General Shopping e Outlets do Brasil S A : Release 1Q24

1Q24

São Paulo, May 15, 2024- General Shopping e Outlets do Brasil [B3: GSHP3], one of the main Brazilian companies focused on the development and management of shopping centers in their different models, today announces its results for 1Q24. Except where otherwise stated, the following financial and operational information is presented on a consolidated basis and in thousands of Reais.

General Shopping e Outlets do Brasil S/A reported a first quarter 2024 - 1Q24 - Gross Revenue of R$ 47.1 million, an increase of 9.1% from R$ 43.2 million in the first quarter 2023 - 1Q23.

Consolidated NOI in 1Q24 posted R$ 29.0 million, with a margin of 70.0% and growth of 12.6% in relation to the R$ 25.8 million registered in 1Q23.

Gross Profit in 1Q24 was R$ 28.9 million, equivalent to margin of 69.6% and an increase of 12.7% compared to the R$ 25.6 million in 1Q23.

The Company Adjusted EBITDA in 1Q24 reached R$ 15.4 million, corresponding to a margin of 37.2% and a growth of 7.0% in relation to the R$ 14.4 million in 1Q23.

Consolidated Financial Highlights
R$ thousand	1Q23	1Q24	Chg.
Gross Revenue	43,214	47,134	9.1%
Rent (Shopping Malls)	17,265	16,894	-2.1%
Services	25,949	30,240	16.5%
NOI - Consolidated	25,791	29,048	12.6%
Adjusted EBITDA	14,427	15,435	7.0%
Adjusted Net Result	1,315	(85,294)	-
Adjusted FFO	1,796	(84,756)	-
NOI Margin	69.3%	70.0%	0.7 p.p.
Adjusted EBITDA Margin	38.8%	37.2%	-1.6 p.p.
Adjusted Net Result Margin	3.5%	-205.6%	-
Adjusted FFO Margin	4.8%	-204.3%	-
Gross Revenue per m²	503.36	546.44	8.6%
NOI per m²	300.42	336.76	12.1%
Adjusted EBITDA per m²	168.05	178.94	6.5%
Adjusted Net Result per m²	15.32	(988.84)	-
Adjusted FFO per m²	20.92	(982.61)	-
Own GLA - Average in the Period (m2)	85,851	86,256	0.5%
Own GLA - End of the Period (m2)	85,851	79,951	-6.9%

MANAGEMENT COMMENTS

The Company's Management is pleased to present the operating and financial performance for the first quarter 2024 (1Q24), shown in detail in the respective reports and statements.

Initially, worthy of note is the reduction in Gross Leasable Area in 1Q24 compared with 1Q23 due to the sale of a stake in Parque Shopping Barueri, but partially offset by the inauguration of the Outlet Premium São Paulo expansion.

Gross revenue in 1Q24 reported growth of 9.1% to R$ 47.1 million, weighted by the reduction in Rental Revenues of 2.1% and a growth in Services Revenue of 16.5% when compared with 1Q23.

With respect to Same Areas performance, Same Area Rentals posted a decrease of 4.3%, in 1Q24 when compared with the same period in 2023 and a year-on-year growth in Same Area Sales of 4.7%.

The Company's occupancy rate increased in the quarter to reach 94.1% in 1Q24 compared with 93.7% relative to the same item in 1Q23.

In regard to the Costs of Rentals and Services, there was an increase of 8.7% compared to 1Q23, reaching R$ 12.6 million, impacted by occupancy costs as well as payroll overheads.

NOI reached R$ 29.0 million in 1Q24, an increase of 12.6% in relation to the same period in 2023 and corresponding to a 70.0% margin.

General and Administrative Expenses recorded a reduction of 3.6% in 1Q24, when compared to 1Q23, impacted largely by a reduction in non-recurring expenses.

