Max Stock Ltd. · TASE:MAXO
Max Stock — Q1 2026 Earnings Presentation
28 slides from Max Stock's earnings presentation, May 19, 2026
Slide 1: Q1 2026 Earnings Conference Call
MAX STOCK Q1 2026 Earnings Conference Call May 19, 2026 1
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: Q1 2026 Results
Q1 2026 RESULTS Kicking off the year with strong results REVENUE SSSG GROSS MARGIN NIS 401.0M 16.9% 45.6% +18.3% vs. Q1’25 SSSG for Jan – April’26 = +9.7% +330 BPS vs. Q1’25 Adj. EBITDA* GAAP NET INCOME (100%) Adjusted EPS** NIS 75.4M NIS 49.9M NIS 0.33 +57.4% vs. Q1’25 +56.7% vs. Q1’25; 12.4% NI ma
Slide 4: Q1 Financial Highlights
Q1 Financial Highlights Revenue* Adjusted EBITDA Pre IFRS 16 (1) (NIS M) ’23 – ’26 CAGR: +12.8% ▲ (NIS M) ’23 – ’26 CAGR: +27.1% ▲ 401.0 75.4 313.2 339.1 279.6 42.9 47.9 36.7 Q1'23 Q1'24 Q1'25 Q1'26 Q1'23 Q1'24 Q1'25 Q1'26 YoY Growth +15.5% +16.8% +11.7% +57.4% YoY Growth +11.5% +12.0% +8.3% +18.3%
Slide 5: Capital Structure
Capital Structure NIS M Ample of liquidity and financial flexibility NIS 80M in dividend distributed post Cash Debt Net Cash 188.6 3.31.2026 (in April ‘26) 161.8 159.6 132.1 80.0 129.1 88.3 79.6 43.8 70.0 32.7 29.0 18.3 3.31.2025 12.31.2025 3.31.2026 NIS 70M in dividend distributed post 3.31.2025 (i
Slide 6: Cash Flows, Annual Dividends and Share Buyback
Cash Flows, Annual Dividends and Share Buyback Cash Flows from Operating Activities – Capex – Lease Payments; % Cash Conversion (1) (NIS M; % of Adjusted EBITDA Pre IFRS 16) (2) Total of ~739M 51% 41% 55% 79% (22%) 94% 91% 15% 87% 40% = Average 53% 203.0 112.2 128.8 137.6 28.7 29.9 39.6 35.6 55.0 (3
Slide 7: Business & Financial Model
Business & Financial Model Key Attributes 7
Slide 8: Continued Growth in Largest Categories
Continued Growth in Largest Categories Q1’26 Revenue Contribution and Growth, per Category % Contribution (1) 29% 15% 11% 6% 3% 3% Housewares Party Supplies, Toys & Baby Arts & Office & Apparel Storage & Crafts School Basics Consumables Supplies Category YoY Growth (1) +20.7% +17.6% +15.2% (0.0%) (7
Slide 9: Our "Other" category is up 31.5% YoY
Our “Other” category (1) (that contributed ~32% to Q1’26 revenue from sales and is comprised of over 25 subcategories) is up 31.5% YoY (1) Based on Q1’26 revenue from sales (total of NIS 396.0M). The Other category excludes Arts & Crafts and Apparel Basics that are separately stated on the previous
Slide 10: Revenue from Sales - Bridge, by Category
Revenue from Sales(1) - Bridge, by Category Average basket size saw a positive impact from growth in higher ticket items Primarily Kitchenware, furniture (with significantly higher average ticket price), Primarily confectionary & textile and home decor 5.7 snacks; Purim costumes and 396.0 accessorie
Slide 11: Main KPIs
Main KPIs Outstanding growth, primarily driven by increased average basket size and some volume gains in Q1’26 January – April SSSG Achieved despite reduced Q1 SSSG (no impact from the timing of the Jewish holidays; %) operating hours during the (%) Roaring Lion operation (2.28.26 – 4.8.2026) +9.7%
Slide 12: Our New Flagship Store in Beer Sheba
4,300 net SqM Our New Flagship Store in Beer Sheba Opened in Q1’26 at a Mivne shopping center and serving an addressable direct population of over 200,000 people 12
Slide 13: Or Akiva
Or Akiva (Orot Mall/Amot) Max (Big Box; owned) 760 net SqM Opened in Q1’26 Serving an addressable direct population of over 60,000 people (in Or Akiva, Caesarea, Sdot Yam, Binyamina, Jisr az- Zarqa and Beit Hananya) 13
Slide 14: New and Pipeline Stores
New and Pipeline Stores Gan Yavne Ad Halom Ofakim (NEW) Bnei Brak (SLDN) (Nadav B.) (GT Real Estate) (Reisdor) Expected in H2’2026 Expected in H2’2026 Expected in H1’27 Expected in H1’27 ~7.7k gross / ~5.5k net Additional stores are under various negotiation stages Note: Totals may be sightly impact
Slide 15: Thank You!
