Earnings release
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RESULT S 3Q26 1 EARNINGS RELEASE 3Q26
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RESULT S 3Q26 2 EARNINGS CONFERENCE CALL Date: November 5, 2026 (Portuguese/English) Brasília: 11:00h | New York: 09:00h | London: 14:00h webcast: ri.cea.com.br CLOSING ON: SEPTEMBER 30, 2026 PRICE: R$ 10.03 MARKET VALUE: R$ 2,969.5 million SHARES OUTSTANDING: 197,273,419 HIGHLIGHTS 3Q26 C&A launches its Full Power strategy for the 2027 - 2030 cycle RESULT S 3Q26 2 56.0% Apparel gross margin, +0.6 p.p. vs. 3Q25 +27.6% Site & app revenue vs. 3Q25, reaching an 8.0% share of merchandise sales 0.2x leverage¹ in the quarter, even after paying R$ 140 million in interest on equity and R$ 110 million in share buybacks year to date R$ 183.9 MI 3Q26 capex, up 26.2% vs. 3Q25 R$ 349.0 MI Operating cash generation in the quarter , - 7.5% vs. 3Q25 8 renovations Completed in 3Q26 under the Energia format, with 10 more scheduled for 4Q26 5 openings In 3Q26, including the new Avenida Paulista store and 2 Ace stores +4.0 p.p. Brick - and - mortar store NPS vs. 3Q25 GPTW Certified for the 3rd consecutive year, ranking among the Top 4 in retail 18.0% Adjusted ROIC¹ LTM 3Q26, above the Company's cost of capital (1) ROIC calculated based on adjusted net income for the last four quarters. Apparel net revenue increased 2.6%, with gross margin expansion for the 21st consecutive quarter
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RESULT S 3Q26 3 RESULT S 3Q26 3 MESSAGE FROM MANAGEMENT This quarter marks C&A's 50 th anniversary in Brazil and the launch of Full Power, our new strategic cycle through 2030 , presented at C&A Day 2026 in late August . Full Power builds on the foundations of the Energia C&A cycle ( 2023 - 2026 ), which developed new capabilities in fashion products, the omni journey, brand and customer relationship . Full Power will maintain the same discipline in capital allocation, with structural investments and a modular implementation that allows us to calibrate the pace of initiatives, prioritizing project profitability and cash generation . The agenda includes continued store openings and renovations, the Dispersão program and new businesses such as Ace, our new store format in the athleisure segment . Technology is a key enabler across all pillars of the new strategy . We are incorporating more data, advanced analytical tools and AI agents into key processes, such as commercial management, assortment planning and the replenishment of stores and of our website and APP, to make our decisions increasingly faster and more accurate . The new logistics strategy continues to be executed . We are moving toward a more regionalized network that brings inventory closer to demand, with the new distribution center in the Northeast, and we have expanded SKU - level replenishment to make distribution even more accurate . These advances, combined with the evolution of our forecasting and assortment management models, increase the precision of replenishment decisions and help make products available on a more granular basis . Reaching 50 years is a historic milestone for the Company . Since opening our first store in 1976 , we have built a meaningful connection with millions of customers, which we have strengthened in recent years through the evolution of our fashion products, a more seamless shopping experience and a stronger presence in our customers' everyday lives . We celebrated this milestone through a range of initiatives, such as the launch of our special 50 th anniversary collection, featuring pieces inspired by different moments in our history, and we were also present at Rock in Rio, one of the country's largest music and culture events, which brought together more than 700 , 000 people . This quarter, apparel net revenue totaled R $ 1 . 7 billion, up 2 . 6 % compared to 3 Q 25 . Even with lower customer traffic due to the World Cup and high household income commitment, we delivered the 21 st consecutive quarter of apparel gross margin expansion, prioritizing greater efficiency in inventory management . During the period, we opened three C&A stores, including the new Avenida Paulista store, plus two Ace stores, and continued with 18 renovations at some of our most important stores . Renewing our store portfolio is one of the highest - potential fronts of the new Full Power cycle . Today, only a small portion of our store base operates under the new Energia C&A format . Site and App net revenue grew for the 11 th consecutive quarter, up 27 . 6 % in 3 Q 26 , reflecting the continued rollout of features that broaden access to our assortment, make the shopping experience more seamless and contribute to the expansion of our omni customer base . C&A Pay posted a result of R $ 20 . 2 million in the quarter, supported by improved delinquency rates, reflecting disciplined management of the credit policy and the adoption of more restrictive criteria for new customers, which reinforces portfolio quality and the effectiveness of our credit granting and recovery models . Capex totaled R $ 183 . 9 million in the quarter, 26 . 2 % above 3 Q 25 , as a result of accelerated investments in store renovations and expansion, the start of operations at the new Northeast distribution center and progress in the rollout of self - checkout across our store network . This quarter, we also completed our 4 th share buyback program, totaling 10 million shares, approximately 5 % of shares outstanding . In addition, the Board of Directors approved the cancellation of 6 . 3 million treasury shares, reinforcing our commitment to higher shareholder returns . Once again, we were certified as a Great Place to Work and ranked 4 th among super - large companies in the retail ranking, reflecting a culture that values people and a healthy work environment, which is essential for attracting and retaining talent . Throughout its history, C&A has demonstrated its ability to adapt to volatile market environments . In the Energia C&A cycle, this ability translated into value creation, with adjusted ROIC rising from 3 . 1 % to 18 . 0 % in three years . The new strategic cycle preserves the same principle that guides every capital allocation decision, with a focus on return on invested capital and the Company's cost of capital . We therefore enter the Full Power cycle supported by a solid capital structure, with leverage of 0 . 2 x net debt to EBITDA, and a clear agenda of initiatives to sustain profitable growth in the coming years . With disciplined execution, the ability to adapt to different economic scenarios and a permanent focus on cash generation and ROIC, we will continue to advance our strategic pillars, building the C&A of the next 50 years . Management, C&A Modas S . A .
