1Q25 Earnings Release

1Q25 Results

Results videoconference Clicfi here to access the event

May 06, 2025 Videoconference in Portuguese with

10:00 am (BRT)

09:00 am (EST)

simultaneous translations into English.

GMAT3 B3 IBRA B3 IBXX B3 ICON B3 IDVR B3 IGCT B3 IGCX B3 IGNM B3 ITAG B3 MLCX B3

Net income reaches BRL 318.6 million in 1Q25(+32.5%), with gross margin of 23.0% and EBITDA margin of 7.8% (+0,9p.p.). Leverage drops to 0.27x EBITDA with a cash balance of BRL 1.5 billion

Highlight 1Q25:

Net Revenue increases 12.9% in 1Q25, totaling BRL 8.3 billion in 1Q25, with same-store sales growth of 7.1%(3)in 4M25 excluding Feb 29, 2024 (1 day).

EBITDA (post IFRS 16) increases 27.4% in 1Q25, reaching BRL 649.9 million, with 7.8% margin.

Gross Profit in 1Q25 records BRL 1.9 billion, 16.2% higher than in 1Q24, with gross margin of 23.0%, an increase of 0.7 p.p. vs. 1Q24.

The effective income tax and social contribution rate

in 1Q25 was 12.3% compared to 11.9% reported in 1Q24.

Net income increases 32.5%, totaling BRL 318.6 million in 1Q25.

Operating expenses in 1Q25 totaled BRL 1.3 billion,

representing 15.2% of net revenue in the period, 0.2

p.p. lower than in 1Q24.

At the end of 1Q25 the Net Debt/EBITDA ratio was 0.27x with a cash balance of BRL 1.5 billion.

EBITDA margin (post IFRS 16) of Northeast Branch grows again and reaches 7.0% in the last 12 months ended March 2025 compared to 5.4% in the same period of 2024.

Opening of 4 stores in 1Q25 (2 cash and carry and 2 supermarkets).

1. Gross Revenue = Gross revenue from goods + Gross revenue from services - Returns and cancellations.

2. SSS: Growth in same-store sales. This is comprised of sales in stores in activity for more than 13 months compared to the same period in the previous year. Consolidated SSS considers stores of all formats (cash & carry, electronic & furniture and supermarket), including wholesale/B2B sales from distribution centers in activity for more than 13 months. This indicator is calculated without taking into account any calendar effects, such as shifts in holidays or weekdays.

3. SSS refers to sales growth in the same stores from January to April 2025, adjusted for the leap day effect (Feb 29, 2024). Preliminary and unaudited April/25 data.

   Expansion

   New stores

   Opening	Banner	City	Sales Area (m²)
   01/24/2025	Mateus	São Mateus - MA	1,030
   01/31/2025	Mix Mateus	Jaboatão dos Guararapes - PE	3,516
   03/07/2025	Mix Mateus	Ilhius - BA	3,392
   03/21/2025	Camino	São Įuís - MA	780

   In 1Q25, the Group opened four new stores. Among them, two cash and carry units were launched in the states of Pernambuco and Bahia, both part of the Northeast Branch, and two supermarfiet units were opened in the state of Maranhão - one under the Mateus banner in the city of São Mateus, and the other under the Camino banner in São Įuís - reinforcing the density of already consolidated routes in the state. These openings contributed to an 8.0% increase in selling area compared to the same period in 2024. At the end of 1Q25, the Company operated 172 food retail stores and 104 electronics stores, totaling 276 units.

   Operating stores

   Segment

   MA

   PA

   PI

   CE

   BA

   PE

   SE

   AL

   PB

   Total

   Cash and Carry	23	18	4	12	9	12	2	4	8	92
   Supermarket	57	18	1	2	-	1	-	-	1	80
   Furniture & Electronics	60	37	7	-	-	-	-	-	-	104
   Total	140	73	12	14	9	13	2	4	9	276

   During 1Q25, maturing stores (less than 4 years old) accounted for 47% of the Group's total revenue, a 10 p.p. increase compared to 1Q24, reflecting the lower number of openings throughout 2024 (16 stores).

