Dados Econômico-Financeiros

Management Report 2024

Introduction

In compliance with the legal provisions and in accordance with Brazilian corporate law, Lojas Renner S.A. presents as follows its Management Report, with comments on the operational and financial results for the fiscal year ending December 31, 2024. This report is

complementary to the Company's Financial Statements which conform with the International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB).

Management Message

Our history is characterized by cycles: Lojas Renner has undergone several major transformations throughout our history, consistently evolving our business model every year while maintaining our focus on being a reference in fashion and lifestyle, enchanting customer journey and responsible fashion. In recent years we had our Company's most significant investment cycle to date, enabling us to evolve our business model to become more responsive, precise and agile; leveraging our competitive advantages to accelerate growth and

improve profitability. We concluded this investment cycle in 2024 and our results demonstrate this evolved business model is driving our performance by capitalizing our Company's true potential.

Lojas Renner's model is comprised of several initiatives focused on continued value creation. These pillars are guided by the following

strategic levers: improving store productivity, digitalization through the omni approach, organic expansion in underserved cities, and further strengthening lifestyle brands and concepts.

The use of Artificial Intelligence enables us to quickly and responsively capture trends through a shorter product development cycle

while benefiting from improved supply chain productivity and efficiency. Our omnichannel and 100% end-to-end SKU supply model result in a more integrated, agile and precise operation, which resulted in record store supply lead times in 2024. This strong fashion execution,

led by our continued supply model evolution, was reflected in the 8% sales increase for the year; anincrease above the market average (PMC), with both increased transactions and pieces sold, and which largely underpinned the 55.4%, or 0.9 p.p., year-on-year gross margin increase for 2024.

The adjustments and investments Renner made throughout the year reinforced our brand positioning and contributed to an overall improved customer journey through Intuitive store layouts, enhanced product visibility, innovative customer-oriented technology, on and offline channels real-time integration to create a single commerce platform with integrated inventories, operations and services. Today we are enchanting customers through a more attractive value proposition and enhanced omni experience, reflected in increased

NPS across all of our business units and channels. Digital GMV also evolved significantly, reflected in a 14% increase for the year, greater sales penetration and strengthened efficiency. And we also saw increased profitability across allof our businesses: Camicado gross

margin increased 1.6p.p with a 10% increase in 2024 sales, 28% per square meter, and record inventory turnover. Youcom gross margin increased 0.2p.p. with a 19% increase in sales. As a result, the ecosystem's active base expanded to a significant 20 million customers by year end.

At Realize, our financial services business, we improved our credit and risk management and overall value proposition, offering customers exclusive benefits which contributed toan increase in our retail customer base. This was evidenced in year-end profitability as Realize's results more than doubled compared tothe previous year with significant improvement in the portfolio's risk profile. Further, our strategy for Realize was reaffirmed as an important driver for our retail business, financing sales and fostering customer loyalty.

We are also pleased to have delivered on our commitment to growth with profitability while improving business returns. 2024 ROIC increased by 1.7p.p. while Total Adjusted EBITDA reached R$2.6 billion (+26%), witha record R$1.5 billion (+40%) free cash flow generation, with sustained free cash flow in the future ahead. Net Profit for the full year 2024 reached R$1.2 billion, 53% of which was distributed as remuneration to shareholders. We ended the year with a cash position of R$2.8 billion and R$1.8 billion in net cash. This enables us to continue making important investments in our business, aligned with our stated capitalallocation priorities related tothe growth levers

I've described: our brands, new stores and store refurbishments, organic expansion into underserved locations and todeepen our omni presence. Strong free cash flow also enables Renner todemonstrate our continued confidence in our business, returning capital to our

shareholders through the share buyback program of approximately R$1 billion announced today. We believe that the current price of our shares does not adequately reflect the value of the company considering the growth and progress demonstrated during the year and its potential. CAPEX for the year was R$680 million, disbursed on several fronts including 24 new store openings. We expect to invest R$850 million in 2025, primarily focused on store renovations and targeting 25-35 new store openings, 15-20 of which will be Renner and around 80% in new locations, with higher-than average profitability expected.

And we're differentiating ourselves in responsible fashion through climate, circular and regenerative solutions while strengthening the diversity, inclusion and overall well-being of our employee base while continuing to identify related opportunities within the value chain aligned with our stated 2030 ESG targets. The programwe have in place positioned us in 2024 as retail leader within the ISE B3 ranking and component of the Dow Jones Sustainability Index. Highlights include Lojas Renner's social support initiatives related to flooding in the Rio Grande do Sul, such as our emergency rescue and donations and post-disaster reconstruction support.

