Metalfrio S A : 1Q21 Earnings Release Presentation

1Q21 Results

May 13th, 2021

Legal Notice

In this presentation we make statements about future events (forward-looking statements) that are subject to risks and uncertainties. These statements are based on beliefs and suppositions of our Management and information to which the company currently has access. Statements about future events include information about our present intentions, beliefs or expectations, and those of the members of the company's Board of Directors, and Executive Officers. Reservations in relation to statements and information about the future also include information about possible or presumed operational results, and also statements that are preceded or followed by or which include the words "believe", "may", "will", "continue", "expect", "forecast", "intend", "plan", "estimate", or similar expressions. Statements and information about the future are not guarantees of performance. They involve risk, uncertainties and suppositions because they refer to future events, and thus depend on circumstances which may or may not occur. Future results and the creation of value for stockholders may differ significantly from those expressed or suggested by forward-looking statements. Many of the factors that will determine these results and amounts are beyond Metalfrio Solutions' capacity to control or forecast.

Information on performance that is not directly derived from financial statements, such as, for example, information about the market, quantities produced and sold, production capacity, or calculation of adjustments on our results were not subject of audit by our external auditors.

Technology - based Cold Solutions Provider to Global Consumer Brands

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1Q21 Highlights

Million Reais	1Q21	1Q20	% Var
Revenues	468,1	384,6	21,7
Gross Profit	69,5	74,9	(7,3)
Operational Profit	25,5	30,9	(17,7)
Adjusted EBITDA	42,3	44,6	(5,1)
Net Profit	4,0	(107,3)	nm

• 1Q21 net revenues of R$468.1 million, up 21.7% versus prior year period
• Revenues from Services broadly unchanged at R$59.7 million for 1Q21, compared to R$62.2 million in 1Q20, accounting for 12.7% of net revenue
• Adjusted EBITDA of R$42.3 million in 1Q21 was 5.1% lower vs 1Q20 reflecting supply chain conditions
• Net Profit of R$4.0 million in 1Q21, improved from Net Loss of R$107.3 million in 1Q20, owing to recovery in the investment portfolio and favorable currency movements
• The technology trajectory of Metalfrio now benefits from two independent directors with leading experience in this space joining the Board.

Technology - based Cold Solutions Provider to Global Consumer Brands

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COVID-19 Impact

• Revenues
• • Continuous momentum with demand exceeding pre-covid levels
• Material Costs
• • Impacted by commodities suppercycle
  • Material shortage requesting extraordinary costs
  • Freight constrains

Technology - based Cold Solutions Provider to Global Consumer Brands

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Net Revenue

40,4%		42,4%		39%	36,1%
1Q20	51%	1Q21
		54,2%
	17,3%			11%	9,6%
	South America	Central & North America	EMEA

99

6

21

385

468

1Q20	South america	Central and North	EMEA	1Q21
		America

Values in R$ MM

Technology - based Cold Solutions Provider to Global Consumer Brands

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