Hello, this is David Alexander, Deputy CEO of Phoenix Financial. Thank you for joining us to discuss group results for the third quarter of 2025. The call will be led by Phoenix Financial CEO, Eyal Ben Simon, and Deputy CEO and CFO, Eli Schwartz. The presentation for the call can be found on our website or the Tel Aviv Stock Exchange website. The presentation provides key points on the financial statements released this morning and should be read together with the full financials. At the end of the call, we'll answer questions that were discussed today on the Hebrew call. You can send any additional questions to us individually or to the email address ir@phoenix.co.il. We'll make ourselves available to meet with investors to discuss performance or strategy or answer any questions you may have. You can ask for a Zoom meeting or you can meet us in person. We expect to be in New York next week. In general, we arrive in New York and London several times a year. Please note that the call includes forward-looking statements that actual results may be different. Eyal Ben Simon will highlight the key results and update on the new guidance and strategic growth roadmap. Then Eli Schwartz will review the financial results and segment breakdown in more detail. Hello. Thank you for joining the call today. Phoenix Financial is a leading Israeli financials firm with $180 billion in assets under management and distinctive competitive advantages. We have two lines of businesses. First, a multi-line insurance business, including a leading P&C, as well as significant life and health businesses. The second is a broad asset management business with platforms generating strong growth and high margins. These include the market-leading investment house, a growing wealth business, the leading distribution network of brokers and advisors, and a growing financing platform. Both activities are growing, generating quality earnings and strong cash flows. Phoenix Financial has a resilient capital position, liquidity, and ratings. We use our cash flows to accelerate growth, distribute dividends, and execute buybacks. The Israel economy continues to demonstrate remarkable resilience and growth. Indicators show a strong rebound from the war, including GDP growth and inflation. CBI rates are decreasing to 2023 levels. Local capital markets outperform leading global markets so far in 2025. Israel's potential is supported by very positive long-term structural trends. Going forward, Phoenix Financial is well-positioned to capture the opportunities in the local market. Q3 and first nine months of the year were strong for Phoenix Financial. In Q3, we generated ILS 800 million, EPS of ILS 3.2, with a return on equity of 29%. Year to date, comprehensive income was ILS 2.3 billion, EPS of ILS 9, and return on equity of 27%. Here we highlight the main takeaways from the reporting period. We continue to see strong business performance. Year to date, we generated core income of nearly ILS 2 billion. Phoenix Financial continues to focus on strategic growth of high multiple activities. We completed the purchase of 17% of Phoenix Agencies, increasing our holdings from 78%- 95%. We're accelerating growth and value creation across this business. Phoenix Financial is committed to distribute quarterly dividends. Today, we announced a dividend of ILS 320 million, representing ILS 1.3 per share. In addition, we executed almost ILS 188 million by end of Q3. Phoenix Financial continued to grow core income in both businesses and in all of our platforms. The insurance business generated ILS 1.3 billion year to date. Asset management generated ILS 683 million with strong growth year-over-year. Core return on equity was 23%. Strong investment performance contributed ILS 314 million to the bottom line year to date. A strong Q3 quarter in both lines of business together led us to generate core income of ILS 667 million with core return on equity of 24%. Strong investment performance generated additional ILS 138 million of non-operating effects. In the first nine months of the year, we generated about 9% annualized yields in our corporate account. This is 4.6% above nominal risk-free rates in the period, and the five-year average yield is 4% above nominal risk-free rates. In order to better reflect this performance in our core income results, we're updating our normalization method from 2.25% above risk-free to 2.5% starting in Q4. When we implemented IFRS 17, we said that we would start conservatively with 2.25%, and we now believe we can increase this figure with confidence. It is still well below the historic average of 4%, creating significant upside to our core income normalization. Looking forward, our focus is to maximize investment performance of our capital pools and provide competitive risk-adjusted yields for our clients and for our balance sheet. Phoenix Financial is committed to distribute attractive dividends every quarter. We average roughly 5% dividend yields in the last few years. Today, we announced a dividend of ILS 320 million for the quarter. Together with the ILS 630 million announced in previous quarters, we're at ILS 950 million year to date. So far, we executed ILS 188 million in buybacks, and we updated our annual plan to ILS 300 million, given the higher trading volumes in the share. These dividends are supported by strong internal cash flow. Each platform is remitting cash as dividends to the group level on a quarterly basis, each according to a distribution policy. This cash flow gives us flexibility to distribute dividends every quarter, execute buybacks, perform strategic acquisition, and fuel organic growth. We will now share our new guidance and discuss strategic execution in each line of business. Our current run rate already puts us within previous guidance for 2027. As a result, we're today providing new medium-term targets for 2028. We're aspiring to grow core income to reach ILS 3.3 billion-ILS 3.5 billion in 2028. Of this, we're