Max Stock Ltd.

Investor Presentation • May 22, 2024

MAX STOCK

Q1'24 Earnings Conference Call

22 May 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 March 31, 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 Q1 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.

Q1 2024 RESULTS

Strong growth to start 2024 across key metrics

$$\begin{array}{c} \text{2ENUE} \ \text{NIS 313.2M} \ \text{12.0%} \text{ vs. @} \end{array}$$

SSSG Jan.-April 2024 SSSG = +10.3% 4.0%

GROSS MARGIN + 90 BPS vs. Q1'23 42.3%

Adj. NET INCOME** NIS 26.0M

NIS 0.19 Adjusted EPS** +23.8% vs. Q1'23

3

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

** Net Income and EPS attributable to shareholders adjusted for stock-based compensation (SBC)

Q1 Financial Highlights

	Q1'20	Q1'21	Q1'22	Q1'23	Q1'24	CAGR '20 '24 -
Revenue (NIS M)*	173.5	252.0	250.9	279.6	313.2	15.9%
Gross Margins (%)*	40.2%	39.6%	39.0%	41.4%	42.3%
Pre IFRS Adjusted EBITDA Margins (%) 16	14.1%	16.8%	12.7%	13.1%	13.7%
Adjusted EBITDA Pre IFRS (NIS 16 M)	Primarily Covid-19 related 24.4 Q1'20	42.4 Q1'21	'20 - '24 CAGR: 15.1% 31.8 Q1'22	36.7 Q1'23	42.9 Q1'24	Q1'24 Adj. EBITDA exc. Portugal = (Margins 44.1 14.2%) =
Adjusted Income Attributable Shareholders (NIS Net to M)	15.3	26.3	17.8	20.9	26.0	14.1%
Margins (%)	8.8%	10.4%	7.1%	7.5%	8.3%
Adjusted Attributable Shareholders (NIS) EPS to	0.11	0.18	0.13	0.15	0.19	14.7%

* 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

2017 2018 2019 2020 2021 2022 2023 Q1'24 LTM

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; %) 2.0x

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

* Cash balance as of March 31st , 2024 Pro-forma for dividend distribution of NIS 60M that occurred on April 16th 2024. Note: Totals may be sightly impacted by minor rounding differences.

Growth Strategies

Looking Forward

New Logistic & Distribution Center Progressing as planned

centers is ~20k SqM

Five New Owned Stores since end of Q1 2023 + One Store that was re-opened (1)

Note: Net SqM defined as commercial area in SqM excluding e.g., storage and office spaces

^1. Gross additions of stores. During the 12-month period, closed one owned store in Jerusalem and sold one owned Mini Max store that is now franchised (the two stores reduced net SqM by ~1.5k). Also closed a franchised store in Romema, Jerusalem in Q1'24. Old store in Nesher was ~800 net SqM

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

Q1 SSSG

Main KPIs

January – April SSSG

Pipeline

• Expected to add ~ 9k gross SqM / ~ 6 k net SqM
• 2024
  • ( 1) Expansion of Max Tiberias Store; ( 2) Gedera (H 2 '24 )
  • Adding together ~3.0k gross SqM
• 2025 - 2026
  • ( 1) Gan Yavne; ( 2) Beer Sheba; ( 3 ) Beer Tuvia (Ad Halom )
  • Adding together ~ 6k 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.

Talia Sessler

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

Company Overview

• Office / School Supplies
• Apparel Basics

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 May 22, 2024. Includes owned net SqM in Israel (65.3k) 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)

Q1'24 LTM revenue

+2 in Portugal

67.6k

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

IFRS 16 Reconciliations

NIS M

		Q1/2023	Q1/2024
	GAAP	Pre IFRS 16	GAAP	Pre IFRS 16
EBIT	37.1	33.7	43.0	38.8
Interest expenses, net	5.4	0.0	4.9	(1.0)
EBT	31.7	33.7	38.1	39.8
Taxes	7.6	8.1	9.4	9.8
GAAP Net Income	24.1	25.6	28.7	30.0
EBITDA	54.5	36.7	62.8	42.8
SBC Plus:	0.0	0.0	0.1	0.1
EBITDA exc. SBC	54.6	36.7	62.8	42.9

