Slide 1: MAX Stock FY 2025 & Q4 Earnings Conference Call
MAX STOCK FY 2025 & Q4 Earnings Conference Call March 16, 2026
Slide 2: Disclaimer
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 finan
Slide 3: Strong Q4 Results to Conclude Another Outstanding Year
STRONG Q4 RESULTS TO CONCLUDE ANOTHER OUTSATNDING YEAR Q4 2025 RESULTS REVENUE GROSS MARGIN Adj. EBITDA* NIS 352.6M 45.2% NIS 59.8M +7.5% vs. Q4’24 +330 BPS vs. Q4’24 +28.4% vs. Q4’24 Q4’25 SSSG Adj. EBITDA* MARGIN ADJUSTED EPS** 5.3% 16.9% NIS 0.22 Basket size & volume driven +280 BPS vs. Q4’24 +19
Slide 4: Operation Roaring Lion Update
Operation Roaring Lion Update as of March 16, 2026 Sales & Operational Continuity ▪ Since the onset of the operation, nearly all retail locations have remained fully operational, working on a modified schedule Supply Chain & Logistics ▪ While shipping costs have significantly increased and despite m
Slide 5: Q4 Financial Highlights
Q4 Financial Highlights Revenue* Adjusted EBITDA Pre IFRS 16 (1) Q4’25 Adj. EBITDA exc. Portugal = 60.2 (NIS mm) (NIS mm) (Margins = 17.1%) 352.6 328.1 272.3 59.8 251.7 39.3 46.5 33.9 Q4'22 Q4'23 Q4'24 Q4'25 Q4'22 Q4'23 Q4'24 Q4'25 YoY Growth 1.5% 15.9% 18.4% 28.4% YoY Growth 2.7% 8.2% 20.5% 7.5% %
Slide 6: Record-Breaking Performance: 2025 Results
RECORD-BREAKING PERFORMANCE 2025 RESULTS REVENUE GROSS MARGIN ADJUSTED EPS** NIS 1,427.1M 43.9% NIS 0.90 +7.2% vs. 2024 +220 BPS vs. 2024 +14.6% vs. 2024 2025 SSSG Adj. EBITDA* MARGIN Cash Flows from Operating Activities 4.4% 16.4% NIS 291.5M Annual Sales per net SqM: +200 BPS vs. 2024 20.8k Net cas
Slide 7: FY Financial Highlights
FY Financial Highlights Revenue* Adjusted EBITDA Pre IFRS 16 (1) 2025 Adj. EBITDA exc. Portugal = 237.5 (NIS mm) (NIS mm) (Margins = 16.7%) 1,427.1 233.5 1,331.2 190.8 1,048.8 1,119.2 151.4 137.0 2022 2023 2024 2025 2022 2023 2024 2025 YoY Growth (4.1%) 10.5% 26.0% 22.4% YoY Growth 7.4% 6.7% 18.9% 7
Slide 8: Main KPIs
Main KPIs Positive change in average basket size along with volume growth drove solid SSSG on top of tough multi-year comparison Annual SSSG (%) Q4 SSSG (%) 12.6% 9.9% 4.4% 5.3% 2024 2025 Q4'24 Q4'25 Annual Change in Avg. Basket* Q4 Change in Avg. Basket* Same Stores; (%) Same Stores; (%) 4.3% 2.8%
Slide 9: FY Adjusted Net Income
FY Adjusted Net Income(1) (NIS M) Attributable to Shareholders and to Non-Controlling Interests Net Income Attributable to Shareholders Outperformed Overall Earnings Growth Trend 1.5x Non-controlling interests 137.7 Shareholders 121.3 12.6 89.1 91.6 12.4 13.6 11.0 Total Adjusted Net Income 125.0 75.