   % Sales breakdown by store age

   16%

   14%

   14%

   11%

   13%

   10%

   12%

   12%

   9% 13%

   25%

   27%

   29%

   30%

   26%

   43%

   46%

   47%

   50%

   53%

   1Q24 2Q24 3Q24 4Q24 1Q25

   More than 4 years
   2 to 3 years
   1 year
   Įess than 1 year
   
   

   Financial Results

   Highlights by Segment

   	1Q25	1Q24	Var. (%)
   Cash and carry
   Gross revenue from goods (1)(BRĮ million)	5,252	4,683	12.1%
   SSS (2)without calendar adjustment (%)	1.2%	7.2%	-6.0 p.p.
   SSS (3)4M25 Excluding Feb 29, 2024	3.1%	-	-
   Number of stores	92	82	10
   Openings	2	2	0
   Sales area (thousand m²)	408	370	10.2%
   Supermarfiet
   Gross revenue from goods (1)(BRĮ million)	2,110	2,036	3.6%
   SSS (2)without calendar adjustment (%)	0.3%	8.4%	-8.1 p.p.
   SSS (3)4M25 Excluding Feb 29, 2024	2.9%	-	-
   Number of stores	80	73	7
   Openings	2	0	2
   Sales area (thousand m²)	134	124	8.1%
   Electro
   Gross revenue from goods (1)(BRĮ million)	254	261	-2.8%
   SSS (2)without calendar adjustment (%)	-1.8%	9.5%	-11.3 p.p.
   SSS (3)4M25 Excluding Feb 29, 2024	-2.2%	-	-
   Number of stores	104	104	0
   Openings	1	0	1
   Sales area (thousand m²)	99	99	-0.4%
   Wholesale (B2B)
   Gross revenue from goods (1)(BRĮ million)	1,816	1,400	29.8%
   Independent Sales Representatives	4,775	3,982	793
   Routes	305	267	38
   Municipal Zones	1,722	1,551	171
   Distribution Center	18	18	0
   Consolidated
   Gross revenue from goods (1)(BRĮ million)	9,432	8,380	12.6%
   SSS (2)without calendar adjustment (%)	5.2%	9.6%	-4.4 p.p.
   SSS (3)4M25 Excluding Feb 29, 2024	7.1%	-	-
   Number of stores	276	259	17
   Openings	5	2	3
   Sales area (thousand m²)	641	594	8.0%

   1. Gross merchandise revenue is not net of returns and does not include service revenue. This concept differs from that presented in the highlight table on page 2.

   2. SSS: Same-store sales growth. It comprises sales from stores that have been open for more than 13 months compared to the same period in the previous year. In the consolidated total, it includes stores of all formats, including wholesale/B2B sales from distribution centers opened for more than 13 months. By segment, it considers sales from stores of each format type that have been opened for more than 13 months compared to the same period in the previous year. For wholesale/B2B, it includes sales from distribution centers opened for more than 13 months. This indicator is calculated without taking into account any calendar effects, such as holiday or weekday commutes.

   3. SSS refers to sales growth in the same stores from January to April 2025, adjusted for the leap day effect (Feb 29, 2024). Preliminary and unaudited April/25 data.

Consolidate gross revenue from goods

(BRĮ billion)

1T24 2T24 3T24 4T24 1T25

8,7

8,4

1Q24 2Q24 3Q24 4Q24 1Q25

9,4

9,4

12.6%

9,9

Consolidated gross revenue from goods in 1Q25 increased by 12.6%, reaching BRL 9.4 billion in the period. This performance reflects the opening of 17 new stores over the past 12 months and a same-store sales (SSS) growth of 5.2%. The same-store sales growth was affected by calendar effects, as 2024 was a leap year and the Easter holiday shifted from March 2024 to April 2025. Pricing remains a key driver of this indicator, while volumes continue to be impacted by the challenging macroeconomic environment. Considering same-store sales growth from January to April/25, excluding the leap year effect in 2024, the adjusted SSS reaches 7.1%*. In 4M25, consolidated gross revenue from goods grows 13.8%*.

SSS 9.6% 4.8%

7.7% 5.9% 7.1%

In this context, the performance of consolidated gross revenue from goods was mainly driven by growth in the Wholesale (B2B) segment, which expanded 29.8%, and in the Cash & Carry format, which grew 12.1% compared to 1Q24.

