Slides
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3Q25 EARNINGS CALL SMLL B3 • IGCX B3 • IDIVERSA B3 • ICON B3 • IBRA B3 • ISEE B3 • IGC-NM B3 • IGCT B3 • ITAG B3
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Igor Sehn IRM 2
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EXPANSION AND PROJECTS OUR PILLARS 3Q25 RESULTS Q&A 1 2 3 4 AGENDA 3
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Peter Furukawa CEO 4
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Same-Store Sales (SSS) totaled a 2% reduction in 9M25, with a 11.6% decrease in 3Q25, reflecting the slowdown in demand (high interest rates) and the strong comparison base in appliances and furniture due to the floods in Rio Grande do Sul during the same period last year – we achieved strong SSS growth of 10.6% in 3Q24. 5 new stores were opened in 3Q25 and 19 in the year, bringing the total number of operating stores to 584. 16 Store Managers trained and 23 Store Managers in training at the end of 3Q25. 339 employees in the Desponte Program in Sep/25. Controlled delinquency, with overdue on the VerdeCard¹ portfolio at 11.7% at the end of 3Q25, the same level recorded in 2Q25 and in line with historical performance, even in a challenging macroeconomic scenario. The credit portfolio grew by 14%. ¹ Gross VerdeCard portfolio with interest (FIDC and Partnerships) and without interest in arrears more than 90 days divided b y the gross VerdeCard portfolio with interest (FIDC and Partnerships) and without interest up to 360 days, month -end positions ² Adjusted Net Debt/ EBITDA LTM In 3Q25, all Phygital initiatives accounted for around 25% of sales, in line with plan. Gross Profit totaled R$226 million in 3Q25, a result of the decline of sales volume and the increase in funding costs. Selling Expenses increased by 5%, while Administrative Expenses increased by 4%, below inflation, in 3Q25. OUR PILLARS MARKET GAIN CREDIT & COLLECTION EXCELLENCE DOING MORE WITH LESS PHYGITAL RETAIL HIGH PERFORMANCE CULTURE 5
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EVOLUTION OF THE NUMBER OF STORES 225 247 267 280 290 294 298 303 304 303 306 31 47 59 75 85 86 87 87 88 8832 56 94 130 143 152 153 156 158 9 11 14 15 15 15 2018 2019 2020 42 2021 11 2022 14 2023 17 2024 17 9 1Q25 17 27 2Q25 261 296 346 395 2017 529 552 573 576 465 3Q25 584 17 18 579 RS SC PR MS SP SALES AREA (thousand sqm) EXPANSION 6 19 new stores opened during the year, 5 in 3Q25, and closing of 8 stores in 2025. 584 stores in operation in 495 cities in the states of RS, SC, PR, MS and SP. Refurbishment of 22 stores during the year, 6 in 3Q25. STORE OPENINGS 3Q25 % store base 329 98 72 62 23 # stores STORES BY CITY SIZE 17% 12% 11% 4%56% >300k<25k 100k-300k50k-100k25k-50k RIO GRANDE DO SUL XANGRI-LÁ 16k inhab ARATIBA 6k inhab REDENTORA 10k inhab PARANÁ RIBEIRÃO CLARO 12k inhab ANDIRÁ 20k inhab TOTAL: 5 NEW STORES 162 190 229 265 314 356 369 381 381 382 385
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Jean Pablo de Mello CFO 7