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RESULT S 3Q26 4 RESULT S 3Q26 4 HIGHLIGHTS Consolidated Results (1) SSS: Same Store Sales - Sales growth in comparable stores. It comprises sales from stores in operation for more than 13 mont hs compared to the same period of the previous year, including e - commerce and all its sales and delivery modalities (100% online, direct sales, Ship from Store and Click & Collect). (2) Considers only selling, general and administrative expenses, excluding depreciation and amortization expenses, including right - of - use (lea se) depreciation, allowance for expected credit losses and other operating (expenses) income, for analysis purposes. (3) Adjustments include: ( i ) other net operating income (expenses); (ii) financial income from suppliers; (iii) recovery of tax credits; and (iv) long - term incentive program. (4) Post - IFRS 16; adjustme nts include: ( i ) other net operating income (expenses); (ii) recovery of tax credits; and (iii) long - term incentive program, net of taxes. 4 KPI's (R$ Million and %) 3Q26 3Q25 ∆ % 9M26 9M25 ∆ % Sales Consolidated net revenue 1,883.0 1,840.9 2.3% 5,584.9 5,511.4 1.3% Apparel net revenue 1,690.9 1,648.7 2.6% 5,034.7 4,807.9 4.7% Same store sales - apparel (SSS)¹ (%) 1.0% 8.1% -7.1 p.p. 3.2% 13.2% -10.0 p.p. Same store sales - merchandise (SSS)¹ (%) -0.1% 4.8% -4.9 p.p. 0.3% 10.8% -10.5 p.p. Gross margin Consolidated (%) 55.7% 54.6% 1.0 p.p. 56.6% 55.2% 1.3 p.p. Apparel (%) 56.0% 55.4% 0.6 p.p. 57.0% 56.3% 0.7 p.p. Merchandise (%) 55.2% 54.6% 0.6 p.p. 56.2% 54.6% 1.5 p.p. Operating expenses² SG&A Post IFRS-16 (700.5) (658.7) 6.4% (2,077.2) (1,992.9) 4.2% % Net Revenue 37.2% 35.8% 1.4 p.p. 37.2% 36.2% 1.0 p.p. SG&A Pre IFRS-16 (826.9) (783.1) 5.6% (2,460.9) (2,360.3) 4.3% % Net Revenue 43.9% 42.5% 1.4 p.p. 44.1% 42.8% 1.2 p.p. Adjusted EBITDA³ Post IFRS-16 317.6 333.3 -4.7% 998.2 1,016.2 -1.8% % Net Revenue 16.9% 18.1% -1.2 p.p. 17.9% 18.4% -0.6 p.p. Pre IFRS-16 191.2 208.8 -8.4% 614.5 648.9 -5.3% % Net Revenue 10.2% 11.3% -1.2 p.p. 11.0% 11.8% -0.8 p.p. Net income Reported post IFRS-16 170.3 69.5 145.1% 349.8 273.9 27.7% Adjusted post IFRS-16 56.5 73.6 -23.3% 194.7 200.9 -3.1% Investments and ROIC CAPEX 183.9 145.8 26.2% 364.7 298.4 22.2% ROIC LTM 18.0% 22.0% -4.0 p.p. 18.0% 22.0% -4.0 p.p. Operating data Number of stores 346 333 3.9% 346 333 3.9% Average sales area in thousand m² 637.9 622.1 2.5% 634.6 619.0 2.5% Consolidated average ticket price 193.1 195.5 -1.2% 204.4 198.6 2.9% Average ticket price at C&A Pay 250.2 257.1 -2.7% 260.5 259.5 0.4%
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RESULT S 3Q26 5 RESULT S 3Q26 5 FINANCIAL PERFORMANCE
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RESULT S 3Q26 6 RESULT S 3Q26 6 NET REVENUE (1) Mainly considers shipping fees on website and app sales. (2) Excludes the commission fee that C&A Pay receives from C&A Modas , which is treated as intercompany revenue for accounting purposes. (3) SSS: Same Store Sales - Sales growth in comparable stores. It comprises sales from stores in operation for more than 13 months compared to the same period of the previous year, including e - commerce and all its sales and delivery modalities (100% online, direct sales, Ship from Store and Click & Collect). Regarding merchandise sales, it is important to note the discontinuation of the telephony ki osk s. Net revenue (R$ Million) 3Q26 3Q25 ∆ % 9M26 9M25 ∆ % Consolidated net revenue 1,883.0 1,840.9 2.3% 5,584.9 5,511.4 1.3% Apparel 1,690.9 1,648.7 2.6% 5,034.7 4,807.9 4.7% Merchandise net revenue 1,792.8 1,769.0 1.3% 5,337.1 5,245.2 1.8% Other revenues¹ 2.9 5.9 -49.8% 6.1 18.2 -66.6% Financial services² 87.2 65.9 32.2% 241.7 248.0 -2.5% Same store sales performance³ (%) Apparel (%) 1.0% 8.1% -7.1 p.p. 3.2% 13.2% -10.0 p.p. Merchandise (%) -0.1% 4.8% -4.9 p.p. 0.3% 10.8% -10.5 p.p.
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RESULT S 3Q26 7 RESULT S 3Q26 7 NET REVENUE 3 Q 26 was marked by a consumer environment of high interest rates and elevated household income commitment, compounded by transitory customer traffic factors . In this context, the quarter showed distinct dynamics, characterizing a gradual recovery in sales performance . In the first half of the quarter, the decline in customer traffic observed in 2 Q 26 due to the World Cup persisted . As this effect normalized over the following months, traffic gradually improved and reached an inflection point in mid - September . The second half also saw the arrival of the new summer collection, versatile and designed for different occasions, which also supports the performance of continuity products and functional categories such as denim, knitwear and lingerie . By the end of 3 Q 26 , most stores were already set up with the new collection, and we had achieved a good sell - through of the winter collection, with inventories at adequate levels . In addition, the quarter concentrated a significant volume of works, with 18 renovations underway at some of our most important stores . Although these works temporarily reduce sales in the short term, the uplift observed after renovations boosts the Company's sales productivity per m² once the stores reopen . This effect had an estimated impact of approximately - 1 p . p . on same store sales for the period . New stores also contributed to growth, with the C&A store portfolio totaling 343 units plus three Ace stores in 3 Q 26 , compared to 333 C&A stores in 3 Q 25 . In this context, apparel net revenue totaled R $ 1 , 690 . 9 million in 3 Q 26 , up 2 . 6 % compared to 3 Q 25 and 11 . 6 % on a two - year basis ( 3 Q 26 vs . 3 Q 24 ) . Apparel SSS was 1 . 0 % , over a comparison base of 8 . 1 % in 3 Q 25 . Excluding the impact of renovations, apparel SSS would have been 2 . 0 % . Merchandise net revenue reached R $ 1 , 792 . 8 million in the quarter, up 1 . 3 % compared to 3 Q 25 , with SSS of - 0 . 1 % . This performance reflects the 2 . 6 % growth in apparel net revenue, partially offset by a 15 . 