Market risk is the risk of loss related to changes in market prices, including mainly interest rates and foreign exchange rates, of financial instruments that may adversely impact our consolidated balance sheets, statements of operations or cash flows. Foreign Currency Exchange Risk Due to our international operations, currency exchange rates impact our financial performance. With respect to our monetary assets and liabilities, the majority of our balance sheet exposure arises when the monetary assets and liabilities are denominated in currencies other than the functional currencies of our subsidiaries. Our net Euro and New Israeli Shekel balance sheet exposures as of December 31, 2025 were approximately $38.4 million and $28.7 million, respectively. Our total revenues amounted to $551.1 million in 2025, of which approximately 19.5% were denominated in Euros. During 2025, our Euro-denominated revenues exceeded our Euro-denominated expenses. Conversely, our expenses denominated in shekels are higher than our expected shekel-denominated revenues. For those currencies which do not have a sufficient natural hedge within our operations (such as offsetting revenues and expenses recorded in a given currency, or some other hedge), we may choose from time to time to hedge in order to reduce the impact of currency fluctuations on our operating results. In 2025, we entered into hedging transactions to reduce our potential currency exposure related to the U.S. dollar against each of the Euro and the New Israeli Shekel. Our foreign exchange forward contracts in effect as of December 31, 2025 were for the conversion of €72.0 million into U.S. dollars and $0.0 million into New Israeli Shekels. The net effect of these risks stemming from currency exchange rate fluctuations on our operating results can be quantified as follows: i. A change of 10% in the value of the Euro relative to the U.S. dollar in the year ended December 31, 2025 would have resulted in a change in the U.S. dollar reporting value of our consolidated operating income of $5.4 million for that year, mainly due to revenues earned in Euros. ii. A change of 10% in the value of the New Israeli Shekel relative to the U.S. dollar in the year ended December 31, 2025 would have resulted in a change in the U.S. dollar-reported value of our consolidated operating income of $10.7 million, mainly due to shekel-recorded expenses. We will continue to monitor exposure to currency fluctuations. Instruments that may be used to protect us against future risks may include foreign currency forward and swap contracts. These instruments may be used to selectively manage risks, but there can be no assurance that we will be fully protected against 156 material foreign currency fluctuations. We do not use derivative financial instruments for speculative or trading purposes. Interest Rate Risk Our cash and cash equivalents are mainly consist of cash in bank accounts, and our short-term bank deposits have maturities of 90 days or more. Both are subject to limited interest rate risk, with an average interest rate of 5.4%. A 10% change in interest rates would have resulted a change in our financial condition or results of operations of approximately $1 million.