Good day, and thank you for standing by. Welcome to Azrieli Group Q2 2026 conference call for global investors. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. With us today are Ms. Danna Azrieli, CEO, and Mr. Ariel Goldstein, CFO. To ask a question during the session, you will need to slowly press star one and one on your telephone. You will then hear an automated message advising your hand is raise d. This conference call will be accompanied by a slide presentation. It can be found on Azrieli's site, www.azrieligroup.com, on the investor relations page and the media room. Presentations and the financial reports can be found on the website as well. I would like to remind e veryone that forward-looking statements with respect to the company's business, financial condition, and results of its operations are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. Please note that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Danna Azrieli, CEO. Please go ahead. Good morning or good afternoon, and thank you for joining the Azrieli Group's conference call to review the second quarter of 2026. I am very pleased to be with you this afternoon. We are wrapping up a strong quarter for the Azrieli Group. Our operating results were solid, with real growth across all key business segments. The NOI increased this quarter compared to last year, but the financial statements do not reflect the full impact, as exchange rates negatively affected ILS-denominated revenue from the data center business, which continued to grow in constant currencies by approximately 4%. In our offices segment, we saw a certain decline, which reflects the one-time termination payment we received last year following Meta's departure from the Azrieli Sarona Tower. Excluding this one-time payment, our NOI increased by 4% compared with the corresponding quarter last year. In our mall segment, we recorded growth of 9%. Importantly, we are seeing growth in the malls even when neutralizing the effects of the war last year. The data centers activity continues to be strong, and we recently signed two new agreements that will contribute to continued growth in this segment. During the quarter, we continued to invest in expanding and enhancing our portfolio in Israel and in the data centers segment overseas. Since the beginning of the year, these investments have totaled more than ILS 1.7 billion. As always, everything we do is carried out while maintaining strict financial discipline. During the quarter, we completed an issuance of a new bond series, and maintaining high financial strength, together with conservative and responsible financial management, continues to be a central pillar of our strategy. The results are a clear expression of the Azrieli Group's strength and stability. At the same time, many components of our gro wth engines are not yet fully reflected in the results, including the data centers activity, where the combination of signed and income-generating agreements represent potential annual NOI of more than ILS 1 billion or approximately EUR 316 million. FFO remains stable compared with the corresponding quarter last year. It was affected by a certain increase in G&A expenses related to continued investment in our growth engines, especia lly in data centers. Ariel will expand on the drivers of NOI and FFO in his remarks. I will now go into more detail in our main operating segments. In our offices. In our offices segment, NOI for the quarter was strong and stable, increasing by 4% compared with the last year, excluding the one-time lease termination payment of approximately ILS 90 million receive d in the corresponding quarter from Meta following its departure from the Azrieli Sarona Tower. As a reminder, the space vacated by Meta has been fully leased at better rates, and this is reflected in the results for the quarter. The Spiral Tower, which is expected to open in about two years, is progressing according to plan. The core of the tower has reached already the 80th floor of the 91 stories that we'r e expecting to build. The main floor plates have reached already up to the 68th floor of construction, and the aluminum is already at the 55th floor. There is no doubt that the tower will become a unique icon in Israel, and we are seeing interest in the tower, both from large international and local companies, and we believe it'll be a very significant addition t o our portfolio. Our new campus in Glilot is in the final sta ges of construction. As previously announced, SolarEdge will occupy approximately 60% of the building, and we are in the process of marketing the remaining space. This area is becoming a new center of interest, and in our view, the campus is very attractive to both high tech and other industries, in particular, those companies that are looking for a unique and large floor plate where we offer almost 3,000 sq m all on one floor. This is a very unique product. In our mall segment, this was a very good quarter. NOI increased by approximately 9%, and tenant sales also showed strong growth of approximately 8%. The increase was partly offset by the significant works being carried out to connect the Azrieli Tel Aviv mall with the adjacent Spiral Tower. As I mentioned last quarter, in order to connect the Azrieli mall with the Spiral Tower, we removed approximately 3,000 sq m from the mall's leasable area due to the construction works and the future connection to the Spiral Tower. This is a long-te rm investment that is expected to significantly upgrade the mall, and ultimately, we will add approximately 16,000 sq m of retail space. We continue to maintain very high occupancy levels while investing consistently