Max Stock Ltd.

Investor Presentation • Mar 19, 2025

MAX STOCK FY 2024 & Q4 Earnings Conference Call

March 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 December 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 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 Q4'24 RESULTS TO CONCLUDE AN OUTSATNDING YEAR

* 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)

Q4 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 4

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

2024 RESULTS OUR STRONGEST ANNUAL RESULTS IN OUR CORPORTAE HISTORY

REVENUE +18.9% vs. 2023 NIS 1,331.2M SSSG Primarily volume driven 9.9%

ANNUAL SALES PER NET SQM NIS 20.0K vs. 18.6k in 2023

GROSS MARGIN NIS 41.8%

Adj. EBITDA* NIS 190.8M Flat vs. FY 2023 +26.0% vs. FY 2023

Adj. EBITDA* MARGIN 14.3% +80 BPS vs. FY 2023

GAAP NET INCOME (100%) NIS 121.1M +31.6% vs. FY 2023

Adj. EPS** +35.0% vs. FY 2023 NIS 0.78

ANNOUNCED DIVIDEND ~NIS 0.50 per share NIS 70M

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

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

FY 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)

Main KPIs Strong volume growth along with a positive change in basket size accelerated SSSG in 2024

Evolution of Annual SSSG (%)

9

Financial Targets in the Mid-Long Term

Metric	Target	Commentary	2024 Performance
Unit Growth	3 – 5 New Max Stores Annually	Refers to gross openings of Company owned / majority owned stores	Three new gross openings
Annual Revenue Growth	Low – mid teens	Including other potential growth engines	Growth = 18.9%
Annual SSS	3%	SSSG for owned / majority owned stores	SSSG = 9.9%
(1) Pre IFRS 16 Adjusted EBITDA Margin	~13%	Potential to expand margins by 100bps in the longer term	Adjusted EBITDA margins = 14.3%
Adj. annual EPS Growth	Similar to revenue growth	EPS attributable to shareholders and adjusted for share- based payments (SBC)	Growth = 35.0%

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

(1) Buyback plan expired on June 18, 2023, and was up to NIS 40M. NIS 19.9M was executed in 2022.

Capital Deployment and Capital Structure

Total of NIS ~439M returned to shareholders since 2017 while increasing our liquidity and financial flexibility

NIS 70M IN ANNOUNCED DIVIDEND (NIS 0.50 PER SHARE) RECORD DATE : APRIL 14th ,2025; PAYMENT DATE: APRIL 27th , 2025 LTM DIVIDEND YIELD OF ~4%

Annual Financial Highlights

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

1) (Cash Flows from Operating Activities – Capex – Lease Payments) / 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

Business & Financial Model

Key Attributes

Strategic Focus

• Further Improve purchasing power with scale
• Increase direct sourcing of merchandise
• Maintain a broad selection of products and limited fixed assortment

• First priority: Roll out of new owned-stores in Israel
• Drive comparable store sales

• Best in class sales per SqM / sales efficiency
• ~3-4 year store payback period
• Four year ramp until maturity

• Capitalize on new DC investment to further extract operational efficiencies
• Low overhead with tight management of expenses and no high street locations
• Potential to further benefit from operating scale

Evolution of quarterly revenue and annual quarterly average revenue (NIS M)

Increasing Direct Sourcing of Merchandise 1

2.7x Significant whitespace opportunity EoY 2019 ~67k sqm Current ~110k sqm +68% 2019 March 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 +64% ~74k with current pipeline sqm ~40k

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.

Total of ~9.7k gross SqM / ~5.6k net owned SqM (2) in 2024+ 2025 YTD

Closed two franchised Max stores in Jerusalem (Romema) and in Or Akiva in 2024 and opened a new franchised Mini Max store in Rehovot in 2025 (3)

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

• * Replaced an existing store in Nesher that was closed.
• 1. Gross additions of stores.
• 1. Net SqM defined as commercial area in SqM excluding e.g., storage and office spaces
• 1. No impact on owned net SqM.

