El Al ECONOMIC

Target: El Al Israel Airlines Ltd. Domain: Economic Research date: 25 October 2026 Evidence scope: Public corporate disclosures, ownership filings, financial statements, corporate announcements and independently published records.

Supply Chain & Sourcing Relationships

Direct supplier relationships

El Al’s principal documented procurement relationships include commercial aviation equipment and aircraft acquisition. On 15 August 2024, Boeing announced that El Al had finalised an order for up to 31 Boeing 737 MAX aircraft, describing it as the largest aircraft purchase in the airline’s history. Boeing also confirmed an earlier order for three additional 787-9 Dreamliners with options for six more.¹

El Al’s 2025 annual report describes aircraft operations, fleet investment, maintenance, catering, fuel procurement and other aviation-related expenditures as major components of the group’s operating activities.²

No public evidence identified establishing direct agricultural procurement contracts between El Al and Mehadrin, Hadiklaim, Galilee Export or an Agrexco successor.

Cargo and logistics intermediaries

The company’s 2025 holdings chart identifies Air Consolidators Israel Ltd. as a 50%-held investee in the cargo sector. The annual report describes cargo consolidation at Ben Gurion Airport and explains that El Al has rights to appoint half the company’s directors, subject to the particular rights attached to its shareholding.²

The company operates passenger and cargo transport services to and from Israel. Its 2025 interim report describes cargo transportation as part of the group’s continuing business.³

No public evidence identified connecting a particular settlement-origin agricultural consignment to an El Al air-cargo movement.

Importer-of-record structure

El Al’s disclosed group structure includes aircraft catering, cargo, aviation, technology and loyalty-programme businesses. The 2025 report does not identify a dedicated agricultural import company operated by El Al as importer of record for produce supplied to retailers.²

No public evidence identified establishing a wholly owned subsidiary, joint venture or specialist import entity responsible for importing Israeli agricultural products for resale in foreign retail markets.

Seasonal sourcing patterns

No public evidence identified establishing recurring December–April procurement of Israeli-origin fresh produce by El Al as a commercial purchaser.

Third-party sourcing and distribution

TAMAM Aircraft Food Industries provides aircraft catering services at Ben Gurion Airport. The 2025 annual report states that TAMAM supplies El Al and other aviation customers, establishing a direct relationship between the airline and its catering subsidiary.²

No public evidence identified establishing that Mehadrin, Hadiklaim, Galilee Export or identified settlement producers supply food or products through TAMAM or another intermediary to El Al.

Historical supply-chain context

[pre-2020] gategroup’s 16 January 2019 announcement confirms its investment in Cockpit Innovation, describing the Israeli venture fund as an investment platform associated with El Al and Boeing. The 2025 El Al annual report confirms that the Cockpit investment structure continued to exist, with Gate Gourmet holding a minority interest.^{4, 2}

On 18 June 2026, Globes reported that El Al had agreed to a proposed NIS 59.9 million settlement, including costs, in a class action alleging participation in an international air-cargo price-fixing arrangement during 2000–2006. The proceedings concerned alleged coordination of cargo-shipping charges, including fuel and security surcharges, affecting customers shipping goods to or from Israel, excluding US routes, between 2000 and February 2006. The proposed settlement provided approximately NIS 50 million in compensation to eligible claimants, with the remainder covering associated costs. El Al denied participating in any cartel or unlawful arrangement. The settlement remained subject to approval by the Central District Court and did not establish judicial liability for the allegations.⁵

The proposed June 2026 air-cargo settlement specified that compensation would be distributed through the Israeli Ministry of Justice’s fund for class-action awards or through a court-appointed trustee. Any undistributed compensation would be allocated to public-interest projects supporting rehabilitation of communities bordering the Gaza Strip, rather than returned to El Al. This provision represented a contingent allocation of settlement funds, dependent on court approval and the eventual distribution process; the reviewed report did not establish that any residual funds had actually been distributed to rehabilitation projects.⁵

Product Origin, Labeling & Regulatory Compliance

Settlement-origin products

No public evidence identified establishing that El Al has imported, purchased, sold or knowingly distributed a particular product originating in an Israeli settlement in the West Bank, East Jerusalem or the occupied Syrian Golan.

Origin labeling

No public evidence identified establishing an El Al-specific customs enforcement action, country-of-origin labeling violation or regulatory penalty concerning goods produced in Israeli settlements.

