Good morning, everyone, and thank you for joining our call today. Polly, can you jump to the next two slides?

One more, please. We'll start with the results.

We are very delighted with those results, showing double-digits growth, both in '25 and in the first half of '26, from revenue all the way down to the earnings per share. I would like to emphasize the operational cash flow that we had in the first half of this year.

If people heard me before, they know that we are trying to convert about 70 to 80% of the EBIT into operational cash flow, and this was the case in the first half, we are very happy with that. Can you move to the next slide, please?

What pushes our business? Of course, it's the defense market.

As everybody is well aware, the conflicts are continuing around the world, and nothing seems to be solved yet. In Europe, a lot of funds were directed into defense after many years that not enough funds were spent on defense.

It's not only that. What we see today is that the war is becoming much more electronic warfare, and this means that everything is controlled and managed remotely.

It's all about electronics, and this is where MTI is getting into the picture with many solutions regarding communication, communication jamming, telemetry to control remotely, and so on. As indicated below, you see that in the last couple of months, we received some very nice, significant orders that we announced about, but many more small orders came in that are smaller to announce, and overall, the backlog and the pipeline of opportunities is very big.

Can you move to the next one, please? Looking at the commercial market, I think that after this summer, everybody in Europe understand what's global warming is all about.

We start to see more interest coming from certain areas of the world regarding water management. We just recently had a visit from an Eastern European country, but David will talk about it later on, no doubt that preserving water is a big issue for all of us.

In the other segment of the commercial business is the 5G backhaul market. We all consume much more data.

The problem is the capacity in the network, and we have some very nice solution for that, and we are very optimistic about where it is headed. If you go to the next slides, please.

The growth driver, of course, is with defense. As I mentioned, lots of new orders, the pipeline is growing, the backlog is big, and we look very optimistically on the second half and towards '27, because some of the orders are already for '27.

In the 5G backhaul market, I would like to remind about our antenna beam-swiveling solution. The idea is that in the high end of the backhaul, you use higher frequencies, the beam is narrow, and then you need to make sure that you adjust the movements of the towers with the antenna, and we invented a solution that we rotate only the feed, which is the electronics in the dish, and not the entire dish.

It's a patented technology, it is being very well accepted, and I will elaborate about it later on. Of course, the star of the first half was Mottech, with excellent results.

David will elaborate about it, but part of it is the new hardware that we developed by ourselves. All of this together, all the new solutions that we bring, help us even to increase margin and see that we are growing both on revenue and profitability.

Polly, can you move to the next slide, and David will take it?

Good morning, everybody. Let me start with the foundation of Mottech business.

We have been working in water and irrigation control for the more than 33 years, including our long partnership with Motorola. Today, we are active in five continents with more than 150,000 control units in the field.

This installed base is very important for us. This creates opportunity for additional sets, system expansion, and upgrade, and, of course, growing our recurring revenue.

When I speaking about recurring revenue, I speaking about recurring service and management revenue. Being active in different countries, markets, and market segments give us a lot of flexibility.

If one market is affected by economy or other change, we have other markets where we can continue to grow, and that's what happened always. Geographic separate is give us a good level of stability and resilience.

About water saving, over the year, we have proven in many projects that saving reach up to 40% in some cases of the amount of the water compared to the amount use in the past. When we speaking about long product life, it's important advantages and is very important for our customer.

Whether municipalities, agriculture companies, or water utilities, they are also want to know that the system can continue to grow and develop with their needs. We have demonstrated that we can support several generation of field units.

In some cases, it's more than four generation in one place. There are hundreds of customer around the world whose system combines several generation of products, up to four generation in some place.

This give our customer confidence and protects the investment over the long term. On top of this strong foundation, over the last two years, we have significantly expanded our technology and product offering.

Motorola, of course, remain an important part of our offering and strong assets for us, but at the same time, we have added our own Mottech products, including the Elite range, decoder, sensor, and software application. This give us much more flexibility in the market, of course.

Customer do not all need the same solution. Some need a very advanced system, while other need a simple and more cost-effective solution.

Our broader product range allow us to offer solution that is better suit to customer needs, field condition, and budget, of course. We're not replacing one technology with another.

We are adding capability and giving our customer more choice. To the next slide, please.

Market opportunity. Water, of course, becoming a more limited and more valuable resource, and customer are under increasing pressure to use water more efficiently.

This is driving the adaptation of smart irrigation and water management solution. The market forecast show here is very strong, but for Mottech, the more important point is that the need is real need, can touch it.

We are identify new opportunities with actual transaction in region where we have not previous operated in the past, such in Eastern Europe, CIS, Czech Republic, Germany, and more places. Next slide.

One very good example is our Elite product range. Elite has been well received and give us another strong solution in the market.

It allow us to be more competitive, especially in markets where both price and performance is important. It also open opportunity that were more difficult for us to address in the past.

South Africa is a very good example. After several difficult years in this region, the business has returned to growth.

The broader product portfolio, and especially Elite, has helped us become more competitive and grow profitably. We are also using the broader portfolio to enter areas where we had very limited present before, such as golf course, landscape.

