Welcome everyone, and thank you for joining us on Bezeq's second quarter earnings call. I am Yohai Benita, CFO of the Bezeq Group. Joining me today are Mr. Tomer Raved, Bezeq's Executive Chairman, Mr. Nir David, CEO of Bezeq Fixed-Line, and Mr. Ilan Sigal, CEO of Pelephone and Yes. Before we begin, please review the safe harbor statement on slide two of our presentation, which applies to any statement made during today's call. Following our prepared remarks, we will open the call for Q&A. With that said, let me now turn the call over to Tomer for his opening remarks. After his introduction, I will continue the presentation of our group's financial highlights, followed by Nir, who will discuss the Bezeq Fixed-Line results, and Ilan, who will cover the results from Pelephone and Yes. I will con clude the presentation with Bezeq International results. Tomer. Thank you, Yohai. I'm glad to see all of you joining us today. The strong results achieved in the second quarter demonstrate the commercial and operational momentum across the group, which reflect consistent growth across all financial metrics, as well as the expansion of our customer base across all business segments, from subscribers joining Bezeq's fiber networks, to the growth in Pelephone's 5G subscribers, and a higher number of subscribers and profitability at Yes. The critical importance of a digital infrastructure during this period has reinforced all our core engines. We anticipate a continued expansion, both through acquisitions and growth-supportive investments in the international infrastructure and cable sector. The recent quarters further underscore the success of our strategic compass, led by the management teams in all the segments, and the continued unprecedented growth in the group's profitability metrics. Looking ahead, in addition to organic growth, we are actively exploring investments, including merger and acquisitions opportunities, to support the group strategy that will allow us to create tech and synergies and strengthen our competitive advantage in the market. Similarly, we are working vigorously to establish Israel's position as a global digital hub by building the submarine cable project. This national project will ensure redundancy and communication security. It will connect us to the global data routes and serve the strategic growth engines for the country in the years to come. We continue to work intensively with MOC teams in order to remove structural separation and fully merge our TV business into our broadband services and infrastructure division. Let's now move to slide three, where we show Q2 highlights. Core revenues grew 4% to over ILS 2 billion, and Comparable Net Profit grew by 38%, driven by higher revenues and lower financing and operating expenses, after adjusting for the change in Yes valuation in Q2 2025. The board of directors recommended a dividend distribution of ILS 415 million, representing 80% of 2026 first half profits. In addition, the company will launch a new buyback plan of ILS 100 million, which is part of our multi-year program of ILS 800 million, and follows the completion of our previous buyback plan of ILS 150 million. Fiber subscribers were up 17% and take-up reached 35%, with over 3 million homes passed. 5G continued to drive total market performance, and subscriber plans were up 12% year-over-year. ARPU increased across broadband and TV. Pelephone signed an MOU to acquire Wecom, and we continue to develop and grow our digital infrastructure activities with an emphasis on the international submarine cable project. We hope to have more on these opportunities later this year. On slide four, we see the tech and business roadmap. It is on track to deliver our 2029 KPIs, from increased fiber deployment and take-up, expansion of 5G, and growth in the TV and fiber bundle. We are building for durable growth, superior customer experience, and operating efficiency. On slide five, we summarize our key Q2 financial achievements, including a 6.2% increase in Comparable EBITDA to ILS 978 million. Finally, on slide six, we highlight our key KPIs for each of our businesses. Broadband retail ARPU continued to grow year-over-year to ILS 142. W e recorded an increase in Yes ARPU due to fiber growth and revenues from the Partner transaction. Pelephone grew 5G subscribers plan to 1.49 million, and 5G Max subscribers grew to 217,000 today. We are on track to reach our target of 300,000 5G Max subscribers by year-end. I will now hand the call back to Yohai, who will review our financial bit in more details. Thank you, Tomer. Let's turn to slide seven for the group's second quarter highlights. Core revenues, Comparable EBITDA, and Comparable Net Profit showed strong growth this quarter across all group segments. Core revenue showed 4% growth, and Comparable Net Profit grew 38% due to higher revenue and low financing and operating expenses after adjusting for the change in Yes valuation in the second quarter of 2025. Moving to slide eight, we show our results for the first half of 2026. Comparable Net Profit grew 19%, mainly due to lower financing expen ses and free cash flow grew 24% due to tax payment and refunds, along with changes in working capital. Turning to slide nine, we show our Q2 operating expenses. Operating and depreciation expenses were impacted by changes in Yes valuation in the second quarter of 2025. After excluding the impact of the changes in valuations, operating expenses decreased approximately