Maytronics Ltd.

Investor Presentation • Mar 31, 2024

Investors Presentation

Disclaimer

This presentation is not an investment advice or an offer or solicitation for the purchase or sale of any of Maytronics's securities and it has been prepared by Maytronics solely for information purposes.

While reasonable care has been taken to ensure that the information contained herein is not untrue or misleading at the date of the presentation, Maytronics makes no representation that it is accurate or complete. This information is based on information included in Maytronics's public filings. However, some of the information may be presented in a different manner and/or is differently edited. In any event of inconsistency between Maytronics's public filings and the information contained in this presentation - the information included in the public filings shall prevail. Nevertheless, for sake of caution a copy of this presentation has been made public through an immediate report.

The estimations and assessments contained herein (such as market share, amount of pools and different products prices) are based on internal estimates of Maytronics and Maytronics does not hold official or verified data. This data is based on information received by Maytronics from its distributers and/or received by it via conversations with market professionals and/or international exhibitions. As a result, such data must not be considered certified or accurate information.

This presentation may contain forward-looking information (within the meaning of the Securities Law 5728-1968) about Maytronics and may include among others Maytronics's objectives, evaluations, estimations, and forecasts concerning future events of which realization is not certain and is not in Mytronics's control.

Forward-looking information should not be regarded as a representation that anticipated events will occur or that expected objectives will be achieved. In addition, the realization of the forward-looking information may differ from Maytronics's anticipations and may be affected by factors that cannot be assessed in advance, and which are not within the control of Maytronics, including risk factors that are characteristic of its operations, developments in the general environment, and external factors that affect Maytronics's operations

Maytronics's future anticipated results and achievements may differ materially from its actual results and achievements. Furthermore, the information contained herein is subject to changes without notice and Maytronics does not undertake to update the information contained herein.

This presentation and the information contained herein are or may be protected by copyright and database rights and may not be reproduced, distributed or published by any person for any purpose without the prior express consent of Maytronics. All rights are reserved.

Agenda

Maytronics 5D Strategy Thriving in Maytronics' 5 th Decade

Pace of Change is Accelerating

Process

DURING 2023 | MULTIPLE CROSS DIVISIONAL TEAMS | TENS OF CONTRIBUTORS

Reality

1

• Key trend analysis
• Short & long-term dynamics
• Possible scenarios

Evaluating Strategic Paths Multi Year Execution Plan

2

• Optional directions to address emerging trends
• Alternatives evaluation
• Definition of North-Star and key strategic themes

3

• Workplans
• KPIs
• Resources

Key T1 Aspects

Vertical integration EU Cross border

R&D & innovation yield Cost structure

synergies Strong product introduction Commercial aggressiveness

Multi dimensional new mode of work

Market Dynamics - in the Spec-to-Price Balance

CHINESE main play in 2023

CHINESE TRADITIONAL POSITION AND CORE VOLUME: low-cost Electronic Vacuum Cleaners

The Rise of Ecosystems

An ecosystem characteristics :

Customer-centric

Wide range of products and services

Single access gateway: A platform

Examples of Ecosystem Orchestrators

T1 & T2 - Key Trends

Rise of Cordless

Multi Brand & Multi Channel offering

Accelerated Robotic Penetration & Increased replacement rate

Consolidation & Vertical Integration

Emerging Eco-System Trend

Key Efforts

WIP / Confidential

Technology

How?

Processes | Resources | Talents | Innovation | Other

Product Positioning

M-Line Extension (M550)

Hand-held Solutions

* All images of future products are for illustration only

Cost

How?

Addressing Our Cost Structure

WIP / Confidential

Addressing Our Cost Structure - Automation

Unified Process

WIP / Confidential

Increased Productivity

Increased Quality

Labor Efficiency

Supports ramp-up

Go To Market

How?

#1 Brand on-line and In-Store| Improve Influence |Digitization| Other

Offering & Ecosystem

NORTH STAR

WIP / Confidential

Maytronics - What Sets Us Apart (Products & The Dolphin Difference)

Product Innovation For 2024

Liberty Line

The first IoT commercial cleaner with enhanced cleaning features

Side brush for corners & hard to reach spots

Top access filtration system

MyDolphin™ Plus app

Dual drive and power stream

Builders' Benefit

Expand the catalog with a unique offering providing significant value to customers

Skimmi Water Surface Cleaner

Main Features

The POWER of PERFORMANCE

Performance that is simply exceptional

• Cutting-edge brushing for a pool scrubbing like no other robot.
• Best filtration in the market provides the clearest water.
• Engineered to last.

