El Al Israel Airlines Ltd.

Investor Presentation • Feb 29, 2024

Investor Presentation

February 2024

Legal Comments

This presentation has been prepared by EL AL Israel Airlines Ltd. (the Company) for the sole purpose of providing information about the Company, its operations and financial results.

The information contained in the presentation is provided for convenience only and does not constitute a basis for making investment decisions nor does it constitute a substitute for data collection and analysis. Moreover, this presentation does not constitute a recommendation, offer, or solicitation for the purchase or sale of shares in the Company, nor does it constitute a substitute for independent judgment or independent collection and analysis of data by each investor.

The information and figures provided in the presentation are partial and presented in a condensed form for convenience only. This information should be read along with all details, descriptions, clarifications, assumptions, qualifications, and assessments as well as the description of risk factors included in the Company's 2023 Periodic Report, which was published on February 29, 2024. In any event of inconsistency between the information contained in the presentation and the information included in the Period Report of the Company, the information included in the Period Report will prevail.

The data contained in this presentation consist of forecasts and/or assessments and/or assumptions based on data available to the Company as of the date hereof, as well as estimations and expectations of the Company, all of which constitute as forward-looking statements within the meaning defined in the Securities Law, 5728-1968. The Company has no assurance that such forecasts and/or assessments and/or assumptions will fully or partially materialize, as they depend on external and macroeconomic factors on which the Company has no or little influence, such as changes in market and environmental conditions, regulatory changes or the realization of any of the Company's risk factors. The Company is not obliged to update or change such forecasts and/or assessments and/or assumptions in order to reflect events or circumstances occurring after the date of this presentation.

The presentation also includes estimates and other statistical data based on external sources which have not been independently verified by the Company, and the Company is therefore not responsible for their correctness.

Welcome

Increased Revenue and Profitability 2023

Growing in revenue and profitability Q4 2022 – Q3 2023 Strong results 12 months before the war Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2022

Growing in revenue and profitability Q4 2022 – Q3 2023 Strong results 12 months before the war Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2022

Weighted Average Revenue Increased ~5%

RASK – Revenue per ASK RRPK – Average Revenue per RPK CASK – Cost per ASK

*Amount in cents * IAG/ KLM – EL AL's estimations relying on previous public results CASK +3% Vs. Q4 '22

Booking Trend (\$M)*

• Normal sales behavior >40% future sales
• During the war, sales pattern almost without future sales

*Booking in terms of sales - do not constitute revenue, but bookings that have been ticketed and will be recognized as revenue after the flight. The figures are the forecast gross sales data, including 8 port taxes attributed thereto, and including sales of vouchers, credits and frequent flyer points. In certain cases the sales of flight tickets can be changed by the customers as a change/credit.

Strong Demand of Q4 2023 continues to Q1 2024 (Estimate)

Rask increased due to LF increase

Changing in sales mix together with the increase in the LF will affect the Company's financial results for Q1 2024 as well

+2% Vs. Q4 '23 ASK [ESM] 84% Q4 '23 Load Factor [ESM] 93% Q1 '24 ~0% Vs. Q4 '23 RRPK [ESM] +10% Vs. Q4 '23 RASK [ESM]

* The data consist of forecasts and/or assessments and/or assumptions based on data available to the Company as of the date hereof, all of which constitute as forward-looking statements. The Company has no assurance that such forecasts and/or assessments and/or assumptions will fully or partially materialize.

