Neto M.E. Holdings (NTCH) — Bakshi Finance

Revenue H1 2026

ILS 2,894.8M

vs 2,522.9M — up 14.7%

Operating profit H1

ILS 159.1M

vs 159.1M in the comparable period

Share price

ILS 178.60

25.8.2026 · Tel Aviv Stock Exchange

Market capitalisation

ILS 664M

3,720 thousand shares issued

Gross margin

12.66%

vs 13.59% — down 93 basis points

Earnings per share H1

ILS 14.01

vs ILS 13.13 in the comparable period

Equity attributable to owners

ILS 510.0M

36.8% of total equity of 1,386.6M

Holding in Neto Melinda Sachar

42.83%

of capital · 45.18% of voting rights

Net debt to EBITDA

1.29x

Interest cover 12.4 · Current ratio 2.22

Effective tax rate

24.24%

vs 31.62% in the comparable period

Cumulative free cash flow

+ILS 234.6M

2023 through H1 2026

Dividend to shareholders

ILS 0

2023, 2024, 2025 and H1 2026

1 Company Profile

Neto M.E. Holdings Ltd. (NTCH) is an Israeli holding company operating in kosher food and in household consumer products that are not food. The company was incorporated in 1980 under the name "Meir Ezra and Son", has traded on the Tel Aviv Stock Exchange since December 1983, and adopted its present name in November 2002. Its registered office is at 5 Meir Ezra Street, Kiryat Malachi.

All operating activity is conducted through Neto Melinda Sachar Ltd. — a subsidiary whose own shares are listed on the Tel Aviv Stock Exchange (security no. 1105097). Neto Holdings holds 42.83% of its share capital and 45.18% of its voting rights as at 31 December 2025, and consolidates it. In the words of the report: "the company consolidates Neto Melinda although it holds less than half of the voting rights, because it has the power to determine the financial and operating policy of the company."

The group's plants are all held by Neto Melinda: Tivon Vil Holdings (meat and meat products), Williger Industries (canned fish and salmon processing), Delidag (fish), Shloshet HaOfim (dough products and processed cheese), Palace Neto Industries (household consumer products that are not food), and N.G. Rich Industries (67% held — Rich whipped-topping products).

Segment	Description per the report	Revenue H1 2026
Group plants	Sale of output from the group's own plants	ILS 377.5M
Import	Fresh and frozen meat, live cattle, fresh and frozen fish, quality and semi-hard cheeses, canned fish, preserved fruit and vegetables, Rich whipped-topping products, ready meals, and non-food household products	ILS 1,220.0M
Local market	Mainly fresh poultry and meat under standard and mehadrin kosher certification, fresh fish, frozen bakery products, fish delicacies, quality cheeses, frozen vegetables and tomato sauce	ILS 1,297.3M

A structural point to note: Neto Melinda's revenue in 2025 was ILS 5,222.2 million — identical to the group's consolidated revenue. The parent company's own revenue consists of management fees alone: ILS 17.5 million in 2025. In addition, Neto Melinda's profit in 2025 (ILS 232.0 million) exceeded the group's consolidated profit (ILS 212.3 million).

Source: Q2 2026 report, note 1 · 2025 annual report, notes 8.1.1 and 8.1.2.1 · description of the corporation's business

2 Financial Performance

ILS thousands	H1 2026	H1 2025	Change	Q2 2026	Q2 2025	FY 2025
Revenue	2,894,828	2,522,948	+14.7%	1,327,595	1,222,877	5,222,181
Cost of revenue	2,528,385	2,180,140	+16.0%	1,154,677	1,063,360	4,520,120
Gross profit	366,443	342,808	+6.9%	172,918	159,517	702,061
Gross margin	12.66%	13.59%	−93bp	13.03%	13.04%	13.44%
Selling and marketing expenses	170,243	148,730	+14.5%	84,423	75,626	309,839
General and administrative expenses	37,100	34,973	+6.1%	19,844	17,742	71,558
Operating profit before other income	159,100	159,105	0.0%	68,651	66,149	320,664
Operating margin	5.50%	6.31%	−81bp	5.17%	5.41%	6.14%
Net finance expenses	(18,016)	(14,249)	+26.4%	(13,086)	(5,505)	(23,731)
Profit before income tax	142,989	146,999	−2.7%	58,359	63,280	303,075
Income tax	34,656	46,484	—	14,128	16,467	90,818
Effective tax rate	24.24%	31.62%	—	24.21%	26.02%	29.97%
Profit for the period	108,333	100,515	+7.8%	44,231	46,813	212,257
Attributable to owners of the parent	46,736	43,806	+6.7%	19,563	20,918	86,698
Attributable to non-controlling interests	61,597	56,709	+8.6%	24,668	25,895	125,559
Earnings per share (ILS)	14.01	13.13	+6.7%	5.86	6.27	25.98