Filtration

Industry-best filtration

• Combined filter basket = cleaner water
• Easy to rinse

The POWER of the BRAND

B2B Service B2C Service

One side B2B service (שרות תחנות( Second side B2C service (like the picture) Exceptional Service

This slide needs to be build:

Forth Quarter & Full Year 2023 Earnings

Yonatan Bassi Chairman

Sharon Goldenberg CEO

Meni Maymon CFO

Amiram Bracha Head of Investor Relations

Disclaimer

This presentation is not an investment advice or an offer or solicitation for the purchase or sale of any of Maytronics's securities and it has been prepared by Maytronics solely for information purposes.

While reasonable care has been taken to ensure that the information contained herein is not untrue or misleading at the date of the presentation, Maytronics makes no representation that it is accurate or complete. This information is based on information included in Maytronics's public filings. However, some of the information may be presented in a different manner and/or is differently edited. In any event of inconsistency between Maytronics's public filings and the information contained in this presentation - the information included in the public filings shall prevail. Nevertheless, for sake of caution a copy of this presentation has been made public through an immediate report.

The estimations and assessments contained herein (such as market share, amount of pools and different products prices) are based on internal estimates of Maytronics and Maytronics does not hold official or verified data. This data is based on information received by Maytronics from its distributers and/or received by it via conversations with market professionals and/or international exhibitions. As a result, such data must not be considered certified or accurate information.

This presentation may contain forward-looking information (within the meaning of the Securities Law 5728-1968) about Maytronics and may include among others Maytronics's objectives, evaluations, estimations, and forecasts concerning future events of which realization is not certain and is not in Mytronics's control.

Forward-looking information should not be regarded as a representation that anticipated events will occur or that expected objectives will be achieved. In addition, the realization of the forward-looking information may differ from Maytronics's anticipations and may be affected by factors that cannot be assessed in advance, and which are not within the control of Maytronics, including risk factors that are characteristic of its operations, developments in the general environment, and external factors that affect Maytronics's operations

Maytronics's future anticipated results and achievements may differ materially from its actual results and achievements. Furthermore, the information contained herein is subject to changes without notice and Maytronics does not undertake to update the information contained herein.

This presentation and the information contained herein are or may be protected by copyright and database rights and may not be reproduced, distributed or published by any person for any purpose without the prior express consent of Maytronics. All rights are reserved.

Q4 Key Messages IL

Revenue	Gross	Operating	Net
	Profit	Profit/loss	Profit
304 M	108	0.1 M	(20.3 M)
	M	Vs	Vs
27.1% Organic Growth	18.8% Growth	(24 M)	(36 M)
34.4% 4Y CAGR	35.6% GP Margin -250 Bps	18.8% Growth +1000 Bps	43.6% Reduction in Net loss +840 Bps

✓ Good sales growth in Q4, achieving substantial improvement in OP

✓ Solid in-season demand in AU due to an early start to the summer leading to good demand from end users/channel

• ✓ Continues growth in ECCXI both in their Dolphin and other product sales
• ✓ Solid start to the 'Early Buy' sales in North America & Europe

✓ Operating Profit – 1 st ever for Q4

Summarizing 2023 IL

Revenue	Gross	Operating	Net
	Profit	Profit	Profit
1.89	790	258	164
B	M	M	M
5.7%	10%	-12%	-28%
Growth	Growth	Growth	Growth
22% 4Y CAGR	41.8% GP Margin +160 Bps	13.7% OP Margin -270 Bps

• ✓ Industry inventory normalization & a short season in EU and NA resulted in lower demand, mainly from the 'Pro Channel'
• ✓ Change in the Inventory buildup pattern by distributors and dealers
• ✓ Macro economic effects on the scope and characteristics of consumer spending
• ✓ Successful on-going Integration of ECCXI
• ✓ Solid demand by pool owners for Maytronics robotic cleaner reflected in growth in the online channel in NA via ECCXI
• ✓ 30% Spare parts revenue growth on top of a 62% growth in 2022
• ✓ Uptrend in the demand in the commercial market
• ✓ GP margin expansion of 160Bps despite reduction in production volume
• ✓ 33% reduction in finish goods inventory (QNT)
• ✓ Cost control & reduction initiatives Major focus & Mindset creation
• ✓ FY 2023 guidance achieved as set last August