in the quality of our portfolio. Our malls remain a core pillar of the group's business, and we manage them accordingly, continuously refreshing the tenant mix so that our assets stay relevant, engaging, and well-managed. The visitor experience remains front and center because that is ultimately what drives foot traffic, tenant demand, and rental growth. In our senior housing sector, we have very active homes, and we continue to maintain very high occupancy with continued NOI growth, supported, among other things, by a very great contribution from the medical facilities. We see the medical d epartment as an important complementary product to our senior housing, providing an important service to our customers. Our new Palace home, the fifth, is in Rishon LeZion, recently opened in June. Approximately 40% of the 274 units have already been sold, and occupancy is currently underway. The home also includes a medical department and approximately 3,000 sq m of retail space, most of which has been leased. The Azrieli Group's FFO has already benefited this quarter from contribution of the first units delivered from Palace Rishon LeZion, and the impact of this new home on the FFO figure will become more significant as we pro gress with sales and occupancy of the units. In our data centers, it has become clear that this activity is a significant component of the group's NOI mix. Excluding the impact of foreign exchange rates, NOI for the quarter increased by 3% compared with the correspo nding quarter last year. Last week, we announced a new data center services agreement in London at our operating campus in Romford, East London. The agreement covers 13.6 MW of contracted capacity over an eight year term with extension options of up to two additional years. We expect it to contribute an annual NOI of approximately GBP 25 million, equivalent to roughly ILS 101 million at the current exchange rates, with NOI recognition beginning in the first quarter of next year, 2027. In the earnings re port published earlier today, we also announced a data center services agreement at our Enebakk campus in Norway. The agreement is with a large inte rnational technology company for 5 MW over a 15 year term, with a customer option to extend for an additional 15 years. We expect average annual NOI from the transaction to be approximately ILS 24 million. Together with these new agreements, our contracted NOI now stands at more than ILS 1 billion, or approximately EUR 360 million. We are also advancing construction at our data centers in Mainz, Germany, and in Undheim, Norway. Mainz will begin generating income next year, ramping up towards full contribution as capacity will be delivered. As you can see in the images included in our investor presentation on our website, we have made significant progress at Undheim, where we are developing an 80 MW facility. As a reminder, construction at the site commenced only at the beginning of this year, w hich makes the pace of this progress particularly notable. We continue to work on additional transactio ns as well as on expanding our powered land bank, which today stands at approximately 1 GW. We are moving forward with determination in developing and expanding this activity in Norway and in additional European countries. We see substantial opportunity in the ongoing AI infrastructure ramp-up, and we are confident in our ability to sustain the momentum in this segment. The same holds for our real estate activities in Israel, where we are looking ahead to 2027 and preparing for the openings of Lot 10 in Modi'in and the Glilot campus. I will now hand the call over to Ariel for a review of our financial parameters. Ariel. Thank you, Danna. We will now review the key financial parameters of the financial statements. NOI totaled ILS 651 million this quarter, up ILS 3 million versus the same quarter last year. Excluding the impact of foreign exchange rate changes, NOI increased by around ILS 23 million, reflecting an increase of about 4%. The retail segment recorded an increase of aro und ILS 22 million in NOI versus the same quarter last year. The increase mainly derives from a real increase in rents, the impact over the CPI, as well as from the impact of provision of recording in the same quarter last year, following ope ration Swords of Iron, partially offset by the impact of connecting the Spiral Tower to Azrieli Center. The offices segment recorded a decrease of around ILS 10 million in NOI versus the same quarter last year. The decrease mainly derives from one-time termination payment of around ILS 90 million received in the same quarter last year for Meta, Facebook, in the Sarona project. Taking into account the spaces that were vacant in Sarona project in the same quarter last year, the net impact between the quarters totaled around ILS 16 million. This impact was p artially offset by a re al increa se in rent and the impact of increase in the CPI. Data centers decreased by around ILS 12 million, mainly due to the changes in the exchange rate during the period, with an impact of around ILS 60 million. This impact was partially offset by the commencement of income generation from a 4.8 MW project in the third quarter of last year. Senior housing increased by around ILS 4 million, mainly as a result of higher revenues and occupancy rates at Palace Tel Aviv, Palace Ra'anana, and Palace Lehavim, as well as an increase in the occupancy rate of the medical department, which exceeded the 95% mark. Same property NOI in quarter two totaled ILS 649 million, compared with ILS 648 million in the same quarte r last year. Excluding the impact of changes in foreign exchange rate, same property NOI