3 % decline in Electronics & Beauty net revenue, which totaled R $ 101 . 9 million . This variation reflects the 3 Q 25 comparison base, the quarter in which the phase - out of the telephony operation was completed, with the closure of the 47 kiosks remaining at that time . In Beauty, revenue was impacted by the change in the category's tax treatment in the State of São Paulo as of April 2026 and by an industry dynamic with fewer makeup launches . Over the quarter, the category improved gradually, in line with the recovery in store traffic, gaining further traction from mid - September onward . In the quarter, other revenues, which mainly result from shipping fees charged on e - commerce sales, totaled R $ 2 . 9 million, compared to R $ 5 . 9 million in 3 Q 25 . Apparel net revenue and SSS ¹ CAGR 3Q22 - 3Q26: 10.5% APPAREL MERCHANDISE OTHER REVENUES Note: Net revenue chart in R$ millions Apparel net revenue per m 2 CAGR 3Q22 - 3Q26: 9.7% 1,134 1,277 1,514 1,649 1,691 0.9% 12.5% 18.9% 8.1% 1.0% 3Q22 3Q23 3Q24 3Q25 3Q26 Net revenue apparel SSS 1.8 2.0 2.5 2.7 2.7 3Q22 3Q23 3Q24 3Q25 3Q26
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RESULT S 3Q26 8 RESULT S 3Q26 8 NET REVENUE SITE & APP FINANCIAL SERVICES Site & App net revenue CAGR 3Q22 - 3Q26: 23.1% In 3 Q 26 , merchandise net revenue from the website and app totaled R $ 143 . 2 million, up 27 . 6 % compared to 3 Q 25 . With this performance, the channel's share of merchandise revenue increased 1 . 6 p . p . year over year, reaching 8 . 0 % of merchandise sales, with improved profitability in the annual comparison . The Company continues to invest in optimizing its omnichannel operation as a strategic lever to connect physical and digital channels . In addition, the journey continued to improve with the implementation of new features that provide a more seamless experience for customers, who can now complete their purchases in just two clicks . These initiatives have contributed to a conversion rate 43 % higher than in 3 Q 25 in the digital channel, which continues to gain relevance . Social commerce has also been gaining relevance in C&A's strategy . This front broadens customer touchpoints and creates new relationship opportunities with customers from different generations, becoming an important growth lever for the business . In this context, the Company debuted on TikTok Shop with a live commerce event broadcast from the Vitrine Viva at the Rua Augusta store, bringing the physical store experience to digital content . Finally, the AI Personal Shopper has become an important tool for finding products and gifts on our digital channel, with Father's Day as a highlight, when brand initiatives achieved higher adoption and conversion rates . In the quarter, C&A Pay revenue reached R $ 100 . 8 million (+ 26 . 7 % ), driven by higher installment sales with interest and by the start of the personal loan testing phase, which is being offered gradually, only to existing customers with a good payment history and exclusively through the app . Excluding the effect of the Merchant Discount Rate (MDR)¹, C&A Pay net revenue consolidated in the Company was R $ 87 . 2 million . Given the termination of the partnership with Bradescard in 2 Q 25 , there was no result from it in either 3 Q 25 or 3 Q 26 . Note: Charts in R$ millions and %; (1) Corresponds to the commission fee charged by SCD C&A Pay on transactions carried out b y C &A Varejo . As this charge occurs between companies of the same group, the impact is eliminated upon consolidation. (2) Cash payments includ e p ayments made in cash, by debit card and via Pix. Payment methods ¹ Site & App (R$ Million) 3Q26 3Q25 ∆ % 9M26 9M25 ∆ % Merchandise net revenue (site + app) 143.2 112.2 27.6% 406.0 311.9 30.2% Merchandise net revenue 8.0% 6.3% 1.6 p.p. 7.6% 5.9% 1.7 p.p. Financial Services (R$ Million) 3Q26 3Q25 ∆ % 9M26 9M25 ∆ % C&A Pay net revenue 100.8 79.6 26.7% 281.6 256.9 9.6% Sales penetration (%) 27.8% 28.8% -1.0 p.p. 27.6% 27.2% 0.4 p.p. Bradescard net revenue 0.0 0.0 - 0.0 29.4 - Sales penetration (%) 0.0% 0.0% 0.0 p.p. 0.0% 1.2% -1.2 p.p. 62 63 95 112 143 4.7% 4.3% 5.6% 6.3% 8.0% 3Q22 3Q23 3Q24 3Q25 3Q26 Site and APP net revenue % NR of merchandise 14.0% 22.0% 25.3% 28.8% 27.8% 7.7% 4.0% 1.6% 48.0% 45.0% 43.4% 42.7% 42.9% 30.0% 29.0% 29.7% 28.5% 29.3% 3Q22 3Q23 3Q24 3Q25 3Q26 C&A Pay Bradescard Third party cards Cash
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RESULT S 3Q26 9 RESULT S 3Q26 9 GROSS PROFIT AND GROSS MARGIN (1) Mainly considers shipping fees on website and app sales. Apparel gross profit and gross margin evolution Gross profit Gross margin Apparel gross margin reached 56 . 0 % in 3 Q 26 , an expansion of 0 . 6 p . p . vs . 3 Q 25 , completing 21 consecutive quarters of expansion . This result was achieved even in a promotional environment, due to sound gross margin management supported by Dynamic Pricing 2 . 0 , which now also operates in the product price - setting process . In addition, greater collection assertiveness, the expansion of Push and Pull, the initial benefits of the new logistics strategy and a positive exchange rate effect also contributed to this improvement . As a result, merchandise gross margin reached 55 . 2 % (+ 0 . 6 p . p . ) and consolidated gross margin reached 55 . 7 % (+ 1 . 0 p . p . ) . Gross profit & gross margin (R$ Million & %) 3Q26 3Q25 ∆ % 9M26 9M25 ∆ % Consolidated gross profit 1,048.3 1,005.9 4.2% 3,160.0 3,044.8 3.8% Consolidated gross margin (%) 55.7% 54.6% 1.0 p.p. 56.6% 55.2% 1.3 p.p. Apparel gross profit 946.5 912.7 3.7% 2,870.7 2,707.8 6.0% Gross margin (%) 56.0% 55.4% 0.6 p.p. 57.0% 56.3% 0.7 p.p. Merchandise gross profit 989.2 965.4 2.5% 2,997.8 2,866.4 4.6% Gross margin (%) 55.2% 54.6% 0.6 p.p. 56.2% 54.6% 1.5 p.p. Other¹ (28.1) (25.4) 10.4% (79.4) (69.4) 14.5% Financial services 87.2 65.9 32.2% 241.7 247.7 -2.4% Gross margin (%) 100.0% 100.0% 0.0 p.p. 100.0% 99.9% 0.1 p.p. 587 691 834 913 947 51.8% 54.1% 55.1% 55.4% 56.0% 3Q22 3Q23 3Q24 3Q25 3Q26 Note: Margin evolution in year - over - year (YoY) comparisons; chart information in R$ millions and % CAGR 3Q22 - 3Q26: 12.7%
