Kamada Ltd.

Greetings and welcome to the Commodore Limited fourth quarter 2025 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the call, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the call over to Brian Ritchie, Managing Director of LifeSci Advisors. Thank you. You may begin.

Thank you. This is Brian Ritchie with LifeSci Advisors, and thank you all for participating in today's call. Joining me from Kamada are Amir London, Chief Executive Officer, and Jaime Orlev, Chief Financial Officer. Earlier today, Kamada announced its financial results for the three months and year ended December 31st, 2025. If you have not received this news release please go to the investors page of the company's website at www.camada.com. Before we begin, I would like to caution that comments made during this conference call by management will contain forward-looking statements that involve risks and uncertainties regarding the operations and future results of Camada. I encourage you to review the company's filings with the Securities and Exchange Commission, including Without limitation, the company's forms 20F and 6K, which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements. Furthermore, the content of this conference call contains time-sensitive information that is accurate only as of the date of the live broadcast, Wednesday, March 11, 2026. to revise or update any statements to reflect events or circumstances after the date of this conference call. With that said, it is my pleasure to turn the call over to Amir London, CEO. Amir?

Thank you, Brian. My thanks also to our investors and analysts for your interest in Kamada and for participating in today's call. I'd like to begin by noting that while the situation in the Middle East continues to evolve, Commodity operation and product manufacturing are proceeding as planned, and our plant is operating continuously. Although exports from Israel may be temporarily impacted due to the recent closure of Israeli airspace, cargo flights have gradually resumed, and we do not anticipate material disruption to product supply. We continue to closely monitor situation and remain fully committed to meeting our supply obligations. I'm pleased to report that operational and financial performance in 2025 was excellent, and that we continue to generate significant profitable growth. Total revenues for the year were $180.5 million, representing a 12% year-over-year increase, and adjusted EBITDA was $42 million, up 23% year-over-year. Results for the year were well within our 2025 annual guidance, and a testament to our ability to execute on our strategy and generate significant profitable growth through the diversity of our commercial product portfolio. We also demonstrated our ability to convert profitability to operational cash flow, generating $25.5 million of cash from operating activities for the year, contributing to a strong cash position of $75.5 million at year end of 2025. On the strength of our 2025 results, the board and committee management are pleased to declare a dividend of 25 cents per share, totaling approximately $14.4 million, payable on April 6th to shareholders of record as of March 23rd. This dividend payment is made in accordance with the dividend policy adopted by our board, under which we intend to distribute an annual dividend of at least 50% of our annual net income, subject to the board discretion and to the section of the dividend distribution test under the Israeli company's law at the time of distribution. This dividend payment reinforces our confidence of the company business prospects and ample liquidity to continue investing in our commercial growth, including the continued pursuit of new business development and M&A transactions, while also paying dividends to our shareholders. We entered 2026 from a position of significant strength, continuing to benefit from growth across our entire portfolio. Based on a positive outlook and consistent performance, we affirmed our 2026 annual guidance of $200 million to $205 million in revenues and $50 million to $53 million of adjusted EBITDA, which respectively represents 13% and 23% growth when comparing 2026 guidance midpoints to 2025 results. Importantly, this 2026 annual guidance is based solely on organic growth. We're excited about the growth prospects in our business over both the near and longer term. Our strategy is focused on the expansion of our entire commercial product portfolio, including continued investment in the commercialization and lifecycle management of our six FDA-approved specialty plasma-derived products, supporting organic commercial growth in the U.S. and in ex-U.S. markets. We also anticipate growth of our distribution segment through the launch of additional biosimilar products in Israel markets, as well as expansion of the distribution business to the MENA region. We further expect to continue ramping up the plasma collection in our three plasma centers, aiming to strengthen our vertical integration, reduce specialty plasma costs, and support continued growth through sales of normal source plasma. Lastly, we are