Historical Quarterly P&L

NIS M

`	Q1-2020	Q1-2021	Q1-2022	Q1-2023	Q1-2024
Revenue from sales	172.3	249.6	247.2	274.5	307.8
/ commissions fees Revenue from	1.2	2.4	3.7	5.1	5.4
Total Revenue	173.5	252.0	250.9	279.6	313.2
growth YoY	(0.3%)	45.3%	(0.4%)	11.5%	12.0%
onetime operation Revenue from bulk	12.6	0.0	0.0	0.0	0.0
Total Revenue	186.1	252.0	250.9	279.6	313.2
growth YoY	6.9%	35.4%	-0.4%	11.5%	12.0%
Gross profit, excluding onetime bulk operation	69.8	99.8	97.8	115.8	132.5
of Revenue %	40.2%	39.6%	39.0%	41.4%	42.3%
Gross profit onetime bulk operation	4.7
of onetime bulk operation %	37.0%
S&M	39.0	48.5	57.6	65.3	73.8
G&A	5.9	12.3	12.5	13.4	15.9
Total SG&A	44.9	60.8	70.1	78.7	89.7
Less: SBC	0.0	(3.8)	(3.9)	(0.0)	(0.1)
SG&A excluding SBC	44.9	56.9	66.3	78.7	89.6
of onetime bulk Revenue, excluding operation %	25.9%	22.6%	26.4%	28.1%	28.6%
of Revenue %	24.1%	22.6%	26.4%	28.1%	28.6%
Other income	(0.0)	0.0	(0.3)	0.0	(0.2)
Other expenses	0.0	0.0	0.1	0.0	0.1
GAAP EBIT	29.5	39.0	27.9	37.1	43.0
of Revenue %	15.9%	15.5%	11.1%	13.3%	13.7%
Adj. EBIT (exc. SBC, onetime and other)	24.8	42.9	31.6	37.1	42.9
of Revenue, excluding onetime bulk operation %	14.3%	17.0%	12.6%	13.3%	13.7%

Historical Quarterly P&L and Net Income Reconciliations NIS M

	Q1-2020	Q1-2021	Q1-2022	Q1-2023	Q1-2024
expenses, Interest net	2.2	2.9	4.4	5.4	4.9
expenses onetime operation Interest bulk	3.5		0.0
EBT	23.9	36.2	23.4	31.7	38.1
Adj. EBT (exc. SBC, onetime other) and	22.7	40.0	27.1	31.7	38.0
Taxes	5.8	9.2	6.4	7.6	9.4
GAAP Net Income	18.1	27.0	17.0	24.1	28.7
of Revenue %	9.7%	10.7%	6.8%	8.6%	9.2%
Adj. Net Income (exc. SBC, one-time bulk
operation 2020 one-time costs and IPO 2020) in in	17.1	30.8	20.9	24.1	28.7
of Revenue %	9.9%	12.2%	8.3%	8.6%	9.2%
income attributable shareholders Net to	16.3	22.4	14.0	20.9	25.9
income attributable non-controlling Net to interests	1.8	4.6	3.1	3.2	2.8
GAAP Net Total Income	18.1	27.0	17.0	24.1	28.7
Income Adjustments: Net
SBC	0.0	3.8	3.9	0.0	0.1
Onetime bulk operation, of taxes net	(0.9)	0.0	0.0	0.0	0.0
/ Issuance Costs Expenses IPO	0.0	0.0	0.0	0.0	0.0
Total Adjustments Net Income	(0.9)	3.8	3.9	0.0	0.1
Adjusted Income - Attributable shareholders Net to	15.3	26.3	17.8	20.9	26.0
- Attributable Adjusted Net Income to non
controlling interests	1.8	4.6	3.1	3.2	2.7
Adjusted Net Income	17.1	30.8	20.9	24.1	28.7
Basic Shares O/S (000s)	142.3	142.3	142.3	139.0	139.4
attributable shareholders EPS, to	0.11	0.16	0.10	0.15	0.19
Adj. attributable to shareholders EPS Note: Totals may be sightly impacted by minor rounding differences.	0.11	0.18	0.13	0.15	0.19

Historical Quarterly EBITDA Reconciliations NIS M

	Q1-2020	Q1-2021	Q1-2022	Q1-2023	Q1-2024
Income Net	18.1	27.0	17.0	24.1	28.7
Interest Expense, Plus net	5.6	2.9	4.4	5.4	4.9
Taxes Income Plus	5.8	9.2	6.4	7.6	9.4
D&A Plus	10.5	12.4	15.0	17.5	19.9
Other Expense, Plus net	(0.0)	0.0	(0.2)	0.0	(0.1)
EBITDA IFRS Other Expenses) Post 16 (exc.	40.0	51.4	42.7	54.5	62.8
SBC Plus	0.0	3.8	3.9	0.0	0.1
Minus IFRS 16	(10.9)	(12.8)	(14.7)	(17.8)	(19.9)
Adjusted EBITDA IFRS (exc. SBC Pre 16 and
Other Expenses)	29.1	42.4	31.8	36.7	42.9
operation Onetime bulk	(4.7)	0.0	0.0	0.0	0.0
Adjusted EBITDA IFRS Pre 16, excluding
onetime bulk operation	24.4	42.4	31.8	36.7	42.9
of Revenue %	14.1%	16.8%	12.7%	13.1%	13.7%