This is regarding South Africa. Italy also is another important example.

We saw Italy not simply as a new country, because we are active in Italy more than 25 years, but as a platform to develop the wider Western European market, and, of course, expand our share of the Italian market. At the same time, we want to build and install base that can support recurring service revenue.

We already have big experience with this model in markets such as Israel, Australia. For example, over 40% of the revenue in Israel coming from recurring revenue, and we expect to sign the first two or even three service agreement in Italy during this year.

Italy give us two opportunity: product growth and recurring service revenue. When we look at Mottech today, several things are happening at the same time.

We have large install base from international diversification and long-term customer relationship. We have expanded our technology and product offering.

The market for smart water irrigation is growing. We are entering new application and strengthening our existing markets.

We are build recurring revenue like service and management revenue. Thank you.

Thank you, David. Polly, can we jump to next one?

Moving to the second division, the antenna division. Before jumping into 5G and military and tell you all about that, I'll just remind you that we have two other commercial markets.

One is fixed broadband wireless access, which is more or less flat, and we have the RFID, radio-frequency identification, which is continued to grow for us. We do the antennas for assets management and toll roads application.

Let's go to the next slide, discuss the growth that we see in military. No doubt that '25 was a great year for the military antenna business, and we started '26 quite slow, but we are catching up, and I have no doubt that the second half of the year is going to be much stronger than the first one.

We secured a lot of orders, but we continue to see a lot of tenders and a lot of opportunities. Some of it are based on new technologies that we are bringing into the market.

I spoke in the past about the build-to-print process that we are doing with some of the defense company here in Israel, and just as a reminder, it's getting a production file from the customer and produce it to them because they do not have the capacity. It turns out that it's a bit slower than we anticipated, but it has a lot of advantages because they want to change some of the product process, and sometimes the yields are not good enough, we are doing changes, and it just make us more involved and more tied to the customer, and I have no doubt that this will be for the long term another growth engine for MTI.

In the international market, we are seeing a lot of demand at the moment, some new orders from some new customers, mostly coming from Europe, we are very excited about the prospects of the military antenna business. Let's move to the next slide, please.

In the 5G backhaul, the ABS is where we see a lot of traction at the moment. We are the only one today with an ABS solution in the western part of the world.

I'm happy to say that We just closed an agreement with another tier 1 vendor. It's the radio manufacturer, and we are working with the vast majority of the radio manufacturer in the western part.

When I'm talking western part, I exclude China. You can see here in the picture our antenna with its logo on it.

This is an ABS antenna solution already installed in field. I can say that we are moving very well both in production and receiving, as I said, another customer.

We were even ahead of our internal plan and started to manufacture those in India as well, in our facility in India. We now can manufacture them either in Israel or in India, and we are looking for the growth that we started to see this year in this area.

We are still very much tied to the Indian market. Unfortunately, it is still on hold, as we can see below here.

The percent of penetration in the Indian market is very, very low. We expect it to build up, and we will be there when it is ready.

Now what we see is that the ABS is pushing us forward. Let's move to the next slide to our third division.

It's the distribution and special consulting services. Here, as a reminder, we first do represent about 30 companies, 40 companies outside of Israel, bringing their technology into the Israeli market, mostly to the defense companies in Israel.

It's about 80% defense here. On top of it, we have PSK, which is doing the integration and the build-up of shelters solution that it's purely military.

Here is where we really feel the demand growing in the defense market in Israel. Can we flip to the next slide, I'll give some examples?

You can see on the picture to the right many different type of components and subsystem that we sell here into the market. The backlog here is very, very big.

We made a lot of design wins. Some of the backlog is not firmed because we are waiting for the customer to finish the development and going into production, and some is firmed.

Firmed in PSK. We have the strongest backlog since we acquired it, and the pipeline of opportunities is very, very big.

We are in a very good spot at the moment that we can do cherry-picking of projects for PSK. We take some big project, I would say, with less risk and probably lower margin.

At the same time, we can take some other projects that are with more risk, more technology, more margin. We are building it up.

The demand for shelter building and integration is huge. We are considering how to handle it and how to even expand more, but we are very happy with where its position and where it stood and this year.

Let's go to the next slide. I think that overall, the big message here is that we are trying to build on innovation, whether it's the new controllers from Mottech, the ABS antenna, or other type of antennas that we develop.

We are trying not to fight on the cheapest solution and only on price, but we are investing a lot in order to bring value-added solution to the market. You will see that our R&D is not big.

We expense everything, but it's not big, because some of the R&D is paid by others, especially in the military market, but we keep the IP for ourselves. Some is collaboration with the companies who we represent, and this is how we are bringing a value-added solution to the market and improve our margin.

Let's continue to the next slide. Although we have a very strong growth internal engine, we are always looking to expand, either by acquiring other companies or by expanding, especially in Mottech, worldwide.

We have been quite active this year with acquiring 50% remaining in Mottech Australia to push it stronger, now with the opening of the Italian office, because we believe there is a lot what to do there. When it's under our management, we are more aggressive in marketing and chasing the recurring revenue.

As David mentioned, we expect two to three contracts already in Italy this year. When we are looking at acquisition, I always say I have two criterias.