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RESULT S 3Q26 10 RESULT S 3Q26 10 OPERATING EXPENSES Note: Charts in R$ millions and % (1) Excludes expenses with allowance for expected credit losses and other operating (expenses) income to facilitate analysis. (2 ) Includes other operating (expenses) income. Pre - IFRS 16 selling expenses totaled R $ 638 . 1 million in 3 Q 26 , up 6 . 9 % compared to 3 Q 25 . This variation mainly reflects marketing investments related to the brand's 50 th anniversary and Rock in Rio, which are non - recurring in nature . Higher occupancy costs resulting from the expansion of the store portfolio, which ended the period with 346 stores (vs . 333 in 3 Q 25 ), also contributed to this increase . As a percentage of net revenue, selling expenses reached 33 . 9 % , a pressure of 1 . 5 p . p . year over year . On a post - IFRS 16 basis, they totaled R $ 521 . 6 million, up 8 . 5 % , with a pressure of 1 . 6 p . p . on net revenue . General and administrative expenses (G&A) remained practically stable . On a pre - IFRS 16 basis, they totaled R $ 188 . 8 million, up 1 . 3 % compared to 3 Q 25 , reflecting, among other factors, lower long - term incentive program provisions due to the 11 . 9 % decline in the share price in 3 Q 26 , versus a 14 . 3 % appreciation in 3 Q 25 . As a percentage of net revenue, G&A diluted by 0 . 1 p . p . On a post - IFRS 16 basis, these expenses totaled R $ 178 . 9 million, up 0 . 5 % , with a dilution of 0 . 2 p . p . Other operating income (expenses) resulted in net income of R $ 176 . 0 million, positively impacted by the recognition of PIS and COFINS tax credits based on the assessment of the Company’s internal and external legal advisors, in accordance with the concept of inputs applied to expenses considered essential and/or relevant to its activities .. As a result, pre - IFRS 16 SG&A totaled R $ 826 . 9 million in the quarter, up 5 . 6 % compared to 3 Q 25 , representing 43 . 9 % of net revenue, a pressure of 1 . 4 p . p . year over year . On a post - IFRS 16 basis, SG&A totaled R $ 700 . 5 million, up 6 . 4 % , also with a pressure of 1 . 4 p . p . Excluding the effects of the quarter's non - recurring marketing investments, SG&A growth was below inflation . OPERATING EXPENSES Post - IFRS 16 (CAGR 3Q22 - 3Q26: 6.9%) Pre - IFRS 16 (CAGR 3Q22 - 3Q26: 6.2%) Operating expenses Operating expenses / Net revenue Pre - IFRS operating expenses Pre - IFRS operating expenses / Net revenue Operating expenses (R$ M illion) 3Q26 3Q25 ∆% 9M 26 9M 25 ∆% 3Q26 3Q25 ∆% 9M 26 9M 25 ∆% Selling expenses (521 .6) (480.7) 8.5% (1 ,549.2) (1 ,458.1 ) 6.2% (638.1 ) (596.7) 6.9% (1 ,905.2) (1 ,801 .8) 5.7% General and administrative expenses (1 78.9) (1 78.0) 0.5% (528.0) (534.8) -1 .3% (1 88.8) (1 86.4) 1 .3% (555.7) (558.5) -0.5% Operating expenses¹ (700.5) (658.7) 6.4% (2,077.2) (1 ,992.9) 4.2% (826.9) (783.1 ) 5.6% (2,460.9) (2,360.3) 4.3% Other operating income (expenses) 1 76.0 1 .8 9531 .7% 240.4 1 59.0 51 .2% 1 76.0 1 .8 9531 .7% 239.4 1 51 .7 57.8% Total operating expenses² (524.5) (656.8) -20.1 % (1 ,836.8) (1 ,833.9) 0.2% (650.9) (781 .3) -1 6.7% (2,221 .5) (2,208.6) 0.6% % of consolidated net revenue Selling expenses 27.7% 26.1 % 1 .6 p.p. 27.7% 26.5% 1 .3 p.p. 33.9% 32.4% 1 .5 p.p. 34.1 % 32.7% 1 .4 p.p. General and administrative expenses 9.5% 9.7% -0.2 p.p. 9.5% 9.7% -0.2 p.p. 1 0.0% 1 0.1 % -0.1 p.p. 9.9% 1 0.1 % -0.2 p.p. Operating expenses 37.2% 35.8% 1 .4 p.p. 37.2% 36.2% 1 .0 p.p. 43.9% 42.5% 1 .4 p.p. 44.1 % 42.8% 1 .2 p.p. Total Operating expenses 27.9% 35.7% -7.8 p.p. 32.9% 33.3% -0.4 p.p. 34.6% 42.4% -7.9 p.p. 39.8% 40.1 % -0.3 p.p. Pré IFRS-16 Post IFRS-16 536 541 634 659 701 38,1% 35,1% 35,2% 35,8% 37,2% 3Q22 3Q23 3Q24 3Q25 3Q26 650 659 750 783 827 46,2% 42,7% 41,7% 42,5% 43,9% 3Q22 3Q23 3Q24 3Q25 3Q26
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RESULT S 3Q26 11 FINANCIAL SERVICES Notes: Charts in R$ millions (except average ticket) and %; (1) Excluding R$ 3.8 million in credit recovery from the partial assignment of the portfolio overdue for more than 720 days, in the amount of R$ 83.3 million, in 3Q25. Average ticket Net loss over average portfolio Active portfolio Net loss / Average portfolio up to 360 days C&A average ticket C&A Pay average ticket Even in a macroeconomic scenario of high household income commitment due to indebtedness levels, C&A Pay maintained its improvement trajectory and delivered a result of R $ 20 . 2 million in the quarter, compared to R $ 7 . 9 million in 3 Q 25 . This performance reflects a selective approach to credit granting, combined with a deeper relationship with the customer base . C&A Pay revenue totaled R $ 100 . 8 million, up 26 . 7 % compared to 3 Q 25 , driven by portfolio growth and a greater contribution from interest - bearing products, such as installment sales with interest and personal loans . Developed in - house over the past two years, with small volumes to calibrate the credit models, the personal loan product remains in the testing phase, offered gradually and only to existing customers with a good payment history, with profitability and loss provisions within the established parameters, considering the product’s characteristics . Selling expenses totaled R $ 26 . 7 million in the quarter . In addition to the operational evolution of the business, the criteria for allocating expenses between retail and financial services were also revised . Net credit losses totaled R $ 40 . 9 million . In the annual comparison, it is worth noting that 3 Q 25 benefited from a portfolio assignment, with a positive impact of R $ 3 . 8 million ; excluding this effect, the increase would have been 29 . 2 % . This increase mainly reflects provisions related to the personal loan tests, a product whose characteristics require loss provisions to be more concentrated in the early stages of the portfolio . 167.8 182.3 189.0 195.5 193.1 210.3 237.6 247.6 257.1 250.2 3Q22 3Q23 3Q24 3Q25 3Q26 384,8 724,8 886,9 855,7 941,0 5,9% 9,0% 4,8% 3,2% 4,3% 3Q22 3Q23 3Q24 3Q25 3Q26 ¹ 3.6% C&A Pay 3Q26 3Q25 ∆ % 9M26 9M25 ∆ % Net revenue from taxes 100.8 79.6 26.7% 281.6 256.9 9.6% Cost of funding (10.6) (7.3) 45.7% (27.9) (20.8) 33.9% Gross profit 90.2 72.3 24.7% 253.7 236.1 7.5% Selling expenses (26.7) (33.7) -20.7% (79.1) (104.0) -24.0% General & administrative expenses (2.4) (2.9) -17.7% (7.9) (7.0) 12.9% Credit losses, net of recoveries (40.9) (27.8) 46.9% (108.3) (97.6) 11.0% Financial services results 20.2 7.9 157.2% 58.4 27.5 112.4%
