Elbit Systems Ltd (ESLT) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Elbit Systems' third quarter 2025 results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們、先生們，感謝你們的耐心等待。歡迎參加 Elbit Systems 2025 年第三季業績電話會議。（操作說明）提醒各位，本次會議正在錄音。

I would now like to hand over the call to Daniella Finn, Elbit Systems' VP, Investor Relations. Daniella, please go ahead.

現在我將把電話交給埃爾比特系統公司投資者關係副總裁丹妮拉·芬恩。丹妮拉，請繼續。

Thank you, Karen. Hello, everyone, and welcome to our third quarter 2025 earnings call. On the call with me today are Butzi Machlis, President and CEO of Elbit Systems; and Kobi Kagan, Corporate CFO. Before we begin, I would like to point out that the safe harbor statement in the company's press release issued earlier today also refers to the contents of this conference call. As usual, we will provide you with both GAAP financial data as well as certain supplemental non-GAAP information.

謝謝你，凱倫。大家好，歡迎參加我們2025年第三季財報電話會議。今天和我一起通話的是 Elbit Systems 的總裁兼執行長 Butzi Machlis 和公司財務長 Kobi Kagan。在開始之前，我想指出，該公司今天早些時候發布的新聞稿中的安全港聲明也提到了本次電話會議的內容。我們將照例向您提供 GAAP 財務數據以及某些補充的非 GAAP 資訊。

We believe that this non-GAAP information provides additional detail to help understand the performance of the ongoing business. You can find all the detailed GAAP financial data as well as the non-GAAP information and the reconciliation in today's press release. Kobi will begin by providing a discussion of the financial results, followed by Butzi, who will talk about some of the significant developments during the quarter and beyond. We will then turn the call over to question-and-answer session.

我們認為，這些非GAAP資訊提供了更多細節，有助於了解公司持續經營的表現。您可以在今天的新聞稿中找到所有詳細的 GAAP 財務數據以及非 GAAP 資訊和調整表。Kobi 將首先對財務業績進行討論，隨後 Butzi 將談論本季及以後的一些重大進展。然後我們將把通話轉入問答環節。

With that, I would like to now turn the call over to Kobi. Kobi, please go ahead.

接下來，我想把電話交給Kobe。科比，請繼續。

Thank you, Daniella. Hello, everyone, and thank you for joining us today. We are very pleased to announce another set of quarterly results with double-digit year-over-year growth in revenues, backlog and EPS. Quarterly free cash flow was solid at $101 million, underscoring our healthy cash generation.

謝謝你，丹妮拉。大家好，感謝各位今天收看我們的節目。我們非常高興地宣布又一組季度業績，收入、積壓訂單和每股收益均實現了兩位數的年增長。季度自由現金流穩健，達到 1.01 億美元，凸顯了我們健康的現金產生能力。

I will now highlight and discuss some of the key figures and trends in our financial results this quarter. Third quarter 2025 revenues were $1.922 billion, compared to $1.718 billion in the third quarter of 2024, a solid 12% growth in quarterly revenues year-over-year and 18% growth for the nine months ended 30th September. In the third quarter of 2025, Europe contributed 28%; North America, 21%; Asia Pacific, 14%; and Israel was 33% of revenues.

接下來，我將重點介紹並討論本季財務業績中的一些關鍵數據和趨勢。2025 年第三季營收為 19.22 億美元，而 2024 年第三季為 17.18 億美元，季營收年增 12%，截至 9 月 30 日的九個月營收年增 18%。2025 年第三季度，歐洲貢獻了 28% 的收入；北美貢獻了 21% 的收入；亞太地區貢獻了 14% 的收入；以色列貢獻了 33% 的收入。

GAAP gross margin in the third quarter was 24.9% of revenues compared to 24% in the third quarter of 2024. The non-GAAP gross margin for the third quarter was 25.2% of revenues, compared to 24.4% in the third quarter of 2024. GAAP operating income for the third quarter was $171.4 million or 8.9% of revenues versus $125.8 million or 7.3% of revenues in the third quarter of 2024. Non-GAAP operating income was $186.7 million or 9.7% of revenues, compared with $140.7 million or 8.2% of revenues in the third quarter of last year. We are very pleased with this margin expansion trajectory.

