Forus S A : (English) Quarterly Report 2Q 2023

EARNINGS RELEASE

2Q23

August 2023

Second 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……………...….……...…............................................................................8
V. Consolidated Income Statement Analysis…..…......................................................................................10
VI. Balance Sheet & Cash Flow Statement Analysis …………………………………………………………….…………………15
VII. Data by Country	20
VIII. Consolidated Financial Statements - IFRS

• Consolidated Balance Sheet………………………….………....….............................................................31
• Consolidated Income Statement………....…..................................................................................32
• Consolidated Cash Flow Statement.….........................................................................................33

Notes:

• All figures in dollars are calculated using the observed dollar exchange rate for July 3rd, 2023: $801.66/US$.
• 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.

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Second Quarter 2023

I. Executive Summary

At Forus this quarter we continued to innovate in order to constantly surprise our customers with our leading brands and unique experiences, striving to deliver excellent service in all our phygital sales channels, and organizing and sponsoring activities with our brands in order to remain authentically engaged with our communities. In this context, and considering the challenging environment faced by the retail industry this quarter, our direct-to-consumer (DTC) segment (83% of consolidated revenues), which includes our stores and digital channels, delivered a solid 6.5% increase in revenues in 2Q23. This helped to offset, to a large extent, the 27.6% drop in sales in our wholesale segment (17% of consolidated revenues), which faced pressure this quarter due to the slowdown in consumer demand and the retail industry's high inventory levels, particularly in Chile.

As a result, in 2Q23, Forus recorded Ch$ 87,468 million in Consolidated Revenues, a decrease of 1.6% YoY, affected also by a difficult comparable figure given that last year set a record for a 2Q. Consolidated EBITDA was Ch$ 18,806 million, down 7.0% YoY, with an EBITDA margin of 21.5%, a deterioration of 125 basis points. Despite the retail industry's heavy markdowns this quarter in Chile, our consolidated gross margin of 56.3% expanded 56 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 more stable dollar. In addition, this quarter we were, once again, able to contain our consolidated SG&A expenses, which increased 4.8% YoY, which is below Chile's 7.6% 12-month inflation rate (June), thanks to efficiency improvements, including the closure of underperforming stores, the digitalization and automation of operations and the investment in technology at our subsidiaries, among others.

Chile (76.6% of consolidated revenues) recorded sales of Ch$ 66,965 million in 2Q23, a variation of -1.6%, explained by revenue growth from the DTC segment, up 9.8% YoY, which was offset by the wholesale segment, which decreased 34.5% YoY. Within the DTC segment, both our stores and our digital channels delivered strong sales growth: our store revenues increased 10.0% YoY (SSS of 14.1%), with sales per square meter increasing 26% YoY, which more than offset the decrease in sales area due to store closures (-11.2% YoY in sales area square meters as of June). In the same period, our digital revenue grew 9.4% YoY and represented 33% of DTC sales (27% of Chile's total revenue). As a basis of comparison, Chile's retail industry sales (excluding supermarkets) recorded an average annual nominal variation for the months of April, May and June of: -12.8%,-12.3% y -9.6%. Our EBITDA in Chile in 2Q23 was Ch$ 14,760 million, down 2.5%, with an EBITDA margin of 22.0%, only 19 basis points lower than the same period of the previous year.

Our subsidiaries (23.4% of sales) recorded revenues of Ch$ 20,503 million in 2Q23, a decrease of 1.4%, explained by a slight drop in sales in each of the three countries (although Colombia and Peru registered sales growth in local currency). The subsidiaries' EBITDA, in turn, decreased 20.4% YoY with an EBITDA margin of 19.7%, a deterioration of 470 basis points, with Colombia and Uruguay recording the largest declines. Digital sales represented 23% of DTC revenue (19% of total subsidiaries' revenue) in 2Q23.

In 2Q23 Forus reported Net Income of Ch$ 9,492 million, a decrease of 29.4% YoY, explained in part by the decrease in Operating Income (-12.8% YoY) and also by the reduction in Non-Operating Income, which decreased due to the Exchange Differences account, which a Ch$ 4,000 million less in 2Q22 than in 2Q23, due to i) less dollar- denominated funds on the balance sheet and ii) a less pronounced appreciation of the USD against the CLP.

