prior periods, capital gains related primarily to the sale of investments, restructuring and discontinued activities, uncompensated costs related to "Swords of Iron" war, non-cash stock based compensation expenses, revaluations of investments in affiliated companies, non-operating foreign exchange gains or losses, one-time tax expenses, and the effect of tax on each of these items. We present these non-GAAP financial measures because management believes they supplement and/or enhance management’s, analysts’ and investors’ overall understanding of the Company’s underlying financial performance and trends and facilitate comparisons among current, past, and future periods. Specifically, management uses Adjusted gross profit, Adjusted operating income, and Adjusted net income attributable to the Company’s shareholders to measure the ongoing gross profit, operating profit and net income performance of the Company because the measure adjusts for more significant non-recurring items, amortization expenses of intangible assets relating to prior acquisitions, and non-cash expense which can fluctuate year to year. We believe Adjusted gross profit, Adjusted operating income, and Adjusted net income attributable to the Company’s shareholders are useful to existing shareholders, potential shareholders and other users of our financial information because they provide measures of the Company’s ongoing performance that enable these users to perform trend analysis using comparable data. Management uses Adjusted diluted earnings per share to evaluate further adjusted net income attributable to the Company’s shareholders while considering changes in the number of diluted shares over comparable periods. We believe adjusted diluted earnings per share is useful to existing shareholders, potential shareholders and other users of our financial information because it also enables these users to evaluate adjusted net income attributable to Company’s shareholders on a per- share basis. The non-GAAP measures used by the Company are not based on any comprehensive set of accounting rules or principles. We believe that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our results of operations, as determined in accordance with GAAP, and that these measures should only be used to evaluate our results of operations in conjunction with the corresponding GAAP measures. Investors are cautioned that, unlike financial measures prepared in accordance with GAAP, non-GAAP measures may not be comparable with the calculation of similar measures for other companies. They should consider non-GAAP financial measures in addition to, and not as replacements for or superior to, measures of financial performance prepared in accordance with GAAP.
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THANK YOU Daniella L. Finn, Vice President Investor Relations Tel: +972-54-42636 | daniella.finn@elbitsystems.com Dr. Yaacov (Kobi) Kagan, Executive VP - CFO Tel: +972-77296663 | kobi.kagan@elbitsystems.com