Two facts that stand side by side:
Revenue in the first half of 2026 rose by ILS 371.9 million (14.7%). Operating profit before other income was ILS 159,100 thousand against ILS 159,105 thousand in the comparable period — a difference of ILS 5 thousand.

Profit before tax fell 2.7%, while net profit rose 7.8%. The difference arises from the effective tax rate, which fell from 31.62% to 24.24%. Had the tax rate matched that of the comparable period, net profit would have been ILS 97,776 thousand — a decline of 2.7%.

The interim reports are prepared under IAS 34 and do not include a tax reconciliation note. Effective tax rates in prior years: 21.12% (2023), 28.08% (2024), 29.97% (2025). The Israeli statutory corporate tax rate is 23%.

Revenue against operating profit

Margins (%)

Revenue mix and customer groups

ILS thousands	2025	2024	2023
Purchased goods	4,454,967 (85.3%)	4,070,150	3,601,352
Manufactured goods	766,664 (14.7%)	730,233	759,371
Retail chains	2,003,609	1,964,633	1,830,576
Private market	1,546,725	1,551,831	1,288,905
Institutional market	1,671,847	1,295,239	1,256,102
Customer A (above 10%)	773,323 (14.8%)	684,762	505,609
Customer B (above 10%)	269,210	407,019	552,874

Source: Q2 2026 report, consolidated statements of profit or loss · 2025 annual report, note 21

3 Balance Sheet & Capital

ILS thousands	30.6.2026	31.12.2025	30.6.2025
Cash and cash equivalents	9,810	24,495	7,641
Trade receivables	1,308,292	1,230,726	1,194,239
Inventory	777,251	766,457	589,155
Total current assets	2,130,376	2,056,879	1,833,398
Property, plant and equipment	188,069	198,203	198,103
Total assets	2,399,730	2,350,242	2,167,743
Bank credit (current)	488,633	440,502	355,034
Bank credit (non-current)	1,183	2,341	14,565
Trade payables	414,106	464,796	413,928
Total current liabilities	960,326	984,659	834,687
Equity attributable to owners of the parent	509,957	464,274	396,948
Equity attributable to non-controlling interests	876,595	842,263	767,834
Total equity	1,386,552	1,306,537	1,164,782
Owners' share of equity	36.78%	35.53%	34.08%

Equity split — owners against minority

Free cash flow

Liquidity, leverage and working capital

Metric	30.6.2026	30.6.2025
Net financial debt	479,863	361,958
Net debt to EBITDA (trailing twelve months)	1.29x	—
Interest cover	12.4x	—
Current ratio	2.22	2.20
Days sales outstanding	81.8	85.7
Days inventory	55.6	48.9
Days payable	29.6	34.4
Cash conversion cycle (days)	107.8	100.2

Cash flow

ILS thousands	H1 2026	H1 2025	2025	2024	2023
Cash flow from operating activities	(27,257)	(56,508)	(71,792)	296,395	208,923
Purchase of property, plant and equipment	(14,711)	(19,201)	(45,739)	(43,663)	(67,594)
Free cash flow	(41,968)	(75,709)	(117,531)	+252,732	+141,329
Depreciation and amortisation	28,103	29,926	51,945	—	—
Interest paid	20,936	16,017	24,171	—	—
Dividend to non-controlling interests	25,998	38,937	70,687	—	—
Dividend to Neto Holdings shareholders	0	0	0	0	0

Receivables and inventory together account for 86.9% of total assets. Operating cash flow in the first half of 2026 was negative at ILS 27.3 million; in the words of the report: "the negative cash flow arises from the continued growth in the company's sales, which requires additional working capital (inventory and receivables)." In the second quarter alone cash flow returned to positive at ILS 114.6 million, alongside repayment of ILS 95 million of bank credit. Cumulatively over 2023 through the first half of 2026, free cash flow is positive at ILS 234.6 million.