The Company's Adjusted EBITDA in 1Q24 posted a year-on-year increase of 7.0%, reaching R$ 15.4 million, equivalent to an Adjusted EBITDA Margin of 37.2%.

The Net Financial Result in the quarter was largely impacted by the US Dollar x Real exchange variation, registering a negative R$ 99.9 million in 1Q24 relative compared to a negative R$ 11.4 million in 1Q23.

We would like to take the opportunity to thank our employees, tenants, customers and visitors for their invaluable contributions.

Marcio Snioka,

Investor Relations Officer

Earnings Result 1Q24

2

GROSS REVENUE

The Company's total gross revenue this quarter amounted to R$ 47.1 million, representing a growth of 9.1% in relation to 1Q23.

Growth revenue from rents in 1Q24 amounted to R$ 16.9 million, equivalent to 35.8% fo the total gross revenue and a decrease of 2.1% year-on-year. This decrease occurred more particularly as function of the sale of a stake in Parque Shopping Barueri, albeit partially offset by the inauguration of the Outlet Premium São Paulo expansion.

Gross revenue from services in 1Q24 totaled R$ 30.2 million, representing an increase of 16.5% in realtion to 1Q23. The key factor in this growth was an increase in vehicle flows and the consumption of services provided by the Company.

TOTAL GROSS REVENUE
(R$ million)	47.1
43.2
	9.1%
25.9			30.2
	16.5%
-2.1%
17.3			16.9
1Q23			1Q24
Rent		Services

RENTAL REVENUE

The Company's revenue from rental income, totaling R$ 16.9 million in 1Q24 is divided between minimum rents, rentals as a percentage of sales, key money, merchandising and straight-lining revenue.

Earnings Result 1Q24

3

Rental Revenue Breakdown
R$ million	1Q23	1Q24	Chg.
Minimum Rent	14.3	12.9	-9.5%
Percentage on Sales	1.1	1.4	29.0%
Key Money	0.2	0.2	-35.7%
Advertising	1.6	1.9	19.2%
Straight-lining Revenue	0.1	0.5	532.3%
Total	17.3	16.9	-2.1%

Revenues from minimum rent in 1Q24 fell by R$ 1.4 million, or 9.5% relative to 1Q23, mainly a reflection of the factors already mentioned.

Rent as a percentage of sales increased by 29.0% comparing the two quarters.

Temporary rent (Merchandising) in 1Q24 amounted to R$ 1.9 million, a growth of R$ 0.3 million in relation to 1Q23.

Revenues from minimum rents were 76.5% of the total revenue from rents in 1Q24, while in 1Q23 this same percentage was 82.7%.

Rental Revenue Breakdown - 1Q24

11.2% 3.2%

0.9%

8.2%

	76.5%
Minimum Rent	Percentage on Sales
Key Money	Advertising
Straight-lining Revenue

REVENUE FROM SERVICES

In 1Q24, revenues from services totaled R$ 30.2 million, representing growth of 16.5% in relation to the same period in 2023.

Earnings Result 1Q24

4

Services Revenue Breakdown
R$ million	1Q23	1Q24	Chg.
Parking	13.6	14.9	9.6%
Energy	4.8	6.7	38.1%
Water	2.2	2.5	13.9%
Management	5.3	6.1	14.7%
Total	25.9	30.2	16.5%

Parking lot revenue in 1Q24 was R$ 14.9 million, a growth of R$ 1.3 million or 9.6% in relation to 1Q23. This increase is mainly the result of increased vehicle flows through our operations and tariff readjustments.

Revenues from the management of energy supplies were R$ 6.7 million in 1Q24, a growth of R$ 1.9 million or 38.1%. This result reflects the variation in spot purchasing costs in addition to the factors already mentioned above.

Revenues from the management of water supply amounted to R$ 2.5 million in 1Q24, R$ 0.3 million greater than 1Q23.