ILS 35 million, and depreciation expenses increased approximately ILS 15 million. Slide 10 shows our quarterly operational metrics. We recorded growth in Pelephone subscribers and also broadband subscribers and achieved higher outputs for retail broadband and Yes. Bezeq Group retail broadband subscribers increased by 1% with growth in Yes fiber bundle subscribers offsetting a decline in fixed-line retail broadband subscriber in the second quarter. Slide 11 highlights our balanced capital structure. Net debt increased slightly by ILS 303 million to ILS 5.2 billion, with a net debt to Comparable EBITDA ratio at 1.6 times. Turning to shareholder remuneration on Slide 12. As Tomer mentioned earlier, the board of directors recommended a cash dividend distribution of ILS 415 million. We launch a new buyback plan of ILS 100 million, which is part of our multi-year program of ILS 800 million. On slides 13 through 15, we show our 2026 outlook and 2029 targets, which are unchanged. We will continue to focus on maintaining our ilAA level rating and strive to increase shareholder remuneration. I will now hand the call to Nir for Fixed-Line results. Thank you, Yohai. Our strong second quarter results demonstrate our strength and availability to continue recording consistent growth across all core metrics driven by the company's strategy plan. We will continue to implement our strategy, invest in advanced infrastructures and future growth agents, leading in innovation, and provide our customers with the most advanced and highest quality solutions. Turning to slide 16, Fixed-Line core revenue increased 1.9% to ILS 999 million, driven by higher revenues from transmission and data communications, cloud and digital services, and infrastructure projects. Fiber deployment continued as we reach over 3 million homes passed with a take-up rate of 35%. In the following slide, we show Q2 financial highlights. Comparable EBITDA rose 6.1% and Comparable Net Profit grew 20%, driven by higher revenues and lower operating and financing expenses. CapEx was down by 10% and free cash flow in the first half of 2026 was ILS 624 million compared to ILS 150 million in the corresponding period. Turning to the next slide, we show continued fiber deployment reaching approximately 3.04 million homes passed, with almost 1.1 million active subscribers in our fiber networks today. They are representing 73% of total broadband subscribers and a take-up rate of 35%. Retail broadband ARPU continued to grow and rose 4.4% year-over-year to ILS 142. Moving to slide 19, we show the take-up trend. Retail fiber take-up reached 655,000 and wholesale fiber take-ups reached 406,000. Turning to slide 20, broadband revenue was down 1.2% due to the Ministry of Communications decrease and also tariff. Transmission and data revenue grew 2.6% to ILS 317 million due to higher revenues from metro transmission services and digital and cloud revenues increased 3.3%, driven by higher revenues from virtual exchanges and cloud services. Other revenue rose 19% due to higher revenues from infrastructure projects. Moving to slide 21, we show our operating expenses. As fiber deployment and penetration has grown, we are seeing the result in lower operating expenses, which decreased by 18% due to lower expenses for fiber installation and materials. With that, I will now turn the call over to Ilan to discuss Pelephone and Yes. Thank you, Nir. The quarterly results reflect the successful implementation of our strategic initiatives in recent years at Pelephone and Yes. The companies demonstrate continued growth, improved profitability, and the strengthening of their competitive positioning while consistently investing in infrastructure, innovation, and customer experience. On slide 22, we show revenues, Comparable EBITDA, and Comparable Net Profit, all of which increased despite the impact of the war with Iran on roaming revenues. We delivered strong subscriber momentum this quarter. Postpaid subscribers increased by 21,000. 5G postpaid subscribers grew by 48,000, reaching approximately 1.5 million or 63% of postpaid subscribers today. In parallel, 5G Max subscriber plans continued to expand, reaching 220,000 today, reflecting customers' increasing demand for premium connectivity. We signed an MoU to acquire Wecom. We are currently working to finalize the agreement soon. As expected, given the war-related roaming impact, ARPU declined modestly year-over-year to ILS 45, a decrease of 2.2% or ILS 1. Turning to slide 23, you can see the detailed financial performance this quarter, which reflects these dynamics. Comp EBITDA grew 2.2% and Comparable Net Profit grew 6.3%, despite the impact of the war on roaming revenues. Free cash flow was impacted by changes in the working capital, mainly from payments to employees due to signing of a new collective and the timing of end-user equipment orders. On slide 24, we highlight continued growth in 5G adoption. With 63% of postpaid customers now on 5G plans, we remain well-positioned to capture future data and service revenue upside. On slide 25, we show revenues from services in ARPU. Revenues from services were up almost 1%, despite the impact of the war with Iran on roaming revenues. Moving to Yes on slide 26, we see Yes delivered a strong quarter, with revenues growing 8.7% to ILS 348 million, for the highest quarterly revenues since Q4 2018. ARPU reached a record of ILS 204, driven by continued growth in the TV plus fiber bundle and revenues