Financial Statement - 3Q25

Interim financial information

C&A Modas S.A.

September 30, 2025 and 2024 with Independent auditors' report

C&A Modas S.A.

Interim financial information September 30, 2025 and 2024 Contents

Independent auditor's review report on quarterly information. 1

Statements of financial position 3

Statements of profit or loss. S

Statements of comprehensive income. 7

Statements of changes in shareholders' equity 8

Statements of cash flows. 9

Statements of value added. 10

1. Operations. 11

2. Transactions and significant events. 11

3. Basis of preparation. 12

4. Consolidation basis. 15

S. Material accounting policies. 16

1. Significant judgments, estimates and assumptions. 18

2. Cash and cash equivalents 19

3. Bonds and securities. 19

4. Trade receivables. 21

5. Related parties 29

6. Share-based remuneration plan. 53

7. Inventories. US

15. Recoverable taxes 37

1. Judicial deposits. 59

2. Other assets. 40

3. Income and social contribution taxes. 40

4. Investment. 45

5. Property, plant and equipment. 44

6. Intangible assets 46

7. Impairment. 48

8. Leases 49

9. Suppliers 52

25. Obligations - Forfait SP

1. Loans and debentures S4

2. Labor obligations. 58

3. Taxes payable. S8

4. Provision for tax, civil and labor risks. S8

5. Other liabilities 61

6. Equity. 61

TO. Dividends and interest on own capital payable (JSCP) 64

31. Net revenue 64

52. Income by nature. 6d

55. Financial income (loss)..........................................................................................................................6..8......

34. Segment information. 69

US. Financial instruments and risks. 71

56. Insurance contracted. 78

37. Retirement plan 79

1. Earnings (loss)per share. 79

2. Transactions not involving cash. 80

40. Subsequent events. 81

EY

Shape the future with confidence

São Paulo Corporate Towers

Av. Presidente Juscelino Kubitschek, 1.909 Vila Nova Conceição

04543-011 - São Paulo - SP - Brazil

Tel.: +55 11 2573-3000

ey.com.br

A free translation from Portuguese into English of Independent Auditor's Review Report on Quarterly Information prepared in Brazilian currency and in accordance with NBC TG 21- Interim Financial Reporting and IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board (IASB), and the rules issued by the Brazilian Securities and Exchange Commission (CYM) applicable to the preparation of Quarterly Information (ITR)

The Shareholders and Officers C&A Modas S.A.

Barueri - SP

We have reviewed the accompanying individual and consolidated interim financial information, contained in the Quarterly Information Form (ITR) of C&A lvodas S.A. (the "Company") for the quarter ended September 30, 2025, which comprises the statement of financial position as of September TO, 2025 and the related statements of profit or loss and of comprehensive income for the three and nine-month periods then ended and of changes in equity and of cash flows for the nine-month period then ended including the explanatory notes, material accounting policies and other instructive information.

lvanagement is responsible for preparation of the individual and consolidated interim financial information in accordance with Accounting Standard CPC 21 Interim Financial Reporting, and IAS 34 Interim Financial Reporting, issued by the International Accounting Standards Board (IASB) (currently referred to by the IFRS Foundation as "IFRS accounting standards"), as well as for the fair presentation of this information in conformity with the rules issued by the Brazilian Securities and Exchange Commission (CV/V) applicable to the preparation of the Quarterly Information Form (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 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.

São Paulo Corporate Towers

Av. Presidente Juscelino Kubitschek, 1.909 Vila Nova Conceição

04543-011 - São Paulo - SP - Brazil

Tel.: +55 11 2573-3000

ey.com.br

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 accompanying individual and consolidated interim financial information included in the quarterly information referred to above was not prepared, in all material respects, in accordance with Accounting Standard CPC 21 and IAS 34 applicable to the preparation of Quarterly Information Form (ITR), and presented consistently with the rules issued by the Brazilian Securities and Exchange Commission (CVM).

Other matters

Statements of value added

The above-mentioned quarterly information includes the individual and consolidated statements of value added (SVA) for the nine-month period ended September 30, 2025, prepared under Company's Management responsibility and presented as supplementary information by IAS 34. These statements have been subject to review procedures performed together with the review of the quarterly information with the objective to conclude whether they are reconciled to the interim financial information and the accounting records, as applicable, and if its format and content are in accordance with the criteria set forth by Accounting Standard CPC 09 Statement of Value Added. Based on our review, we are not aware of any facts that would lead us to believe that these statements of value added have not been prepared, in all material respects, in accordance with the criteria set forth in this Standard and in a manner consistent with the individual and consolidated interim accounting information taken together.

