Americanas S A : Announces 4Q21 Results

message from management

2021: a historic year for Americanas S.A.

2021 was a historic year in the 90 year trajectory of Americanas. We have made great achievements, announced acquisitions that take us to another level, have seen businesses created internally, such as AME, reach maturity and generate surprising results. As a historic year ends, a new chapter begins, with the combination of the assets and shareholder bases of Lojas Americanas and B2W, creating Americanas S.A., a single company for customers and investors.

The fourth quarter of 2021 marked the beginning of the harvest of benefits from the combination of the two businesses, and the results already indicate that we will have even more gains ahead. We now have 51 million active customers - a number that indicates our brand is now part of the lives of all Brazilian families. We ended December of last year with triple the number of customers shopping in physical stores and also online when compared to December 2019.

With the combination of operations, there are no longer barriers preventing the migration from one platform to the other. At a time when the entire market sees the cost of acquiring customers growing, being able to "fish in our own aquarium" sets us apart. Today, more than 1 million downloads of the Americanas app are derived per month from physical stores, a direct reflection of the combination of physical and digital.

In addition, between October and December of last year, important months for retail, we were able to give a new impetus to what we call O2O (online to offline), expanding the within 3 hour ultra-fast delivery module. Based on data intelligence to support our demand projections, we utilize stores throughout Brazil (dark stores) to distribute items that were only found online, allowing the customer to receive their merchandise immediately after purchase, while also reducing the shipping cost. As of December 2021, over 2 million orders were delivered in less than three hours.

With a more integrated company resulting from the operational combination, we fulfilled our commitment to accelerate and grow total sales above the market, maintaining healthy profitability and generating cash. Achieving this feat in a year with such a challenging macroeconomic scenario is not trivial. In 2021, Americanas S.A. recorded a growth of 33% compared to 2020 and reached the highest profit in history: R$ 731 million. The combination of operations, which improved the customer experience, is the main driver of this performance. But we also credit this result to a model that we have followed throughout our history: the wide assortment of 137 million items, focused on offering more convenience to customers, and with low dependence on electronics.

In times when the purchasing power of the population is compromised, this diversification makes us more relevant, as we are able to participate more broadly in customer consumption habits. Accordingly, the average ticket is lower, but the recurrence is higher. For decades, Americanas has shown that being present in the lives of Brazilians in this way is a differentiated factor. Recurrence is the name of the game, and the result is resilience.

This strategy is at the heart of our recent movements. In the last two years, we have announced 10 M&A transactions. In the fourth quarter, after all regulatory approvals, we effectively started to integrate the operations of food retail chain Hortifruti Natural da Terra, which was acquired in August. On December 30, CADE also approved the creation of VEM Conveniência, a joint venture with Vibra (formerly BR Distribuidora), to unite BR Mania, a chain of convenience stores franchised at BR gas stations, and the Local chain, operated by Americanas. As a result, we reached more than 3.5 thousand stores - double that of December 2020 - and with the potential to deliver a strong expansion plan in the coming years.

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As a company that is always close to the customer, we are attentive to all consumer experiences and services. Thus, we continue to invest in the development of AME, a financial platform and super app with its 87 features, where it is possible to make payments, obtain loans, and even hire services from self-employed professionals. In addition to being an engagement platform for our customer base, AME also provides technology solutions for other companies and consolidates itself as a complete credit platform for individuals and corporations. In 2021, this innovation also achieved an excellent performance: we surpassed the 29 million download mark and reached R$ 26 billion in total payment volume (TPV). In the fourth quarter, AME still recorded its first monthly breakeven, which was not expected until 2022.

All of these results are inline with our purpose of adding what is good in the world to improve people's lives. Thus, in 2021, we further accelerated our trajectory of action with impact, following the ESG pillars. With our Americanas Favelas program, we conduct deliveries and provide professional training to residents of communities such as Paraisópolis. Americanas Social brought certified products to the company websites and Americanas +Clima expanded the use of the eco-efficient fleets and clean energy in our stores.

We contributed to the development and expansion of vaccine factories, donated more than R$ 2 million in notebooks to education departments, brought books to communities in need, and enabled the delivery of 75 tons of donated food and water to regions affected by flooding. We signed partnerships with the MOVER project, in the fight against racism, and with Unicef to reduce school dropout and generate jobs, where, in just one year, we hired more than 7 thousand vulnerable young people through the 1 million opportunities project (1mio).

All of these initiatives generated recognition: we became part of the select group of Brazilian companies that make up the Dow Jones Sustainability World Index (DJSI). We were also selected to be part of the B3 ISE portfolio (Corporate Sustainability Index) for the eighth consecutive year, which certifies companies that promote best practices.

