Good afternoon, everybody, and thank you for joining us in this afternoon for the results of 2025. We basically will start.

As you as you can see, we we finished the fourth quarter of 2025 with a little bit short of 1.1 Bcf a day, 2.8 Bcm of gas sales into the market, and the average sales of 2025 was a little bit higher than 1.06 Bcf a day, 10.9 Bcm a year. We will update on those results vis-à-vis the previous years and where we are heading.

On top of that, as because of the war situation in the region, we are currently closed. We are working together with the government very closely with them, and without getting into details, I assume that we'll be able to come back to operation soon.

On top of that, we just finished the evening of of the war, the third gathering line of Leviathan. We successfully complete the project, and when we'll be able to produce, we'll be at around 1.4, 1.45 Bcf a day, going up to 14, 15 Bcm a year capability of sales.

We finished this project on time and and basically with with a reduced budget. We managed to finish the project with 480 vis-à-vis 570 of the budget, $90 million of budget savings in this project.

As we take investment decision on the second phase of Leviathan. We'll touch that in details later on.

One of the big, I would say, stories of the reports is basically, first time we are basically announcing that we are in in negotiation with the Egyptian for two things. One, it's host government agreement for Aphrodite activity; and a GSPA to sell to the Egyptian market all the recoverable reserve in Aphrodite.

We'll we'll touch and and dive into details there. On top of that, we are in a final stage of the Krum exploration well offshore Bulgaria.

We are in in the in the Black Sea, and the results are expected in the next few weeks. We are really in in that process.

We'll we'll share more details down the road. We announce a dividend of $70 million that gathered to $250 [million?]

overall dividend in 2025, similar to the 2024 dividend. As I mentioned many times, our target is to continue with a stable dividend stream to our investors, in parallel to investment in our core assets, second phase of Leviathan, development of Aphrodite, and maintaining a very reasonable debt to to to asset value cover ratio.

We'll we'll talk about that. Tzachi will share that later on in those slides.

Let's go through the journey. As you can see, the results in Q4 2025, we sell around 2.8 Bcm vis-à-vis 2.7 in Q4 2024, and the average price was 5.4 vis-à-vis 5.8, mainly due to the fact that in in 2024 Q4, we were we had around $73 Brent price, and in Q4 2025 went to $63 Brent price.

That's that's really the gap in the price. The same for the yearly results.

In the yearly results, we have in 2025 $68 Brent price vis-à-vis 79 in 2024. That result a price of 5.6 vis-à-vis 6.12.

That's really the gap. On the sales side, we managed to sell 10.9 vis-à-vis 11.2, mainly we had some hiccup with the sales with respect to the previous round in the war in June 2025 when we were down for around two weeks.

As we enjoy a very, very stable floor price in the in in all our sales to to the markets. That give us a very clear stream of revenue for many, many years, but we enjoy as well the upside.

As you can see, once we will come back to flow, we'll enjoy we'll enjoy the current Brent prices, and and that will allow us to incur a much higher sales price into the market. When we are looking into quarterly results, I think that the main thing is to understand the difference between Q4 2025 vis-à-vis 2024.

What you basically can see here is that in 2024, we had net profit Q4 2024, we had net profit of around $120 million. The gap down is mainly because price per MMBtu, the Brent price that I just explained, but the main reason that you see the drop is because we basically, you see here $76 million in the operating expenditure that as result of the failure in Vinik-1 well in Bulgaria, the fact that it's not commercial well although we discovered natural gas.

That's caused us to eliminate $76 million from from from the books, and this is give us this is take us to where we are. In the yearly results, you will see the same mechanism.

First, price per MMBtu, the difference between average of $68 Brent price in 2025 to $79 Brent price in 2024 reduced the revenue in $85 million. With respect to the well of Bulgaria, you already understand.

That's that's mainly the the results. As I mentioned, operation operating-wise, we finished the third gathering line of Leviathan.

That's take us from around 1.2 Bcf a day to more than 1.4 Bcf a day, and currently we'll be able to sell much more to to the market. As I mentioned, we saved around $90 million from this from the budget of the project, and we finish it with around 480, saving of significant saving in this project.

Yes, we are we are very conservative when we are building, I would say, a budget for a project. Like the third gathering line, we we were conservative as well in the second phase of Leviathan.