São Paulo, November 04, 2025.

ERNST & YOUNG

Auditores Independentes S/S Ltda. CRC SP-034519/O

Flávio Serpejante Peppe Partner

Statements of financial position

September TO, 2025 and December 51, 2024

(In thousands of reais)

Parent Company Consolidated

Note 09/30/2025 12/31/2024 09/30/2025 12/31/2024

The accompanying notes are an integral part of the interim financial information.

Statements of financial position

September TO, 2025 and December 31, 2024

(In thousands of reais)

Parent Company Consolidated

The accompanying notes are an integral part of the interim financial information.

Parent Company

Quarter ended Period ended

The accompanying notes are an integral part of the interim financial information.

Consolidated

Quarter ended Semester ended

The accompanying notes are an integral part of the interim financial information.

Statements of comprehensive income

Quarters and nine-month periods ended September TO, 2025 and 2024

(In thousands of reais - R$)

Parent Company

07/01/2025- 07/01/2024- 01/01/2025- 01/01/2024-

Note 09/30/2025 09/30/2024 09/30/2025 09/30/2024

N

(a) The amount refers to the mark-to-market adjustment of the Financial Treasury Bills of C&A Pay SCD.

Consolidated

1. The amount refers to the mark-to-market adjustment of the Financial Treasury Bills of C&A Pay SCD.

   The accompanying notes are an integral part of the interim financial information.

   7

   
   
   

   C&A Modas S.A.

   Statements of changes in shareholders' equity

   Quarters and nine-month periods ended September TO, 2025 and 2024

   (In thousands of reais - R$)

   Capital reserve Profit reserve

   Other

   comprehensiv

   e income

   Total

   Other Unrealized Tax Equity controlling Non- Total Treasury Capital capital Legal profit incentive Investment valuation Retained shareholder controlling shareholders'

   Note Capital shares reserve reserves reserve reserves reserves reserve adjustments earnings s interest equity

   As of December 31, 2023 - Restated (")		1,847,177	(8,498)	10,516	39,363	65,208 75,720 14,560 947,612			(586)		-	2,991,072	3	2,991,075
   Equity instruments granted - Share-based
   femunefation	11				10,807							10,807		10,807
   Repurchase o{shares			(29,500)									(29,300)		(29,300)
   Setted shafesi)			6,497		(15,950)							(7,453)		(7,453)
   Net profit for the period											197,531	197,531	1	197,532
   Other comprehensive income									(3,529)	(3,529)			(3,529)
   September 30, 2024 - Restated (")		1,847,177	(31,301)	10,516	36,220		65,208 75,720 14,560 947,612		(4,115)		197,531	3,159,128	4	3,159,132
   December 31, 2024		1,847,177	(34,365)	10,516	38,771		87,832 75,720 36,677 1,238,905		7,251		-	3,308,484	4	3,308,488
   Equity instruments granted - Share-based
   remuneration	11				17,114							17,114		17,114
   Repurchase o{shares			(36,039)									(36,039)		(36,039)
   Settled shares (i)			MJ14									(11,231)		(11,231)
   Net profit for the period											273,857	273,857	(2)	273,855
   Other comprehensive income	-		-	-	-	- - - -			(15,354)			(15,354)		(15,354)
   September 30, 2025	1,847,177		(48,190)	10,516	22,440	87,832 75,720 36,677 1,238,905			(8,103)		273,857	3,536,831	2	3,536,833

   1. In March 2024 and April 2025, the shares of the PSU 2021 remuneration plan and the 2022 plan, respectively, were settled (see changes in Note 11).

(*) The statement presents the effects mentioned in Note 5.4.

The accompanying notes are an integral part of the interim financial information.

8

Operating activities

Parent Company Consolidated

Note {}9/30/2025 09/30/2024 09/30/2025 09/30/2024

Restated (*) Restated (*)

19 ›

(") Payment relating to the acquisition of the right to operate financial services, also known as "Balcâo Bradesco" (Note 2.2).

The accompanying notes are an integral part of the interim financial information.

Parent Company Consolidated

The accompanying notes are an integral part of the interim financial information.

1. Operations

   C&A Modas S.A. (hereinafter referred to as "Company" or "Parent Company") has its registered office located at Alameda Araguaia, No. 1,222 - Barueri - Sao Paulo - Brazil. The Company is a publicly-held corporation, holding 45.08% of the shares traded on BE (Sao Paulo - Brazil) under the ticker "CEABS" and its Parent Company is COFRA Holding AG, based in Switzerland.