Slide 10: Capital Deployment and Capital Structure
Capital Deployment and Capital Structure NIS 80M IN ANNOUNCED DIVIDEND (NIS 0.57 PER SHARE). RECORD DATE : 23.3.2026; PAYMENT DATE: 15.4.2026 LTM DIVIDEND YIELD OF ~3% Annual Dividends and Share Buyback (NIS M) Capital Structure (NIS M) Cash Debt Net Cash Dividend Buyback (1) 161.8 110.0 129.1 128.9
Slide 11: Performance since IPO (2019 Figures)
Performance since IPO (2019 Figures) 6Y CAGR / Margin Expansion (BPS) 2019 2025 1.9x Total Revenue (NIS M) 741.6 11.5% 1,427.1 1.2x Sales per net SqM (NIS K) 17.1 3.3% 20.8 Adj. EBITDA Margins (2) 13.6% 280 bps 16.4% 2.2x Adjusted EPS Attributable to Shareholders (2) (NIS) 0.41 0.90 13.7% Note: Tota
Slide 12: Updated Financial Targets in the Mid-Long Term
Updated Financial Targets in the Mid-Long Term Growth compared to FY 2025 Target Commentary Unit Growth 3 – 5 New Max Stores Refers to gross openings of Company owned / majority owned Annually stores Annual Revenue Growth Low – mid teens Including other potential growth engines Annual SSS 3% SSSG fo
Slide 13: Business & Financial Model
Business & Financial Model Key Attributes 13
Slide 14: Resilient Economic Model
11 Resilient Economic Model 14
Slide 15: Total Sales: Resilient Economic Model
RESILIENT ECONOMIC MODEL Strong performance across various economic cycles 5 years CAGR: 10.0% Total NIS 885.7M Sales NIS 1,427.1M 2020 2021 2022 2023 2024 2025 Macro Environment SUPPLY CHAIN INFLATION LEGISLATIVE LEGISLATIVE PROCESS, PROCESS, LEGISLATIVE PROCESS, OPERATION RISING COVID DISRUPTIONS
Slide 16: Clear Top Line Growth Drivers
1 2 Clear Top Line Growth Drivers 16
Slide 17: Israel and US Estimated Dollar Store Count / Population
Israel and US Estimated Dollar Store Count / Population $ Store Count 1 Population (mm) 2 39,003 341.7 10.18 350 IL USA IL USA Ratio of $ Store Count / population On average - one store On average - serves 8,760 one store 0.011% people in the 3.31x serves 29,085 US people in the Israel 0.003% IL USA
Slide 18: Add ~43k of Owned Net SqM in Israel by 2030
Clear Top Line Growth Drivers Add ~43k of owned net SqM in Israel by 2030 2.7x Significant whitespace opportunity 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 ~75k with ~1
Slide 19: New and Pipeline Stores
New and Pipeline Stores Or Akiva Beer Sheba Gan Yavne Ad Halom Ofakim (NEW) (Orot Mall/Amot) (Mivne) (SLDN) (Nadav B.) (GT Real Estate) Opened in March 2026 Expected to open this month Expected in 2026 Expected in 2026 Expected in H1’27 0.8k net 4.3k net ~5.8k gross / 4.1k net Additional stores are
Slide 20: Evolution of Annual SSSG
Evolution of Annual SSSG (%) 14.0% 11.5% 9.9% Average = 6.0% 5.8% 6.5% 4.4% 0.8% 2.4% (1.5%) 2017 2018 2019 2020 2021 2022 2023 2024 2025 20
Slide 21: Continued Growth in Largest Categories
