Slides
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4Q25 RESULTS
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This presentation contains forward-looking statements regarding the business outlook, estimates of operating and financial results, as well as growth prospects of Guararapes-Riachuelo. These are merely projections and, as such, are based solely on the expectations of Guararapes-Riachuelo's management regarding the future of the business and its continued access to capital to finance the Company's business plan. These forward-looking statements depend substantially on changes in market conditions, government regulations, competitive pressures, the performance of the sector and the Brazilian economy, among other factors, in addition to the risks described in the disclosure documents filed by Guararapes-Riachuelo and are, therefore, subject to change without prior notice IMPORTANT
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OPENING REMARKS 01
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We continued our transformation... May/23 Creation of Fashion, Marketing and E-commerce boards Aug/23 Establishment of Transformation Office Acceleration of Guararapes industrial plant occupancy Sep/23 Oct/23 Significant reduction in inventories and cash generation of R$1.0 billion in the year Dec/23 Creation of Supply Chain board Sep/24 Midway resumed portfolio growth delivering results twice as high YoY Dec/24 Significant reduction in leverage Dec/24 André Farber takes over as CEO Definition of strategic priorities Jun/25 Launch of “Nossos Fios” Evolving our culture, while retaining our essence Sep/25 Relaunch of Pool brand Investments in strategic sub-brands Nov/25 Optimization of debt profile Issue of GUAR17 at DI + 0.95% p.a. Rebranding Inauguration of pop-up store with new store concept Dec/25 Sale of Midway Mall for R$1.6 billion Dec/25
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... and continued to deliver consistent results 20.0% Retail EBITDA margin +1.7 p.p. vs. 4Q24 Best in the last 5 years +7.2% Apparel SSS 10 consecutive quarters of growth Financial Operation EBITDA R$126 million +28.4% vs. 4Q24 +2.9 p.p. vs. 4Q24 9 successive quarters of growth 57.8% Apparel gross margin 20.6% Consolidated EBITDA margin +1.9 p.p. vs. 4Q24 Highest in the last 5 years 4Q25 Highlights N o t e : d a t a e x c l u d i n g t h e M i d w a y M a l l t r a n s a c t i o n +28.8% vs. 4Q24 R$322 million Record consolidated net income in the last 5 years
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+10.3% Apparel SSS +2.4 p.p. vs. 2024 Highest in the last 7 years 56.7% Apparel Gross Margin +117.8% vs. 2024 R$512 million Record consolidated Net Income in the last 5 years 2025 Highlights R$1.6 billion Sale of Midway Mall Record dividend distribution N o t e : d a t a e x c l u d i n g t h e M i d w a y M a l l t r a n s a c t i o n Financial Operation EBITDA R$482 million +19.3% vs. 2024 Adjusted consolidated EBITDA R$1.8 billion +18.1% vs. 2024
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2023 2024 2025 1,028 1,487 1,756 Adjusted Consolidated EBITDA (R$ million) Adjusted EBITDA Margin from Retail (%) Paradigm shift in the Company’s results Creation of value in the last two years +70.8% 2023 2024 2025 52.5% 54.3% 56.7% 2023 2024 2025 (34) 235 512 Net Income in comparable basis (R$ million) +4.2p.p. Apparel Gross Margin (%) 2023 2024 2025 11.5% 13.7% 14.9% +3.4p.p. N o t e : R e s u l t s e x c l u d i n g t h e e f f e c t o f M i d w a y M a l l s a l e i n 4 Q 2 5
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2019 2020 2021 2022 2023 2024 2025 55.9% 52.9% 55.0% 54.7% 52.5% 54.3% 56.7% 20182017 56.7% 57.1% Apparel Gross Margin Return to historical levels