第三季 GAAP 毛利率為營收的 24.9%，而 2024 年第三季為 24%。第三季的非GAAP毛利率為營收的25.2%，而2024年第三季為24.4%。第三季 GAAP 營業收入為 1.714 億美元，佔營收的 8.9%，而 2024 年第三季為 1.258 億美元，佔營收的 7.3%。非GAAP營業收入為1.867億美元，佔營收的9.7%，去年第三季為1.407億美元，佔營收的8.2%。我們對利潤率擴張的趨勢非常滿意。

The operating expense breakdown in the third quarter was as follows. net R&D expense were $129.1 million or 6.7% of revenues, compared to $119.9 million or 7% of revenues in the third quarter of 2024. Elbit continues to invest in R&D to secure future profitable growth, which will maintain Elbit's position as the market leader in years to come. Marketing and selling expenses were $91 million or 4.7% of revenues versus $91.3 million or 5.3% in the third quarter of 2024.

第三季營運費用明細如下：淨研發費用為 1.291 億美元，佔營收的 6.7%，而 2024 年第三季為 1.199 億美元，佔營收的 7%。Elbit將繼續加大研發投入，以確保未來的獲利成長，這將使Elbit在未來幾年保持市場領導地位。行銷和銷售費用為 9,100 萬美元，佔收入的 4.7%，而 2024 年第三季為 9,130​​ 萬美元，佔收入的 5.3%。

G&A expenses were $86.7 million or 4.5% of revenues, compared to $75.7 million or 4.4% of revenues in the third quarter of 2024. Financial expenses were $34.5 million in the third quarter, compared to $45 million in the third quarter of 2024. The decrease in financial expenses net in the third quarter of 2025 was mainly due to a reduction in the average net debt. We recorded a tax expense of $11.4 million in the third quarter compared to $12.8 million in the third quarter of 2024. The effective tax rate in the third quarter of 2025 was 8.2% compared to 14.6% in the third quarter of 2024.

2024 年第三季一般及行政費用為 8,670 萬美元，佔營收的 4.5%，而 2024 年第三季為 7,570 萬美元，佔營收的 4.4%。第三季財務支出為 3,450 萬美元，而 2024 年第三季為 4,500 萬美元。2025 年第三季財務費用淨額下降主要是由於平均淨債務減少。第三季我們錄得的稅項支出為 1,140 萬美元，而 2024 年第三季則為 1,280 萬美元。2025 年第三季的實際稅率為 8.2%，而 2024 年第三季的實際稅率為 14.6%。

The decrease in the effective tax rate for the third quarter of 2025 was mainly due to the increase in deferred tax assets. GAAP diluted EPS was $2.80 for the third quarter of 2025 compared to $1.77 in the third quarter of 2024. Our non-GAAP diluted EPS was $3.35 for the third quarter of 2025, compared to $2.21 in the third quarter of 2024.

2025年第三季實際稅率下降主要是因為遞延所得稅資產增加。2025 年第三季 GAAP 稀釋後每股收益為 2.80 美元，而 2024 年第三季為 1.77 美元。2025 年第三季度，我們的非 GAAP 稀釋後每股收益為 3.35 美元，而 2024 年第三季為 2.21 美元。

Quarterly segment revenue for the third quarter of 2025. Aerospace, third quarter revenues decreased by 3% year-over-year, mainly due to a decrease in Precision Guided Munition sales in Asia Pacific, partially offset by the increase in PGM sales in Israel and an increase in unmanned aerial system sales in Europe. Revenues for the nine months were up 9%.

2025年第三季各業務部門季度營收。航空航太業務第三季營收年減 3%，主要原因是亞太地區精確導引武器銷售額下降，但以色列精確導引武器銷售額的成長和歐洲無人機系統銷售額的成長部分抵消了這一影響。前九個月的收入成長了9%。

C4I and Cyber, revenues increased by 14% year-over-year, mainly due to radio systems and command and control system sales in Europe. For the nine months, revenue rose by 15%. ISTAR and EW, revenues increased by 5% in the third quarter of 2025, mainly due to Electro-Optic systems and Electronic Warfare systems sales in Israel and high-power laser sales in Israel. For the nine months, revenue increased by 8%.

C4I 和網路安全業務收入年增 14%，主要得益於歐洲無線電系統和指揮控制系統的銷售。這九個月裡，收入成長了15%。ISTAR 和 EW 業務在 2025 年第三季的收入成長了 5%，主要得益於以色列的光電系統和電子戰系統銷售以及以色列的高功率雷射銷售。這九個月裡，收入成長了 8%。

Land, revenue increased by 41% in the third quarter of 2025, due to ammunition and munition sales in Israel and in Europe. For the nine months, revenues were up 44%. Elbit Systems of America, revenues decreased by 2% due to a decrease in electronic systems and medical instrument sales, partially offset by the increase in Maritime and Warfighter system sales. For the nine months, revenue rose 6%.

