Ladies and gentlemen, thank you for standing by. Welcome to the Tel Aviv Stock Exchange Q2 2025 Results Conference Call. All participants are present in listen-only mode. Following management's formal presentation, instructions will be given for the question and answer session. For operator assistance during the conference, please press star zero. As a reminder, this conference is being recorded August 5th, 2025. The recording will be publicly available on TASE 's website. With us on the line today are Mr. Ittai Ben-Zeev, CEO, and Mr. Yehuda Ben Ezra, CFO. Before I turn the call over to Mr. Ittai Ben-Zeev, I would like to remind everyone that this conference is not a substitute for reviewing the company's annual financial statements, quarterly financial statements, and interim report for the second quarter of 2025, in which full and precise information is presented and may contain, inter alia, forward-looking statements in accordance with Section 32A to Securities Law 1968. In addition to IFRS reporting, we might mention certain financial measures that do not conform to generally accepted accounting principles. Such non-GAAP measures are not intended in any manner to serve as substitutes for our financial results. However, we believe that they provide additional insight for better understanding of our business performance. Reconciliations between these non-GAAP measures and the most comparable related GAAP measures are included in tables that can be found in our earnings press release and in the slide presentation accompanying this call. Both can be accessed on the English MAYA site and in the investor relations portion of our website at ir.tase.co.il/en. Mr. Ben-Zeev, would you like to begin? Good evening, Israel Time everyone, and thank you for joining us today. I'm happy to host you in our earnings call. I'm pleased to share with you that Q2 was another record quarter for TASE across all of our business lines and core activities. Our revenues saw a significant increase of 29% from the same quarter last year, and our adjusted EBITDA increased 56%, bringing our adjusted EBITDA margin to 52.6%. Our adjusted net profit soared by 73% compared to the same quarter last year. The results reflect the continued implementation of TASE 's strategic plan and the ongoing growth potential of the Israeli capital market. Yehuda Ben Ezra, our CFO, will discuss the financial statements in detail later in this call. During H1 2025, Israel continued to display social and economic resilience through the ongoing October 7 war and became even stronger during the recent 12-day war with Iran. Throughout this challenging period for the country, TASE has continued to operate and run our markets as usual. The cumulative return of our equity market of 8% throughout this period is truly impressive. The leading indices produced record-breaking returns in H1 2025, with the TA35 and TA90 indices topping the global return table with gains of 23.5% and 25.5% respectively, compared to gains of 4.5% and 6.2% in the Dow Jones and S&P 500 indices respectively. This positive and exceptional trend was also evident in the sectoral indices, with the financial sector indices leading the charge. The TA-BANKS-5 Index rose by 45%, and the TA-Insurance Index climbed 77%. This strong performance continues the positive trend we witnessed in H2 2024. At the end of Q2 2025, TASE 's equity market cap reached NIS 1.7 trillion, 21% higher than the market cap at year-end 2024. Equity average daily trading volumes hit a new all-time high with a 40% jump and totaled NIS 3 billion at the end of H1 2025, compared to NIS 2.1 billion in H2 2024. This major increase was driven by significant net inflows of funds from foreign investors of NIS 9.5 billion, and an increase in activity by domestic institutional and retail investors in our equity market. The foreign net inflows were more than double the amount of net inflows from foreign investors in the same period of 2024, of about NIS 3.9 billion. We continue seeing the Israeli retail segment showing increased interest in the local capital market, and following on from the strong growth in 2024, there was a further increase in the opening of new trading accounts in H1 2025. The growth in the number of new accounts led to the retail segment injecting NIS 8.4 billion into the equity market during H1 2025, more than twice as much as in H2 2024, when the inflow of funds amounted to NIS 3.5 billion. The retail segment's participation in the Israeli capital market is still relatively low compared to the part it plays in most other leading countries' capital markets. We continue to identify this segment as having a significant growth potential, the realization of which will make a major contribution to the future growth of the Israeli capital market. There was a resurgence in the IPO market in H1 2025, with nine new companies completing an IPO that together raised over NIS 1.5 billion. This was almost twice the number of companies that completed an IPO in the whole of 2024. The IPOs continued in July, and we believe that we will see more new companies making issuances on the TASE in the coming months. In the corporate bond market, corporate issuance totals NIS 74 billion, compared to NIS 57 billion raised in H2 2024. Government issuance in the first half totals NIS 85.7 billion, compared with NIS 90.4 billion in H2 2024. We continue to implement our strategic plan, which includes, among other things, enhancing the liquidity of the companies listed on the TASE. On the last earnings call, we announced