Max Stock Ltd. · TASE:MAXO
Max Stock — Q2 2026 Earnings Presentation
32 slides from Max Stock's earnings presentation, Aug 11, 2026
Slide 1: Q2 & H1 2026 Earnings Conference Call
MAX STOCK Q2 & H1 2026 Earnings Conference Call August 11, 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: Q2 2026 Results
Q2 2026 RESULTS Strong operating performance across the board REVENUE SSSG GROSS MARGIN NIS 379.0M 7.0% 47.1% +12.7% vs. Q2’25 Volume & basket size driven +330 BPS vs. Q2’25 Adj. EBITDA* GAAP NET INCOME (100%) Adjusted EPS** NIS 77.5M NIS 35.9M NIS 0.23 +37.1% vs. Q2’25 +30.4% vs. Q2’25; 9.5% NI mar
Slide 4: Q2 Financial Highlights
Q2 Financial Highlights Revenue Adjusted EBITDA Pre IFRS 16 (1) (NIS M) ’23 – ’26 CAGR: +14.5% ▲ (NIS M) ’23 – ’26 CAGR: +37.0% ▲ 379.0 77.5 316.9 336.3 56.5 252.8 30.1 44.8 Q2'23 Q2'24 Q2'25 Q2'26 Q2'23 Q2'24 Q2'25 Q2'26 YoY Growth +2.6% +48.9% +26.0% +37.1% YoY Growth +0.0% +25.4% +6.1% +12.7% % o
Slide 5: H1 2026 Results
H1 2026 RESULTS Significant gains in all key financial metrics REVENUE SSSG GROSS MARGIN NIS 780.0M 12.0% 46.3% +15.5% vs. H1’25 Basket size & volume driven +330 BPS vs. H1’25 Adj. EBITDA* GAAP NET INCOME (100%) Adjusted EPS** NIS 152.9M NIS 85.8M NIS 0.56 +46.4% vs. H1’25 +44.5% vs. H1’25; 11.0% NI
Slide 6: H1 Financial Highlights
H1 Financial Highlights Revenue Adjusted EBITDA Pre IFRS 16 (1) (NIS M) ’23 – ’26 CAGR: +13.6% ▲ (NIS M) ’23 – ’26 CAGR: +31.8% ▲ 780.0 152.9 630.1 675.4 532.4 104.5 66.9 87.8 H1'23 H1'24 H1'25 H1'26 H1'23 H1'24 H1'25 H1'26 YoY Growth +9.3% +31.3% +19.0% +46.4% YoY Growth +5.7% +18.3% +7.2% +15.5% %
Slide 7: Capital Structure
Capital Structure NIS M Ample of liquidity and financial flexibility NIS 50M in additional declared Cash Debt Net Cash 161.8 dividend (NIS 0.36 per share). Record Date: August 18th, 2026; 129.1 132.5 Payment Date: September 9th, 2026. LTM dividend yield: ~3% 92.6 101.6 50.0 55.4 37.2 32.7 30.9 51.6
Slide 8: Business & Financial Model
Business & Financial Model Key Attributes 8
Slide 9: Continued Growth in Largest Categories
Continued Growth in Largest Categories H1’26 Revenue Contribution and Growth, per Category % Contribution (1) 28% 15% 13% 5% 5% 3% Housewares Party Supplies, Toys Arts Apparel Office Storage & & Basics & & Baby Crafts School Consumables Supplies Category YoY Growth (1) +10.0% +15.3% +15.7% (3.5%) +1
Slide 10: Our "Other" category is up 29.3% YoY
Our “Other” category (1) (that contributed ~31% to H1’26 revenue from sales and is comprised of over 25 subcategories) is up 29.3% YoY (1) Based on H1’26 revenue from sales (total of NIS 770.3M). The Other category excludes Arts & Crafts and Apparel Basics that are separately stated on the previous
Slide 11: H1 Revenue from Sales - Bridge, by Category
H1 Revenue from Sales(1) - Bridge, by Category Our average basket size saw a positive impact from growth in higher ticket items Primarily Furniture (with Primarily Confectionary & significantly higher average Snacks; Home and Personal ticket price), textile and home Care; and Purim costumes decor 5.