由於以色列和歐洲的彈藥銷售，土地收入在 2025 年第三季增加了 41%。前九個月，收入成長了 44%。美國埃爾比特系統公司（Elbit Systems of America）的收入下降了 2%，原因是電子系統和醫療器材的銷售額下降，但海事和作戰系統銷售額的成長部分抵消了這種影響。這九個月裡，收入成長了 6%。

The order backlog as of September 30, 2025, was $25.2 billion, $3.1 billion higher than the backlog at the end of the third quarter of 2024, and $1.4 billion higher than the backlog in the second quarter of 2025. The increase in backlog during the quarter came mainly from new European orders. Approximately 69% of the current backlog is derived from order outside of Israel. Approximately 38% of the current backlog is scheduled to be performed during the remainder of 2025 and during 2026. And the rest is scheduled for 2027 and beyond.

截至 2025 年 9 月 30 日，訂單積壓額為 252 億美元，比 2024 年第三季末的積壓額高出 31 億美元，比 2025 年第二季末的積壓額高出 14 億美元。本季積壓訂單的增加主要來自歐洲的新訂單。目前積壓訂單中約有 69% 來自以色列以外的訂單。目前積壓訂單中約有 38% 計劃在 2025 年剩餘時間和 2026 年完成。其餘項目則計劃於 2027 年及以後進行。

Cash flow provided by operating activities in the nine months ended September 30, 2025, was $461 million, as compared to $82.5 million in the nine months ended September 30, 2024. The cash flow in the nine months ended September 30, 2025, was affected mainly by the strong increase in net income. On the back of the continuous strength of the company's result, the Board of Directors declared a dividend of $0.75 per share to be paid on January 5, 2026.

截至 2025 年 9 月 30 日的九個月，經營活動產生的現金流量為 4.61 億美元，而截至 2024 年 9 月 30 日的九個月為 8,250 萬美元。截至 2025 年 9 月 30 日的九個月內，現金流主要受到淨收入大幅成長的影響。鑑於公司業績持續強勁，董事會宣布派發每股 0.75 美元的股息，將於 2026 年 1 月 5 日支付。

I will now turn the call over to Mr. Machlis, Elbit's CEO. Butzi, please go ahead.

現在我將把電話轉交給埃爾比特公司的執行長馬赫利斯先生。布茲，請繼續。

Thank you, Kobi. Hello, everyone, and thank you once again for joining us today. As Kobi just described, these results continued the growth and margin expansion trajectory, driven by strong demand for our solutions, particularly in Europe and Israel.

謝謝你，Kobe。大家好，再次感謝各位今天收看我們的節目。正如 Kobi 剛才所描述的那樣，這些業績延續了成長和利潤率擴張的趨勢，這主要得益於市場對我們解決方案的強勁需求，尤其是在歐洲和以色列。

Elbit's seventh consecutive quarter of double-digit growth further demonstrates our global leadership on the modern battleship. Our recently tested and proven solutions position us as the leading authority in our rapidly changing industry as defense budget continued to rise globally and our customers seek cutting-edge battle-proven system to secure and protect their population.

Elbit連續第七個季度實現兩位數成長，進一步證明了我們在現代戰艦領域的全球領先地位。隨著全球國防預算持續成長，我們的客戶尋求尖端的、經過實戰檢驗的系統來保障和保護其人民，我們近期經過測試和驗證的解決方案使我們成為快速變化的行業中的領先權威。

Our portfolio of ever relevant technologies support our customers pursue of advanced warfighter solution across all domains. On the back of the strong results, I am proud that we continue to improve the translation of our revenue growth in both profit and cash flow. This is the fifth consecutive quarter where we delivered positive free cash flow and improved the company's cash conversion.

我們不斷更新的先進技術組合，為客戶在各個領域追求先進的作戰解決方案提供支援。憑藉強勁的業績，我感到自豪的是，我們在利潤和現金流方面都持續提高了收入成長的轉換率。這是公司連續第五個季度實現正自由現金流並提高現金轉換率。

Yesterday, we announced the signing of an international contract for a strategic solution for approximately USD2.3 billion. This contract will be performed over a period of eight years. I'm extremely pleased with this announcement of the largest contract in Elbit history, further testament to the superiority of our product and technologies. We will continue to equip our customers with advanced and relevant solutions.