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REVENUE BREAKDOWN BY BUSINESS | 3Q25 AND 9M25 FINANCIAL SERVICESRETAIL AND SSS (R$ MILLION AND %YoY) (R$ MILLION) CREDIT CARD (R$ MILLION) 8 GROSS REVENUE, NET OF RETURNS | GROSS REVENUE (R$ MILLION) 433 574 668 692 716 818 789 3Q21 3Q22 3Q23 3Q24 3Q25 9M19 9M20 9M22 9M23 9M24 9M259M213Q19 1,823 1,919 2,004 2,224 2,314 1,165 1,397 3Q20 +33% +16% +4% +3% +14% -4% +20% +30% +5% +4% +11% +4% 101 96 132 154 178 208 235 256 285 363 441 498 582 658 9M259M249M239M229M219M203Q253Q243Q233Q223Q21 9M193Q203Q19 -5% +37% +17% +16% +16% +13% +12% +27% +22% +13% +17% +13% 16 16 18 18 20 24 27 47 47 51 54 60 68 78 9M259M249M239M229M213Q19 3Q253Q243Q233Q223Q213Q20 9M209M19 -4% +12% +2% +13% +16% +15% +2% +8% +6% +11% +13% +14% 316 462 518 520 517 587 526 863 3Q20 3Q21 3Q22 3Q23 3Q24 3Q25 9M19 9M21 1,574 1,579 9M20 9M259M249M239M223Q19 1,064 1,409 1,424 1,447 +46% +12% 0% -1% +14% -10% +23% +32% +1% +2% +9% 0% 5% CAGR 15% CAGR 9% CAGR 11% CAGR 9% 35% 5% (8)% (6)% 11% (12)% CAGR 11% CAGR 17% CAGR 12% CAGR 9% 6% 13% 23% (7)% (5)% 6% (2)%
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2T20 1S192T19 1S202T21 2T22 1S221S21 GROSS REVENUE AND GROSS MARGIN | 3Q25 AND 9M25 GROSS PROFIT (R$ MILLION) GROSS MARGIN RETAIL AND SERVICES PROVIDED (% GROSS REVENUE) 9 GROSS MARGIN (% GROSS REVENUE) GROSS MARGIN (% NET REVENUES) 140 191 207 189 219 243 226 376 456 578 561 597 671 663 3Q22 3Q23 3Q24 3Q25 9M259M249M239M223Q19 9M209M193Q20 3Q21 9M21 +36% +8% 9% +16% +11% -7% +21% +27% -3% +6% +12% -1% 3Q19 3Q20 3Q21 3Q22 3Q23 3Q24 3Q25 40.2% 42.0% 38.5% 31.4% 35.2% 34.2% 32.4% 3Q19 3Q20 3Q21 3Q22 3Q23 3Q24 3Q25 32.4% 33.3% 31.0% 27.3% 30.6% 29.7% 28.6% 3Q19 3Q20 3Q21 3Q22 3Q23 3Q24 3Q25 59.2% 22.4% 72.2% 23.9% 58.5% 23.1% 44.5% 21.6% 54.2% 21.5% 47.1% 22.9% 41.3% 22.2% Services Provided RetailCAGR 8% 9M19 9M20 9M21 9M22 9M23 9M24 9M25 39.4% 40.8% 39.3% 33.1% 34.2% 34.6% 32.6% 9M19 9M20 9M21 9M22 9M23 9M24 9M25 32.3% 32.7% 31.7% 29.2% 29.8% 30.2% 28.7% 9M19 9M20 9M21 9M22 9M23 9M24 9M25 56.5% 23.8% 63.0% 23.2% 60.2% 23.4% 47.3% 23.0% 48.5% 22.6% 47.3% 23.1% 41.9% 22.5% CAGR 10%
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OPERATING EXPENSES | 3Q25 AND 9M25 54 71 177 197 207 31 41 50 120 60 68 154 90 107 138 157 394 428 457 72 90 111 134 148 205 243 310 348 (26) 3Q20 1 3Q19 6 1 3Q21 (1) 3Q22 3Q23 3Q24 0 3Q25 4 9M19 13 9M20 8 9M21 1 105 136 162 173 201 218 225 299 363 456 506 564 599 660 7 3 (7) 9M22 9M23 9M24 (5) 9M25 +30% +19% +7% +16% +9% +3% +21% +26% +11% +11% +6% +10% Selling Expenses General and Adminsitrave Expenses Other Operating Expenses, Net OPERATING EXPENSES (R$ MILLION) 10 In 3Q25, Operational Expenses totaled R$225.0 million, a 3% increase compared to 3Q24. Selling Expenses grew by 4.6% in 3Q25. This performance is mainly attributed to additional expenses resulting from organic expansion and expense inflation. General and Adminsitrative Expenses grew by 4.3% in 3Q25, below the accumulated inflation in the period, as a result of the Company’s internal efforts to contain expenses, despite inflationary pressures and the advancement of the expansion support structure. Other operating expenses, net, totaled a revenue of R$0.1 million in 3Q25.
