Forus S A : (English) Financial Statements September 2023

EARNINGS RELEASE

3Q23

November 2023

Third Quarter 2023

Table of Contents
I. Executive Summary……………………………..….………....…...............................................................................2
II. Summary of Consolidated Results…….…………………………………	3
III. Highlights of the Period..………...........………….……	4
IV. Consolidated Income Statement……………...….……...…............................................................................6

1. Consolidated Income Statement Analysis…..….......................................................................................8 VI. Balance Sheet & Cash Flow Statement Analysis …………………………………………………………….…………………13

VII. Data by Country	18
VIII. Consolidated Financial Statements - IFRS

• Consolidated Balance Sheet………………………….………....….............................................................29
• Consolidated Income Statement………....…..................................................................................30
• Consolidated Cash Flow Statement.….........................................................................................31

Notes:

• All figures in dollars are calculated using the observed dollar exchange rate for July 3rd, 2023: $895.60/US$.
• Quarters: 1Q, 2Q, 3Q y 4Q.
• Periods ending March 31st, June 30th, September 30th and December 31st: 3M, 6M, 9M, 12M.
• Currency symbols: Ch$, CLP or $: Chilean pesos. US$ or USD: U.S. dollars. COP: Colombian pesos. UYU:
  Uruguayan pesos. PEN: Peruvian sol.
• Units: M: millions, TH: thousands.
• DTC (Direct-to-Consumer) sales: revenue from Forus' stores and e-commerce websites, as well as Forus' sales on third-party marketplaces.
• Digital sales: revenue from Forus' e-commerce websites + Forus' sales on third-party marketplaces.
• Wholesale: traditional wholesale channel.
• Sqm: square meters.
• Other symbols: SSS: Same store sales. SG&A: Selling, General & Administration. YoY: Year over Year.

1

Third Quarter 2023

I. Executive Summary

As part of our goal of long-term profitable and sustainable growth, this quarter at Forus we continued to work towards strengthening our relationship with our customers, to provide them with the best brands, products and experiences through our phygital ecosystem. Driven by this commitment, our direct-to-consumer (DTC) segment (75% of consolidated revenues) posted revenue growth of 13.6% YoY this quarter (+9.4% YoY in 9M23), with digital sales increasing 21.6% YoY (+9.9% YoY in 9M23) and in- store sales growing 11.5% YoY (9.3% YoY in 9M23). The solid performance of our DTC segment offset the 12.7% YoY decline (-9.2% YoY in 9M23) recorded by our wholesale segment (25% of consolidated revenues), which once again faced pressured this quarter due to the slowdown in consumer demand and the retail industry's high inventory levels, particularly in Chile and Colombia.

Forus' consolidated revenues grew 5.7% YoY to Ch$ 72,808 million, while Net Income increased 7.8% YoY to Ch$ 4,824 million in 3Q23. Our consolidated EBITDA posted Ch$ 10,730 million, a decrease of 3.6% YoY, with an EBITDA margin of 14.7%. Despite the retail industry's continued markdowns this quarter in Chile, our consolidated gross margin of 55.2% expanded 205 basis points, explained by a favorable sales mix (DTC has a better gross margin than wholesale), but also by our disciplined price management, lower freight costs and a fall/winter collection that benefited from a more stable dollar. Consolidated SG&A increased 12.5% YoY this quarter, pressured by the impact of inflation on wages and leases, higher advertising expenses, and higher IT expenses aimed at improving the customer experience and increasing the productivity of our business, both in Chile and in our subsidiaries.

Our operations in Chile (71.3% of consolidated revenues) generated Ch$ 51,897 million in sales in 3Q23, representing an increase of 7.6% YoY, driven by our DTC segment, which grew 16.4% YoY, offsetting the 12.0% YoY decline in our wholesale segment. Within our DTC segment, both our stores and our digital channels delivered strong growth: store revenues increased 15.8% YoY (SSS of 14.7%), with sales per m2 growing 25% YoY, while selling area decreased -3.2% YoY in m2. Chile's digital revenues grew 18.6% YoY and represented 22% of DTC sales. In 3Q23, our EBITDA in Chile recorded Ch$ 7,007 million, a decrease of 7.5% YoY, with an EBITDA margin of 13.5%.