Gross revenue from goods - Cash and Carry

(BRĮ billion)

12.1%

5,3 5,6 5,3

In 1Q25, Cash and Carry gross revenue from goods reached BRL 5.3 billion, an increase of 12.1% when compared to 1Q24, representing 55.7% of the Company's gross revenue.

1T24 2T24 3T24 4T24 1T25

4,7

4,8

1Q24 2Q24 3Q24 4Q24 1Q25

SSS 7.2%

2.0% 5.4%

2.1% 3.1%

The performance of the Cash & Carry segment was mainly driven by the opening of 10 stores over the past 12 months and a 1.2% same-store sales (SSS) growth in the quarter. SSS growth in 1Q25 was impacted by the same calendar-related effects previously mentioned in consolidated gross revenue from goods. Considering same-store sales growth from January to April/25 and excluding the leap year effect in 2024, adjusted SSS reaches 3.1%

Gross revenue from goods - Supermarfiet

(BRĮ billion)

2,0 2,1

3.6%

2,2

2,2

2,1

Supermarfiet gross revenue from goods, which includes supermarkets, hypermarkets, and neighborhood stores, reached BRL

2.1 billion, up 3.6% from 1Q24, accounting for 22.4% of the Group's revenue in the quarter. Sales from Hyper/Supermarket stores and the Camino banner grew by 6.2% and 0.1%, respectively, during the period.

1Q24 2Q24 3Q24 4Q24 1Q25

SSS 8.4%

2.1%

2.9%

3.7% 2.9%

1T24 2T24 3T24 4T24 1T25

Over the past 12 months, 7 supermarket stores were opened, contributing to the segment's sales performance. Same-store sales (SSS) growth in the supermarket segment reached 0.3% in the quarter, also impacted by the previously mentioned calendar effects. Considering same-store sales growth from January to April/25 and excluding the leap year effect in 2024, adjusted SSS reaches 2.9%*

(*) Same-store sales (SSS) refer to sales growth in the same stores from January to April 2025, adjusted for the leap day effect (Feb 29, 2024). Preliminary and unaudited April/25 data. Consolidated gross sales include preliminary and unaudited April/25 data.

Gross revenue from goods - Furniture & Electronics

(BRĮ million)

-2,8%

315,4

261,0

253,7

1Q24 2Q24 3Q24 4Q24 1Q25

336,8 353,9

The Electronics & Furniture segment recorded gross revenue of BRL

1T24 2T24 3T24 4T24 1T25

253.7 million in 1Q25, a 2.8% decrease compared to 1Q24, representing 2.7% of the Group's sales in the quarter. Same-store sales declined by 1.8%, reflecting both the calendar effects of the quarter and the macroeconomic environment marked by a reduction in credit availability.

SSS 9.5%

4.7% 4.2%

1.5% -1.8%

Gross Revenue from goods - Wholesale (B2B)

(BRĮ billion)

1,4

29.8%

1,6 1,7

1,5

1,8

In 1Q25, gross revenue from the Wholesale (B2B) segment reached BRL 1.8 billion, representing a 29.8% increase compared to 1Q24. The segment accounted for 19.3% of the Group's revenue during the period.

In the quarter, despite a strong comparison base, the Group was able to sustain a solid growth pace in the Wholesale (B2B) segment. This performance was mainly driven by a 19.9% increase in the number of independent sales representatives and the opening of 38 new routes

1Q24 2Q24 3Q24 4Q24 1Q25

over the past 12 months.

Gross Profit and Gross Margin

In 1Q25, gross profit reached BRL 1.9 billion, a 16.2% increase compared to the same period of the previous year. Gross margin reached 23.0%, up 0.7 p.p. from 1Q24. This improvement reflects the store maturation process in the Northeast Branch - especially those entering their second year of operation - combined with initiatives aimed at improving profitability in the Wholesale (B2B), cash and carry, and supermarket operations in the states of Maranhão, Pará, and Piauí.

16.2%

1T24 2T24 3T24 4T24 1T25

1.650

1.712

1.894 2.004 1.917

Operating Expenses

During 1Q25, operating expenses totaled BRL 1.3 billion, a 11.2% increase compared to 1Q24. In the quarter, operating expenses represented 15.2% of net revenue, a reduction of 0.2 p.p. versus the same period last year.