targeting ILS 1.9 billion-ILS 2.1 billion from insurance and ILS 1.3 billion-ILS 1.5 billion from asset management. Our updated plans are based on market trends moving faster than estimated. Our platforms are generating stronger performance than we planned, and in agencies, we increased our holdings to 95%. This guidance is based on several factors. We see significant opportunities in the market, and we built strong distinctive capabilities in order to capture them. We're executing a proven strategy that is disrupting Israeli financial services, and we have clear roadmaps for growth and value creation. We're shifting our business mix to higher multiple activities. Already our asset management platforms are growing quickly and generating significant value. We have a strong capital position to invest in growth, capture M&A opportunities, and distribute dividends. The market opportunity is based on long-term structural trends. This includes population growth, improved productivity, and wealth accumulation. This result is significant value creation in financial services, which is growing in value at 16% annually. This value is shifting from bank-stored asset managers and insurance companies, which together in Israel account for only 25% of the market cap, compared to almost 50% in the U.S. This is driven by changing client demand from deposits and real estate to more sophisticated investment solutions, like in the U.S. and U.K. Phoenix Financial is aiming to best serve this demand and capture the value opportunity. As you can see, Phoenix Financial has a track record of strong growth in core income across both insurance and asset management. Looking ahead at 2028, we're targeting ILS 3.3 billion-ILS 3.5 billion in group core income and over 25% of return on equity. Of this, roughly ILS 2 billion would come from insurance and up to ILS 1.5 billion will come from asset management. We aim to be a double-digit growth business with mid-single-digit capital return. Beyond these figures, we also see potential upside coming from investment performance above normalized levels of risk-free rates, plus 2.5%, which are well below the historic average of 4%. We also see upside from broader M&As and from technology, which we are currently implementing, including AI. We believe this could have a significant impact on the business, but they are difficult to forecast. We're committed to this guidance. We have clear roadmaps for achieving it. The role of group leadership is to lead the value creation, the risk management, and the people across the group. In the insurance, we're focusing on smart growth in high multiple activities like P&C, while continuing to optimize the business. In asset management, we're working to accelerate growth. The entire group is shifting to businesses with higher multiples, higher margins, and less capital needs. Our target for AUMs is ILS 700 billion-ILS 800 billion in 2028. We're already at ILS 600 billion, and our focus now is not only growth, but shifting to the more attractive high-margin segments. Our growth engines in asset management are very profitable, generating primarily fee-related earnings, growing EBITDA and cash flow. EBITDA continues to show strong growth within ILS 1.2 billion in the first nine months of the year. We're aiming for roughly ILS 2.5 billion in 2028. We can now deep dive into the businesses. Within asset management, we continue to grow the wealth investment and retirement activities. Phoenix Financial is market leader. We intend to continue and use our competitive advantages to grow with the market and capture market share. Our private brokerage platform is growing quickly with over 82,000 of clients. Q3 shows strong results with continued organic growth. We're targeting roughly ILS 700 million income in 2028, roughly twice the previous target of 2027. The brokers and advisors segments focuses on benefit administration, retirement planning, investments, and insurance agencies. The platform activity continues to grow at double digits, both organically and via acquisitions. During the quarter, we increased our holdings in this business from 78%-95%. We're focusing on accelerating value creation. Here, we're aiming for ILS 400 million-ILS 500 million income and ILS 800 million-ILS 900 million EBITDA in 2028. Phoenix Financial continues to grow our financing activity while focusing on profitability and risk management. The business is based on Phoenix Financial-Gama, which is a strong platform that provides credit card clearing and SME and consumer credit solutions. We're now targeting ILS 250 million-ILS 300 million in income in 2028. In the insurance business, we're growing P&C in line with our strategy to focus on high multiple capital light activities, targeting ILS 6.3 billion-ILS 6.7 billion in premium in 2028. We're working to expand competitive advantage mainly by investing in data and technology in sales, pricing, and claims. Across all our insurance businesses, we're optimizing business models and CSM, shifting to digital self-service and improving productivity. We have a very long runway of growth and are already investing in the next wave of growth. To reach our 2028 guidance, we're focusing on growth and execution. As we look past 2028, we're building advanced data and analytics capabilities. We're developing client focus skills and infrastructure, striving to deliver best-in-class global investments to Israel wealth and retail clients. Eli Schwartz will take it from here and review the financial results and segments in more detail. Please, Eli Schwartz Thank you, Eyal Ben Simon. In the third quarter, comprehensive income was ILS 803 million. When looking at the income by source, we see a strong performance of asset management generating ILS 400 million before tax, 43% increase year-over-year. Total comprehensive income for nine months was ILS 2.3 billion. We saw another solid performance of insurance generating almost ILS 2 billion before tax. Non-operating