#1Elbit Systems™ Investor Conference 2023 March 2023#22 | 2023 Elbit Systems Proprietary Safe Harbor 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 or 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, cannot guarantee future results, level of activity, performance or achievements. In case of any inconsistency between the management review in Hebrew and the English simultaneous translation, the former will prevail. 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 2022. The Company does not undertake to update this presentation or publish any of the data contained therein in the future. Elbit Systems™#3Financial Results Elbit Systems™#44 | 2023 Elbit Systems Proprietary 2022 Financial Highlights S $15.1Bn Backlog S ☑ $5.5Bn Revenues $357M Non-GAAP (*) Operating income $240M Operating cashflow (*) GAAP Operating Income: $368m. For non-GAAP reconciliations reference the appendix to this presentation and Elbit Systems' investor relations website Elbit Systems™#55 | 2023 Elbit Systems Proprietary Financial Results | 2022 2021 2022 Change Sales ($M) 5,279 5,512 4.4% Non-GAAP Operating Profit ($M) 451 357 Non-GAAP Operating margin (%) 8.5% 6.5% (20.8%) (206 bps) GAAP Operating Profit ($M) 419 367 (12.4%) GAAP Operating Profit margin (%) 7.9% 6.7% (128 bps) Non-GAAP Earnings per share ($) 8.30 6.03 (27.3%) GAAP Earnings per share ($) 6.20 6.18 0% Operating cash Flow ($M) Backlog ($M) 417 13,700 240 (177m) 15,100 10.7% *For non-GAAP reconciliations reference the appendix to this presentation and Elbit Systems' investor relations website Elbit Systems™#66 ❘ 2023 © Elbit Systems Proprietary Financial Results | Q4 2022 2021 2022 Change Sales ($M) 1,494 1,506 8.0% Non-GAAP Operating Profit ($M) 120 103 (14.2%) Non-GAAP Operating margin (%) 8.0% 6.8% (119 bps) GAAP Operating Profit ($M) 107 120 12.1% GAAP Operating Profit margin (%) 7.2% 8.0% 81 bps Non-GAAP Earnings per share ($) 2.14 1.68 (21.5%) GAAP Earnings per share ($) 0.18 1.91 961% Operating cash Flow ($M) Backlog ($M) 260 13,700 195 (65m) 15,100 10.7% *For non-GAAP reconciliations reference the appendix to this presentation and Elbit Systems' investor relations website Elbit Systems™#77 | 2023 Elbit Systems Proprietary 2022 Results | Revenues by Areas of Operation Others 4% Electro Optics 9% 453 Airborne 38% 2,006 Areas of Land 24% 1,255 Operations 2021 1,372 C4ISR 26% A broad technologically advanced portfolio Others 3% Electro Optics 10% 524 Airborne 37% 2,012 Land 22% 1,217 Areas of Operations 2022 1,611 C4ISR 29% Elbit Systems™#88 | 2023 Elbit Systems Proprietary 2022 Results | Revenues by Geographical Regions LATAM 2% Other 2% APAC 27% 1,444 Europe 17% 127 North America 31% Geographical Regions 2021 885 1,095 1,609 Israel 21% Continue to expand a balanced global footprint Other LATAM 2% 3% 120 North America 27% APAC 1,490 26% 1,405 Geographical Regions 2022 1,244 Europe 23% 1,072 Israel 19% Elbit Systems™#99 | 2023 Elbit Systems Proprietary Annual Dividend | Returning cash to shareholders 2.0 1.5 1.0 1.28 1.20 1.20 1.44 1.76 1.76 1.76 1.67 1.60 1.86 2.00 0.5 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Annual Dividend Per Share ($) Distributed more than $740m to shareholders during the period Elbit Systems™#10Business Environment Elbit Systems™#1111 | 2023 © Elbit Systems Proprietary Israel | Largest Israeli Defense Company with Multiple Leading Positions 002 EHERMES 900- UAV Artillery Electro-Optics More than 80% of the IDF's UAVS Roem New 155mm Howitzers Production and Maintenance Precision Munitions Leveraging IMI acquisition Network Centric Warfare Digital Army