Good morning. I would like to begin with a few remarks regarding 2025 from the perspective of the board of directors.

2025 was characterized by laying the foundations required for a turnaround in the company. These foundations relate to the management level through the launch of a new product line and many strategic, business-focused decisions.

These steps were designed to leverage the company's core assets and its leading market position, and to return the company to a path of growth and profitability while maintaining positive cash flow from operating activities. It is important to emphasize that we are in a progress.

The work is already underway, but we expect the results to materialize gradually. I joined the company as chairman of the board less than a year ago, and in the second half of 2025, the board led a structured effort to strengthen and align the senior management team.

Approximately 2 months later, Raffi Benami assumed the role— I'm sorry, approximately 2 months ago, Raffi Benami assumed the role of chief executive officer, and Amit Magen joined as chief financial officer a few months earlier. This reflects the deliberate effort to build a leadership team with relevant experience to lead the required transformation.

On this occasion, I would like to congratulate Raffi and wishing every success. His extensive experience in global industrial technology companies and his proven track record in leading successful turnaround processes make him well-suited to lead Maytronics into its next phase.

The financial results for the fourth quarter and for the full year of 2025 reflect the application of updated managerial and accounting assessments, and are part of a structured effort to address factors that have weighed on the company's performance over time, with the aim of building a healthy and stable foundation going forward. From here, the focus shifts to consistent, disciplined, and determined execution.

I will now turn the call over to Raffi.

Thank you, Dubi, and good morning, everyone. Thank you for joining us this morning.

This is my first conference call as the CEO of the company, and it is taking place at a challenging point in time for Maytronics. I would like to thank Dubi and the board of directors for the trust they have placed in me to lead the company during this period.

There is no doubt that the current reality calls for a focused leadership, thoughtful and decisive decision-making, and a strong pace of execution, all of this in order to return the company to the right direction. I will go straight to the core of the matters.

The results of 2025 reflect a complex picture. Business performance was below our plans and significantly below the company potential.

We are navigating in a highly competitive market environment alongside with some internal challenges that have built up over the recent years in operations, strategic focus, and in execution. 2025 results also reflect the impact of provisions and updates we did in accounting estimates, all this resulting in net loss of 222 million shekels.

At the same time, it is important to note that in 2025, the company did generate approximately 292 million shekels in operation cash flow. This is enabling us to reduce $168 million in our outstanding credit.

I stepped into the role of Maytronics CEO in the beginning of February, and my initial weeks, all of them were focused on a thorough assessment of the company. I met with management in Israel and in internationally.

I visited our operating sites in North America and Europe, and engaged directly with customers and some of our strategic partners. I reviewed in depth our operating plans, the financial performance, our business model, the product roadmap, cost structure, our supply chain, and, in general, our global organizational setup.

The picture that emerged is clear: while there are gaps that require swift and decisive actions, Maytronics does have a strong core assets, a leading brand, a broad customer base, technology leadership, global footprint, and, above all, a highly committed and capable team. Maytronics is a leading global company operating in a market supported by structural growth drivers, and therefore, the long-term potential clearly exists.

The management team focus is on maximizing these assets and translating them into improved financial performance. To close the existing gaps, we are taking immediate steps to stabilize and improve our performance, emphasizing the operational excellence, reducing our complexity, improving the efficiency of the company, and, above all, a tight management of our cost and inventory structure.

In addition, we are in the midst of a process to reset the foundation for a profitable growth, starting with a sharper focus on our core business. This include clearer prioritization in development alongside with narrowing and sharping our product value proposition, as well as optimizing our global platforms.

I want to stress that these are not conceptual initiatives. We are already moving into execution.

We are supported by concrete decisions and tangible process. Looking forward, I see the period ahead as one of a sharpening our business focus, allowing us to move back toward profitability in a disciplined and responsible way.

With that, I will now turn the call over to Amit for a review of our financial results. I will then come back to briefly discuss our market trends, our view on 2026, and provide some more details around the management priorities I have already outlined for the company.

Amit, the floor is yours.

Thank you, Raffi. I will now walk you through the key financial results for 2025, as well as the major accounting events reflected in the financial statements were released today.

2025 was a challenging year for the company. Our financial results reflect a complex picture, characterized by a decline in business activity and internal challenges, primarily on the operational side.

These factors led to lower sales and pressure on profitability. We concluded the year with a substantial operating loss of approximately 133 million NIS and a net loss of approximately 222 million NIS.

The results were materially impacted by the recognition of significant intangible asset write-offs, impairments, and provisions, which in aggregate amounted to approximately 116 million NIS. At the same time, the company generated strong positive operating cash flow of approximately 292 million NIS, compared to 129 million NIS last year.

This significant improvement reflects the successful execution of measures implemented to improve working capital, primarily through a substantial reduction in inventory levels. Year-end inventory amounted to approximately 590 million NIS, representing a reduction of about 247 million NIS.

