Max Stock Ltd.

Investor Presentation • May 27, 2025

MAX STOCK Q1 2025 Earnings Conference Call

May 27, 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 March 31, 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 Q1 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 RESULTS TO START THE YEAR

Q1 2025

* 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)

Q1 Financial Highlights

Gross Profit*

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)

Total of ~545M

Note: Totals may be sightly impacted by minor rounding differences. . Cash Flows from Operating Activities are after Interest paid that is primarily related to leases.

Capital Structure Ample of liquidity and financial flexibility

Cash Debt Net Cash

Robust Growth in Largest Categories

Q1'25 Revenue Contribution and Growth, per Category

% Contribution (1)

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

(1) Based on Q1'25 revenue from sales (total of NIS 333.3M) and excluding the Other category (minus Arts & Crafts and Apparel Basics) that contributed ~29% to revenue from sales.

Our "Other" category (1) (that contributed ~29% to Q1'25 revenue from sales and is comprised of over 25 subcategories) is up 7.0% YoY

9 (1) Based on Q1'25 revenue from sales (total of NIS 333.3M). The Other category excludes Arts & Crafts and Apparel Basics that are separately stated on the previous slide.

Main KPIs Solid Growth on top of Tough Multi-Year Comparisons

• 1. Calculated by multiplying the quarterly sales per net SqM by 4.
• 1. Vs. the prior period and reflecting all owned stores in the period.

Clear Top Line Growth Drivers Add 44k of owned net SqM in Israel by 2030

2.7x Significant whitespace opportunity EoY 2019 ~66k sqm Current ~110k sqm +63% 2019 May 2025 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 +66% ~73k with current pipeline ~40k sqm

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 (1) and Pipeline Stores

Opened	Pipeline
Gedera (BIG) Feb'25	Or Akiva (Orot Mall/Amot) Expected in Oct'25	Beer Sheba (Mivne) Expected in Dec'25	Beer Tuvia / Ad Halom (Nadav B.) Expected in H1'26	Gan Yavne (SLDN) Expected in H1'26
Total of ~2.8k gross /		2025: Total of		2026: Total of
1.9k net		~6.8k gross / 4.7k net	~3.5k gross / 2.6k net
Additional stores are under various negotiation stages

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

New Distribution Center Update

• With automation completed in April 2025, the new DC is now fully operational
• Q1 logistics expenses were partially elevated due to transition
  • Closed one legacy DC in February 2025 while the other legacy DC to remain in place to serve as the Company's HQ and additional storage
• New DC positively impacted Q1 gross margins through increased direct import capacity (vs. locally sourced product) and continued improvement in purchasing power
• On track to complete project in-line with initial ~NIS 30M capex projection with ~ NIS 25M invested as of March 2025
• Potential expansion of new DC by an additional ~10K square meters
  • Subject to the agreement terms that include obtaining approval to change the city building plan zoning designation for an additional area of 10K sqm and completion of construction by the lessor

MAX STOCK IS PLEASED TO JOIN THE TEL AVIV 125 INDEX

Talia Sessler

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

Appendix

We are Israel 's leading extreme value retailer

We offer a broad assortment of quality products for customers' everyday needs at affordable prices, helping customers "Dream Big, Pay Small"

Company Overview

• Apparel Basics
• Arts & Crafts

Other

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

• 1) Based on volume sold.
• 2) Other comprised of over 25 subcategories with the largest being OTC Pharmaceutical, Electronics, Phone Accessories and Outdoors
• 3) As of May 27, 2025
• 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 31, 2025

employees(5)

MAXO

Publicly listed on TASE

Dual Format Store Strategy for Suburban and Urban Markets in Israel

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

Main format priority for current expansion

Mini Max

• Located in city centers
• Average store sizes of ~200 SqM /~2,150 sq. ft.

Typically, lower ticket prices

Second priority growth engine

30 32

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 Q1'25 (1) . Closed the last store in Portugal (in Braga) in April 2025. # of Stores (end-of-period) (Owned vs. Franchised) ²1 1 ²³²⁴ 28 26 27 27 Owned Net SqM in Israel (End-of-period; 000s) 53 56 65 64 65 64

STORE COUNT AND OWNED NET SQM

(End-of-Period)

Owned (IL) Owned (PT) Franchised

35

Annual Financial Highlights

2017 2018 2019 2020 2021 2022 2023 2024 Q1'25 LTM

* Excluding one-time bulk operations in 2020

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

Annual Financial Highlights (cont'd)

Adjusted EBITDA Pre IFRS 16 (1)

