Max Stock Ltd.

Investor Presentation • Nov 19, 2025

Max Stock

Q3 & YTD 2025 Earnings Conference Call

November 19, 2025

Disclaimer

This presentation, any question and answer session and any written or oral material discussed or distributed during the meeting to present this document or otherwise in connection with it (this "Presentation") is solely for the purpose of demonstration of information included in the financial statements of MAX Stock Ltd. ("MAX" or "the Company") as of September 30, 2025. This Presentation is not intended for distribution to, or use by any person or entity in, any jurisdiction or country where such distribution or use would be contrary to local law or regulation. This Presentation was prepared solely based on information obtained from MAX and public sources (including data obtained by MAX from industry publications and surveys) on or prior to the date hereof and has not been independently verified. MAX may not have access to the facts and assumptions underlying the numerical data, market data and other information included in such surveys . This Presentation only contains summary information and no representation or warranty, express or implied, is or will be made in relation to and no reliance should be placed on the fairness, accuracy, correctness or completeness of the information or opinions contained in this Presentation. The presentation only contains summary information, and does not replace the full disclosure contained in the Q3 2025 Financial Statements and the 2024 annual report of the Company.

This Presentation contains forward-looking statements, which are based on current expectations, projections and assumptions about future events and may differ materially from actual results due to variety of factors including, but not limited to change in the overall economy; and on local and global economy and MAX's ability to manage and develop its business. Statements contained in the Presentation, other than statements of historical fact, regarding future events or prospects, are forward-looking statements. These forward-looking statements can be identified by the use of words such as "aim," "anticipate," "believe," "continues," "could," "estimate," "expect," "intend," "goal," "may," "plan," "project," "projections," "should," "will" and other words that convey uncertainty of future events or outcome. Statements that MAX makes in this Presentation that are not statements of historical fact also may be forward-looking statements. Forward-looking statements are not guarantees of future performance, and involve risks, uncertainties, and assumptions that may cause our actual results to differ materially from the expectations that MAX describes in its forward-looking statements. There may be events in the future that MAX is not accurately able to predict, or over which MAX has no control. You should not place undue reliance on forward-looking statements. Although MAX may elect to update forward-looking statements in the future, MAX disclaims any obligation to do so, even if MAX's assumptions and projections change, except where applicable law may otherwise require MAX to do so. These forward-looking statements should not be relied upon as representing MAX's views as of any date subsequent to the date of this Presentation.

This Presentation does not constitute and is not intended to form part of any offer, or the solicitation of any offer, to buy, subscribe for or sell any securities in MAX or any subsidiary of MAX and nothing in this Presentation shall in any way constitute or form part of any legal agreement or be relied on in connection with, any contract, commitment or investment decision. Each recipient of the information contained in this Presentation is responsible for making its own independent assessment of the business, financial condition, prospects, status and affairs of MAX. No person shall have any right of action against MAX or any other person in relation to the accuracy or completeness of the information contained in the Presentation.

This Presentation and the information contained herein are not a solicitation of an offer to buy securities or an offer for the sale of securities in Israel, in the United States or in any other jurisdiction in which such solicitation or offer are not allowed. MAX has not and does not expect to register any securities that it may offer under the Securities Act, or the securities laws of any state of the United States or any other jurisdiction thereof, and any such securities may not be offered or sold in the United States absent registration under the Securities Act or an available exemption from registration.

Nothing in this Presentation constitutes investment advice and any recommendations that may be contained herein have not been based upon a consideration of the investment objectives, financial situation or particular needs of any specific recipient.

By attending this Presentation and/or receiving this document, you are agreeing to the terms and conditions set forth above.

This presentation includes certain financial measures not presented in accordance with International Financial Reporting Standards ("IFRS"), including Adjusted EBITDA. These financial measures are not measures of financial performance in accordance with IFRS and may exclude items that are significant in understanding and assessing the Company's financial results. Therefore, these measures should not be considered in isolation or as an alternative to net loss or other measures of profitability, liquidity or performance under IFRS. You should be aware that the Company's presentation of these measures may not be comparable to similarly titled measures used by other companies, which may be defined and calculated differently. See the appendix for a reconciliation of certain of these non-IFRS measures to the most directly comparable IFRS measure.

Strong Performance Across the Board

^* Adjusted EBITDA pre IFRS 16 = EBIT + D&A + other costs + stock-based compensation (SBC) - the impact of IFRS 16

^** EPS attributable to shareholders adjusted for stock-based compensation (SBC)

Robust Multi-Year Growth

Q3 Financial Highlights

Note: Totals may be sightly impacted by minor rounding differences.