DEDUCTIONS FROM REVENUE (TAXES, DISCOUNTS AND CANCELLATIONS)

Taxes, discounts and cancellations deductible from gross revenue amounted to R$ 5.6 million in 1Q24, corresponding to 12.0% of this same account, in 1Q23 representing 13.9%.

Sales taxes (PIS/COFINS/ISS) totaled R$ 4.3 million in 1Q24, representing a growth of R$ 0.4 million in relation to 1Q23.

During 1Q24, discounts and cancellations were R$ 1.3 million, a decrease of R$ 0.8 million year-on-year.

NET REVENUE FROM RENT AND SERVICES

Net Revenue totaled R$ 41.5 million in 1Q24, a growth of 11.5% compared to the same period in the preceding year.

COSTS OF RENTS AND SERVICES

In 1Q24, the cost of rents and services recorded a growth of 8.7% at R$ 12.6 million.

Earnings Result 1Q24

5

Rental and Services Costs
R$ million	1Q23	1Q24	Chg.
Personnel	1.1	1.3	24.5%
Depreciation	0.2	0.2	-
Occupancy	6.5	7.6	16.6%
Third parties	3.8	3.5	-8.8%
Total	11.6	12.6	8.7%

Personnel Costs

Costs with personnel were R$ 1.3 million in this quarter, R$ 0.2 million greater than in 1Q23.

Depreciation Costs

In 1Q24, depreciation costs were R$ 0.2 million, the same level as 1Q23.

Occupancy Costs

In this quarter, occupancy costs totaled R$ 7.6 million, R$ 1.1 million greater than 1Q23.

OCCUPANCY COST

(R$ million)

4.3	5.8

2.2	1.8
1Q23	1Q24
Malls	Services

The occupancy costs of the shopping centers were R$ 1.8 million in 1Q24, R$ 0.4 million less than in 1Q23.

Earnings Result 1Q24

6

The occupancy costs of services amounted to R$ 5.8 million in 1Q24, an increase of R$ 1.5 million compared with 1Q23, directly impacted by the variation in vehicle flows, already mentioned above.

OCCUPANCY RATE PERFORMANCE

93.7%	94.1%

1Q23

1Q24

Third Party Services Costs

Third party services costs in 1Q24, mainly those related to parking lots, reported R$ 3.5 million, R$ 0.3 million lower than in 1Q23.

THIRD-PARTIES SERVICES COST

(R$ million)

3.8

3.5

1Q23

1Q24

GROSS PROFIT

Gross profit in 1Q24 was R$ 28.9 million, corresponding to a margin of 69.6% and a growth of 12.7% compared to the R$ 25.6 million in 1Q23.

Earnings Result 1Q24

7

In 1Q24, the Company's Consolidated NOI was R$ 29.0 million. NOI from Shopping Center operations was R$ 11.8 million and from Services, R$ 17.2 million.

NOI - 1Q24

(R$ million)

27.8

13.6

	10.6
1.8
Malls	Services
Net Revenue	Total Costs (-) Depreciation

GENERAL AND ADMINISTRATIVE EXPENSES

General and administrative expenses in 1Q24 amounted to R$ 16.5 million, representing a decrease of 3.6%, compared with 1Q23.

General and Administrative Expenses
R$ million	1Q23	1Q24	Chg.
Publicity and Advertising	(0.3)	(0.6)	77.7%
Provision for Doubtful Accounts	-	(0.2)	-
Personnel	(4.5)	(4.3)	-4.2%
Third Parties	(3.4)	(3.8)	10.1%
Commercialization Expenses	(0.7)	(0.9)	30.0%
Non-recurring Expenses	(4.9)	(2.0)	-59.6%
Other Expenses	(3.3)	(4.7)	43.7%
Total	(17.1)	(16.5)	-3.6%

In the first quarter 2024, we posted a decrease of R$ 0.6 million in administrative expenses which can be explained by the decrease in (i) expenses with personnel and (ii) non-recurring expenses, partially offset by increases in (iii) commercialization expenses, (iv) publicity and advertising, (v) third party service expenses (vi) provision for doubtful debts and (vii) other expenses.