(NIS M; % of Revenue)

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

NIS M

		Q1/2024	Q1/2025
	GAAP	IFRS Pre 16	GAAP	IFRS Pre 16
EBIT	43.0	38.9	44.3	38.2
expenses, Interest net	4.9	(1.0)	0.8	(6.8)
EBT	38.1	39.8	43.5	45.0
Taxes	9.4	9.8	11.6	12.0
GAAP Net Income	28.7	30.0	31.8	33.0
EBITDA Other Expenses exc.	62.8	42.8	71.1	47.9
SBC Plus:	0.1	0.1	0.0	0.0
EBITDA exc. SBC	62.8	42.9	71.1	47.9

Historical Quarterly P&L

NIS M

Historical Quarterly P&L and Net Income Reconciliations NIS M

	Q1-2021	Q1-2022	Q1-2023	Q1-2024	Q1-2025
Interest expenses, net	2.9	4.4	5.4	4.9	0.8
EBT	36.2	23.4	31.7	38.1	43.5
Adj. EBT (exc. SBC, onetime other) and	40.0	27.1	31.7	38.0	47.0
Taxes	9.2	6.4	7.6	9.4	11.6
GAAP Net Income	27.0	17.0	24.1	28.7	31.8
of Revenue %	10.7%	6.8%	8.6%	9.2%	9.4%
Adj. Net Income (exc. SBC)	30.8	20.9	24.1	28.7	31.9
of Revenue %	12.2%	8.3%	8.6%	9.2%	9.4%
attributable Net income shareholders to	22.4	14.0	20.9	25.9	29.3
attributable Net income to non-controlling interests	4.6	3.1	3.2	2.8	2.6
GAAP Total Net Income	27.0	17.0	24.1	28.7	31.8
Income Adjustments: Net
SBC	3.8	3.9	0.0	0.1	0.0
Total Adjustments Net Income	3.8	3.9	0.0	0.1	0.0
Adjusted Income Attributable to shareholders Net - Adjusted Income Attributable non-controlling Net to -	26.3	17.8	20.9	26.0	29.3
interests	4.6	3.1	3.2	2.7	2.6
Adjusted Income Net	30.8	20.9	24.1	28.7	31.9
Basic Shares O/S (000s)	142.3	142.3	139.0	139.4	139.5
attributable shareholders EPS, to	0.16	0.10	0.15	0.19	0.21
Adj. attributable to shareholders EPS	0.18	0.13	0.15	0.19	0.21

Historical Quarterly EBITDA Reconciliations NIS M

	Q1-2021	Q1-2022	Q1-2023	Q1-2024	Q1-2025
Net Income	27.0	17.0	24.1	28.7	31.8
Interest Expense, Plus net	2.9	4.4	5.4	4.9	0.8
Taxes Income Plus	9.2	6.4	7.6	9.4	11.6
D&A Plus	12.4	15.0	17.5	19.9	23.4
Other Expense, Plus net	0.0	(0.2)	0.0	(0.1)	3.5
EBITDA Post IFRS Other Expenses) 16 (exc.	51.4	42.7	54.5	62.8	71.1
SBC Plus	3.8	3.9	0.0	0.1	0.0
Minus IFRS 16	(12.8)	(14.7)	(17.8)	(19.9)	(23.2)
EBITDA Adjusted IFRS (exc. SBC and Other Pre 16
Expenses)	42.4	31.8	36.7	42.9	47.9
of Revenue %	16.8%	12.7%	13.1%	13.7%	14.1%

Cash Flows from Operating Activities – Capex – Lease Payments

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

	2017A	2018A	2019A	2020A	2021A	2022A	2023A	2024A	Q1'25
Cash flows from Operating Activities	51.9	49.0	96.6	160.0	40.1	201.0	219.3	132.3	62.1
Minus: Capex	(12.3)	(13.4)	(10.7)	(17.5)	(33.4)	(26.7)	(30.9)	(44.0)	(7.4)
Minus: Lease Payments	0.0	0.0	(31.0)	(30.3)	(38.2)	(45.5)	(50.8)	(59.6)	(15.7)
Cash flows from Operating Activities - Capex - Lease Payments	39.6	35.6	55.0	112.2	(31.5)	128.8	137.6	28.7	39.0
Adjusted EBITDA (Pre IFRS 16)	77.4	86.1	100.5	142.6	142.9	137.0	151.4	190.8	47.9
Cash flows from Operating Activities - Capex - Lease Payments / Adj. EBITDA	51%	41%	55%	79%	(22%)	94%	91%	15%	81%

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

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