Max Stock Ltd.

Investor Presentation • Mar 26, 2024

MAX STOCK FY 2023 & Q4 Earnings Conference Call

March 26, 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 December 31, 2023. 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 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.

Q4 2023 RESULTS

Accelerating top-line coupled with strong margin expansion to conclude the year

SSSG Oct. 2023 SSSG = (16%) Nov.–Dec. 2023 SSSG = +11% 2.6%

GROSS MARGIN + 160 BPS vs. Q4'22 42.8%

Adj. EBITDA* MARGIN 14.4% +90 BPS vs. Q4'22 +4.8% vs. Q4'22

OPERATING CF*** +0.5% vs. Q4'22 NIS 32.5M

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

*** Accounting Cash Flows from Operating Activities 3

Swords of Iron War Update

▪ October 2023 Sales

• Company's stores were closed at the outbreak of the war (Oct. 7 th) and gradually reopened over ~ two weeks with a reduced time schedule. As a result, SSSG for October 2023 was negative 16 %
• November –December 2023 Sales
  • From the end of October 2023 and as of the end of Q4 '23, all stores were open and operated at full capacity on a normal schedule, except for two stores (of which, one is franchised). SSSG for Nov - Dec 2023 was + 11 %
• Supply Chain
  • Shipping costs have increased due to the war 's impact on shipping routes from the East to Israel and shipping times have increased by approximately 21 -30 days
• Employees
  • As of March 2024, employee staffing remained above pre -war capacity
• Expansion Plans
  • New store openings are according to plan with 5 new stores since the onset of the war (4 owned stores and one franchised store)
  • Signed an agreement re new consolidated logistic & distribution center to support our future growth in Israel
• USD / NIS Exchange Rate
  • USD / NIS Appreciation that occurred at the onset of the war has more than reversed and the exchange rate as of March 2 2 nd 2024 was 3.6 2, below that on October 6 th 2023 (3.86 )
• Donations
  • Since October 7 th, we have donated various Max Stock products primarily to our defense forces and soldiers who are on the frontline

Q4 Financial Highlights

	Q4'19	Q4'20	Q4'21	Q4'22	Q4'23	'19 - '23 CAGR
Revenue (NIS M)	179.3	276.1	245.1	251.7	272.3	11.0%
Gross Margins (%)	39.9%	38.1%	38.9%	41.2%	42.8%
Pre IFRS 16 Adjusted EBITDA Margins (%)	11.5%	15.5%	13.6%	13.5%	14.4%
Pre IFRS 16 Adjusted EBITDA (NIS M)	20.6 Q4'19	42.9 Q4'20	33.4 Q4'21	33.9 Q4'22	39.3 Q4'23	Q4'23 Adj. EBITDA exc. Portugal = 40.5 (Margins = 15.1%)
Adjusted Net Income Attributable to Shareholders (NIS M)	12.4	21.4	17.7	19.5	20.5	13.3%
Margins (%)	6.9%	7.7%	7.2%	7.8%	7.5%
Adjusted EPS Attributable to Shareholders (NIS)	0.09	0.15	0.12	0.14	0.15	13.9%

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

FY 2023 RESULTS

Solid sales growth and robust gross margin gain fuel healthy operating cash flows

NET PROFIT ATTRIBUTABLE TO SHAREHOLDERS (= NIS 81.0M) UP ~26% VS. FY 2022

REVENUE +6.7% vs. FY 2022 NIS 1,119.2M

SSSG NIS 18.6k in annual sales per net SqM 2.4%

GROSS MARGIN +190 BPS vs. FY 2022 41.8%

Adj. EBITDA* MARGIN 13.5% +40 BPS vs. FY 2022 + 6.7% vs. FY 2022

OPERATING CF*** +9.1% vs. FY 2022 NIS 219.3M

6

6

Note: Net SqM (square meter) defined as commercial area in SqM excluding e.g., storage and office spaces. 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 attributable to shareholders adjusted for stock-based compensation (SBC)

*** Accounting Cash Flows from Operating Activities

FY Financial Highlights

	2019	2020	2021	2022	2023	'19 - '23 CAGR
Revenue (NIS M)	741.6	885.7	976.3	1,048.8	1,119.2	10.8%
Gross Margins (%)	39.6%	38.9%	38.8%	39.9%	41.8%
Pre IFRS 16 Adjusted EBITDA Margins (%)	13.6%	16.1%	14.6%	13.1%	13.5%
Pre IFRS 16 Adjusted EBITDA (NIS M)	100.5 2019	142.6 2020	142.9 2021	137.0 2022	151.4 2023	2023 Adj. EBITDA exc. Portugal = 156.3 (Margins = 14.1%)
Adjusted Net Income Attributable to Shareholders (NIS M)	58.9	78.2	83.7	75.5	80.6	8.2%
Margins (%)	7.9%	8.8%	8.6%	7.2%	7.2%
Adjusted EPS Attributable to Shareholders (NIS)	0.41	0.55	0.59	0.53	0.58	8.8%

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

* Excluding one-time bulk operations in 2020 Note: Totals may be sightly impacted by minor rounding differences.