^1. Adjusted EBITDA pre IFRS 16 = EBIT + D&A + other costs (income) + stock-based compensation (SBC) - the impact of IFRS 16 4

^2. Net Income (NI) and EPS (both attributable to shareholders) adjusted for stock-based compensation (SBC)

Q3 Adjusted Net Income(1) (NIS M)

Attributable to Shareholders and to Non-Controlling Interests

Strong Jan-Sep 2025 (YTD) Performance Across the Board

^* Adjusted EBITDA pre IFRS 16 = EBIT + D&A + other costs + stock-based compensation (SBC) - the impact of IFRS 16

^** EPS attributable to shareholders adjusted for stock-based compensation (SBC)

Jan-Sep 2025 (YTD) Financial Highlights

Note: Totals may be sightly impacted by minor rounding differences.

^1. Adjusted EBITDA pre IFRS 16 = EBIT + D&A + other costs + stock-based compensation (SBC) - the impact of IFRS 16

^2. Net Income (NI) and EPS (both attributable to shareholders) adjusted for stock-based compensation (SBC)

Historical Cash Flows and Capital Deployment

Cash Flows from Operating Activities – Capex – Lease Payments (NIS M)

Capital Structure (NIS M)

Ample of liquidity and financial flexibility

Growth Drivers

Looking Forward

Continued Growth in Largest Categories

Jan-Sep 2025 Revenue Contribution and Growth, per Category

% Contribution (1)

Housewares

15%

Party Supplies, Storage & Consumables

13%

Toys & Baby

10%

Office & School Supplies

6%

Arts & Crafts

4%

Apparel Basics

Category
YoY Growth (1)

+5.5%

+12.6%

+4.4%

+2.0%

+2.8%

(3.4%)

Category growth in Q3'25 vs. Q3'24: +4.6%

Our "Other" category (1) (that contributed ~26% to YTD'25 revenue from sales and is comprised of over 25 subcategories) is up 12.5% YoY

Main KPIs

Solid Growth on top of Tough Multi-Year Comparisons

^1. Vs. the prior period and reflecting change in average basket size in owned SS stores in the period.

Main KPIs (cont'd)

¹⁴ 1. Annualized and normalized for a nine-month period in cases of new stores that did not operate throughout the full period.

STORE COUNT AND OWNED NET SQM

(End-of-Period)

Owned Net SqM in Israel

(End-of-period; 000s)

Opened one owned Max store in Gedera in Feb 2025 (BIG; 1,900 net SqM) and closed one owned Max store in Gush Etzion (Harim Mall; 1,000 net SqM) on March 31, 2025, as it was not meeting the required KPIs. Opened a new franchised Mini Max store in Rehovot in March 2025 and closed a Mini Max store in Shefar'am in August 2025 (1) . Closed the last store in Portugal (in Braga) in April 2025.

# of Stores (end-of-period)

(Owned vs. Franchised)

Pipeline Stores

Or Akiva (Orot Mall/Amot) Expected in H1'26

Beer Sheba (Mivne) Expected in H1'26

Gan Yavne (SLDN) Expected in 2026

Ad Halom (Nadav B.) Expected in 2026

Ofakim (NEW) (GT Real Estate) Expected in H1'27

~12.3k gross / 8.6k net

Additional stores are under various negotiation stages

Clear Top Line Growth Drivers

Add 44k of owned net SqM in Israel by 2030

Accelerating Growth and Strategic Efficiency:

Key Drivers for Superior Performance

Strategic Market Expansion

Improving Purchasing Power and Opex with Scale

• Leveraging increased scale to secure more favorable agreements and pricing with suppliers

• Realizing economies of scale across operating expenses (OpEx)

• Increasing the portion of direct merchandise sourcing, supported by the Company's new, advanced logistics center Trade and Supply Chain Efficiency Gains

Positive Macroeconomic Backdrop

• Benefiting from a strong Israeli Shekel (ILS) relative to the US Dollar (USD)

Increasing Percentage of 100% Owned Stores

• Rolling out new stores that are 100% owned by the Company

Talia Sessler

Chief Corporate Development & IR Officer +972-50-7000155

Appendix

Company Overview

~NIS 1.4 Bn.