Our subsidiaries (28.7% of sales) recorded revenues of Ch$ 20,911 million in 3Q23, up 1.2% YoY, with Uruguay and Peru contributing to the increase, while Colombia recorded a slight decline. Our subsidiaries' EBITDA increased 4.9% YoY with an EBITDA margin of 17.8%, an expansion of 63 basis points, driven by Peru and Uruguay, which posted EBITDA growth of 14.9% YoY and 12.4% YoY, respectively. Our subsidiaries' digital sales grew 29.2% YoY and represented 23% of DTC in 3Q23.

Once again, we ended the quarter with a solid financial position (-0.1x Net Debt/LTM EBITDA), and in November, after the close of the quarter, we paid an interim dividend against 2023 earnings of $15.50 per share.

2

Third Quarter 2023

II. Summary of Consolidated Results

Third Quarter 2023

• Digital revenues increased 21.6% YoY in 3Q23 and represented 23% of DTC sales (17% of consolidated revenue).
• Consolidated Revenue in 3Q23 reached Ch$ 72,808 million, up 5.7% YoY.
• Gross profit came in at Ch$ 40,205 million in 3Q23, an increase of 9.7% YoY, with a gross margin of 55.2%, an expansion of 205 basis points YoY.
• Operating Income in 3Q23 was Ch$ 4,710 million, down 7.5% YoY, with an operating margin of 6.5%, a decrease of 92 basis points.
• EBITDA in 3Q23 reached Ch$ 10,730 million, a decline of 3.6% YoY with an Ebitda margin of 14.7%, down 141 basis points YoY.
• Net income in 3Q23 reached Ch$ 4,824 million, an increase of 7.8% YoY, with a net margin of 6.6%, an increase of 13 basis points YoY.
• Revenues from subsidiaries grew 1.2% YoY and represented 28.7% of Consolidated Revenues in 3Q23. Our subsidiaries' EBITDA increased 4.9% YoY and represented 34.7% of Forus' consolidated
  EBITDA.

9M23 Period

• Digital revenues increased 9.9% YoY in 9M23 and represented 25% of DTC sales (19% of consolidated revenue).
• Consolidated Revenue in 9M23 reached Ch$ 237,398 million, an increase of 4.3% YoY.
• Gross profit was Ch$ 130,697 million in 9M23, up 5.6% YoY, with a gross margin of 55.1%, an expansion of 69 basis points YoY.
• Operating Income in 9M23 was Ch$ 26,411 million, down 5.2% YoY, with an operating margin of 11.1%, a decrease of 112 basis points.
• EBITDA in 9M23 reached Ch$ 43,335 million, a decline of 1.5% YoY with an Ebitda margin of 18.3%, down 107 basis points YoY.
• Net income in 9M23 reached Ch$ 20,392 million, a decrease of 4.6% YoY, with a net margin of 8.6%, a decline of 80 basis points YoY.
• Revenues from subsidiaries increased 5.2% YoY and represented 24.5% of Consolidated Revenues in 9M23. Our subsidiaries' EBITDA decreased 4.7% YoY and represented 23.8% of Forus' EBITDA.

3

Third Quarter 2023

III. Highlights of the Period

Launch of BSoul in Colombia

In September we launched BSoul in Colombia with our new website www.bsoul.com.co. BSoul is our activewear brand that encourages healthy living, self-care and celebrates inner peace. Our plan is to offer BSoul in Colombia using our entire phygital ecosystem.

Store openings/closures

In 3Q23 Forus opened 10 stores and closed 6. In Chile, we opened 5 stores, including 2 stores that were reconverted (Hush Puppies in Plaza Oeste and CAT in Plaza Los Angeles) as well as 3 new stores (VANS in Paseo Costanera in Puerto Montt, BSoul in Marina Arauco in Viña del Mar and Under Armour in Valdivia). In Uruguay we reopened 3 stores after they were remodeled: one Merrell store and two Pasqualini stores, all in Montevideo. And in Colombia we opened 2 new Columbia stores in Bogota.