   C&A Modas and its subsidiaries, referred to collectively as "Group" or "Consolidated, are mainly engaged in the following activities:

   Retail trading:

   1. Sale of goods in brick-and-mortar stores and online. The portfolio includes apparel, footwear, accessories, cell phones, watches, jewelry, cosmetics, among others.

   Financial services:

   1. Intermediation of credit granted to finance purchases.

   2. Issuance of credit cards (private label) and granting of personal loans.

   3. Intermediation in brokering and promoting the distribution of insurance, saving bonds, and related products offered by insurers and other third-parties offering such products.

   4. Proprietary payment institution activities, which involves processing financial transactions and related services.

   The Group sells its goods in 355 stores (352 stores on December 31, 2024), supplied by 3 distribution centers in the states of Sao Paulo, Rio de Janeiro, and Santa Catarina, as well as one logistics operation. The Group also sells its poods through e-commerce services.

   The non-financial data included in these parent company and consolidated financial statements, such as the number of stores and distribution centers, among others, have not been subject to audit or review by our independent auditors.

2. Transactions and significant events

   1. Sale of the rights to the Bradescard branded card portfolio

      On June 25, 2025, according to the lvateriaI Fact disclosed to the market, the Company signed the Transaction and Termination Agreement of the Partnership Agreement with Banco Bradesco S.A. and Banco Bradescard S.A., through which it terminated the partnership maintained between the parties since 2009. Under the terms of this document, the Company sold the rights related to the Bradescard card portfolio for the amount of R$170,000.

      This amount was recorded as other operating revenues, net of taxes.

   2. Settlement of amounts owed to Bradescard

   Also on June 23, 2025, the Company settled the amounts owed to Banco Bradesco S.A., relating to the repurchase of the rights to offer financial products and services to its clients, which were operated exclusively by Banco Bradesco S.A. and Banco Bradescard S.A. The amount of R$ 650,648 was recorded in the suppliers account and the original due date was July 31, 2025 (Note 22.2).

3. Basis of preparation

   The Group's parent company and consolidated interim financial information for the period ended September 30, 2025 was prepared in accordance with accounting practices adopted in Brazil, pursuant to Brazilian Accounting Standard NBCTG 21 (R4) - Interim Financial Reporting issued by the Federal Accounting Council ("CFC"), which is correlated to International Financial Reporting Standard (IFRS) IAS 34 - Interim Financial Reporting Standards issued by the International Accounting Standards Board - IASB, and guidelines issued by the Brazilian Securities and Exchange Commission ("CV/V").

   All relevant information specific to the parent company and consolidated financial information, and only such information, is being evidenced, and which corresponds to the information used by the lvanagement in Group's activities' management, as Technical Guidance OCPC 07.

   The issuance of parent company and consolidated interim financial information for the period ended September 30, 2025, was authorized by the Board of Directors on November 4, 2025.

   1. Measurement basis and going concern assumption

      The parent company and consolidated interim financial information has been prepared based on the historical cost, except for certain financial instruments measured at fair value, and based on the going concern assumption of the operations of the consolidated companies.

      lvanagement assessed the ability of the Company and its subsidiaries to continue as a going concern and believes that they have the necessary resources to allow the poing concern of its business for the future. Additionally, lvanagement is not aware of any material uncertainty that may generate significant doubts about its ability to continue operating. Thus, this parent company and consolidated financial information was prepared based on the going concern assumption.

   2. Functional and presentation currency

      The parent company and consolidated interim financial information is being presented in thousands of reais, functional and presentation currency of the Company and its subsidiaries. Transactions in foreign currency are initially recorded at the exchange rate of the functional currency in force on the date of transaction. lvonetary assets and liabilities denominated in foreign currency are translated into the foreign exchange rate of the functional currency in force on the date of statement of financial position. All differences are reported in the statement of profit or loss.

   3. Statement of value added - SVA

      The presentation of the Statement of Value Added (SVA), parent company and consolidated, is required by the Brazilian Accounting Standard NBC TG 09 - Statement of Value Added - applicable to publicly-held companies. The IFRS do not require the presentation of this statement. Consequently, according to IFRS, this statement is presented as supplementary information, without prejudice to the set of interim financial information. The purpose of the SVSA is to disclose the wealth generated by the Group during the quarter, and well demonstrating how it was distributed among the various apents.