Selling expenses rose 11.8%, reaching BRL 1.2 billion, mainly driven by the opening of 17 stores over the last 12 months. This growth was partially offset by a slowdown in the increase in freight and fuel expenses in 1Q25, driven by the maturation of new routes and the six distribution centers opened in 2023, as well as a decline in marketing expenses compared to 1Q24. General and Administrative expenses grew 5.0% compared to 1Q24, totaling BRL 103.3 million, mainly as a result of the salary adjustment resulting from the agreement negotiated with unions, which impacted personnel expenses in March/24 and December/24.

EBITDA

Post-IFRS 16 EBITDA totaled BRL 649.9 million in 1Q25, up 27.4% compared to 1Q24. Post-IFRS 16 EBITDA margin increased by 0.9 p.p., reaching 7.8%. This growth was driven by higher net revenue, supported by the progressive performance of stores already in operation, the expansion in the number of newly opened units, and the strong growth momentum of the Wholesale (B2B) channel. Additionally, gross margin improved, benefiting from the maturation of the Northeast Branch and the advancement of the pricing strategy implemented in both food retail and wholesale operations. Continued focus on efficient expense management also contributed to the operational leverage observed during the quarter.

27.4%

684,5

649,9

565,2

510,0

1Q24

2Q24

3Q24

4Q24

1Q25

EBITDA margin post- IFRS 16

Ex Extraordinary Effects

6.9%

7.4%

8.2%

8.4%

7.8%

730,3

+0.9 p.p.

1T24 2T24 3T24 4T24 1T25

Northeast Branch

In 2021, the Company began the expansion of its Northeast branch, in line with its strategic plan to foster route consolidation and density. Within this context, operations were launched in the states of Ceará, Bahia, Paraíba, Alagoas, Pernambuco, and Sergipe. By the end of March, 51 stores (47 cash and carry and 4 supermarkets) were already operating in capital cities or key municipalities across these six states, with 39 of them having been in operation for over 13 months.

At the end of 1Q25, the store base with more than 13 months of operation in the new regional branch accounted for 22.7% of all food retail stores. Among these, 19 units had been operating for over one year (13 to 23 months), 14 for more than two years (24 to 35 months), and 6 for over three years (more than 36 months). In the quarter, the group of 39 stores with more than 13 months in operation recorded gross margin expansion compared to 1Q24, with a notable performance mainly in the states of Pernambuco, Paraíba, and Sergipe, highlighting the strength of the pricing strategy and the Company's ability to gain market share in newly entered areas. As a result, post-IFRS 16 EBITDA margin increased by 1.6 p.p. compared to the same period of the previous year.

Northeast Branch EBITDA1 margin evolution

1.6 p.p.

6,0%

6,4%

5,4%

5,1%

5,3%

4,5%

4,8%

3,8%

ĮTM (Apr/23 - Mar/24) ĮTM (Jul/23 - Jun/24) ĮTM (Oct/23 - Sep/24)

2024

ĮTM (Apr/24 - Mar/25)

Pre - IFRS

Post - IFRS

6,7% 7,0%

stores

18 stores

34 stores

39 stores

Pri IFRS 16

Pós IFRS 16

12M de Abr/23 a Mar/24

12M de Jul/23 a Jun/24

12M de Out/23 a Set/24

12M de Abr/24 a Mar/25

12M24

22 stores

27 stores

(1) The EBITDA margin of the Northeast Branch considers general and administrative expenses proportional to stores open for more than 13 months in the calculation of EBITDA

The financial result for the quarter totaled BRL 181.3 million, representing a 36.6% increase compared to 1Q24. This performance was driven by an 33.8% increase in financial expenses, reflecting higher interest expenses on loans and borrowings, due both to the rise in gross debt and the increase in the benchmark interest rate over the past 12 months. Contributing to this trend was also the growth in lease-related financial expenses, driven by the expansion in the number of stores in operation compared to 1Q24, with 17 additional units. The financial result for 1Q25 accounted for 2.2% of the period's net revenue.

