Ladies and gentlemen, thank you for standing by. Welcome to the Tel Aviv Stock Exchange Q1 2026 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 May 12, 2026. The recording will be publicly available on the TASE website. With us online 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 first quarter of 2026, in which full and precise information is presented and may contain, inter alia, forward-looking statements in accordance to Section 32A of the 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 substitute 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. The strong financial statements for Q1 2026 reveal record results across all TASE core business lines and operations, with revenues growing by a substantial 40% compared to Q1 2025. Adjusted EBITDA surged by 87%, and the adjusted EBITDA margin reached 63%, while TASE adjusted net profit was 112% higher than in Q1 2025. These results reflect the continued implementation of TASE strategic plan and the growth potential of Israel capital market, despite Israel having been fighting a multi-front war for a large part of the quarter. Yehuda Ben-Ezra, our CFO, will discuss the financial statements in detail later in this call. Elevated trading volatility was a prominent feature of Q1 2026. This was largely the result of the tensions between the United States and Iran, which, following several unsuccessful attempts at negotiations, led to war breaking out with Iran at the end of February. After 40 days of fighting, a ceasefire was declared. Even during this challenging period of Israel being engaged in a war simultaneously on several fronts, we have witnessed the stability and resilience of the Israeli society and the country's economy, with this being reflected in TASE record Q1 results that show significant growth in trading volumes compared to Q1 2025. In Q1, the TA-35 and TA-125 indices posted gains of 12.9% and 9.6% respectively, in contrast to the losses of 3.2% and 4.3% posted by the Dow Jones and S&P 500 indices respectively. At the end of the quarter, TASE equity market cap reached ILS 2.3 trillion compared to ILS 1.4 trillion at the end of Q1 2025. In the first quarter, trading volumes on the equities market soared to an all-time high of ILS 5.6 billion, a surge of 92% compared to ILS 2.9 billion in Q1 2025, and 61% higher than the ADV for the whole of 2025. The first quarter also saw a surge in the ADV of dual-listed equities that rose by 81% to ILS 1.17 billion from only ILS 648 million in 2025. Among the factors contributing to the sharp rise in trading volumes were the transition to a Monday through Friday trading week, heightened foreign investor activity, and the public making substantial cash inflows into the local indices. Additionally, during the first quarter, we also saw substantial growth of ILS 3.1 billion in purchases of local equity index ETFs, as well as ILS 1.8 billion in purchases of local bond index ETFs. While in contrast, foreign equity index ETFs recorded sales of ILS 5.3 billion. The value of the public's holding in foreign ETFs traded on TASE rose to ILS 19.6 billion, ILS 4.5 billion more than in Q1 2025. Eight new companies completed IPOs on TASE during the quarter, raising a total of ILS 1.9 billion compared to five IPOs in Q1 2025 that raised ILS 0.7 billion. We have received inquiries from dozens of other companies that are considering making IPOs on TASE, and we expect to see other companies completing this process in the near term. The Ministry of Finance raised ILS 46.6 billion on TASE during the first quarter, compared to ILS 49 billion in Q1 2025. The Ministry of Finance was also successful in raising $6 billion on the international market, an achievement that represent a further expression of confidence in the Israeli economy, even during this time of global and local security challenges. Corporate bond issuances totaled ILS 45 billion in the first quarter, 20% higher than in Q1 2025, and 33.2% higher than in Q4 2025. As you all know, at the beginning of January, we switched to a Monday through Friday trading week, a measure that has proven to be a clear success. Friday trading volumes have considerably exceeded those of Sundays, surging from an average Sunday volume in 2025 of ILS 1.6 billion to an average Friday volume of ILS 4.4 billion, a 175% boost. Moreover, foreign investor participation and market liquidity levels have both increased noticeably. We are continuing to progress with our strategic plan, whose goals include enhancing the liquidity and marketability of TASE companies. In this connection, I would like to note that eight companies have already joined TASE's Tailor-Made program. It can already be seen that the program is establishing its position as a significant tool for bolstering liquidity and expanding the base of foreign and local investors in the Israeli capital market. While foreign investors account for approximately 31% of the overall activity on TASE equities market, they represent about 37% of the trading volume in Tailor-Made equities. We believe that we will see more companies joining the program in the coming months. In the derivatives market, we added two new market makers to the futures market making program at the end of March. Three market makers are now operating within the framework of the program. This significantly strengthens the market making program, which contributes to liquidity in each of the contracts. The addition of these market makers took place at the same time as our launch of a new futures contract on our flagship TA-125 index and is a continuation of TASE strategic plan to develop and improve