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Powerful combination of Fashion and Financial S ervices drives healthy business growth Value generation per square meter (R$ million) 2023 2024 2025 5,775 6,843 7,708 +33.5% Gross Profit - Retail per sqmResult* from Financial Operation per sqm * R e v e n u e n e t o f P D A
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CAPITAL STRUCTUREFOOTPRINTEXPERIENCE FULL POTENTIAL OF FINANCIAL OPERATION FASHION EFFICIENCY SALES PRODUCTIVITY ROIC Goal: Maximize value generation per sq uare meter New Cycle of Growth and Return 01 02 03 04 05 Finetuning the Pillars of Strategy
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Experience BRAND Brand revitalization Investment in strategic sub-brands Boost core categories Higher share of fashion products Responsiveness in the chain PRODUCT STORE AND E-COMM Improve customer experience Store clustering OPÇÃO 4 – FOTO TEXTURA
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Evolution of brand experience
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New D-Sync line
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Collabs Helô Rocha and Triya
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Footprint NEW STORES Resumption of store openings Update to the new conceptREMODELING E-COMM Digital channel acceleration
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5 4 1 8 2022 2023 2024 2025 Riachuelo – latest openings Regions with lower penetration1 Increase coverage in HIGH PRODUCTIVITY regions2 IRR +25%3 Resumption of store openings Potential: 150-200 new stores 342 Riachuelo stores
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Fashion Efficiency FACTORY Strengthening fashion products Operational excellence New capabilities Push and Pull, and control by SKU Clustering of supply by store More scalable and productive logistics LOGISTICS ANALYTICS Pricing and markdowns Algorithms maturation Strategic use of data using AI
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Full Potential of Financial Operation CORE BUSINESS AI and Machine Learning in lending operations Best value proposition for cards Expansion of lending business ECOSSYSTEM Enhancement of relationship program Launch of new products: Payroll loansNEW PRODUCTS
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Capital Structure DEBT Debt restructuring: credit spread reduced from +2.40% to +0.95% New funding sources to sustain growth: FIDC Personal loans Optimization of non-core assets: sale of Midway Mall REAL ESTATE
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RETAIL PERFORMANCE 02
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7.8% growth in Apparel sales despite adverse weather conditions Apparel Net Revenue 1,724 1,993 2,149 4Q23 4Q24 4Q25 +15.6% +7.8% 5.227 2023 5,880 2024 6,515 2025 +12.5% +10.8% (R$ million) (R$ million)
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10 consecutive quarters of growth underline the strength of our value proposition Apparel SSS 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 5.3% 10.5% 8.3% 10.1% 14.6% 12.8% 15.8% 7.3% 7.2% 3Q23 13.2%
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Sales growth with margin increase result in record Apparel Gross Profit Apparel Gross Profit (R$ million) 939 1,093 1,242 4Q23 4Q24 4Q25 +13.6% 2,741 3,195 3,697 2023 2024 2025 +15.7% (R$ million)
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54.5% 4Q23 51.5% 1Q24 55.4% 2Q24 54.8% 3Q24 54.9% 4Q24 53.7% 1Q25 57.3% 2Q25 57.3% 3Q25 57.8% 4Q25 +1.3 p.p. +1.9 p.p. +1.9 p.p. +4.0 p.p. +0.4 p.p. +2.2 p.p. +1.9 p.p. +2.5 p.p. +2.9 p.p. Apparel Gross Margin YoY Growth 9 successive quarters of growth underscore the power of our integrated chain Apparel Gross Margin
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Clear levers and disciplined execution drive efficiency and consistent margin growth Evolution of Apparel Margin (R$ million) OPÇÃO 4 – FOTO TEXTURA 4Q24 0.3 p.p. Product Mix 1.8 p.p. Internal Captures 0.8 p.p. Business Intelligence 4Q25 54.9% 57.8% ▪ Higher penetration of core categories ▪ Production efficiencies ▪ Operational model optimization ▪ Fewer markdowns ▪ Pricing strategy