that Bank Ha poalim has joined our tailor-made market-making program. Since then, two leading market makers have been selected for Bank H apoalim's program, which began operating on June 10th. We are already working with additional companies that are expected to join the tailor-made market-making program in the near future. In addition, I'm pleased to report that on August 10th, we will commence the new order type, trading at last, in which orders are to be executed at the closing price. In line with leading global exchanges, this will allow trades to take place at the securities closing price for several minutes after the closing auction phase. I'm pleased to share that earlier today, the Minister of Finance approved the regulation for moving to a mandate to Friday trading week, which will officially take effect on January 5th, 2026. Also, we launched at the end of July, as part of our preparation toward transitioning to Monday to Friday trading, a better version of the AI-powered English translation service that translates company reports into English. Initially, the reports of companies included in the TA-125 index will be translated, which will enable global investors to receive company information in English at the same time as their Israeli counterparts. Finally, I would like to inform you that in June, the TASE Board of Directors authorized us to examine strategic measures with regard to our index business, including a partial or full sale or a strategic partnership with a leading international index operator or other global financial institution. The index's AUM at the end of Q2 2025 amounted to NIS 121 billion, and revenues in H1 2025 amounted to NIS 14.4 million. We have chosen the leading investment bank, Jefferies, to accompany us through the examination process and to assist us in identifying international entities suitable for such a transaction. In conclusion, our financial and operating performance in Q2 2025 points to the resilience of the TASE, which rests on the strong foundation of the Israeli economy, even during this challenging period. We continue to develop and enhance the local capital market and remain focused on achieving the goals outlined in our strategic plan. Now, I'd like to hand over to Mr. Yehuda Ben Ezra, who will continue with a review of the second quarter results. Thank you, Ittai. TASE sponsored our results for Q2 2025 and first half of 2025. These record results once again enroll our business lines and core activities. These results underscore the solid foundation of the Israeli economy and reflect the continued confidence of both local and global investors in Israel's economy and capital market. Some of the main financial metrics are shown in slide 4. Our revenues displayed a substantial growth of 29% for the quarter and hit a new record totaling NIS 136.1 million. Our adjusted EBITDA at NIS 71.6 million also set a new record, bringing our adjusted EBITDA margin to a record 52.6%. Our adjusted net profit increased to a new record of NIS 44.4 million, a 73% record increase over the same quarter last year. I will continue with slide 11, which shows some of the key highlights from our results for the first half of 2025. Our total revenues amounted to NIS 267.1 million, a 25% increase compared to the same period last year. Our adjusted EBITDA totaled NIS 133.5 million, representing a 41% increase over the same period last year. Our adjusted EBITDA margin significantly improved to 50% compared to 44.2% in the same period last year. Our adjusted net profit totaled NIS 81.3 million, compared to NIS 53.5 million in the same period last year, a significant 52% increase. I will continue with slide 6, which shows some of the key highlights from our results for the second quarter. Revenue totaled NIS 136.1 million, compared to NIS 105.1 million in the same quarter last year, an increase of 29%, with growth evident across all activities. Our revenues from the non-transactional services were up 1% to reach 64% of total revenues. Expenses totaled NIS 80.7 million, compared to NIS 74.8 million in the same quarter last year, an increase of 8%. The increase in expenses due mainly to higher computer and communication expenses and depreciation and amortization expenses. Adjusted EBITDA totaled NIS 71.6 million, compared to NIS 45.8 million in the same quarter last year, an increase of 56%. The increases due mainly to the higher revenues. Net profit amounted to NIS 43.6 million, compared to NIS 24.3 million in the same quarter last year, an increase of 80%. The increases due mainly to an increase in revenue from services, net of the increase in cost and tax expenses. Our basic EPS reached a new high of NIS 0.478, increasing by a record 82% compared to the same quarter last year. I will continue with slide 7. We can take a deeper look into our revenues in Q2 2025. Revenue from trading and clearing commissions increased by 26% compared to the same quarter last year and totaled NIS 49.1 million. The increases due mainly to higher trading volumes, mainly in equities, derivatives, and mutual fund units. The increase was partially offset by a reduction in the effective commission rate, mainly on equities and mutual fund units. Revenues from listing fees and annual levies increased by 16% compared to the same quarter last year and totaled NIS 25.1 million. The increases due mainly to revenue from annual levies as a result of the increase in the number of companies and funds paying an annual levy. In addition, revenues from listing fees were also higher due to the