effects were positive and generated ILS 584 million before tax. This was driven by strong performance in capital markets, partially offset by interest rates. Looking at the breakdown of the third quarter income by segment, we see impressive income growth across all platforms. We see health leading with the insurance, wealth investment leading with asset management activities. In the nine-month period, we see the importance of the P&C as well as the brokers advisor. Both are strategic growing engines for the group. Here we can see the strong investment performance in other equity returns segment, generating over ILS 900 million pretax. The strong balance sheet and the debt structure provides financial strength to the group. We maintain low LTV in the Phoenix Financial as well as subsidiaries. This provides resilience in short-term and supports group strategy and ability to capture business opportunities going forward. Our solvency for June 2025 remains high at 182% with transitional measures. This strong solvency position is above long-term target of 150%-170%, allows us flexibility in strategic choices, investment allocation, and dividend. We will now review each segment in more detail. P&C continued to show strong results of ILS 713 million before tax in the first nine months of the year. Our investment in technology and machine learning already contributes to the bottom line. Do our claims management process and value chain activities such as spare part. They enable us to improve our underwriting and claims management and to improve profitability. In the health segment, we see the improvement of the underwriting profit to ILS 744 million before tax. This compares to ILS 673 million last year, a growth of over 10%. The life segment generated ILS 307 million before tax. Improvement in the underwriting profit was partially offset by non-operating effects, mainly interest rates. Other equity returns were impacted positively by capital market and strong investment performance. The wealth and investment segment contributed ILS 339 million pre-tax in the first nine months of the year. This segment includes activities of the Phoenix Financial Investment House, Phoenix Financial Capital Partners, and investment policies. We see a strong growth in mutual funds, ETF, including synergy from the Psagot acquisitions. Our brokerage business continues to grow to over 82,000 accounts. We also see a growth in income for wealth and alternative as we continue to grow the business. This also includes investment policies. The retirement business contributions was ILS 122 million pre-tax, with significant increase in the core income year-on-year. We are focusing on efficiency and improvement of profitability, and you can see the impact of the results. The brokers and advisors segment includes the Phoenix Financial Agencies and delivered ILS 312 million of income before tax and a strong growth year-over-year. The business shows strong organic growth as well as synergies for M&As. Aligned with our strategy, we completed transaction to increase our holding for 78%-95%. We continue to capture value in the fragment market. The financial segment generated strong income growth to ILS 133 million before tax. This will maintain the responsible credit portfolio with strong risk management. Roughly half of the income is a fee-related earning generated in the credit card clearing activities. We see ongoing contribution of merging Phoenix Financial Construction Finance business from the insurance company last year into the business. Our consumer credit activity is now scaling up and growing successfully. Thank you, Eli Schwartz. We will now review the questions that were discussed in the conference call in Hebrew earlier. In your updated guidance, you significantly increased your income forecast for asset management. How do you explain this update and what is behind it? We see accelerated market trends that we are seeing. Practically, the space and the demand for Phoenix Financial solution in that market are much bigger than we expected originally. Secondly, we see very strong performance in our platforms than what we expected originally, and we have increased our holdings in the broker and advisor businesses that also contribute to that new guidance. Generally, as we see, there is a strong demand to Phoenix Financial solutions in the asset management, and Phoenix Financial is much well-positioned to capture this value. Next question. You plan to reach ILS 3.3 billion-ILS 3.5 billion core income in 2028. How much will come from organic growth, and do you see room for M&As? Our model relates primarily to organic growth. There is a lot of room to grow also on M&A, as we have already demonstrated in previous years. Currently, the only acquisitions we assume in the plan are in the agencies, small acquisitions in the agencies. Definitely, there is a huge upside potential for M&As, especially in the wealth asset management elements of increase of demand in the market. This upside is not in the current plan, but as we demonstrated previously, we'll be in this market, and we'll be a strong player with the very strong liquidity that we have and the desire to be a stronger player even in that market. Next question for Eyal Ben Simon. You said at a conference this week that Phoenix Financial is leading competitive disruption in Israeli financial services. Can you elaborate? Yes, I've said in that conference that Phoenix Financial is a disruptor. Disruptor, it means that practically, when we first entered with our new strategy, it was back in 2020, to the market. We put guidance for Phoenix Financial, this guidance actually was about changing the way that the financial market in Israel is performing and executing. Five years later, we see that it was proved to be true, meaning that we're the disruptor to take the market to the place it currently stands. We're using global best practices and innovation across our businesses to show how disruption