Investment in property, plant and equipment in the first half of 2026 was ILS 14.7 million against depreciation and amortisation of ILS 28.1 million — 52.3%. The property, plant and equipment line fell from ILS 198.2 million to ILS 188.1 million.

Per the accounting policy note: "a liability for additional tax in the event of a dividend distribution by investees has not been included in the financial statements in respect of consolidated companies, since the company's policy is not to cause a dividend distribution that entails additional tax."

Source: Q2 2026 report — consolidated statements of financial position and of cash flows · 2025 annual report · note 34 (pledges)

4 Segments

Segment (ILS thousands)	Revenue H1 2026	Revenue H1 2025	Change	Result 2026	Result 2025	Change	Margin 2026	Margin 2025
Group plants	377,524	384,397	−1.8%	11,347	15,866	−28.5%	3.01%	4.13%
Import	1,219,994	946,708	+28.9%	93,798	88,903	+5.5%	7.69%	9.39%
Local market	1,297,310	1,191,843	+8.8%	55,419	56,325	−1.6%	4.27%	4.73%
Total	2,894,828	2,522,948	+14.7%	160,564	161,094	−0.3%	5.55%	6.39%

Second quarter only

Segment	Revenue 2026	Revenue 2025	Change	Result 2026	Result 2025	Change
Group plants	171,320	201,228	−14.9%	4,552	7,644	−40.4%
Import	533,205	412,013	+29.4%	40,619	32,301	+25.8%
Local market	623,070	609,636	+2.2%	26,719	27,588	−3.2%

Revenue by segment

Segment margin (%)

Of the ILS 371.9 million increase in sales in the first half, the import segment contributed ILS 273 million — about 73%. In the words of the board of directors' report, the increase arose "from growth in the import segment (about ILS 273 million) and in the local market segment (about ILS 105 million), less a decrease in the group's plants (about ILS 6 million)."

Margin fell in all three segments. In the import segment — by 170 basis points.

On the comparison base: the company notes that in the second quarter of 2025 sales declined "as a result of the 'Am K'Lavi' war and the foot-and-mouth disease that broke out in Europe in the second quarter last year, which caused a decrease in fresh meat imports", and that the timing of Passover fell entirely within the first quarter this year.

Source: Q2 2026 report, note 5 — operating segments · board of directors' report section A.2

5 Competitive Position

Neto Melinda operates in the Israeli kosher food market — a market in which the refrigerated distribution network, logistics footprint and kosher certification infrastructure constitute practical barriers to entry. The group holds wholly owned production plants in meat, fish, dough products and processed cheese, alongside a broad import operation.

The revenue mix nonetheless describes the character of the activity: in 2025, purchased goods accounted for ILS 4,455.0 million out of ILS 5,222.2 million — 85.3% of revenue. Goods manufactured by the group accounted for ILS 766.7 million, or 14.7%.

The poultry supply agreement — Tal Hel Yiska

The group's most material commercial arrangement. The disclosed particulars:

Item	2025	2024	2023
Purchases from Tal Hel (ILS thousands)	861,279	804,761	824,060
Share of the company's total purchases	19.9%	20.3%	23.5%
Share of local-market segment purchases	47.7%	43.7%	52.6%
Share of group revenue	16.5%	16.7%	18.8%

The agreement was signed at the end of 2019 for the supply of poultry under standard kosher certification, with no mutual commitment to purchase or sell any particular quantity. Expected scope at signing: approximately ILS 800 million.
Neto Melinda pays the supplier in cash on receipt of the goods at its warehouses, against a delivery note.
A marketing and distribution commission is deducted from the payment to the supplier: ILS 1 per kilogram of poultry, raised to ILS 1.17 per kilogram by resolution of the general meeting of 6.3.2025, linked to the December 2024 index and updated twice a year. For antibiotic-free poultry (about 0.5% of the scope) — ILS 1.8 per kilogram.
Annual contract scope: up to ILS 1.2 billion. A three-year term from approval by the general meeting, and either party may cancel at any time on six months' prior notice.
Neto Melinda undertook that its audit committee will examine, semi-annually, the average monthly selling price per kilogram of standard-kosher poultry against two major poultry integrators, within a deviation of up to 5%.
On 18.5.2026 the general meeting of Neto Melinda approved updating the purchase limit so that annual purchases of standard-kosher poultry from Tal Hel will not exceed 95% of the company's total annual standard-kosher poultry purchases.