the local capital market and align it with the practices of the global futures market. I would like to point out that since the launch of futures in September 2024, we have seen a steady increase in the use of this tool by domestic and foreign capital market participants. The monthly trading volumes have jumped from approximately 7,500 units in December 2024 to approximately 65,000 units in March 2026. A significant increase testifying to a real market need for these hedging and exposure products. In addition, we are promoting a reform in the liquidity of the corporate bond indices, whereby one of the threshold terms for inclusion in the leading bond indices will be a liquidity criterion that the bond will be required to meet. The new reform builds on the success of the Equity Indices Liquidity Program and constitutes a crucial pillar in the development of the bond market on TASE. The transition to Monday through Friday trading week has boosted foreign investor activity, and the liquidity reform is expected to further deepen the participation of both foreign and local investors in the Israeli bond market. The program will go into effect on July 30, 2026. In conclusion, the first quarter's strong financial statements reflect the resilience of the Israeli capital market and TASE stability that stand on the solid foundation of the Israeli economy, even during this challenging period. We continue to work to develop the local capital market and to achieve the goals of our strategic plan, while constantly perfecting and diversifying safe products and processes. Now I'd like to hand over to Mr. Yehuda Ben-Ezra, who will continue with a review of the first quarter's results. Thank you, Ittai. As Ittai has already mentioned, these outstanding first quarter financial results are the ultimate testament to the highly successful first quarter of 2026, with the company delivering record revenues across all lines of businesses. Once again, throughout the first quarter, TASE has demonstrated remarkable resilience, even as Israel faced an extended multi-front conflict. I will continue with slide six, which shows some of the key highlights from our results for the first quarter of 2026. Our revenues reached a new high of ILS 183.3 million, increasing by a record 40% compared to the same quarter last year. Adjusted EBITDA improved significantly by 87% to a record ILS 115.6 million, while the adjusted EBITDA margin also improved from 47.2% - 63.1%. Our net profit displayed substantial growth of 116% and increased to a new record of ILS 77.4 million. Our basic EPS reached a new high of ILS 0.836, increasing by a record 114% compared to the same quarter last year. Let's move on to slide seven, which shows some of the key highlights from our results for the first quarter. Revenue amounted to ILS 183.3 million compared to ILS 131 million in the same quarter last year, an increase of 40%. This is our highest quarter revenue since TASE IPO and goes as evident across all operations. Expenses totaled ILS 84 million compared to ILS 84.8 million in the same quarter last year, a decrease of 1%. Adjusted EBITDA totaled ILS 115.6 million compared to ILS 61.8 million in the same quarter last year, an increase of 87%. The increase is due mainly to the higher revenues and lower costs. Net profit amounted to ILS 77.4 million compared to ILS 35.8 million in the same quarter last year, an increase of 116%. The increase is due mainly to the increase in revenue from services, which was partially offset by the increase in tax expenses. Moving on to slide nine, we can take a deeper look into our first quarter revenues. Revenues for trading and clearing commissions, despite there being two less trading days in the quarter this year, revenue increased by 44% compared to the same quarter last year and totaled ILS 71.1 million. The increase is mainly due to higher trading volumes in shared bonds and in the volume of creation and the reduction of mutual fund units. Revenues from listing fees and annual levies increased by 7% compared to the same quarter last year and totaled ILS 27.5 million. The increase is due mainly to revenues from annual levies as a result of the increase in the number of companies and funds. In addition, revenues from listing fees and examination fees were also higher due to the increase in the volume of funds raised. Revenues from clearing house services increased by 69% compared to the same quarter last year and totaled ILS 53.9 million. The increase is mainly due to higher revenues from services to members as a result of higher volumes of activity and due to the increase in revenues from custodian fees as a result of the increase in the value of the assets that here are held in the custodianship and to an increase in the average commission rate. Revenues from data distribution connectivity services increased by 23% compared to the same quarter last year and totaled ILS 30.1 million. The increase is mainly due higher revenues from authorization to use the TASE indices and the data distribution for businesses and private customers in Israel. I will continue with slide 12, which shows our first quarter expenses. Compensation expenses decreased by 1% compared to the same quarter last year and totaled ILS 44.3 million. The decrease is mainly due to utilization of vacation days. Computer and communication expenses decreased by 7% and totaled ILS 11.7 million. The decrease results mainly from a reduction in the maintenance cost of new computer system and license and from a decrease in the manpower and projects. Marketing expenses decreased by 34% compared to the same quarter last