Earnings release
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Results videoconference Click here to access the event May 06, 2025 Videoconference in Portuguese with simultaneous translations into English. 10:00 am (BRT) 09:00 am (EST) GMAT3 B3 IBRA B3 IBXX B3 ICON B3 IDVR B3 IGCT B3 IGCX B3 IGNM B3 ITAG B3 MLCX B3 1Q25 Results
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2 1Q25 Results May 05, 2025 Net income reaches BRL 318.6 million in 1Q25(+32.5%), with gross margin of 23.0% and EBITDA margin of 7.8% (+0,9p.p.). Leverage drops to 0.27x EBITDA with a cash balance of BRL 1.5 billion Highlight 1Q25: Highlights (BRL million) 1Q25 1Q24 Var. (%) Gross Revenue (1) 9,423 8,374 12.5% Deductions (1,057) (960) 10.1% PIS/COFINS on investment subsidies (35) (31) 11.9% Total deductions (1,092) (991) 10.2% Net revenue 8,331 7,382 12.9% SSS (2) without calendar adjustment (%) 5.2% 9.6% -4.4 p.p. SSS (3) 4M25 excluding Feb 29, 2024 7.1% - - Gross profit 1,917 1,650 16.2% Gross margin 23.0% 22.3% 0.7 p.p. EBITDA (post-IFRS 16) ex extraordinary effects 650 510 27.4% EBITDA margin (post-IFRS 16) ex extraordinary effects 7.8% 6.9% 0.9 p.p. Earnings before taxes 363 273 33.2% Imposto de Renda e Contribuição Social (45) (32) 38.5% The effective income tax and social contribution rate 12.3% 11.9% 0,4p.p. Net income 319 240 32,5% (1) Gross Revenue = Gross revenue from goods + Gross revenue from services – Returns and cancellations. (2) SSS: Growth in same-store sales. This is comprised of sales in stores in activity for more than 13 months compared to the same period in the previous year. Consolidated SSS considers stores of all formats (cash & carry, electronic & furniture and supermarket), including wholesale/B2B sales from distribution centers in activity for more than 13 months. This indicator is calculated without taking into account any calendar effects, such as shifts in holidays or weekdays. (3) SSS refers to sales growth in the same stores from January to April 2025, adjusted for the leap day effect (Feb 29, 2024). Preliminary and unaudited April/25 data. EBITDA (post IFRS 16) increases 27.4% in 1Q25, reaching BRL 649.9 million, with 7.8% margin. Net income increases 32.5%, totaling BRL 318.6 million in 1Q25. Gross Profit in 1Q25 records BRL 1.9 billion, 16.2% higher than in 1Q24, with gross margin of 23.0%, an increase of 0.7 p.p. vs. 1Q24. Net Revenue increases 12.9% in 1Q25, totaling BRL 8.3 billion in 1Q25, with same-store sales growth of 7.1%(3) in 4M25 excluding Feb 29, 2024 (1 day). Operating expenses in 1Q25 totaled BRL 1.3 billion, representing 15.2% of net revenue in the period, 0.2 p.p. lower than in 1Q24. The effective income tax and social contribution rate in 1Q25 was 12.3% compared to 11.9% reported in 1Q24. Opening of 4 stores in 1Q25 (2 cash and carry and 2 supermarkets). EBITDA margin (post IFRS 16) of Northeast Branch grows again and reaches 7.0% in the last 12 months ended March 2025 compared to 5.4% in the same period of 2024. At the end of 1Q25 the Net Debt/EBITDA ratio was 0.27x with a cash balance of BRL 1.5 billion.