Regulatory compliance

El Al’s principal disclosed business is commercial aviation, including passenger and cargo transport, aircraft maintenance and catering. The company’s financial statements do not establish that it operates a retail food business comparable to a supermarket or fresh-produce importer.²

No public evidence identified establishing a DEFRA, EU customs or other origin-labeling enforcement finding against El Al concerning settlement produce.

Corporate labeling and settlement-sourcing policy

El Al’s 2024 ESG report describes the company’s broader governance, sustainability and responsible-business framework.⁶

No public evidence identified establishing a specific publicly announced El Al policy prohibiting settlement-origin goods or prescribing special country-of-origin labels for cargo transported from occupied territories.

Settlement-related transportation

No public evidence identified establishing a company-operated passenger route, cargo collection facility, distribution warehouse or retail location physically situated inside an Israeli settlement.

The documented existence of cargo operations at Ben Gurion Airport does not identify the geographic origin of every shipment handled through those operations.³

Investment, Capital & Financial Exposure

Direct operational investment

El Al’s 2025 annual report records wholly owned aviation and catering subsidiaries and controlling interests in technology and loyalty-programme operations. The group’s principal Israeli investments include its airline infrastructure, TAMAM catering operations and Cockpit Innovation.²

The annual report identifies TAMAM’s production facilities at Ben Gurion Airport and confirms that El Al is TAMAM’s principal customer.²

The company’s 2025 annual financial results reported total revenue of approximately USD 3.476 billion, net income of approximately USD 410 million and year-end equity of approximately USD 1.048 billion.⁷

Acquired and controlled Israeli operating companies

The following entities appear in the 2025 annual report’s group ownership structure.²

Borenstein Caterers Inc. is also listed as a 100%-owned food-services subsidiary, although it is not identified as an Israeli food-manufacturing operation in the holdings chart.²

The 2025 report describes the Israeli operational infrastructure of TAMAM at Ben Gurion Airport. It does not give acquisition consideration, original purchase prices or independent current revenue figures for every named subsidiary.²

No public evidence identified sufficient to establish the original acquisition date and acquisition price for every Israeli operating subsidiary.

No public evidence identified establishing that TAMAM, Sun d’Or or another disclosed operating subsidiary runs a manufacturing facility inside an Israeli settlement.

Cockpit Innovation

Cockpit Innovation identifies itself as El Al’s venture investment arm. Its corporate website states that it invests in early-stage aviation, travel and related technologies.⁸

Cockpit’s corporate history identifies 2015 as the year of establishment and records the subsequent creation of an accelerator with JetBlue Airways in 2016.⁹

El Al’s 2025 annual report states that it held 80.9% of Cockpit. It identifies interests of approximately 8.9% and 10.2% held by Boeing-related and Gate Gourmet interests, respectively, on the stated ownership basis.²

Cockpit describes commercial opportunities for startups to test technology with aviation-industry partners, including El Al and Boeing.¹⁰

IVC’s corporate investment database identifies Cockpit as an El Al-affiliated venture investment arm established in 2015 and reports six active portfolio companies.¹¹

The IVC database records historical Cockpit relationships with Lufthansa Systems, JetBlue Technology Ventures, Boeing and gategroup.¹¹

Investment classification

The 80.9% controlling stake in Cockpit is an investment in an operating venture-investment company. Cockpit’s separate investments in startups are described as venture investments and commercial collaborations; those disclosures do not establish that each underlying startup is controlled by El Al.^{2, 8}

No public evidence identified establishing that a specific Cockpit portfolio company manufactures weapons, operates in an Israeli settlement or supplies a named military procurement programme.

Aircraft capital investment

Boeing’s August 2024 announcement established an agreement for up to 31 Boeing 737 MAX aircraft and an additional Boeing 787 procurement programme.¹

These agreements demonstrate substantial long-term aircraft capital commitments supporting the airline’s operations. The published aircraft contract does not identify the acquisition as an investment in settlement land or property.¹

Financial-sector exposure

El Al is an aviation operating company whose financial activities include ordinary corporate financing, aircraft acquisition and a separately operated loyalty-programme business.²

No public evidence identified establishing that El Al itself acts as a lead underwriter of Israeli sovereign bonds, distributes Israel Bonds as a financial intermediary or underwrites Israeli military insurance.

No public evidence identified establishing direct El Al lending to a named settlement developer or Israeli defence manufacturer.

