All right. Great. Well, thanks everyone for joining us today, both in person and online. My name is Cris Kennedy. I'm a research analyst at William Blair, covering the fintech and payment space. For a complete list of research disclosures and/or potential conflicts of interest, please visit our website at williamblair.com. Next up, we have Nayax from the company. We have the CFO, Sagit Manor, and the Chief Strategy Officer, Aaron Greenberg. Nayax was founded in 2005. They came public in Israel in 2021. They were listed in the U.S. in 2022. The company's a leading provider of software and payment solutions that's primarily focused on the unattended retail market. We've been tracking this company since 2018. Internal execution has been strong. It's been fun to watch the company evolve. With that, let me pass it over to the team. Hi, everyone. Can you hear me well? I hope you do. I'm Sagit Manor, Nayax's CFO, and with me, Aaron Greenberg, our Chief Strategy Officer. Later on, if you have any questions, we'll be happy to answer. Nayax, who we are. We are the only global company in the unattended space. What do I mean by unattended? It's when you stand in front of a machine. It's a vending machine, massage chair, kiddie ride, laundromat, car wash, EV chargers, parking, and many more. We are actually in more than 44 different verticals, and you can see some of the pictures on this slide. This is just a view for 2025. I'll share a few points from Q1 2026 as well. You can see that we are almost in every country possible. We're selling our product more than 120 countries. We have today 120,000 customers. We have one and a half million devices out there, and we'll talk about the market opportunity later on. We reached $400+ million of revenue in 2025. I'll share in a second a few more items about the beautiful 30%-ish growth year-over-year that we're able to show in the last five years since we went to the IPO and become public both in Tel Aviv and on Nasdaq. We are very proud of our margins, 48%. We finished Q1 with almost 49% margins. We'll talk a little bit later on about the business model and how we reached the hardware as well as the recurring revenue. In 2025, more than $6 billion of transactions went through our devices. You can understand the volume and the number of transactions that we need to deal with. You still, when you go to a vending machine, you want to get the Coke that you're trying to buy or the snack in a nanosecond. We have a very high net retention rate of 120% with a very low churn rate of less than 3%. The stickiness with the customers is very high. A little bit maybe more about the revenue. You can see the significant growth that we were able to achieve year-over-year. As I said, around 30% year-over-year growth. Both we have the hardware that we sell on a one-time basis, but it's the lock-in, the enabler for the recurring revenue, which you can see it's around 75% of our revenue coming again from 120,000 customers. We bring almost 5,000 customers a quarter, creating 1.5 million devices that creating that recurring machine, if you will. Very predictable and now profitable business that we are very proud of. If I look at the jumping to the adjusted EBITDA, as Cris mentioned, or will mention, from a loss that we were or adjusted EBITDA negative in a few years, we were able to turn around and not just to talk about growth, talk about profitable growth, and today we are also profitable on a net income basis. We finished the year, last year, 2025, was 15% adjusted EBITDA. We are aiming the guidance for this year is around 17%, and we have a very high aspiration to get to 2028 and to be a billion-dollar revenue company with 50% margin and 30% adjusted EBITDA, and we will talk later about the way to get there. A little bit of who our customers are. Most of our customers, and you can see that on the left side, are small businesses. When I say small, I mean they have one to 15 devices, so very small. Usually, it's their passive income, so they work during the day somewhere, and then this is kind of their pension retirement plan. The reason why they come to us, because we provide them the end-to-end solution. They come to Nayax, and they get everything they need, the hardware, the management suite and telemetry, and of course, the payment processing. We take a portion of those revenue stream, and that becomes our revenue. On the right side, you can see the global reach. We are, as I said, the only global company in this space. Around 40% in the U.S. of our revenue, around 30% if you take Europe and we call it Europe plus U.K. Recent acquisition that we have done couple of years ago in Brazil is now around 7% of our revenue. We have around 10% in, or here it's 8%, in Q1 it was 10%, Australia and New Zealand. Rest of the world. Really, again, selling our product in more than 120 countries. We accept more than 80 payment methods. Our product speaks more than 50 languages, so really relevant to the different 44 verticals we are providing. Thank you. Maybe if we talk about the actual opportunity now. With regards to the total addressable market, we think that there's still a lot of white space with regards