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3 1Q25 Results May 05, 2025 Expansion New stores In 1Q25, the Group opened four new stores. Among them, two cash and carry units were launched in the states of Pernambuco and Bahia, both part of the Northeast Branch, and two supermarket units were opened in the state of Maranhão — one under the Mateus banner in the city of São Mateus, and the other under the Camino banner in São Luís — reinforcing the density of already consolidated routes in the state. These openings contributed to an 8.0% increase in selling area compared to the same period in 2024. At the end of 1Q25, the Company operated 172 food retail stores and 104 electronics stores, totaling 276 units. Operating stores Segment MA PA PI CE BA PE SE AL PB Total Cash and Carry 23 18 4 12 9 12 2 4 8 92 Supermarket 57 18 1 2 - 1 - - 1 80 Furniture & Electronics 60 37 7 - - - - - - 104 Total 140 73 12 14 9 13 2 4 9 276 During 1Q25, maturing stores (less than 4 years old) accounted for 47% of the Group’s total revenue, a 10 p.p. increase compared to 1Q24, reflecting the lower number of openings throughout 2024 (16 stores). Opening Banner City Sales Area (m²) 01/24/2025 Mateus São Mateus – MA 1,030 01/31/2025 Mix Mateus Jaboatão dos Guararapes – PE 3,516 03/07/2025 Mix Mateus Ilhéus – BA 3,392 03/21/2025 Camino São Luís - MA 780 43%46%47%50%53%27%29%30%26%25%14%11%10%12%13%16%14%13%12%9%1Q24 2Q24 3Q24 4Q24 1Q25% Sales breakdown by store ageMore than 4 years2 to 3 years1 yearLess than 1 year
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4 1Q25 Results May 05, 2025 Financial Results Highlights by Segment 1Q25 1Q24 Var. (%) Cash and carry Gross revenue from goods (1) (BRL million) 5,252 4,683 12.1% SSS (2) without calendar adjustment (%) 1.2% 7.2% -6.0 p.p. SSS (3) 4M25 Excluding Feb 29, 2024 3.1% - - Number of stores 92 82 10 Openings 2 2 0 Sales area (thousand m²) 408 370 10.2% Supermarket Gross revenue from goods (1) (BRL million) 2,110 2,036 3.6% SSS (2) without calendar adjustment (%) 0.3% 8.4% -8.1 p.p. SSS (3) 4M25 Excluding Feb 29, 2024 2.9% - - Number of stores 80 73 7 Openings 2 0 2 Sales area (thousand m²) 134 124 8.1% Electro Gross revenue from goods (1) (BRL million) 254 261 -2.8% SSS (2) without calendar adjustment (%) -1.8% 9.5% -11.3 p.p. SSS (3) 4M25 Excluding Feb 29, 2024 -2.2% - - Number of stores 104 104 0 Openings 1 0 1 Sales area (thousand m²) 99 99 -0.4% Wholesale (B2B) Gross revenue from goods (1) (BRL million) 1,816 1,400 29.8% Independent Sales Representatives 4,775 3,982 793 Routes 305 267 38 Municipal Zones 1,722 1,551 171 Distribution Center 18 18 0 Consolidated Gross revenue from goods (1) (BRL million) 9,432 8,380 12.6% SSS (2) without calendar adjustment (%) 5.2% 9.6% -4.4 p.p. SSS (3) 4M25 Excluding Feb 29, 2024 7.1% - - Number of stores 276 259 17 Openings 5 2 3 Sales area (thousand m²) 641 594 8.0% (1) Gross merchandise revenue is not net of returns and does not include service revenue. This concept differs from that presented in the highlight table on page 2. (2) SSS: Same-store sales growth. It comprises sales from stores that have been open for more than 13 months compared to the same period in the previous year. In the consolidated total, it includes stores of all formats, including wholesale/B2B sales from distribution centers opened for more than 13 months. By segment, it considers sales from stores of each format type that have been opened for more than 13 months compared to the same period in the previous year. For wholesale/B2B, it includes sales from distribution centers opened for more than 13 months. This indicator is calculated without taking into account any calendar effects, such as holiday or weekday commutes. (3) SSS refers to sales growth in the same stores from January to April 2025, adjusted for the leap day effect (Feb 29, 2024). Preliminary and unaudited April/25 data.
