Max Stock Ltd.

Investor Presentation • Aug 14, 2024

MAX STOCK Q2 & H1 2024 Earnings Conference Call

August 14, 2024

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 June 30, 2024. 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 Q2 2024 Financial Statements and in 2023 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.

Q2 2024 RESULTS Accelerating growth in Q2'24 across key metrics

SSSG Driven by volume and basket size growth 14.5%

GROSS MARGIN +50 BPS vs. Q2'23 41.7%

Adj. EBITDA* NIS 44.8M NIS 29.4M 14.2% of revenue; +220 BPS vs. Q2'23 9.3% of revenue; +210 BPS vs. Q2'23

GAAP NET INCOME (100%)

NIS 0.18 Adjusted EPS** +61.4% vs. Q2'23

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

* 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)

Q2 Financial Highlights

	Q2'20	Q2'21	Q2'22	Q2'23	Q2'24	CAGR '20 '24 -
Revenue M)* (NIS	174.2	223.6	252.7	252.8	316.9	16.1%
Growth	(2.2%)	28.4%	13.0%	0.0%	25.4%
Gross Margins (%)*	38.6%	38.3%	39.3%	41.2%	41.7%
Adjusted Pre IFRS EBITDA Margins 16 (%)	16.9%	13.7%	11.6%	11.9%	14.2%
Pre IFRS Adjusted EBITDA (NIS 16 M)	29.5 Q2'20	2020-2024 CAGR 11.1% 2023-2024 48.9% 30.7 Q2'21	29.3 Q2'22	30.1 Q2'23	44.8 Q2'24	Q2'24 Adj. EBITDA exc. Portugal = 45.9 (Margins = 14.6%)
Net Attributable to Income Shareholders GAAP (NIS M)	16.3	14.9	11.3	16.6	25.8	12.2%
Margins (%)	9.3%	6.7%	4.5%	6.6%	8.1%
Adjusted Net Attributable to Income Shareholders (NIS M)	15.3	18.8	15.2	15.9	25.8	14.1%
Margins (%)	8.8%	8.4%	6.0%	6.3%	8.2%
Attributable to Adjusted Shareholders (NIS) EPS	0.11	0.13	0.11	0.11	0.18	14.6%
Growth	(6.2%)	23.1%	(19.0%)	7.2%	61.4%

* Excluding one-time bulk operations in 2020

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

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

H1 2024 RESULTS

Very strong H1 with topline growth in the high teens, adjusted EBITDA up 31.3% and adjusted EPS up 40.0%

SSSG Primarily driven by volume growth 8.9%

GROSS MARGIN + 70 BPS vs. H1'23 42.0%

Adj. EBITDA* NIS 87.8M NIS 58.0M

GAAP NET INCOME (100%)

13.9% of revenue; +140 BPS vs. H1'23 9.2% of revenue; +120 BPS vs. H1'23

NIS 0.37 Adjusted EPS** +40.0% vs. H1'23

5

5

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

* 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)

H1 Financial Highlights

	H1'20	H1'21	H1'22	H1'23	H1'24	CAGR '19 '23 -
Revenue (NIS M)	347.6	475.6	503.6	532.4	630.1	16.0%
Growth	(1.3%)	36.8%	5.9%	5.7%	18.3%
Gross Margins (%)	39.4%	39.0%	39.1%	41.3%	42.0%
Pre IFRS Adjusted EBITDA Margins 16 (%)	15.5%	15.4%	12.1%	12.6%	13.9%
IFRS Adjusted EBITDA Pre (NIS 16 M)	53.9 H1'20	73.2 H1'21	2020-2024 CAGR 13% 61.2 H1'22	2023-2024 31.3% 66.9 H1'23	87.8 H1'24	H1'24 Adj. EBITDA exc. Portugal = 90.1 (Margins = 14.4%)
GAAP Attributable Shareholders Net Income to (NIS M)	32.5	37.3	25.3	37.5	51.7	12.3%
Margins (%)	9.4%	7.9%	5.0%	7.1%	8.2%
Adjusted Attributable Shareholders Net Income to (NIS M)	30.6	45.0	33.0	36.9	51.8	14.1%
Margins (%)	8.8%	9.5%	6.6%	6.9%	8.2%
Adjusted Attributable Shareholders EPS to (NIS)	0.21	0.32	0.23	0.27	0.37	14.7%
Growth		47.2%	(26.7%)	14.4%	40.0%