Sep 2025 LTM revenue

63

locations across Israel (3)

~66.1k

Total Net SqM⁽³⁾⁽⁴⁾

Logistic centers

~2,386

employees⁽⁵⁾

MAXO

Publicly listed on TASE

Note: Totals may be sightly impacted by minor rounding differences. LTM = Last twelve months

• Other comprised of over 25 subcategories with the largest being OTC Pharmaceutical, Electronics, Phone Accessories and Outdoors
• Net SqM defined as commercial area in SqM excluding e.g., storage and office spaces. Data refer to owned/majority owned stores only

Dual Format Store Strategy for Suburban and Urban Markets in Israel

Located in suburban markets with ample parking

Average store sizes of~1,750 net SqM /~18,800 sq. ft.(1)

Full assortment of merchandise

Mostly majority owned: 44 stores (37 are majority owned)(2)

Main format priority for current expansion

Max Mini Max

Located in city centers

Average store sizes of ~200 SqM /~2,150 sq. ft.

Typically, lower ticket prices

Franchised concept: 19 stores (all are franchised)

Second priority growth engine

22 2. As of November 19, 2025.

^1. Net SqM defined as commercial area in SqM excluding e.g., storage and office spaces. Represents Company owned stores

Annual Financial Highlights

Note: Totals may be sightly impacted by minor rounding differences. LTM = Last twelve months

²³ * Excluding one-time bulk operations in 2020

Annual Financial Highlights (cont'd)

Note: Totals may be sightly impacted by minor rounding differences. . LTM = Last twelve months.

^1. Adjusted EBITDA pre IFRS 16 = EBIT + D&A + other costs (including IPO costs in 2020 ) + stock-based compensation (SBC) - one-time bulk operation (in 2020) - the impact of IFRS 16

^2. Net Income (NI) and EPS (both attributable to shareholders) adjusted for stock-based compensation (SBC), one-time bulk operation in 2020 and IPO costs in 2020

IFRS 16 Reconciliations (Q3)

NIS M

	Q3/2024		Q3/2025
	GAAP	Pre IFRS 16	GAAP	Pre IFRS 16
EBIT	51.2	50.3	70.7	63.6
Interest expenses, net	5.7	(2.0)	11.8	3.4
EBT	45.5	52.3	58.9	60.2
Taxes	11.3	12.8	14.0	14.3
GAAP Net Income	34.3	39.4	44.9	45.9
EBITDA exc. Other Expenses	79.2	56.5	93.1	69.3
Plus: SBC	0.0	0.0	0.0	0.0
EBITDA exc. SBC	79.2	56.5	93.2	69.3

Note: Totals may be sightly impacted by minor rounding differences. 25

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IFRS 16 Reconciliations (Sep YTD)

NIS M

		YTD/2024	YTD/2025
	GAAP	Pre IFRS 16	GAAP	Pre IFRS 16
EBIT	138.2	129.7	171.8	153.4
Interest expenses, net	15.9	(4.1)	34.0	9.8
EBT	122.3	133.8	137.7	143.6
Taxes	30.0	32.6	33.5	34.8
GAAP Net Income	92.3	101.1	104.3	108.8
EBITDA exc. Other Expenses	207.1	144.1	243.8	173.7
Plus: SBC	0.1	0.1	0.1	0.1
EBITDA exc. SBC	207.2	144.3	243.8	173.7

Historical Quarterly P&L (Q3)

NIS M

	Q3 2021	Q3 2022	Q3 2023	Q3 2024	Q3 2025
Revenue from sales	253.6	289.4	309.7	367.8	393.7
Revenue from commissions / fees	2.0	4.1	4.8	5.3	5.4
Total Revenue	255.6	293.5	314.5	373.1	399.1
YoY growth	)2.4%(	14.8%	7.1%	18.6%	7.0%
Gross profit	98.6	117.7	131.8	154.1	177.0
% of Revenue	38.6%	40.1%	41.9%	41.3%	44.3%
S&M	53.8	66.5	74.3	83.5	88.9
G&A	10.9	13.7	13.4	15.8	18.1
Total SG&A	64.7	80.2	87.7	99.3	107.0
Less: SBC	)3.9(	)3.4(	)0.1(	)0.0(	)0.0(
SG&A excluding SBC	60.8	76.8	87.5	99.2	107.0
% of Revenue	23.8%	26.2%	27.8%	26.6%	26.8%
Other income	0.0	0.0	0.0	0.0	)1.2(
Other expenses	0.0	0.4	)0.0(	3.6	0.5
GAAP EBIT	33.9	37.2	44.2	51.2	70.7
% of Revenue	13.3%	12.7%	14.1%	13.7%	17.7%
Adj. EBIT (exc. SBC, onetime and other)	37.8	40.9	44.3	54.9	70.0
% of Revenue	14.8%	13.9%	14.1%	14.7%	17.5%