In parallel, the company reduced its net debt as of December 31st, 2025 to approximately 592 million NIS, compared to 760 million NIS last year. Revenues for 2025 totaled approximately 1.4 billion NIS, compared to 1.62 billion NIS in 2024, reflecting a decline of 13.6%.

This decrease primarily reflects the competitive environment, logistical challenges in order fulfillment, and currency effects as a whole. Excluding currency effects, the revenue decline was more moderate at 8.6%.

Fourth-quarter revenues totaled approximately 205 million NIS, representing a year-over-year decline of 15%, or 5.4% excluding currency effects. I would note that the fourth-quarter revenues were impacted by delays in order deliveries due to severe weather conditions in the East Coast of North America during December, which led to the delays.

At the segment level, revenues from residential pool robotic cleaners declined by approximately 17.9% in 2025 and 20.4%— and 20.4% in the fourth quarter. This reflects weakness in North America and Europe, driven by operational challenges and currency effects, partially offset by growth in Oceania.

Revenues from commercial pool robotic cleaners remained stable overall. Revenues from safety products and other pool products declined by 3% in 2025.

This was mainly driven by lower sales of pool covers in France, due to the continued slowdown in new pool construction, as well as lower sales of other products by [Axie?] .

These declines were partly the result of the product mix optimization process, and lower sales of products imported from China due to the US tariff impacts. These negative effects were partially offset by the consolidation of Focus in Australia as of November 2024.

Gross profit for 2025 amounted to approximately 374 million NIS, representing a decline of 35.9%. Gross margin declined to 26.7%, compared to 36% last year.

Gross profitability was impacted by several factors, some related to ongoing business trends, some one-time in nature, and some exogenous. From an operational standpoint, the revenue mix in 2025, which prioritized the sale of existing inventory, negatively impacted gross margin.

This was driven by fixed cost absorption, together with promotional initiatives aimed at reducing existing finished goods inventory, which pressured average selling prices. Two significant exogenous factors also impacted margins: the appreciation of the NIS against the major currencies, primarily the US dollar, reduced gross profit by approximately 28.3 million NIS.

In addition, US tariffs had a negative impact on profitability. Beyond these factors, gross margin was significantly impacted by provisions for slow and obsolete inventory, totaling approximately 33.4 million NIS, all of which was recorded in the fourth quarter.

As a result, and in combination with items discussed earlier, the fourth quarter ended with a gross loss of approximately 39.3 million NIS. Turning to operating expenses, I will focus primarily on the full-year view.

R&D expenses totaled approximately 40.9 million NIS, a decline of 13.7%, mainly driven by workforce reductions resulting in a roughly 15% decrease in payroll costs as part of efficiency measures, as well as lower capitalization of development costs related to robotic products. Selling and marketing expenses amounted to approximately 277.5 million NIS, down 16% year-over-year.

The decrease mainly reflects lower payroll expenses following efficiency initiatives, as well as reduced online marketplace commissions, lower marketing and promotional expenses, and logistics costs, primarily at [Axie?] .

General and administrative expenses totaled approximately 139 million NIS, a decrease of 7.4%, reflecting cost reduction measures, partly offset by higher depreciation related to right-of-use assets. Other expenses, net, amounted to 50.3 million NIS, compared to 21 million NIS last year.

These expenses include several key components: impairment of intangible assets of approximately 59.9 million NIS, reflecting a write-off of all remaining intangible assets related to pool water monitoring and control, following the company's decision to refocus on its core activities; goodwill impairment of about 13.1 million NIS related to the BF and [Axie?] acquisition; impairment of leasehold improvements and right-of-use assets totaling approximately 9.5 million NIS, following the company's decision to gradually exit the Dalton production site.

These expenses were partly offset by net income of approximately 35 million NIS from the Iron Swords War grant. Out of these impacts, impairments recorded in the fourth quarter included approximately 35.8 million NIS relating to intangible assets in the pool monitoring and control activity, and goodwill impairment at BF.

As mentioned, we concluded the year with an operating loss of approximately 133 million NIS. Excluding one-time items, the operating loss is reduced to approximately 16.9 million NIS.

Net finance expenses amounted to approximately 59 million NIS, compared to 51 million NIS last year. The increase mainly reflects interest expenses on the loan used to acquire Focus in Australia, as well as higher FX-related expenses, net of gains from hedging activities.

Tax expenses totaled 30.3 million NIS, compared to 15.6 million NIS last year, primarily reflecting a write-off of deferred tax asset in Israel. A few points regarding the balance sheet: as noted, inventory declined by approximately 247 million NIS.

This was mainly driven by inventory optimization actions, resulting in a reduction of approximately 166 million NIS related to robotic products, reflecting a 35% quantitative reduction. In addition, inventory of safety products and accessories declined by approximately 36 million NIS, due to inventory optimization efforts at the US subsidiary related to [Axie's?]

commercial activity. Currency appreciation, primarily of the NIS against the US dollar and the Australian dollar, contributed approximately 47.5 million NIS to the reduction in inventory balances compared to last year.