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5 1Q25 Results May 05, 2025 Consolidate gross revenue from goods Consolidated gross revenue from goods in 1Q25 increased by 12.6%, reaching BRL 9.4 billion in the period. This performance reflects the opening of 17 new stores over the past 12 months and a same-store sales (SSS) growth of 5.2%. The same-store sales growth was affected by calendar effects, as 2024 was a leap year and the Easter holiday shifted from March 2024 to April 2025. Pricing remains a key driver of this indicator, while volumes continue to be impacted by the challenging macroeconomic environment. Considering same-store sales growth from January to April/25, excluding the leap year effect in 2024, the adjusted SSS reaches 7.1%*. In 4M25, consolidated gross revenue from goods grows 13.8%*. In this context, the performance of consolidated gross revenue from goods was mainly driven by growth in the Wholesale (B2B) segment, which expanded 29.8%, and in the Cash & Carry format, which grew 12.1% compared to 1Q24. Gross revenue from goods – Cash and Carry In 1Q25, Cash and Carry gross revenue from goods reached BRL 5.3 billion, an increase of 12.1% when compared to 1Q24, representing 55.7% of the Company’s gross revenue. The performance of the Cash & Carry segment was mainly driven by the opening of 10 stores over the past 12 months and a 1.2% same- store sales (SSS) growth in the quarter. SSS growth in 1Q25 was impacted by the same calendar-related effects previously mentioned in consolidated gross revenue from goods. Considering same-store sales growth from January to April/25 and excluding the leap year effect in 2024, adjusted SSS reaches 3.1%* Gross revenue from goods – Supermarket Supermarket gross revenue from goods, which includes supermarkets, hypermarkets, and neighborhood stores, reached BRL 2.1 billion, up 3.6% from 1Q24, accounting for 22.4% of the Group’s revenue in the quarter. Sales from Hyper/Supermarket stores and the Camino banner grew by 6.2% and 0.1%, respectively, during the period. Over the past 12 months, 7 supermarket stores were opened, contributing to the segment’s sales performance. Same-store sales (SSS) growth in the supermarket segment reached 0.3% in the quarter, also impacted by the previously mentioned calendar effects. Considering same-store sales growth from January to April/25 and excluding the leap year effect in 2024, adjusted SSS reaches 2.9%* 2,0 2,1 2,2 2,2 2,1 1T24 2T24 3T24 4T24 1T25 8,4 8,7 9,4 9,9 9,4 1T24 2T24 3T24 4T24 1T254,7 4,8 5,3 5,6 5,3 1T24 2T24 3T24 4T24 1T25 (BRL billion) (BRL billion) (BRL billion) 7.2% 2.0% 5.4% SSS 2.1% 3.1%* 12.6% 9.6% 4.8% 7.7% SSS 7.1%* 5.9% 12.1% 3.6% 8.4% 2.1% 2.9% 3.7% SSS 2.9%* (*) Same-store sales (SSS) refer to sales growth in the same stores from January to April 2025, adjusted for the leap day effect (Feb 29, 2024). Preliminary and unaudited April/25 data. Consolidated gross sales include preliminary and unaudited April/25 data. 1Q24 2Q24 3Q24 4Q24 1Q25 1Q24 2Q24 3Q24 4Q24 1Q25 1Q24 2Q24 3Q24 4Q24 1Q25
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6 1Q25 Results May 05, 2025 Gross revenue from goods - Furniture & Electronics The Electronics & Furniture segment recorded gross revenue of BRL 253.7 million in 1Q25, a 2.8% decrease compared to 1Q24, representing 2.7% of the Group’s sales in the quarter. Same-store sales declined by 1.8%, reflecting both the calendar effects of the quarter and the macroeconomic environment marked by a reduction in credit availability. Gross Revenue from goods - Wholesale (B2B) In 1Q25, gross revenue from the Wholesale (B2B) segment reached BRL 1.8 billion, representing a 