Source: 2025 annual report, description of the corporation's business section 7 and note 22.1 · Q2 2026 report, note 7.2

6 How to Think About This Company

The first thing to understand about Neto Holdings is that it is not a food company — it is a holding structure. All operating activity sits in Neto Melinda Sachar, which is itself listed on the Tel Aviv Stock Exchange under security number 1105097. Melinda's revenue in 2025 was ILS 5,222.2 million — identical to the consolidated figure. The parent company's own revenue is management fees of ILS 17.5 million. Anyone examining this company is in effect examining two different securities that represent the same business, and so the first question is not "what is the business worth" but "what distinguishes the two ways of owning it".

The first distinction is quantitative. Neto Holdings owns 42.83% of Melinda's share capital. Accordingly, equity attributable to owners of the parent is ILS 510.0 million out of total equity of ILS 1,386.6 million — 36.8%. Profit for the first half of 2026 was ILS 108.3 million, of which ILS 46.7 million was attributable to owners of the parent and ILS 61.6 million to non-controlling interests. Every consolidated figure in this report — revenue, EBITDA, balance sheet — describes a business most of which belongs to others.

The second distinction is the cost of the structure, and it can be measured. In 2025 Neto Melinda's profit was ILS 232.0 million. Neto Holdings' economic share (45.18% of voting rights, the ratio used for the computation) comes to approximately ILS 104.8 million. The profit actually recorded as attributable to owners of the parent was ILS 86.7 million. The difference — roughly ILS 18 million — is what is consumed between the subsidiary and the shareholder. On the same computation the difference was approximately ILS 21 million in 2024, and approximately ILS 1.2 million in 2023. This is a figure worth tracking over time.

The third distinction concerns cash. Neto Holdings did not distribute a dividend to its shareholders in 2023, 2024, 2025 or the first half of 2026. Over the same period, dividends to non-controlling interests in consolidated subsidiaries amounted to ILS 70.7 million in 2025 and ILS 26.0 million in the first half of 2026. The report supplies a structural explanation: the company's policy, as set out in the accounting policy note, is "not to cause a dividend distribution that entails additional tax". This is therefore not an annual decision but a stated tax constraint.

Turning to the business itself, one figure concentrates the whole picture. Revenue in the first half of 2026 rose 14.7%, an addition of ILS 371.9 million. Operating profit before other income was ILS 159,100 thousand, against ILS 159,105 thousand in the comparable period. In other words, close to four hundred million shekels of additional turnover left no additional operating profit. The segment breakdown shows why: of that increase, ILS 273 million — about 73% — came from the import segment, whose own margin fell from 9.39% to 7.69%.

The margin decline is not concentrated in one segment. Group plants fell from 4.13% to 3.01%, import from 9.39% to 7.69%, and local market from 4.73% to 4.27%. When all three segments move in the same direction, the explanation tends to be broad — mix, input costs, or pricing structure with customers — rather than a discrete event in a single segment. A supporting data point: in 2025 the institutional market grew 29.1%, while retail chains grew 2.0% and the private market was unchanged.

The group plants segment — the only one in which the group manufactures itself — is contracting. In the second quarter of 2026 its revenue fell 14.9% and its result 40.4%. In parallel, property, plant and equipment fell from ILS 198.2 million to ILS 188.1 million over six months, and investment in fixed assets was ILS 14.7 million against depreciation and amortisation of ILS 28.1 million. Anyone examining the company as a food manufacturer will want to read those two figures together.

The tax line warrants separate attention. Profit before tax in the first half of 2026 fell 2.7% against the comparable period, while net profit rose 7.8%. The entire difference arises from the effective tax rate, which fell from 31.62% to 24.24%. In the first quarter the gap was sharper still: profit before tax up 1.1% against net profit up 19.4%, on a tax rate that fell from 35.86% to 24.26%. The interim reports are prepared under IAS 34 and do not include a tax reconciliation note, so no explanation for the decline appears in them. This is an information gap that can only be closed in the annual report.