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Second Quarter 2023

II. Summary of Consolidated Results

Second Quarter 2023

• Digital revenues increased 10.0% YoY in 2Q23 and represented 30% of DTC sales (25% of consolidated revenue).
• Consolidated Revenue in 2Q23 reached Ch$ 87,468 million, down 1.6% YoY.
• Gross profit came in at Ch$ 49,283 million in 2Q23, a decrease of 0.6% YoY, with a gross margin of 56.3%, an expansion of 56 basis points YoY.
• Operating Income in 2Q23 was Ch$ 13,151 million, down 12.8% YoY, with an operating margin of 15.0%, a decrease of 194 basis points.
• EBITDA in 2Q23 reached Ch$ 18,806 million, a decline of 7.0% YoY with an Ebitda margin of 21.5%, down 125 basis points YoY.
• Net income in 2Q23 reached Ch$ 9,492 million, a variation of -29.4% YoY, with a net margin of 10.9%, a decline of 428 basis points YoY.
• Revenues from subsidiaries decreased 1.4% YoY and represented 23.4% of Consolidated Revenues in 2Q23. Our subsidiaries' EBITDA decreased 20.4% YoY and represented 21.5% of Forus' EBITDA.

First Half 2023

• Digital revenues increased 7.1% YoY in 1H23 and represented 26% of DTC sales (20% of consolidated revenue).
• Consolidated Revenue in 1H23 reached Ch$ 164,590 million, an increase of 3.7% YoY.
• Gross profit came was Ch$ 90,492 million in 1H23, up 3.9% YoY, with a gross margin of 55.0%, an expansion of 9 basis points YoY.
• Operating Income in 1H23 was Ch$ 21,701 million, down 4.7% YoY, with an operating margin of 13.2%, a decrease of 116 basis points.
• EBITDA in 1H23 reached Ch$ 32,605 million, a decline of 0.8% YoY with an Ebitda margin of 19.8%, down 89 basis points YoY.
• Net income in 1H23 reached Ch$ 15,568 million, a decrease of 7.9% YoY, with a net margin of 9.5%, a decline of 119 basis points YoY.
• Revenues from subsidiaries decreased 7.5% YoY and represented 22.7% of Consolidated Revenues in 1H23. Our subsidiaries' EBITDA decreased 9.4% YoY and represented 20.2% of Forus' EBITDA.

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Second Quarter 2023

III. Highlights of the Period

Annual Ordinary Shareholders' Meeting

On April 19, 2023, Forus held its 32st Annual Ordinary Shareholders' Meeting, where the following issues were approved:

1. The Company's Annual Report, Balance Sheet and Financial Statements, corresponding to the fiscal year ended December 31, 2022;
2. Payment of a final dividend charged against the net profits of the year 2022, equivalent to a dividend of Ch$ 48.81503 per share, to be paid in cash, which will be equivalent to 40% of the distributable net income for the year. The dividend will be made available on May 12, 2023, to those shareholders who appear registered in the Company's records at midnight of the fifth business day prior to that set for payment.
3. Regarding the dividend policy, it was agreed that 40% of 2023 net income would be distributed as dividends, as interim or definitive dividends. Notwithstanding the foregoing, the shareholders authorized the Board of Directors to distribute eventual dividends charged to the reserve funds for an amount equivalent to up to 50% of such funds, in the period between this meeting and the next Ordinary Shareholders' Meeting. All of the above would be conditioned to the fact that the Company has sufficient cash available and that the economic situation of the country and of the Company allows it;
4. The compensation of the Board of Directors and the Directors' Committee for the year 2023;
5. The appoint of EY Servicios Profesionales de Auditoría y Asesoría SpA as external auditors for the 2023 fiscal year;
6. The designation of International Credit Rating Compañía Clasificadora de Riesgo Ltda. (ICR) as the Company's risk classifier for the 2023 fiscal year; and
7. To publish the notices of the Company's Shareholders' Meetings during the year 2023 in the newspaper Diario Financiero, and if this is not possible due to unforeseen circumstances or force majeure, in the newspaper La Segunda.

Dividend of $48.81503 per share charged against 2022 earnings

Effective May 12, 2023, Forus paid a final dividend against 2022 earnings in the total amount of Ch$ 12,617,171,989, equivalent to Ch$ 48.81503 per share, in cash, as agreed to in the Annual Ordinary Shareholders' Meeting.

Launch of RKF in Colombia

In April we launched our RKF brand in Colombia with the inauguration of our digital store Rkflife.com.co, where our customers can find a wide range of apparel, footwear and accessories for women and men, including our celebrated line of wrinkle-free men's shirts, and our products made with organic cotton

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