Gilat Satellite Networks Ltd.

Ladies and gentlemen, thank you for standing by. Welcome to the last fourth quarter 2025 results conference call. All participants are at present in listen-only mode. Following the management's formal presentation, instructions will be given for the question and answer session. For operator assistance during the conference, please press star zero. As a reminder, this conference is being recorded February 10, 2026. By now, you should have all received the company's press release. If you have not received it, please view it in the news section of the company's website, www.gilat.com. I would now like to hand over the call to Mr. Sanjay Harry of Alliance Advisors IR. Mr. Harry, would you like to begin, please?

Thank you, Hila, and good morning, everyone. Thank you for joining us for Gilad Satellite Network's earnings conference call for the fourth quarter and full year 2025. With us on today's call are Mr. Adi Svadia, Gilad's CEO, and Mr. Gil Benyamini, Gilad's Chief Financial Officer. The earnings press release was issued earlier today, and if anyone has not yet received a copy, I invite you to visit the company's website, www.galat.com, where you'll find the release in the investor relations section. Before turning the call over to management, I would like to remind everyone that some statements made during this conference call contain forward-looking statements based on current expectations. Actual results could differ materially from those projected as a result of various risks and uncertainties. The potential risks and uncertainties that could cause actual results to differ materially include uncertain global economic conditions, reductions in revenues from key customers, delays or reductions in U.S. and foreign military spending, acceptance of the company's products on a global basis, and disruptions or delays in the company's supply of raw materials and components due to business conditions, global conflicts, weather, or other factors not under its control. The company cautions investors to not place undue reliance on forward-looking statements, which reflect the company's analysis only as of today's date. The company undertakes no obligation to publicly update forward-looking statements to reflect subsequent events or circumstances. Further information on these factors and other factors that could affect Gallaud's financial results is included in the company's filings with the Securities and Exchange Commission. In addition, on today's call, management will refer to certain non-GAAP financial measures that management considers to be useful and differ from GAAP. These non-GAAP measures should be considered supplemental to corresponding GAAP figures. With that, I would like to turn the call over to Gilad's CEO, Mr. Adi Svadio. Please go ahead, Adi.