from the Partner transaction. Slide 27 highlights our key financial metrics in Q2. We recorded the highest Comparable EBITDA and the Comparable Net Profit since Q2 2023, driven by high revenues and low expenses. This is the second consecutive quarter of Comparable Net Profit and the first full quarter to reflect the full impact of the migration from satellite broadcasting. Moving to slide 28, fiber subscribers increased to 150,000 today, while migration to IP continues, with 90% of Yes customers now on IP platforms. With that, I will hand the call back to Yohai for Bezeq International's results. Thank you, Ilan. Finally, turning to Bezeq International on slide 29. Bezeq International delivered a solid performance in the second quarter, with revenues from business customers increasing 9% year-over-year to ILS 252 million, driven primarily by high equipment sales and continued growth in cloud activities. Comp EBITDA grew 5.4% and Comparable Net Profit totaled ILS 11 million compared to ILS 3 million in the corresponding quarter last year, mainly due to higher revenues. Bezeq International is well-positioned as demand for cloud, data, and enterprise connectivity solution continues to grow. With that, I will open the Q&A session. If you would like to ask a question, please raise your hand virtually. As you hear your name, please be sure to unmute your microphone and ask your question. For the benefit of the people in the room, please introduce yourself and share the name of the company you represent. We will address questions as we see the hand raised. I will now pause to poll for question. First question from David Kaplan from Psagot. Oh, I guess I don't have to say my name. You did that for me. I have a couple of questions, and I'll try and keep it as short as possible. The first question I'm going to have is on the KPIs around the Fixed-Line. I think when you look at the group fiber overall, when I combine the fiber subscribers and the Fixed-Line business and the television business, we see some nice growth, 18% year-over-year and a little bit over 3% in the quarter. How do you think about that? First of all, I think it speaks to why it's clear that the removal of structural separation would be a massive boon for Bezeq, and if you can give us an update where we are on the regulatory front on those things, that would be appreciated. Secondly, how do you think about that strategically when it comes to what appears to be some form of cannibalization of the Fixed-Line business and their fiber subscribers from, Yes, from the TV subsidiaries? While on the one hand, we see ARPU in both of those companies growing where fiber is involved, I imagine the pricing is not exactly the same. That's the first question. I'll just take that. First, your analysis is correct. Overall, we look at the group total fiber subs, retail subs. When you look at Bezeq Fixed-Line and Yes combined, and you see growth consecutively. The economics are the same or even better when you think about TV bundling because the wholesale rates that Yes is paying to Bezeq is a wash from a group perspective, right? There's no cannibalization de facto. You get from both type of subs, right, fiber revenue, and you have incremental TV revenue when you look at Yes. Yes, removal of structural separation makes a lot of sense and also brings value to the company and to the consumer who pays lower for the bundle, but obviously incremental revenue and incremental subs for the group. That's exactly how we think about it, and that's why you see first the take-up growing, fiber sub growing, and also total broadband subs, when you add fiber and copper, remain stable, even when you see the retail sub at Bezeq Fixed-Line alone going down. Right. Sorry. Anything to say on the regulatory front? Is there any updates there or nothing currently? On the regulatory front, we are in professional dialogue with the Ministry of Communications and the teams that are working with them from the Ministry of Finance and antitrust authorities. The process is close to completion, and we hope they will announce in the coming weeks. We obviously cannot ignore from the impact on timing from the geopolitical and political backdrop, but we believe there will be a resolution in the coming weeks. Okay. Just one quick question on the KPIs in the mobile business. ARPU doesn't seem to be tracking upwards as you are very successfully migrating 4G subs to 5G. I'm curious, does that have to do with subsidies or is there something else going on in there? Why don't we see the impact of the migration on ARPU? The ARPU is pretty stable. Obviously, you have some impact from roaming and a lot of transition in the kind of one-off in the business sector, especially government customers that have been migrating this year with the large auction that came out tender. Besides that, there are no other trends or element. Obviously, there's competition in the market, but the upgrade from 4G to 5G continued to drive ARPU upwards, and we stand behind our kind of ILS 50 at 2029 target. Great. I'll add, every year, the past three years, you see ARPU growing around ILS 1 a year. This year, because of the impact of the war on roaming, it slightly went down by ILS 1 only this quarter. Now we see that the roaming is coming back because Israelis are flying and travel, and we believe that the roaming revenues will go back the same place they were two quarters ago. Okay, great. My last one really quick, just on the