Max Stock Ltd.

Investor Presentation • Aug 14, 2025

MAX STOCK Q2 & H1 2025 Earnings Conference Call

August 14, 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 June 30, 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 Q2 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.

Robust Q2 Top-Line Growth & Margin Expansion

Q2 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)

Q2 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)

* 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

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)

Annual Financial Highlights

2017 2018 2019 2020 2021 2022 2023 2024 Q2'25 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 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

Historical Cash Flows and Capital Deployment

Cash Flows from Operating Activities – Capex – Lease Payments (NIS M)

Total of ~591M

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. * Including NIS 40M in announced dividend to be paid in September 2025.

Capital Structure Ample of liquidity and financial flexibility

Cash Debt Net Cash

Growth Drivers

Looking Forward

Looking Forward

Robust Growth in Largest Categories

H1'25 Revenue Contribution and Growth, per Category

% Contribution (1)

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

(1) Based on H1'25 revenue from sales (total of NIS 665.0M) and excluding the Other category (minus Arts & Crafts and Apparel Basics) that contributed ~28% to revenue from sales. 12

Our "Other" category (1) (that contributed ~28% to H1'25 revenue from sales and is comprised of over 25 subcategories) is up 8.1% YoY

13 (1) Based on H1'25 revenue from sales (total of NIS 665.0M). 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

Main KPIs (cont'd)

H1 Annualized Sales per net SqM (1)

All Owned Stores in the Period; (NIS)

H1 Change in Avg. Basket (1)

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 August 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% ~75k 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.

Pipeline Stores

Or Akiva (Orot Mall/Amot) Expected in Q4'25	Beer Sheba (Mivne) Expected in H1'26	Gan Yavne (SLDN) Expected in H1'26	Ad Halom (Nadav B.) Expected in H1'26	Ofakim (NEW) (GT One Holdings) Expected in H1'27

~12.3k gross / 8.6k net

Additional stores are under various negotiation stages

Talia Sessler

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

Appendix

Company Overview

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 August 14, 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 June 30, 2025

MAXO

employees(5)

Publicly listed on TASE

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

Main format priority for current expansion

Max Mini Max

Located in city centers

Typically, lower ticket prices

• Second priority growth engine

# of Stores (end-of-period) (Owned vs. Franchised) 35 37 37 37 2 1 ²³²⁴ 28 26 27 27 Over 90% 49.8 58.3 62.1 65.2 (End-of-period; 000s) 53 56 65 64 64 64 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.

STORE COUNT AND OWNED NET SQM

Opened one owned Max store in Gedera in Feb 2025 (BIG; 1,900 net SqM) and closed one

(End-of-Period)

IFRS 16 Reconciliations (Q2) NIS M

	Q2/2024		Q2/2025
	GAAP	Pre IFRS 16	GAAP	Pre IFRS 16
EBIT	44.0	40.5	56.8	51.6
Interest expenses, net	5.3	(1.2)	21.4	13.2
EBT	38.7	41.7	35.3	38.4
Taxes	9.3	10.0	7.8	8.5
GAAP Net Income	29.4	31.7	27.5	29.9
EBITDA exc. Other Expenses	65.1	44.8	79.5	56.5
Plus: SBC	0.0	0.0	0.0	0.0
EBITDA exc. SBC	65.2	44.8	79.6	56.5

IFRS 16 Reconciliations (H1) NIS M

	H1/2024		H1/2025
	GAAP	IFRS Pre 16	GAAP	IFRS Pre 16
EBIT	87.0	79.4	101.0	89.8
Interest expenses, net	10.2	(2.1)	22.2	6.4
EBT	76.8	81.5	78.8	83.4
Taxes	18.7	19.8	19.4	20.5
GAAP Income Net	58.0	61.7	59.4	62.9
Other EBITDA exc. Expenses	127.9	87.6	150.6	104.4
SBC Plus:	0.1	0.1	0.1	0.1
EBITDA exc. SBC	128.0	87.8	150.7	104.5