29.8% increase compared to 1Q24. The segment accounted for 19.3% of the Group’s revenue during the period. In the quarter, despite a strong comparison base, the Group was able to sustain a solid growth pace in the Wholesale (B2B) segment. This performance was mainly driven by a 19.9% increase in the number of independent sales representatives and the opening of 38 new routes over the past 12 months. Gross Profit and Gross Margin In 1Q25, gross profit reached BRL 1.9 billion, a 16.2% increase compared to the same period of the previous year. Gross margin reached 23.0%, up 0.7 p.p. from 1Q24. This improvement reflects the store maturation process in the Northeast Branch — especially those entering their second year of operation — combined with initiatives aimed at improving profitability in the Wholesale (B2B), cash and carry, and supermarket operations in the states of Maranhão, Pará, and Piauí. 1,4 1,5 1,6 1,7 1,8 1T24 2T24 3T24 4T24 1T25261,0 315,4 336,8 353,9 253,7 1T24 2T24 3T24 4T24 1T25 (BRL million) (BRL billion) 9.5% 4.7% 4.2% SSS 1.5% -1.8% -2,8% 29.8% 1.650 1.712 1.894 2.004 1.917 1T24 2T24 3T24 4T24 1T25 Gross Margin 22.3% 22.4% 22.7% 23.0% 23.0% 16.2% 1Q24 2Q24 3Q24 4Q24 1Q25 1Q24 2Q24 3Q24 4Q24 1Q25 1Q24 2Q24 3Q24 4Q24 1Q25
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7 1Q25 Results May 05, 2025 Operating Expenses In BRL thousand 1Q25 1Q24 Var. (%) Selling Expenses (1,164,739) (1,041,833) 11.8% General and Administrative Expenses (103,273) (98,320) 5.0% Total Operating Expenses (1,268,012) (1,140,153) 11.2% Total Operating Expenses/Net Revenue 15.2% 15.4% -0.2 p.p. During 1Q25, operating expenses totaled BRL 1.3 billion, a 11.2% increase compared to 1Q24. In the quarter, operating expenses represented 15.2% of net revenue, a reduction of 0.2 p.p. versus the same period last year. Selling expenses rose 11.8%, reaching BRL 1.2 billion, mainly driven by the opening of 17 stores over the last 12 months. This growth was partially offset by a slowdown in the increase in freight and fuel expenses in 1Q25, driven by the maturation of new routes and the six distribution centers opened in 2023, as well as a decline in marketing expenses compared to 1Q24. General and Administrative expenses grew 5.0% compared to 1Q24, totaling BRL 103.3 million, mainly as a result of the salary adjustment resulting from the agreement negotiated with unions, which impacted personnel expenses in March/24 and December/24. EBITDA In BRL thousand 1Q25 1Q24 Var. (%) Net Income 318,569 240,378 32.5% (+) Income tax and social contribution 44,829 32,368 38.5% (+) Financial result 181,253 132,706 36.6% EBIT 544,651 405,452 34.3% (+) Depreciation and Amortization 105,294 104,571 0.7% EBITDA (post-IFRS 16) 649,945 510,023 27.4% EBITDA margin (post-IFRS 16) 7.8% 6.9% 0.9 p.p. (-) Lease depreciation (46,495) (42,920) 8.3% (-) Lease financial expense (69,390) (52,406) 32.4% EBITDA (pre-IFRS 16) 534,060 414,697 28.8% EBITDA margin (pre-IFRS 16) 6.4% 5.6% 0.8 p.p. Post-IFRS 16 EBITDA totaled BRL 649.9 million in 1Q25, up 27.4% compared to 1Q24. Post-IFRS 16 EBITDA margin increased by 0.9 p.p., reaching 7.8%. This growth was driven by higher net revenue, supported by the progressive performance of stores already in operation, the expansion in the number of newly opened units, and the strong growth momentum of the Wholesale (B2B) channel. Additionally, gross margin improved, benefiting from the maturation of the Northeast Branch and the advancement of the pricing strategy implemented in both food retail and wholesale operations. Continued focus on efficient expense management also contributed to the operational leverage observed during the quarter.