increased by 3%. In calculating the same property NOI, we excluded the income from ZMH Hammerman retail properties totaling around ILS 2 million. The FFO, excluding senior housing, totaled ILS 411 million this quarter, down 1% versus the same quarter last year. The FFO, including senior housing, totaled ILS 426 million, up ILS 1 million versus the same quarter last year. The increase this quarter in FFO, including senior housing, mainly derives from a decrease of around ILS 4 million in financing expenses and an increase of around ILS 7 million in the senior housing deposits. Conversely, the increase was partially offset by increase of around ILS 6 million in the G&A expenses, mainly due to the expansion of company data cen ters operations. Excluding the impact of foreign exchange rate changes, FFO, including senior housing, totaled around ILS 430 million, representing an increase of 1%. Moving on to the balance sheet. As of the end of the quarter, investment property and investment property under construction totaled around ILS 53 billion, up around ILS 778 million during the report period. The increase was driven mainly by ongoing investments in properties and fair value adjustments, partially offset by foreign exchange rate impacts and the classification of the hotel component in the Spiral Tower as a property, plant, and equipment in the amount of around ILS 349 million, following the signing of an MoU with an international hotel chain. On the investment side, during the period, we invested around ILS 645 million in income-producing properties under const ruction, mainly in the Spiral Tower, the Glilot campus with SolarEdge, Modiin North Lot 10, and completion of the balance Rishon LeZion senior housing project. We also continue investing in the gr oup existing income-producing properties. In the data center segment, we invested around ILS 969 million during the period, mainly in Undheim project in Norway with a capacity of 80 MW. During the quarter, we completed the acquisition of a full ownership right in the land of Romford data center project in London with a capacity of 21 MW, which had previously been held under leasehold. Completion of the acquisition increased the investm ent property item by around ILS 140 million. Conversely, foreign exchange rate changes led to a decrease of around ILS 844 million in the balanced investment property and investment property under construction. In the report period, we recorded income from fair value adjustment s of investment property totaling around ILS 243 million, mainly deriving from an impact of a lower cap rate on data centers projects. Conversely, a negative impact from the fair value adjustment was recorded in the retail properties, mainly in respect of Modiin North Lot 10 projects, which is under construction, expected investments, a nd the removal of leasable areas from the Azrieli Tel Aviv Mall following its connection to Spiral Tower. We're also recording a fair value gain of around ILS 43 million in respect of the company data center project in Germany, which is included under the share in the results of co mpanies accounted for using the equity method item. The weighted IRR of each of the income-producing property segmen ts, retail and offices on one hand, and income-producing data centers on the other hand, is around 6.8%. The gross financial debt is around ILS 30.4 billion. The company net financial debt is around ILS 24.1 billion, comprising around 37% of the total assets. Gross financial debt increased by around ILS 1.6 billion compared with the end of 2025. The increase mainly derives from the net increase of around ILS 1 billion in bonds. During June, we completed an issua nce of around ILS 2 billion of Series K bonds with an average duration of 15 years, while during the report period, we repaid around ILS 1.2 billion in Series B and E bonds. In addition, CPI-linked debt was impacted by increase in the known CPI, totaling around ILS 4.3 billion. The issuance of commercial paper in May, totaling around ILS 500 m illion, and loans taken by ZMH Hammerman totaling around ILS 138 million to finance projects under construction, and the first-time inclusion of a loan of around ILS 177 million secured against the land acquired for the Romford project. Conversely, the increase was partially offset by impact of around ILS 273 million deriving from foreign exchange rate changes. The company average effective interest rate in the report period is 3%, with an average duration of 6.5 years, while the average interest rate on debt in Israel during the period is around 2.2%. To conclude, we will briefly review the financial statements results. N et income in the quarter totaled ILS 155 million, versus ILS 320 million in the same quarter last year. The decrease in net income in the report period mainly derives from the impact of fair value adjustments of investment property, with a loss of around ILS 35 million recorded in the current quarter, compared with a gain of around ILS 193 million in the same quarter last year. In addition, financial expenses increased mainly as a result of a higher average debt balance during the period, as well as one-time financing income recording in the same period last year following restructuring of a loan in the U.S. Conversely, these impacts were partially offset by an increase in the company's share in the result of associate companies accounted fo r using the e quity method, among other things, due to the revaluation of the data center project in Germany, the inclusion of the result of associate companies from ZMH Ha mmerman operation, as well by a decrease in G&A expenses compared with the same quarter last