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RESULT S 3Q26 12 RESULT S 3Q26 12 Note: Charts in R$ millions NPL formation NPL 90 C&A Pay continues to advance with discipline in credit granting and a focus on spending and purchase frequency within its active base . In 3 Q 26 , new card issuance declined 17 . 5 % , which was reflected in a 27 . 8 % share of retail sales ( - 1 . 0 p . p . ) . Even so, the portfolio up to 360 days grew 10 . 0 % to R $ 941 . 0 million, driven by the existing customer base, which already totals 10 . 2 million cards issued . This approach translates into better - quality vintages . NPL formation totaled R $ 27 . 9 million, equivalent to 3 . 0 % of the portfolio up to 360 days, compared to 3 . 1 % in 3 Q 25 . With better roll rates in recent vintages, NPL 90 ended the quarter at 13 . 9 % of the 360 - day portfolio, a reduction of 2 . 5 p . p . compared to 3 Q 25 . The portfolio up to 720 days, which includes older overdue balances, grew 5 . 6 % , below the portfolio up to 360 days, reflecting a lower volume of longer delinquencies . With proportionally lower overdue balances and the recalibration of provisioning models, coverage of balances overdue between 91 and 360 days reached 117 . 6 % (+ 10 . 6 p . p . ), and coverage of balances overdue between 91 and 720 days reached 103 . 7 % (+ 2 . 4 p . p . ) . Coverage also incorporates the start of the personal loan tests, which require higher initial provisioning due to the product’s characteristics . (1) Considers overdue portfolio balances by stage (IFRS 9). 384.8 724.8 886.9 855.7 941.0 11.3% 22.9% 19.7% 16.4% 13.9% 3Q22 3Q23 3Q24 3Q25 3Q26 25.3 52.4 43.2 26.4 27.9 6.6% 7.2% 4.9% 3.1% 3.0% 3Q22 3Q23 3Q24 3Q25 3Q26 C&A Pay 3Q26 3Q25 ∆ % Portfolio 720 1,094.4 1,036.4 5.6% Portfolio 360 941.0 855.7 10.0% Share on retail sales 27.8% 28.8% -1.0 p.p. New digital cards ('000) 404.9 490.6 -17.5% Total digital cards ('000) 10,242.6 8,499.8 20.5% Coverage index¹ Over 91-720 days overdue 103.7% 101.3% 2.4 p.p. Over 91-360 days overdue 117.6% 107.1% 10.6 p.p. FINANCIAL SERVICES
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RESULT S 3Q26 13 RESULT S 3Q26 13 EBITDA Note: Charts in R$ millions Post - IFRS 16 CAGR 3Q22 - 3Q26: 22.8% Pre - IFRS 16 CAGR 3Q22 - 3Q26: 64.1% Despite the 1 . 0 p . p . expansion in consolidated gross margin, adjusted EBITDA margin declined in the quarter, mainly reflecting non - recurring brand investments (C&A's 50 th anniversary and Rock in Rio) and lower expense dilution, against a 3 Q 25 revenue base that still included part of the telephony operation . As a result, pre - IFRS 16 adjusted EBITDA totaled R $ 191 . 2 million in 3 Q 26 , with a margin of 10 . 2 % , a decrease of 1 . 2 p . p . vs . 3 Q 25 . On a post - IFRS 16 basis, adjusted EBITDA reached R $ 317 . 6 million, with a margin of 16 . 9 % ( - 1 . 2 p . p . ) . ADJUSTED EBITDA (R$ MILLION) AND MARGIN (%) Consolidated R$ Million & % 3Q26 3Q25 ∆ % 9M26 9M25 ∆ % Net income 170.3 69.5 145.1% 349.8 273.9 27.7% (+) Income taxes 76.8 7.7 895.5% 137.1 92.1 48.9% (+/-) Financial results, net 56.9 72.5 -21.5% 189.9 236.7 -19.8% (+) Depreciation & amortization 179.0 171.6 4.3% 538.1 510.6 5.4% EBITDA (post-IFRS 16) 482.9 321.3 50.3% 1,214.9 1,113.3 9.1% (+) Other operating income (expenses) 22.5 2.3 894.2% (39.8) (144.6) -72.5% (+) Financial income from suppliers 4.9 4.4 9.9% 14.8 7.3 104.0% (-) Recovery of tax credits (198.5) (4.1) 4750.4% (200.6) (14.4) 1293.6% (+) Long term incentive 5.8 9.4 -38.6% 8.8 54.7 -83.8% Adjusted EBITDA (post-IFRS 16) 317.6 333.3 -4.7% 998.2 1,016.2 -1.8% % Net revenue 16.9% 18.1% -1.2 p.p. 17.9% 18.4% -0.6 p.p. EBITDA (pre-IFRS 16) 356.5 196.8 81.1% 830.1 738.6 12.4% Adjusted EBITDA (pre-IFRS 16) 191.2 208.8 -8.4% 614.5 648.9 -5.3% % Net revenue 10.2% 11.3% -1.2 p.p. 11.0% 11.8% -0.8 p.p. 26.3 85.3 200.0 208.8 191.2 1.9% 5.5% 11.1% 11.3% 10.2% 3Q22 3Q23 3Q24 3Q25 3Q26 139.7 203.6 316.0 333.3 317.6 9.9% 13.2% 17.6% 18.1% 16.9% 3Q22 3Q23 3Q24 3Q25 3Q26 CONSOLIDATED EBITDA
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RESULT S 3Q26 14 RESULT S 3Q26 14 Note: Charts in R$ millions Post - IFRS 16 CAGR 3Q22 - 3Q26: 18.6% Pre - IFRS 16 CAGR 3Q22 - 3Q26: 50.2% ADJUSTED EBITDA (R$ MILLION) AND MARGIN (%) Retail (1) Excludes the funding cost of the financial operation, as this amount does not impact the Company's consolidated results but is recorded as a cost at C&A Pay. In the retail operation, gross margin expansion was more than offset by non - recurring brand investments and lower expense dilution in the quarter . As a result, retail pre - IFRS 16 adjusted EBITDA totaled R $ 160 . 4 million in 3 Q 26 , with a margin of 8 . 9 % ( - 2 . 0 p . p . ) . On a post - IFRS 16 basis, it reached R $ 286 . 8 million, with a margin of 16 . 0 % . R$ Million & % 3Q26 3Q25 ∆ % 9M26 9M25 ∆ % Adjusted EBITDA (post-IFRS 16) 317.6 333.3 -4.7% 998.2 1,016.2 -1.8% (+/-) Financial services results¹ (30.8) (15.1) 103.9% (86.3) (76.0) 13.6% Retail Adjusted EBITDA (post-IFRS 16) 286.8 318.2 -9.9% 911.9 940.2 -3.0% Retail Adjusted EBITDA margin (post-IFRS 16) 16.0% 17.9% -2.0 p.p. 17.1% 17.9% -0.8 p.p. Adjusted EBITDA (pre-IFRS 16) 191.2 208.8 -8.4% 614.5 648.9 -5.3% (+/-) Financial services results¹ (30.8) (15.1) 103.9% (86.3) (76.0) 13.6% Retail Adjusted EBITDA (post-IFRS 16) 160.4 193.7 -17.2% 528.2 572.9 -7.8% Retail Adjusted EBITDA margin (post-IFRS 16) 8.9% 10.9% -2.0 p.p. 9.9% 10.9% -1.0 p.p. 145 232 285 318 287 10.9% 15.9% 16.9% 17.9% 16.0% 3Q22 3Q23 3Q24 3Q25 3Q26 32 114 169 194 160 2.4% 7.8% 10.0% 10.9% 8.9% 3Q22 3Q23 3Q24 3Q25 3Q26 EBITDA RETAIL EBITDA