Parent and controlling-principal financial exposure

The 2024 annual financial report identifies Eli Zachary Rozenberg and Kenneth Neal Rozenberg in the ownership history involving Kanfei Nesharim Aviation Ltd. It records the State’s consent to the relevant controlling ownership arrangements.¹²

A Tel Aviv Stock Exchange disclosure dated 2 November 2025 describes a proposed investment by chairman Amikam Ben Zvi in the Rozenberg family’s holding partnership. The transaction contemplated a 15% interest in that partnership, subject to regulatory approvals, and expressly stated that it would not change control of El Al.¹³

Independent financial coverage described the proposed transaction as representing an indirect interest of approximately 6.8% in El Al if completed.¹⁴

No public evidence identified sufficient to attribute other personal or family-office investments by the controlling shareholders to particular Israeli companies beyond the documented El Al ownership structure.

Portfolio holdings

Cockpit is the company’s disclosed route into venture investment in aviation-related technology, including Israeli startups.^{8, 9}

No public evidence identified establishing a separately quantified El Al treasury portfolio of Israeli sovereign bonds or a material direct holding in a named OHCHR settlement-database company.

On 15 April 2026, El Al signed an amendment to its April 2024 Boeing agreement, exercising options to acquire six additional Boeing 787 aircraft and converting four aircraft within its nine-aircraft procurement programme to the larger Boeing 787-10 variant. The resulting programme comprises five Boeing 787-9 and four Boeing 787-10 aircraft, with deliveries planned during 2029–2032. Contemporary financial reporting estimated approximately USD 1.5 billion for the six additional aircraft, while the company’s subsequent interim financial disclosures reported an estimated aggregate acquisition commitment of approximately USD 2.1–2.25 billion for all nine aircraft, including conversion costs and replacement engines. The final expenditure remains dependent on aircraft and engine specifications, future price adjustments and contractual credits. The programme represents a substantial prospective capital commitment to international aircraft procurement supporting El Al’s long-haul operations.^{15, 16}

Operational Presence & Market Activity

Physical footprint

El Al’s 2025 annual report places its operating activities at Ben Gurion Airport and describes the group’s passenger transportation, cargo handling, aircraft maintenance and related facilities.²

TAMAM maintains offices and production facilities at Ben Gurion Airport and supplies airline catering services, including services provided directly to El Al.²

Cockpit’s corporate contact information identifies El Al’s Ben Gurion Airport location as its business address.⁸

IVC independently lists Cockpit’s principal address in Lod, Israel, at Ben Gurion Airport.¹¹

No public evidence identified establishing an El Al-owned airline office, maintenance hangar, catering factory or cargo terminal within an Israeli settlement in the occupied West Bank or Golan Heights.

Employment

El Al’s 2025 annual report records payroll expenses of approximately USD 855 million, or around 24.6% of annual revenue. The report attributes part of the increase over 2024 to higher operating activity, wage agreements and currency movements.²

The 2024 ESG report describes employee welfare, labour relations, safety arrangements and human-capital policies within the Israeli airline group.⁶

The 2025 annual report also records the continuing effect of employees serving in military reserve duty on operational staffing.²

Tax and regulatory registration

El Al Israel Airlines Ltd. is registered in Israel, with Israeli company-registration number 520017146 identified in its Tel Aviv Stock Exchange disclosure.¹³

The company’s 2025 financial report discusses Israeli corporate income-tax accounting and applies a statutory tax-rate reference of 23% in its tax reconciliation.²

No public evidence identified establishing that El Al is registered as a Preferred Technology Enterprise for a special Israeli innovation-related corporate tax regime.

Market position

The company reported approximately USD 3.476 billion in 2025 revenue, compared with approximately USD 3.432 billion in 2024.⁷

El Al reported a passenger load factor of approximately 94% for 2025 and continued growth in available seat capacity.⁷

During 2025, Israeli financial reporting documented a Competition Authority investigation into allegations that El Al had exploited its market position through excessive wartime airfares. At the reported stage, the matter concerned possible enforcement rather than a final adjudicated penalty.¹⁷

El Al’s 2025 annual report describes competition with Israeli and international airlines and the effects of foreign-airline service interruptions on flight availability to and from Israel.²

Government and national-infrastructure role

El Al’s 2025 annual report identifies special governance obligations arising from the Israeli government’s Special State Share, including security requirements, ownership controls and preservation of minimum aviation capacity.²

The report describes arrangements under which the company provides security services relevant to Israeli civil aviation.³