Continued Growth in Largest Categories 2025 Revenue Contribution and Growth, per Category % Contribution (1) 27% 15% 12% 8% 6% 6% Housewares Party Supplies, Toys & Baby Office & Arts & Apparel Storage & School Crafts Basics Consumables Supplies Category YoY Growth (1) +5.3% +13.3% +4.5% +2.5% +0.8%
Slide 22: Our Other Category Is Up 12.8% YoY
Our “Other” category (1) (that contributed ~26% to 2025 revenue from sales and is comprised of 27 subcategories) is up 12.8% YoY (1) Based on 2025 revenue from sales (total of NIS 1,406.4M). The Other category excludes Arts & Crafts and Apparel Basics that are separately stated on the previous slide
Slide 23: Growing Online Social Presence
Growing Online Social Presence End of Year Followers (000s) End of Year Followers (000s) +1040% +10% 114 364 82 350 338 10 33 331 EoY 2022 EoY 2023 EoY 2024 EoY 2025 EoY 2022 EoY 2023 EoY 2024 EoY 2025 End of Year Followers (000s) +85% 352 300 190 227 EoY 2022 EoY 2023 EoY 2024 EoY 2025 23
Slide 24: Superior KPIs
1 3 Superior KPIs 24
Slide 25: Best in Class Annual Sales per net SqM
Best in Class Annual Sales per net SqM (Sales Efficiency) $6,683 $6,547 Annual Sales per $3,897 $3,365 $3,086 $2,853 Ave = SqM ($)(1) $2,471 $2,692 $2,501 $3,426 Max Stock Five Below Dollarama Dollar Dollar tree Action B&M (UK) Pepco Fix Price (Canada) General Group North American Players European P
Slide 26: Best in Class KPIs
Best in Class KPIs Revenue CAGR '22-'25 2025 Gross Margins Pepco Group 48.0% Action 21.8% Dollarama Inc. 46.8% Pepco Group 16.0% Max Stock 43.9% Five Below 12.9% B&M (Group) 36.7% Max Stock 10.8% Dollar tree* 35.9% Dollarama Inc. 10.5% Five Below 35.6% Dollar tree* 7.1% Fix Price Fix Price 33.6% 5.7
Slide 27: Gross Margins Efficiencies
1 4 Gross Margins Efficiencies 27
Slide 28: Improving Purchasing Power with Scale
Improving Purchasing Power with Scale Evolution of quarterly revenue and annual quarterly average revenue (NIS M) 2025 average: NIS 356.8M 2024 average: NIS 332.8M 2023 average: NIS 279.8M 2022 average: NIS 262.2M 399.1 373.1 352.6 339.1 336.3 328.1 314.5 313.2 316.9 293.5 279.6 272.3 250.9 252.7 25
Slide 29: Increasing Direct Sourcing of Merchandise
Increasing Direct Sourcing of Merchandise 2019 2025 Future Direct Import (50%) Direct Import (70%) Direct Import (85%) Local Suppliers (50%) Local Suppliers (30%) Local Suppliers (15%) 29
Slide 30: Potential Expansion of Our DC in Shomriya
Potential Expansion of Our DC in Shomriya (from ~31k to ~41k SqM) Potential expansion of ~10,000 SqM 30
Slide 31: Thank You!
Thank You! Talia Sessler Chief Corporate Development & IR Officer +972-50-7000155 31
Slide 32: We are Israel's leading extreme value retailer
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" 32
Slide 33: Company Overview
Company Overview FY 2025 Product Categories(2) ~Product Sourcing Mix(1) ~Product Mix (1) ~Product Mix by Price (inc. VAT)(1) ~NIS 1.4 Bn. 2025 revenue 26% 27% 30% 28% 63 40% locations across Israel(3) 6% 60% 6% 15% 70% 72% 8% 12% ~67.2k Total Net SqM(3)(4) Housewares Party Supplies, Storage and Cons