year and totaled ILS 1.2 million. The decrease results mainly from a reduction in the marketing expenses this quarter compared to the same quarter last year. Depreciation and amortization expenses increased by 8% compared to the same quarter last year and totaled ILS 15.7 million. The increase is due mainly to a new project to an increase in software and license, net financing income total ILS 2 million compared to financing income of ILS 0.9 million in the same quarter last year. The increase is due mainly to an increase in the balance of deposits and to a reduction in the interest expenses on a loan. Let's now go to slide 13, where we can review our financial position at the end of first quarter of 2026. Our equity total ILS 585 million. Our adjusted equity, which includes deferred income from listing fees, but excludes other derivatives position balances, represents 76% of the adjusted balance sheet. We held ILS 408 million in cash and investment in financial assets. The balance of the bank loan totals ILS 79.6 million. The surplus equity to other regulatory requirements total ILS 484 million compared to ILS 550 million at the end of 2025. The surplus liquidity of the regulatory requirements total ILS 238 million compared to ILS 310 million at the end of 2025. The decrease in surplus equity and liquidity is mainly due to the ILS 144.8 million dividend paid in the current quarter. Lastly, let's look at slide 14, where we can review our first quarter cash flow highlights. Cash flows from investing activities resulted in negative cash flow of ILS 27.7 million compared to negative cash flow of ILS 20 million in the same quarter last year. The increase is due mainly to an increase in investment in property and equipment. Cash flows from financing activities resulted in negative cash flow of ILS 158 million compared to negative cash flow of ILS 232.7 million in the same quarter last year. The change is due mainly to the buyback of company shares in the amount of ILS 202.6 million in the first quarter of last year. TASE free cash flow increased by ILS 434.4 million compared to the same quarter last year, and totals ILS 70.1 million. The increase was mainly due to an increase in the EBITDA. In conclusion, TASE performance in the first quarter of 2026 demonstrates its solid foundation, as well as the fundamental resilience and growth potential of the Israeli economy. With that, I will return the call to our moderator to conduct the Q&A. The first question is from Dan Fannon of Jefferies. Please go ahead. Good evening, gentlemen. This is actually Rick Roy on for Dan today. How are you guys doing today? Good. Hi, Rick. Good to hear you. Yeah, good to hear from you guys as well. I want to first dig into the momentum and operating leverage you guys are seeing in the clearinghouse services segment. If you could please maybe expand on the sustainability of these asset levels, you know, how much the forward outlook is predicated on beta versus the pipeline of new members and new services. Relatedly, were there any pricing changes to call out in the quarter? Okay. I will start with the last question. There were no changes into the pricing. What we see in our clearing and settlement is a few positive factors that combine all together. We've been seeing clearly substantial increase in trading volumes, which of course, brings also more activity within the clearing and the settlement between the members. On top of it, we've been seeing a growth in the mutual fund and ETF domain. The AUM has been growing, so by definition, in terms of the custodian fee that we charge, once the AUM is higher, then our revenues are high as well. As we did in the past few years, a reform in all of the OTC clearing and settlement, basically, now we work in a model that is more in line with the global clearing houses. All of these factors basically contributes to the positive revenue growth that we see. We expect, as long as the trading volume will continue to grow together with the AUM, to see it with correlation with the clearing activity and revenue. [inaudible]. Thank you. Maybe if I could also add, do you have any changes in your outlook for the expenses as you think about the rest of 2026? I guess that, you know, we will not end 2026 at the same level of expenses as we had in the first quarter. You know, we have the about the employees, and year by year cyber and all of those elements. I guess that, you know, throughout the year, we'll have a modest increase in our expenses, but, you know, no surprises. I guess, maybe digging into that, one more level, so outside of maybe the, you know, the new compensation agreements, ongoing, as well as, you know, some of the stuff you guys are doing with, in terms of credit facilities, et cetera, do you see, I guess, a sustained depression of expenses due to the conflict and ceasefire, et cetera, ongoing, in the region? You mean, can you clarify the question? I'm not sure that I fully understood you. I guess, just to expand on what you said, outside of, you know, the compensation plans discussed in the earnings, anything else going on in the macro that might be leaving expense levels lower than normal? No. No, we don't see any impact on that. It's, you know, the IT investments that we make and, you know, the regular compensation issues. We don't see any negative impact because of, you know, macro situation on our expenses. Understood. Well, that'll be it for me today. Great. Thank you very much. Thank you. This concludes the Tel Aviv Stock Exchange Q1 2026 results conference call. Thank you for your participation. You may go ahead and disconnect.