Program 750 Operational Survivability Protecting Aerial, Ground and Naval platforms Mission Training Centers For Air and Ground forces Electronic Warfare IMOD EW Center of excellence Advanced Avionics 5th Gen. Avionics A multi-year defense budget provides stability and enables long term planning and large projects Elbit Systems™#12Elbit Achievements in Israel 2022 Clip Elbit Systems™#1313 | 2023 Elbit Systems Proprietary USA | Defense Budgets growing to address the evolving threat environment US Air Force and US Navy budgets growing to address the Chinese challenge US Army budgets benefitting from restocking of equipment and munitions sent to Ukraine OF DEPARTMEN DEFENSE AMERICA UNITED STATES OF Source: US DoD | Defense Budget Request Overview 350 300 250 200 US DoD Budget - Investment Accounts ($Bn) 22 92 150 148 100 50 50 145 139 119 96 96 106 107 170 164 149 151 144 143 0 FY 2018 Actuals FY 2019 Actuals FY 2020 Actuals FY 2021 Actuals FY 2022 Actuals FY 2023 Enacted Procurement RDT&E FY 2024 Request Elbit Systems™#1414 | 2023 Elbit Systems Proprietary USA | A Strong Presence in a Strategic Market Elbit Systems is an integral part of the US Defense industrial base. ■Supplying directly to the US DOD and working with all major prime contractors ■SPARTON and Elbit Night Vision acquisitions have strengthened Elbit Systems' position as a US DOD OEM with a growing engineering and manufacturing footprint $ $1.5Bn 3,900 13 Revenues Employees States Elbit Systems™#1515 | 2023 Elbit Systems Proprietary USA | Positions on multiple platforms and programs F35 F15 | F16 F18 | V22 AH-64 | T7 | Bradley | Underwater Warfare | Precision Fires | Night Vision and Soldier Systems | Survivable C4I 87470#1616 | 2023 Elbit Systems Proprietary Asia Pacific | Significant potential from Abraham Accords Countries Annual Defense Spend 2022 UAE $25.2 Bn Source: JANES Morocco $6.8 Bn Bahrain $1.9 Bn Source: Instagram CON MAR EYOND Members of the Abu Dhabi Royal Family meeting Elbit Systems Emirates Employees at IDEX 2023 Elbit Systems Emirates established in 2021 - a domestic presence supporting growth in the region Elbit Systems™#1717 | 2023 Elbit Systems Proprietary Europe | Defense budgets growing Total European Defense Spend (US$ Bn) 500 450 433 440 400 405 414 423 388 400 361 334 350 319 306 300 250 200 150 100 50 0 2020 Source: JANES 2021 2022 2023F 2024F 2025F 2026F 2027F 2028F 2029F 2030F Recapitalizing armed forces and the defense industrial base Elbit Systems™#1818 | 2023 Elbit Systems Proprietary Europe | Strong positions to benefit from defense budget growth Part of the domestic defense industrial base ■Partnerships with leading prime contractors babcock BAE SYSTEMS ARIAY WEDCO THALES AIRBUS HELICOPTERS GENERAL DYNAMICS European Land Systems SAAB DIEHL KMW AIRBUS RHEINMETALL DEFENCE & SPACE DEFENCE *LEONARDO 10: O Elbit Systems Subsidiary Significant subsidiaries and local presence in multiple countries Elbit Systems™#1919 | 2023 Elbit Systems Proprietary Europe | Operational Insights from Russia - Ukraine War The conflict has highlighted the relevance of Elbit Systems' portfolio Drones & UAV Critical enabler for Artillery & ISTAR missions Loitering Munitions Provide a unique capability | Counter UAS Systems Long range fires להצד Rocket Artillery A Force Multiplier Artillery The importance of the "King of the Battle" Precision Munitions Improved accuracy, smaller and an extended range C41 A critical contributor to multi domain operations that enhances the capabilities of maneuvering forces Electronic Warfare A must have although highly dependent on a military's