ESG: Volunteering in Chile, Colombia and Uruguay

This quarter we continued our For the Community 2023 volunteer program, which are activities proposed by our employees, with the sponsorship of our brands, that have the goal of supporting the community and/or the environment. In Chile, in July, our employees, together with Merrell, organized an outing to the Manquehue park to improve the mountain bike trails that were in poor condition due to wear and tear and recent rains. In Colombia, the Hush Puppies team visited Trabajando en Pro de los Animales (TEPA), a foundation for rescued dogs and cats, with donations of pet food and pet care supplies. RKF Uruguay organized the "Dar es Dar" (Giving is Giving) campaign, of donations of used clothing in good condition to benefit the El Abrojo social foundation. In August, the CAT team in Chile organized a volunteer program with Casa Familia, a home for children with cancer, where Forus employees painted the entrance of the foundation. In September, Hush Puppies Chile organized a visit to the Mirada Animal Chile foundation, where Forus employees spent the day cleaning and fixing the premises, as well as playing with the animals.

Columbia and Wheel the World launched the documentary "In Search of My Summit".

In July Columbia Chile, together with Wheel the World, launched "In Search of My Summit", a documentary that tells the story of Isabel Aguirre, better known as Polli, who, driven by her determination and courage, became the first person in a wheelchair to undergo an expedition to try to reach the base of the Michinmahuida glacier. The athlete, who suffered a car accident at the age of 18 that left her paraplegic, is Senior Impact Manager of Wheel de World, where she works with this social start-up to make the world a more accessible place for people with disabilities. It is precisely this goal that she shares with Columbia, and which has allowed them to make many destinations accessible to people with disabilities, such as Machu Picchu, Easter Island, San Pedro de Atacama, among others. The

4

Third Quarter 2023

documentary, directed by Mexican Carlos Pérez Osorio and produced by Scopio, is being submitted to various international film festivals.

11th edition of the Columbia Snow Challenge

On August 26th, Columbia held one of the winter season's most iconic events, in which over 240 athletes challenged their limits across different competitions at the Valle Nevado ski resort. In addition to the classic categories such as Slopestyle, Paralympic Skiing and Snow Running, since last year two new competitions were added: the Snow Rando/Marathon, where athletes climb the mountain with Randone equipment and then descend to the finish line on skis or snowboards, and the Snow Mountain Bike race, in which athletes race on bicycles that are specially equipped for the snow.

Highlights After the Period

Interim dividend of $15.50 per share charged against 2023 earnings

Effective November 17, 2023, Forus paid an interim dividend against 2023 earnings for the total amount of Ch$ 4,006,269,500, equivalent to Ch$ 15.50 per share, in cash.

5

Third Quarter 2023

IV. Consolidated Income Statement

Third quarter:

	3Q23	% Revenues	3Q22	% Revenues	YoY
	Th Ch$		Th Ch$
Revenues	72,807,780		68,904,570		5.7%
Cost of Sales	(32,602,543)	-44.8%	(32,268,158)	-46.8%	1.0%
Gross Profit	40,205,237	55.2%	36,636,412	53.2%	9.7%
Distribution Expenses	(986,442)	-1.4%	(830,720)	-1.2%	18.7%
Administrative Expenses	(34,508,710)	-47.4%	(30,715,161)	-44.6%	12.4%
Selling, General and Administrative Expenses	(35,495,152)	-48.8%	(31,545,881)	-45.8%	12.5%
Operating Income	4,710,085	6.5%	5,090,531	7.4%	-7.5%
Other income	186,469		515,639		-63.8%
Other expenses	(6,251)		(323,193)		-98.1%
Financial Income	895,808		314,321		185.0%
Financial Expenses	(1,095,413)		(694,128)		57.8%
Participation in gains (losses) of joint venture businesses	-		-
accounted by using the proportional value of participation
FX Differences	968,206		(393,441)		-346.1%
Result of Indexation units	525,263		650,413		-19.2%
Other gains and losses	651,626		226,734		187.4%
Non-Operating Income	2,125,708	2.9%	296,345	0.4%	617.3%
Profit before income tax	6,835,793	9.4%	5,386,876	7.8%	26.9%
Income Taxes	(2,011,839)		(911,515)		120.7%
Profit (Loss)	4,823,954	6.6%	4,475,361	6.5%	7.8%
Profit (loss) attributable to equity holders of parent	4,805,876		4,475,310		7.4%
Profit (loss) attributable to minority interest	18,078		51		35347.1%
Profit (loss)	4,823,954	6.6%	4,475,361	6.5%	7.8%
EBITDA	10,730,119	14.7%	11,125,264	16.1%	-3.6%

