Calepin des entreprises international 2026 VA.pdf — page 172

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RAFAEL ADVANCED DEFENSE SYSTEMS
Business trends
	
 Rafael Advanced Defense Systems (Rafael) posted revenues of $4,820 million (4,455 million) in 2024, up 
26.8% year-on-year in US dollars. Growth was mainly driven by air defence systems, Spike missiles and 
armoured vehicle protection systems. New order intake amounted to $8,230 million (€7,606 million) during the 
year, allowing the order book to reach a record level of $17.8 billion (€17.1 billion), or nearly four years of sales.
	
 In February 2025, Rafael and Kratos created a 50-50 joint venture called Prometheus Energetics to produce 
solid propellant propulsion systems for the U.S. Armed Forces from 2027 onwards. The plant will be based in 
Crane, Indiana.
	
 Rafael and General Atomics signed a letter of intent in April 2025 to produce the Bullseye long-range precision-
guided missile, derived from the group’s Ice Breaker, for the U.S. Armed Forces. The missile will be assembled 
by General Atomics in the United States, while Rafael will contribute its expertise in aerodynamics, engines, 
guidance systems, integration and testing.
	
 Rafael and Hyundai Rotem reached an agreement in September 2025 to produce and integrate the Trophy 
Active Protection System (APS) on the South Korean group’s K2 main battle tank (including the K2PL version 
intended for the Polish Army).
Home market
	
 A key partner of the Israel Defense Forces, Rafael is the third-largest Israeli defence company, behind Elbit 
Systems and Israel Aerospace Industries (IAI).
	
 In January 2025, the Ministry of Defense of Israel ordered air defence systems from Rafael worth $5.2 billion 
(€4.8 billion). The group will produce Tamir interceptor missiles for the Iron Dome system with ELTA Systems 
(a subsidiary of IAI) and mPrest Systems (a 50% subsidiary of Rafael) as subcontracting partners, as well as 
unspecified components for the David’s Sling and Iron Beam systems.
	
 In September 2025, the Ministry of Defense of Israel and Rafael announced that development of the Iron Beam 
laser air defence system had been completed and that deliveries would begin in late 2025-early 2026.
Export markets
	
 Export sales accounted for 46% of total revenues in 2024.
	
 In February 2025, the German government finalised a long-term framework agreement with the subsidiary 
Dynamit Nobel Defence for the production of RGW 90 portable rocket launchers and their cartridges, as well 
as cartridges for Panzerfaust 3 portable rocket launchers.
	
 In July 2025, the Ministry of National Defence of Romania ordered six Spyder short-range air defence systems 
from Rafael for $2.3 billion (€2.1 billion), the largest export contract won by the group. Two systems are to be 
delivered by 2028 and the other four by 2032.		
	
 In August 2025, the German Bundestag approved the order for 90 Litening 5 targeting pods from the group, to 
be installed on the German Air Force’s Typhoon fighter aircraft (Eurofighter).
Technology and Innovation
	
 Self- financed R&D expenditure represented approximately 8% of revenues in 2024.
	
 The group and the U.S. Army signed an R&D agreement in March 2025 to develop an American version of the 
Spike SR, Spike ER and Spike LR2 anti-tank missiles, as well as the Spike Firefly loitering munition.
	
 The EuroTrophy consortium, comprising KNDS Deutschland and Rafael, announced in September 2025 that 
it had successfully integrated the Trophy Active Protection System (APS) into an 8x8 Boxer wheeled armoured 
vehicle.
STRATEGIC HIGHLIGHTS