Annual Financial Highlights (cont'd)

Adjusted EBITDA Pre IFRS 16 (1) (NIS M; % of Revenue) 77.4 86.1 100.5 142.6 142.9 137.0 151.4 2017 2018 2019 2020 2021 2022 2023 2.0x 16.3% 13.9% 13.6% 16.1% 14.6% 13.1% 13.5%

Adjusted EPS Attributable to Shareholders and NI margin (2) (NIS; %) 1.9x

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

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

Our Financial Targets in the Short–Mid Term

Metric	Target	Commentary
Unit Growth	3 – 5 New Max Stores Annually	Refers to gross openings of Company owned / majority owned stores
Annual Revenue Growth	Low – mid teens	Including growth in Portugal / other growth engines
Annual SSS	3%	SSSG for owned / majority owned stores
(1) Pre IFRS 16 Adjusted EBITDA Margin	~13%	Potential to expand margins by 100bps in the longer term
Adj. annual EPS Growth	Similar to revenue growth	EPS attributable to shareholders and adjusted for share- based payments (SBC)

Business & Financial Model

Key Attributes

Key Attributes of our Financial Model

1 2 Resilient economic model

• Strong performance across various economic cycles
• Robust demand throughout the year, driven by our 12 seasons

• First priority: Roll out of new ownedstores in Israel

3 4 Superior store economics

• Best in class sales per SqM / sales efficiency
• Consistent gross margins across categories

Excellent cash generation

• SSSG

• Low capital intensity
• Typically modest working capital needs
• ~3-4 year store pay-back period

Resilient Economic Model Strong performance across various economic cycles 1

Total Sales	NIS 741.6M				NIS 1,119.2M	4 years CAGR:
	2019	2020	2021	2022	2023	10.8%
Macro Environment
	ROBUST ECONOMIC ENVIRONMENT	COVID	SUPPLY CHAIN DISRUPTIONS	INFLATION	LEGISLATIVE PROCESS, SWORD OF IRON WAR
YE Owned Store #	26	28	30	32	35
AUV (1)	NIS 27.7M	NIS 30.0M	NIS 30.3M	NIS 31.0M	NIS 30.5M
Gross Margins	39.6%	38.9%	38.8%	39.9%	41.8%	4 years
EPS	NIS 0.41				NIS 0.58	CAGR: 8.8%

Significant whitespace opportunity ~40k sqm EoY 2019 ~65k sqm Current ~110k sqm 2.7x +60% 2019 End of March 2024* Long Term 2030 The Company's site selection process targets new locations with ~30K population within a 15 - 20-minute drive, ~2,000 square meter store size and easy access / ample parking +70% ~72k with current pipeline

New Logistic & Distribution Center

Support Our Growth and Extract Operational Efficiencies

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	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	Expected rental start ▪ date: May 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
		Current aggregate size ▪ of our distribution centers is ~20k SqM

Five New Owned Stores in 2023; Two New Owned Stores in 2024 YTD (1)

Plus three new franchised stores in 2023 2

Total of ~15k gross SqM / ~10k net owned SqM (2) Closed one owned store in Jerusalem and sold one owned Mini Max store (3)

1. Gross additions of stores.

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

3. Total deduction of ~1.5k net SqM. Other deductions include ~1.3k in net SqM that reflect other changes in net commercial areas of existing owned stores.