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8 1Q25 Results May 05, 2025 Northeast Branch In 2021, the Company began the expansion of its Northeast branch, in line with its strategic plan to foster route consolidation and density. Within this context, operations were launched in the states of Ceará, Bahia, Paraíba, Alagoas, Pernambuco, and Sergipe. By the end of March, 51 stores (47 cash and carry and 4 supermarkets) were already operating in capital cities or key municipalities across these six states, with 39 of them having been in operation for over 13 months. At the end of 1Q25, the store base with more than 13 months of operation in the new regional branch accounted for 22.7% of all food retail stores. Among these, 19 units had been operating for over one year (13 to 23 months), 14 for more than two years (24 to 35 months), and 6 for over three years (more than 36 months). In the quarter, the group of 39 stores with more than 13 months in operation recorded gross margin expansion compared to 1Q24, with a notable performance mainly in the states of Pernambuco, Paraíba, and Sergipe, highlighting the strength of the pricing strategy and the Company’s ability to gain market share in newly entered areas. As a result, post-IFRS 16 EBITDA margin increased by 1.6 p.p. compared to the same period of the previous year. 3,8%4,5%4,8%5,1%5,3%5,4%6,0%6,4%6,7%7,0% 0,0% 1,0% 2,0% 3,0% 4,0% 5,0% 6,0% 7,0% 8,0% 12M de Abr/23 a Mar/24 12M de Jul/23 a Jun/24 12M de Out/23 a Set/24 12M24 12M de Abr/24 a Mar/25Northeast Branch EBITDA1margin evolutionPré IFRS 16Pós IFRS 16 27.4% (1) The EBITDA margin of the Northeast Branch considers general and administrative expenses proportional to stores open for more than 13 months in the calculation of EBITDA # stores 22 stores 18 stores 27 stores 34 stores 1.6 p.p. EBITDA margin post- IFRS 16 Ex Extraordinary Effects 7.8% 6.9% 7.4% 8.2% 8.4% 39 stores 510,0 565,2 684,5 730,3 649,9 1T24 2T24 3T24 4T24 1T25 +0.9 p.p. 1Q24 2Q24 3Q24 4Q24 1Q25 Pre – IFRS Post – IFRS LTM (Apr/23 - Mar/24) LTM (Jul/23 - Jun/24) LTM (Oct/23 - Sep/24) LTM (Apr/24 - Mar/25) 2024
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9 1Q25 Results May 05, 2025 Financial Result In BRL thousand 1Q25 1Q24 Var. (%) Financial revenues 69,356 54,596 27.0% Financial expenses (250,609) (187,302) 33.8% Net Financial result (181,253) (132,706) 36.6% The financial result for the quarter totaled BRL 181.3 million, representing a 36.6% increase compared to 1Q24. This performance was driven by an 33.8% increase in financial expenses, reflecting higher interest expenses on loans and borrowings, due both to the rise in gross debt and the increase in the benchmark interest rate over the past 12 months. Contributing to this trend was also the growth in lease-related financial expenses, driven by the expansion in the number of stores in operation compared to 1Q24, with 17 additional units. The financial result for 1Q25 accounted for 2.2% of the period’s net revenue. Net Income In BRL thousand 1Q25 1Q24 Var. (%) Net income before income tax and social contribution 363,398 272,746 33.2% Income tax and social contribution (150,026) (96,230) 55.9% Interest on Equity tax credits 45,909 32,736 40.2% Utilization of accumulated tax losses from prior periods 49,896 21,762 129.3% Deferred income tax and social contribution on provisions 9,392 9,364 0.3% Total income tax and social contribution (44,829) (32,368) 38.5% Effective income tax rate (%) 12.3% 11,9% 0.4 p.p. Net income 318,569 240,378 32.5% Net margin (%) 3.8% 3.3% 0.5 p.p. Net income in 1Q25 reached BRL 318.6 million, increasing 32.5% compared to 1Q24. As a result, net margin expanded by 0.5 p.p., reaching 3.8% in 1Q25. The measures adopted to mitigate the impact of the law that changed the tax rules of investment subsidies remained in effect during the quarter and affected net income as follows: (i) the announcement of interest on equity (IoE) distribution totaling BRL 135.0 million, which reduced Income Tax and Social Contribution expenses by BRL 45.9 million; and (ii) the compensation of BRL 146.8 million in accumulated tax losses from previous periods, generating a positive impact of BRL 49.9 million. As a result of these measures, the effective tax rate for the quarter was 12.3%.