Military-related transportation and assistance

In February 2024, El Al announced a complimentary flight-ticket programme for eligible IDF personnel and reservists. The airline described the programme as part of its wider support for soldiers during the conflict.¹⁸

A contemporary corporate-authored account states that El Al transported essential cargo and organised flights for soldiers and reservists returning to Israel following the events of 7 October 2023.¹⁹

El Al’s 2024 annual report describes a programme distributing approximately 20,000 complimentary tickets to eligible regular-service and reserve-service soldiers, subject to the programme’s terms and payment of airport taxes.¹²

The company subsequently announced reservist benefits involving frequent flyer points, baggage allowances, seating benefits and flight-cancellation terms.²⁰

A public statement from El Al confirmed that eligible active-duty personnel and reservists could continue receiving designated flight benefits through the end of 2025.²¹

Post-July and post-November 2024 activity

El Al’s December 2024 reservist programme provided benefits calculated with reference to days of military reserve duty completed after 7 October 2023.²⁰

The company’s subsequent public communications confirmed that preferential travel benefits remained available during 2025.²¹

These activities therefore continued after both 19 July 2024 and November 2024.^{20, 21}

Settlement-specific operational nexus

No public evidence identified establishing a named El Al-operated business facility, dedicated flight service, cargo hub or subsidiary installation inside an Israeli settlement.

No public evidence identified establishing settlement-derived revenue separately from the company’s broader Israeli and international aviation activities.

On 8 February 2026, the Israel Competition Authority formally notified El Al of its intention to impose a financial sanction of up to NIS 121 million, the statutory maximum, following an investigation alleging excessive and unfair passenger fares between 7 October 2023 and the end of May 2024. The Authority determined that El Al held a de facto monopoly on at least 38 of the 53 routes it operated during the period, including London, New York, Paris, Bangkok, Tokyo and Los Angeles, as foreign airlines suspended services. Its analysis of millions of tickets indicated average fare increases of 16%, with increases reaching 31% on certain routes. The proposed sanction remained subject to a hearing and did not constitute a final adjudicated penalty. El Al rejected the excessive-pricing allegation, disputed the Authority’s calculations and stated that it would contest the findings.^{22, 23}

On 23 February 2026, the Israel Competition Authority announced its intention to impose a separate financial sanction of NIS 109,623,501 on El Al for allegedly abusing its monopoly position in the Israeli passenger-aircraft maintenance-hangar market. The Authority also proposed personal financial sanctions ranging from NIS 449,000 to NIS 548,000 against two company executives. According to the investigation, El Al had repeatedly refused competitor Arkia access to maintenance hangars beginning in August 2024, despite a longstanding contractual arrangement permitting Arkia to rent those facilities. The Authority alleged that refusals occurred irrespective of hangar availability and could have impaired Arkia’s ability to maintain aircraft, potentially causing flight cancellations, delays and additional costs. Both the corporate and proposed individual sanctions were subject to hearings. El Al disputed the allegations and maintained that it had complied with competition law and continued assisting other Israeli airlines.^{24, 25}

Corporate Structure & Foundational Ties

Founding and incorporation

El Al’s 2024 ESG report identifies 1948 as the year of its establishment and describes the company as Israel’s flag carrier.⁶

El Al is publicly listed on the Tel Aviv Stock Exchange and operates as an Israeli corporation.⁶

Headquarters and legal domicile

The company’s 2025 financial reporting identifies El Al Israel Airlines Ltd. as an Israeli corporate entity, with its principal operating base at Ben Gurion Airport.²

El Al’s February 2026 results announcement gives its corporate correspondence address as Ben Gurion International Airport, Israel.⁷

Israeli-Nexus Floor - factual indicators

El Al’s Israeli founding history, Israeli corporate domicile and Israeli operating headquarters are independently documented by its own corporate disclosures.^{6, 2}

Its ownership history identifies controlling Israeli shareholding arrangements through Kanfei Nesharim and the Rozenberg family.^{12, 13}

The company’s Special State Share creates continuing Israeli government governance rights over specified strategic corporate matters.²

Ownership structure

The 2024 annual report states that Kanfei Nesharim held approximately 48.56% of El Al as at 31 December 2024 and approximately 48.27% shortly before approval of that report.¹²

A Globes ownership table updated 23 October 2026 reports Eli Zachary Rozenberg as holding approximately 42.25%, Amikam Ben Zvi approximately 0.02% directly, and approximately 57.71% under public holdings, including institutional funds.²⁶