Pipeline

▪ Expected to add ~10k gross SqM / ~ 7k net SqM

▪ 2024

• ( 1) Nesher: Replacing an existing store that closed in March 2024; (2) Gedera; (3) Expansion of Max Tiberias Store
• Adding together ~ 4k gross SqM

▪ 2025 - 2026

• ( 1) Gan Yavne; ( 2) Beer Sheba; ( 3) Beer Tuvia (Ad Halom)
• Adding together ~ 6k gross SqM

Source: FactSet, public filings and MAXO estimates. Max Stock annual sales per SqM based on reported NIS 18.6k and converted into USD based on ILS:USD exchange rate of 3.66 . All other players based on latest available FY revenue divided by EoY SqM and (if not denominated in USD) converted into USD based on Euro:USD exchange rate of 1.05; GBP:USD of 1.28 and CAD:USD exchange rate of 0.74, RUB:USD exchange rate of 0.011, as of March 13, 2024. Dollar Tree figure represent data for the Dollar Tree segment only. Dollarama is based on stores across Canada only. B&M is based on stores across UK only.

3 Superior Store Economics

Although our commercial space more than doubled, annual sales per SqM remained robust

Evolution of annual sales per owned net SqM and SSSG (NIS 000s; %)

Note: Net SqM defined as commercial area in SqM excluding e.g., storage and office spaces. Includes an owned store in Nesher that was closed in March 2024 and will be reopened in an adjacent location in April 2024.

21 * Excluding one-time bulk operations in 2020 ** Excluding owned stores and owned net SqM in Portugal and as of end of the fiscal year.

Cash Flows from Operating Activities – Capex; % Cash Conversion (1) (NIS M; % of Adjusted EBITDA Pre IFRS 16 (2) )

1) (Cash Flows from Operating Activities – Capex) / Adjusted EBITDA Pre IFRS 16 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

Talia Sessler

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

Company Overview

• Office / School Supplies
• Apparel Basics
• Arts & Crafts

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 March 26, 2024. Includes owned net SqM in Israel (64.8k that also include an owned store in Nesher that was closed in March 2024 and will be reopened in an adjacent location in April 2024) 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

employees(5)

Logistic centers

Total Net SqM(3)(4)

2,230

67.1k

over

65

2023 revenue

+2 in Portugal

NIS 1.1billion

locations across Israel(3)

Publicly listed on TASE

24

2023 Revenue Contribution and Growth, per Category

% Contribution and Category YoY growth(1)

Dual Format Store Strategy for Suburban and Urban Markets in Israel

Max Mini Max

• 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: 46 stores (37 are majority owned)(2)

Main format priority for current expansion

Located in city centers

/~2,150 sq. ft.

Second priority growth engine

Average store sizes of ~200 SqM

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

Our KPIs

Sales per SqM

^* Vs. the prior period and reflecting all owned stores in the period.

IFRS 16 Reconciliations

		Q4/2023	Q4/2022
	GAAP	Pre IFRS 16	GAAP	Pre IFRS 16
EBIT	36.6	34.0	33.7	30.3
Interest expenses, net	6.6	0.7	5.0	0.9
EBT	29.9	33.3	28.7	29.4
Taxes	7.4	8.2	6.5	6.6
GAAP Net Income	22.5	25.1	22.2	22.7
EBITDA	58.5	39.2	49.5	33.6
SBC Plus:	0.1	0.1	0.3	0.3
EBITDA exc. SBC	58.6	39.3	49.8	33.9

		2023	2022
	GAAP	Pre IFRS 16	GAAP	Pre IFRS 16
EBIT	148.4	136.5	123.4	113.3
Interest expenses, net	26.1	2.0	18.8	2.3
EBT	122.3	134.5	104.6	110.9
Taxes	30.2	33.0	26.9	28.4
GAAP Net Income	92.0	101.4	77.7	82.6
EBITDA	225.3	151.8	187.2	125.6
SBC Plus:	(0.4)	(0.4)	11.3	11.3
EBITDA exc. SBC	224.9	151.4	198.5	137.0