Leading the Electrical cleaners Endless Market

123% growth in 4 years CAGR of 22%

Moderate & Consumer Sensitive Price increases

leading share gains in the Pool cleaning market

Revenues m' ILS

30.6m – Estimated Pool Count (2023)
7m	7.3m	16.3m
Electric Cleaners Install Base	Not in near-term focus	Serviceable Available Market

The Pool Market in 2023

Pool Market in 2023

Market Growth:

~-10%-0%%

New Build: Total of ~575K Pools 345K IG | 230K AG

Down ~29% from 2022

Pool Install Base: 30.65 M Pools Residential: ~19.2 M IG | ~10.6M AG | Commercial: 850 K

The Electrical Cleaners Market In 2023

Pool w/t robots: 2022 6.3M | 2023 7M +~700K New Robots in Pools

Other global Residential pool cleaning methods 2022 – 2023

Electrical Cleaner's Market Dynamics

Basic Vacuum Cleaners:

Usually include the following:

• Random Scanning
• Flat-floor pool only
• No claiming
• Limited filtration
• Limited durability, quality and warranty
• Target Pool "Intex" like and low-cost AG

Market Value (Retail Price) Reference:

X

Robotic Cleaners

Usually include some of the following :

• Scanning, mapping and route planning
• Ability to handle slopes and complex pool shapes
• Claiming on walls & stairs
• Active brushing
• Effective filtration
• Cleaning modes (floor only, Water-line…)
• Durability
• Sensors
• Mobile app
• Multiyear, extended warranty

Market Value (Retail Price) Reference:

12X

Financial Results Analysis

Q4 Exceptional Finish to 2023

Exchange Rate impact Q4 23 Vs Q4 22

Sales	% 0f Total Sales	FX Impact	FX change
\$	60%	13,462	7.9%
€	14%	5,224	14.3%
AUD	25%	6,054	8.6%
Total Sales		24,740
Total cost of sales		12,041
FX Impact on Gross profit		12,699
FX Impact On GP Margin		+140 Bps
FX Impact On OPEX		-5,757
FX Impact on Operational profit		6,942

Q4 2023 Gross Margin Main Factors

2023 Solid Performance In Challenging Environment

Total…

Residential Robotic Sales

Residential…

Commercial Robotic Sales

Comercial…

Safety & Others Pool Products Sales

Exchange Rate impact 2023 Vs 2022

Sales	% 0f Total Sales	FX Impact	FX change
\$	60%	90,177	8.5%
€	28%	51,331	10.8%
AUD	10%	10,772	6.2%
Total Sales		152,280
Total cost of sales		69,143
FX Impact on Gross profit		83,137
FX Impact On GP Margin		+140 Bps
FX Impact On OPEX		-29,786
FX Impact on Operational profit		63,351

2023 Gross Margin Main Factors

Profit and Loss for 12M 2018-2023 NIS in thousands

OPEX analysis

R&D Expenses

Sales & Marketing Expenses

Q 4 Sales & Marketing Expenses M' ILS

G & A Expenses

Q 4 G&A Expenses M' ILS

2023 FY G & A Expenses M' ILS

Q'4 Total OPEX M' ILS

2023 FY Total OPEX M' ILS

Debt & Finance Expenses

	Q4' 22	Q1' 23	Q2' 23	Q3' 23	Q4' 23	2022	2023
Cash and Short Term Investments	138,508	139,174	169,139	125,413	130,044	138,508	130,044
Total Debt	725,579	948,074	794,634	752,480	835,111	725,579	835,111
Net Debt	587,071	808,900	625,495	627,067	705,067	587,071	685,067
Interest Expenses	6,502	10,758	14,197	11,991	12,205	15,620	48,688
Net Financial Expenses	26,049	18,353	17,325	14,721	14,940	28,955	66,339
Net Debt To EBITDA						1.73	1.93