As the project go, we will update the the budget from time to time, but we are taking conservative approach, we will not have any, let's say, surprises in the market. Leviathan expansion extension going very, very well.

We are engaging with all the main suppliers, and we already have everything signed. The project going on as as we target.

As I mentioned, this project should take us from the 1.4 Bcf a day to 2.1 Bcf a day by 2029. The budget, it's 2.4.

Again, we'll update once everything is closed and get more certainty. I assume we'll be able to reduce some of the the budget prices.

As you can see, this is the assumption for sales to the market. Immediately we'll increase the sales once we come back.

We'll increase the sales to around 1.4, and then by 2029, we'll be able to sell 2.1 to the market to the different markets: Israel, Egypt, Jordan that we are selling to. In the regional connectivity, we are we have three projects that should bring us to around 1.6, 1.7 Bcf capacity of Leviathan to export market, and this is only Leviathan capacity, the the overall capacity will be more than than 2.1, 2.2 Bcf.

In Ashdod-Ashkelon looping, what you can see in number one here, we were supposed to finish the project around April. I think with respect to the current condition, we probably have one or two months of delay, nothing significant, but this project will allow us to go up to 6.5 Bcf Bcm a year capacity of Leviathan and total capacity of 8.5 Bcm.

On top of that, the FAJR activity is going very, very well, and we are due to finish this project mid this year in order to increase the flow through Jordan to around 7.25 Bcf a day to the Egyptian market through Jordan. The Nitzana project, the connection onshore between Israel and Egypt, is is running very well, and this project is due to finish in Q4 2028.

We don't see any any, I would say, hiccups in this project due to the war, and everything is going as as expected. One thing I would say, what we did with respect to the, let's say, off-time that we are experiencing right now, we basically managed to do a lot of maintenance activity that were due to to come later this year.

We managed to do to do that during this period, it will eliminate some of the maintenance days that we took into consideration down the road. Actually, we use that period in order to eliminate some of the downtime down the road, and and I hope that we'll see we'll see better a better days down later this year.

Aphrodite project, I think this is one of the main item in the report right now. We are running very well with the FEED for this project.

As you can see, it's a floater with a 8 Bcf a day capacity to the market—we are talking .8 Bcf a day, 800 million scf a day to the market—and this project will be connected with a pipeline directly to the Egyptian market. We are negotiating as a partnership—Shell, Chevron, and NewMed Energy.

We are negotiating two LOIs with the Egyptian. One is host government agreement to cover all the activity with respect to the project: so pipeline laying, connection points, taxation, everything related to this activity.

In parallel, we are negotiating LOI to cover all the recoverable reserve from the reservoir that we will be able to flow to the market. This will be an anchor to take investment decision down the road for the project, and it's go extremely extremely well.

We are very happy with that. As I mentioned, in Bulgaria, we are running with the Krum-1 well.

It's a very promising prospect from our perspective. We are talking about a potential of around 6 Tcf, while the main target is almost 4 Tcf potential.

We are talking about a region that have a full connectivity. Actually, the markets are waiting, and we really hope to get good results there.

We are expecting to see results this this month, and we are running forward with with the project. That could be a significant game changer for NewMed Energy, because that can bring us not only to a new area, but this is a potential discovery in an area that paying double and and triple than the the gas prices that we are experiencing.

We also managed to bring in Bulgaria government and to set stability for the project for many years to come, and this is this is very interesting project for us. We're expecting the results soon.

Now we will move into we'll dive into more details of the P&L and and the reports. Tzachi Habusha, our CFO, please.

Thank you, Yossi. Thank you all for being with us today.

Let's run through the numbers and try to understand the results of 2025. As Yossi mentioned, we are summarizing the 2025 full-year results with revenues of approximately $1 billion and production of about 11 Bcm.

The net profit declined to approximately $343 million compared with 524. The net income in the fourth quarter amounted to approximately $17 million compared with $120 million in the corresponding quarter last year.

Let's try to understand what drove this decline. The change in the net profit was mainly driven by lower net revenues from the sale of natural gas, reflecting both reduced production volumes in total amount of $85 million and lower average price per MMBtu in 2025, which impacted us in a total amount of $24 million.