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10 1Q25 Results May 05, 2025 Working Capital (12 months) and Cash Flow The Group ended 1Q25 with a cash conversion cycle of 74 days, an improvement of 3 days compared to 4Q24 and stable versus 1Q24. Inventory levels reached 92 days at the end of the quarter, representing an increase of 10 days compared to March 2024, due to preparations for the Easter period, which in 2025 took place in April. Accounts payable improved by 10 days, reflecting extended payment terms negotiated with suppliers during the quarter. Meanwhile, accounts receivable increased by 1 day compared to 1Q24. In 1Q25, the Company had a cash consumption of BRL 4.8 million. Operating cash flow totaled BRL 315.9 million, reflecting the EBITDA performance in the quarter and the positive change in working capital. Investments in Capex and fixed asset purchases/sales totaled BRL 320.8 million during the period. Indebtedness In BRL thousand Mar/25 Dec/24 Mar/24 Gross debt (2,135,075) (2,273,858) (1,814,185) Cash and cash equivalents and financial investments 1,520,597 1,664,213 1,341,295 Net Debt (614,478) (609,645) (472,890) Net Debt / Adjusted EBITDA (pre-IFRS 16) LTM 0.27x 0.29x 0.27x The Company’s net debt reached BRL 614.5 million at the end of March 2025, mainly due to investments made during the period, which consumed the operating cash flow generated in the quarter. The Net Debt to Adjusted EBITDA ratio (pre-IFRS 16) stood at 0.27x at the end of 1Q25, remaining stable compared to 1Q24. 315.9 (4.8) (320.8) 3544827435458474374591823445897736549274 0 10 20 30 40 50 60 70 80 90 100 Recebíveis Fornecedores Estoque Ciclo de CaixaCiclo de caixa (em dias)1T242T243T244T241T25+1 days+10 days Stable +10 days Trade Receivables Trade Payables Inventory Cash Cycle 1Q24 2Q24 3Q24 4Q24 Working Capital (in days) 1Q25 Net Debt Dec/24 Working Capital Recoverable taxes and other assets and liabilities FFO – Funds from Operation Net Debt Mar/25 CAPEX Real estate Purchases/Sales Net Debt Mar/25
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11 1Q25 Results May 05, 2025 Investments In BRL thousand 1Q25 1Q24 Var. (%) New stores 181,322 245,663 -26.2% Land 14,552 70,743 -79.4% Infrastructure, DC, IT and others 20,261 26,760 -24.3% Refurbishments and maintenance 32,462 2,420 1,241.4% Total investments 248,597 345,586 -28.1% Real estate purchases/sales 72,156 (3,714) -2,042.8% Total investments excluding real estate sales/purchases 320,753 341,872 -6.2% During 1Q25, the Company invested BRL 248.6 million in fixed assets, representing a 28.1% decrease compared to 1Q24. This decline was mainly due to lower CAPEX in New Stores and Land, primarily as a result of investments made in 2024 for units opened in 2025. Including real estate purchases/sales, total Group investments declined 6.2% in the quarter. Of the total BRL 72.2 million in real estate purchases/sales, the Company received BRL 33.3 million related to installments from the sale of four properties announced in November 2024, offset by investments in future projects. Ilhéus - BA
