Americanas Announces 3Q21 Results

message from management

The third quarter marks the beginning of a new journey, in which digital and physical are combined, creating a new company to deliver the best experience to customers, partners and investors alike. It is the beginning of a new chapter, with the purpose of "bringing together the best in the world to improve people's lives".

In these past 90 days, we reached important achievements, such as the integration of databases, the migration of more than 1,700 CNPJs, the integration of the financial, commercial, and Shared Service Center structures. In addition, we initiated the operation of the first stores with a new layout, which reflects the change in the Brazilian consumer behavior spurred by the pandemic, and leverages our O2O (online to offline) strategy. The new design allows the stores, in addition to shopping places, to also act as points of experimentation, distribution, financial services hubs (Ame Zone) and promote media for launches.

The initial results are already coming to fruition and are encouraging. We grew above the market and had share gains in digital and physical, generating 24% growth in total sales, even in the face of a challenging scenario. According to GFK, retail sales fell 3% in the period. During the quarter, we still operated with restrictions on 18.4% of the stores' sales area due to the pandemic.

The R$ 13 billion in GMV for the quarter (+R$ 2.5 billion vs. 3Q20) demonstrates the strength of our business model, which delivers a powerful combination of growth, profitability (11.8% EBITDA margin), and cash generation (R$108 million).

These results illustrate that our cross-platform strategy has proven to be successful. We were pioneers by launching, in 1999, a digital platform with the dream that one day it could be bigger than our physical platform. We built something unique. In this first quarter following the combination of assets, the digital platform represented 77% of GMV.

Long-term winning business models are unique for their ability to reinvent themselves. Investing in digital over these years has proven to be an extremely valuable decision.

Ame is an important example of our long-term vision in building disruptive businesses. Created just 3 years ago, our Fintech quickly evolved into a complete financial platform, surpassing the mark of 25 million downloads and reaching a TPV of R$22 billion in the last 12 months. Ame is evolving to become an important monetization front for Americanas S.A., acting on three main pillars: engagement, platform, and credit.

Our business model also contemplates inorganic growth. In 15 years we have made 29 acquisitions, 10 of which took place between 2020 and 2021, which makes evident the acceleration of our M&A engine. The last two acquisitions were Hortifruti Natural da Terra (HNT), the largest retail chain specializing in fresh products, which has 77 stores focused on fruits and vegetables, and Skoob, the largest digital content platform for readers in Brazil, with more than 8 million users.

In the quarter, with the approval of Cade, we integrated grupo Uni.co (438 stores), creating new growth fronts through a franchise platform. Once the joint venture with Vibra (former BR

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Distribuidora) is approved by Cade, we will commence operating more than 1,200 BR Mania convenience stores, doubling the number of stores to 3,500 spread throughout Brazil (Americanas + HNT + Uni.co + BR Mania).

All these movements have the same motivation: to increase purchase recurrence and improve the customer experience, serving everything they need, anytime, anywhere.

In view of all these opportunities and considering the successful operational combination of ongoing businesses, we announced the proposal to simplify the corporate structure, consolidating the shareholding bases of LAME3, LAME4, and AMER3 on the Novo Mercado. In parallel, we continue to study the international listing.

To make this new step possible, the current controller of Lojas Americanas S.A. will become a reference shareholder, with 29.2% of Americanas S.A.'s capital, ceding control without charging a premium. This group, present in the company since the 1980s, has always been guided by a long-term value creation strategy, which ensured the operation's profitable growth. Once again, the reference shareholder reinforces this commitment.

We are a single company, Americanas S.A., with a unique team, committed to transforming the customer experience. We remain confident in our strategy, proud of our social role, and excited about the opportunities that present themselves.

For all of this, we would like to give special thanks to the team - associates and directors, shareholders, suppliers, sellers, merchants, customers, and society as a whole, who support and inspire us in our trajectory of value creation.

It's time to combine.

Sincerely,

Miguel Gutierrez, CEO

Americanas S.A.