We have concluded the most significant investment period in our Company's history, evolving our business model and entering the next phase: a renewed cycle of growth and profitability without the need for significant infrastructure investments. While 2025 began with

considerable macro headwinds, our ability to delight our customers will drive market gains while ensuring we continue to deliver shareholder value. Our business model's flexibility, precision and agility will drive our continued gradual evolution throughout 2025 and

into the future, in line with our focus of being a reference in fashion and lifestyle, providing enchanting experiences and always supported by committed and talented teams and the clear principles and values of responsible fashion.

A strong culture and engaged and talented teamare fundamental toLojas Renner's future success in enchanting customers, generating

value and ensuring our uniquely differentiated position within our market. This was evidenced when, in 2024, we proudly reached our historic record for team engagement based on our annual employee satisfaction and engagement survey conducted by an external consultancy. I therefore would like to take this opportunity to thank our team in particular, as well as our customers, board members, partners, shareholders and the community in general for your meaningful contributions on this journey and for your confidence in our businesses and brands.

Porto Alegre, February 20th, 2025

Macroeconomic Scenario

The year of 2024 was characterized by higher-than-expected GDP growth and unemployment rates reaching record lows. There was anincrease in consumption as credit gradually expanded, despite household debt stillrunning at high levels and extreme climate events in the period. However, the year ended withmore pressure signals, foreign exchange rates at record levels as well as inflation and interest rates on the rise. In the apparel segment, consumption grew during the year with segment sales reporting evolution, mainly through higher conversion in pieces.

The Company and its businesses

Lojas Renner S.A is a leader in omnichannel fashion retailing in Brazilcomprising the Renner, Camicado, Youcom, Realize CFI and Repassa brands, a fashion and lifestyle ecosystem which connects the customer through digitalchannels and physical stores in Brazil, Argentina and Uruguay. The Company headquarter is in the city of Porto Alegre (RS) as well as offices in China, Vietnam, and Bangladesh. Renner also has three distribution centers. At the end of 2024, it had a network of 686 stores in operation.

*Consolidated in Renner's results statement

Renner: the Company's main business, representing 91% of totalnet revenue. The brand's value proposition is todeliver the best omni

experience in fashion with different styles for the medium/high-end segment, enchanting customers with quality products and services at competitive prices, always innovating in a sustainable way.

Camicado: has more than 35 years of specialization in Home & Decor, operating largely through products under its Home &Style label as well as with third party items.

Youcom: is a youth fashion brand inspired by urban lifestyle, always connected to the behavior and needs of its consumer, in an

innovative and sustainable way. The brand continued togrow in 2024, mainly in new locations and maintaining its focus on specialized fashion.

Ashua: offers collections with fashion information for curve & plus size customers, prioritizing modeling, comfort and style in the context of an omnichannel shopping experience.

Realize CFI: offers financial solutions to the ecosystem's customers, among them the Renner card (private label), Meu Cartão (an international credit card), personal loans and an insurance portfolio.

Repassa: a digital native platform for resale of clothing, footwear and accessories. This startup was founded in 2015 and has its focus on sustainability.

Culture and Values

A strong culture with engaged and loyal talent are fundamental for enchantment, a differential of Lojas Renner S.A.

Our values

Enchantment

"To enchant is our fulfillment" - this is the proposition of Lojas Renner S.A., a corporate value which permeates its entire operation and strategic investments with the objective of maintaining the highest standards of Enchantment with its target audiences - first and

foremost the customers. More than twenty years ago, the Company pioneered the creation of the Enchantmeter, an equipment which measures the shopping experience at Renner's physical stores. Another indicator which measures the customer experience is the NPS (Net Promoter Score), which in 2024 reported an evolution at all the businesses and channels, demonstrating how customers are increasingly enchanted with the products and the integrated journey of the bricks and mortar stores and digital channels.

People

The year was marked by progress in further enhancing the Company's strategic pillars of culture, talent, and sustainability, especially in team engagement, management of change and development and the acceleration of talent for generating value to the business.

