Elbit Systems ECONOMIC

Supply Chain & Sourcing Relationships

• No public evidence identified.

• The reviewed filings and procurement releases do not identify direct agricultural sourcing, produce importing, seasonal agricultural procurement, Israeli produce-distributor relationships, or an Elbit importer-of-record entity for agricultural or consumer goods ^{1, 2}.

• Elbit’s documented procurement relationship is principally governmental and defence-related, with the company reporting that most revenue is derived directly or indirectly from government agencies, including the Israeli Ministry of Defense, the U.S. Department of War, and other military or government customers ².

• The Israeli Ministry of Defense announced contracts of approximately $40 million in December 2024 for Elbit to supply IDF drones and autonomous systems, including intelligence-collection and “Seek & Strike” swarm capabilities ³.

• In January 2025, the Israeli Ministry of Defense announced two agreements with Elbit totaling approximately NIS 1 billion for heavy air munitions and a national raw-materials plant ⁴.

• In August 2025, the Israeli Ministry of Defense announced approximately $260 million in contracts for Israeli-produced aerial munitions to be manufactured at Elbit domestic facilities ⁵.

• Elbit announced in 2026 that it had secured Israeli Ministry of Defense contracts aggregating more than $100 million for C4ISR, digital-fire, and border-protection systems, without identifying a specific barrier location or deployment in occupied territory ⁶.

Product Origin, Labeling & Regulatory Compliance

• The reviewed evidence concerns defence, homeland-security, and commercial-aviation activities rather than consumer retail products ^{1, 7}.

• No public evidence identified in the reviewed sources of settlement-origin consumer products, country-of-origin labeling practices, customs or DEFRA enforcement, or a corporate retail-labeling policy ^{1, 2}.

• Elbit’s 2024 filing identifies Israeli facilities used for offices, development and engineering, manufacturing, maintenance, hangar, and landing-strip activities ¹.

• Elbit reported 1,619,433 square feet of owned facilities and 7,658,727 square feet of leased facilities in Israel as of 31 December 2024 ¹.

• The reviewed filings do not identify an Elbit facility in a West Bank settlement, East Jerusalem settlement, or the Golan Heights ^{1, 2}.

• Elbit was not named in the full text of the OHCHR 2023 settlement-business database update, which is a document-scoped finding and does not establish absence from all settlement-related activity ⁸.

• OHCHR’s 2025 update likewise did not name Elbit in the reviewed database context, which remains a document-scoped result rather than a general finding about all settlement-related activity ⁹.

• Who Profits reports leads concerning Elbit-linked border-control and checkpoint systems, but the underlying tender, FOI response, and upgrade-contract records were not retrieved in the supplied research and are therefore not treated as independently verified primary-record findings ¹⁰.

Investment, Capital & Financial Exposure

• Elbit Systems Ltd. is incorporated and domiciled in Israel, with principal executive offices at the Advanced Technology Center in Haifa ¹.

• Its ordinary shares trade on Nasdaq and the Tel Aviv Stock Exchange, and the company reported filing its FY2024 annual report with the SEC, Israel Securities Authority, and TASE on 20 March 2025 ^{1, 11}.

• Israel represented 29% of Elbit’s consolidated 2024 revenue, compared with 19% in both 2022 and 2023 ¹.

• The reported geographic-revenue figure does not provide Israeli profit, tax paid, or a customer-level revenue breakdown ¹.

• Elbit and certain Israeli subsidiaries received research-and-development support through Israel Innovation Authority programmes for Israeli R&D ².

• Elbit stated that management believed the company and certain Israeli subsidiaries qualified for Israel’s Special Preferred Technological Enterprise tax regime as of 31 December 2025 ².

• Elbit acquired the remaining 50% of Israeli affiliate Opgal Industries Ltd. on 1 April 2022 for approximately $8 million, making Opgal a wholly owned subsidiary ¹.

• Elbit acquired IMI Systems in 2018, and the acquisition disclosure describes IMI as an Israeli defence company that developed, manufactured, marketed, and sold munitions and defence systems ¹².

• The IMI acquisition disclosure states that IMI had acquired most assets and liabilities of the formerly government-owned Israel Military Industries Ltd. in 2016 ¹².

• Elbit’s FY2024 filing identifies IMI Systems Ltd. as a major wholly owned subsidiary, confirming continued group ownership at that date ⁷.

• In a May 2024 investor-call transcript, Elbit stated that it planned to commence operation of a new ammunition-production site at Ramat Beka during 2024 alongside the IMI facility at Ramat Hasharon ¹³.

• The transcript does not identify the Ramat Beka site’s ownership arrangement or a confirmed operational commencement date ¹³.

• No public evidence identified in the reviewed materials of an Elbit-held portfolio of Israeli sovereign bonds, settlement-active companies, Israel Bonds underwriting, sovereign-debt activity, or insurance underwriting ^{1, 2}.

Operational Presence & Market Activity

• Elbit reported approximately 20,000 employees in dozens of countries, FY2024 revenue of $6.8 billion, and an order backlog of $22.6 billion at 31 December 2024 ^{7, 11}.

• Elbit employed 13,930 people in Israel at year-end 2024 out of 19,712 worldwide employees ¹.