Thank You! Talia Sessler Chief Corporate Development & IR Officer +972-50-7000155 15
Slide 16: Appendix
Appendix 16
Slide 17: Company Overview
Company Overview FY 2025 Product Categories(2) ~Product Sourcing Mix(1) ~Product Mix (1) ~Product Mix by Price (inc. VAT)(1) ~NIS 1.5 Bn. March 2026 LTM revenue 26% 27% 30% 28% 64 40% locations across Israel(3) 6% 60% 6% 15% 70% 72% 8% 12% ~71.5k Total Net SqM(3)(4) Housewares Party Supplies, Storag
Slide 18: 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 ~1,790 net SqM Average store size of ~200 SqM /~19,250 sq. ft.(1) /~2,150 sq. ft. Full assortment of merchandise Typically, l
Slide 19: Clear Top Line Growth Drivers
Clear Top Line Growth Drivers Add ~39k 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 ~77k with ~1
Slide 20: Store Count and Owned Net SqM
STORE COUNT AND OWNED NET SQM (End-of-Period) In Q1’26 - Opened two new owned Max stores in Beer Sheba (+4.3K net SqM) and Or Akiva (+0.8K net SqM) and closed one franchised Mini Max store in Jerusalem (no impact on owned net SqM) Owned Net SqM in Israel # of Stores (end-of-period) (Owned vs. Franch
Slide 21: Annual Financial Highlights
Annual Financial Highlights Revenue* (NIS M) 3.1x 1,427.1 1,489.0 1,331.2 976.3 1,048.8 1,119.2 741.6 885.7 +4.3% 474.4 618.0 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1'26 LTM Gross Profit and Gross Margins* (NIS M; %) 3.5x 43.9% 44.8% 41.8% 41.8% 40.1% 39.3% 39.6% 38.9% 38.8% 39.9% 626.9 666.6
Slide 22: Annual Financial Highlights (cont'd)
Annual Financial Highlights (cont’d) 3.4x Adjusted EBITDA Pre IFRS 16 (1) (NIS M; % of Revenue) 16.3% 13.9% 16.1% 14.6% 14.3% 16.4% 17.5% 13.6% 13.1% 13.5% 233.5 261.0 190.8 100.5 142.6 142.9 137.0 151.4 +11.8% 77.4 86.1 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1'26 LTM 3.4x Adjusted EPS Attrib
Slide 23: Financial Targets in the Mid-Long Term
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 for owned
Slide 24: IFRS 16 Reconciliations
IFRS 16 Reconciliations NIS M Q1/2025 Q1/2026 GAAP Pre IFRS 16 GAAP Pre IFRS 16 EBIT 44.3 38.2 77.1 70.9 Interest expenses, net 0.8 (6.8) 12.2 4.2 EBT 43.5 45.0 64.9 66.7 Taxes 11.6 12.0 15.0 15.4 GAAP Net Income 31.8 33.0 49.9 51.3 EBITDA exc. Other Expenses 71.1 47.9 99.8 75.4 Plus: SBC 0.0 0.0 0.
Slide 25: Historical Quarterly P&L
Historical Quarterly P&L NIS M Q1-2023 Q1-2024 Q1-2025 Q1 2026 Revenue from sales 274.5 307.8 333.3 396.0 Revenue from commissions / fees 5.1 5.4 5.7 5.0 Total Revenue 279.6 313.2 339.1 401.0 YoY growth 11.5% 12.0% 8.3% 18.3% Gross profit 115.8 132.5 143.3 182.947 % of Revenue 41.4% 42.3% 42.3% 45.6
Slide 26: Historical Quarterly P&L and Net Income Reconciliations
Historical Quarterly P&L and Net Income Reconciliations NIS M Q1-2023 Q1-2024 Q1-2025 Q1 2026 Interest expenses, net 5.4 4.9 0.8 12.2 EBT 31.7 38.1 43.5 64.9 Adj. EBT (exc. SBC, onetime and other) 31.7 38.0 47.0 64.9 Taxes 7.6 9.4 11.6 15.0 GAAP Net Income 24.1 28.7 31.8 49.9 % of Revenue 8.6% 9.2%
Slide 27: Historical Quarterly EBITDA Reconciliations
Historical Quarterly EBITDA Reconciliations NIS M Q1-2023 Q1-2024 Q1-2025 Q1 2026 Net Income 24.1 28.7 31.8 49.9 Plus Interest Expense, net 5.4 4.9 0.8 12.2 Plus Income Taxes 7.6 9.4 11.6 15.0 Plus D&A 17.5 19.9 23.4 22.6 Plus Other Expense, net 0.0 (0.1) 3.5 0.0 EBITDA Post IFRS 16 (exc. Other Expe
Slide 28: Cash Flows from Operating Activities – Capex – Lease Payments
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 2025A Q1'26 Cash flows from Operating Activities 51.9 49.0 96.6 160.0 40.1 201.0 219.3 132.3 291.5 53.4 Minus: Capex (12.3) (13.4) (10.7) (17