6

Third Quarter 2023

9M23 Period:

	9M23	% Revenues	9M22	% Revenues	YoY
	Th Ch$		Th Ch$
Revenues	237,397,766		227,648,513		4.3%
Cost of Sales	(106,700,516)	-44.9%	(103,880,554)	-45.6%	2.7%
Gross Profit	130,697,250	55.1%	123,767,959	54.4%	5.6%
Distribution Expenses	(2,632,783)	-1.1%	(2,345,175)	-1.0%	12.3%
Administrative Expenses	(101,653,471)	-42.8%	(93,557,391)	-41.1%	8.7%
Selling, General and Administrative Expenses	(104,286,254)	-43.9%	(95,902,566)	-42.1%	8.7%
Operating Income	26,410,996	11.1%	27,865,393	12.2%	-5.2%
Other income	742,995		1,066,423		-30.3%
Other expenses	(285,242)		(491,691)		-42.0%
Financial Income	2,661,175		(1,823,443)		-245.9%
Financial Expenses	(3,036,981)		(1,492,253)		103.5%
Participation in gains (losses) of joint venture businesses	-		-
accounted by using the proportional value of participation
FX Differences	610,332		2,588,631		-76.4%
Result of Indexation units	714,601		1,025,143		-30.3%
Other gains and losses	374,718		(109,132)		-443.4%
Non-Operating Income	1,781,598	0.8%	763,678	0.3%	133.3%
Profit before income tax	28,192,594	11.9%	28,629,071	12.6%	-1.5%
Income Taxes	(7,800,608)		(7,243,470)		7.7%
Profit (Loss)	20,391,986	8.6%	21,385,601	9.4%	-4.6%
Profit (loss) attributable to equity holders of parent	20,420,438		21,385,475		-4.5%
Profit (loss) attributable to minority interest	(28,452)		126		-22681.0%
Profit (loss)	20,391,986	8.6%	21,385,601	9.4%	-4.6%
EBITDA	43,335,133	18.3%	43,990,901	19.3%	-1.5%

7

Third Quarter 2023

V. Consolidated Income Statement Analysis

Operating Results

• In 3Q23 Forus posted Ch$ 72,808 million in Consolidated Revenues, up 5.7% YoY.
  In Chile, we reported revenues of Ch$ 51,897 million in 3Q23, an increase of 7.6% YoY, driven by the direct-to-consumer (DTC) segment, which recorded revenues of Ch$ 38,696 million, with growth accelerating to 16.4% YoY this quarter (+11.1% YoY in 9M23), which was partially offset by the wholesale segment, which decreased 12.0% YoY this quarter (-13.3% YoY in 9M23).
  Within the DTC segment in Chile, both our stores and digital channels recorded strong growth this quarter. Store sales increased 15.8% YoY in 3Q23 (+12.3% YoY in 9M23); to put this in context, according to the National Chamber of Commerce (CNC), Chilean retail sales (excluding supermarkets) fell for 17 consecutive months (in real terms), as of September. On the other hand, our digital sales registered 18.6% YoY sales growth this quarter (+7.8% YoY in 9M23). Again, this contrasts with the rest of the sector in Chile; according to the CNC, online footwear and apparel sales in Chile fell by 18.6% YoY and 10.4% YoY, respectively, in 3Q23. Finally, our online sales penetration reached 22.4% of our DTC revenues in 3Q23, which is significantly higher than the average of 13.8% for apparel/footwear in Chile, as reported by the CNC.
  During 3Q23 we closed 3 stores and opened 5 stores (2 openings, net) to end the quarter with 264 stores in Chile. Our sales area in the last twelve months decreased 3.2% YoY while our sales per m2 in 3Q23 increased 25.0% YoY, with SSS of 14.7%. Our sales per m2 growth was driven by i) our store revitalization and profitability improvement plan, which included, among other things, 14 store remodeling's and upgrades carried out during this year, including the launch of new store concepts for CAT, Columbia, Hush Puppies, Under Armour and Merrell; ii) the closure of underperforming stores; iii) the selective opening of new stores, mainly of brands recently added to the portfolio; iv) continuous training of our sales force; v) technology aimed at improving the customer experience; and vi) the strength of our brands and collections.
  Our wholesale segment in Chile, in turn, continued to be pressured this quarter by lower demand from our wholesale customers, who continue to have tight budgets for inventory purchases, given the slowdown in consumer demand and the challenging macroeconomic environment (high inflation and unemployment), as well as relatively high inventory levels in the retail industry. Within this context, the wholesale segment in Chile recorded sales of Ch$ 13,201 million, down 12.0% YoY (- 13.3% YoY in 9M23).