increase in the volume raised. Revenue from clearing services increased by 62% compared to the same quarter last year and totaled NIS 35.2 million. The increase is mainly due to higher revenues from clearing services to members, especially following the completion of regulation measures in relation to the OTC transaction. Other factors resulting in the increase were the higher custodian fees as a result of the increase in the value of the assets that are held in custodianship and the updating of the custodian fees price list. Revenue from data distribution and connectivity services increased by 19% compared to the same quarter last year and totaled NIS 26.3 million. The increases are due to an increase in revenue from our authorization to use the TASE indices and from higher data distribution revenues from business and private customers in Israel and abroad. I will continue with slide 10, which shows some of our Q2 2025 expenses. Employee benefit expenses increased by 2% compared to the same quarter last year, totaling NIS 40.1 million. The increase is mainly due to higher salaries and an increase in variable compensation, which has reached the maximum level set in the collective agreement. Computer and communication expenses increased by 19% and totaled NIS 12.5 million. The increase results mainly from an increase in the maintenance cost of new computer systems and licenses. Marketing expenses increased by 25% compared to the same quarter last year and totaled NIS 0.8 million. Most of the increase is mainly due to the timing of campaigns. Other operating expenses increased by 56% and totaled NIS 1.6 million. Most of the increase is due to higher clearing expenses and expenses with respect to a market-making program. Depreciation and amortization expenses increased by 8% compared to the same quarter last year and totaled NIS 15.2 million. The increases are due mainly to new projects and new investments in software and licenses. Net financing income totaled NIS 1.2 million, compared to financing income of NIS 2 million in the same quarter last year. The decrease is due mainly to a decrease in the balance of deposits and the volatility of the shekel-US dollar exchange rate, and was partially offset by gains from marketable securities. Let's go now to slide 16, where we can review our financial position at the end of Q2 2025. Our equity totaled NIS 584.4 million. Our adjusted equity includes deferred income from listing fees and represented 74% of the adjusted balance sheet, excluding operating derivatives or position balances. We held NIS 377.1 million in cash and investment financial assets. The balance of bank loans totaled NIS 112.3 million. The surplus equity of regulatory requirements totaled NIS 449 million, compared to NIS 627 million at the end of 2024. The surplus liquidity of regulatory requirements totaled NIS 157 million, compared to NIS 172 million at the end of 2024. The decrease in surplus equity and liquidity is mainly due to the NIS 202.4 million used for the buyback of the company's shares in the first quarter. I will continue with slide 17, where we can review our Q2 cash flow highlights. Cash flow from investing activities resulted in a negative cash flow of NIS 11.9 million, compared to a negative cash flow of NIS 9.5 million in the same quarter last year. The increase is due mainly to an increase in investment in property and equipment. Cash flow from financing activities resulted in a negative cash flow of NIS 13.1 million, compared to a negative cash flow of NIS 14.8 million in the same quarter last year. This change is due to the repayment of a bank loan in an amount of NIS 1.7 million. Debt-free cash flows increased by NIS 42 million, compared to the same quarter last year and totaled NIS 50.3 million. The increase was due mainly to the increase in the EBITDA. I will return the call to our moderator to conduct the Q&A. Thank you. Ladies and gentlemen, at this time, we will begin the question and answer session. If you have a question, please press star one. If you wish to cancel your question, please press star two. If you are using speaker equipment, kindly lift a handset before pressing the numbers. Your questions will be polled in the order they are received. Please stand by while we poll for your questions. The first question is from Dan Fannon of Jefferies. Please go ahead. Hi, thanks. Good evening, gentlemen. To start, the index announcement in terms of exploring potential options, just for some background and context, why now? Obviously, this is a business that's been growing, has potential to grow, but curious as to the partnership and the things you mentioned in terms of exploring the timing and, as I said, kind of why now. Hi Dan. With respect to the timing, clearly the index has been growing, and as you mentioned, we see a huge potential ahead of us. We also see that with respect to global participation, there are plenty of people that want to invest in our indices, but you know, being a company from Israel, we don't have a global distribution platform. I'm very positive that if we can come up with a structure in which, let's say that every investor in the U.S. using his mobile for trading can buy, you know, TA-125 index, we can get massive inflows into our market. We have been seeing, especially throughout the past year, year and a half, that because of the strong economic data of the state of Israel and the fact that we started late with respect to the AUM that we have in our indices and the resilience of the people, etc., there are more and more