昨天，我們宣布簽署了一份價值約 23 億美元的國際戰略解決方案合約。本合約有效期限為八年。我非常高興宣布獲得埃爾比特公司歷史上最大的合同，這進一步證明了我們產品和技術的優越性。我們將繼續為客戶提供先進且相關的解決方案。

During the quarter, Elbit received another large contract to supply a European country with a range of our solutions totaling of [USD1.625 billion] to be delivered over the next five years. The contract includes long-range precision strike artillery-rocket systems and broad-spectrum of unmanned reconnaissance and loitering aerial combat systems, highly sophisticated ISTAR capabilities, including SIGINT, COMINT and electric warfare system. Enabled intelligence collections and processing system will also be delivered, along with advanced electro-optic and night-vision system, combat vehicle upgrade, and protective systems.

本季度，Elbit 獲得了另一份大合同，將在未來五年內向一個歐洲國家提供總價值 16.25 億美元的一系列解決方案。該合約包括遠程精確打擊火砲火箭系統和各種無人偵察和巡飛空中作戰系統，以及高度複雜的情報、監視、目標獲取和偵察（ISTAR）能力，包括信號情報（SIGINT）、通信情報（COMINT）和電子戰系統。此外，還將交付先進的情報收集和處理系統、先進的光電和夜視系統、作戰車輛升級以及防護系統。

New orders also included contracts for our Hermes 900 drones, advanced airborne munitions for the IMOD and USD260 million contract for DIRCM system to Airbus. Following the 12-day campaign against Iran, Elbit has seen growing interest in our solutions, mainly through not exclusively for the Hermes drones, EW system and training platforms. The Hermes platforms enable us to cross-sell products for other segments and offer our customers comprehensive solutions.

新訂單還包括我們 Hermes 900 無人機的合約、IMOD 的先進機載彈藥以及向空中巴士公司提供的價值 2.6 億美元的 DIRCM 系統合約。在對伊朗進行了 12 天的軍事行動之後，埃爾比特公司發現人們對我們的解決方案越來越感興趣，主要但不僅限於 Hermes 無人機、電子戰系統和訓練平台。Hermes 平台使我們能夠向其他細分市場交叉銷售產品，並為客戶提供全面的解決方案。

Since its first order in 2011, the Hermes 900 has been selected by over 20 customers worldwide. In August, we successfully launched the advanced JUPITER space camera, abroad the National Advanced Optical System satellite, supporting a wide span of earth observation mission, including military operations, environmental, monitoring and scientific research. Developed by Elbit System ISTAR and EW, JUPITER is one of the world's most advanced space camera, featuring a very large aperture and exceptionally lightweight design. The camera is multispectral offering a combination of imaging channels.

自 2011 年首次下單以來，Hermes 900 已被全球 20 多位客戶選中。8月，我們成功發射了先進的JUPITER太空相機和國家先進光學系統衛星，為包括軍事行動、環境監測和科學研究在內的廣泛地球觀測任務提供支援。由埃爾比特系統公司 ISTAR 和 EW 開發的 JUPITER 是世界上最先進的太空相機之一，具有非常大的光圈和極其輕巧的設計。該相機是多光譜的，可提供多種成像通道的組合。

During the quarter, we expanded our operation in Europe, opening new facilities in Sweden and Germany to enhance our local delivery capabilities to ensure more secure, faster support to our customers. Being close to our customers is crucial for us, our enhanced presence in Europe strengthen our ability to deliver modern and reliable solutions at the pace required to ensure the unforced capability to defend Europe from its offenders.

本季度，我們擴大了在歐洲的業務，在瑞典和德國開設了新工廠，以增強我們的本地交付能力，從而確保為客戶提供更安全、更快捷的支援。與客戶保持密切聯繫對我們至關重要，我們在歐洲不斷增強的業務能力，使我們能夠以所需的速度提供現代化、可靠的解決方案，從而確保歐洲有能力在不受侵略者侵害的情況下保衛自身。

In June, we launched PAWS 2, a next-generation infrared missile warning system for fighter aircraft designed to enhance their survivability and operational effectiveness. The system detect wide range of threats regardless of seeker type and provides advanced protection for fighter jets, transport aircraft and helicopter operating in complex high-threat environment. At DSEI, we unveiled Frontier, a cutting-edge wide-area persistent surveillance system, designed to address the inducing complexity and intensity of border protection challenges.