C4I capabilities | Ammunition Platform Protection For aircraft and ground vehicles - APS and DIRCM#202022 BUSINESS ACHIEVEMENTS Business Achievements Clip 600 201 Elbit Systems™#2121 2023 Elbit Systems Proprietary Order Backlog & Revenues | From Growth to Transformation 16,000 14,000 12,000 Growth 10,000 8,000 Transformation 11,024 10,029 9,399 15,100 13,700 7,561 6,909 6,000 6,564 6,265 5,279 5,511 5,683 5,822 4,508 4,663 3,684 4,000 2,889 2,925 2,958 3,108 3,260 3,378 2,000 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2012-2017 Backlog: 6% CAGR Revenue: 3% CAGR 2017-2022 Elbit Systems™ Backlog ($M) Revenues ($M) Backlog: 15% CAGR | Revenue: 10% CAGR#2222 | 2023 Elbit Systems Proprietary Operational Transformation to support significant revenue growth TECI TONE Production sites Our People Supply chain OneERP Elbit Systems™#2323 | 2023 Elbit Systems Proprietary Upgrading and Expanding Manufacturing Facilities Ramat Hasharon - Heavy Industry Robotics Capacity +100% Yokneam - Heavy Industry Robotics Capacity +100% Cersa Karmiel - New production line for Gen. 5 Avionic systems Capacity +300% 00 - Tel Hai New SMT Line Capacity +60% Rehovot Advance Electro-Optics Capacity +40% Cobots and Automation Capacity +200% Increase Throughput | Improve Efficiency | Enhance Quality | Shorten Lead-times Elbit Systems™#2424 | 2023 Elbit Systems Proprietary Building new facilities around the world US South Carolina | 12,600 sqm Heavy Manufacturing UK Bristol | 5,000 sqm Development and production ✡ ISRAEL - Ramat Beka | 50,000 sqm Ammunition Production ☑ ISRAEL - Modi'in | 20,000 sqm UAV development and production GERMANY ULM | 800 sqm Radio development and production ROMANIA | 6,000 sqm Production Increase Throughput | Improve Efficiency | Enhance Quality | Shorten Lead-times Elbit Systems™#2525 | 2023 Elbit Systems Proprietary Investing in Our People Headcount +5% in 2022 ■Retention plans - expenses of approximately $72m in 2022 ■Revenue per employee - up significantly over the last 5 years Continue to recruit around the world Increasing our workforce to deliver a growing backlog 12 LAR MASTER Elbit Systems™#2626 | 2023 Elbit Systems Proprietary Supply chain | Significant disruption but pressures easing Supply chain status: ■Raw materials - Significantly improved ■Freight and Transportation - No longer a bottle neck ■Electronic components - Continues to impact the business How we addressed the challenge: Increased inventories Alternative sources Proactive supply chain management We expect supply chain pressure to ease from the second half of 2023 Elbit Systems™#2727 | 2023 Elbit Systems Proprietary OneERP | Digital transformation of all Business Units Airborne BU Cyclone AEL Sistemas S.A ELMAK Aerospace Ferranti Technologies(Group) Umited Brightway Vision SimultecS.A UAS BU UAV Engines Ltd UAV Tactical Systems Ltd ISTAR Security Systems Legacy Electro-optics-Elop IFS Optronic Instruments ITL Instro and Products N.V SAP Oracle Land and C Elbit Systems Kinetics of Australia Telefunken Radio Communication Systems Verwaltungs GmbH Land and C4I ESL Advanced Information Technology G.m.b.H ARES Aerospacial e Defesa Yokneam sit S.A Sabiex International S.A NAV MS ESA ESA FW (EFW Inc.) ESA Mc-Lean (Innovative Concepts. Inc.) KMC Systems Inc Baan IV ESA Tallade ESA Merrimack Enterprises Inc) (Kollsman Inc.) Vision Systems International LLC ESA San Antonio (M7) Real Time Labratorie Baan V LLC Shared Services S.C. AE Electronics SA Elmet International SRL Elmec Inc. Corporate Infor LN 6 Infor LN 8 2 ONEERP Cash flow | Profit | Efficiency Elisra Elisra-Electric