* Excluding one-time bulk operations in 2020

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

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

Annual Financial Highlights

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

* Excluding one-time bulk operations in 2020

Annual Financial Highlights (cont'd)

Adjusted EPS Attributable to Shareholders and NI margin (2) (NIS; %) 2.3x

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

31.12.2021 31.12.2022 31.12.2023 30.06.2024

Growth Strategies

Looking Forward

Strong double-digit growth in H1'24 across our six core categories

H1'24 Revenue Contribution and Growth, per Category

% Contribution (1)

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

(1) Based on H1'24 revenue from sales (total of NIS620.0M) and excluding the Other category (minus Arts & Crafts and Apparel Basics) that contributed 27% to revenue from sales.

… and our "Other" category (that contributed ~27% to H1'24 revenue from sales and is comprised of over 25 subcategories) is growing even faster (up 25.5% YoY)

Main KPIs

^~7,700 net SqM

Added since August 2023

~13% increase

Note: Net SqM defined as commercial area in SqM excluding e.g., storage and office spaces. Changes in net SqM vs. Q2 2023 also includes re-measurement of net commercial area of existing stores that reduced net SqM by ~2,000 SqM. * Old store in Nesher was ~800 net SqM while new store is ~1,300 net SqM (i.e., net addition of ~500 net SqM).

Pipeline

• Expected to add ~ 9k gross SqM / ~ 6k net SqM
• 2024
  • Gedera (H 2 '24; ~2.7k gross SqM )
• 2025 - 2026
  • ( 1) Gan Yavne; ( 2) Beer Sheba; ( 3) Beer Tuvia (Ad Halom)
  • Adding together ~6.3k gross SqM

Looking Forward: Add ~45k of owned net SqM in Israel by 2030

Note: Net SqM defined as commercial area in SqM excluding e.g., storage and office spaces. Totals may be sightly impacted by minor rounding differences.

New Logistic & Distribution Center Opened on June 1 st , 2024

1.5x the aggregate size of our 3 current distribution centers at roughly the same logistic costs

Rationale	Lessor	Key Attributes	Terms	Capex
Support future growth in ▪ Israel, as currently, all growth is directed to TPLs ▪ Assist in extracting operational efficiencies: Eliminates the need for ▪ TPLs in the next years Consolidates 3 logistic ▪ centers into one (of which, one logistic center has already been closed)	▪ A JV jointly held by Mega Or (TASE: MGOR) and Kibbutz Shomria	Located in Shomriya, ▪ ~100km South-East to Tel Aviv / 30km North East to Be'er Sheba ▪ Size: ~31k SqM + 10k SqM in the future, subject to the agreement terms and completion of construction by the lessor ▪ Current aggregate size of our distribution centers is ~20k SqM	▪ Rental start date: June 1 st 2024 ▪ Total of ~25 years ▪ 10+5+5+4 11/12 Base rent of ~NIS 1M ▪ per month	Estimates of NIS 30M ▪ for necessary capex investments, of which 11M already invested as of June 30th , 2024

Our second comprehensive ESG report

Accessibility Diversity

• 100% of our stores are accessible to employees and customers, including the visually impaired

• Our digital channels are also accessible

• Our employees represent all sectors and populations comprising Israeli society, including ultra-Orthodox, new immigrants and Israeli Arabs

• ~83% of our regional managers, ~63% of our total employees and ~38% of our board members are women

• ~4% of our employees have disabilities

• Our employees participate in volunteering events throughout the year

• We donate to various institutions and associations, including medical centers, children's institutions and the IDF

Community Involvement Responsible Supply Chain

• Since 2024, an ESG procurement appendix is integrated into new engagements with suppliers, in addition to existing adherence to fair trade considerations and practices

Talia Sessler

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

Company Overview

• Apparel Basics
• Arts & Crafts

Other

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

• 1) Based on volume sold.
• 2) Other comprised of over 26 subcategories with the largest being OTC Pharmaceutical, Electronics, Phone Accessories and Outdoors
• 3) As of June 30, 2024. Includes owned net SqM in Israel (~65.0k) and owned net SqM in Portugal (~2.3k) .
• 4) Net SqM defined as commercial area in SqM excluding e.g., storage and office spaces. Data refer to owned/ majority owned stores only
• 5) As of March 26, 2024