Slide 34: Dual Format Store Strategy for Suburban and Urban Markets in Israel
Dual Format Store Strategy for Suburban and Urban Markets in Israel Max Mini Max Located in suburban markets with ample parking Located in city centers Average store sizes of~1,750 net SqM Average store size of ~200 SqM /~18,800 sq. ft.(1) /~2,150 sq. ft. Full assortment of merchandise Typically, lo
Slide 35: Store Count and Owned Net SqM
STORE COUNT AND OWNED NET SQM (End-of-Period) Owned Net SqM in Israel # of Stores (end-of-period) (Owned vs. Franchised) (End-of-period; 000s) 65 64 63 63 +15.2% 56 28 26 25 24 24 2 1 38 39 66.4 67.2 37 65.2 35 Over 90% 62.1 32 of 58.3 Revenue 2022 2023 2024 2025 26-מרץ 2022 2023 2024 2025 26-מרץ
Slide 36: Annual Financial Highlights
Annual Financial Highlights Revenue* (NIS M) 3.0x 1,331.2 1,427.1 976.3 1,048.8 1,119.2 741.6 885.7 474.4 618.0 2017 2018 2019 2020 2021 2022 2023 2024 2025 Gross Profit and Gross Margins* (NIS M; %) 3.3x 41.8% 41.8% 43.9% 40.1% 39.3% 39.6% 38.9% 39.9% 38.8% 626.9 556.1 418.3 468.2 242.9 293.5 344.6
Slide 37: Annual Financial Highlights (cont'd)
Annual Financial Highlights (cont’d) 3.0x Adjusted EBITDA Pre IFRS 16 (1) (NIS M; % of Revenue) 16.3% 13.9% 16.1% 14.6% 14.3% 16.4% 13.6% 13.1% 13.5% 233.5 190.8 100.5 142.6 142.9 137.0 151.4 77.4 86.1 2017 2018 2019 2020 2021 2022 2023 2024 2025 3.0x Adjusted EPS Attributable to Shareholders and NI
Slide 38: Annual Financial Highlights (cont'd)
Annual Financial Highlights (cont’d) 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; %) 14.0% 0.8% 5.8% 11.5% 6.5% (1.5%) 2.4% 9.9% 4.4% Average = 6.0% 20.0 20.8 N/A 17.1 18.9 19.1 18.2 18.6 15.9 20
Slide 39: Annual Financial Highlights: Cash Conversion
Annual Financial Highlights (cont’d) Cash Flows from Operating Activities – Capex – Lease Payments; % Cash Conversion (1) (NIS M; % of Adjusted EBITDA Pre IFRS 16 (2)) 51% 41% 55% 79% (22%) 94% 91% 15% 87% Average = 55% 203.0 128.8 137.6 112.2 55.0 28.7 39.6 35.6 (31.5) 2017 2018 2019 2020 2021 2022
Slide 40: Cash Flows from Operating Activities – Capex – Lease Payments
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 2025A Cash flows from Operating Activities 51.9 49.0 96.6 160.0 40.1 201.0 219.3 132.3 291.5 Minus: Capex (12.3) (13.4) (10.7) (17.5) (33.4) (26
Slide 41: Logistic Costs
Logistic Costs Logistic Costs as a Percent of Total Revenue (1) and quarterly gross margins (%) 45.2% 44.3% 43.8% 42.8% 41.9% 42.3% 41.9% 42.3% 41.4% 41.7% 41.3% 41.2% 41.2% 40.1% 38.9% 39.3% 7.0% 6.4% 6.5% 5.8% 2022 2023 2024 2025 Primarily a reflection of June 1st, 2024: higher portion of direct T
Slide 42: Employee Costs
Employee Costs Employee Costs Attributed to Retail Activities as a Percent of Total Revenue (1) (%) vs. Hourly Minimum Wage (2) (“HMW”; NIS) April 2025: HMW up 6.2% April 2024: HMW up 5.5% NIS 34.30 January 2022 April 2023: HMW up 5.1% NIS 32.30 NIS 29.12 NIS 30.61 Next expected increase: April 2026