to this industry. It's one of the few remaining payments industries that is still operating either on a cash environment in many parts of the world, given the micro-ticket transactions, or does not have an actual cashless reader on the machines. From what we've seen, about 45 million-plus machines are out there right now today, of which we only see, call it 10, 12 million machines that are actually penetrated today with connected devices, meaning that there's significant growth opportunity still in this segment. We show on the left-hand side the cashless growth opportunity over the next several years. This only captures one part of the actual value chain, which I want to talk about a little bit more. We are one of the few players, if not the only player, that is truly vertically integrated in this segment across the sphere, meaning we have our own hardware, it's our own IP, it's our own server infrastructure, our own payment gateway, our own software. Everything is end-to-end being managed by Nayax. What does that mean? Why is it important? Because we are able to be that single source to the customer, that single partner to the customer, which is so important right now, especially in the AI age, where the customers want to have fewer and fewer partners to deal with. The person who can provide the full value chain is generally coming in as an advantage, even if they end up being a little bit more expensive. What are some of the barriers to entry? There's a lot of barriers to entry in this industry. First and foremost, we're a hardware-enabled company, so while almost 75% of our revenues is recurring revenue, we do have a hardware aspect to our business. Each of these machines are connected. We've connected with over 3,000 different types of machines around the world over the last 20 years. This is not something that happens overnight. This is something that we have to go with each individual OEM manufacturer, each individual customer, and make sure that the communication protocol is happening in the correct way. Once you put a credit card reader, one of these IoT devices, on one of these machines, you have to assume that it can sit there for 7-10 years and not break. If it breaks, you lose revenue. Unlike in a retail storefront where if the credit card reader breaks, you go and flip it out for another one and you mail it back or whatever. You could be without any revenues for days or weeks. Reliability and uptime are incredibly important. We also, unlike most fintechs out there, we have really embraced the compliance regulatory aspect of the business of being a payment institution. What does that mean? We've spent a lot of time, a lot of money, and a lot of effort building the compliance infrastructure across the world, having Electronic Money Institution licenses in places like Europe, U.K., and other jurisdictions. What does this do? It allows us to control the money flow at the end of the day. Again, it goes back to being fully vertical as a segment, because if we can manage and onboard the customer and provide all the services to the customer, it allows us to be much more efficient, which is a win-win to the customer at the end of the day. It allows us to be cheaper with the customer, but also allows us to provide higher quality to the customer. With respect to how are we selling in general, the payments is first and foremost. What are we trying to do? We want to make it really easy for the operator to accept any type of payment method imaginable. We don't want them to think about, oh, can I accept PayPal or can I accept Klarna or UnionPay or Venmo or whatever the case is. Can I take Discover? These are questions we've already dealt with over the years, and have spent the time to actually get these integrations done so that the only thing they need to think about is do I want to accept cashless payments, yes or no? After that, though, we provide a whole suite of additional services on top to the operator to allow them to better operate their business. Just to give a little bit of perspective, we have found that in some of these segments, we can decrease their operational costs by up to 20% while increasing their revenues by 25%. Why is that? Like I said, each of these credit card readers are an IoT device, meaning that in the vending industry, for example, we can help them with route management, with supply chain management, give them instant insights if the machine is going offline. If a kid goes and pulls out the plug in the back of an ice cream machine, that they get instant notification that it went offline. Otherwise, after a few hours, you lose hundreds of dollars of inventory, right? These are things that might sound really simple, but it's really helped operators over the years. We have another case, a company in the U.S. that we've worked with now for many years, where prior to them working with us, it took an average of five to six days for them to even know that the machine was broken before it got fixed. That's because when a machine breaks. You have two ways to know otherwise. You either show up and see that it's broken, or you hope that someone goes and calls customer support, which never