Earnings Result 1Q24

8

OTHER OPERATIONAL REVENUES AND (EXPENSES)

Other operational revenues and expenses mainly reflect the recovery of costs and expenses paid by the Company for account of condominiums and other recoveries in general. In 1Q24, other operational revenues and expenses were a negative R$ 11.6 million while in 1Q23 this item was a positive R$ 0.5 million.

Other Operating Revenues and Expenses
R$ million	1Q23	1Q24	Chg.
Expenses Recovery	-	0.1	-
Recovery (other)	0.5	(11.7)	-
Total	0.5	(11.6)	-

NET FINANCIAL RESULT

The net financial result in 1Q24 was a negative R$ 99.9 million and in 1Q23, the result was a negative R$ 11.4 million. Worthy of note is that there is no cash effect from exchange rate variation on the principal amount of perpetual debt.

While work is in progress on greenfield projects, interest charges are capitalized and then amortized once the commercial developments begin operations.

Net Financial Result
R$ million	1Q23	1Q24	Chg.
Revenues	105.1	5.6	-94.6%
Interest on financial investments	2.6	1.7	-35.3%
Exchange Variation - Asset	87.1	-	-
Derivative Operational Gain	11.3	1.2	-89.0%
Other	4.1	2.7	-33.9%
Expenses	(116.5)	(105.5)	-9.4%
Interest on loans, financing and CCIs	(5.0)	(4.9)	-1.5%
Perpetual Bonds Debt	(34.8)	(33.4)	-4.0%
Derivative Operational Loss	(31.9)	(0.1)	-99.6%
Exchange Variation - Liability	(38.5)	(57.3)	48.7%
Monetary Variation - Liability	-	(1.3)	-
Fine on Overdue Taxes	(2.8)	(6.3)	123.4%
Other	(3.5)	(2.2)	-36.9%
Total	(11.4)	(99.9)	775.9%

FINANCIAL INSTRUMENTS

Risk Management Policy involves the use of financial derivatives or financial investments in US Dollars to protect the Company against variations that may affect liquidity. The Board of Directors is responsible for monitoring the policy and making eventual alterations.

Earnings Result 1Q24

9

Speculative transactions are not permitted under the policy and any instrument employed must be used solely to mitigate risks. All operations are controlled through daily mark-to-market and the use of risk limits, information on which is provided to the Company's Financial Department by an outside consultancy.

No derivative of the Company is classified as a hedge instrument under the Brazilian Accounting Pronouncements Committee's (CPC 48) definition and therefore is not booked to the accounts in line with Hedge Accounting practices.

EXCHANGE RISK

The Company's current strategy is to hold at least one year's interest payments on the bonds protected against currency risk. To this end, hedging may be undertaken through operations, including derivative instruments, either in Brazil or abroad, to comply with criteria of cost and profitability.

General Shopping manages and monitors its derivatives position daily, adjusting it in accordance with the best hedging strategy at below market costs.

The Company uses non-deliverable forwards (NDF) with first class institutions to protect interest payments on its currency-denominated obligations.

As of March 31, 2024, the Company's hedge position:
	Types of Hedge Instruments
	Derivative Instrument - Exchange NDF	TOTAL
	Initial price - R$/US$*	5.0755
	Notional value in US$ thousands	15,000
	Fair value in R$ thousands	(370)

Total Hedge Instruments

Notional value in US$ thousands

Fair value in R$ thousands

1. The price reflects the derivative's entry price.

TOTAL 15,000

(370)

INCOME TAX AND SOCIAL CONTRIBUTION (CURRENT AND DEFERRED)

The income tax and social contribution take reported in 1Q24 was R$ 5.1 million negative and in 1Q23, a negative R$ 2.9.

Earnings Result 1Q24

10