Lojas Quero Quero S A : Dados Econômico-Financeiros

Interim Financial Information

Lojas Quero-Quero S.A.

March 31, 2022

with Independent Auditor's Report

Iguatemi Business

Avenida Nilo Peçanha, 2.900 9º andar - Chácara das Pedras 91.330-001- Porto Alegre - RS - Brazil

Phone: [phone] ey.com.br

A free translation from Portuguese into English of Independent Auditor's Review Report on quarterly information prepared in Brazilian currency in accordance with NBC TG 21 and IAS 34 applicable to the preparation of Quarterly Information (ITR) and the rules issued by the Brazilian Securities and Exchange Commission (CVM)

Independent auditor's review report on quarterly information

To the Shareholders, Board of Directors and Officers of

Lojas Quero-Quero S.A.

Introduction

We have reviewed the individual and consolidated interim financial information of Lojas Quero-Quero S.A. (the "Company"), contained in the Quarterly Information Form (ITR) for the quarter ended March 31, 2022, which comprises the balance sheet as at March 31, 2022 and the related statement of profit or loss, of comprehensive income, of changes in equity and of cash flows for the three-month period then ended, including explanatory information.

Management is responsible for the preparation of the individual and consolidated interim financial information in accordance with NBC TG 21 and IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board (IASB), as well as for the presentation of this financial information in accordance with the rules issued by the Brazilian Securities and Exchange Commission (CVM) applicable to the preparation of Quarterly Information (ITR). Our responsibility is to express a conclusion on this interim financial information based on our review.

Scope of review

We conducted our review in accordance with the Brazilian and international standards on review engagements (NBC TR 2410 and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with auditing standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion on the individual and consolidated interim financial information

Based on our review, nothing has come to our attention that causes us to believe that the individual and consolidated interim financial information included in the quarterly information referred to above was not prepared, in all material respects, in accordance with the NBC TG 21 and IAS 34 applicable to the preparation of Quarterly Information (ITR), and presented consistently with the rules issued by the Brazilian Securities and Exchange Commission (CVM).

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A member firm of Ernst & Young Global Limited

Other matters

Statements of value added

The quarterly information referred to above includes the individual and consolidated statements of value added (SVA) for the three-month period ended March 31, 2022, prepared under the responsibility of Company's executive board and presented as supplementary information for IAS 34 purposes. These statements have been subject to review procedures performed in conjunction with the review of the quarterly information, in order to determine whether they are reconciled with the interim financial information and accounting records, as applicable, and whether their form and content are in accordance with the criteria defined in NBC TG 09 - Statement of Value Added. Based on our review, nothing has come to our attention that causes us to believe that these statements of value added have not been prepared, in all material respects, in accordance with the criteria defined in referred to Standard and consistently with the individual and consolidated interim financial information taken as a whole.

Audit of corresponding figures

The audit of the individual and consolidated balance sheet as at December 31, 2021, and the review of individual and consolidated interim financial information for the three-month period ended March 31, 2021, presented for comparison purposes, were conducted under the responsibility of other independent auditors, who issued an unmodified audit opinion and an unmodified review report thereon dated March 9, 2022 and May 4, 2021, respectively.

Porto Alegre, April 26, 2022.

ERNST & YOUNG

Auditores Independentes S.S.

CRC - 2SP015199/O-7

Arthur Ramos Arruda

Accountant CRC-RS096102/O-0

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MESSAGE FROM THE MANAGEMENT

We are starting a year with a special symbolism for Lojas Quero-Quero, being 2022 the year in which we will complete 55 years of history, a time to celebrate the achievements of the past, but also to look at what is to come in our history. In addition, this year is proving to be a year of normalization ahead of the pandemic period that began in 2020. The last two years have presented a unique volatility in various aspects of our society and in components of our business - whether in store openings and sales performance, or in demand for financial services and investments made. That being said, the result for 2022, as well as 2021, cannot be compared only to the previous year, but should be compared in some aspects with the pre- pandemic period and, in others, with the immediately preceding quarters, in order to have a better view of the company's performance. Although the macroeconomic scenario is still a major source of uncertainty, due to the deterioration seen in recent quarters and the short and medium-term outlook, we believe that 2022 presents several opportunities amidst the challenges, and that despite a 55-year history, we are just at the beginning of a journey of growth, and therefore we must continue to invest in our future, while looking at our short-term results.

The company's growth strategy has as one of its pillars the expansion and opening of new stores. This quarter we opened 14 new stores, compared to the 9 stores opened in 1Q21, ending the period with 479 stores. We are continuing the expansion started in 2021 in the states of MS and SP, with the opening of 3 stores in these states, which opens a huge additional addressable market for the company. However, our current focus continues to be the South region of Brazil, where at the beginning of the year we counted approximately 190 cities in which we did not operate yet, and which present favorable conditions for the opening of at least one store. It is important to point out that we have 223 stores with less than 5 years of operation and that still have a strong growth potential, based on the maturation curve seen in the last decade. This represents a contracted growth for the coming years, fruit of the work developed and improved over time.