happens, to go and say that this machine is offline. Right? When it was cash. Exactly. When it was cash only. Exactly. Once it's become an IoT device, now they get this more actionable insight. They can know in real time, they can get it fixed much sooner. Okay. With regards to the foundation of Nayax, we are an automated self-service company at the core, meaning that most of our business operations is payments for the unattended industry, whether it's vending or EV charging or fueling or parking. However, we're providing ecosystems essentially. Best way to think about it is think if you're at a gas station. You have a lot of different ways to do unattended payment. It could be a car wash, it can be the fuel pump, it can be the EV charging station, it can be a vending machine outside. It can be the air vac, or it could be inside the convenience store. These are all points of sale, that we're one of the only people that can say, "You know what? We can supply you all of that." One reconciliation, one pay in, one payout, instead of having to manage multiple contracts. Larger enterprise customers might have a lot of back office resources, but these small, medium-sized businesses don't. If I have a gas station chain of 10, 20 gas stations, the operating cost of going and managing all the payouts and everything, and making sure these all reconcile, and making sure everything's managed properly, it's a nightmare. It costs a lot of money. This is what we're trying to solve basically for our customer. With regards to the value chain, we provide a suite of different products for our customers. Like Sagit mentioned, we're in 44+ different unattended verticals. We also have a suite of hardware products to meet all of these vertical needs, both for larger machines and for smaller machines, and depending on the region. We have on the bottom, we have the embedded UNO-Mini, which is more meant for low power, and lower cost units. Think like a slow AC charger, EV charger, or a power bank machine, for example, where a sub $100 cost reader is important to be able to meet the requirements of the OEM to make sure that their bond is cheap enough that they can sell to their customers. You have the VPOS series above, which is more like a $300-$400 average cost device. This is a full suite of full payment services, contactless, EMV chip, et cetera. Also being able to support loyalty and advertising and being able to support PIN-on-Glass, which is the new device there as well for some markets like the European market, where PIN-on-Glass is a requirement in a lot of cases. EV charging is a really interesting one, and it's one that often comes up in conversations with us. This is a segment that we got involved with close to 10 years ago, at the very beginning. We took a stance that EV charging was going to become important at some point in the future. We decided to do integrations with public fast charging OEMs very early on. With big partnerships such as Electrify America and EVgo that have been customers of ours for many years, and many others around the U.S. and the rest of the world. What is our strategy here? It goes back to all the other segments that we're looking at. How can we further verticalize in each of these segments so that we can provide a suite of end-to-end services for the customer? Not every customer is going to want the full suite of services. Some of them might only want the payment, some of them might want the payment and management, some of them might want financing solutions. What we want is to be able to give them that offering and allow the customer to choose exactly what services they want, as long as they're doing payments with us, which is again, the core of the business. This is a very fast-growing segment for us. We did an acquisition at the end of last year as well that's helped us in this industry a lot with having a more mature software solution. We believe that EV charging will continue to be a growth driver of our business for years to come. Maybe I'll go now to the financial outlook for Sagit. Yes. Maybe just to talk a little bit about the future. This year we are guiding for $510 million-$520 million of revenue, which is around 27%-30% growth year-over-year, with 22%-25% organic growth, which is a beautiful growth, compared to even other companies in the space. Speaking about adjusted EBITDA, we are talking about $85 million-$90 million, which is around 17%. We also guided free cash flow, so that's a 40% ratio to adjusted EBITDA. We do have, as I said, the 2028, we now call it midterm. We actually talked about it for the last almost five years since we went to the IPO. It was a very kind of a vision, knowing the industry, knowing the company, knowing our product. Right? The ability, as Aaron presented, really a blue ocean in that sense from a market opportunity standpoint. We just need to get to all those cash machine and convert them to cashless. We're speaking about to reach in 2028 a billion-dollar revenue company with 50% margin and 30% adjusted EBITDA. There's a few things that we are doing over the years and in the next few years in order to get there. Yep. Maybe we'll open it for