Slide 12: Main KPIs
Main KPIs Strong H1 and Q2 performance, driven by higher average basket size and volume H1 SSSG Q2 SSSG (no impact from the timing of the Jewish holidays; %) (%) +12.0% +7.0% 3.6% 4.2% H1'25 H1'26 Q2'25 Q2'26 H1 Change in Avg. Basket (1) Continued positive Q2 Change in Avg. Basket (2) Same Stores; (
Slide 13: Main KPIs (cont'd)
Main KPIs (cont’d) H1 Annualized Sales per net SqM (1) All Owned Stores in the Period; (NIS) +11.3% ▲ 19,735 21,961 H1'25 H1'26 H1 Change in Avg. Basket (1) All Owned Stores in the Period; (%) +7.6% 2.5% H1'25 H1'26 1. Calculated by multiplying the semi-annual sales per net SqM by 2. The semi-annual
Slide 14: Pipeline Stores
Pipeline Stores Ad Halom Kiryat Yam (Expansion) Gan Yavne Bnei Brak Ofakim Tirat HaCarmel (NEW) (Nadav B.) (G Ezra) (SLDN) (Reisdor) (GT Real Estate) (amy B) Expected in Q3’2026 Expected in Q1’2027 Expected in H1’2027 Expected in H1’27 Expected in H1’27 Expected in H2’2027 ~10.1k gross / ~7.4k net E
Slide 15: Appendix
Appendix 15
Slide 16: 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. June 2026 LTM revenue 26% 27% 30% 28% 65 40% locations across Israel(3) 6% 60% 6% 15% 70% 72% 8% 12% ~71.5k Total Net SqM(3)(4) Housewares Party Supplies, Storage
Slide 17: 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 18: 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 19: 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). In Q2’26 – Opened a new franchised Mini Max store in Hod Hasharon (n
Slide 20: Annual Financial Highlights
Annual Financial Highlights Revenue* (NIS M) 3.2x 1,427.1 1,531.7 1,331.2 976.3 1,048.8 1,119.2 741.6 885.7 +7.3% 474.4 618.0 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q2'26 LTM Gross Profit and Gross Margins* (NIS M; %) 3.7x 43.9% 45.6% 41.8% 41.8% 40.1% 39.3% 39.6% 38.9% 38.8% 39.9% 626.9 697.8
Slide 21: Annual Financial Highlights (cont'd)
Annual Financial Highlights (cont’d) 3.6x Adjusted EBITDA Pre IFRS 16 (1) (NIS M; % of Revenue) 16.3% 13.9% 16.1% 14.6% 14.3% 16.4% 18.4% 13.6% 13.1% 13.5% 233.5 282.0 190.8 100.5 142.6 142.9 137.0 151.4 +20.8% 77.4 86.1 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q2'26 LTM 3.6x Adjusted EPS Attrib
Slide 22: 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 ~773M 51% 41% 55% 79% (22%) 94% 91% 15% 87% 42% = Average 53% 203.0 112.2 128.8 137.6 63.9 28.7 39.6 35.6 55.0 (3
Slide 23: IFRS 16 Reconciliations (Q2)
IFRS 16 Reconciliations (Q2) NIS M Q2/2025 Q2/2026 GAAP Pre IFRS 16 GAAP Pre IFRS 16 EBIT 56.8 51.6 76.9 72.6 Interest expenses, net 21.4 13.2 31.0 22.7 EBT 35.3 38.4 45.9 49.9 Taxes 7.8 8.5 10.0 10.9 GAAP Net Income 27.5 29.9 35.9 39.0 EBITDA exc. Other Expenses 79.5 56.5 100.9 77.5 Plus: SBC 0.0 0
Slide 24: IFRS 16 Reconciliations (H1)