Thank you, Sanjay, and good day, everyone. Thank you for joining us today to discuss Gilad's fourth quarter and full year 2025 results. I am pleased to report that we closed both the quarter and the year with strong performance. The fourth quarter capped a very solid 2025, reflecting consistent execution across our commercial, defense, and Peru businesses, as well as continued strategic progress. 2025 was a year of significant acceleration of our revenue growth. Fourth quarter revenue reached $137 million, up 75% year-over-year, and full-year revenue rose to $451.7 million, up 48%, with 6% year-over-year organic growth. Adjusted EBITDA also saw significant growth, with the fourth quarter reaching $18.2 million, 50% above the same quarter last year. The full-year adjusted EBITDA hit $53.2 million, 26% growth year-over-year. Overall, 2025 was a good and successful year for the company. Now on to the business review. I will start with the defense. Military forces are increasing their dependence on resilient satellite connectivity to support mobility, real-time intelligence, and operations in contested environments. This shift favors suppliers with proven scalable systems, strong track records, and the ability to leverage commercial technology to the defense market, all of which are attributes of Gilad Defense. Gilad Defense is gaining steady demand from long-term defense programs, ongoing upgrades, and consistent Satcom spending, giving the business clear visibility into future growth. This strengthened Gilad's broader defense portfolio and supports companies' ability to capture a larger share of growing markets that values the capabilities we provide. In 2025, our defense business delivered strong irreversible growth in new order bookings, expanding customer engagement, and an addressable market. We achieved a record year for Gilad Defense sales, driven by increased demands from U.S. and allied defense customers for transportable, high-performance start-up solutions. This system continued to gain traction as defense organizations prioritized flexibility, rapid deployment, and resilient connectivity across diverse operational environments. The fourth quarter, marked two important milestones for the business. First, we expanded into a new market segment, Earth Observation, with an approximately $10 million order for a direct downlink solution. This system enabled rapid acquisition of satellite imagery and data directly from space to a transportable ground terminal, supporting near real-time intelligence and situational awareness in remote or contested environments. Our transportable platform provides fast deployment, resilient and reliable operation. Also in the fourth quarter, we saw continued traction in Israel, securing significant orders across our defense portfolio and expanding the deployment of our solutions in the region. Our decision to shift more resources into Gilad Defense, expand the sales team and increase R&D investment are now clearly strengthening Gilad's position in the defense market. Our defense pipeline remains strong, supported by sustained global demand for secure, resilient SATCOM solutions. Turning to our commercial business, demand for advanced IFC continues to accelerate, fueled by free Wi-Fi, growing passenger expectations for high-bandwidth applications, and increasing adoption of NGSO and multi-orbit architectures across the aviation ecosystem. This trend aligns directly with Gilad's trend and long-term strategy. Our commercial business delivered a strong fourth quarter in early 2025, reflecting continued wins, growing customer adoption, and consistent performance across our key programs. As satellite operators accelerating investment in next-generation networks, our platform continued to be selected for the scalability, flexibility, and ability to support multi-orbit mobility-driven services. SkyH4 remained a central growth driver throughout the year. During the fourth quarter, we received a $42 million order from a leading global satellite operator for our multi-orbit platform, primarily supporting IFC services. During the fourth quarter, we added two new SkyH4 customers in Asia Pacific. We continue to expand deployments with leading satellite operators as they invest in flexible software-defined ground networks. These awards reinforce SkyH4's role as a core platform for large-scale next-generation satellite networks. We also strengthen our presence in Asia-Pacific with a SkyEdge platform order for approximately $11 million from a leading regional satellite operator to provide services over VHDF satellites supporting multiple commercial applications. In addition, we received more than $16 million in orders for Gilad Wasteland Gateway solid-state power amplifiers to support LEO constellations, highlighting growing traction for our solutions as LEO networks move from deployment into operational phases. Airlines and system integrators expanded the adoption of our IFC technology for next-generation aircraft connectivity. During the fourth quarter, we received a $7 million order for Gilad Wavestream AeroStream box. These units will be deployed as part of next-generation IFC solutions to be installed on commercial aircraft. StellarBlue is now fully integrated into Gilad's operations, and we are benefiting from cross-company synergies. Gilad StellarBlue plays a key role in our IFC leadership position, with enhanced offering that drives further growth for ISA in the IFC sector. Production is ramping up, and during the quarter we delivered approximately 190 terminals, and we expect increased deliveries with improved margins in the coming quarters. At our event, we have a significant backlog that will be delivered in 2026 and beyond, based mostly on orders received during 2025. To date, more than 420 aircraft are online with our ESA terminal, and, cumulatively, over 1 million passengers are being served each week with our modems and ESA solutions. Continuing this progress, we received a multimillion-dollar order for our Sidewinder ESA terminal from a large global avionics company, underscoring the advantage of our high-performance, lightweight, low-profile configuration that is compatible with both GEO and LEO satellite constellations. Overall, our commercial pipeline remains strong as operators transition to multi-orbit architectures to support additional services, positioned as well for continued growth into 2026. Moving to Peru, Gilad Peru delivered exceptional results during the year, closing more than $85 million in agreements from PONATEL for the upgrade of four regional networks. These awards clearly reinforce Gilad's Peru role as a key technology and solution partner for large-scale national connectivity initiatives. These projects, which are progressing ahead of schedule, are advancing Peru's digital inclusion objectives by enabling public Wi-Fi hotspots and high-speed connectivity to public institutions such as schools, health centers, and police stations. Looking ahead, we see this progress continuing. We expect additional large RFPs and follow-on orders during 2026, positioning Peru as an important contributor to GILAC's long-term growth in large national digital inclusion programs. Our backlog is growing with a strong, healthy, and diverse pipeline of opportunities in each of our divisions. As such, we expect another year of top-line and profit growth. We expect 2026 revenues to be between $500 and $520 million. We expect adjusted EBITDA to be between $61 and $66 million. To summarize, 2025 was a strong year for Gilad, marked by a good fourth quarter, record performance in key segments, meaningful customer wins, and significantly strengthened balance sheets. We are entering 2026 with a strong momentum across the company. In defense, we will focus on driving revenue growth throughout business development, R&D investment, and portfolio expansion, further strengthening our position. We intend to pursue opportunities in government and sovereign communication programs worldwide. In commercial, we will continue to drive adoption of our IFC product portfolio and expand our offering for next-generation aircraft connectivity further strengthening our leadership position in IFC. We will also focus on expanding our SkyH4 customer base. In Peru, we plan to expand our footprint by participating in new digital inclusion initiatives and network expansion projects, building on our proven execution and local presence. Gilad is accelerating its competitive advantage throughout continued technology leadership in multi-orbit connectivity and development of advanced 5G NTN capabilities. Mergers and acquisition will be a key strategic focus, with primary emphasis on defense-related capabilities that complement our existing strengths. Gilad entered 2026 with a strong balance sheet and with additional $100 million equity placement in the fourth quarter, bringing total capital raised in 2025 to $166 million. This investment enhances our ability to pursue strategic opportunities and build on the milestones achieved this year. I would like to thank our employees for their commitment and performance, and our customers and partners for their continued trust. And with that, I will hand over the call to Gil, our CFO. Gil, please go ahead.