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RESULT S 3Q26 15 RESULT S 3Q26 15 R$ Million 3Q26 3Q25 ∆ % 9M26 9M25 ∆ % Exchange rate variation (6.1) (5.3) 14.9% (0.8) (6.7) -88.0% Financial expenses (114.0) (137.7) -17.2% (352.9) (434.5) -18.8% Interest expenses (35.1) (49.9) -29.7% (104.5) (147.9) -29.4% Leasing interest expenses (46.1) (44.4) 3.9% (139.3) (130.8) 6.5% PVA on suppliers (27.1) (32.2) -15.6% (88.7) (86.2) 2.9% Interest expenses over suppliers - Bradescard 0.0 0.0 - 0.0 (42.1) - Interest expenses on taxes and contingencies (4.2) (7.9) -47.7% (15.2) (19.3) -21.6% Other financial expenses (1.6) (3.3) -52.7% (5.2) (8.0) -34.8% Financial income 63.2 70.6 -10.4% 163.8 204.5 -19.9% Monetary correction of tax credits 14.3 21.9 -34.4% 48.0 68.7 -30.1% Interest on financial investments 14.7 31.8 -53.8% 47.4 98.5 -51.9% Earnings from Bonds and Securities 9.2 7.9 16.5% 31.0 26.5 17.2% Other financial income 25.0 9.0 176.6% 37.4 10.9 243.4% Financial results, net (56.9) (72.5) -21.5% (189.9) (236.7) -19.8% FINANCIAL RESULT Financial expenses totaled R $ 114 . 0 million in 3 Q 26 , a reduction of 17 . 2 % compared to 3 Q 25 . This performance was mainly driven by a 29 . 7 % decrease in interest on borrowings, reflecting the reduction in gross debt, as well as by lower present value adjustment (PVA) on suppliers ( - 15 . 6 % ) and lower interest on taxes and contingencies ( - 47 . 7 % ) . These effects were partially offset by a 3 . 9 % increase in lease interest, associated with the expansion of the store portfolio . Financial income totaled R $ 63 . 2 million, a reduction of 10 . 4 % year over year . This variation mainly results from lower income from financial investments ( - 53 . 8 % ), reflecting the lower average cash position after debt amortization and the execution of the share buyback program, and from lower monetary adjustment on tax credits ( - 34 . 4 % ), due to the reduced balance of these assets after their monetization . These impacts were partially offset by better results from bonds and securities (+ 16 . 5 % ) and by other financial income, which totaled R $ 25 . 0 million (+ 176 . 6 % ) due to the discount on the purchase of ICMS tax credits . As a result, the Company recorded net financial expenses of R $ 56 . 9 million in the quarter, a reduction of 21 . 5 % compared to 3 Q 25 .
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RESULT S 3Q26 16 In 3Q26, reported net income totaled R$ 170.3 million, with a net margin of 9.0%, compared to R$ 69.5 million in 3Q25. The result benefited from the recognition of PIS and COFINS tax credits, as previously mentioned. Excluding this and other non - recurring effects, adjusted net income reached R$ 56.5 million, with a margin of 3.0%, a decrease of 23.3% compared to 3Q25 and of 1.0 p.p. in margin. RESULT S 3Q26 16 Note: Charts in R$ millions NET INCOME (1) Post - IFRS 16 net income (2) Adjustments include: ( i ) other net operating income (expenses); (ii) recovery of tax credits; and (iii) long - term incentive program, net of taxes. Adjusted net income (loss) (R$ million) and margin (%) Net income (loss) (R$ Million) 3Q26 3Q25 ∆ % 9M26 9M25 ∆ % Net income (loss) 170.3 69.5 145.1% 349.8 273.9 27.7% Net margin (%) 9.0% 3.8% 5.3 p.p. 6.3% 5.0% 1.3 p.p. Adjusted net income (loss) 56.5 73.6 -23.3% 194.7 200.9 -3.1% Adjusted net margin (%) 3.0% 4.0% -1.0 p.p. 3.5% 3.6% -0.2 p.p. - 86.7 - 55.1 52.0 73.6 56.5 - 6.2% - 3.6% 2.9% 4.0% 3.0% 3Q22 3Q23 3Q24 3Q25 3Q26
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RESULT S 3Q26 17 RESULT S 3Q26 17 INDEBTEDNESS Note: Charts in R$ millions and %; (1) 3Q22 includes receivables prepayment Total net debt and leverage 1 Total net debt Leverage Debt Amortization Schedule 14 1 496 80 233 33 33 2026 2027 2028 2029 2030 2nd Debenture Issuance 3rd Debenture Issuance 5th Commercial Notes 4th Debenture Issuance 247 510 94 14 14 14 Gross debt ended 3 Q 26 at R $ 927 . 5 million, a reduction of 27 . 1 % compared to 3 Q 25 , reflecting the capital structure optimization strategy and contributing to the 29 . 7 % decline in interest on borrowings in the period . Short - term debt totaled R $ 614 . 6 million, up 12 . 5 % year over year, as maturities scheduled for 2027 moved into the short term . Long - term debt decreased 56 . 9 % to R $ 312 . 9 million . Continuing its liability management, after the end of 3 Q 26 the Company refinanced these maturities, replacing higher - cost short - term debt (CDI + 1 . 6 % ) with long - term debt maturing in 2029 at a lower cost (CDI + 0 . 8 % ) . Cash, cash equivalents and financial investments totaled R $ 727 . 0 million at the end of the quarter . Net debt reached R $ 200 . 5 million, mainly reflecting the execution of the share buyback program, which used approximately R $ 110 million year to date, and the distribution of R $ 139 . 8 million in interest on equity . Even so, leverage remained at a conservative level of 0 . 2 x LTM pre - IFRS 16 adjusted EBITDA, preserving the Company's investment capacity to support the initiatives of Energia C&A and the new Full Power cycle . 1,146 1,124 878 91 201 4.4x 2.5x 1.0x 0.1x 0.2x 3Q22 3Q23 3Q24 3Q25 3Q26 R$ Million 3Q26 3Q25 ∆ % Short-term debt 614.6 546.3 12.5% Long-term debt 312.9 725.6 -56.9% Gross debt 927.5 1,271.9 -27.1% (-) Cash, cash equivalents & short-term investments¹ 727.0 1,180.5 -38.4% (=) Net debt (200.5) (91.5) 119.2% LTM Adjusted EBITDA pre-IFRS16 1,045.3 1,117.6 -6.5% Leverage¹ 0.2x 0.1x 0.1x Note: Short - and long - term debt net of derivatives (1) Measured by the net debt/EBITDA ratio