今年6月，我們推出了PAWS 2，這是一款新一代戰鬥機紅外線飛彈警報系統，旨在提高戰鬥機的生存能力和作戰效能。該系統能夠探測各種類型的威脅，無論其導引頭類型如何，並為在複雜高威脅環境下作戰的戰鬥機、運輸機和直升機提供先進的保護。在DSEI防務展上，我們推出了Frontier，這是一款尖端的廣域持續監控系統，旨在應對邊境保護挑戰帶來的複雜性和強度。

Frontier autonomously operates multiple type of sensors to visually confirm and classify threats transmitting only the most relevant analyzed information to the appropriate forces. It leverage advanced artificial intelligence to optimize intelligence gathering and decision-making across land, air and maritime domains. All this notable achievement would not have been possible without our dedicated employees whose day and night, commitment to Elbit is truly unique. I would like to thank each and every one of our outstanding employees for their continued professionalism and dedication.

Frontier 自主操作多種類型的感測器，以視覺方式確認和分類威脅，並將最相關的分析資訊傳輸給相應的部隊。它利用先進的人工智慧技術，優化陸地、空中和海上領域的情報收集和決策。如果沒有我們敬業的員工，所有這些顯著的成就都不可能實現，他們日夜不停地為 Elbit 奉獻，這種奉獻精神是獨一無二的。我要感謝我們每一位傑出的員工，感謝他們一直以來的專業和敬業精神。

And with that, I will be happy to answer your questions. Operator?

那麼，我很樂意回答你們的問題。操作員？

(Operator Instructions) Jordan Lyonnais, Bank of America.

（操作員說明）喬丹·里昂內斯，美國銀行。

So with the ceasefire now happening, how enduring are you guys thinking about the domestic demand? And if we do see a slowdown in the domestic bookings, how should we think about the trade-off with margins as orders start to skew more towards international?

既然停火已經達成，你們認為國內需求能持續多久？如果國內預訂量確實放緩，隨著訂單開始更多地轉向國際訂單，我們應該如何權衡利潤率？

So your question about the domestic demand, we can look at this quarter. We had an increase of $1.4 billion in our backlog, $200 million in Israel and $1.2 billion outside of Israel. We are looking at that as some kind of the nature of the growth of the backlog for the future. We are targeting around flattish backlog in Israel and growth outside of Israel, predominantly in Europe. That will be the growth area. We see our funnel, we see our opportunities and we see the demand that's coming out from Europe. And we think that this is the place that predominantly will provide the growth in the future in the backlog.

關於您提出的國內需求問題，我們可以看看本季的情況。我們的積壓訂單增加了 14 億美元，其中 2 億美元來自以色列，12 億美元來自以色列以外地區。我們認為這可能是未來積壓訂單成長的趨勢。我們的目標是保持以色列市場訂單量基本持平，並在以色列以外的市場（主要是歐洲）實現成長。那將是成長領域。我們看到了我們的銷售漏斗，我們看到了我們的機遇，我們也看到了來自歐洲的需求。我們認為，未來積壓訂單的成長主要將來自這裡。

Seth Seifman, JPMorgan.

Seth Seifman，摩根大通。

I wanted to ask about when we think about the Aerospace business from here and we saw the decline in the quarter, how should we think about the trajectory in that business going forward? I know you called out some decline in sales to Asia but also some drone orders during the quarter. So kind of where does that go from here?

我想問的是，當我們從現在的角度看待航空航天業務，並且看到該季度業務下滑時，我們應該如何看待該業務未來的發展軌跡？我知道你提到本季對亞洲的銷售額有所下降，但也提到了一些無人機訂單。那麼接下來會發生什麼事呢？

It's Butzi. I believe that we will continue to see growth in this segment as well. First, I would like to mention that our avionics is embedded on top of most of the Western platforms. It includes our helmet, but not only that, also quite a lot of other equipment from us is embedded in many, many platforms -- in many, many countries, not just in the US. So we enjoy from revenues coming from international sales of Boeing and Lockheed and other OEMs of all the platforms they bought.