Price Comparison Snapshot

		Travel period
		march				April
		4-11	11-18	19-26	26-31	2-9	9-16	17-25	24-30
TLV->EWR	EL AL Israel Airlines			1,267 \$	1,244 \$	1,244 \$		1,2 77\$	1,24 \$
	United		1,273 \$	1,2 46\$	1,2 \$	162 64\$		162 44\$	162,6 \$
TLV->ATH	EL AL Israel Airlines	4,4\$	6 7\$	6 7\$	6 7\$	,7 \$	7\$	477\$	77 \$
	Aegean Airlines	34 \$	6,\$	6 3\$	,3\$	,7 \$	37\$	7 \$	,\$
	Israir	4 \$	4 7\$	6 \$		6 4\$	6 4\$	4 6\$	\$
	arkia	4 \$	4 \$	7 \$	7 \$	67 \$	\$	\$	74\$
	Blue Bird Airways	\$	4\$	66\$	44 \$	6 \$	3 \$	7 \$	737\$
TLV->FRA	EL AL Israel Airlines		4 6\$	6 \$	4 6\$	46 \$	6 \$	6 \$	6 \$
	Lufthansa	1,2 6 \$	47\$	1,26 ,\$	374\$	1,2, \$	1,2 ,7\$	1626, \$	1,26 7\$
TLV->DBX	EL AL Israel Airlines	7,\$	46 \$	4 \$	47 \$	3 \$		7 \$	7 \$
	Israir	43 \$	4 \$	6 3\$			3 \$
	Fly DubaI	7\$	4 6\$	46 \$	4 6\$	4 \$	3 ,\$	1,2 ,3\$	\$
TLV->CDG	EL AL Israel Airlines	7 \$	6\$	\$	\$	7,,\$	7 6\$	7,,\$	4 \$
	Air France	1,2 43\$	4 \$	6,\$	3 \$	74,\$	3, \$	,\$	1,26,4\$
	easyJet					4 \$	4\$

*All prices are based on last week's SkyScanner samples

Part of the national effort

2.0M Passengers

11,000+ Flights

41K+ ton Cargo and essential

equipment

Repatriation flights 'Tzav 8'

Transport of cargo and essential equipment

Special flights

Adjustments in flight schedule and destinations

Giving back

'Fly the flag'1 campaign

11

Strategy in Action 2023-2028

One year ago, we launched EL AL's new strategy

Strategic moves in 2023

We Continue to Expand & Renew Our Fleet

Wide Body 777

2 Active retrofit aircraft

3 Planned by 2025

Narrow Body 737

The last mile of the replacement and renewal campaign

2023 E2028-30

16 22

15

Additional Weekly Frequencies to North America & Europe 55 Destinations in 2023

Launched new destinations according to the strategic plan

Tokyo | Dublin | Fort Lauderdale | Istanbul +9

Until October During the war

We adjusted the flight schedule, including suspension of activity to less relevant destinations and increased focus on destinations with greater demand

To North

Weekly frequency*:

America +22 Europe

Expanding Partnerships, Pursuing More Collaborations

A Strategic Partnership With Delta One of the Biggest Airlines in the United States

Launched December 2023

4,0000 Daily flights

280+ Destinations

Codeshare on flights

between Tel Aviv and the USA and in the Americas

FFP benefits

• Earn and redeem points
• Mutual benefits

360^o Customer Experience

EL AL app

Food & Beverages

Media & Travel kits

FFP & Fly card a true success story

3M [Apprx.] FFP members +400K +30K

Low churn rates & high engagement

New value proposition

Launched in September 2023

Tourism

An independent tourism company that will provide EL AL 's customers with a seamless travel experience

ESG

IATA Environmental Assessment

SAF Delivery Flight

Boeing Israel SAF Innovation Center

A signed MoU with Boeing to participate in a consortium for the development of the "Boeing Israel Sustainable Aviation Fuel Innovation Center"

Branding

Customer Experience & Marketing Awards

results 2023 & Q4 2023

Meeting the targets

*Net debt to EBITDA is calculated as: loans from financing entities, lease liabilities, current maturities and short-term credit and Loans from the controlling shareholder divided by EBITDA **Cash – Cash and cash equivalents and Short-term deposits

Revenues 2023 and Q4/2023

• Revenue for 2023 exceeded 2.5B, for the first time.
• Achieved with capacity (ASK) of 88% compared to 2019.

EBITDAR 2023 and Q4/2023

Consistent improvement in EBITDAR reflecting high demand and efficient cost structure

28

Profit (loss) before tax 2023 and Q4/2023

Profit reflects improved profitability regardless of higher fuel prices and inflation compared to pre-Covid profit.

Debt portfolio

Cash flow from operating activities 2023 and Q4/2023

Enhancements in profitability are evident in the company's cash flow generated from ongoing operations. The cash flow also mirrors the sales trajectory for the first quarter of 2024. Enhancements in profitability are evident in the Company's cash flow generated from ongoing operations. The cash flow also mirrors the sales trajectory for the first quarter of 2024.

Efficiency Measures