MAXO

~2,200

Logistic centers

Total Net SqM(3)(4)

employees(5)

Publicly listed on TASE

NIS 1.2 billion

locations across Israel(3)

Q2'24 LTM revenue

+2 in Portugal

~67.2k

64

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: 45 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

Second priority growth engine

STORE COUNT AND OWNED NET SQM (End-of-Period)

IFRS 16 Reconciliations (Q2) NIS M

		Q2/2023	Q2/2024
	GAAP	Pre IFRS 16	GAAP	Pre IFRS 16
EBIT	30.5	27.2	44.0	40.5
Interest expenses, net	6.0	0.1	5.3	(1.2)
EBT	24.5	27.1	38.7	41.7
Taxes	6.2	6.8	9.3	10.0
GAAP Income Net	18.3	20.3	29.4	31.7
EBITDA	48.9	30.8	65.1	44.8
SBC Plus:	(0.7)	(0.7)	0.0	0.0
EBITDA exc. SBC	48.2	30.1	65.2	44.8

IFRS 16 Reconciliations (H1) NIS M

		H1/2023	H1/2024
	GAAP	IFRS Pre 16	GAAP	IFRS Pre 16
EBIT	67.6	60.9	87.0	79.4
Interest expenses, net	11.4	0.1	10.2	(2.1)
EBT	56.2	60.8	76.8	81.5
Taxes	13.8	14.8	18.7	19.8
GAAP Income Net	42.4	45.9	58.0	61.7
EBITDA	103.4	67.5	127.9	87.6
SBC Plus:	(0.7)	(0.7)	0.1	0.1
EBITDA exc. SBC	102.8	66.9	128.0	87.8

Historical Quarterly P&L (Q2)

NIS M

	2020 Q2	Q2 2021	Q2 2022	Q2 2023	2024 Q2
Revenue from sales	172.9	220.7	249.2	248.3	312.2
/ Revenue from commissions fees	1.2	2.9	3.5	4.4	4.7
Total Revenue	174.2	223.6	252.7	252.8	316.9
YoY growth	(2.2%)	28.4%	13.0%	0.0%	25.4%
Revenue from onetime bulk operation	112.2	0.0	0.0	0.0	0.0
Total Revenue	286.4	223.6	252.7	252.8	316.9
YoY growth	60.8%	(21.9%)	13.0%	0.0%	25.4%
Gross onetime operation profit, excluding bulk	67.2	85.6	99.2	104.0	132.1
of Revenue %	38.6%	38.3%	39.3%	41.2%	41.7%
Gross profit onetime bulk operation	10
of onetime bulk operation %	8.6%
S&M	30.9	47.3	61.1	62.7	73.9
G&A	6.0	9.6	13.4	10.6	14.1
Total SG&A	36.9	57.0	74.5	73.3	88.0
Less: SBC	0.0	(3.9)	(3.8)	0.7	(0.0)
SG&A excluding SBC	36.9	53.1	70.6	74.0	87.9
of excluding onetime bulk operation Revenue, %	21.2%	23.8%	28.0%	29.3%	27.7%
of Revenue %	12.9%	23.8%	28.0%	29.3%	27.7%
Other income	(0.5)	(1.6)	0.0	(0.1)	0.0
Other expenses	0.0	0.0	0.0	0.3	0.1
GAAP EBIT	40.4	30.2	24.7	30.5	44.0
of Revenue %	14.1%	13.5%	9.8%	12.1%	13.9%
Adj. EBIT (exc. SBC, onetime other) and	30.3	32.5	28.6	30.0	44.1
of onetime bulk Revenue, excluding operation %	17.4%	14.5%	11.3%	11.9%	13.9%