Pipeline expected to be received by H2 2025 while opening is expected in H1 2026. 2

• Current pipeline includes ~10.3k gross SqM / ~7.3k net SqM
  • 2025: Total of ~6.8k gross SqM / ~4.7k net SqM
    • Or Akiva
    • Beer Sheba
  • 2026: Total of ~3.5k gross SqM / ~2.6k net SqM
    • Beer Tuvia / Ad Halom (2.4k gross SqM) ( 1 )
    • Gan Yavne (1.1k gross SqM )
• Additional stores are under various negotiation stages

Note: Totals may be sightly impacted by minor rounding differences. (1) Gross size includes a gallery of ~0.4 gross SqM, that is not classified as a commercial area. Branch is

Strong double-digit growth in 2024 across our core categories 2

2024 Revenue Contribution and Growth, per Category

% Contribution (1)

… and our "Other" category (1) (that contributed ~26% to 2024 revenue from sales and is comprised of over 25 subcategories) is our second fastest growing category (up 24.1% YoY)

2

21 (1) Based on 2024 revenue from sales (total of NIS1,310.9M). The Other category excludes Arts & Crafts and Apparel Basics that are separately stated on the previous slide.

End of Year Followers (000s) End of Year Followers (000s)

End of Year Followers (000s)

Source: FactSet, public filings and MAXO estimates. Max Stock annual sales per SqM based on reported NIS 20.0k and converted into USD based on ILS:USD exchange rate of 3.64 . All other players based on LTM revenue divided by EoY SqM and (if not denominated in USD) converted into USD based on Euro:USD exchange rate of 1.09; GBP:USD of 1.30 and CAD:USD exchange rate of 0.69, RUB:USD exchange rate of 0.011, as of March 13, 2025.. 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.

²⁴ * Excluding one-time bulk operations in 2020 ** Excluding owned stores and owned net SqM in Portugal and as of end of the fiscal year.

New Logistic & Distribution Center

Rationale	Capex
Support future growth in Israel, including expansion into new categories, as prior to the new DC all growth was directed to TPLs ▪ ▪ Assist in extracting operational efficiencies	▪ 24.5M already invested as of December, 2024
▪ Rationalize the number of our logistic centers	An estimated additional ▪ capex of NIS 5.5M in
▪ More efficient costs structure (labor and other) due to operating scale and automation ▪ Eliminate the need for TPLs in the next years	2025
▪ More efficient distribution system
▪ Consolidated drops
▪ Daily drops to all stores
▪ Enhanced DC service levels due to logistic alignment between the DC and the stores

• Higher accuracy and availability of store Instocks
• Improved accuracy of delivered items

Logistic Costs as a Percent of Total Revenue (1) and quarterly gross margins (%)

Employee Costs Attributed to Retail Activities as a Percent of Total Revenue (1) (%) vs. Hourly Minimum Wage (2) ("HMW"; NIS)

1. Annual Employee Costs Attributed to Retail Activities / Total Annual Revenue

2. Hourly minimum wage for a position of 182 hours per month. Data source: Israel's National Insurance

Talia Sessler

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

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.

• 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 March 19, 2025. Includes owned net SqM in Israel (~67.1k) and owned net SqM in Portugal (~1.6k) .
• 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 19, 2025

MAXO

~2,150

Logistic centers

Total Net SqM(3)(4)

employees(5)

Publicly listed on TASE

~NIS 1.3 Bn.

locations across Israel(3)

2024 revenue

+1 in Portugal

~68.7k

65

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 (38 are majority owned)(2)

Main format priority for current expansion

Max Mini Max

Located in city centers

Average store sizes of ~200 SqM

Typically, lower ticket prices

Second priority growth engine

# of Stores (end-of-period)

37 38 2 1 ¹

Over 90% of Revenue

²⁸26 ²⁷

65 64 66

(Owned vs. Franchised)

53 56

30 32

²³²⁴

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

Owned Net SqM in Israel

(End-of-period; 000s)

Owned (IL) Owned (PT) Franchised

2021 2022 2023 2024 Mar-25

35

Note: #of stores and owned net square meter include an owned store in Nesher that was closed in March 2024 and was reopened in an adjacent location in April 2024. 32