One is better safe than sorry, we learn very thoroughly before we do the investment. Secondly is that we are looking for profit-enhancing from day one.

We are not looking for turnarounds, we are not looking for science rocket technology that we don't understand yet. We are trying to expand with what we want, and I hope that before this year-end, we will have another news for you on that.

When time come, we will of course announce. Let's continue to the next slide, please.

A little bit more color on the revenues and profits this year. As I said, military started a little bit slow, it went down a little to 40% 47% of our revenue, but I have no doubt that we will end this year with about 50.

It's not because I expect Mottech or the commercial market to go slower, we just know what we have in the pipeline in the military side. I love the diversity.

As I mentioned, Mottech was the star of the first half, having three good legs in different markets, different geographies is always benefiting in my eyes. As you can see, Europe or EMEA grew quite dramatically this year over Asia and the Americas.

It is both in the antennas and in Mottech business. I remind you that in Israel, what we do, about 1/3 is ending as indirect export.

We have a loyal customer base, they remain loyal, because we give the value added and the services. Of course, we are always focused on the earning per share, I'm happy to show that we continue with the double-digit growth in that.

Moving to the next slide. This is one of the best slides I can show.

I think every CEO would love to show this slide: everything double-digit growth, both last year and in the first half; margin expanding. For me, it's important to remind our business model going forward.

I always claimed that on the additional dollar of revenue that we will generate, we should make 20% operational profit. If you look at last year, we grew by $6 million, more or less, in revenue, and operational profit grew by $1.3 million.

Same goes in the first half of this year, $2.5 million growth in revenue, about $0.5 million growth in operational profit. The business model is working very well for us, and this means that as long as we can drive the growth in revenue, the profit will grow much faster.

Let's move to the next slide, please. We have a very solid shareholder base.

My family owns about 1/3 of the company, full alignment with all the shareholders of the company. This is, of course, one of the reason that we pay dividend.

The real fact is that the first UK non-exec director that we had told me that a real business pay dividends, and since then, we do pay dividend. We paid once in April, and as long as we can generate and continue to make profits, we will pay the dividends.

Let's continue to the next slide, please. We are very much focused on increasing the trading in the share of the company.

I think it's important to everyone, and I think that part of what we are doing here and connecting with Investor Hub is to get more closer to the shareholder base. I would like to invite you to join our Investor Hub if you haven't done so.

It will allow you to communicate with us directly, very easily. This is one part of the increased trading that we are looking for in the share.

If we jump to the next slide, please, I will summarize. I think we are in a great position in growing markets.

We have a proven track record of managing this growth and penetrating in this market, and seeing the growth converting to cash. We are paying dividend.

We have a nice cash balance to continue and look for the M&A, on a better safe than sorry mode, as I mentioned. We are very excited on the prospects going forward.

I hope you all do. With this, we will be happy to take any question you may have.

Go on, David. It's a different segment, we are not active in this segment.

Control system is control system. Therefore, there is a possibility that our control system will be also integrated into this kind of solution in the future.

There is one place, only one place in Greece, in the autostrade, where our control system has already been integrate into this kind of solution. Mostly, the idea is to be sure the irrigation system are closed, the water pressure is directly for the fire system.

It's very difficult to quantify. The size of the market is, of course, enormous.

I can say that the technologies that we have developed in the last few years, we see them more and more getting into the markets. One very good example is that we developed an anti-jamming GPS type of a solution for an airborne application.

It was for a North European government at the time, and we suddenly see it coming from many, many other European countries that everybody is looking for the exact same solution. I have no doubt that our capabilities are really aligning into what the market is looking for.

Of course, here in the local market, we are very strong in everything that relates to missile identification, and then the interception rockets, we are in all of these markets.

I will answer this, with your permission. We are active everywhere with Mottech.

Where we saw that there is a real need, we opened our own business or our own subsidiary, because, as I mentioned, I think we are more aggressive. I think that our key target is to go in the US.

US is a huge market. We have some very good value-added resellers there, but I believe that if we would have boots on the ground, we would be even more aggressive.

Again, it creates the opportunity for the recurring revenue that we all so love in Mottech and increase this.

Yes, the option in PSK is coming to life really at the end of this year, once we announce the results for 2026. I think that we will acquire, I'm not sure if the full entire 40% or we'll leave some incentive to the management, but for sure, we will increase our stake in PSK.

Everyone who followed us for few years know that the start was not that smooth, and we took us time to take control over it and make sure it operates the way we think it should. I'm happy to say that now it looks much better.

We also brought another external manager to help us with this, he's here for the last six months, and we see more and more organized type of work, like we used to work in MTI, that is happening there. I'm quite confident that we will exercise the option.

You're on mute, Polly.

I'm not sure why it's negative if you are talking on the geopolitical part of it. We are from where we are, this cannot be changed.

Part of what we are doing is these conferences and talking to as many investors as we can. People who knows us know what we feel and what we think.

I would only add that you need to distinguish between the government of Israel, or current government, and the people of Israel. That's about politics, I want to say we are all about business.

Thank you.

Thank you.