Historical Quarterly P&L and Net Income Reconciliations (Q2) NIS M

	2020 Q2	Q2 2021	2022 Q2	2023 Q2	2024 Q2
Interest expenses, net	5.8	4.7	4.6	6.0	5.3
operation Interest expenses onetime bulk	8.4	0.0	0.0	0.0	0.0
EBT	26.3	25.5	20.1	24.5	38.7
Adj. EBT (exc. SBC, onetime and other)	24.5	27.8	23.9	24.0	38.8
Taxes	6.4	7.1	5.7	6.2	9.3
GAAP Net Income	19.9	18.4	14.4	18.3	29.4
of Revenue %	7.0%	8.2%	5.7%	7.2%	9.3%
Adj. one-time Net Income (exc. SBC, bulk
operation one-time costs 2020 and IPO in 2020) in	18.9	22.3	18.3	17.7	29.4
of Revenue %	10.8%	10.0%	7.2%	7.0%	9.3%
attributable Net income to shareholders	16.3	14.9	11.3	16.6	25.8
income attributable non-controlling Net to interests	3.6	3.5	3.1	1.7	3.6
Total GAAP Net Income	19.9	18.4	14.4	18.3	29.4
Net Income Adjustments:
SBC	0.0	3.9	3.8	(0.7)	0.0
operation, of taxes Onetime bulk net	(1.0)	0.0	0.0	0.0	0.0
Total Adjustments Net Income	(1.0)	3.9	3.8	(0.7)	0.0
Adjusted Income - Attributable to shareholders Net - Attributable Adjusted Net Income to non	15.3	18.8	15.2	15.9	25.8
controlling interests	3.6	3.5	3.1	1.7	3.6
Adjusted Net Income	18.9	22.3	18.3	17.7	29.4
Basic Shares O/S (000s)	142.3	142.3	142.3	139.0	139.4
attributable to shareholders EPS,	0.11	0.10	0.08	0.12	0.18
Adj. attributable to shareholders EPS	0.11	0.13	0.11	0.11	0.18

Historical Quarterly EBITDA Reconciliations (Q2) NIS M

	2020 Q2	Q2 2021	2022 Q2	2023 Q2	2024 Q2
Income Net	19.9	18.4	14.4	18.3	29.4
Interest Expense, Plus net	14.1	4.7	4.6	6.0	5.3
Income Taxes Plus	6.4	7.1	5.7	6.2	9.3
Plus D&A	9.4	12.6	16.4	18.2	21.0
Other Expense, Plus net	(0.5)	(1.6)	0.0	0.2	0.1
EBITDA Other Post IFRS (exc. Expenses) 16	49.4	41.2	41.1	48.9	65.1
SBC Plus	0.0	3.9	3.8	(0.7)	0.0
Minus IFRS 16	(10.2)	(14.3)	(15.6)	(18.1)	(20.3)
Adjusted EBITDA Other Pre IFRS (exc. SBC and 16
Expenses)	39.1	30.7	29.3	30.1	44.8
Onetime bulk operation	(9.7)	0.0	0.0	0.0	0.0
Adjusted EBITDA Pre IFRS excluding onetime 16,
bulk operation	29.5	30.7	29.3	30.1	44.8
of Revenue %	16.9%	13.7%	11.6%	11.9%	14.2%

Historical Quarterly P&L (H1)

NIS M

	2020 H1	2021 H1	2022 H1	2023 H1	2024 H1
Revenue from sales	345.2	469.3	496.4	522.8	620.0
/ fees Revenue from commissions	2.4	6.3	7.2	9.6	10.1
excluding onetime operation Total Revenue, bulk	347.6	475.6	503.6	532.4	630.1
YoY growth	(1.3%)	36.8%	5.9%	5.7%	18.3%
Revenue from onetime bulk operation	124.8	0.0	0.0	0.0	0.0
Total Revenue	472.4	475.6	503.6	532.4	630.1
YoY growth	34.2%	0.7%	5.9%	5.7%	18.3%
Gross profit (excluding onetime bulk operation)	136.9	185.4	197.0	219.8	264.6
of onetime bulk Revenue (excluding operation) %	39.4%	39.0%	39.1%	41.3%	42.0%
Gross profit onetime bulk operation	14
of Revenue %	11.5%
S&M	69.9	95.8	118.7	128.0	147.7
G&A	11.9	21.9	25.9	24.0	29.9
SG&A Total	81.8	117.7	144.6	152.0	177.7
Less: SBC	0.0	(7.7)	(7.7)	0.7	(0.1)
SG&A excluding SBC	81.8	110.0	136.9	152.7	177.6
of bulk Revenue, excluding onetime operation %	23.5%	23.1%	27.2%	28.7%	28.2%
of Revenue %	17.3%	23.1%	27.2%	28.7%	28.2%
Other income	(0.5)	(1.6)	(0.3)	(0.1)	(0.2)
Other expenses, net	0.0	0.0	0.1	0.3	0.2
GAAP EBIT	69.9	69.3	52.6	67.6	87.0
of Revenue %	14.8%	14.6%	10.4%	12.7%	13.8%
Adj. EBIT (exc. SBC, onetime other) and	55.1	75.4	60.1	67.1	87.0
of bulk Revenue, excluding onetime operation %	15.8%	15.8%	11.9%	12.6%	13.8%