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RESULT S 3Q26 18 RESULT S 3Q26 18 CASH FLOW ADJUSTED CASH FLOW R$ million 3Q26 3Q25 ∆ % Pre-IFRS16 net income (losses) before Income Taxes and Social Contribution 252.3 83.0 204.1% Depreciation and amortization 93.4 85.8 8.8% (+/-) Other (124.9) 109.8 -213.8% Adjustments with no impact on cash (31.5) 195.6 -116.1% Income Tax and Social Contribution paid (14.5) (50.0) -71.1% Working capital 142.6 148.9 -4.2% Accounts receivable 143.2 135.6 5.6% Inventory (4.2) (40.0) -89.5% Suppliers - total 39.5 (16.7) -336.1% Other (35.9) 70.0 -151.2% Cash from (used in) operating activities 349.0 377.4 -7.5% Cash flow from investing activities (165.2) (133.6) 23.7% (=) Adjusted free cash flow 183.7 243.8 -24.6% Cash flow generated (used) in financing activities (238.7) (67.2) 255.1% (Use) Cash generation (55.0) 176.6 -131.1% In 3 Q 26 , working capital generated R $ 142 . 6 million, compared to R $ 148 . 9 million generated in 3 Q 25 . Inventory days were 16 days above 3 Q 25 , marking the beginning of a gradual inventory reduction toward normalized levels . The Company has been conducting this adjustment carefully, preserving collection renewal and product availability for the start of 4 Q 26 , while maintaining a healthy coverage level and the freshness of its collections . In accounts receivable, the average collection period increased by 3 days year over year and remained stable vs . 2 Q 26 , reflecting the higher share of installment sales with interest at C&A Pay . In suppliers, merchandise DPO decreased by 4 days . As a result, the operating cash conversion cycle was 23 days longer than in 3 Q 25 . When indirect suppliers are also considered, the average payment period increased by 10 days . On this basis, the total cash conversion cycle was 9 days longer than in 3 Q 25 , compared to 19 days in 2 Q 26 . As a result, operating activities generated R $ 349 . 0 million in cash in the quarter, 7 . 5 % less than the R $ 377 . 4 million generated in 3 Q 25 . Investing activities used R $ 165 . 2 million, an increase of 23 . 7 % over the R $ 133 . 6 million in 3 Q 25 , associated with store expansion and renovations . As a result, adjusted free cash flow was R $ 183 . 5 million, a reduction of 24 . 7 % compared to R $ 243 . 8 million in 3 Q 25 . In financing activities, outflows totaled R $ 238 . 7 million, mainly due to the payment of R $ 139 . 8 million in interest on equity and approximately R $ 40 million in share repurchases held in treasury, in line with the Company's objective of increasing shareholder returns . As a result, cash consumption totaled R $ 55 . 0 million in the quarter, and the cash position ended at R $ 727 . 0 million .
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RESULT S 3Q26 19 RESULT S 3Q26 19 Note: Operating cash flow excludes lease interest and principal; the final cash position includes bonds and securities. CASH FLOW ADJUSTED CASH FLOW At the end of 2Q26, cash, cash equivalents and financial investments totaled R$ 782.0 million. The R$ 55.2 million reduction compared to the previous quarter reflects the combination of R$ 349.0 million in operating cash generation and the execution of the Company's capital allocation priorities, including R$ 165.2 million in investments aimed at business growth and R$ 238.7 million in financing activities, mainly due to the payment of R$ 139.8 million in interest on equity and R$40 million in share repurchases held in treasury in the quarter. 781,9760 348,9780 (165,2390) (238,7350) (54,9960) Cash at the end of 2Q26 Operating CAPEX Financing¹ Cash at the end of 3Q26 727.0
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RESULT S 3Q26 20 RESULT S 3Q26 20 INVESTMENTS Note: Charts in R$ millions (except store portfolio) and % CAPEX Store portfolio ROIC LTM CAPEX % Net revenue 0 3 285 288 287 290 299 46 46 43 43 44 331 334 330 333 346 3Q22 3Q23 3Q24 3Q25 3Q26 Ace C&A - Shopping C&A - Street In line with the Energia C&A strategy, the Company invested R $ 183 . 9 million in 3 Q 26 , up 26 . 2 % compared to 3 Q 25 . In revamps and remodeling, investments totaled R $ 75 . 9 million, concentrated on the delivery of eight renovations under the Energia format, notably the stores at Mooca , Praia de Belas, Barra, Eldorado, Park Shopping and Niterói shopping malls . In new stores, investments totaled R $ 26 . 0 million, with five openings in the quarter : three C&A stores, highlighted by the new Avenida Paulista store, in addition to the Butantã and Iguatemi São José do Rio Preto units, and two Ace stores, at Shopping Bourbon and Barra, in Rio de Janeiro . In the supply chain, investments of R $ 26 . 7 million (+ 62 . 2 % ) reflected the implementation of RFID technology at the São Paulo distribution center and progress on the new Northeast distribution center . In digital and technology, investments totaled R $ 55 . 4 million (+ 82 . 5 % ), highlighted by the rollout of the new self - checkout to 81 additional stores in 3 Q 26 , which is now present in 171 stores, around 50 % of the store network . Investments (R$ Million) 3Q26 3Q25 ∆ % 9M26 9M25 ∆ % New stores 26.0 9.0 187.5% 50.3 28.3 77.7% Revamps and remodeling 75.9 89.9 -15.6% 144.8 164.8 -12.2% Supply chain 26.7 16.4 62.2% 54.8 21.7 153.1% Digital and technology 55.4 30.4 82.5% 114.7 83.6 37.3% Total 183.9 145.8 26.2% 364.7 298.4 22.2% 93.4 46.8 81.2 145.8 183.9 6.6% 3.0% 4.5% 7.9% 9.8% 3Q22 3Q23 3Q24 3Q25 3Q26 1.4% 3.1% 12.3% 22.0% 18.0% 3Q22 3Q23 3Q24 3Q25 3T26
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RESULT S 3Q26 21 ANNEX
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RESULT S 3Q26 22 RESULT S 3Q26 22 Adjusted EBITDA Pre - IFRS 16 R$ Million & % 3Q26 3Q25 ∆ % Net income (losses) 173.8 73.3 137.1% (+/-) Income taxes 78.5 9.7 711.5% (+/-) Financial results, net 10.8 28.1 -61.5% (+) Depreciation & amortization 93.4 85.8 8.9% EBITDA (pré-IFRS 16) 356.5 196.8 81.1% (+) Other operating income (expenses) 22.5 2.3 894.2% (+) Financial income from suppliers 4.9 4.4 9.9% (-) Recovery of tax credits (198.5) (4.1) 4750.4% (+) Long term incentives 5.8 9.4 -38.6% Adjusted EBITDA (pré-IFRS 16) 191.2 208.8 -8.4% % Net revenue 10.2% 11.3% -1.2 p.p.