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12 1Q25 Results May 05, 2025 APENDIX I – Income Statement post-IFRS 16 Income Statement (in BRL thousands) 1Q25 1Q24 Var. (%) Gross revenue from goods 9,431,626 8,379,628 12.6% Gross revenue from services rendered 47,482 38,313 23.9% Deductions (1,056,887) (959,918) 10.1% PIS/COFINS on investment subsidies (35,043) (31,315) 11.9% Returns (55,873) (44,238) 26.3% Net revenue 8,331,305 7,382,470 12.9% Cost of goods sold and services rendered (COGS) (6,414,649) (5,732,716) 11.9% Gross profit 1,916,656 1,649,754 16.2% Gross margin 23.0% 22.3% 0.7 p.p. Operating income (expenses) Selling expenses (1,164,739) (1,041,833) 11.8% General and Administrative expenses (103,273) (98,320) 5.0% Other operating income/expenses, net 1,301 421 209.0% Total expenses (excluding depreciation and amortization) (1,266,711) (1,139,732) 11.1% EBITDA 649,945 510,023 27.4% EBITDA margin 7.8% 6.9% 0.9 p.p. Depreciation and amortization (105,294) (104,571) 0.7% Operating income before financial results (EBIT) 544,651 405,452 34.3% Financial revenues 69,356 54,596 27.0% Financial expenses (250,609) (187,302) 33.8% Net financial result (181,253) (132,706) 36.6% Income before income tax and social contribution 363,398 272,745 33.2% Income Tax and Social Contribution (150,026) (96,230) 55.9% IR/CS Credit Interest on Equity 45,909 32,736 40.2% Utilization of accumulated tax losses from prior periods 49,896 21,762 129.3% Deferred Income Tax and Social Contribution on provisions 9,392 9,364 0.3% Total Income tax and social contribution (44,829) (32,368) 38.5% Net income 318,569 240,377 32.5% Net Margin 3.8% 3.3% 0,5 p.p.
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13 1Q25 Results May 05, 2025 II – Balance Sheet Assets (in BRL thousands) Mar/25 Mar/24 Dec/24 Current Assets Cash and cash equivalents 1,520,551 1,341,031 1,664,167 Trade Receivable 3,650,849 3,085,517 3,399,130 Inventories 6,414,724 4,957,342 6,047,328 Recoverable taxes 684.671 459,811 605,142 Other assets 312,504 160,371 253,517 Total current assets 12,583,299 10,004,072 11,969,284 Non-current assets Financial investments 46 264 46 Related Parties 47 47 114 Recoverable taxes 244.789 245,638 227,784 Deferred income tax and social contribution 201,223 42,100 126,888 Other assets 65,887 95,970 81,824 Judicial deposits 29,720 30,604 30,637 Right-of-use assets 2,339,617 2,021,405 2,036,014 Investments 55,844 43,168 43,144 Intangible 63,831 39,202 61,160 Property, plant & equipment 4,531,517 3,996,864 4,382,427 Total non-current assets 7,532,521 6,515,262 6,990,038 Total assets 20,115,820 16,519,334 18,959,322 Liabilities (in BRL thousands) Mar/25 Mar/24 Dec/24 Current liabilities Trade Payables 3,755,177 2,623,383 3,078,569 Loans, financing and debentures 249,077 508,391 420,986 Labor obligations 482,103 429,905 445,071 Tax obligations 374,463 288,502 419,431 Taxes payable in installments 26,747 12,062 15,132 Lease liabilities 113,741 111,740 79,464 Interest on equity payable 116,650 83,274 - Other liabilities 114,541 95,269 214,597 Total current liabilities 5,232,499 4,152,526 4,673,250 Non-current liabilities Loans, financing and debentures 1,885,998 1,305,794 1,852,872 Taxes payable in installments 33,544 16,448 22,771 Provision for risks 389,113 58,614 305,138 Lease liabilities 2,393,571 2,030,806 2,089,299 Related Parties 51,355 37,542 52,544 Total non-current liabilities 4,753,581 3,449,204 4,322,624 Equity Share social 8,346,465 8,013,514 8,346,465 Treasury shares (20,299) (2,980) (4,095) AFAC - Advance for future capital increase - 44,217 - Legal reserve 258,476 192,566 258,476 Tax incentive reserve 424,955 328,673 424,955 Retained earnings reserve 689,468 - 824,497 Retained earnings for the period 314,512 237,810 - Equity attributable to the owners of the Company 10,013,577 8,813,800 9,850,298 Equity attributable to non-controlling shareholders 116,163 103,804 113,150 Total equity 10,129,740 8,917,604 9,963,448 Total liabilities and equity 20,115,820 16,519,334 18,959,322