Net Income

Net income in 1Q25 reached BRL 318.6 million, increasing 32.5% compared to 1Q24. As a result, net margin expanded by 0.5 p.p., reaching 3.8% in 1Q25. The measures adopted to mitigate the impact of the law that changed the tax rules of investment subsidies remained in effect during the quarter and affected net income as follows: (i) the announcement of interest on equity (IoE) distribution totaling BRĮ 135.0 million, which reduced Income Tax and Social Contribution expenses by BRL

45.9 million; and (ii) the compensation of BRĮ 146.8 million in accumulated tax losses from previous periods, generating a positive impact of BRL 49.9 million. As a result of these measures, the effective tax rate for the quarter was 12.3%.

Worfiing Capital (12 months) and Cash Flow

The Group ended 1Q25 with a cash conversion cycle of 74 days, an improvement of 3 days compared to 4Q24 and stable versus 1Q24. Inventory levels reached 92 days at the end of the quarter, representing an increase of 10 days compared to March 2024, due to preparations for the Easter period, which in 2025 took place in April. Accounts payable improved by 10 days, reflecting extended payment terms negotiated with suppliers during the quarter. Meanwhile, accounts receivable increased by 1 day compared to 1Q24.

Working Capital (in days)

+10 days

Stable

+10 days

91

92

+1 days

82

84

89

74 74

82

77

74

45 45 45

54

35 35

37

44

34 36

Trade Receivables Trade Payables Inventory Cash Cycle

1Q24 2Q24 3Q24 4Q24 1Q25

(4.8)

315.9

(320.8)

In 1Q25, the Company had a cash consumption of BRL 4.8 million. Operating cash flow totaled BRL 315.9 million, reflecting the EBITDA performance in the quarter and the positive change in working capital. Investments in Capex and fixed asset purchases/sales totaled BRL 320.8 million during the period.

Indebtedness

The Company's net debt reached BRL 614.5 million at the end of March 2025, mainly due to investments made during the period, which consumed the operating cash flow generated in the quarter. The Net Debt to Adjusted EBITDA ratio (pre-IFRS 16) stood at 0.27x at the end of 1Q25, remaining stable compared to 1Q24.

During 1Q25, the Company invested BRL 248.6 million in fixed assets, representing a 28.1% decrease compared to 1Q24. This decline was mainly due to lower CAPEX in New Stores and Land, primarily as a result of investments made in 2024 for units opened in 2025. Including real estate purchases/sales, total Group investments declined 6.2% in the quarter. Of the total BRL 72.2 million in real estate purchases/sales, the Company received BRL 33.3 million related to installments from the sale of four properties announced in November 2024, offset by investments in future projects.

11

APENDIX

1. - Income Statement post-IFRS 16

   Income Statement (in BRL thousands)

   1Q25

   1Q24

   Var. (%)

   Gross revenue from goods	9,431,626	8,379,628	12.6%
   Gross revenue from services rendered	47,482	38,313	23.9%
   Deductions	(1,056,887)	(959,918)	10.1%
   PIS/COFINS on investment subsidies	(35,043)	(31,315)	11.9%
   Returns	(55,873)	(44,238)	26.3%
   Net revenue	8,331,305	7,382,470	12.9%
   Cost of goods sold and services rendered (COGS)	(6,414,649)	(5,732,716)	11.9%
   Gross profit	1,916,656	1,649,754	16.2%
   Gross margin	23.0%	22.3%	0.7 p.p.
   Operating income (expenses)
   Selling expenses	(1,164,739)	(1,041,833)	11.8%
   General and Administrative expenses	(103,273)	(98,320)	5.0%
   Other operating income/expenses, net	1,301	421	209.0%
   Total expenses (excluding depreciation and amortization)	(1,266,711)	(1,139,732)	11.1%
   EBITDA	649,945	510,023	27.4%
   EBITDA margin	7.8%	6.9%	0.9 p.p.
   Depreciation and amortization	(105,294)	(104,571)	0.7%
   Operating income before financial results (EBIT)	544,651	405,452	34.3%

   Financial revenues	69,356	54,596	27.0%
   Financial expenses	(250,609)	(187,302)	33.8%
   Net financial result	(181,253)	(132,706)	36.6%
   Income before income tax and social contribution	363,398	272,745	33.2%
   Income Tax and Social Contribution	(150,026)	(96,230)	55.9%
   IR/CS Credit Interest on Equity	45,909	32,736	40.2%
   Utilization of accumulated tax losses from prior periods	49,896	21,762	129.3%
   Deferred Income Tax and Social Contribution on provisions	9,392	9,364	0.3%
   Total Income tax and social contribution	(44,829)	(32,368)	38.5%
   Net income	318,569	240,377	32.5%
   Net Margin	3.8%	3.3%	0,5 p.p.