是布茲。我相信這一領域也將持續保持成長。首先，我想提一下，我們的航空電子設備是嵌入在大多數西方平台頂部的。它包括我們的頭盔，但不僅如此，我們還有許多其他設備被嵌入到許多平台中——在許多許多國家，而不僅僅是美國。因此，我們從波音、洛克希德以及其他原始設備製造商購買的所有平台的國際銷售中獲得收入。

So I really feel that this -- I really believe that this market will continue to grow for us. And I would like also to mention UAVs. There is a huge demand for UAVs, for loitering munition. We have 20 international customers who bought till now, the Hermes 900 from us. And we provide not just a platform, we provide an integrated solution, which includes all our sensors and payloads from the company, and we have a very unique offering to our customers.

所以我真的覺得——我真的相信這個市場會繼續為我們發展壯大。我還想提一下無人機。無人機和巡彈的需求量龐大。到目前為止，我們已經有 20 位國際客戶從我們這裡購買了 Hermes 900。我們提供的不僅僅是一個平台，而是一個整合解決方案，其中包括我們公司所有的感測器和有效載荷，我們為客戶提供非常獨特的產品。

And they see a growing market for UAVs or main UAVs, but also for small UAVs and for loitering munition, which are all under the Airborne segment. So I believe that this segment will continue to grow the company in Israel and mainly abroad.

他們看到無人機或主無人機的市場正在成長，小型無人機和巡彈的市場也在成長，這些都屬於空降領域。所以我相信，這項業務部門將繼續推動公司在以色列乃至海外的成長。

And Seth, this is Kobi to further add on Butzi's answer, if you look at the three quarters, over three quarters last year, Aerospace segment grew 9%. And we think that the relevant growth number for the Aerospace is a single-digit growth in revenues because this segment is leaning predominantly on the US budget with a lot of revenue coming from the US, which is a single-digit budget growth. And for that reason, that is the number that we think is relevant for this segment.

塞思，我是科比，我要補充布茨的回答。如果你看去年的三個季度，航空航太領域成長了 9%。我們認為，航空航太領域的相關成長數字是收入的個位數成長，因為該領域主要依賴美國預算，許多收入都來自美國，而美國預算的成長是個位數。因此，我們認為這個數字與這群人有關。

Okay. Excellent. If I could add one follow-up question. Can you talk a little bit more about the opportunities that are emerging in directed energy. We've seen some of the progress on IRON BEAM. Are you seeing a lot of opportunities emerge for directed energy solutions outside of Israel as well?

好的。出色的。如果可以的話，我想再問一個後續問題。能否再詳細談談定向能領域正在出現的機會？我們已經看到了 IRON BEAM 專案的一些進展。您是否也看到以色列以外地區湧現許多定向能解決方案的機會？

Yeah. The answer is yes. As you know, we are part of the Israeli program for ground high-power laser systems. The laser source is coming from us, and the first system should be deployed by the end of this year, the IRON BEAM system. And there's going to be -- I believe that next year, we'll see many more orders here in Israel for ground high-power lasers. Based on the success of Israel, there's a lot of interest in many other places for high-power lasers and for ground high-power laser system. If you know, we're part of high-power lasers and for ground high-power laser system, and we are part of this solution.

是的。答案是肯定的。如您所知，我們是以色列地面高功率雷射系統計畫的一部分。雷射光源來自我們，第一個系統——IRON BEAM系統——應該會在今年年底前部署完畢。我相信，明年以色列將會接到更多地面高功率雷射的訂單。鑑於以色列的成功，其他許多地方對高功率雷射和地面高功率雷射系統也產生了濃厚的興趣。如果您了解的話，我們屬於高功率雷射和地面高功率雷射系統領域，我們是解決方案的一部分。

Here in Israel, we lead the airborne high-power laser system. It's still in the development phase. And actually -- and I believe that there is a very big potential for us, for the system. I think that high-power lasers in the air will be a game changer in the way countries are fighting against ones and against drones and against cruise missiles. And this is still under development, but also, it's still in development, there is a lot of interest for that for many, many customers abroad.

在以色列，我們引領機載高功率雷射系統的發展。目前仍處於開發階段。事實上──而且我相信，對我們，對這個系統來說，存在著非常大的潛力。我認為，高功率雷射武器在空中的應用將徹底改變各國對抗無人機和巡航飛彈的方式。這項技術仍在開發中，但同時，海外許多客戶也對此非常感興趣。

We are not developing just high-power lasers. We have other type of energy weapons, which are in a very advanced phase of development, which are -- some of them are confidential, but I can tell you that they are very unique. We really believe that this energy weapon activity is a very important growth engine for Elbit for the future.