   4. Restatement of interim financial information for better presentation

      After the disclosure of the interim financial information for the period ended September 30, 2024, management identified the need to enhance the presentation of certain tables and notes:

      1. Statement of cash flow

         Related party transactions: The balances of transactions with related parties, which were previously presented under "Related parties", have been reclassified to accounts that reflect the nature of the operation. This adjustment also impacted only the changes between the captions in the statement of cash flows, without affecting the generation of operational cash flow.

         Parent Company

         09/30/2024

         Disclosed Adjustment Restated (")

         Consolidated

         09/30/2024

         Disclosed Adjustment Restated (")

         Changes in assets and liabilities: Trade accounts receivable	389,658	(161)	389,497	291,2d8	(71)	291,197
         Related parties	47,662	(47,662)		49,286	(49,28d)
         Other receivables	(1,800)	42	(1,758)	(1,874)	42	(1,832)
         Other liabilities	(27)	455	42d	2,719	1	2,720
         Suppliers	(202,736)	47,328	(155,408)	(203,486)	49,344	(154,172)
         Taxes, duties and contributions Income and social contribution	98,758	(13,421)	85,337	97,063	(13,421)	85,d42
         taxes paid (66,295) 13,421 (52,874)				(66,586) (55,165)
         Cash flow from operating activities 659,780 659,780				785,262 785,262
         (") The statement presents the effects mentioned in Note 3.4.

         3.4.3 Note on Other Assets

         The Management reviewed the presentation of Group's note, "Other Assets" and certain captions were restated to better reflect the economic nature of balances.

         Parent Company Consolidated

         12/31/2024					12/31/2024
         	Disclosed	Adjustment	Restated (")		Disclosed	Adjustment	Restated(")
         Prepaid expenses - technology services	15,458	3,721	19,180		15,458	3,721	19,180
         Prepaid expenses-sundfysefvices	7,041	(84)	6,956		7,041	(84)	6,956
         Other receivables	4,919	(3,d37)	1,282		4,919	(3,637)	1,282
         	41,938		41,958
         Current assets	37,186		37,18d		37,197		37,197
         Non-current assets	4,752		4,752		4,752		4,752

         (*) The statement presents the effects mentioned in Note 3.4.

         3.4.3 Statement of changes in shareholders' equity

         Due to the restatement of the statement of profit or loss for 2023, as a result of the corrections of the lease balances, the Group is restating the opening balance of the Statement of Changes in Shareholders' equity for 2024.

         C&A Modas S.A.

         Notes to the interim financial information

         September 30, 2025 and 2024

         (In thousands of reais - R$, unless otherwise indicated)

         Statements of changes in shareholders' equity

         
         
         

         Other comprehensive

         Capital reserve income

         Other Retained Total Non- Total

         Adjustmen Treasury Capital capital Profit Equity valuation earnings controlling controlling shareholders

         	t	Capital	shares	reserve	reserves	reserves	adjustments	(losses)	shareholders	interest	' equity
         December31,2O23	(a)	1,847,177	(8,498)	10,516	59,565	1,124,744	(586)		5,012,716	5	5,012,719
         Adjustments for correction of errors, net of taxes	(a)					(21,644)			(21,644)		(21,644)
         AsofDecember31,2O23-Restated(*)		1,847,177	(8,498)	10,516	59,565	1,105,100	(586)		2,991,072	5	2,991,075
         Equity instruments granted - Share-based remuneration					10,807				10,807		10,807
         Repurchase of shares			(29,500)						(29,500)		(29,500)
         Settled shares			6,497		(15,950)				(7,455)		(7,455)
         Net profit for the year								197,551	197,551	1	197,552
         Other comprehensive income							(5,529)		(5,S29)		(5,S29)
         September 30, 2024 - Restated (*)		1,847,177	(31,301)	10,516	36,220	1,103,100	(4,115)	197,551	5,159,128	4	5,159,152

         (*) The statement presents the effects mentioned in Note 5.4.

         14

4. Consolidation basis

   The year of the subsidiaries coincides with that of the Parent Company and the accounting practices were applied uniformly for the subsidiaries. When necessary, adjustments are made to the subsidiaries' financial statements to align their accounting policies with the Company's accounting policies. All transactions and balances between members of the same economic group are fully eliminated in the consolidation. In the parent company financial statements, the investments of the Company in its subsidiaries are accounted for under the equity method.

   The consolidated financial statements include the operations of the Company, its subsidiaries, and the FIDC C&A Pay investment fund, considering that C&A lvodas is the sole holder of the shares and is exposed to the risks and rewards of the fund.