Resilient Economic Model Strong performance across various economic cycles

Total Sales		NIS 885.7M				4 years CAGR:
	2020	2021	2022	2023	NIS 1,331.2M 2024	10.7%
Macro Environment
	COVID	SUPPLY CHAIN DISRUPTIONS	INFLATION	LEGISLATIVE PROCESS, LEGISLATIVE PROCESS, SWORD OF IRON WAR SWORD OF IRON WAR	LEGISLATIVE PROCESS, SWORD OF IRON WAR
YE Owned Store #	28	30	32	35	37
AUV (1)	NIS 30.0M	NIS 30.3M	NIS 31.0M	NIS 30.3M	NIS 33.6M
Gross Margins	38.9%	38.8%	39.9%	41.8%	41.8%	4 years
EPS	NIS 0.55				NIS 0.78	CAGR: 9.2%

Annual Financial Highlights

190.5 242.9 293.5 344.6 379.3 418.3 468.2

2017 2018 2019 2020 2021 2022 2023 2024

34 * Excluding one-time bulk operations in 2020

556.1

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

	Q4/2023			Q4/2024
	GAAP	IFRS Pre 16	GAAP	IFRS Pre 16
EBIT	36.6	34.0	45.8	40.4
Interest expenses, net	6.6	0.7	7.5	(0.3)
EBT	29.9	33.3	38.2	40.7
Taxes	7.4	8.2	9.4	10.0
GAAP Net Income	22.5	25.1	28.8	30.7
EBITDA	58.5	39.2	70.4	46.5
SBC Plus:	0.1	0.1	0.0	0.0
EBITDA exc. SBC	58.6	39.3	70.4	46.5
		2023		2024
	GAAP	IFRS Pre 16	GAAP	IFRS Pre 16
EBIT	148.4	136.5	184.0	170.1
Interest expenses, net	26.1	2.0	23.4	(4.4)
EBT	122.3	134.5	160.5	174.4
Taxes	30.2	33.0	39.4	42.6
GAAP Net Income	92.0	101.4	121.1	131.8
EBITDA	225.3	151.8	277.5	190.6
SBC Plus:	(0.4)	(0.4)	0.2	0.2
EBITDA exc. SBC	224.9	151.4	277.6	190.8

Evolution of SSSG vs. Change in SS Basket Size (%)

Change in avg. basket* - Same Stores in the Period; (%)

Historical FY P&L

	2020 FY	FY 2021	FY 2022	FY 2023	2024 FY
Revenue from sales	879.2	960.4	1,033.4	1,100.3	1,310.9
/ Revenue from commissions fees	6.5	15.9	15.4	18.8	20.3
Total Revenue, excluding onetime bulk operation	885.7	976.3	1,048.8	1,119.2	1,331.2
YoY growth	19.4%	10.2%	7.4%	6.7%	18.9%
onetime bulk operation Revenue from	124.8	0.0	0.0	0.0	0.0
Total Revenue	1,010.5	976.3	1,048.8	1,119.2	1,331.2
growth YoY	36.3%	(3.4%)	7.4%	6.7%	18.9%
profit (excluding onetime operation) Gross bulk	344.6	379.3	418.3	468.2	556.1
of bulk Revenue (excluding onetime operation) %	38.9%	38.8%	39.9%	41.8%	41.8%
Gross profit onetime bulk operation	14
of Revenue %	11.5%
S&M	170.2	207.4	246.1	267.6	306.6
G&A	33.8	43.8	49.9	52.2	60.8
Total SG&A	203.9	251.2	295.9	319.8	367.3
Less: SBC	(2.3)	(15.5)	(11.3)	0.4	(0.2)
SG&A excluding SBC	201.6	235.7	284.6	320.3	367.1
of excluding onetime bulk operation Revenue, %	22.8%	24.1%	27.1%	28.6%	27.6%
of Revenue %	20.0%	24.1%	27.1%	28.6%	27.6%
Other income	(1.2)	(1.6)	(1.6)	(0.4)	(0.2)
Other expenses, net	5.5	1.1	0.5	0.4	5.0
GAAP EBIT	150.7	128.6	123.4	148.4	184.0
of Revenue %	14.9%	13.2%	11.8%	13.3%	13.8%
Adj. EBIT (exc. onetime SBC, and other)	143.0	143.6	133.7	148.0	189.0
of onetime bulk Revenue, excluding operation %	16.1%	14.7%	12.7%	13.2%	14.2%