Historical Quarterly P&L and Net Income Reconciliations (Q3) NIS M

	Q3 2021	Q3 2022	Q3 2023	Q3 2024	Q3 2025
Interest expenses, net	4.4	4.8	8.1	5.7	11.8
EBT	29.6	32.4	36.1	45.5	58.9
Adj. EBT (exc. SBC, onetime and other)	33.5	36.1	36.2	49.2	58.2
Taxes	8.6	8.4	9.0	11.3	14.0
GAAP Net Income	20.9	24.0	27.1	34.3	44.9
% of Revenue	8.2%	8.2%	8.6%	9.2%	11.3%
Adj. Net Income (exc. SBC)	24.8	27.4	27.2	34.3	44.9
% of Revenue	9.7%	9.3%	8.6%	9.2%	11.3%
Net income attributable to shareholders	17.1	19.6	23.1	31.3	40.8
Net income attributable to non-controlling interests	3.8	4.4	4.0	3.0	4.1
Total GAAP Net Income Net Income Adjustments:	20.9	24.0	27.1	34.3	44.9
SBC	3.9	3.4	0.1	0.0	0.0
Total Net Income Adjustments	3.9	3.4	0.1	0.0	0.0
Adjusted Net Income - Attributable to shareholders	21.0	23.0	23.2	31.3	40.8
Adjusted Net Income - Attributable to non-controlling interests	3.8	4.4	4.0	3.0	4.1
Adjusted Net Income	24.8	27.4	27.2	34.3	44.9
Basic Shares O/S (000s)	142.3	141.7	139.3	139.4	139.6
EPS, attributable to shareholders	0.12	0.14	0.17	0.22	0.29
Adj. EPS attributable to shareholders	0.15	0.16	0.17	0.22	0.29

Historical Quarterly EBITDA Reconciliations (Q3) NIS M

	Q3 2021	Q3 2022	Q3 2023	Q3 2024	Q3 2025
Net Income	20.9	24.0	27.1	34.3	44.9
Plus Interest Expense, net	4.4	4.8	8.1	5.7	11.8
Plus Income Taxes	8.6	8.4	9.0	11.3	14.0
Plus D&A	12.8	16.4	19.2	24.3	23.1
Plus Other Expense, net	0.0	0.4	)0.0(	3.6	)0.8(
EBITDA Post IFRS 16 (exc. Other Expenses)	46.8	53.9	63.4	79.2	93.1
Plus SBC	3.9	3.4	0.1	0.0	0.0
Minus IFRS 16	)14.4(	)15.4(	)18.3(	)22.7(	)23.9(
Adjusted EBITDA Pre IFRS 16 (exc. SBC and Other Expenses)	36.3	41.9	45.2	56.5	69.3
% of Revenue	14.2%	14.3%	14.4%	15.1%	17.4%

Historical Quarterly P&L (Sep. YTD)

NIS M

	YTD Q3 2021	YTD Q3 2022	YTD Q3 2023	YTD Q3 2024	YTD Q3 2025
Revenue from sales	721.8	785.8	832.5	987.8	1058.7
Revenue from commissions / fees	9.4	11.3	14.4	15.3	15.8
Total Revenue	731.2	797.1	846.9	1,003.1	1,074.5
YoY growth	19.9%	9.0%	6.2%	18.4%	7.1%
Gross profit	284.0	314.7	351.7	418.7	467.6
% of Revenue	38.8%	39.5%	41.5%	41.7%	43.5%
S&M	149.6	185.2	202.3	231.2	243.9
G&A	32.8	39.6	37.4	45.7	49.1
Total SG&A	182.4	224.8	239.7	277.0	293.1
Less: SBC	)11.6(	)11.1(	0.5	)0.1(	)0.1(
SG&A excluding SBC	170.8	213.7	240.2	276.8	293.0
% of Revenue	23.4%	26.8%	28.4%	27.6%	27.3%
Other income	)1.6(	)0.3(	)0.1(	)0.2(	)1.8(
Other expenses, net	0.0	0.5	0.3	3.8	4.5
GAAP EBIT	103.2	89.8	111.8	138.2	171.8
% of Revenue	14.1%	11.3%	13.2%	13.8%	16.0%
Adj. EBIT (exc. SBC, onetime and other)	113.2	101.0	111.4	141.9	174.6
% of Revenue	15.5%	12.7%	13.2%	14.1%	16.2%

