El Al Isreal Airlines (ELAL) investor relations material

Executive summary

• Achieved strong financial results in Q3 2025, with revenue, net income, and pre-tax profit all increasing year-over-year.

• Strong demand for flights continued in Q3 2025, with a rapid recovery after airspace reopened post-military operation in June, leading to high load factors and increased seat capacity year-over-year.

• Passenger traffic is gradually returning to normal, with a notable increase in El Al's passenger numbers and market share compared to Q3 2023.

• Net profit for Q3 2025 reached $202.6M, up from $187.4M in Q3 2024; nine-month net profit was $364.1M, down from $415.3M year-over-year due to a $100M negative impact from the June operation.

• Continued execution of a structured business plan with clear targets for growth and operational efficiency.

Financial highlights

• Q3 2025 revenue reached $1,074M, up 7% year-over-year; nine-month revenue was $2,624.3M, up 1.7% year-over-year.

• Net income for Q3 2025 was $202.6M, an 8.1% increase compared to Q3 2024; nine-month net profit was $364.1M, down 12.3% year-over-year.

• Pre-tax profit rose to $203M, up 8% year-over-year.

• EBITDAR for Q3 2025 was $356.8M, a slight decrease of 1% year-over-year.

• Free cash flow after debt service for Q3 2025 was $229.1M; cash and liquid assets at period end totaled $1,828.5M.

Outlook and guidance

• Business plan targets over $4B in revenue by 2030, with a focus on expanding ancillary and non-aviation activities.

• Projected EBITDA margin target of 17-21% and net debt to EBITDA below 3x by 2030.

• Foreign airlines are returning gradually in Q4 2025, with continued high demand and occupancy expected, though at a lower intensity than Q4 2024.

• The company expects ongoing recovery in 2026, with gradual normalization of seat supply at Ben Gurion Airport.

• Forecasts are subject to significant uncertainty due to geopolitical and economic factors.