我們不僅僅是在研發高功率雷射。我們還有其他類型的能量武器，它們正處於非常先進的研發階段，其中一些是機密的，但我可以告訴你，它們非常獨特。我們堅信，這項能源武器活動將是埃爾比特未來非常重要的成長引擎。

Ellen Page, Jefferies.

艾倫·佩吉，杰弗里斯。

Just the margin was very strong in the quarter on a year-over-year and sequential basis. Can you discuss the drivers of that? And was there any element of mix that supported profitability in the quarter? And how do we think about the progression of margins from here?

本季利潤率年和季均表現強勁。您能談談造成這種情況的原因嗎？該季度獲利能力主要得益於哪些因素的共同作用？那麼，我們該如何看待利潤率從現在開始的發展呢？

If you notice, there is a very strong expansion in margin this quarter, as you indicated, which comes as 0.9% improvement, a 1%, shy of 1% in the gross profitability of the company, an additional 0.5% on the operational expenses. So we are looking at a 1% expansion in the gross profitability and 1.5% expansion in the operational profitability.

如您所指出的，本季利潤率大幅成長，增幅達 0.9%，公司毛利成長了 1%（略低於 1%），營運費用也成長了 0.5%。因此，我們預計毛利將成長 1%，營運利潤將成長 1.5%。

Those two are the fruits of improvement in our backlog profitability and for using a lot of operational excellence, both investments and also processes that were inaugurated in the company, including using AI for different purposes of operational use. And that is driving not just our operational profitability but also our gross profitability up. And this is the first quarter that we see this kind of expansion in both the gross profitability and the operational profitability.

這兩項成果得益於我們積壓訂單獲利能力的提升，以及公司在營運方面投入的大量資金和推行的卓越運營，包括將人工智慧應用於不同的營運用途。這不僅提高了我們的營運利潤率，也提高了我們的毛利率。這是我們首次看到毛利和營運利潤同時出現這種成長。

On top of that, we are also doing CapEx investments, which are yielding fruits. As we discussed many times in the past, the ERP system that is fully operational, the one ERP system that is fully operational in the company and also robots and cobots that we are also using now mainly in the ammunition and munition factories. And on top of that, if I can summarize everything, we can see that we have our advantages to the size, which with the increase in revenue, we are doing better conversion to profits.

除此之外，我們還在進行資本支出投資，這些投資正在發揮成效。正如我們過去多次討論的那樣，該公司目前全面運作的 ERP 系統，以及我們現在主要在彈藥和軍需品工廠使用的機器人和協作機器人。此外，如果讓我總結一下，我們可以看到，我們的規模優勢在於，隨著營收的成長，我們的利潤轉換率也更高。

Great. That's very helpful. And how do we think about the impact of less operational disruptions assuming the ceasefire hold. Is that an opportunity for another step up from here?

偉大的。那很有幫助。那麼，假設停火協議得以維持，減少營運中斷會帶來哪些影響呢？這是更進一步的機會嗎？

So we are very happy with the ceasefire, of course, and that is -- we prayed, everybody here prayed for that after two years of this conflict. And we all hope that this quiet will be maintained here in Israel. And of course, in -- for the company, it allows us to regroup, people to come back for mobilization and to get back to normal business which is as you know, Elbit is mainly predominantly working outside of Israel. This is our strength of doing around 70% of the business outside of Israel. It allows us to invest more in the business outside of Israel and to focus, of course, more about doing the ordinary business as we did before this October 7 conflict. And of course, this is an opportunity for the company to receive more opportunities and more new business to strengthen our backlog.

所以，我們當然對停火感到非常高興，這是──經過兩年的衝突，我們這裡的每個人都為此祈禱過。我們都希望以色列能夠保持這份平靜。當然，對公司而言，這讓我們能夠重新集結，讓員工回歸工作崗位，恢復正常業務，正如您所知，Elbit 主要在以色列以外開展業務。這就是我們的優勢所在，我們約 70% 的業務都在以色列以外。這使我們能夠加大對以色列以外業務的投資，當然，也能更加專注於像10月7日衝突之前那樣開展日常業務。當然，這對公司來說也是一個獲得更多機會和更多新業務，從而加強我們積壓訂單的機會。

Thank you. I'm passing the call to Daniella Finn. Please go ahead.

謝謝。我把電話轉給丹妮拉·芬恩。請繼續。

Thank you, operator. We have a couple of questions from [Chen Pierrek] from Excellence. And thank you very much for your questions today. The first one is, has there been any update to the company's profitability target for 2026, 10% operating profit following the expansion of the order backlog and the improvement in gross margins in the current quarter.

