Companhia Brasileira de Distribuição : 3Q20 Results Presentation

RESULTS

3rd QUARTER OF 2020

October 29, 2020

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Initial Considerations

Ronaldo Iabrudi

Co-Vice Chairman

Peter Estermann

Chief Executive Officer

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RESULTS

Christophe Hidalgo

Chief Financial and Investor Relations Officer

Belmiro Gomes

CEO of Assaí

Jorge Faiçal

CEO of Multivarejo

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(1)GPA Brazil's results do not include other businesses (Stix Fidelidade, James and Cheftime).

Consolidated Results

Robust operational expansion, with profitability growth across all businesses

			Consolidated		GPA Food Business Brazil	(1)	Grupo
					Éxito
(R$ million)		3Q20	3Q19		3Q20	3Q19			3Q20
Gross Revenue		23,455	14,571	61.0%	17,489	14,570		20.0%	5,950
Net Revenue		21,289	13,524	57.4%	15,954	13,523		18.0%	5,322
Gross Profit		4,611	2,883	59.9%	3,295	2,884		14.3%	1,307
Gross Margin		21.7%	21.3%	40 bps	20.7%	21.3%		-60 bps	24.6%
Selling, General and Adm. Expenses	(3,121)	(1,983)	57.4%	(2,108)	(1,970)		7.0%	(971)
% of Net Revenue		14.7%	14.7%	0 bps	13.2%	14.6%	-140 bps	18.2%
(2)(3)		1,663	953	74.5%	1,265	987		28.1%	436
Adjusted EBITDA
Adjusted EBITDA Margin	(2)(3)	7.8%	7.0%	80 bps	7.9%	7.3%		60 bps	8.2%

GROSS SALES:	GROSS PROFIT:	SG&A Expenses:
 R$ 23.5 billion(up	 R$ 4.6 billion(up 59.9%),	• R$ 3.1 billion, equivalent
61.0%and 21.0% pro	with margin expansion to	to 14.7% of net sales, with
forma): strong growth	21.7%;	significant dilution of fixed
in Brazil and	 Sequential improvement	expenses in Brazil
international	at Multivarejo, consistent
operations	results at Assaí and strong
	contribution from Éxito.

ADJUSTED EBITDA:

• R$ 1.7 billion(up 74.5%) and margin of 7.8%, with significant growth in Brazil
  andimportant contribution from Grupo Éxito

(2) Earnings before interest, tax, depreciation and amortization. (3) Adjusted for Other Operating Income and Expenses. Note: Tax liabilities did not differ materially from previous

quarters. In 3Q19, tax credits generated by rent expenses were reclassified from the expense line to the financial result and depreciation lines, in line with CVM resolution. As a result, the amounts shown here differ from those published earlier.

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