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ADJUSTED EBITDA | 3Q25 AND 9M25 EBITDA AND ADJUSTED EBITDA (R$ MILLION AND % GROSS REVENUE) 11 79 100 136 69 35 55 21 6.8% 9M19 7.2% 9M20 7.5% 9M21 3.6% 9M22 1.7% 9M23 2.5% 9M24 0.9% 9M25 113 137 182 133 126 169 107 EBITDA Adjusted EBITDA Adjusted EBITDA Margin 36 59 50 20 26 31 8.3% 3Q19 10.2% 3Q20 7.5% 3Q21 2.9% 3Q22 3.6% 3Q23 3.8% 3Q24 5 0.7% 3Q25 48 70 67 43 50 58 35 EBITDA and Adjusted EBITDA reconciliation (R$ million) 3Q25 3Q24 % 3Q25 vs 3Q24 9M25 9M24 % 9M25 vs 9M24 Net Income (Loss) (42.1) (3.7) (1046.4%) (119.3) (6.1) (1853.0%) (+) Income tax and social contribution (1.7) (2.4) 30.2% 2.9 (6.8) N/A (+) Finance income (costs), net 44.3 31.4 41.3% 119.8 84.9 41.0% (+) Depreciation and Amortization 34.9 33.2 5.3% 103.8 96.9 7.1% (=) EBITDA 35.4 58.5 (39.4%) 107.2 168.9 (36.5%) EBITDA Margin (% Net Revenue) 5.1% 8.2% (3.1)p.p. 5.3% 8.7% (3.4)p.p. EBITDA Margin (% Gross Revenue) 4.5% 7.1% (2.7)p.p. 4.6% 7.6% (3.0)p.p. (+) Stock Option Plan (SOP) 0.0 1.1 (96.8%) 0.1 3.9 (97.3%) (+) Non-recurring itens - - - 4.2 (34.2) N/A (-) Impact of the adoption of IFRS16 / CPC06 (30.3) (28.4) (6.8%) (90.3) (83.8) (7.7%) (=) Adjusted EBITDA 5.1 31.2 (83.5%) 21.2 54.8 (61.3%) Adjusted EBITDA Margin (% Net Revenue) 0.7% 4.4% (3.6)p.p. 1.0% 2.8% (1.8)p.p. Adjusted EBITDA Margin (% Gross Revenue) 0.7% 3.8% (3.2)p.p. 0.9% 2.5% (1.5)p.p.
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ADJUSTED NET PROFIT | 3Q25 AND 9M25 NET PROFIT AND ADJUSTED NET PROFIT (R$ MILLION AND % GROSS REVENUE) 12 13 30 16 (8) (12) (4) (42) 14 32 21 (3) (7) (1) (26) 3.2% 3Q19 5.5% 3Q20 3.1% 3Q21 -0.5% 3Q22 -1.0% 3Q23 -0.2% 3Q24 -3.3% 3Q25 Net Profit Adjusted Net Profit Adjusted Net Profit 14 33 43 (22) (40) (6) (119) 16 37 57 (9) (26) (27) (71) 1.4% 9M19 2.6% 9M20 3.1% 9M21 -0.5% 9M22 -1.3% 9M23 -1.2% 9M24 -3.1% 9M25 Adjusted Net Profit Reconciliation (R$ million) 3Q25 3Q24 % 3Q25 vs 3Q24 9M25 9M24 % 9M25 vs 9M24 Net Income (Loss) (42.1) (3.7) (1,046.4%) (119.3) (6.1) (1,853.0%) Net Margin (% Net Revenue) (6.1%) (0.5%) (5.5)p.p. (5.9%) (0.3%) (5.5)p.p. Net Margin (% Gross Revenue) (5.3%) (0.4%) (4.9)p.p. (5.2%) (0.3%) (4.9)p.p. (+) Stock Option Plan (SOP) 0.0 1.1 (96.8%) 0.1 3.9 (97.3%) (+) Impact of the IFRS16/CPC06's adoption 1.6 1.2 31.2% 4.6 3.8 20.2% (+) Income Tax on Fiscal Loss 14.5 - - 43.4 - - (+) Non-recurring itens - - - - (28.2) 100.0% (=) Adjusted Net Income (Loss) (26.0) (1.3) (1,825.1%) (71.2) (26.7) (167.0%) Adjusted Net Margin (% Net Revenue) (3.7%) (0.2%) (3.5)p.p. (3.5%) (1.4%) (2.1)p.p. Adjusted Net Margin (% Gross Revenue) (3.3%) (0.2%) (3.1)p.p. (3.1%) (1.2%) (1.9)p.p.