   Indirect

   subsidiaries

1. 1. Orion Institui§âo de Pagamento S.A. ("Orion")

      Orion Instituigâo de Pagamento S.A is engaged in carrying out activities as a payment arrangement institution, providing payment services in the modalities of electronic currency issuer, post-paid payment instrument issuer, acquirer, sub-acquirer, and payment transaction initiator, among other activities related to a payment institution.

      4.3. C&A Pay Holding Financeira Ltda ("C&A Pay Holding")

      C&A Pay Holding Financeira Ltda is engaged in holding equity interests in financial institutions belonging to the C&A Group. The company has direct corporate control of C&A Pay Sociedade de Crédito Direto S.A., a financial institution authorized by BACEN to operate as a direct credit granting agent to its end consumers and is thus subject to the operating standards and regulations established by this regulatory body.

      1. C&A Pay Sociedade de Crédito Direto S.A. ("C&A Pay SCD")

         C&A Pay Sociedade de Crédito Direto S.A. is a financial institution authorized to operate by BACEN as a direct credit granting institution to its end consumers and is therefore subject to the standards established by this regulatory body.

      2. C&A Pay Fundo de Investimento em Direitos Creditérios nâo padronizados ("C&A Pay FIDC")

      On lvay 2, 2025, the FIDC C&A Pay - Fundo de Investimento em Direitos Creditorios Nâo Padronizados started operating, structured with C&A Modas as the sole shareholder. Sociedade de Crédito Direto (SCD) C&A Pay operates as the originator of the assets and is responsible for assigning the credit rights to the fund.

2. Material accounting policies

   The material accounting policies adopted in the preparation of these financial statements, parent company and consolidated, are presented in the respective notes.

   1. New or reviewed pronouncements applied for the first time in 2025

      lvanagement assessed the standards, guidelines, and accounting pronouncements that came into effect for the first time starting from the current period beginning on January 1, 2025, and concluded that they do not have a significant impact on the financial statements.

      1. CPC 18 (R3) - Investment in associated company and Joint Venture

         In September 2024, the Brazilian Securities and Exchange Commission (CVM) issued Resolution 211, which makes it mandatory for publicly-held companies to adopt Technical Pronouncement CPC 18 (R3) - Investment in Associates and Joint Ventures, issued by the CPC, as per Annex "A" of the Resolution.

         The regulation came into effect on January 1, 2025 and will not impact our statements.

      2. ICPC 09 - Parent Company, Separate and Consolidated Financial Statements

         CV/V Resolution 212, published in September 2024, makes the Technical Interpretation ICPC 09 (RR) mandatory for publicly-held companies, applicable to parent company, separate, and consolidated financial statements.

         The standard became effective on January 1, 2025, revoking the CV/V Resolution 124. It aims to ensure consistency and transparency in accounting practices, as well as aligning Brazilian standards with the best international practices. This standard will have no impact on our statements, since we already apply this methodology.

      3. CPC 02(R2) -The Effects of Changes in Foreign Exchange Rates and CPC 37(R1) - First-Time Adoption of International Accounting Standards

         In September 2024, the Brazilian Securities and Exchange Commission (CV/v) issued Resolution 215, making it mandatory for publicly-held companies to prepare a Review Document of Technical Pronouncement 27, issued by the CPC, which presents changes to Technical Pronouncements CPC 2 (R2) - The Effects of Changes in Foreign Exchange Rates and CPC 37 (R1) - First-time Adoption of International Accounting Standards.

         The regulation came into effect on January 1, 2025 and will not impact our statements.

      4. Amendment OCPC1O - Carbon Credits (tCO2e), Emission Allowances, and Decarbonization Credits(CBIO)

         CV/V Resolution 225 makes it mandatory for publicly-held companies to follow OCPC 10, which directs the accounting treatment of carbon credits (tCO2e), emission allowances, and decarbonization credits (CBIO) for entities operating in the Brazilian capital market, aiming to ensure the consistency of financial statements and allow their connection with the sustainability financial report approved by CVM Resolution 195/23.

         The Resolution became effective as of January 1, 2025, and the Company does not expect any impacts on its disclosures.