balance sheet. Net debt seemed to have picked up this quarter. I'm sure it has something to do with the dividend that is being paid and with the buybacks. How do you view that going forward? I think you did have goals to continue on a deleveraging track. We do not have goals on the deleveraging track. That's very important. We like where we are from a leverage perspective, and I think we discussed thoroughly on our ladder of investment and the pyramid that discuss how we think about capital allocation. First, maintenance CapEx important. Secondly, we maintain our current leverage level. We don't have any intention to de-lever further. We like where we are at the 1.5, 1.6 net debt to EBITDA, ilAA rating. We have a lot of financial flexibility. As a result, we are looking at, A, additional M&A and investment opportunities, including Subsea Cables and Wecom, and B, increasing return to shareholders via dividends and incremental buybacks. Okay, great. Thanks very much. I'll let them get on the line now. Thank you. Next question we have is from Rohit from Citi. Hi. Thank you for taking my questions. I have three, please. Firstly, on the guidance and looking at the guide, a bit of Comparable EBITDA guidance of ILS 3.7 billion-ILS 3.8 billion. Looking at your performance in 1H, you're already doing 3.7% Comparable EBITDA growth in 1H. That leaves a lot of headroom in 2H. Even with the decline in on Comparable EBITDA in 2H, you still achieve top end of your guidance. I'm just trying to understand why so cautious about 2H. Are you seeing any kind of pressure in the second half? Second question is on the fixed line operating expenses, 18% decline there. Is that the kind of run rate do you expect now in terms of operating expenses going forward in fixed line? Or is this the phasing, probably you see bit more increase there? Last question is basically the follow-up on the roaming charges. If you can give us any kind of color in terms of what your mobile service revenue growth would have been if you assume your roaming revenue was flat in this quarter. Thank you. I will start. You guys can continue. Sorry, the first question was around. The guidance. The guidance. Look, we do not expect any softness in H2. You're right that we have a lot of headroom, and we feel very strong with our guidance. We will update the market as per our disclaimer, if we see deviation of more than 10% from the mid-range, and we feel very comfortable with the range, and if there's any update upward, we'll definitely update the market. We feel very confident with the trends and the tailwind in Q2 and also going into Q3, especially if the geopolitical situation stays stable with the roaming question. We feel very comfortable with the guidance that we gave and also with the long-term one. On OpEx. On OpEx, on Bezeq Fixed-Line, I can say that part of the reasons for the decrease in the expenses relates to the lower cost related to the fiber activity. We see less expenses in this area. On the other hand, I need to say that we also have the interconnection fees that we used to have in the past, now we don't have. It is something that ended last year also, part of the reason for the decrease quarter-over-quarter. Also part of it is a decrease in Bezeq store activity, which we managed to compensate in other revenues that we managed to stream this quarter. You don't see a decrease in revenue. Of course, we see a strong growth in Bezeq Fixed-Line revenue, and still the expenses went down. Part of it will continue for sure. The third question was regarding the ARPU and roaming. Okay. About the roaming, we see that July, the Israeli passengers are already coming back, and it seems like July 26th looks like July 23, something very similar. If the war will not continue and it will be stable, I believe that the roa ming revenues will come back and be better and maybe like 2023 before the war. Probably it will impact on the ARPU. Okay. Thank you. Next question is from UBS, Ondrej. Can you hear me? Hi, everyone. Yeah. Hi. Yes, I can. Can you hear me? Yeah. Now I can hear. Good. Thank you. Thanks for the presentation. I've got two follow-ups effectively on one question. I guess, the first one, apologies I didn't quite hear, but in terms of the structural separation, there are elections planned, of course. I was wondering more, is there a risk that this gets kind of put on hold, it becomes less of a priority? Or if there's a different outcome in terms of, say, who governs Israel going forward, is there a risk that this or one of the three scenarios that the regulator has kind of studied would be the priority as opposed to the kind of just plain removal? That would be number one. Number two, a follow-up on the fixed-line OpEx, if you could maybe explain a bit more the disassociation of the trend of the OpEx base compared to the fact that you are still rolling out fiber quite heavily. There was a big drop in the subcontractor and kind of hardware as well as marketing expenses, which seems to be running well ahead of what the actual number of homes connected is doing. Why is there kind of a break between those two currently? The third question would please be just your view on the, I guess, missed opportunities to consolidate the mobile market where Hot Mobile was sold to strategic buyers. Is there any kind of implications of that on the mobile market from your perspective? Yeah, those three. Thank you. On structural separation, the process is not unrelated to