people that want to get exposure, that want to invest in TASE equities. I would say that we know that there are global players that have in their systems a proper distribution channel that by definition we can get a much broader distribution. On top of it, I think we did many positive things in building our business, and we continue to do so. Scaling up, we know that there are certain ways in which you should continue to scale up the business. For example, is a BMR regulation, a regulation that is specific to a running index. Once you comply with the BMR, you can also get more institutions investing in your indices. I think as part of growing the business, by the way, not only in the index, but also in the index, this mechanism and exercise by definition will give us a very positive look at what are the best alternatives for us to continue to grow the business. As I pointed out, we may come up with a transaction, we may do a strategic collaboration, and maybe also eventually after doing the whole process, we can decide not to do anything and to continue with what we do internally. We are very open-minded about the process and about the outcome that will be eventually. It's a bunch of reasons why we think now it's a good timing for us to do so. Great. That makes sense. Thank you. I just wanted to get your thoughts around the potential or the pending changes around the days of trading from going to Monday to Friday and what you think that may have as an impact on volumes to start as the transition occurs. Obviously, you're hoping to get more institutional or foreign flows as a result, but I guess do you anticipate any kind of step changes or changes in the kind of near term that might be negative or positive as that happens? Yeah, so actually from today, it's not pending. It's formal that we will move to the Monday to Friday, and it will start on January 5th, 2026. I think that, you know, as part of everything that is going and the continued interest, I believe that next year, once we will be Monday to Friday, we'll have a better chance of entering the MSCI Europe Index. If that happens, you know, clearly that's a big potential for our market, both of the passive inflows that will come into our market and also the active funds that by definition will have exposure because there will be the passive inflow. By the way, this is also some linkage to the examination that we are doing with respect to our index, because if that happens, clearly the valuation that we'll have on our index will have a positive impact. I think that, and hopefully also, you know, in terms of the, I would say, the outlook of the state of Israel, things will be more positive, so to speak. It will also give us a positive trend in applying and hopefully being part of MSCI Europe. We can't really identify now what will be the impact. Overall, Sunday, you know, has been, you know, good trading days for us. We know that by speaking from global investors, all of them, 100% of them were in favor of doing the change to Friday. I think that even if it's not in the short term, I believe that in the medium-long term, it will have a positive impact on the international flows that will come into our market. Understood. I just wanted to follow up on your comments around capital markets activity and if you could talk to the backlog of new listings and the overall kind of outlook as you think about the second half of this year from a new issuance perspective. Yeah, I would say that right now, looking at H2, we remain confident about the fact that we have a strong pipeline. I think that one of the things that we changed a few years ago was the fact that basically companies in Israel understand the value of becoming public. In the past two years, there was a normal slowdown because of the inflation, the interest rate, and what happened at the beginning of the war. Now we are seeing more and more companies getting ready to do an IPO. I guess that if nothing strange will happen, we will continue to see more and more good companies doing IPO in the market. Got it. Also, just thinking about the second half from an expense perspective, you know, where your budgets are running, I think from a compensation perspective, I think you've kind of hit the accruals for the year, but maybe talk broadly about the other line items and how you're thinking about the trajectory for the second half. Yes, as you mentioned, we've hit the cap on the variable compensation of the employees. Moving forward, we don't see any changes or any surprises, so to speak. I would say that overall, all good from our side moving forward. Got it. I guess just lastly, in terms of capital and excess cash and all the things that you have, that is a nice problem, or not problem, but a nice position to be in. Have you started to think about M&A or other things in terms of uses of that cash in this environment? Obviously, you have a lot of organic growth, and I think that's the primary focus, but other things in the utilization of that cash, if you could talk to that today, that would be helpful. We did the buyback in January, but as time passes by, we are making more and more cash. We don't actually need to do M&A. As you mentioned, we have a very strong organic growth ahead of us, and we have actually everything that we need in our supply chain. We don't see any M&A. Currently, we don't have any plans of what to do in terms of the capital. As you mentioned, it's a good problem to have. Indeed. All right. Thanks for taking all my questions. Thank you very much, Dan. Take care.