Historical FY P&L

	1	2019 FY	2020 FY	FY 2021	2022 FY	2023 FY
	Revenue from sales	740.0	879.2	960.4	1,033.4	1,100.3
	/ Revenue from commissions fees	1.5	6.5	15.9	15.4	18.8
	Total excluding onetime bulk operation Revenue,	741.6	885.7	976.3	1,048.8	1,119.2
	growth YoY		19.4%	10.2%	7.4%	6.7%
	Revenue from onetime operation bulk		124.8	0.0	0.0	0.0
	Total Revenue	741.6	1,010.5	976.3	1,048.8	1,119.2
	growth YoY		36.3%	(3.4%)	7.4%	6.7%
	onetime Gross profit (excluding bulk operation)	293.5	344.6	379.3	418.3	468.2
	of bulk Revenue (excluding onetime operation) %	39.6%	38.9%	38.8%	39.9%	41.8%
	Gross profit onetime bulk operation		14.3
	of Revenue %		11.5%
	S&M	164.7	170.2	207.4	246.1	267.6
	G&A	26.6	33.8	43.8	49.9	52.2
	Total SG&A	191.2	203.9	251.2	295.9	319.8
	Less: SBC		(2.3)	(15.5)	(11.3)	0.4
	SG&A excluding SBC	191.2	201.6	235.7	284.6	320.3
	of Revenue, excluding onetime bulk operation %	25.8%	22.8%	24.1%	27.1%	28.6%
	of Revenue %	25.8%	20.0%	24.1%	27.1%	28.6%
	Other income	(0.7)	(1.2)	(1.6)	(1.6)	(0.4)
	Other expenses, net	1.5	5.5	1.1	0.5	0.4
	GAAP EBIT	101.5	150.7	128.6	123.4	148.4
	of Revenue %	13.7%	14.9%	13.2%	11.8%	13.3%
	Adj. EBIT (exc. SBC, onetime other) and	102.3	143.0	143.6	133.7	148.0
Note: Totals may be sightly impacted by minor rounding	of Revenue, excluding onetime bulk operation %	13.8%	16.1%	14.7%	12.7%	13.2%

Historical FY P&L and Net Income Reconciliations

	2019 FY	2020 FY	FY 2021	2022 FY	2023 FY
expenses, Interest net	10.4	19.3	17.1	18.8	26.1
Interest expenses onetime bulk operation		13.3
EBT	91	118.2	111.5	104.6	122.3
Adj. EBT (exc. SBC, onetime other) and	92	123.7	126.4	114.9	121.8
Taxes	20.9	30.5	28.9	26.9	30.2
GAAP Net Income	70	87.6	82.5	77.7	92.0
of Revenue %	9.5%	8.7%	8.5%	7.4%	8.2%
(exc. one-time operation Adj. Net Income SBC, bulk in
2020 one-time costs 2020) and IPO in	70	93.2	98.1	89.1	91.6
of Revenue, excluding onetime bulk operation %	9.5%	10.5%	10.0%	8.5%	8.2%
Income - Attributable shareholders Net to	58.9	72.6	68.2	64.2	81.0
Income - Attributable non-controlling interests Net to	11.4	15.0	14.4	13.6	11.0
GAAP Net Income	70.3	87.6	82.5	77.7	92.0
Adjustments: Net Income
of - one Total net income adjustments, net taxes
time bulk operation		(0.8)
SBC		1.8	15.5	11.3	(0.4)
/ expenses Issuance costs IPO		4.6
Total Income Adjustments: Net	0.0	5.6	15.5	11.3	(0.4)
Adjusted Net Income - Attributable shareholders to	58.9	78.2	83.7	75.5	80.6
Adjusted Net Income - Attributable non-controlling to
interests	11.4	15.0	14.4	13.6	11.0
Adjusted Net Income	70.3	93.2	98.1	89.1	91.6
Shares Basic O/S	142.3	142.3	142.3	141.4	139.2
attributable to EPS, shareholders	0.41	0.51	0.48	0.45	0.58
Adj. attributable shareholders EPS to	0.41	0.55	0.59	0.53	0.58

Historical FY EBITDA Reconciliations NIS M

	2019 FY	2020 FY	FY 2021	2022 FY	2023 FY
Net Income	70.3	87.6	82.5	77.7	92.0
Interest Expense, Plus net	10.4	32.6	17.1	18.8	26.1
Taxes Income Plus	20.9	30.5	28.9	26.9	30.2
D&A Plus	38.9	45.3	52.4	64.8	76.9
Other Expense, Plus net	0.8	4.3	(0.5)	(1.1)	0.0
EBITDA Other Post IFRS (exc. Expenses) 16	141.2	200.3	180.5	187.2	225.3
SBC Plus		2.3	15.5	11.3	(0.4)
Minus IFRS 16	(40.7)	(45.7)	(53.1)	(61.6)	(73.5)
Adjusted EBITDA Pre (exc. Other IFRS SBC and 16
Expenses)	100.5	157.0	142.9	137.0	151.4
Onetime operation bulk	0.0	(14.4)	0.0	0.0	0.0
Adjusted EBITDA Onetime Pre IFRS (exc. bulk 16
operation, Other SBC and Expenses)	100.5	142.6	142.9	137.0	151.4
of excluding onetime bulk operation Revenue, %	13.6%	16.1%	14.6%	13.1%	13.5%