questions. Great. Cris? Yeah. Don't be shy. Feel free to ask questions, but maybe I'll just start it out. As you said, you operate in over 40 different verticals. If you think about traditional vending, you think about very low-ticket items, but now you walk around an airport, and you can buy $200 headphones out of a vending machine, and then you have EV or smart coolers, what have you. Just talk about those different dynamics. What does it mean to your business and the growth? Yeah. Yes, maybe I'll start. We have been trying to find ways to continue to expand horizontally our expertise in unattended. And most of these newer verticals are higher-ticket transactions than what our historical average has been. We used to be about $2 a transaction. Now we're close to around $2.40 per transaction and growing. And that comes from going more into areas like EV charging that can have an $18, $20 ATV. It can be car washes. It can be arcade gaming, some of these other segments that are continuing to raise the ATV that we're doing. But from our perspective, we're agnostic to the transaction value of the product. What we really specialize in is high-frequency micro-ticket transactions across the unattended space and trying to build an ecosystem around that. Yeah. Great. Thank you for that. Device growth has been very strong over the last two quarters. Can you just talk about what's driven that strength, and then when will that kind of transfer into recurring revenues? From a device perspective, indeed, I always say, "Don't look at the one or two quarters, look at a year," because we do have seasonality a little bit, and we have some cyclicality as well, but we're very proud of almost 44%, 46%, I think it was Q1, hardware revenue versus the previous quarter. Some of it relates to. Maybe a step back. Every three to four years, there are tectonic changes that happen in the industry. Our product can live nine, 10 years even. There's always new regulations that comes. If you think about it yourself, from a swipe to a chip to a contactless, these are hardware changes. We call them tectonic changes that even if the same machine operator has to touch the machine and replace the device, and that's more hardware revenue for us. Specifically, Q4 and Q1 of this year were heavily influenced by the VPOS Media, our new flagship product, a PIN-on-Glass product for the European market penetration because there was a 2G, 3G conversion to 4G. It was a perfect timing to introduce our new product that has a lot of other features and stuff that's relevant for the European market. It's probably three or four years to go until it reaches the U.S. simply because of market needs. I'll just say that the PIN-on-Glass is also really important for higher value verticals because over EUR 30 in Europe, and you need to have a PIN-on-Glass device. For EV charging, for example, it's incredibly important, and it's kept us from really accelerating growth in some of these higher emerging segments in Europe historically. Over the last few quarters, we've really started to see a pickup in the European and U.K. markets, which is really nice to see so far. Obviously, it was a pretty efficient drop-down for us marketing to the go-to-market. Of course. Sure. From a go-to-market perspective, we kind of look at it as a pyramid. If you have 3,000 and more devices as a customer, you're going to probably be reached by one of our 12, 13 offices. One of our sales executives will be speaking with you. If you are between 15- 3,000, you're going to be reached out by our distributors, which is our extended hand. We have around 40 that are dedicated to the unattended market. They are sitting in the countries, and they are highly trained. They only sell Nayax, and they're going to give our customers the same love and support and attention that the large customers receive. Lastly, if you're a small business, a nano merchant, when you buy one or two or five, you can actually go to the website and buy that. Having said that, what we have done, if you saw what Aaron presented from a market opportunity standpoint, there's 48 million machines out there today growing to 60 million by 2028. How do we approach the net new machines that are coming mostly from China is that we have a large office in China that speaks with more than 1,000 OEMs. When the machine, the vending machine, the massage chair, the kiddie ride, the laundromat comes from China, it's already come from the Nayax device. We have for existing retrofit, the people on the ground selling during the cash to cashless conversion. If it's a net new, we already have that covered through China. When you walk to, let's say, an airport, okay. I joined Nayax in June of 2021, and 4th of July, I went with my spouse to his family in Cleveland, Ohio. We landed and I step out of the plane and there's a vending machine of CVS with the Nayax device. Next to it, there's a Lego vending machine with a different Nayax device. As you can see, there's a few. I called our Nayax LLC CEO, Nayax US, and I'm telling her, "Wow, I saw the Nayax everywhere." She said, "Oh, you missed the massage chair with the Nayax device." Now, in that case, you don't know if the