Cash Flow – Main Points

	2023	2022	2021
Net cash provided (used in) by operating activities	164,375	-216,749	131,845
Increase in trade receivables	-40,889	-55,189	-41,111
Decrease (increase) in inventories	67,179	-360,163	-216,265
Increase (decrease) in trade payables	-73,916	-166,597	90,691
Net cash used in investing activities	133,885	130,634	108,561
Purchase and capitalization of intangible assets	48,723	59,059	39,613
Purchase of fixed assets	61,809	58,311	52,941
Repayment of deferred liability of acquired subsidiary	27,123	16,538	15,962

Financial Ratios

	12M.2023	12M.2022
Working capital	429,352	451,012
Current ratio	1.43	1.47
Quick ratio	0.46	0.41
Customer days	68	77
Supplier days	76	95

Territories Snapshot

Oceania Q4 & 2023

+22% Q4 Top Line Growth

• Hot and dry weather from October created good in-season demand by the channel
• Growth in water treatment product sales Ozone, Filter Glass Media
• Recovery in consumer confidence
• Normalized Inventory levels
• Dealers maintain conservative working capital management

North America Q4 & 2023

+36% Q4 Top Line Growth

• Solid Early-buy deliveries
• Ongoing end-user demand for the Dolphin brand
• ECCXI platform leverage Other products growth ECCXI + 11%
• Inventory Correction & Conservative Channel build up patterns in play

+23% 2023FY Top Line Growth

• Inventory correction in the distribution channel
• Conservative Channel build up patterns
• Short Season
• Dolphin double digits growth Online
• ECCXI's integration into the Maytronics Group continued, expected to deliver force multipliers going forward
• Increases Competition by Chines players online
• Distributers Inventory level lowered; Dealer Inventory level relatively low

Decline Sell-in Sales in the Pro Channel

North America Sales 2019 - 2023 m' ILS

Europe Q4 & 2023

+18% Q4 Top Line Growth

• Solid Early-buy deliveries
• Northern European markets continued to be soft due to the inventory correction still in play for robotic cleaners.

16% Decline in 2023 Revenues

• Europe is more challenged than other regions.
• Short Pool Season
• Northern Europe Steep decline in pool construction and Consumer Spending
• Demand in southern Europe is flat to slightly down vs. 2022
• Average to high inventory levels at the distribution; Dealer inventories low exiting the 2023 season.
• Channel maintain conservative working capital management

2023 Product Journey Best in class solutions

Leading the way to make pool water exceptional for pure enjoyment

Together, we are not just innovators of pool cleaning products and services we are nurturing a legacy of sustainability, inclusivity, and integrity for generations to come.

2024 Outlook

• ✓ Revenue Growth of 4% - 8%
• ✓ Maintaining /up to 100Bps GP margin expansion
• ✓ OP Growth exceeding top line growth
• Macro relief impact only from 2025
• A standard pool season in terms of length and start date in the Northern Hemisphere
• Return to volume growth in sales of residential pool robotic cleaners
• Continued growth in sales of Commercial pool robotic cleaners
• Increased products Offering Skimmi, Niya, and expansion of product range sold by ECCXI
• Uneven growth patterns Q1 2024 expected sales decline reflecting conservative channel build-up patterns
• Gradual production volume increase
• Operational Leverage via tightly budgeted OPEX
• FX Rates: US\$/ILS 3.66 (3.69); Euro/ILS 3.98 (3.99); AU\$/ILS 2.4 (2.45)*

2028 Outlook

• ✓ Revenue NIS 3.2 Billion – NIS 3.6 Billion, including NIS 400 million from M&A's
• ✓ Maintaining GP margin
• ✓ OP Margin 14% - 18%
  • Macro relief impact only from 2025
  • Average organic ~10% growth from 2024, based on:
    • Average of 6% for FY2024
    • Average CAGR of ~11% for FY25-28 (range of 9%-12.5%)
  • 3 Years plan Focusing on the cost structure. Targeting a 10%- 15% reductions in direct COGS
  • M&A and partnerships in pursue of expanding value propositions
  • Operational Leverage via yearly profitable budgeted OPEX
  • FX Rates: US\$/ILS 3.66; Euro/ILS 3.98; AU\$/ILS 2.4*

Iron Swords

Thank you !