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14 1Q25 Results May 05, 2025 III – Cash Flow Cash Flow (in BRL thousands) 1Q25 1Q24 Profit before income tax and social contribution 363,398 272,745 Adjustment for reconciliation of net income for the period to net cash generated by (applied in) operational activities: Depreciation and amortization 105,294 104,571 Leasing liabilities remeasurement 89,102 63,852 Provision for obsolescence and breakdowns 1,097 (704) Leasing monetary remeasurement - (5,090) Allowance for doubtful accounts 15,136 8,175 Interest on loans, financing and provisioned debentures 84,818 54,592 Property, plant and equipment disposal (3,910) (171) Provision for risks 83,975 (1,207) Change in operating assets: Trade and other receivables (266,855) 363,936 Inventories (368,493) 131,017 Recoverable taxes (72,359) (36,505) Judicial deposits 917 (3,168) Other assets (43,050) (55,414) Change in operating liabilities: Trade and other payables 676,608 (415,823) Labor and tax obligation (73,450) 98,234 Taxes payable in installments 22,388 (957) Other liabilities (13,925) 18,915 Taxes paid (72,028) (74,468) Net cash provided by (used in) operating activities 528,663 522,530 Interest paid (43,718) (46,799) Net cash (applied in) generated by operating activities 484,945 475,731 Cash flow from investing activities Acquisition of property, plant and equipment (352,078) (339,113) Proceeds from sale of fixed assets 35,094 3,714 Capital contribution to investees (12,700) (23,930) Acquisition of intangible assets (3,769) (6,473) Investment in marketable securities - 618 Net cash used in investing activities (333,453) (365,184) Cash flow from financing activities Proceeds from loans, borrowings and debentures 26,304 62,441 Related-party transactions (1,122) 8,381 Repayment of loans, borrowings and debentures (206,187) (35,433) Share buybacks (16,204) - Adjustment to non-controlling interests in investees (1,044) (4) Leasing liability payment (96.855) (94.039) Net cash used in financing activities (295.108) (58.654) Increase (Decrease) in cash and cash equivalents (143,616) 51,893 Cash and cash equivalents at the beginning of the period 1,664,167 1,289,138 Cash and cash equivalents at the end of the period 1,520,551 1,341,031 Increase (Decrease) in cash and cash equivalents (143,616) 51,893
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15 1Q25 Results May 05, 2025 About the Mateus Group Grupo Mateus is the third largest food retail company in the country, with operations in supermarket retail, cash and carry, Wholesale (B2B), furniture and electronics, e-commerce, baking industry and slicing and portioning central. Investor Relations Contacts www.ri.grupomateus.com.br ri@grupomateus.com São Luís, May 05, 2025 This document both historical information and forward-looking statements about the business prospects, projections on Grupo Mateus operating and financial results, based exclusively on the Company’s management expectations. These expectations depend substantially on market conditions, the performance of the Brazilian economy, the sector and international markets, and, therefore are subject to change without prior notice. In the face of such uncertainties, Grupo Mateus assumes no obligation to update or review any forwarding-looking statement in the future. Jaboatão dos Guararapes - PE