Another important growth area is the Phygital project (Infinite Store), whose implementation for all the company's stores we concluded in February. We must remember that the Infinite Store has the objective of providing our customers in small and medium-sized cities access to products that they would only find in a home center in large cities through a digital platform. With the full implementation, we will now offer a mix of more than 25 thousand SKUs in our stores, compared to 8 thousand previously, complementing the construction material, home appliances and furniture segments with complementary and additional products, as well as adding decoration and organization products. This will be the year of the project implementation, whose main challenge is to communicate and take the understanding that we are now a store with a complete solution for the home to all the communities in which we operate.

In the short term, we see the macroeconomic scenario and the uncertainties arising from it as our biggest challenge. In the previous year, which started with a still favorable macroeconomic scenario, we believed that consumer inflation would peak by the second half of 2021, and that this year we would see inflation gradually recede. However, our expectations have been frustrated by inflation that has remained at higher- than-projected levels, with impacts on both consumer income and expenses. In the same way, the Selic rate should present an upward curve above initial expectations, once again impacting not only consumption, but also the company's cost of capital. Thus, we start 2022 with the expectation of a sales performance during the first half of the year similar to what we saw in the second half of last year - with more opportunities during the second half of this year, since the scenarios will be comparable. In addition, we expected higher demand for credit throughout the year, and the return of defaults to pre-pandemic levels. And the performance in the first quarter was close to what was expected.

We presented retail sales growth of 6.6% in 1Q22, and a SSS (Same Store Sales) performance of -1.5%, in line with the performance seen in 4Q21, in which the SSS was -2.0%. It is important to point out that this performance is over an SSS base that grew 40.5% in 1Q21, and that consequently we are maintaining the market gained over the last two years. When comparing with 1Q19 (pre-pandemic) we have total sales growth of 66.0%, and an SSS CAGR of 8.9% per year. After the first half of 2020, in which there was a decline due to the beginning of the pandemic, the retail market in which we operate showed expansion between 3Q20 and 2Q21, a period in which we were able to gain market share, with average growth of 34.9% SSS. We believe we are at a moment of sales normalization due to the previous strong growth, and therefore the performance from 3Q21 to 2Q22 should represent the company's new sales level, on which we should seek growth.

On the other hand, when we look at the performance of Financial Services, we see an increase in demand for credit, as expected, representing a normalization compared to the last two years, in which the higher disposable income of our customers (due to several factors) had boosted demand and reduced portfolio defaults. The volume transacted in the VerdeCard credit card grew 16.7% over the same period of the

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previous year, with growth in use in our stores (+12.6%) and outside our stores (+20.4%). The total net portfolio of VerdeCard credit card grew 19.9% in the quarter vs 1Q21, and showed a level of delay over 90 days of 10.9%, in line with 1Q19 which had been 10.8%, following the trend shown in the second half of last year, where after a period of delay below historical levels we began to see a normalization reflected in increased indicators, and in line with our expectations for the year.

Although revenue growth was similar to that of previous quarters, representing stabilization, the growth of investments made during the second half of 2021, represent, in the short term, an increase in the base of expenses and investments, which leads to a momentary operational deleveraging - an effect already present in previous quarters and which should be observed until the second half of this year, when we will have an effectively comparable base. We understand that the continuity of such investments is important for the Company's strategy, since the returns from these investments should be observed over the next few years, based on (i) the maturation of the new stores, (ii) the operational efficiencies arising from the two Distribution Centers inaugurated in 2021, and (iii) the Phygitalproject implementation. Expenses with the Distribution Centers and the Phygital project increased by more than R$5 million in 1Q22 compared to 1Q21.

At the beginning of the quarter, we conducted the company's second debenture issue, in the amount of R$150 million, lengthening the debt maturity, due to the 7-year term, and decreasing the average cost, at a time of increasing Selic rate. Another change this quarter is the adoption of the Tax Opting Regime (Regime Optativo de Tributação) in the state of Rio Grande do Sul, disclosed in the 2021 financial statements, which represents the resumption of the ICMS-ST accounting in the same way as done until 2018, with equivalent nominal effects in the lines of Sales Taxes and Cost of Goods Sold, but with no effects on the result. Thus, the margins calculated based on Net Operating Revenue are no longer comparable to previous years, which leads us to also disclose the margins based on Gross Revenue Net of Returns (Gross Revenue), which is not impacted by the change in the tax regime and allows comparability of the periods. Details of the changes are presented in the notes to the financial statements and in the comments on the results.

Finally, as we emphasized at the beginning of this message, we expect 2022 to be a year in which we will face an adverse and challenging macroeconomic scenario, coupled with a high comparison base, which is a result of the strong growth presented in recent years. We started the year with results aligned to what was expected for the first half of this year, even with the deterioration of the economy seen in recent months, and we must continue to invest in our strategy of bringing a complete home and construction solution to the hundreds of small and medium-sized cities in the countryside of Brazil. We believe that, in moments like the current one, we can demonstrate even more our competitive differentials and the quality of our teams, and, consequently, we can continue to gain market share and expand, to once again be very well positioned for when the economy improves.

We thank all of our shareholders, employees and their families, the communities in which we operate, customers, and suppliers for the trust they have placed in us throughout our 55-year history.

Clockwise: (i) Pirapozinho - SP branch facade; (ii) Nova Veneza - SC branch facade; (iii) Loanda- PR branch facade; (iv) Caarapó - MS branch facade; e (v) Internal area of the

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