Historical Quarterly P&L (Q2) NIS M

	Q2 2021	Q2 2022	Q2 2023	Q2 2024	Q2 2025
Revenue from sales	220.7	249.2	248.3	312.2	325.9
/ Revenue from commissions fees	2.9	3.5	4.4	4.7	10.4
Total Revenue	223.6	252.7	252.8	316.9	336.3
YoY growth	28.4%	13.0%	0.0%	25.4%	6.1%
Gross profit	85.6	99.2	104.0	132.1	147.3
Revenue of %	38.3%	39.3%	41.2%	41.7%	43.8%
S&M	47.3	61.1	62.7	73.9	75.7
G&A	9.6	13.4	10.6	14.1	14.9
Total SG&A	57.0	74.5	73.3	88.0	90.5
Less: SBC	(3.9)	(3.8)	0.7	(0.0)	(0.0)
SG&A excluding SBC	53.1	70.6	74.0	87.9	90.5
of Revenue %	23.8%	28.0%	29.3%	27.7%	26.9%
Other income	(1.6)	0.0	(0.1)	0.0	0.0
Other expenses	0.0	0.0	0.3	0.1	0.0
GAAP EBIT	30.2	24.7	30.5	44.0	56.8
of Revenue %	13.5%	9.8%	12.1%	13.9%	16.9%
Adj. onetime EBIT (exc. SBC, and other)	32.5	28.6	30.0	44.1	56.8
of Revenue %	14.5%	11.3%	11.9%	13.9%	16.9%

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

	Q2 2021	Q2 2022	Q2 2023	Q2 2024	Q2 2025
expenses, Interest net	4.7	4.6	6.0	5.3	21.4
EBT Adj. SBC, onetime EBT (exc. and other)	25.5 27.8	20.1 23.9	24.5 24.0	38.7 38.8	35.3 35.4
Taxes	7.1	5.7	6.2	9.3	7.8
GAAP Net Income	18.4	14.4	18.3	29.4	27.5
of Revenue %	8.2%	5.7%	7.2%	9.3%	8.2%
Adj. Income SBC) Net (exc.	22.3	18.3	17.7	29.4	27.6
of Revenue %	10.0%	7.2%	7.0%	9.3%	8.2%
income attributable shareholders Net to	14.9	11.3	16.6	25.8	24.0
income attributable non-controlling interests Net to	3.5	3.1	1.7	3.6	3.5
Total GAAP Net Income	18.4	14.4	18.3	29.4	27.5
Income Adjustments: Net
SBC	3.9	3.8	(0.7)	0.0	0.0
Total Income Adjustments Net	3.9	3.8	(0.7)	0.0	0.0
Adjusted Income Attributable to shareholders Net -	18.8	15.2	15.9	25.8	24.0
Attributable Adjusted Income to non-controlling Net -
interests	3.5	3.1	1.7	3.6	3.5
Adjusted Income Net	22.3	18.3	17.7	29.4	27.6
Shares O/S (000s) Basic	142.3	142.3	139.0	139.4	139.5
attributable shareholders EPS, to	0.10	0.08	0.12	0.18	0.17
shareholders Adj. EPS attributable to	0.13	0.11	0.11	0.18	0.17

Historical Quarterly EBITDA Reconciliations (Q2) NIS M

	Q2 2021	Q2 2022	Q2 2023	Q2 2024	Q2 2025
Income Net	18.4	14.4	18.3	29.4	27.5
Interest Expense, Plus net	4.7	4.6	6.0	5.3	21.4
Income Plus Taxes	7.1	5.7	6.2	9.3	7.8
D&A Plus	12.6	16.4	18.2	21.0	22.7
Other Expense, Plus net	(1.6)	0.0	0.2	0.1	0.0
EBITDA (exc. Other Expenses) Post IFRS 16	41.2	41.1	48.9	65.1	79.5
Plus SBC	3.9	3.8	(0.7)	0.0	0.0
Minus IFRS 16	(14.3)	(15.6)	(18.1)	(20.3)	(23.0)
Adjusted EBITDA (exc. SBC and Other Pre IFRS 16
Expenses)	30.7	29.3	30.1	44.8	56.5
of Revenue %	13.7%	11.6%	11.9%	14.2%	16.8%