Slide 43: Evolution of SSSG vs. Change in SS Basket Size
Evolution of SSSG vs. Change in SS Basket Size (%) Annual SSSG (%) 9.9% 6.5% 4.4% 2.4% (1.5%) 2021 2022 2023 2024 2025 Change in avg. basket* - Same Stores in the Period; (%) 6.2% 0.3% 1.0% 3.6% (3.5%) 2021 2022 2023 2024 2025 43
Slide 44: IFRS 16 Reconciliations
IFRS 16 Reconciliations NIS M Q4/2024 Q4/2025 GAAP Pre IFRS 16 GAAP Pre IFRS 16 EBIT 45.8 40.4 59.1 54.2 Interest expenses, net 7.5 (0.3) 19.8 11.4 EBT 38.2 40.7 39.3 42.8 Taxes 9.4 10.0 6.0 6.8 GAAP Net Income 28.8 30.7 33.3 36.0 EBITDA exc. Other Expenses 70.4 46.5 81.9 59.7 Plus: SBC 0.0 0.0 0.0
Slide 45: Historical FY P&L
Historical FY P&L NIS M FY 2022 FY 2023 FY 2024 FY 2025 Revenue from sales 1,033.4 1,100.3 1,310.9 1,406.4 Revenue from commissions / fees 15.4 18.8 20.3 20.7 Total Revenue 1,048.8 1,119.2 1,331.2 1,427.1 YoY growth 7.4% 6.7% 18.9% 7.2% Gross profit 418.3 468.2 556.1 626.9 % of Revenue 39.9% 41.8% 4
Slide 46: Historical FY P&L and Net Income Reconciliations
Historical FY P&L and Net Income Reconciliations NIS M FY 2022 FY 2023 FY 2024 FY 2025 Interest expenses, net 18.8 26.1 23.4 53.9 EBT 104.6 122.3 160.5 177.0 Adj. EBT (exc. SBC, onetime and other) 114.9 121.8 165.5 179.1 Taxes 26.9 30.2 39.4 39.5 GAAP Net Income 77.7 92.0 121.1 137.6 % of Revenue 7.
Slide 47: Historical FY EBITDA Reconciliations
Historical FY EBITDA Reconciliations NIS M FY 2022 FY 2023 FY 2024 FY 2025 Net Income 77.7 92.0 121.1 137.6 Plus Interest Expense, net 18.8 26.1 23.4 53.9 Plus Income Taxes 26.9 30.2 39.4 39.5 Plus D&A 64.8 76.9 88.7 92.7 Plus Other Expense, net (1.1) 0.0 4.8 2.0 EBITDA Post IFRS 16 (exc. Other Expe
Slide 48: Historical Quarterly P&L
Historical Quarterly P&L NIS M Q4 2022 Q4 2023 Q4 2024 Q4 2025 Revenue from sales 247.6 267.8 323.1 347.7 Revenue from commissions / fees 4.1 4.5 5.0 4.9 Total Revenue 251.7 272.3 328.1 352.6 YoY growth 2.7% 8.2% 20.5% 7.5% Gross profit 103.6 116.6 137.4 159.4 % of Revenue 41.2% 42.8% 41.9% 45.2% S&
Slide 49: Historical Quarterly P&L and Net Income Reconciliations
Historical Quarterly P&L and Net Income Reconciliations NIS M Q4 2022 Q4 2023 Q4 2024 Q4 2025 Interest expenses, net 5.0 6.6 7.5 19.8 EBT 28.7 29.9 38.2 39.3 Adj. EBT (exc. SBC, onetime and other) 27.7 29.9 39.5 38.6 Taxes 6.5 7.4 9.4 6.0 GAAP Net Income 22.2 22.5 28.8 33.3 % of Revenue 8.8% 8.3% 8.
Slide 50: Historical Quarterly EBITDA Reconciliations
Historical Quarterly EBITDA Reconciliations NIS M Q4 2022 Q4 2023 Q4 2024 Q4 2025 Net Income 22.2 22.5 28.8 33.3 Plus Interest Expense, net 5.0 6.6 7.5 19.8 Plus Income Taxes 6.5 7.4 9.4 6.0 Plus D&A 17.1 22.1 23.4 23.5 Plus Other Expense, net (1.3) (0.2) 1.2 (0.7) EBITDA Post IFRS 16 (exc. Other Ex
Slide 51: Thank You
Thank You 51