Operator

Good day, and thank you for standing by. Welcome to Azrieli Group Q1 2026 Conference Call for Global Investors.

[Operator Instructions]

After the speaker's presentation, there will be a question-and-answer session. With us today are Ms. Danna Azrieli, CEO; and Mr. Ariel Goldstein, CFO.

[Operator Instructions]

This conference call will be accompanied by a slide presentation. It can be found on Azrieli site, www.azrieligroup.com, on the Investor Relations page and their media room presentations, and the financial reports can be found on the website as well.

I would like to remind everyone that forward-looking statements for the respective company business, financial conditions and results of its operations are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. Please note that today's conference is being recorded.

I would now like to hand the conference over to your speaker, Danna Azrieli, Group CEO. Please go ahead.

Danna Azrieli
CEO & Director

Good afternoon, and thank you for joining Azrieli Group's conference call to discuss our results for the first quarter of 2026. I'm very happy to be with you today. We delivered solid first quarter results despite a more challenging operating environment. Performance was mainly impacted by 2 external factors: the war with Iran, and foreign exchange movements, primarily the strengthening of the shekel. Together, these created modest pressure on the NOI, resulting in a slight year-over-year decline.

In the Malls segment, the decline in NOI was driven primarily by the impact of the war, which led to lower ancillary revenues, mostly parking as well as