focused on securing new business development and M&A transactions, which we expect will enrich our current portfolio of marketed products and generate synergies with our existing commercial operation. Our lead product continues to be our anti-rabbit immoglobulin, Kedrub, which is being distributed in the U.S. through our collaboration with Kedrion. Sales of the product to Cadrion increased in 2025 to approximately $54 million, well above the contract minimum commitment. We have a firm commitment of $90 million from Cadrion for minimum orders from 2026 through 2027, and our current supply agreement with them runs through 2031. In addition to a significant market share in the U.S., we continue to grow sales of CamRub in leading international markets such as Canada, Latin American countries, and Israel. Glacia represents our second leading franchise with total revenue contribution of $35 million split between our growing product sales in ex-US markets and royalty income generated from sell of the product by Takeda in the US and Canada. Moving on to our anti-CMV immunoglobulin, CytoGAM. Revenues from the product declined during 2025. We believe the decline was primarily due to increased usage of antivirals such as latrimavir and maribivir, resulting from improvements in their market access coverage. As you may recall, in 2025, we announced the initiation of a comprehensive post-marketing research program for CytoGAM, which we believe will help demonstrate the advantages of the product in the prevention and management of CMV disease. Although CMV disease continues to be a significant risk factor for organ rejection and mortality in transplantation, for years no new up-to-date clinical data regarding the benefits of CytoGAM were published. To address this, we developed this program in collaboration with leading key opinion leaders to explore advancement of novel CMV disease management. Last October, we announced the enrollment of the first patient in an important investigator-initiated trial included in this program. The study, titled Strategic Help with Immunoglobulin to Enhance Protection Against Late Disease CMV, or the SHIELD study, is a prospective randomized controlled multicenter investigator-initiated study in CMV high-risk kidney transplant recipients. The SHIELD study will investigate the benefits of CytoGAM administrated at the conclusion of the antiviral prophylaxis to reduce the risk of clinically significant late CMV in kidney transplant recipients who are CMV seronegative and have a CMV seropositive donor. These patients are at the highest risk of developing late-onset CMV infection, which is associated with worse transplant recipient health and outcome. The study is being conducted by leading expert in CMV and organ transplantation, Dr. Camille Coton, infectious disease specialist and clinical director of transplant and immune-compromised host infection disease at Massachusetts General Hospital, and Dr. David was on Winski, Medical Director of the Kidney Transportation Program at the University of Texas Southwestern Medical Center. We are very pleased to be working with such notable experts in the field, and we believe that the data generated by this study and other studies planned in this program will support increased product utilization for cytogen. Also, as part of our activities to advance organic growth, Following the first two biosimilar product launches in Israel during 2024 and 2025, we will be launching in Israel two additional biosimilars in the coming months and have several others in the pipeline to be launched in the coming years. We believe this portfolio will become an increasingly important portion of our distribution business with biosimilars annual sales of between $15 million to $20 million within the next four to five years. During 2025, we've also commenced expansion for distribution activity to the MENA region with initial agreements already signed. In addition, we are ramping up plasma collection at our Houston and San Antonio plasma collection centers. Both facilities include 50 donor beds with a planned peak capacity of approximately 50,000 liters per year each. and are anticipated to be two of the largest collection centers for specialty plasma in the U.S. The Houston site is already FDA approved, and we expect our San Antonio site to receive FDA approval in the first half of 2026. As previously stated, each of those two centers is expected to generate annual revenues of $8 million to $10 million in sales of normal source plasma at full capacity. Moving to business development and M&As. We are currently pursuing new opportunities, and we are hopeful that we will be able to secure compelling in-licensing, collaboration, and all M&A transactions, which will enrich our portfolio of marketed products and complement our existing commercial operation. We anticipate that such transactions will generate synergies with our current commercial portfolio and support our long-term profitable growth. With that, I now turn the call over to Jaime for a detailed discussion of our financial results for 2025. Jaime, please go ahead.