Historical FY P&L and Net Income Reconciliations

	2020 FY	FY 2021	2022 FY	FY 2023	FY 2024
Interest expenses, net	19.3	17.1	18.8	26.1	23.4
Interest expenses onetime bulk operation	13.3
EBT	118.2	111.5	104.6	122.3	160.5
Adj. EBT (exc. SBC, onetime and other)	123.7	126.4	114.9	121.8	165.5
Taxes	30.5	28.9	26.9	30.2	39.4
GAAP Income Net	87.6	82.5	77.7	92.0	121.1
of Revenue %	8.7%	8.5%	7.4%	8.2%	9.1%
Adj. operation Net Income (exc. SBC, one-time bulk in
one-time 2020 and IPO costs 2020) in	93.2	98.1	89.1	91.6	121.3
of onetime bulk Revenue, excluding operation %	10.5%	10.0%	8.5%	8.2%	9.1%
Net Income - Attributable to shareholders	72.6	68.2	64.2	81.0	108.8
Income - Attributable to non-controlling interests Net	15.0	14.4	13.6	11.0	12.4
GAAP Income Net	87.6	82.5	77.7	92.0	121.1
Net Income Adjustments:
Total of taxes net income adjustments, net - one-time
bulk operation	(0.8)
SBC	1.8	15.5	11.3	(0.4)	0.2
/ Issuance costs expenses IPO	4.6
Adjustments: Total Net Income	5.6	15.5	11.3	(0.4)	0.2
Adjusted Income - Attributable shareholders Net to	78.2	83.7	75.5	80.6	109.0
Adjusted Net Income - Attributable to non-controlling
interests	15.0	14.4	13.6	11.0	12.4
Adjusted Net Income	93.2	98.1	89.1	91.6	121.3
Basic Shares O/S	142.3	142.3	141.4	139.2	139.4
attributable EPS, to shareholders	0.51	0.48	0.45	0.58	0.78
Adj. EPS attributable to shareholders	0.55	0.59	0.53	0.58	0.78

Historical FY EBITDA Reconciliations

	2020 FY	FY 2021	2022 FY	2023 FY	2024 FY
Net Income	87.6	82.5	77.7	92.0	121.1
Interest Expense, Plus net	32.6	17.1	18.8	26.1	23.4
Taxes Plus Income	30.5	28.9	26.9	30.2	39.4
D&A Plus	45.3	52.4	64.8	76.9	88.7
Other Expense, Plus net	4.3	(0.5)	(1.1)	0.0	4.8
EBITDA IFRS Other Expenses) Post 16 (exc.	200.3	180.5	187.2	225.3	277.5
SBC Plus	2.3	15.5	11.3	(0.4)	0.2
Minus IFRS 16	(45.7)	(53.1)	(61.6)	(73.5)	(86.8)
Adjusted EBITDA IFRS SBC Other Pre (exc. and 16
Expenses)	157.0	142.9	137.0	151.4	190.8
Onetime bulk operation	(14.4)	0.0	0.0	0.0	0.0
Adjusted EBITDA IFRS Onetime Pre (exc. bulk 16
Other operation, SBC and Expenses)	142.6	142.9	137.0	151.4	190.8
of Revenue, excluding onetime bulk operation %	16.1%	14.6%	13.1%	13.5%	14.3%