year. Comprehensive income in the quarter amounted to a loss of ILS 548 million, compared with a profit of around ILS 258 million in the same quarter last year. Comprehensive income in the quarter was impacted, among other things, by a loss net of tax of around ILS 65 million from the holding of Bank Leumi shares, a loss of around ILS 20 million on interest rate hedging instrument in the loans in the data center sector, and a loss of around ILS 680 million from translation differences. The loss mainly resulted from t he change in the sh ekel by around 7.4% against the Norwegian krone and by around 6.6% against the EUR. In the same quarter last year, we recorded a loss of around ILS 402 million from translation differences, mainly due to strengthen of shekel by 5% against the Norwegian krone and by around 9.3% against the USD. We will now hold a Q&A session. Thank you. As a reminder, to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. We will now take the first question. From the line of Charles Boissier from UBS. Please go ahead. Yes. Good afternoon. I have two questions from my side on data centers. The first one is, how much better are the TikTok expansion economics versus the original contract? Going through your report, it sounds like there's upside to the negotiation in terms of pricing. The se cond question is, in terms of the 275 MW of contracted in data centers across your Green Mountain portfolio, what is the timing for all the phasing for getting to that stabilized level? Thank you. Can you repeat the first question, please? Yeah. It was on the TikTok negotiation. I'm mindful it's probably quite confidential, but any insight in terms of the potential upside would be very helpful. Thank you. Potential upside on what? How much better? Could you just say the whole question again, please, Charles? I didn't hear the whole thing. I was just referring to the TikTok negotiation that was mentioned in the report, where you, I think it alluded to some upside versus the- We are negotiating at the moment on 60 megawatts with TikTok. Yes. To extend- Yeah their project. The specification of the project and other items are now under discussion. We believe that we will be able to report something in the next few months. We will see. Anyhow, it is under negotiation. We believe that the income per kilowatt will b e better than the previous one because the negotiation on the previous idea negotiation was in 2022. Now we are in 2026. The price sh ould be different. We cannot add anything above this information, since everything is under negotiation. Once we will have something to report, we will report, but the terms will be different. On your second question, I would like just to understand what do you mean by- Yes, sure. When will we reach to 275? Yes. When we are talking about the projects, let us talk about England. The on e that we reported just now, 13.6 MW. In the beginning of 2027, this will be delivered. Undheim projects will be delivered mainly in 2027. And the last phase will be mainly 2027, and the rest in the beginning of 2028. In the next maximum two years, everything will be delivered. KM W, the first phase, partial of the first phase will be completed at the end of this year, and the last phase will be completed by 2029. So actually, we are talking about two an d a half years ahead in KMW. This is a project that we have now in our pipeline. U.K., we will discuss. 13.6, it will happen in the beginning of 2027. 2027, U.K., Undheim, till the middle of 2028, and KMW will be along 2027, 2018, the last phase, beginning of 2029. Okay. Is everything secured in term of permit or delivery on this 275? That is just essentially Green Mountain doing the construction, but everything externally is generally approved, and there is no limited risk, execution risk, that is not in your control. At this moment, as far as we are concerned, w e have done everything in our power, and it seems to us that we have mitigated all of the execu tion risks, as far as we can tell. We have everything on track and online, with regard to permitting power in every aspect and all of the properties. We believe, according to the best of our knowledge and the best of our abilities, we have everything on track, absolutely. Just to mention, Charles, that always in construction and development, you have some risk, and you need to take it into consideration. Things can change along the way. So we, with our professional background and the ability of our team and our experie nce till today, we will know how to deliver the project on time, yes, with the right quality. But of course, nothing is 100% certain. Yes, and things can be changed, and of course, you need to take it into consideration. Great. Thank you very much. Thank you. As a reminder, to ask a questio n, please press star one and one on your telephone. That is star one and one to ask a question. There are no further questions at this time. I would now like to turn the conference back to Danna Azrieli for closing remarks. Okay. Thank you for your interest in the Azrieli Group. We had a very good quarter. Our portfolio is strong. Our development pipeline continues to advance, and we continue to develop our key growth engines in Israel and in our data centers in Europe. T hese results reflect the hard work and dedication of our people across Azrieli Group, with amazing teams, and I want to thank everyone for their commitment, professionalism, and everything they do for the company. Thank you again. Enjoy the rest of the summer, an d we look forward to speaking with you again next quarter. This concludes today's conference call. Thank you for participating. You may now disconnect.