From a production perspective, the yearly reduction that was concentrated in the second quarter resulted from two main factors: one, a 12-day shutdown following the war with Iran; and approximately 11 days of shutdown of routine and planned maintenance mainly related to the third pipeline project. I'd like to highlight that the third pipeline project, as Yossi mentioned, has been completed below the budget, and in a full-year basis, together with Ashdod-Ashkelon project, this is expected to increase production capacity by approximately 2 Bcm.

Part of this uplift is expected in 2026, as mentioned. An additional factor impacting revenues was the decline in the average price per MMBtu.

While we are all aware of the current Brent price volatility, it is important to note and to understand that the downside exposure is mitigated by a floor price under the long-term contracts with a take-or-pay mechanism. In addition, there was a slight increase in revenues from condensate of $3.3 million.

Regarding the expenses, the increase was mainly due to the full impairment of the first exploration well drilled in Vihren prospect in Bulgaria. The partnership have fully recognized an impairment of $76 million in the fourth quarter.

We are all hope that this impairment is a one-time event regarding the future drilling activities. Regarding the balance sheet, following the repayment of the $600 million related to Leviathan bond series June '25, the partnership entered into a new credit facilities with Bank Leumi totaling $500 million, and as of today, total available credit facilities amount $600 million.

In addition, I'd like to remind us that we have a bond buyback program of $100 million for Leviathan bonds from 2027 and 2030 series.

Thank you, Tzachi. As I mentioned, we declare a dividend of $70 million based on the fourth-quarter results, and it's in addition to what we already distribute in 2025, total of 20 250 in 2025, similar to 2024.

As I mentioned, our target is to continue with a stable dividend stream in parallel investment in our core assets. Now we'll open up for questions.

Please feel free to ask any question.

The first question is with regard to the capex budget of 2026. Maybe before I hand over to Tzachi, I should mention that we've published a complete discounted cash flow for '26 and onwards, and in this cash flow, we highlight the exact number of capex and all other cash flow items for '26 and the following years.

We do not in this cash flow specify the exact capex for each project, but the sum number for '26 is available for all in this forecast.

As Gil mentioned, you have the full information in the DCF relating to Leviathan, and also a full disclosure in the financial situation about the other projects. The main items to 2026 is, of course, Leviathan, is Aphrodite, the Nitzana project for the midstream, the drilling in Bulgaria, and, of course, Aphrodite planning.

Thank you, Tzachi. The second question by Dimitri with regards to the structure of contract that we have in place, mainly with regards to the export contracts that are linked to Brent price and how those Brent price indexation effect the realized price for NewMed Energy.

You want to address this, Yossi?

Yes. Basically, most of our export contracts they are working that the current price is the average of the three months of before the month.

Basically, we will enjoy the current prices in the market in the next months. I should say that although we have up until now around two weeks of shutdown, when we are looking on the market, we assumed a $62 average Brent price for 2026 in our budget, and obviously, what we are seeing right now is massively higher.

That will eliminate the impact of the shutdown up until now, and this is our assumption. We don't see any impact of the shutdown up until now for our yearly results.

This is very clear due to the Brent prices.

An additional question is with regards to the undrawn credit facilities that we have in place. Tzachi, please?

As of today, the undrawn and available credit facilities amounted to $600 million.

There's a question about Aphrodite and FID of Aphrodite. We are working in order to finish the FEED process this year and, in parallel, to have in place GSPAs and host government agreement in order to take investment decision by the end of the year.

This is really what we are targeting, and we are working very thoroughly in order to be there.

I think this sums up the questions so far. Please do remember that we are available for you if you have any additional questions in a later stage.

Do feel free to contact me or us directly. We'll be more than happy to address any questions.

I think, lastly, we would like to say a big thank you to our chairman of the board that is retiring.

Yeah. Gabi Last is with NewMed, previously Delek Drilling, for the last 25 years.

He was director and then the chairman. Gabi is stepping down from his position as the chairman of NewMed Energy, and we want to say thank you, Gabi, for all your efforts and the contribution over the years.

Gabi will stay with us as a director and continue and bring from his experience and know-how and that into the board. Gabi, thank you very much, and looking forward to continue our journey.

This conclude our webinar for the fourth-quarter '25 yearly results. Thank you very much, everyone.