8

Third Quarter 2023

Our subsidiaries, as a group, recorded Ch$ 20,911 million in revenue in 3Q23, an increase of 1.2% YoY, and represented 28.7% of consolidated revenues this quarter (subsidiaries contributed 25.1% of consolidated revenue in the last twelve months, LTM). The subsidiaries' digital revenue grew 29.2% YoY (in CLP) and represented 23% of DTC sales in 3Q23.

The following is a summary of our sales performance per subsidiary:

• In Peru sales increased 1.3% YoY in 3Q23 (+5.0% YoY in local currency), driven by our wholesale segment (15% of revenues in Peru) which registered 36.3% YoY sales growth, which was partially offset by our direct-to-consumer segment (85% of Peru's revenues), which decreased 3.1% YoY, and by the depreciation of the PEN against the CLP, which reduced the subsidiary's contribution to consolidate results. The growth of our wholesale segment was primarily the result of the entry of our brands to additional points of sale. The DTC segment's revenue decrease was due to the 8.2% YoY decline in store sales (68% of revenues), which was partially offset by the 25.3% YoY growth in our digital sales, which was partially driven by a cyber event in July. This quarter, sales in Peru faced several pressures, including: i) decreased demand for cold-weather products due to the unusually high temperatures this winter; and ii) international tourism has not yet recovered to its pre-pandemic levels, following the protests at the beginning of the year. In 3Q23 there were no store openings/closures, but in the LTM to September 2023, we opened 3 stores, net (3 openings + 0 closings), which resulted in a 6.0% YoY increase in selling area. Sales per square meter decreased 12.4% YoY (-9.3% YoY in local currency) and Peru's SSS registered -8.6% in 3Q23 (in local currency).
• In Uruguay, revenues grew 4.8% YoY in 3Q23 (7.4% YoY in local currency), explained by the wholesale segment (20% of revenues), which increased 77.2% YoY this quarter, driven mainly by our entry into a greater number of points of sale; this was offset, in part, by the 4.7% decline in the DTC segment (80% of revenues) and, in addition, by the depreciation of the UYU against the CLP, which reduced the subsidiary's contribution at the time of consolidating the results. Within the DTC segment, store sales (66% of revenues) decreased 3.4% YoY, while the digital channel (17% of DTC) decreased 10.4% YoY. The retail sector in Uruguay has been affected by the price relationship with Argentina, which has driven tourism to the neighboring country and depressed Uruguay's domestic consumption. In 3Q23 Uruguay had no store openings/closures, net (the 3 openings and 3 closures were upgrades/remodelings). However, in the LTM as of September 2023, Uruguay closed 6 stores, net: 11 closings and 5 openings, including 6 stores that we temporarily closed due to fire in a mall in Punta del Este, which we are reopening as the mall is reopened. Therefore, sales area decreased 12.8% YoY in the last 12 months. Uruguay's SSS in 3Q23 was 4.8% (in local currency) and sales per m2 increased 6.6% YoY (+10.3% YoY in local currency).

9