Historical Quarterly P&L and Net Income Reconciliations (Sep. YTD) NIS M

	YTD Q3 2021	YTD Q3 2022	YTD Q3 2023	YTD Q3 2024	YTD Q3 2025
Interest expenses, net	11.9	13.8	19.5	15.9	34.0
EBT Adj. EBT (exc. SBC, onetime and other)	91.2 101.2	75.9 87.2	92.3 92.0	122.3 126.0	137.7 140.6
Taxes	24.9	20.4	22.8	30.0	33.5
GAAP Net Income % of Revenue Adj. Net Income (exc. SBC) % of Revenue	66.3 9.1% 77.9 10.7%	55.5 7.0% 66.6 8.4%	69.5 8.2% 69.0 8.1%	92.3 9.2% 92.5 9.2%	104.3 9.7% 104.4 9.7%
Net Income - Attributable to shareholders Net Income - Attributable to non-controlling interests GAAP Net Income	54.4 11.9 66.3	44.9 10.6 55.5	60.6 8.9 69.5	83.0 9.3 92.3	94.1 10.2 104.3
Net Income Adjustments: SBC Total Net Income Adjustments:	11.6 11.6	11.1 11.1	)0.5( )0.5(	0.1 0.1	0.1 0.1
Adjusted Net Income - Attributable to shareholders Adjusted Net Income - Attributable to non-controlling interests Adjusted Net Income	66.0 11.9 77.9	56.0 10.6 66.6	60.1 8.9 69.0	83.2 9.3 92.5	94.2 10.2 104.4
Basic Shares O/S	142.3	142.1	139.1	139.4	139.5
EPS, attributable to shareholders Adj. EPS attributable to shareholders	0.38 0.46	0.32 0.39	0.44 0.43	0.59 0.59	0.67 0.67

Historical Quarterly EBITDA Reconciliations (Sep. YTD)

NIS M

	YTD Q3 2021	YTD Q3 2022	YTD Q3 2023	YTD Q3 2024	YTD Q3 2025
Net Income	66.3	55.5	69.5	92.3	104.3
Plus Interest Expense, net	11.9	13.8	19.5	15.9	34.0
Plus Income Taxes	24.9	20.4	22.8	30.0	33.5
Plus D&A	37.8	47.7	54.8	65.3	69.2
Plus Other Expense, net	)1.6(	0.2	0.2	3.6	2.7
EBITDA Post IFRS 16 (exc. Other Expenses)	139.4	137.7	166.8	207.1	243.8
Plus SBC	11.6	11.1	)0.5(	0.1	0.1
Minus IFRS 16	)41.5(	)45.7(	)54.2(	)62.9(	)70.1(
Adjusted EBITDA Pre IFRS 16 (exc. SBC and Other Expenses)	109.5	103.1	112.1	144.3	173.7
% of Revenue	15.0%	12.9%	13.2%	14.4%	16.2%

Cash Flows from Operating Activities – Capex – Lease Payments

)

	2017A	2018A	2019A	2020A	2021A	2022A	2023A	2024A	YTD Sep-2025
Cash flows from Operating Activities	51.9	49.0	96.6	160.0	40.1	201.0	219.3	132.3	231.9
Minus: Capex	(12.3)	(13.4)	(10.7)	(17.5)	(33.4)	(26.7)	(30.9)	(44.0)	(24.1)
Minus: Lease Payments	0.0	0.0	(31.0)	(30.3)	(38.2)	(45.5)	(50.8)	(59.6)	(46.2)
Cash flows from Operating Activities -
Capex - Lease Payments	39.6	35.6	55.0	112.2	(31.5)	128.8	137.6	28.7	161.6
Adjusted EBITDA (Pre IFRS 16)	77.4	86.1	100.5	142.6	142.9	137.0	151.4	190.8	173.7
Cash flows from Operating Activities -
Capex - Lease Payments / Adj. EBITDA	51%	41%	55%	79%	(22%)	94%	91%	15%	93%

Note: Totals may be sightly impacted by minor rounding differences.

(NIS M; % of Adjusted EBITDA Pre IFRS 16 (1)(2)

¹⁾ (Cash Flows from Operating Activities – Capex – Lease Payments) / Adjusted EBITDA Pre IFRS 16. Cash Flows from Operating Activities are after Interest paid that is primarily related to leases.

²⁾ Adjusted EBITDA pre IFRS 16 = EBIT + D&A + other costs (including IPO costs in 2020 ) + stock-based compensation (SBC) - one-time bulk operation (in 2020) - the impact of IFRS 16