2. - Balance Sheet

   Assets (in BRL thousands)	Mar/25	Mar/24	Dec/24
   Current Assets
   Cash and cash equivalents	1,520,551	1,341,031		1,664,167
   Trade Receivable	3,650,849	3,085,517		3,399,130
   Inventories	6,414,724	4,957,342		6,047,328
   Recoverable taxes	684.671	459,811		605,142
   Other assets	312,504	160,371		253,517
   Total current assets	12,583,299	10,004,072		11,969,284
   Non-current assets
   Financial investments	46	264		46
   Related Parties	47	47		114
   Recoverable taxes	244.789	245,638		227,784
   Deferred income tax and social contribution	201,223	42,100		126,888
   Other assets	65,887	95,970		81,824
   Judicial deposits	29,720	30,604		30,637
   Right-of-use assets	2,339,617	2,021,405		2,036,014
   Investments	55,844	43,168		43,144
   Intangible	63,831	39,202		61,160
   Property, plant & equipment	4,531,517	3,996,864		4,382,427
   Total non-current assets	7,532,521	6,515,262		6,990,038
   Total assets	20,115,820	16,519,334		18,959,322
   Liabilities (in BRL thousands)	Mar/25	Mar/24		Dec/24

   Current liabilities
   Trade Payables	3,755,177	2,623,383	3,078,569
   Įoans, financing and debentures	249,077	508,391	420,986
   Įabor obligations	482,103	429,905	445,071
   Tax obligations	374,463	288,502	419,431
   Taxes payable in installments	26,747	12,062	15,132
   Įease liabilities	113,741	111,740	79,464
   Interest on equity payable	116,650	83,274	-
   Other liabilities	114,541	95,269	214,597
   Total current liabilities	5,232,499	4,152,526	4,673,250
   Non-current liabilities
   Įoans, financing and debentures	1,885,998	1,305,794	1,852,872
   Taxes payable in installments	33,544	16,448	22,771
   Provision for risks	389,113	58,614	305,138
   Įease liabilities	2,393,571	2,030,806	2,089,299
   Related Parties	51,355	37,542	52,544
   Total non-current liabilities	4,753,581	3,449,204	4,322,624
   Equity
   Share social	8,346,465	8,013,514	8,346,465
   Treasury shares	(20,299)	(2,980)	(4,095)
   AFAC - Advance for future capital increase	-	44,217	-
   Įegal reserve	258,476	192,566	258,476
   Tax incentive reserve	424,955	328,673	424,955
   Retained earnings reserve	689,468	-	824,497
   Retained earnings for the period	314,512	237,810	-
   Equity attributable to the owners of the Company	10,013,577	8,813,800	9,850,298
   Equity attributable to non-controlling shareholders	116,163	103,804	113,150
   Total equity	10,129,740	8,917,604	9,963,448
   Total liabilities and equity	20,115,820	16,519,334	18,959,322

3. - Cash Flow

1Q25 Results

May 05, 2025

About the Mateus Group

Grupo Mateus is the third largest food retail company in the country, with operations in supermarket retail, cash and carry, Wholesale (B2B), furniture and electronics, e-commerce, baking industry and slicing and portioning central.

Investor Relations Contacts

São Luís, May 05, 2025

This document both historical information and forward-looking statements about the business prospects, projections on Grupo Mateus operating and financial results, based exclusively on the Company's management expectations. These expectations depend substantially on market conditions, the performance of the Brazilian economy, the sector and international markets, and, therefore are subject to change without prior notice. In the face of such uncertainties, Grupo Mateus assumes no obligation to update or review any forwarding-looking statement in the future.

https://www.ri.grupomateus.com.br ri@grupomateus.com

15

Jaboatão dos Guararapes - PE