elections, and it's not a government decision or a parliament Knesset decision. It sits within an inter-ministry team between Ministry of Finance, Ministry of Communications, and Israel Competition Authority, and they are close to completing their work. Obviously, the environment creates delays. Elections should not impact not the decision-making process and not the essence and the resolution itself. The answer is we do not expect that to impact. Potentially timing a little bit, but not the actual decision. That's on number one. On OpEx, you want to touch or I'll just. Yeah. I would just add to that, I think you mentioned that in the question, it's true. There are more homes passed in Israel which are now connected to the fiber networks. When we come to connect new customers, we need to invest less in order to connect the same customer we used to, we had to invest in the past. This is one of the reason why we see decrease in Bezeq Fixed-Line operational expenses. I hope that answer your question. The third question was regarding the. Mobile market. Just generally, feel free to add, we are all for consolidation, same as you see in Cover. You're the European company. At U Cover, we're seeing the same trend. It's justified in Israel. Hot Mobile is not really consolidation, I think more rational ownership obviously support the market. Our acquisition of Wecom will also support consolidation and further investment in the network, we expect and vouch for additional consolidation in the Israel mobile market. Okay. Thank you. Next question is from Sabina, from Leader. Hi, Sabina. Hi, guys. Good afternoon. I have a few questions. I saw a really nice revenue growth in Yes. I und erstand that part of it is coming from the fiber optic subscribers, but I was wonde ring if you can elaborate on the contribution of the Partner in Yes collaboration or agreement. Are we starting to seeing it in the results, how significant it is, and what should I assume going forward? The second question, we saw really nice growth both in Bezeq and Bezeq Fixed-Line segment with the business customers. If you can give us more color regarding the trends there and maybe some updates regarding the Subsea Cables. Thank you. I'll start with the Partner deal. First of all, we're very happy with the Partner deal. It started on Q4 2025, and there's two consecutive quarters that the collaboration is working, and it's almost nine years deal. It's a very good deal for Yes, it's collaborating for our revenues, and it will continue there in the next quarters. The revenues that you see is fiber, as you said, also the collaborations with Partner also with the international companies like Netflix, Disney+, HBO Max. They are now on Yes billing. I think on Bezeq International business sector, mostly Nir is really spearheading that. We see trends between the needs for additional bandwidth, broadband connectivity, the needs for AI, cyber needs all come together that the value-add services that Bezeq Fixed-Line and Bezeq International brings to the business customers. I think this trend will continue with also further cloud need hosting needs, our operation within data center activity, mostly on colocation. Definitely something we will see a further boost given the obvious trend that you see in all the business industry. On subsea cable, which really complement what I just talked about, it doesn't only speak to the needs in Israel to the trends around tech AI and data centers, it also speaks to the need in the region. Today, we already connect east to west, meaning the Gulf and India all the way through Israel on the terrestrial route, then through our subsea cable to Europe. We see the demand there is growing exponentially, that's why we discussed three new cable systems. On the way, we provide details on one, we are progressing very rapidly also on the second one, which we published RFQ for. You will see a lot of activity pretty interesting return on ROI on this investment in the coming months. Is it something that's included in your 2029 goals, or it could be potential upside? Excellent question. Nothing related to Subsea Cables forecast or nor structural separation, nor M&As are included in the 2029 forecast as of today. Okay, thank you. Maybe one more question for Ilan. You've mentioned the rebound in roaming in a strong July. I was wondering, on one hand, we see the improvement in roaming, on the other hand, should we see some impact of the latest tender of the Accountant General of Israel on Pelephone's results? Like ARPU. We still don't see it. We probably will see it in the next few quarters. Not now. I'm just trying to understand. What are the trends for the third and the fourth quarter from ARPU perspective then and the subscribers growth for Pelephone? The Hashkal, the tender, is not very impacted. The ARPU is fed by the 5G subscriber, the moving from 4G to 5G and of course, from our all customers that we are gaining every quarter and the roaming. If you talk about the tender, we also have 60% of the customer, of the government, and it will impact, but mostly not will impact the ARPU badly in the next quarters. Okay. Thank you. Okay. Thank you, Sabina. If there are no further questions at this time, I would like to thank you all for taking the time to join us today. Should you have any follow-up questions, please feel free to contact our investors relations department. We look forward to speaking to you on the third quarter 2026 earnings call. Thank you.