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3Q21 highlights

KEY INDICATORS (MM)	3Q21	3Q20	Delta
Active Customer Base LTM	49.8	44.7	+5.1
# of Transactions LTM	398.3	305.6	+92.7
Assortment	127.2	56.4	+70.7
# Sellers (Thou)	114.0	79.9	+34.1

• Market Share: Total GMV, including physical and digital store sales, grew 23.8% in 3Q21 (vs. 3Q20), compared to a 3% drop in retail according to GFK.
• eCommerce: The eCommerce platform grew by 30.1% in 3Q21, compared to a market growth of 18%, according to Compre & Confie. 1P grew 29.9%, while Partner GMV grew 30.2%, with the strong performance of long tail products being a highlight. The growth of the digital platform was driven by UX improvements, which increased conversion by 15%.
• Physical Stores: Gross revenue from the physical platform grew by 6.5%, despite 18.4% of the sales area of stores operating with restrictions due to the pandemic. Sales under the "same stores" concept grew by
  6.0%. Through September, 32 new stores were opened, inline with the goal of opening roughly 150 stores in 2021.
• EBITDA: In 3Q21, Adj. EBITDA reached R$ 742.9 million, with an Adj. EBITDA margin of 11.8%. Excluding investments made in the financial platform (Ame), Adjusted EBITDA would have been R$ 804.0 million, with an EBITDA margin of 12.8%.
• Net Profit: Net Profit reached R$240.6 million in 3Q21, considering the reversal of tax on the ICMS monetary restatement in the PIS/COFINS calculation basis. Adjusted Net Profit, excluding this effect and investments in the financial platform, was R$43.2 million in 3Q21.
• Cash Generation: In 3Q21, cash generation was R$ 107.8 million. Cash generation is measured by the variation in debt, excluding extraordinary effects such as M&A and share buyback program. As of September 30, the net cash position reached R$3 billion.
• Fast Delivery: In 3Q21, deliveries within 3h represented 15% of the total. Deliveries within 24 hours totaled 52% of the volumes of deliveries made, including all 1P and 3P deliveries. Fulfillment share in Marketplace GMV accelerated strongly in 3Q21, increasing 3.6 p.p. vs. 3Q20. In October, we opened a new Distribution Center (DC) in Paraná, totaling 25 DCs in operation in 12 States. Also in October, we launched the Americanas Entrega Agency, which will total 800 points for collecting items from sellers by the end of the year (drop-off).
• Ame Digital (Fintech): TPV continues to grow rapidly, reaching R$5.6 billion in 3Q21 (+132% vs. 3Q20). In the last 12 months, TPV reached R$ 22 billion. In October, the recently launched Ame credit card surpassed the mark of 1 million cards issued and we launched the "Buy Now Pay Later" offering as well (Ame credit card).

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strategy

The strategic model of Americanas S.A. is focused on offering more customized consumption journeys with added convenience to all customer profiles. Unique assets, built on a trajectory spanning over 90 years, drive and strengthen this growth strategy. An active customer base of 50 million, the business platforms and the 37.2 thousand associates embody a strong ownership culture. Thanks to the unique assets, competitive differentials were built, such as: wide assortment focused on items with recurrence and convenience, national multichannel capillarity, and low customer acquisition costs (CAC).

Our model seeks profitable growth. With our unique assets and competitive advantages, we will be able to accelerate our dream of organic growth, driven by the constant development and evolution of our platforms. To do this, we have well-defined goals:

Digital

• Gain market share with 3P acceleration.
• Achieve the best NPS in eCommerce.
• Continue generating cash.

Physical

• Grow SSS above inflation and with profitability.
• Expand the sales area with different types of stores.
• Enhance the experience with new technologies and new layouts.

Fulfillment

• Expand Ultra Fast Delivery (delivery in minutes).
• Accelerate dark stores rollout in all regions of the country.
• Enlarge the air corridor, reducing the Cross Border delivery time.

Fintech

• Democratize access to the financial system.
• Develop Credit as a Service: corporate and individual financial solutions.
• Implement the loyalty program.

Advertising

• Evolve Artificial Intelligence models for advertising effectiveness.
• Develop new solutions for sellers.
• Create cross-platform integrated offerings.

Innovation Engine (IF)

• Drive entry into new verticals and businesses (M&A Engine).
• Incubate, invest and accelerate new businesses (Venture Capital).
• Promote the use of new technologies across all platforms.

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