• Elbit reported that approximately 4,600 Israeli employees were covered by collective-bargaining agreements extending through various periods to 2027 ¹.

• As of 31 December 2025, Elbit reported 14,805 Israel-based employees out of a worldwide workforce of 20,537 ².

• Elbit reported Israeli Ministry of Defense-related trade receivables and contract assets of approximately $1.03 billion as of 31 December 2025 ².

• Elbit’s FY2024 filing identifies Elbit Systems C4I and Cyber Ltd. in Netanya, Elbit Systems EW and SIGINT–Elisra Ltd. in Holon, Elbit Systems Electro-Optics Elop Ltd. in Rehovot, and Elbit Systems Land Ltd. in Ramat Hasharon as major wholly owned Israeli subsidiaries ¹.

• The filing states that Elop designs, engineers, manufactures, and supports electro-optic and laser products, while Elbit Systems Land designs and manufactures land-based military systems ¹.

• No public evidence identified in the reviewed sources of Elbit-operated retail locations, consumer warehouses, or commercial support centres in West Bank settlements, East Jerusalem settlements, or the Golan Heights ^{1, 2}.

• The Israeli Ministry of Defense stated that the August 2025 aerial-munitions contracts would be performed at Elbit domestic facilities and would employ thousands at surge capacity during the “Swords of Iron” war ⁵.

Corporate Structure & Foundational Ties

• Elbit’s predecessor was incorporated in Israel in 1966 as Elbit Computers Ltd., and Elbit Systems was formed in 1996 through the demerger and spin-off of Elbit Ltd.’s defence-related assets and business ^{1, 2}.

• Elbit defines “the Company” in its FY2024 Form 20-F to include Elbit Systems and its subsidiaries unless the context requires otherwise ¹.

• Major wholly owned subsidiaries disclosed in the FY2024 financial-statement note include Elbit Systems of America, LLC; Elbit Systems Electro-Optics Elop Ltd.; Elbit Systems C4I and Cyber Ltd.; Elbit Systems EW and SIGINT–Elisra Ltd.; Elbit Systems Land Ltd.; and IMI Systems Ltd. ⁷.

• As of 5 March 2026, Federmann Enterprises Ltd. held 19,318,508 ordinary shares, representing approximately 41.5% of Elbit ².

• The disclosed ownership chain is FEL through Beit Federmann Ltd. to Beit Bella Ltd. and Beit Yekutiel Ltd., with Michael Federmann controlling the latter two entities and the votes attached to the FEL/Heris share position ².

• Elbit reported collective indirect economic interests of approximately 25.7% for Michael Federmann and his sons David, Gideon, and Daniel ².

• David Federmann has served as chair since August 2023, and Bezhalel (“Butzi”) Machlis has served as President and CEO since 2013 ¹⁴.

• Elbit’s disclosed board includes David Federmann, Ehud Adam, Noaz Bar Nir, Rina Baum, Michael Federmann, Tzipi Livni, Dov Ninveh, Bilha Shapira, Professor Ehood Nisan, and Jacob Bar-Nathan Abudi ¹⁴.

• Elbit identifies David Federmann as a manager of FEL, chair of Freiberger, and a director of Dan Hotels and BGN Technologies ¹⁴.

• Elbit identifies Michael Federmann as FEL chair and CEO, president of the Germany–Israel Chamber of Industry and Commerce, and a director of Dan Hotels and Freiberger ¹⁴.

• Elbit identifies Ehud Adam as a former Director General of Israel’s Ministry of Defense and former IDF officer, and identifies Tzipi Livni as a former Israeli minister, opposition leader, and Security Cabinet member ¹⁴.

• Elbit’s 2025 filing states that governmental approval is required for a sale of a controlling interest in IMI under a condition associated with Elbit’s 2018 acquisition of IMI ².

• Elbit and its major Israeli subsidiaries are designated “defense companies” by Israel’s Defence Minister under separate regulations, according to the FY2025 filing ².

• No public evidence identified in the reviewed sources of a current Israeli state equity stake, golden share, or government board-appointment right in Elbit ^{1, 2}.

Profit Repatriation & Economic Contribution

• Israel accounted for 29% of Elbit’s consolidated 2024 revenue ¹.

• No public evidence identified in the reviewed filings of Israel-only net income, dividends, tax remittances, or a quantified direction of profit repatriation ^{1, 2}.

• Elbit’s May 2024 investor-call transcript states that the IMI acquisition enabled increased product offerings and market share, with substantial Israeli and international demand for products linked to that acquisition ¹³.

• The IMI-related statement is a company representation rather than an independent assessment of economic impact ¹³.

• The Israeli Ministry of Defense characterized the January 2025 agreements as supporting IDF operational endurance and force build-up, including a national raw-materials plant intended to replace material previously sourced mainly abroad ⁴.

• Elbit reported that the Israeli Ministry of Defense’s 2024 “Blue and White” local-production strategy had already resulted in several awards to the company ².

• The UN Special Rapporteur’s 2025 report names Elbit among prominent Israeli weapons companies and attributes to Elbit membership in MIT’s Industrial Liaison Program from 2017 to 2025 ¹⁵.

• The MIT membership statement remains attributed to the UN report because the underlying MIT records cited by that report were not independently retrieved in the supplied research ¹⁵.