      5. CVM Resolution 197/2023 -Pillar Two Model Rules

      In an effort to bring national legislation into line with global rules against the erosion of the tax base (BEPS - Pillar II project), under the terms of the Organization for Economic Cooperation and Development (OECD), Law15079/24 was enacted. This legislation provides for that, according to the defined calculation criteria, whenever the combined rate of the Corporate Income Tax(IRPJ) and the Social Contribution on Net Profit (CSLL) is less than 15%, a surcharge will apply to ensure that the minimum taxation percentage is reached. This rule is effective as of January 2025, and the additional payment is required in the following year. To ensure that the effective tax rate remains above the minimum required threshold, the Company is monitoring income projections and adjustments to actual profit. Thus, the levy of the CSLL surcharge provided for in Law 15079/24 is not expected as of 2025.

   2. New pronouncements, but not yet effective

1. CBPS1/ IFRS S1- General Requirements for Disclosure of Sustainability-related Financial Information

   The standard aims to require entities to disclose information on risks and opportunities related to sustainability, aiming to provide relevant data to the main users of general purpose financial reports, supporting decision-making regarding the provision of resources to the entity.

2. CBPS1/ IFRS S2 - Climate-related disclosures

   This standard aims to establish requirements for the identification, measurement, and disclosure of information regarding climate-related risks and opportunities. This information should be useful to the main users of general purpose financial reports, helping them to make decisions about providing resources to the entity.

   The Company is getting prepared to comply with the disclosure of information related to CBPS 1 and CPBS 2 standards, in accordance with the regulations in force.

3. Standard IFRS 18 - Presentation and Disclosure of Financial Statements

The standard aims to enhance the presentation of financial statements, with special emphasis on the statement of profit or loss, by requiring the classification of revenues and expenses into the following categories: operating activities, investing, financing, income taxes, and discontinued operations.

Furthermore, the standard requires the disclosure, through Notes, of performance measures defined by management - subtotals of revenues and expenses that are not specified in the draft or in other pronouncements, interpretations, or guidelines issued by the CPC - but that are used in public communications to express management's perspective on certain aspects of the entity's financial performance.

The standard also introduces new principles for the aggregation and disaggregation of information, both in the presentation of the financial statements and in the respective notes.

Standard will become effective on January 1, 2027. The Company is assessing the requirements and preparing for the implementation of this change.

&. Significant judgments, estimates and assumptions

The accounting estimates in the preparation of interim financial information were based on objective and subjective factors, with a basis on lvanagement's judgment for determination of the adequate amount to be recorded in the interim financial statements. The settlement of transactions involving these estimates may result in significantly different amounts described in the interim financial information due to the probabilistic treatment inherent to the estimation process. Significant items subject to these estimates and assumptions include:

1. determination of useful life of property, plant and equipment and intangible assets;

2. analysis of recovery of values of property, plant and equipment and intangible assets;

3. estimated credit losses;

4. estimated losses in inventories;

5. realization of income and social contribution taxes;

6. rates and terms applied in determining the present value adjustment of assets and liabilities;

7. provision for tax, civil and labor risks;

8. determination of fair value of derivative financial instruments;

9. provision for restoring stores to their original condition;

10. short - and long-term incentives - estimate of target achievement and pricing based on mathematical models;

11. determination of the incremental interest rates and term of the leases to be used for accounting the cash flows of lease liabilities.

The measurement of the provision for mass civil and labor lawsuits is obtained through the application of the historical average of expenses and loss percentage, considering the phase in which the process is. Labor lawsuits in the execution phase are provisioned at the updated values of the claims, based on the calculations made by the accounting advisors.

1. Cash and cash equivalents

   1. Material accounting policy

      Cash equivalents are maintained for the purpose of meeting short-term cash commitments rather than for investment or other purposes. The Group considers cash equivalents, a financial investment readily convertible, redeemable with the issuer itself into known amounts of cash and subject to an insignificant risk of change of value. Consequently, an investment normally qualifies as cash equivalent when it has short-term maturity; for example, three months or less, as of the transaction date.

   2. Breakdown of cash and cash equivalents

      Parent Company Consolidated

      Remuneration 09/30/2025 12/31/2024 09/30/2025 12/31/2024

      Cash		3,824	5,368	3,824	5,568
      Banks		12,782	23,879	15,250	146,288
      Cash equivalents:
      Interest bearing account	2-10% CDI	2,276	75,995	2,312	76,037
      Bank deposit certificate (')	97-103% CDI	864,588	1,157,030	885,880 1,175,552
      883,470			1,262,270	907,266	1,405,225

      (*) Bank Deposit Certificates ("CDBs") can be redeemed at any time with the issuer of the instrument without losing the contracted remuneration.