Historical Quarterly P&L and Net Income Reconciliations (H1) NIS M

	2020 H1	2021 H1	2022 H1	2023 H1	2024 H1
expenses, Interest net	7.9	7.6	9.1	11.4	10.2
expenses onetime bulk operation Interest	11.8
EBT	50.2	61.7	43.5	56.2	76.8
Adj. EBT (exc. onetime SBC, and other)	47.2	67.8	51.1	55.7	76.8
Taxes	12.2	16.3	12.0	13.8	18.7
GAAP Net Income	38.0	45.4	31.5	42.4	58.0
of Revenue %	8.0%	9.5%	6.2%	8.0%	9.2%
Adj. one-time operation Net Income (exc. SBC, bulk	36.0	53.1	39.2	41.8	58.2
of bulk Revenue, excluding onetime operation %	10.4%	11.2%	7.8%	7.8%	9.2%
Income - Attributable to shareholders Net	32.5	37.3	25.3	37.5	51.7
- Attributable Net Income to non-controlling interes	5.5	8.1	6.2	4.9	6.4
GAAP Net Income	38.0	45.4	31.5	42.4	58.0
Adjustments: Net Income
of Total income adjustments, taxes - one net net
time operation bulk	(1.9)
SBC		7.7	7.7	(0.7)	0.1
/ Issuance costs expenses IPO
Adjustments: Total Net Income	(1.9)	7.7	7.7	(0.7)	0.1
Adjusted - Attributable Net Income to shareholders	30.6	45.0	33.0	36.9	51.8
Adjusted Income - Attributable to non Net
controlling interests	5.5	8.1	6.2	4.9	6.3
Adjusted Net Income	36.0	53.1	39.2	41.8	58.2
Basic Shares O/S	142.3	142.3	142.3	139.0	139.4
attributable to shareholders EPS,	0.23	0.26	0.18	0.27	0.37
Adj. attributable to shareholders EPS Note: Totals may be sightly impacted by minor rounding differences.	0.21	0.32	0.23	0.27	0.37

Historical Quarterly EBITDA Reconciliations (H1) NIS M

	2020 H1	2021 H1	2022 H1	2023 H1	2024 H1
Net Income	38.0	45.4	31.5	42.4	58.0
Interest Expense, Plus net	19.8	7.6	9.1	11.4	10.2
Income Taxes Plus	12.2	16.3	12.0	13.8	18.7
D&A Plus	19.9	24.9	31.3	35.6	41.0
Other Expense, Plus net	(0.5)	(1.6)	(0.2)	0.2	(0.0)
EBITDA Other Expenses) Post IFRS (exc. 16	89.4	92.6	83.7	103.4	127.9
Plus SBC	0.0	7.7	7.7	(0.7)	0.1
IFRS Minus 16	(21.1)	(27.1)	(30.3)	(35.9)	(40.2)
Adjusted EBITDA Pre (exc. Other IFRS 16 SBC and
Expenses)	68.3	73.2	61.2	66.9	87.8
Onetime operation bulk	(14.4)	0.0	0.0	0.0	0.0
Adjusted EBITDA Pre (exc. Onetime bulk IFRS 16
operation, Other Expenses) SBC and	53.9	73.2	61.2	66.9	87.8
of bulk Revenue, excluding onetime operation %	15.5%	15.4%	12.1%	12.6%	13.9%