Azrieli Group Ltd (AZRGF) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day, and thank you for standing by. Welcome to Azrieli Group Q1 twenty twenty six Conference Call for Global Investors. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session. This conference call will be accompanied by a slide presentation. It can be found on Azrieli's site, www.azrieligroup.com, on the Investor Relations page under 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, Tina Azrieli Group's CEO. Please go ahead. Good afternoon and thank you for joining Azrieli Group's conference call to discuss our results for the first quarter of twenty twenty six. 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 two 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 mall 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 reduced income from tenant sales participation. Excluding the war's impact, NOI in the mall segment would have recorded a slight increase. The segment was also affected by a reduction in le...