      The reduction in the balance of cash and cash equivalents is mainly due to the settlement of amounts owed to Bradesco S.A. in the amount of R$ 650,648 related to the repurchase of the rights to offer financial products and services to its customers (Note 2.2).

2. Bonds and securities

   1. Material accounting policy

      Financial investments that are not classified as cash equivalents are those without repurchase guarantees by the issuer in the primary market, with liquidity only in the secondary market, and are measured according to the Group's intended use.

   2. Breakdown of securities

      Parent Company Consolidated

      Index Rate 09/30/2025 12/31/2024 09/30/2025 12/31/2024

      LFT - Financial Treasury Bills (')	SELIC	100%	-	-	168,978	160,704
      FIDC - C&A Pay		100%	667,403	854,604
      Fixed income investment fund					104,215	8,d06
      			667,403	854,604		273,193	169,310
      Current assets						273,193	169,310
      Non-current assets			667,403	854,604

      (*) The Group has financial investments in LFTs (Treasury Financial Letters), government bonds indexed to the changes in the rate of the Special System for Settlement and Custody - SELIC.

   3. FIDC C&A Pay

      On May 2, 2025, the operations of FIDC C&A Pay started. The Fund was established as a closed-end investment fund in non-standard credit rights. The shares shall only be redeemed at the end of the duration period of the respective series or in the event of the Fund's liquidation. The Fund is governed by internal regulations and regulated by the

      Brazilian Securities and Exchange Commission (CVM) Instruction 175/2022 and other legally applicable provisions.

      On September 30, 2025, all the shares issued by the fund are owned by C&A.

      The equity structure of the C&A Pay FIDC, as of September 30, 2025 and December 31, 2024, is presented below:

      
      
      

      09/30/2025	100.00%	702,910	1.0612	745,898
      12/31/2024	100.00%	986,342	0.9542	941,215

      On September 30, 2025 and December 51, 2024, the statement of financial position of FIDC C&A Pay is shown below:

      09/30/2025 12/31/2024

      Assets

      Cash and cash equivalents	1,777	117,035
      Financial investments	110,877	10,374
      Accounts receivable	667,425	868,190
      Other receivables	1,150	8,407
      Total assets	781,229	1,OO4,OO6
      Liabilities and shareholders' equity Trade payables	SJD	62,793
      Shareholders' equity	745,898	941,215
      Total liabilities and shareholders' equity	781,229	1,004,006

      1. Reconciliation of the FIDC net assets vs. consolidated FIDC net assets

         09/30/2025 12/31/2024

         Net assets - FIDC	745,898	941,21d
         Expected credit losses	(30,702)	(24,580)
         Present value adjustment	(14,761)	(14,901)
         Adjustments to consolidation (")	(33,032)	(47,528)
         Net assets - FIDC - Consolidated	667,403	854,604

         (*) The consolidation adjustments are mainly composed of the difference in interest revenues recorded in the FIDC, resulting from the effect of the discount in the receivables assignment operation. The interest-bearing installment portfolio is assigned at face value, and the interest-free installment portfolio is assigned at a discount. This means that the interest revenue is higher in the FIDC compared to the original operation with the client. Since the discount belongs to intragroup transactions, its effect is eliminated in the consolidated financial statements.

         The FIDC's net assets is accounted for in accordance with CVM Normative Instruction 489, dated January 14, 2011, applicable to investment funds in credit receivables. For the financial statements, the revenues and credit losses is being determined in accordance with IFRS/CPC standards and the Group's accounting policies.

3. Trade receivables
   1. Material accounting policy

      Accounts receivable include the amounts owed from the sale of goods to clients, made through third-party credit cards and the proprietary digital card via C&A Pay. Accounts receivable are presented at realizable amounts, net of the present value adjustment and expected losses according to the guidelines of CPC48.

      Forward sales transactions are brought to their present value on the date of the financial statements based on market rates associated with the Company's risk spread. The average rates used on September 30, 2025, were 1.17% per month (2024: 0.97% per month), with the realization recorded as sales revenues. These rates can vary over time based on the conditions of the economic scenario, directly impacting the present value adjustment. lvanagement considers these changes in the definition of the rates, adjusting the provisions for expected losses as necessary.

   2. Renegotiation of loans

      The Group adopts credit renegotiation policies for clients with payment difficulties, which allow payment terms to be adjusted according to the client's credit profile. These renegotiations affect the provisioning for expected losses, since the renegotiated operations are classified at Stage 3 in the receivables portfolio. Said operations are measured differently, considering the expected new cash flow and the associated risk.