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VERDECARD NET PORTFOLIO (R$ MILLION) PORTFOLIO GROWTH TOTAL +14% INTEREST- BEARING +4% vs 3Q24 13 CREDIT PORTFOLIO EVOLUTION 417 408 433 500 495 450 470 546 549 552 557 633 637 631 657 733 784 797 822 877 877 845 883 956 949 909 914160 184 192 176 179 166 206 194 205 221 275 270 268 279 307 300 279 283 322 335 359 382 434 436 492 539 592 1Q19 11.6% 2Q19 11.2% 3Q19 10.1% 4Q19 10.4% 1Q20 13.0% 2Q20 10.9% 3Q20 8.9% 4Q20 7.9% 1Q21 9.4% 2Q21 9.8% 3Q21 9.8% 4Q21 10.9% 1Q22 12.0% 2Q22 11.8% 3Q22 10.6% 4Q22 10.8% 1Q23 11.9% 2Q23 11.4% 3Q23 11.6% 4Q23 11.9% 1Q24 12.4% 2Q24 11.2% 3Q24 10.9% 4Q24 10.8% 1Q25 11.7% 2Q25 577 592 625 676 675 616 676 740 754 10.8% 832 904 904 910 964 1,033 1,063 1,080 1,143 773 1,236 1,227 1,317 1,392 1,442 1,449 3Q25 1,506 11.7% 1,213 Interest-free Net Portfolio Interest-bearing Net Portfolio Delay over 90 days on the VerdeCard’s Portfolio
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TOTAL PAYMENT VOLUME ON VERDECARD (R$ MILLION) TOTAL NUMBER OF CREDIT CARDS (Sep/25) 4.2MM+ Credit Cards EVOLUTION OF TPV | 3Q25 AND 9M25 14 195 235 261 278 280 305 295 539 563 690 739 765 814 850 208 213 264 306 390 502 648 604 611 738 876 9M223Q19 3Q20 3Q21 3Q22 3Q23 3Q24 3Q25 9M19 9M20 9M21 9M23 9M24 1,828 9M25 403 448 525 584 670 806 943 1,143 1,174 1,428 1,615 1,860 2,203 2,678 1,096 1,389 +11% +17% +11% +15% +20% +17% +3% +22% +13% +15% +18% +22% Accredited Establishments Quero-Quero Stores CAGR 15% The preferred payment method for most of our customers QUERO-QUERO VERDECARD CREDIT CARD CAGR 15%
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CAPEX | 3Q25 AND 9M25 CAPEX (R$ MILLION) 15 4 11 14 5 4 7 7 13 22 33 25 14 19 20 4 5 5 3 3 4 4 9 10 13 9 11 13 11 5 4 6 6 3 4 2 10 9 16 17 9 10 8 9M213Q19 3Q20 3Q21 3Q22 3Q23 3Q24 3Q25 9M19 9M20 9M22 9M23 9M24 9M25 13 19 25 13 11 15 13 33 42 61 51 34 41 39 +51% +31% -46% -21% +36% -11% +27% +47% -16% -34% +22% -5% New Stores Store Refurbishment and Projects Logistics, IT, and Others Facade of the store opened in Ribeirão Claro (PR) in 3Q25. In 3Q25, investments totaled R$12.9 million. In 9M25, investments totaled R$38.9 million, including the opening of 19 new stores and the renovation of another 22 stores.
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CASH MANAGEMENT LOANS AND FINANCING (R$ MILLION) ADJUSTED NET DEBT (R$ MILLION) CONSOLIDATED CASH (R$ MILLION) 16 127 133 142 335 218 138 156 420 222 261 276 447 167 100 132 96 79 277 157 88 68 230 111 132 540 377 206 163 525 399 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 224 213 419 492 306 206 386 532 354 800 653 653 331 625 3Q25 531 LJQQ Cash FIDC Cash 282 262 239 349 323 292 266 390 419 438 391 338 303 266 381 112 102 100 92 102 111 107 156 179 196 197 231 178 2Q22 3Q22 64 4Q22 75 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q251Q22 364 339 413 398 384 369 501 526 594 570 535 500 497 3Q25 560 394 Short-Term Long-Term 267 231 196 78 180 246 213 81 303 333 294 87 332 397 427 1.1x 1Q22 1.0x 2Q22 1.0x 3Q22 0.4x 4Q22 1.0x 1Q23 1.4x 2Q23 1.1x 3Q23 0.4x 4Q23 1.0x 1Q24 1.3x 2Q24 1.1x 3Q24 0.4x 4Q24 1.8x 1Q25 2.0x 2Q25 3Q25 2.4x Adjusted Net Debt Adjusted Net Debt / EBITDA LTM In 3Q25, the Company’s Adjusted Net Debt was R$ 427.4 million, compared to R$ 294.5 million at the end of 3Q24 and R$ 396.5 million in 2Q25. Due to the seasonality of working capital, we historically observe cash consumption in the first half of the year and cash generation at the end of the second. R$ 145 million was raised in the 5th and 6th debenture issues, with maturities of 5 and 6 years, resulting in an extension of the corporate debt profile.
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Q&A 17
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DISCLAIMER Any statements that may be made during this webcast regarding the Company's business prospects, projections and operating and financial targets are beliefs and assumptions of the management of Lojas Quero-Quero, as well as information currently available to the Company. Forward-looking statements are not guarantees of performance and involve risks, uncertainties and assumptions. These refer to future events and therefore depend on circumstances that may or may not occur. Investors should understand that general economic conditions, industry conditions and other operating factors may affect the Company's future results and could lead to results that differ materially from those expressed in such forward-looking statements. This presentation includes accounting and non-accounting data such as pro-forma operating and financial data. The non-accounting data has not been reviewed by the Company's independent auditors. 18
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BEING PART OF YOUR LIFE IS EVERYTHING TO US. INVESTOR RELATIONS ri@quero-quero.com.br | +55 51 3441-5798