Historical Quarterly P&L

	2020 Q4	Q4 2021	2022 Q4	2023 Q4	2024 Q4
Revenue from sales	274.0	238.6	247.6	267.8	323.1
/ from commissions fees Revenue	2.1	6.5	4.1	4.5	5.0
Total Revenue	276.1	245.1	251.7	272.3	328.1
YoY growth	53.9%	(11.2%)	2.7%	8.2%	20.5%
Gross profit, excluding onetime bulk operation	105.2	95.3	103.6	116.6	137.4
of Revenue %	38.1%	38.9%	41.2%	42.8%	41.9%
S&M	52.1	57.8	60.9	65.4	75.3
G&A	13.6	11.0	10.3	14.8	15.0
Total SG&A	65.7	68.8	71.2	80.2	90.4
SBC Less:	(2.3)	(3.9)	(0.3)	(0.1)	(0.0)
SG&A excluding SBC	63.4	64.9	70.9	80.0	90.3
of onetime bulk Revenue, excluding operation %	22.9%	26.5%	28.2%	29.4%	27.5%
Other income	(0.1)	0.0	(1.3)	(0.2)	0.0
expenses Other	0.2	1.1	0.0	0.0	1.2
GAAP EBIT	39.5	25.4	33.7	36.6	45.8
of Revenue %	14.3%	10.4%	13.4%	13.4%	13.9%
Adj. EBIT (exc. onetime SBC, and other)	41.9	30.4	32.7	36.5	47.0
of onetime bulk Revenue, excluding operation %	15.2%	12.4%	13.0%	13.4%	14.3%

Historical Quarterly P&L and Net Income Reconciliations NIS M

	2020 Q4	Q4 2021	Q4 2022	Q4 2023	2024 Q4
Interest expenses, net	7.5	5.2	5.0	6.6	7.5
EBT	31.9	20.2	28.7	29.9	38.2
Adj. EBT (exc. SBC, onetime and other)	34.3	25.2	27.7	29.9	39.5
Taxes	8.4	4.0	6.5	7.4	9.4
GAAP Income Net	23.5	16.2	22.2	22.5	28.8
of Revenue %	8.5%	6.6%	8.8%	8.3%	8.8%
Adj. one-time operation Net Income (exc. SBC, bulk
one-time 2020 and IPO costs 2020) in in	25.4	20.1	22.5	22.6	28.9
of Revenue %	9.2%	8.2%	8.9%	8.3%	8.8%
attributable Net income to shareholders	19.5	13.8	19.3	20.4	25.8
income attributable Net to non-controlling interests	4.0	2.4	3.0	2.1	3.1
Total Income GAAP Net	23.5	16.2	22.2	22.5	28.8
Income Adjustments: Net
SBC	1.8	3.9	0.3	0.1	0.0
/ Issuance Costs Expenses IPO	0.1	0.0	0.0	0.0	0.0
Total Adjustments Net Income	1.9	3.9	0.3	0.1	0.0
Adjusted Net Income - Attributable shareholders to	21.4	17.7	19.5	20.5	25.8
Adjusted - Attributable Net Income to non
controlling interests	4.0	2.4	3.0	2.1	3.1
Adjusted Net Income	25.4	20.1	22.5	22.6	28.9
Basic Shares O/S (000s)	142.3	142.3	139.3	139.3	139.5
attributable EPS, to shareholders	0.14	0.10	0.14	0.15	0.19
Adj. attributable to shareholders EPS	0.15	0.12	0.14	0.15	0.19

Historical Quarterly EBITDA Reconciliations NIS M

	2020 Q4	Q4 2021	2022 Q4	2023 Q4	2024 Q4
Net Income	23.5	16.2	22.2	22.5	28.8
Interest Expense, Plus net	7.5	5.2	5.0	6.6	7.5
Taxes Income Plus	8.4	4.0	6.5	7.4	9.4
D&A Plus	13.6	14.7	17.1	22.1	23.4
Expense, Other Plus net	0.1	1.1	(1.3)	(0.2)	1.2
EBITDA Post IFRS (exc. Other Expenses) 16	53.2	41.1	49.5	58.5	70.4
SBC Plus	2.3	3.9	0.3	0.1	0.0
Minus IFRS 16	(12.6)	(11.7)	(15.9)	(19.3)	(23.9)
Adjusted EBITDA IFRS Pre (exc. SBC and 16
Other Expenses)	42.9	33.4	33.9	39.3	46.5
of Revenue %	15.5%	13.6%	13.5%	14.4%	14.2%

Cash Flows from Operating Activities – Capex – Lease Payments

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

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

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 is 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

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