The October 2026 market table and earlier company filings describe different reporting dates and ownership presentations. They should not be combined into a single contemporaneous ownership calculation.^{12, 26}

Proposed chairman investment

The company’s 2 November 2025 TASE disclosure records an agreement involving Amikam Ben Zvi and the Rozenberg family concerning a potential investment in the family’s holding partnership.¹³

The disclosure states that the proposed investment depended upon necessary regulatory approvals and would not result in a change of control of El Al.¹³

A separate contemporary report described the proposed holding as approximately 15% of the partnership and an indirect El Al interest of approximately 6.8%.¹⁴

No public evidence identified in the examined material conclusively establishing completion of every contemplated step of that particular transaction.

Special State Share

The 2025 annual report describes the Israeli government as holder of the Special State Share and details rights concerning corporate nationality, security arrangements, classified information, access to company information and preservation of aviation capacity.²

The Special State Share requires specified approvals for share acquisitions or governance changes affecting the rights protected by the share.²

The company’s articles include provisions concerning the nationality and residence of relevant officers and maintenance of the corporation’s Israeli character.²

The Special State Share also protects a minimum capacity threshold involving three wide-body aircraft and six narrow-body aircraft.²

State financial arrangements

El Al’s 2025 annual report describes state participation in aviation-security expenditures. During 2025, the company’s share of security expenses increased from 2.5% to 5% under the revised arrangements described in the annual report.²

The company’s 2025 interim report describes an April 2025 addendum to earlier agreements involving El Al, Sun d’Or and the State of Israel, including changes to restrictions on dividend distributions.³

Historical rescue financing

The Israel Airline Museum’s historical account describes the airline’s 2020–2022 restructuring and the financial support provided by the Rozenberg family and the Israeli government, including a 2021 arrangement concerning advance payment for aviation-security transport services.²⁷

The company’s later annual financial reports continue to discuss state-related support agreements, their amendments and associated obligations.^{12, 3}

Subsidiary and group attribution

The 2025 group structure identifies wholly owned airline and catering subsidiaries, a controlled loyalty-programme company, a controlled technology investment company and a cargo-sector investee.²

Sun d’Or is a wholly owned aviation subsidiary. TAMAM is a wholly owned aircraft-catering business, while Cockpit Innovation is a controlled technology-investment company.²

The corporate structure distinguishes controlled operating subsidiaries from minority equity positions held by Cockpit in third-party startups.^{2, 8}

Governance and individual principals

The corporate ownership record names Eli Zachary Rozenberg and Kenneth Neal Rozenberg in connection with the controlling shareholding arrangements.¹²

The TASE filing identifies Amikam Ben Zvi as chairman in the context of the proposed partnership transaction.¹³

Cockpit Innovation identifies Gil Feldman, El Al’s chief financial officer, among its board members, together with other aviation-industry representatives.⁹

No public evidence identified establishing that the named controlling principals hold directorships in a specific Israeli settlement-development company through their El Al ownership interests.

El Al’s primary corporate disclosures contain conflicting ownership figures for Kanfei Nesharim Aviation Ltd. at 31 December 2024. Note 21(A), page 91 of the consolidated financial statements in El Al’s 2024 Periodic Report, explicitly records approximately 48.56% of the company’s shares at that date and approximately 48.27% shortly before approval of the report in March 2025. However, page 8 of El Al’s 2024 ESG Report states that Kanfei Nesharim held approximately 47.64% of the company’s ordinary shares at 31 December 2024. The annual financial report is the stronger source for the historical shareholding figure because it provides a dated financial-statement disclosure specifically addressing the controlling shareholder. The 48.56% figure therefore confirms the existing statement under “Ownership structure”; the 47.64% figure represents a discrepancy in another primary company disclosure, rather than an independently established correction. The reviewed documents do not explain the discrepancy or demonstrate that the figures use different share-capital denominators. Both figures should be retained with their respective sources until reconciled through underlying securities filings.^{12, 28}

