Empreendimentos Pague Menos S A : Comunicado ao Mercado

4Q23 & 2023

EARNINGS

CONFERENCE CALL

Disclaimer

This document may contain certain forward-looking statements and information related to the Company reflecting current views and/or expectations of the Company and its Management concerning its performance, businesses and future events. Forward-looking statements include, without limitation, any statement that has a forecast, indication or estimates and projections of future results, performance or objectives, as well as words such as "we believe", "we anticipate", "we expect", "we estimate", "we project", among other words with similar meaning. Although the Company and its management believe that such forward-looking estimates and statements are based on reasonable assumptions, they are subject to risks, uncertainties and future events and are issued in the light of information that is currently available. Any forward-looking statements refer only to the date on which they were issued, and the Company is not responsible for updating or revising them publicly after the distribution of this document due to new information, future events or other factors. Investors should be aware that a number of important factors cause actual results to differ materially from such plans, objectives, expectations, projections and intentions as expressed in this document.

In view of the aforementioned risks and uncertainties, the prospective circumstances and events discussed in this document may not occur, and the Company's future results may differ significantly from those expressed or suggested in these forward-looking statements. Forward- looking statements involve risks and uncertainties and are not guarantees of future events. Therefore, investors should not make any investment decision based on the forward-looking statements that may be contained herein.

Market and certain competitive position information, including market projections mentioned herein were obtained from in-house surveys, market research, public information and business publications. Although we have no reason to believe that any of this information or these reports are inaccurate in any material respect, we do not independently verify market position, growth rate, competitive position or any other data provided by third parties or other industry publications. The Company is not responsible for the accuracy of such information.

Certain percentages and other amounts included in this document have been rounded up to facilitate their presentation. The scales of the graphs of the results can appear in different proportions, to optimize the demonstration. Accordingly, the numbers and graphs presented may not represent the arithmetic sum and the appropriate scale of the numbers that precede them, and may differ from those presented in the financial statements.

Since 2019 our financial Statements have been prepared in accordance with IFRS 16, which changed the criteria for the recognition of rental contracts. To better represent the economic reality of the business, the numbers in this presentation are presented under the previous standard, IAS 17 / CPC 06. Reconciliation to IFRS 16 can be found in a dedicated section of our Earnings Release.

2

4Q23 & 2023 Highlights

Mario Queirós

4Q23 Highlights

Good sales performance, with advances in Extrafarma integration and operating cash generation

MARKET SHARE

Above-market growth in North, Northeast and Midwest regions

DIGITAL CHANNELS

12.5% share of total sales

(+2.6 p.p. vs 4Q22)

CASH CYCLE

Reduction of 6 days vs. 4Q22 with partial recomposition of accounts receivable

EXTRAFARMA GROWTH

Same Store Sales of 6.8% in 4Q23 and 19.4% accumulated in 2 years

EXTRAFARMA SYNERGIES

R$ 130 million on an annualized basis (~57% of mapped potential)

ADJUSTED NET INCOME

R$ 62.8 million in 4Q23, with a progressive improvement in financial results

4

2023 Highlights

Strategic Advances, Reduction of Financial Leverage and Extrafarma Integration in Progress

SALES GROWTH

+21.8% vs 2022

+15.2% 4 years CAGR

DIGITAL CHANNELS

BRL 1.4 billion in sales (+49.3% vs 2022)

INDEBTEDNESS

0.7x reduction in Net Debt / EBITDA vs peak leverage in 2Q23

EBITDA GROWTH

+7.0% vs 2022

+16.4% 4 years CAGR

CUSTOMER BASE

20.7 million active customers in the year (+6.3% vs 2022)

EXTRAFARMA INTEGRATION

Successful conclusion of logistics and technology integrations

5

4Q23 & 2023 Results

Luiz Novais, CFO

Pague Menos Sales

Maintenance of strong growth throughout the year, with different behaviors by region

TOTAL GROWTH

(variation %)

New/Closed Stores Same Stores

EVOLUTION OF SSS BY REGION

(Quarterly SSS)

15%

11.4%

4.5%

6.8%

9.7%

5.4%

4.3%

11.6% 11.5%

5.7%	5.0%

5.9%	6.5%

8.6%

3.3%

5.3%

CO

10%

5% N/NE S/SE

4Q22 1Q23 2Q23 3Q23 4Q23

0%
4Q22	1Q23	2Q23	3Q23	4Q23

7

New Stores Performance

The 218 stores opened between 2021 and 2023 with a positive trend in profitability

MATURATION CURVE (% of potential sale)

Cohort 21 Cohort 22 Cohort 23

100%

4-WALL¹ MARGIN BY REVENUE BAND

(R$ thousand and % of gross revenue)

Mature Stores

New Stores

AVERAGE MONTHLY REVENUE

90%

80% 70% 60% 50% 40%

30%

Q1 Q2 Q3 Q4 Q5 Q6 Q7 Q8 Q9 Q10

5.3%

8.3%

9.4%

11.2%

11.3%

400-500

500-600

600-700

700-800

800-900

8.0%

9.4%

10.3%

9.2%

14.2%

76% 86% 67%

located in the	positioned in the	in cities
N/NE regions	Classes B2/C/D	from the interior

¹ Considers only direct store expenses. Data refer to the month of December/2023.

8

Extrafarma Sales

Acceleration in the pace of growth, with maturation of sales synergies

SAME-STORE GROWTH(SSS)

(% variation)

12.0%

6.8%

4.7% 4.5%

3.4%

4Q22 1Q23 2Q23 3Q23 4Q23

¹ Considers the 355 stores opened at the end of 4Q23

SSS YTD 2 YEARS¹

(% variation)

19.2% 19.4%

13.5%

7.1%

1Q23 x 1Q21 2Q23 x 2Q21 3Q23 x 3Q21 4Q23 x 4Q21

9

Market Share

Share increase in the main regions, with growth balanced between new and mature stores

Share by Region	Composition of Growth
(% of total market)	(var. % 2023 vs 2022 - R$ CPP)

4Q22	4Q23						New/Closed Stores	Same Stores
		+0.2p.p.							9.5%
							8.2%
				+0,1p.p.
		19.4	19.6						4.3%
				15.3 15.4					3.9%		0.8%
	=				+0.3p.p.
6.0	6.0				4.2 4.5	-0,1p.p.		4.3%	5.2%	4.8%
					=
					1.7	1.6
						0.9	0.9
BR	NE	N	CO	SE	S

(4.0%)

Market

Pague Menos

Extrafarma

Source: IQVIA	10
Note: IQVIA methodology normalizes sales prices among players, causing the growth in R$ CPP to diverge from what is actually
realized.