systems Tadiran Spectra ProPatria Tadiran Spectralin Electronics Other 14 11 20 14 27 Geographical Sites Software Companies ERP systems More than 2B$ More than 11K Managed Procurement Managed Suppliers More than 4K Managed Projects Our ERP integration effort started in 2019 and will be completed in 2023 Elbit Systems™#2828 | 2023 Elbit Systems Proprietary Summary Multiple Global Positions Broad and Relevant Portfolio Operational transformation to support growth and improved performance Focused on long term value creation for all our stakeholders Elbit Systems™#29CANGER FROENLER Questions & Answers ARLINER Elbit Systems™ HERMES Elbit Systems#3030 | 2023 Elbit Systems Proprietary Appendix | Non-GAAP Financial Data Non-GAAP financial data 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 by facilitating more meaningful comparisons of our financial results over time. Such non-GAAP information is used by our management to make strategic decisions, forecast future results and evaluate our current performance. However, 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. The non-GAAP financial data herein includes reconciliation adjustments regarding non-GAAP gross profit, operating income, net income and diluted EPS. In arriving at non-GAAP presentations, companies generally factor out items such as those that have a non-recurring impact on the income statements, various non-cash items, including significant exchange rate differences, significant effects of retroactive tax legislation, changes in accounting guidance and other items and financial transactions not considered to be part of regular ongoing business, which, in management's judgment, are items that are considered to be outside the review of core operating results. In our non-GAAP presentation, we made certain adjustments as indicated in the table below. These non-GAAP measures 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 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. Elbit Systems™#3131 | 2023 Elbit Systems Proprietary Reconciliation of GAAP to Non-GAAP (Unaudited) Supplemental Financial Data Years Ended December 31, 2021 2022 Years Ended December 31, 2021 2021 GAAP gross profit 1,358.0 1,373.3 Adjustments: GAAP net income attributable to Elbit Systems' shareholders Adjustments: 274.4 275.4 Amortization of purchased intangible assets (*) 26.7 Non-GAAP gross profit 1,384.7 31.7 1,405.0 Amortization of purchased intangible assets (*) Capital gain 47.0 49.2 (24.9) (20.5) Percent of revenues 26.2% 25.5% Revaluation of investment measured under fair value method (17.3) 10.2 Non-operating foreign exchange (gains) losses 10.6 (10.5) GAAP operating income 418.5 367.5 Non-recurring grant (28.6) Tax effect and other tax items, net 77.8 (6.3) Adjustments: Amortization of purchased intangible assets (*) 47.0 49.2 Non-GAAP net income attributable to Elbit Systems' shareholders 367.6 268.9 Capital gain (14.7) (31.5) Percent of revenues 7.0% 4.9% Non-recurring grant (28.6) Non-GAAP operating income 450.8 356.6 GAAP diluted net EPS Percent of revenues 8.5% 6.5% Adjustments, net Non-GAAP diluted net EPS 6.20 6.18 2.10 (0.15) 8.30 6.03 (*) While amortization of acquired intangible assets is excluded from the measures, the revenue of the acquired companies is reflected in the measures and the acquired assets contribute to revenue generation. Elbit Systems™#32Elbit Systems™ THANK YOU You elbitsystems.com in Tube INVESTOR CONTACTS Dr. Yaacov (Kobi) Kagan, Executive VP - CFO Tel: +972-77296663 [email protected] Rami Myerson, Investor Relations Director Tel: +972-772948984 [email protected]