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FINANCIAL SERVICES 03
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Diligent and responsible credit management drives healthy portfolio growth Credit Portfolio 692 687 837 99 4Q23 4Q24 4Q25 +20.9%* Personal Loans (R$ million) Cards (R$ million) 4.834 5.032 5.318 4Q23 4Q24 412 4Q25 +10.0%* Portfolio of up to 361-540 days Portfolio up to 360 days * Considers portfolio growth up to 360 days
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Disciplined credit management ensures healthy indicator levels in both short - and long -term ranges, with rollovers within expectations Delinquency Indicators 13.6% 5.6% 4Q24 14.1% 7.6% 1Q25 14.6% 6.9% 2Q25 14.9% 6.4% 3Q25 14.5% 6.0% 4Q25 21.6% 10.3% 4Q24 20.9% 12.1% 1Q25 23.7% 11.1% 2Q25 25.1% 8.9% 3Q25 24.0% 9.0% 4Q25 Over 90 days (portfolio of up to 360 days) 15 to 90 days (portfolio of up to 360 days) Cards Personal Loans
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Responsible portfolio expansion and diligent lending evident from efficient FPD and under control First Payment Default – New Loans 7.7% mar/23 5.2% 8.1% jun/23 5.2% 8.4% sep/23 5.4% 7.3% dec/23 6.9% 7.0% mar/24 5.0% 6.5%7.3% 5.0% 6.2% sep/24 4.8% 7.4% dec/24 5.5% 8.0% mar/25 4.3% 6.5% jun/25 4.0% 5.7% sep/25 4.1% 6.2% dec/25jun/24 FPD Cards and Personal Loans Cards Personal Loans
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Focus on consistent results and long -term sustainability EBITDA from Financial Services 98 126 4Q24 4Q25 +28.4% 123 195 404 482 2022 2023 2024 2025 +19.3% (R$ million) (R$ million)
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CONSOLIDATED PERFORMANCE 04
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Disciplined cost management drives sustainable business growth Operating Leverage (R$ million) (R$ million) 4Q24 4Q25 32.9% 33.1% +0.2 p.p. 2022 2023 2024 2025 38.0% 35.7% 35.5% 35.7%
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Record 4 th quarter margin in the last 5 years Consolidated Adjusted EBITDA (R$ million) (R$ million) 18.7% 566 4Q24 20.6% 660 4Q25 + 1.9 p.p. 948 1,028 1,487 1,756 11.2% 2022 11.7% 2023 15.4% 2024 16.7% 2025 + 1.3 p.p.
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(R$ million) Net Income 52 2022 (34) 2023 235 2024 512 2025 +117.8% 250 4Q24 322 4Q25 +28.8% Clear strategy and disciplined execution have consistently driven profits to historic levels (R$ million) Nic ver comentário Miguel
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Consistent cash generation sustained by diligent capital management Free Cash Flow (R$ million) 660 481 85 Consolidated EBITDA 4Q25 Variation in Working Capital (159) Cash Flow from Investments (105) IR/CS Paid and Others Free Cash Flow 4Q25
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(R$ million) Consolidated CAPEX 379 569 589 377 419 572 4.9% 2019 7.9% 2021 7.0% 2022 4.3% 2023 4.3% 2024 5.4% 2025 % Net Revenue CAPEX Resumption of investments with the acceleration of the expansion agenda to drive long -term growth and returns
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(R$ million) Sharp deleveraging in recent years due to a combination of improved results, disciplined capital management, and debt restructuring Financial Leverage 1,065 499 560 1.0 0.3 0.3 1.4 0.4 0.4 Dec/23 Dec/24 Dec/25 Net Debt / EBITDA Net Debt/ EBITDA Pre IFRS 16 Net Debt Early payment of R$121 million in Dividends in Dec/25* * Does not include the dividend related to the sale of Midway Mall
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TOGETHER WITH THE ONGOING BRAND TRANSFORMATION, IN FEBRUARY 2026 GUAR3 BECAME RIAA3
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Q&A
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ri@riachuelo.com.br | riachuelo.com.br/ri