Working capital is both the engine and the constraint. Receivables and inventory represent 86.9% of total assets. In the first half of 2026 days sales outstanding actually improved — from 85.7 to 81.8 — but days inventory rose from 48.9 to 55.6 and days payable fell from 34.4 to 29.6, so that the cash conversion cycle lengthened by 7.6 days. It is worth connecting this to the Tal Hel agreement: under its terms, payment to the supplier is made in cash on receipt of the goods. As that share of procurement grows, supplier credit contracts structurally, and working capital is funded by bank credit instead.

Set against that, the balance sheet itself is not stretched. Net financial debt of ILS 479.9 million against trailing twelve-month EBITDA gives a ratio of 1.29, interest cover stands at 12.4 and the current ratio at 2.22. Cumulative free cash flow across 2023 through the first half of 2026 is positive at ILS 234.6 million, and the second quarter of 2026 alone generated positive cash flow of ILS 114.6 million, permitting repayment of ILS 95 million of bank credit. That said, 99.8% of bank credit is short term and all of it is secured by pledges, and no disclosure of financial covenants was found in the reports.

This framework is intended to structure analysis, not to produce an investment conclusion. The central question it poses is not "is the business good" but "what distinguishes holding Neto Holdings from holding Neto Melinda, and what does that difference cost". That question is answered by the data in this document, not by the document.

Source: all figures in this section are drawn from the Q2 2026 report and the 2025 annual report

7 Risks & Monitoring

Item	Position per the report	What the next report tests
Effective tax rate	24.24% in H1 2026 against 31.62%. Interim reports under IAS 34 contain no tax reconciliation note	Whether the rate returns to the 29%–30% range or remains around 24%
Segment margins	Decline across all three segments. Import 170 basis points, group plants 112, local market 46	Whether the decline halts, and in which segment
Group plants segment	In Q2, revenue −14.9% and result −40.4%. Property, plant and equipment down 5.1% over six months	Whether this is a single quarter or a trend
Working capital and funding	Cash conversion cycle lengthened by 7.6 days. Net financial debt rose from ILS 362.0 million to ILS 479.9 million. Interest paid ILS 20.9 million in the half — 87% of all of 2025	The third quarter is historically strong in cash flow — whether net debt falls
Credit structure	ILS 489.8 million of bank credit, 99.8% of it short term, all secured by pledges. No disclosure of financial covenants was found	Disclosure on credit facilities and their terms
Tal Hel Yiska agreement	16.5% of group revenue. A fixed commission per kilogram. Cancellable on six months' notice. On 18.5.2026 the limit was raised to 95%	The third quarter is the first full quarter under the new limit — the local-market segment result
Derivative claim	Filed 21.6.2023 against the serving directors, against Neto M.E. Holdings, against Tal Hel Yiska and against Nur Yiska. In the amended request (5.9.2024) the claimed minimum amount is ILS 177,843,525. The expert opinion attached to the original request was withdrawn. The pre-trial hearing was postponed to 24.11.2026	The outcome of the pre-trial hearing
Customer concentration	Customer A — ILS 773.3 million in 2025, 14.8% of revenue, up 53% over two years. Customer B fell from ILS 552.9 million to ILS 269.2 million	Stability of the two material customers
Control structure	Per regulation 21A: "the company is a company without a controlling shareholder" — since 14.9.2021. Adi Ezra holds 23.38% of capital, David Metsa through Nur Yiska 22.72%. The company regards both as parties with a mutual personal interest for the purposes of section 268 of the Companies Law	Changes in interested-party holdings
Security situation	Operation 'Sha'agat Ari' from 28.2.2026, ceasefire from 8.4.2026, Lebanese-sector agreement 26.6.2026. The company's position: "no material harm has occurred to the company's activity", alongside uncertainty as to what follows	Effect on supply chains and imports
Inputs and regulation	Meat, fish and poultry prices · price controls · kosher certification standards	—

Source: Q2 2026 report, notes 7.2–7.4 · 2025 annual report, note 19.3 and regulations 21A and 22 · note 34

8 Scenario Framework

Conditions that would need to hold for the operating picture to improve

Gross margin returns to the level at which it stood in 2025 (13.44%) or above, across two consecutive quarters
Operating profit growth catches up with revenue growth — that is, additional turnover translates into additional profit
The import segment margin stabilises after a 170 basis point decline
The group plants segment stops contracting, and investment in fixed assets returns to the level of depreciation
The cash conversion cycle shortens back towards 100 days, and net financial debt declines