謝謝接線生。我們有來自 Excellence 的 [Chen Pierrek] 幾個問題。非常感謝大家今天提出的問題。第一個問題是，鑑於訂單積壓增加和本季毛利率提高，公司 2026 年的獲利目標（10% 的營業利潤）是否有任何更新？

As you know, we're not giving specifically targets and providing guidance. Saying that, we will still maintain our internal targets to continue to improve our profitability. And this is, of course, a strong target in the company as well as the cash conversion, which is a very -- is the principal target in the company to continue the improvement in cash conversion in the company.

如您所知，我們沒有給出具體目標，也沒有提供指導。儘管如此，我們仍將維持內部目標，以持續提高獲利能力。當然，這也是公司的重要目標，現金轉換率也是一個非常重要的目標，那就是繼續提高公司的現金轉換率。

Thank you, Kobi. And the second question from (inaudible), how does Elbit plan to generate added value from the significant expansion in the US DoD's budget? Specifically, is there a concrete plan to pursue an M&A transaction in the US and/or to expand into verticals such as drone swarms or border protection applications?

謝謝你，Kobe。第二個問題來自（聽不清楚），埃爾比特公司計劃如何從美國國防部預算的大幅成長中創造附加價值？具體而言，是否有在美國進行併購交易和/或拓展無人機群或邊境保護應用等垂直領域的具體計畫？

Thank you, Daniella and (inaudible). We see the US as our home market. And we are -- I'm very pleased with our performance in the US. The last two positions we made, the night-vision activity and Sparton, the sonobuoys activity. Both of them are very successful. And we certainly look for opportunities. I would like to say that in the past, we delivered a system to the CBP for border protection, and our system is deployed along the borders.

謝謝你，丹妮拉和（聽不清楚）我們視美國為我們的本土市場。我對我們在美國的表現非常滿意。我們最後確定的兩個位置分別是夜視活動和斯巴頓聲吶浮標活動。他們倆都很成功。我們當然會尋找機會。我想說的是，過去我們曾向美國海關與邊境保護局 (CBP) 交付了一套邊境保護系統，目前該系統已部署在邊境沿線。

And we are certainly, we believe that the current need for additional systems along the borders are very relevant to us, and we are planning to pursue it. And we have -- the rest of our activities in the US are very successful as well. Our avionics activities are growing, and our Active Protection System is doing very well in the US on top of the Bradley light tank. And we will continue to invest in the US. We will continue to recruit additional people, and we would like to expand our position in this very important market forward.

我們當然認為，目前在邊境地區增設系統的需求與我們息息相關，我們正計劃推進這項工作。我們在美國的其他業務也都非常成功。我們的航空電子設備業務正在成長，我們的主動防護系統在美國布雷德利輕型坦克上的表現非常出色。我們將繼續在美國投資。我們將繼續招募更多員工，並希望進一步擴大我們在這重要市場中的地位。

Thank you, Butzi. Operator, if there are no more questions, we can wrap up.

謝謝你，布茲。操作員，如果沒有其他問題，我們可以結束通話了。

Before I ask Mr. Machlis to go ahead with his closing statement, I'd like to remind participants that a replay of this call will be available two hours after the conference ends. In the US, please call 1 (888) 782-4291. In Israel, please call (03) 925-5900. And internationally, please call (972) 3925-5900. A replay of the call will also be available at the company's website, www.elbitsystems.com.

在請馬赫利斯先生作總結發言之前，我想提醒各位與會者，這次電話會議的錄音將在會議結束後兩小時提供。在美國，請撥打 1 (888) 782-4291。在以色列，請撥打 (03) 925-5900。國際用戶請撥打 (972) 3925-5900。電話會議的錄音回放也可在公司網站 www.elbitsystems.com 上收聽。

Mr. Machlis, would you like to make your concluding statement?

馬赫利斯先生，您想做總結陳詞嗎？

I would like to thank everyone on the call for joining us today and for your continued trust and support of Elbit. Have a good day and goodbye.

我要感謝今天所有參加電話會議的各位，感謝你們一直以來對埃爾比特公司的信任與支持。祝你今天過得愉快，再見。

Thank you. This concludes the Elbit Systems Ltd third quarter 2025 results conference call. Thank you for your participation. You may go ahead and disconnect.

謝謝。埃爾比特系統有限公司2025年第三季業績電話會議到此結束。感謝您的參與。您可以斷開連線了。