Historical Quarterly P&L (H1) NIS M

	2021 H1	2022 H1	2023 H1	2024 H1	2025 H1
from Revenue sales	469.3	496.4	522.8	620.0	659.3
/ from commissions Revenue fees	6.3	7.2	9.6	10.1	16.1
Total Revenue	475.6	503.6	532.4	630.1	675.4
YoY growth	36.8%	5.9%	5.7%	18.3%	7.2%
Gross profit	185.4	197.0	219.8	264.6	290.6
of Revenue %	39.0%	39.1%	41.3%	42.0%	43.0%
S&M	95.8	118.7	128.0	147.7	155.0
G&A	21.9	25.9	24.0	29.9	31.0
Total SG&A	117.7	144.6	152.0	177.7	186.1
Less: SBC	(7.7)	(7.7)	0.7	(0.1)	(0.1)
SG&A excluding SBC	110.0	136.9	152.7	177.6	186.0
Revenue of %	23.1%	27.2%	28.7%	28.2%	27.5%
Other income	(1.6)	(0.3)	(0.1)	(0.2)	(0.5)
Other expenses, net	0.0	0.1	0.3	0.2	4.0
GAAP EBIT	69.3	52.6	67.6	87.0	101.0
Revenue of %	14.6%	10.4%	12.7%	13.8%	15.0%
Adj. onetime other) EBIT (exc. SBC, and	75.4	60.1	67.1	87.0	104.6
of Revenue %	15.8%	11.9%	12.6%	13.8%	15.5%

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

	2021 H1	2022 H1	2023 H1	2024 H1	2025 H1
Interest expenses, net	7.6	9.1	11.4	10.2	22.2
EBT	61.7	43.5	56.2	76.8	78.8
Adj. EBT (exc. onetime SBC, and other)	67.8	51.1	55.7	76.8	82.3
Taxes	16.3	12.0	13.8	18.7	19.4
GAAP Income Net	45.4	31.5	42.4	58.0	59.4
of Revenue %	9.5%	6.2%	8.0%	9.2%	8.8%
Adj. (exc. Net Income SBC)	53.1	39.2	41.8	58.2	59.4
of Revenue %	11.2%	7.8%	7.8%	9.2%	8.8%
Attributable shareholders Net Income to -	37.3	25.3	37.5	51.7	53.3
Income Attributable to non-controlling interests Net -	8.1	6.2	4.9	6.4	6.1
GAAP Net Income	45.4	31.5	42.4	58.0	59.4
Income Adjustments: Net
SBC	7.7	7.7	(0.7)	0.1	0.1
Adjustments: Total Net Income	7.7	7.7	(0.7)	0.1	0.1
Adjusted Attributable shareholders Net Income to - Adjusted Attributable non-controlling Net Income to -	45.0	33.0	36.9	51.8	53.3
interests	8.1	6.2	4.9	6.3	6.1
Adjusted Net Income	53.1	39.2	41.8	58.2	59.4
Basic Shares O/S	142.3	142.3	139.0	139.4	139.5
attributable shareholders EPS, to	0.26	0.18	0.27	0.37	0.38
Adj. attributable to shareholders EPS	0.32	0.23	0.27	0.37	0.38

Historical Quarterly EBITDA Reconciliations (H1) NIS M

	2021 H1	2022 H1	2023 H1	2024 H1	2025 H1
Income Net	45.4	31.5	42.4	58.0	59.4
Plus Interest Expense, net	7.6	9.1	11.4	10.2	22.2
Income Plus Taxes	16.3	12.0	13.8	18.7	19.4
D&A Plus	24.9	31.3	35.6	41.0	46.1
Other Expense, Plus net	(1.6)	(0.2)	0.2	(0.0)	3.5
EBITDA (exc. Other Expenses) Post IFRS 16	92.6	83.7	103.4	127.9	150.6
Plus SBC	7.7	7.7	(0.7)	0.1	0.1
Minus IFRS 16	(27.1)	(30.3)	(35.9)	(40.2)	(46.2)
Adjusted EBITDA Other Pre IFRS (exc. SBC and 16
Expenses)	73.2	61.2	66.9	87.8	104.5
Revenue of %	15.4%	12.1%	12.6%	13.9%	15.5%

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	H1-2025
Cash flows from Operating Activities	51.9	49.0	96.6	160.0	40.1	201.0	219.3	132.3	132.7
Minus: Capex	(12.3)	(13.4)	(10.7)	(17.5)	(33.4)	(26.7)	(30.9)	(44.0)	(17.2)
Minus: Lease Payments	0.0	0.0	(31.0)	(30.3)	(38.2)	(45.5)	(50.8)	(59.6)	(30.6)
Cash flows Operating Activities from
Capex Lease Payments - -	39.6	35.6	55.0	112.2	(31.5)	128.8	137.6	28.7	84.8
Adjusted (Pre IFRS EBITDA 16)	77.4	86.1	100.5	142.6	142.9	137.0	151.4	190.8	104.5
Cash flows Operating Activities from
/ 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