Raw material inventory increased by approximately 36 million NIS, reflecting procurement in preparation for the production of new robotic models. During the fourth quarter, we recorded approximately 33.5 million NIS in expenses related to provision for slow-moving and obsolete inventory.

We continue to actively adjust inventory levels to align with demand and production capabilities. Trade receivable declined by approximately 52.3 million NIS, mainly due to lower sales volume in the fourth quarter and currency effects, as most sales are denominated in foreign currencies.

DSO improved to approximately 66 days, compared to about 73 days last year. Cash flow used in investing activities amounted to approximately 18 million NIS, a decrease of about 49 million NIS, primarily due to lower capital expenditure and reduced capitalization of intangible assets as part of the company's efficiency measures.

That concludes my review. I will now turn the call back to Raffi.

Raffi, please.

Thank you, Amit. I will now briefly review the key market trends as we see them today, and then outline our management focus for 2026.

I will start with the market. The global pool industry is currently in a phase of stabilization, following several years of decline from the peak experienced during the COVID period.

Overall market indications, including the core aftermarket segment in which we operate, do not point to a rapid return to those peak demand levels. Rather, we are operating in a more challenging environment, characterized by moderate demand, a price sensitivity, and intense competition.

At the same time, it is important to emphasize that the structural foundation of the industry remains solid. Each year, new pools are added to the global pool base, and the growing installed base of pool, requiring ongoing maintenance, continue to generate sustained demand, even if moderate.

From a geographical perspective, in North America, following a prolonged period of conservative inventory management, we are now seeing a cautious improvement in the channel confidence. In addition, the mass market channels continue to gain traction and expand, creating meaningful growth opportunity, while also increasing the pressure on pricing and on margins.

In Europe, the market trends are vary by geographic position. While some markets are starting to stabilize in terms of new pool concentration, others are still influenced by a more challenging macroeconomic environment.

Accordingly, we are managing our activity selectively, adjusting our product offering, and maintaining disciplined operational and financial approach. In Oceania, we delivered a solid season in 2025 despite intensified competition, and we expect to continue to benefit from the strength of our Australian subsidiary, which has a well-established market presence, a diversified portfolio, and a very strong leadership team.

Overall, we expect the competitive landscape to remain challenging, driven by ongoing product launches, elevated marketing activity across the industry, intensifying technological competition, and in such a setting, sustained differentiation, consistent quality, and dependable service over time are key for our success. In addition to these market trends, we are operating against a backdrop of external factors, including the US tariffs, currency volatility, geopolitical challenges— for example, the conflicts with Iran— all of this impacting production efficiency, supply chain, and logistic costs.

We are implementing a range of mitigation actions; however, in the near term, we expect to continue being effect by cost structure that are varying as of all the factors above. This is calling for a very strict cost control and a very strict discipline on working capital management.

Our management focus for 2026 is centers on three core priorities. First, operational excellence and execution discipline.

We are working to improve productivity, reduce procurement cost, enhance manufacturing and logistic processes, and overall simplify our product portfolio. The second priority is a sharper business focus and competitive differentiation.

We are concentrating our resources on our core activities: robotic pool cleaning solutions. The third priority is the development of updated long-term strategy.

Alongside with the near-term actions that I just described, we are taking a much deeper and structural look at our business model, the future growth engine, and what Maytronics should look like 5 years from now. The outcome of this strategic process is expected to place the company in a position where the challenges ahead are clearer and more manageable.

Every transformation is ultimately a journey taking with people. We have the right people to embark on a value-creating journey together.

With respect to our outlook for 2026, based on information currently available to us, we estimate that the first quarter revenues will be in the range of 290 to 310 million shekels. The midpoint of this range reflects a decline of approximately 13% (1-3) compared to the corresponding quarter last year.

This is driven primarily by foreign exchange rates. One of the key takeaway from 2025 is the company's ability to generate strong operating cash flow even in a challenging environment.

The outcome was driven by a combination of disciplined working capital management, adjustment to activity levels, and a high level of discipline on cost and investment. As we look ahead to 2026, these principles continue to guide us.

Cash flow remains a very central anchor in how we manage the business, and accordingly, we believe that the actions we are taking supporting our ability to continue and generate positive and meaningful operational cash flow over the coming year. 2026, at this stage, is not a year of bold declarations.

It is a year of laying the foundation. Over time, we will work to provide greater visibility into the road ahead.

Success will be measured by improving execution quality, stabilizing our profitability, and rebuilding the trust with all of our stakeholders. With that, I will be happy to take your—

There are no questions at this time. Raffi, would you like to make your concluding statement?

Thank you all for joining us today, and for your continued interest in the company. I believe Maytronics is well-positioned to pursue meaningful opportunities as a leading player in the industry with strong fundamentals and attractive long-term characteristics.

Creating value for our shareholders is a top priority for us, and we are looking forward to an open and constructive dialogue with you going forward. Thank you.