Third Quarter Revenue Increased 7.0% to ILS 399.1 million; Comparable Store Sales Increased 5.0%; Gross Margin Increased 300 Basis Points; Adjusted EBITDA Increased 22.6%; GAAP Net income (100%) Increased 31.1% to ILS 44.9 million
First Nine Month Revenue Increased 7.1% to ILS 1.1 billion; Comparable Store Sales Increased 4.1%; Gross Margin Increased 180 Basis Points; Adjusted EBITDA Increased 20.4%; GAAP Net income (100%) Increased 13.0% to ILS 104.3 million
CAESAREA, Israel, Nov. 19, 2025 /PRNewswire/ -- Max Stock Limited (TASE: MAXO) (the "Company") today reported financial results for the third quarter and nine months ended September 30, 2025.
Third Quarter 2025 Summary
Revenue increased 7.0% to ILS 399.1 million.
Comparable store sales increased 5.0%.
Gross margin increased 300 basis points to 44.3%.
Net income (100%) increased 31.1% to ILS 44.9 million.
Adjusted EPS1 (attributable to shareholders) increased 30.3% to ILS 0.29.
Adjusted EBITDA2 increased 22.6% to ILS 69.3 million.
First Nine Months 2025 Summary
Revenue increased 7.1% to ILS 1.1 billion.
Comparable store sales increased 4.1%.
Gross margin increased 180 basis points to 43.5%.
Net income (100%) increased 13.0% to ILS 104.3 million.
Adjusted EPS1 (attributable to shareholders) increased 13.5% to ILS 0.67.
Adjusted EBITDA2 increased 20.4% to ILS 173.7 million.
Note: Totals may be sightly impacted by minor rounding differences.
As used throughout this release, adjusted Net Income (attributable to shareholders) defined as Net Income + Share-based payment, multiplied by the portion attributable to shareholders. Adjusted EPS (attributable to shareholders) is then divided by the number of basic shares.
As used throughout this release, adjusted EBITDA Pre IFRS 16 defined as Net Income + Income Tax Expenses + Net Interest Expenses + D&A + Other Expenses, the impact of IFRS 16 + Share-based payment.
"We delivered strong third quarter results that included an acceleration of our comparable store sales growth rate, 300-basis point gross margin expansion and a strong double digit growth in our net income," said Ori Max, Founder and Chief Executive Officer. "We are pleased with the continued strength of our recent performance, on top of strong multi-year comparison, which underscores the success of our business model and our recent actions to enhance the efficiency of our supply chain. Looking ahead, we believe we are well positioned for a solid finish to 2025 and that our compelling merchandise assortments and tremendous value proposition will drive continued profitable market share gains for years to come."
Paz Oz Appointment as Chief Financial Officer
In September 2025, Mr. Nir Dagan, Deputy CEO and Head of Finance, announced his intention to step down from his position at the end of 2025. Concurrently with the publication of the financial statements, the Company announced the appointment of Paz Oz as Chief Financial Officer (CFO) of the Company, effective December 1, 2025. Paz has held various senior positions within the Company over the years and, more recently, has served as Vice President and Director of Finance.