machine was already coming from China with the Nayax device. Is it the CVS or the Lego company contacted us and bought from us, right? They are the customer. It's even regulation. The airport made them only buy Nayax because of regulation and security and whatnot. I always say that we are all over the place in a good way. We're going to capture the sale as much as we can. Now for a few years now, we have the infrastructure. We are in all of those countries. We are in all of those verticals to really capture that cash to cashless conversion. Maybe just to follow up on that, can you just talk about new geographies and how you enter new markets, generally? Sure. We enter new markets in a few different ways. I'd say that most of the time when we enter a new market, we start with a distributor that we trust to work with, build out the market. Eventually, in some cases, we'll strategically buy the distributor and bring that distribution in-house as well like we did in the Netherlands last year. We've done in many countries, actually, including the U.S., where originally it was a distributor, and then we bought the distributor in 2014 and been a direct sales office since. We've also gone the path of buying a foundational company with a strong management team on the ground, like we did in Brazil, is a really good example, a little over two years ago now. We bought VMtecnologia, for the strong management team in the device space, and the presence and brand reputation. Over time, we bring our technology, our payments, etc., into the market. The question there generally is, Could we speed up a few years by getting into that market by buying someone there that's not a huge company, but someone that comes with a presence? Should we build it more organically? We make that decision depending on the country. We've also decided the third avenue is just deciding to open up the office ourself, which we did in Singapore at the beginning of this year. We're working on the U.A.E. right now. That should be done very soon. Have a direct sales office there. We've been working on other countries as well. Great. Real quickly, it looks like we have two minutes left. embedded finance is something you guys are focused on. Can you just talk about how you're thinking about that opportunity and what you guys are doing to capture it? Yeah. Again, like I said at the beginning, payments is at the center of our business. Our core customers are payments customers first. That being said, we're trying to be able to offer the full suite of financial products, basically, to those customers. We already provide the software services, provide analytics. We provide financial payments and payouts and reconciliation. If they want merchant cash advance, for example, or they want to be issued a prepaid card or credit card, they have to go to either a traditional bank like a JPMorgan Chase or a credit union or whatever the original bank, whatever the case may be. We think that we have the opportunity to capture more of the wallet share with each of these existing customers. The idea of embedded banking for us is not to go and set up a completely new vertical that is going to be going after a new subset of customers. It's actually the opposite. We want to be able to provide additional services to our existing customers, which we feel is a win-win for those customers. Because of all the data that we receive on the payment side of the business, and we understand our customers very well, we can offer them more attractive rates. We can offer them more attractive pricing. The risk will ultimately be lower because we have the payment receivables as collateral. Not mentioning that it will obviously help us with reaching the 2028 targets because these are additional revenue-. Yep. Opportunities that basically upsell to our existing customers more features, more functionality, more services. It's a win-win situation for both of us. Last few seconds. Real quickly on margins, your long-term target, 30% EBITDA margins. You've made a lot of progress towards that. What gets you to that 30%? It's a combination of continuing to grow the 30%+ in the revenue cost efficiency. We already have shown in the last few years how we can control costs, and costs cannot grow more than 15%-20% on an annual basis. Continue to improve also margins. We showed between hardware margins that went from 25%-almost 40% the quarter before, to margins of a payment that went again from 27%-around 40%. Really working on all expense areas, both on the gross margin to the cost efficiency and continue to do what we do. Can I just say that adding more efficiency per head count as well. Trying to get to the $1 million per revenue per head count. Per employee. Per employee head count, which has been a goal of our founder CEO for a few years now, which we're making steady progress towards. We're taking a lot of measures to get there, to build efficiency in the organization, including a lot of implementation of AI over the last- ear or two now. We're already starting to see a lot of the results of that. Great. With that, we'll leave it there. There is a breakout upstairs. Thank you. Thank you very much, everyone.