The historic chapter that Americanas S.A. wrote in 2021 was the result of a lot of work by our team (associates and directors), as well as the trust of our shareholders, suppliers, sellers, merchants, franchisees, customers and society in general, which support and inspire us in our value creation journey. This story we wrote together shows us that we are on the right track and ready to commence a new stage in 2022. With 90 years of experience in the Brazilian market, we can say that what we saw in the final quarter of last year is just the beginning.

Many thanks to all.

Miguel Gutierrez

CEO Americanas S.A.

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4Q21 highlights

KEY INDICATORS (MM)	4Q21	4Q20	Delta
Active Customer Base LTM	51	46	+5
# Items sold LTM	1,553	1,153	+400
# of Transactions LTM	427	319	+108
Assortment	137	87	+50
# Sellers (Thou)	122	87	+35

• Market Share: Total GMV, including physical store and digital sales, increased 28.3% in 4Q21 (+R$ 4.0 Bn vs. 4Q20), which compares to the 12.7% drop in retail. In 2021, Total GMV increased 32.8% (+R$ 13.7 Bn vs. 2020), which compares to the 7.6% growth of retail. Retail Source: GFK
• eCommerce: The eCommerce platform increased by 36.2% in 4Q21 (+R$ 3.5 Bn vs. 4Q20), including 1P +31% and 3P +41%, vs. the 19.8% growth of the market. For 2021, growth reached 43.6% (+R$ 12.8 Bn vs. 2020), including 1P +42% and 3P +45%, vs. the 27.0% of the market. In jan/22, we continued accelerating even against a challenging base, with growth of 40% (vs. +83% in jan/21). Market Source: Neotrust
• Physical Stores: Gross revenue from the physical platform grew 10.7% in 4Q21, despite 14% of the sales area of stores operating with restrictions due to the pandemic. Same store sales (SSS) increased by 4.1% in 4Q21. In 2021, gross revenue increased by 7.0%, SSS grew by 4.6%, and 168 new stores were opened across the Traditional and Express formats, entering 127 new cities (store movement on page 22).
• Fast Delivery: In 4Q21, deliveries within 3 hours represented 24.1% of the total (vs. 15.0% in 3Q21), reflecting the synergy gains from the business combination, with a singular store base acting as distribution hubs (ship from store in 892 cities). Deliveries within 24 hours totaled 53.8% of the volumes of deliveries made, including 1P and 3P.
• Ame Digital (Fintech): TPV continues to grow rapidly, reaching R$ 9.7 billion in 4Q21. In nov/21, Ame reached its first monthly breakeven, reflecting the exponential growth of the monetization fronts (engagement, platform, and credit). In 2021, TPV reached R$ 26 billion, an increase of 138% vs. 2020 (not including R$ 23 billion in receivables discounting for sellers). In dec/21, the Ame credit card surpassed the mark of 1.3 million cards issued.
• Net Income: Net Income reached R$ 489.7 million in 4Q21. Disregarding the recognition of R$ 143.8 million in deferred income tax (referring to the write-off made by B2W in 2015), recurring Net Income was R$ 345.9 million. In 2021, we registered a record Net Income, totaling R$ 730.9 million.
• Cash Generation: In 4Q21, cash generation was R$ 1,964.3 million. Cash generation is measured by the variation in debt, disregarding extraordinary effects, such as M&A and share buyback programs (see reconciliation on page 15). As of December 31, the net cash position totaled R$ 1.8 billion.

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unavailability of eCommerce operation

As informed in the recent notice to the market, we were victims of a security incident between February 19 and 20, at which point our eCommerce operation had to be shut down in order to ensure the safety of our customers, suppliers, and partners. During this period, the physical stores remained in operation, as well as the logistics operation, which continued to deliver orders placed before the event.

In order to add strength to our internal team and security partner companies, in the resolution and investigation of this incident, we called on world-renowned experts with experience in situations like this.

On Wednesday (02/23), we started to gradually restore our eCommerce operations, always observing the appropriate security protocols. However, for the complete investigation and understanding of the incident, the investigation is expected to continue over the next few weeks. There is no evidence of other damages, beyond the fact that our eCommerce operations were suspended.

The last few days have been long and difficult, especially as we have not been able to serve our eCommerce customers, but everyone's safety has always come first and guided all our decisions. On Thursday, 02/24, we returned with all our service channels and extended hours and benefits for customers.

We thank our teams, partner companies and security experts, who have spared no effort and continue to work uninterrupted, as well as the demonstrations of support from customers, suppliers, sellers, the technology community, the retail community, financial community, and society as a whole. Together, we work for the purpose of adding what is good in the world to improve people's lives.

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