move the market toward more positive and strong performance. We create new products, new services. Like we implemented first BlackRock, which is a leading American platform into local Israeli investment policy. We took spare parts company or spare parts initiative to merge it or to integrate it into our own businesses and create value. Phoenix Financial, as a disruptor, is a market leader. Usually, when you are a market leader, you gain, or you capture much faster and much bigger market shares. Next question. You indicated that Phoenix Financial is highly liquid with excess capital. Do you intend to increase the dividend payout rate? Our commitment is at least a 50% dividend and buyback, with at least 40% of dividends. We increased the distribution frequency and are distributed every quarter. We intend to use the capital to invest in growth and M&As. Yes, we may make larger distributions in the future as well. It depends on the best way to deploy our capital. Next question. Markets are expecting continued decrease in interest rates. How would this affect Phoenix Financial? We have reduced volatility, IFRS 17 create a lower sensitivity to rates. Given the outlook, we maintain exposure to reduced rates through the long-duration government bonds. We publish a sensitivity showing that decline of 1% in interest rate will increase the income by ILS 370 million after tax. We continue to manage this closely in longer term, plan to reduce this exposure. Next question. What are the major trends you see in P&C looking forward into 2026? First, there is cyclicality in motor property, This accounts for only 1/3 of the profit in P&C, and even less. We plan to balance profitability with increasing market share, especially if there is a cyclical decline. For large players with strong underwriting, this is an opportunity. We plan to generate growth and profitability in every market conditions. In the other P&C businesses, including compulsory motor and other liabilities and property, we also see significant opportunities and are working to capture them. We believe that a market leader can capture, over time, more and more market share. We see that in other geographies. There is no reason why it won't be in Israel. As we said, it's actually aligned with our strategy to grow significantly, to create more profitability, and to account more and more market share in that domain. Next question. You indicated that you estimate international shareholders to hold 35%-40% of your shares, and that they are significant in trading volumes. What is the optimal mix between local and international investors? The answer to that question, we don't have an optimal mix. We have, on one hand, a very strong shareholder base in Israel, many investors who have been investors for a very long time, but also a growing interest from newer, smaller potential investors in Israel. At the same time, we have a growing investor base internationally. Some who invested two, three years ago, and some we're seeing more interest from investors in new regions and new profiles, both larger investors as our market cap and liquidity grow, and also broader geographies beyond New York and London, where many of our previous shareholders were located. We're seeing demand and interest for both in Israel and internationally. We appreciate the confidence, both the confidence in Phoenix Financial, but more importantly in Israeli financial services and the Israeli economy as a whole. We see this as appreciation of the potential that we're seeing in the market. We continue to work hard to communicate clearly and proactively, both in Israel and internationally, and focus on continuing to generate value. Next question. It seems that the market is valuing Phoenix Financial by price-to-earnings multiples rather than price-to-book. What multiple do you see representing your business? Price-to-earnings is the right way to value Phoenix Financial. More and more investors are looking at a sum-of-the-parts methodology. Most of our activities do not require capital to grow and are usually valued based on earnings or EBITDA. The capital-heavy businesses like life and health insurance represent a smaller part of our value, and in any case, these segments are also shifting toward more efficient products. This shift to price according to earnings businesses also means that the mix is shifting to high multiple, should be higher multiple, businesses, which over time is another source of potential value creation in addition to operational growth. Next question about Phoenix Financial Agencies. How do you plan to accelerate value creation in Phoenix Financial Agencies? As you could see, we're moving very fast on the Phoenix Financial Agencies. We appointed a new CEO, Oren Cohen, this summer. Oren brings a strong record and capabilities. He's already working closely with the chairman, Itzik Oz. We're building capabilities at the corporate level. We only have roughly 7% market share, which provides us a huge potential for growth and upside as being presented in the new strategic map. There is lots of room to grow in each of the brands, including Agam, Shekel, Or Mizrach, and Quality, and capture more value in the new financial solution market. We continue to look for acquisitions and synergies. When we look internationally at companies like Marsh or Aon, we have a lot to learn and a lot of value hidden that can be unlocked during this process of creating a much bigger and stronger platform of Phoenix Financial Agencies. Thank you. These were the questions. Investors are welcome to contact us directly at any time via email or at ir@phoenix.co.il. We'd be happy to answer questions or schedule a video conference or meet in person next time we're in the U.S. or in the U.K. We'd like to mention that you'll find the presentation and the other materials on our website, and a recording of this call will be uploaded tomorrow. We expect to be uploaded tomorrow. Thank you again for joining the call.