IFRS 16 Reconciliations (H1) NIS M H1/2025 H1/2026 GAAP Pre IFRS 16 GAAP Pre IFRS 16 EBIT 101.0 89.8 154.1 143.4 Interest expenses, net 22.2 6.4 43.2 26.8 EBT 78.8 83.4 110.9 116.6 Taxes 19.4 20.5 25.0 26.4 GAAP Net Income 59.4 62.9 85.8 90.2 EBITDA exc. Other Expenses 150.6 104.4 200.6 152.9 Plus:
Slide 25: Historical Quarterly P&L (Q2)
Historical Quarterly P&L (Q2) NIS M Q2-2023 Q2-2024 Q2-2025 Q2-2026 Revenue from sales 248.3 312.2 331.7 374.3 Revenue from commissions / fees 4.4 4.7 4.6 4.7 Total Revenue 252.8 316.9 336.3 379.0 YoY growth 0.0% 25.4% 6.1% 12.7% Gross profit 104.0 132.1 147.3 178.5 % of Revenue 41.2% 41.7% 43.8% 47
Slide 26: Historical Quarterly P&L and Net Income Reconciliations (Q2)
Historical Quarterly P&L and Net Income Reconciliations (Q2) NIS M Q2-2023 Q2-2024 Q2-2025 Q2-2026 Interest expenses, net 6.0 5.3 21.4 31.0 EBT 24.5 38.7 35.3 45.9 Adj. EBT (exc. SBC, onetime and other) 24.0 38.8 35.4 45.9 Taxes 6.2 9.3 7.8 10.0 GAAP Net Income 18.3 29.4 27.5 35.9 % of Revenue 7.2%
Slide 27: Historical Quarterly EBITDA Reconciliations (Q2)
Historical Quarterly EBITDA Reconciliations (Q2) NIS M Q2-2023 Q2-2024 Q2-2025 Q2-2026 Net Income 18.3 29.4 27.5 35.9 Plus Interest Expense, net 6.0 5.3 21.4 31.0 Plus Income Taxes 6.2 9.3 7.8 10.0 Plus D&A 18.2 21.0 22.7 23.9 Plus Other Expense, net 0.2 0.1 0.0 (0.0) EBITDA Post IFRS 16 (exc. Other
Slide 28: Historical Quarterly P&L (H1)
Historical Quarterly P&L (H1) NIS M H1 2023 H1 2024 H1 2025 H1 2026 Revenue from sales 522.8 620.0 665.0 770.3 Revenue from commissions / fees 9.6 10.1 10.4 9.7 Total Revenue 532.4 630.1 675.4 780.0 YoY growth 5.7% 18.3% 7.2% 15.5% Gross profit 219.8 264.6 290.6 361.4 % of Revenue 41.3% 42.0% 43.0%
Slide 29: Historical Quarterly P&L and Net Income Reconciliations (H1)
Historical Quarterly P&L and Net Income Reconciliations (H1) NIS M H1 2023 H1 2024 H1 2025 H1 2026 Interest expenses, net 11.4 10.2 22.2 43.2 EBT 56.2 76.8 78.8 110.9 Adj. EBT (exc. SBC, onetime and other) 55.7 76.8 82.3 110.9 Taxes 13.8 18.7 19.4 25.0 GAAP Net Income 42.4 58.0 59.4 85.8 % of Revenu
Slide 30: Historical Quarterly EBITDA Reconciliations (H1)
Historical Quarterly EBITDA Reconciliations (H1) NIS M H1 2023 H1 2024 H1 2025 H1 2026 Net Income 42.4 58.0 59.4 85.8 Plus Interest Expense, net 11.4 10.2 22.2 43.2 Plus Income Taxes 13.8 18.7 19.4 25.0 Plus D&A 35.6 41.0 46.1 46.6 Plus Other Expense, net 0.2 (0.0) 3.5 0.0 EBITDA Post IFRS 16 (exc.
Slide 31: 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 H1-2026 Cash flows from Operating Activities 51.9 49.0 96.6 160.0 40.1 201.0 219.3 132.3 291.5 107.9 Minus: Capex (12.3) (13.4) (10.7)
Slide 32: Thank You!
Thank You! Talia Sessler Chief Corporate Development & IR Officer +972-50-7000155 talia@maxstock.co.il 32