Conditions under which the picture remains as it is

Revenue continues to grow led by the import segment, at a margin below that of the other segments
Operating profit moves around the level observed over the past two years
The effective tax rate settles within some range, and the annual report supplies an explanation for it
The policy of not distributing a dividend to the parent company's shareholders continues

Conditions under which the picture deteriorates

The margin decline continues across all three segments for a further quarter
The effective tax rate returns to 2024–2025 levels, exposing operating profitability without that cushioning
Working capital continues to lengthen and net financial debt continues to rise, while 99.8% of credit is short term
The poultry supply agreement is cancelled by either party on six months' notice, or its terms change
The pending legal proceeding advances to a stage requiring accounting recognition
A further material customer reduces activity, as with the 51% decline recorded at Customer B

Scenarios are descriptive, not predictive. The scenarios describe conditions that can be tested against the next report, and contain no price estimates, probabilities or forecasts.

9 Analytical Lens — The Questions We Ask

Growth

Revenue rose 14.7% in the first half of 2026 and about 9% in 2025. What part of that growth reflects volume, and what part reflects input costs passing through into selling prices — and how would the pace look without the contribution of the import segment?

Profitability

Operating margin fell from 6.31% to 5.50% while revenue rose 14.7%. What cost structure causes additional turnover to generate no additional profit, and at what level of activity does that structure change?

Leverage

Net financial debt of ILS 479.9 million gives a ratio of 1.29 to EBITDA and interest cover of 12.4 — yet 99.8% of the credit is short term and all of it is pledged. What does that maturity structure mean for a company whose working capital is 86.9% of its balance sheet?

Competitive Position

85.3% of revenue is purchased goods and 14.7% manufactured goods. Where does the relative advantage actually reside — in production, in the refrigerated distribution network, in the kosher certification infrastructure, or in supplier access — and which of these can be replicated?

Management Quality

Looking across 2023 to 2026: how do the capital allocation decisions — the sale of 3.49% of Neto Melinda's shares in July 2025 for approximately ILS 100 million, and the absence of any dividend to the parent company's shareholders — sit alongside the operating results recorded over the same period?

Business Complexity / Risk

The company consolidates a listed subsidiary in which it holds less than half the voting rights, and 63.2% of equity is attributable to non-controlling interests. How does that structure affect the way every consolidated figure in the report should be read?

10 Key Observations

Revenue in the first half of 2026 rose 14.7% (ILS 371.9 million), and operating profit before other income was ILS 159,100 thousand against ILS 159,105 thousand in the comparable period. Margin declined across all three segments.
Profit before tax fell 2.7% and net profit rose 7.8%. The effective tax rate was 24.24% against 31.62%. The interim reports are prepared under IAS 34 and do not include a tax reconciliation note.
Equity attributable to owners of the parent is ILS 509,957 thousand out of total equity of ILS 1,386,552 thousand — 36.8%. Neto Holdings owns 42.83% of the share capital of Neto Melinda Sachar, whose revenue constitutes 100% of group revenue.
No dividend was distributed to Neto Holdings shareholders in 2023, 2024, 2025 or the first half of 2026, while ILS 70,687 thousand was paid to non-controlling interests in 2025. The accounting policy note states that the company's policy is not to cause a dividend distribution that entails additional tax.

Sources & Data

#	Source	Date	Type
1	Periodic report for the second quarter of 2026 (as at 30.6.2026) — auditor: Ziv Haft, unqualified review conclusion	Approved 19.8.2026	Primary — Maya
2	Periodic report for the first quarter of 2026 (as at 31.3.2026)	Approved 28.5.2026	Primary — Maya
3	Annual periodic report 2025	Approved 30.3.2026	Primary — Maya
4	Annual periodic report 2023	—	Primary — Maya
5	Trading data — Neto Holdings (168013) and Neto Melinda (1105097)	25.8.2026	Secondary — market data

All financial figures in this document are taken from the official financial statements as published on Maya. The document contains no estimates or assessments that do not appear in the source.

Neto M.E. Holdings Ltd.

Revenue mix and customer groups

Liquidity, leverage and working capital

Cash flow

Second quarter only

The poultry supply agreement — Tal Hel Yiska

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