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RESULT S 3Q26 23 RESULT S 3Q26 23 BALANCE SHEET R$ million 3Q26 4Q25 Total assets 8,786.7 9,318.6 Current assets 4,146.3 4,559.8 Cash and cash equivalents 501.7 774.5 Bonds and securities 225.3 268.9 Trade receivables 1,342.7 1,753.3 Inventory 1,292.5 1,154.9 Taxes recoverable 706.2 460.2 Derivatives 0.0 2.6 Income tax and social contribution recoverable 11.0 109.3 Other assets 66.9 36.2 Non-current assets 4,640.4 4,758.8 Financial investments 0.0 0.0 Income tax and social contribution recoverable 27.0 0.0 Taxes recoverable 518.5 791.4 Deferred taxes 514.9 489.7 Judicial deposits 94.3 91.4 Derivatives - LT 0.0 0.0 Other assets 4.5 4.6 Investments 0.0 0.0 Property and equipment 1,186.8 1,057.4 Right-of-use assets - leases 1,515.5 1,474.5 Intangible assets 779.0 849.7 Total liabilities and shareholder’s equity 8,786.7 9,318.6 Current liabilities 2,880.9 3,116.2 Lease liabilities 356.1 372.7 Suppliers 1,229.5 1,324.8 Dividends and IOC 0.0 139.8 Drawee risk liabilities 265.2 421.2 Suppliers buying back the right to offer credit (Bradescard) 0.0 0.0 Loans 611.5 139.8 Derivatives 3.1 1.8 Labor liabilities 250.3 293.6 Taxes payable 61.8 283.5 Income tax and social contribution payable 67.6 102.5 Other liabilities 35.8 36.5 Non-current liabilities 1,965.9 2,495.4 Lease liabilities 1,456.7 1,407.5 Suppliers 0.0 0.0 Suppliers buying back the right to offer credit (Bradescard) 0.0 0.0 Loans 312.9 820.7 Derivatives - LT 0.0 0.0 Labor liabilities 11.5 16.2 Provisions for tax, civil, and labor risks 130.7 186.6 Taxes payable 1.8 14.3 Other liabilities 52.3 50.2 Shareholder’s equity 3,939.9 3,707.1 Share capital 1,847.2 1,847.2 Shares in Treasury (114.7) (48.2) Capital reserve 0.0 39.2 Accumulated gains (losses) 340.6 0.0 Profit reserve 1,868.2 1,868.2 Other comprehensive income (1.5) 0.6
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RESULT S 3Q26 24 RESULT S 3Q26 24 INCOME STATEMENT R$ million 3Q26 3Q25 ∆ % Net operating revenue 1,883.0 1,840.9 2.3% Apparel 1,690.9 1,648.7 2.6% Fashiontronics and Beauty 101.9 120.3 -15.3% Net revenue from goods 1,792.8 1,769.0 1.3% Other revenue 2.9 5.9 -49.8% Retail revenue 1,795.7 1,774.9 1.2% Financial services 87.2 65.9 32.2% Cost of goods/services (834.6) (834.9) 0.0% Gross profit 1,048.3 1,005.9 4.2% Apparel 946.5 912.7 3.7% Fashiontronics and Beauty 42.7 52.7 -19.0% Gross profit from goods 989.2 965.4 2.5% Other gross profit (28.1) (25.4) 10.4% Gross profit from retail 961.1 940.0 2.3% Gross profit from financial services 87.2 65.9 32.2% Operating (expenses) and revenue (744.4) (856.3) -13.1% General and administrative (178.9) (178.0) 0.5% Selling expenses (521.6) (480.7) 8.5% Depreciation and amortization (179.0) (171.6) 4.3% Other net operating income (expenses) 176.0 1.8 9531.7% Net credit losses (40.9) (27.8) 46.9% Profit before finance income and expenses 303.9 149.6 103.1% Finance results (56.9) (72.5) -21.5% Exchange variation (6.1) (5.3) 14.9% Finance expenses (114.0) (137.7) -17.2% Finance income 63.2 70.6 -10.4% Profit before taxes 247.0 77.2 220.1% Income taxes (76.8) (7.7) 895.5% Net income (losses) for the period 170.3 69.5 145.1%
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RESULT S 3Q26 25 RESULT S 3Q26 25 CASH FLOW STATEMENT R$ Million 9M26 9M25 Operating activities Income before income taxes 487.0 366.0 Adjustments to reconcile income before income taxes to net cash flows: Allowance (reversal) for expected credit losses 97.7 93.0 Provisions for inventory losses 86.5 69.2 Gains/Recognition of tax claims, including monetary correction (281.2) (54.2) Depreciation and amortization 276.3 256.0 Losses from the sale or disposal of property and equipment and intangible assets 0.0 0.0 Right-of-use amortization 286.9 279.4 Interest and monetary and foreign exchange variations 246.9 313.0 Interest on Related-Party Loans 0.0 0.0 Foreign exchange variation on loans 0.0 0.0 Provisions (reversal) for tax, civil and labor risks (30.4) 33.7 Others 13.4 17.8 Variations in assets and liabilities: Trade receivables 321.7 503.9 Related parties 0.0 0.0 Inventory (222.0) (221.9) Taxes recoverable 165.8 253.1 Other credits (30.6) (36.9) Bonds and securities 51.2 (77.7) Judicial deposits 2.1 57.6 Suppliers (56.2) (79.9) Fornecedor Bradescard 0.0 (650.6) Drawee risk liabilities (156.0) (46.1) Labor liabilities (64.0) (4.6) Other liabilities 0.7 (10.0) Provisions for tax, civil and labor risks (25.5) (75.2) Taxes payable (166.2) (194.0) Income Tax and Social Contribution paid (50.5) (111.1) Cash flow originating (invested in) operating activities 953.5 680.6 Purchase of property and equipment (304.3) (249.7) Purchase of intangible assets (108.2) (102.1) Receivables from the sale of property and equipment 0.0 0.1 Cash flow used in investment activities (412.4) (351.8) Loan/debenture transaction costs 0.0 (0.4) Repayment of loans (principal) (13.7) (228.4) Interest paid on loans (129.2) (156.3) Repayments and interest paid on leases (422.8) (404.0) Payment Interest on equity (139.8) 0.0 Share buy-back (108.5) (36.0) Net cash flows originating from (used by) financing activities (813.9) (825.2) Net increase (decrease) in cash and cash equivalents (272.8) (496.3)
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RESULT S 3Q26 26 RESULT S 3Q26 26 ABOUT ri@cea.com.br C&A was founded in 1841 by the Dutch brothers Clemens and August, whose initials gave rise to the brand's name. C&A pioneered ready - to - wear clothing and is today one of the largest fashion retail chains in the world. In Brazil, C&A has been present since 1976, when it opened its first store at Shopping Ibirapuera , in São Paulo. Today, it operates 343 stores in its portfolio, mostly located in shopping malls. Its stores are present in every Brazilian state, totaling 640 thousand square meters of selling space, in addition to its digital operations. To meet this demand, the Company relies on a network of qualified suppliers, with approximately 70% of its production sourced domestically. Its sales are focused on fashion products, including the apparel and beauty categories. Today, apparel accounts for approximately 90% of its revenue, while beauty products continue to gain relevance. This year, the Company launched Ace, a brand with a value proposition complementary to C&A, expanding its presence in one of the fastest - growing categories in the fashion market: sportswear. Three Ace stores are already in operation this quarter. Listed on the Brazilian stock exchange (B3) since October 2019, C&A continues its consistent trajectory, striving to offer an increasingly relevant omni experience to its customers. With more than 14,500 associates across the country, the Company stands out for offering fashion products with high perceived value among its customers. In December 2021, it launched C&A Pay, its proprietary credit solution, which currently accounts for 27.8% of retail sales.