   3. Breakdown of accounts receivable

      The table below details the breakdown of accounts receivable, segmented between card operators, C&A Pay digital card operations, and other categories. The balance of accounts receivable is influenced by the seasonality of the business activity.

      Credit card operators

      Parent Company Consolidated

      Note 09/30/2025 12/31/2024 09/30/2025 12/31/2024 561,290 997,842 561,290 997,842

      C&A Pay Card - related parties	(a)	27,235	53,276
      Card&A Pay Card - third parties					1,036,364	1,22S,708
      Present value adjustment		(8,1é7)	(13,686)		(22,928)	(28,587)
      Expected credit losses		{4141	(2,h93)		(331,83T)	(377,040)
      Trade accounts receivable		579,934	1,034,759		1,242,889	1,817,925

      Accounts receivable - business partners and lb)	14,949	54,152		28,481	5b,996
      Expected credit losses	-	(12,096)			(12,096)
      Other accounts receivable	24,949	42,O56		28,481	44,898
      Total accounts receivable	604,883	1,076,795		1,271,370	1,862,821

      related parties

      1. Amount referring to sales made using the Group's own digital card and reimbursement of expenses shared.

      2. Considers an amount of R$ 552 related to accounts receivable with related parties of SCD as of September TO, 2025 (R$ 846 in 2024), and an amount of R$ 90 related to other business partners as of September TO, 2025 (R$ 469 in 2024).

      1. Segmentation by type of client

         Accounts receivable have been classified according to the type of client to facilitate the analysis of financial impact and credit risk:

         C&A Pay

         Credit card operators

They refer to sales. made with third-party credit cards.

Includes sales made using

the company's own digital card, which is segregated between related parties and third parties.

Accounts receivable from business partnerships with

Aiming to manage its cash flow, the Group may carry out operations to prepay and assign receivables. In the last two years, the Group has not prepaid any credit card receivables with third parties.

≤

≤

9.6.3.Material accounting policy

The Group adopts the simplified CPC 48 model for calculating expected credit losses (PECLD), recognizing losses over the life of financial assets based on historical data, economic projections, continuous risk assessment and future projections of credit behavior.

The methodology considers both active balances and unused credit limits. Amounts overdue with no expectation of recovery are written off as losses, with the reversal of previous provisions.

9.b.4. Main components of the expected credit loss model

The expected loss model guarantees that loan operations are adequately provisioned, ensuring that losses are measured in a way that reflects the risk of default over time.

This model aims to provision for expected credit losses throughout the life of the financial assets, and not just when these losses occur. This approach is based on historical risk behavior and macroeconomic conditions.

The expected loss model is based on three stages, which determine how losses are measured and recognized, as follows:

Stage

Stage

Stage

200,000

180,000

160,000

140,000

120,000

100,000

80,000

60,000

40,000

20,000

Breakdown of portfolio by stage (only delinquent clients)

• C&A Pay Portfolio PECLD coverage

d' Coverage Ratio

96.70%

,163

900

/79.67%

STAGE I 0-TO DAYS

STAGE II 51-90 DAYS

STAGE III 91-360 DAYS

STAGE III 561-720 DAYS

9.6.5.Breakdown of the portfolio and estimated loss by stage

The breakdown of the C&A Pay loan portfolio, segmented by loss estimation stage, is as follows: These stages represent different levels of credit risk and reflect the evolution of defaults in the portfolio, adjusting according to the historical recoverability of the loans. The loss estimate policy adapts to the stage of the asset, allowing for more effective credit risk management.

C&A Pay Credit Card (Private

C&A Pay

09/30/2025

Portfolio

Estimated

% Coverage

Label) Stage 1

Current

Up to TO days Stage 2

51-60 days

61-90 days

Stage 3 - up to 560 days past due 91-120 days

121-150 days

151-180 days

181-560 days

Stage 3 - over 560 days past due Over 560 days

Active portfolio balance (On balance)

Available credit limit (Off balance) Grand total

Coverage ratio on loan portfolio

Falling due

644,324

619,062

25,262

663,300

Overdue

16,828

373,064 1,036,364

563,855

1,600,219

loss

18,951

15,788

5,165

14,900

4,970

9,950

122,756

12,018

10,851

12,115

87,792

174,659

174,659

331,266

147

331,413

2.87%

36.78%

79.67%

96.70%

31.96%

0.03%

20.71%

32.0%

C&A Pay

12/31/2024

Portfolio

Estimated

C&A Pay Credit Card (Private Label)

Falling due

Overdue

Total

loss

% Coverage