Historical Quarterly P&L

`	Q4 2019	Q4 2020	Q4 2021	Q4 2022	Q4 2023
Revenue from sales	177.8	274.0	238.6	247.6	267.8
/ Revenue from commissions fees	1.5	2.1	6.5	4.1	4.5
Total Revenue	179.3	276.1	245.1	251.7	272.3
growth YoY		53.9%	(11.2%)	2.7%	8.2%
Gross profit, excluding onetime operation bulk	71.5	105.2	95.3	103.6	116.6
of Revenue %	39.9%	38.1%	38.9%	41.2%	42.8%
S&M	42.7	52.1	57.8	60.9	65.4
G&A	7.4	13.6	11.0	10.3	14.8
SG&A Total	50.1	65.7	68.8	71.2	80.2
Less: SBC		(2.3)	(3.9)	(0.3)	(0.1)
SG&A excluding SBC	50.1	63.4	64.9	70.9	80.0
of Revenue %	27.9%	22.9%	26.5%	28.2%	29.4%
Other income	(0.3)	(0.1)	0.0	(1.3)	(0.2)
Other expenses	0.3	0.2	1.1	0.0	0.0
GAAP EBIT	21.3	39.5	25.4	33.7	36.6
of Revenue %	11.9%	14.3%	10.4%	13.4%	13.4%
Adj. EBIT (exc. SBC, onetime other) and	21.4	41.9	30.4	32.7	36.5
of Revenue %	11.9%	15.2%	12.4%	13.0%	13.4%

Historical Quarterly P&L and Net Income Reconciliations NIS M

`	Q4 2019	Q4 2020	Q4 2021	Q4 2022	Q4 2023
expenses, Interest net	2.5	7.5	5.2	5.0	6.6
EBT	18.9	31.9	20.2	28.7	29.9
Adj. EBT (exc. SBC, onetime other) and	18.9	34.3	25.2	27.7	29.9
Taxes	3.9	8.4	4.0	6.5	7.4
GAAP Net Income	14.9	23.5	16.2	22.2	22.5
of Revenue %	8.3%	8.5%	6.6%	8.8%	8.3%
Adj. Income (exc. SBC, one-time bulk operation Net in
2020 one-time and IPO costs 2020) in	14.9	25.4	20.1	22.5	22.6
of Revenue %	8.3%	9.2%	8.2%	8.9%	8.3%
Net income attributable to shareholders	12.4	19.5	13.8	19.3	20.4
attributable Net income to non-controlling interests	2.5	4.0	2.4	3.0	2.1
Total GAAP Income Net	14.9	23.5	16.2	22.2	22.5
Adjustments: Net Income
SBC	0.0	1.8	3.9	0.3	0.1
/ Expenses Issuance Costs IPO	0.0	0.1	0.0	0.0	0.0
Total Net Income Adjustments	0.0	1.9	3.9	0.3	0.1
Adjusted Net Income - Attributable to shareholders	12.4	21.4	17.7	19.5	20.5
- Attributable Adjusted Net Income to non-controlling
interests	2.5	4.0	2.4	3.0	2.1
Adjusted Income Net	14.9	25.4	20.1	22.5	22.6
Shares O/S (000s) Basic	142.3	142.3	142.3	139.3	139.3
attributable to shareholders EPS,	0.09	0.14	0.10	0.14	0.15
attributable shareholders Adj. EPS to	0.09	0.15	0.12	0.14	0.15

Historical Quarterly EBITDA Reconciliations NIS M

`	Q4 2019	2020 Q4	Q4 2021	Q4 2022	Q4 2023
Net Income	14.9	23.5	16.2	22.2	22.5
Interest Expense, net Plus	2.5	7.5	5.2	5.0	6.6
Income Taxes Plus	3.9	8.4	4.0	6.5	7.4
Plus D&A	10.2	13.6	14.7	17.1	22.1
Other Expense, Plus net	0.0	0.1	1.1	(1.3)	(0.2)
Other EBITDA Post (exc. Expenses) IFRS 16	31.6	53.2	41.1	49.5	58.5
SBC Plus		2.3	3.9	0.3	0.1
Minus IFRS 16	(10.9)	(12.6)	(11.7)	(15.9)	(19.3)
Adjusted EBITDA Pre Other IFRS (exc. SBC and 16
Expenses)	20.6	42.9	33.4	33.9	39.3
of Revenue %	11.5%	15.5%	13.6%	13.5%	14.4%