El Al’s 2024 Periodic Report consistently identifies the controlling shareholder’s father as Kenneth Neal Rozenberg, spelling his middle name “Neal” rather than “Neil”. Note 21(A), page 91, uses “Kenneth Neal Rozenberg” when describing the Israeli government’s 18 May 2021 consent to the controlling ownership arrangements. The same spelling appears in the report’s discussion of his vice-chairmanship, shareholder-approved compensation arrangements and directors’ indemnities, and in Chapter E’s Regulation 21A disclosure concerning corporate control. These repeated primary corporate references confirm the existing statements under “Parent and controlling-principal financial exposure” and “Governance and individual principals”, both of which use “Kenneth Neal Rozenberg”. Any occurrence of “Kenneth Neil Rozenberg” elsewhere in the audit is inconsistent with the company’s reviewed primary disclosures and should be treated as a spelling error unless supported by a separate authoritative identity record.¹²

Profit Repatriation & Economic Contribution

Revenue and profitability

El Al reported revenue of approximately USD 3.476 billion for 2025, an increase of approximately 1% against its 2024 revenue of USD 3.432 billion.⁷

The group reported approximately USD 410 million in net income for 2025 and approximately USD 1.048 billion in shareholders’ equity at year-end.⁷

The 2025 results announcement also reports EBITDAR of approximately USD 947 million and an order backlog of approximately USD 927 million.⁷

Israeli economic activity

El Al’s principal operational base, Israeli workforce, airport operations and Israeli-registered subsidiaries establish substantial economic activity within Israel.^{2, 6}

The group’s 2025 payroll expenses amounted to approximately USD 855 million, reflecting material employment-related expenditure within its aviation operations.²

TAMAM’s food-production and airline-catering operations provide an additional industrial and service activity at Ben Gurion Airport.²

Revenue attribution

The 2025 financial disclosures describe commercial passenger and cargo transportation to and from Israel and record consolidated group revenue.^{2, 7}

The available disclosures do not establish an audited breakdown allocating every ticket sale by passenger residence, booking location or ultimate economic source.²

No public evidence identified establishing the precise proportion of El Al’s consolidated revenue generated by customers resident in Israel, customers abroad or persons living in Israeli settlements.

Profit distributions

The 2025 interim report documents a revised agreement allowing specified dividend distributions, with dividends relating to 2025 subject to an upper limit of 30% of the relevant net profit under the amended arrangement.³

This agreement provides evidence of the regulatory framework governing possible distributions. It does not establish that a particular amount was distributed to every shareholder covered by the ownership disclosures.³

The ownership arrangements identify Israeli-controlled capital interests in El Al, including the Rozenberg family holding structure.^{12, 13}

No public evidence identified establishing a complete 2025–2026 schedule of dividends ultimately received by every controlling person, institutional shareholder or foreign investor.

Corporate taxation

The 2025 annual financial report includes corporate income-tax reconciliation information referring to a 23% Israeli statutory tax rate.²

Tax expense, deferred taxation, current taxation and actual cash tax payments are separate financial measures and should not be treated as interchangeable.²

No public evidence identified establishing a separately audited amount of corporate tax attributable specifically to operations within Israeli settlements.

Economic infrastructure role

El Al’s 2025 annual report describes its continuing role in maintaining aviation access to and from Israel, including during interruptions affecting international airline services.²

The company maintains significant aircraft, maintenance, catering and cargo capacity at Ben Gurion Airport and through its group operating companies.²

The government’s Special State Share protects specified minimum aircraft capacity and security obligations, establishing formal state interests in the continuing availability of the airline’s services.²

Innovation ecosystem contribution

Cockpit Innovation is an Israeli aviation-focused venture investment business established by El Al in 2015.⁹

Its investment activity connects aviation-industry partners with startup companies through funding, accelerator programmes and commercial testing opportunities.^{8, 10}

The company’s 2025 financial report confirms that Cockpit remained a controlled El Al investee.²

Historical industry partnerships

[pre-2020] gategroup confirmed its investment in Cockpit Innovation in January 2019. The arrangement remains relevant to the current ownership structure because El Al’s 2025 annual report identifies Gate Gourmet as a minority Cockpit shareholder.^{4, 2}

[pre-2020] IVC records a 2017 commercial relationship between Cockpit and Lufthansa Systems, and a 2016 accelerator arrangement with JetBlue Technology Ventures. Continued operation of those exact historical programmes was not independently established by the reviewed current disclosures.¹¹

Settlement-specific economic contribution

No public evidence identified quantifying revenue, profits, payroll, tax payments, property investments or capital distributions derived specifically from Israeli settlements in the West Bank, East Jerusalem or occupied Syrian Golan.

No public evidence identified establishing a dedicated El Al settlement-development investment vehicle, settlement-specific logistics subsidiary or separately reported settlement operating segment.