During the year, it was achieved record team engagement (90%) in an annual employee survey conducted by an outside consultancy, which has positioned us with a high level of performance since 2011, while the Company was also highlighted in market rankings and awards that brought recognition in communication with employees and the employer brand. The sustainability agenda and public commitments also continued tobe accelerated with a focus on diversity and inclusion, with initiatives toraise awareness and strengthen

the inclusive culture. The commitments assumed reinforce our close approach to diversity and are aligned with the Company's proposition of enchantment.

Lojas Renner S.A. Ecosystem

Down the years, Lojas Renner S.A. has undergone various transformations in the evolution of its business model, always with the focus on being the reference in fashion and Lifestyle through an Enchanting experience. Over recent years, the Company has executed the most significant cycle of investments for evolving the business model towards a more precise, integrated, agile and flexible operation, potentializing its competitive advantages for accelerating growth with greater profitability.

This model has evolved on the basis of several initiatives with a focus on being a reference in fashion execution with omnichannel fulfillment and an enchanting journeyforthe customer, always generating value in a responsible way. These pillars were oriented by the following strategic levers: improvement in the productivity of the stores, greater digital penetration through an omni approach, organic expansion in unserved locations as well as strengthening the brands and lifestyle concepts. Additional information may be found in the institutional presentation in the IR website: https://lojasrenner.mzweb.com.br/

Reference in Fashion and Lifestyle

The Company has continued to improve its execution of fashion with improvements in the development of collections and integration

of the supply chain employing a more agile, responsive, and adaptive model. Through artificial intelligence, trends are captured more precisely, resulting in a shortened product development cycle, with greater productivity and efficiency in the supply chain.

Integration with the supply chain and support for industrial transformation is a strategic vector for the Company. In 2024, it began implementing a platform that provides greater detail on the development and production stage of all the products purchased, making it possible to identify possible delays and track the entire supply network. This will allow the identification of lead times for each process and solutions in conjunction with partners in order to reduce eventual fulfillment problems. Strategic suppliers are committed to industrial transformation, adapting their production model to the lean manufacturing concept, bringing improvements in reactivity and productivity to guarantee collections with fashion information at the right time and with best cost-benefits.

Throughout the year, the Company continued to improve the quality and productivity of its inventory, allowing it toincrease the variety of new products and resulting in an increase in the volume of pieces sold, despite lower inventories. This approachresulted in decreased discounting, reflecting healthier levels of stock and more attractive products for customers.

At the same time, improvements were made in product and price equation and in the strengthening of brand positioning. In parallel, the Company maintained the consistency of the collections, reinforcing lifestyles, incorporating greater versatility in the pieces and anticipating trends for the customers. Again, the personalization of communications with the customers continued to be a key priority: product recommendation models were also developed using AI indicating the items more attractive toeach individual customer based on the analysis of transactional data.

Reference in enchanting experiences

The process of store digitalization has continued apace so benefiting the customer journey. By the end of 2024, 60% of Renner branded stores had self-service checkouts using RFID technology, accounting for ~40% of the turnover at these units. This technology makes for a more autonomous and faster journey, with the aim of rendering the customer experience increasingly integrated, fluid, and

enchanting. Also in 2024, the plan for store refurbishment using a new model continued tobe implemented, mainly directed to the most relevant units in the store network. This new store model optimizes customer engagement through a more dynamic and interactive experience, offering agreeable spaces with intuitive layouts and an emphasis on product visibility, thus maximizing store functionality and architecture based on innovative customer-friendly technology.

In the digital channels, new visual resources were implemented in the apps expanding communication possibilities in homes and lists. These improvements in UX were reflected in the award for best e-commerce in Brazil in the apparelcategory of the NIQ Ebit 2024 Awards. The channel also plays a critical role in capturing trends and quickly testing product development, contributing to greater agility in fashion execution. Improvements in the customer journey were reflected in Renner's sales per square meter, which increased by 8.7%. In the same way, the other brands also moved towards introducing a more enchanting journey, which was reflected in the evolution of the NPS (Net Promoter Score) of all the businesses.

The Company expanded its store fulfillment capacity according to the specific demands of each store. This personalized approach ensures that each point of sale receives the correct products, increasing customer satisfaction and optimizing operational efficiency.

The SP DC, enabler of this 100% SKU fulfillment model, reported record levels of store supply lead times during the year. The new fulfillment model integrates physical and digital operations, bringing greater inventory optimization, fewer markdowns, greater productivity, and

more precise instore fulfillment, and is one of the key elements in the development of a more precise, flexible, agile, and integrated business model.

The focus of the year in Content was the organic visits to the site/app, with the aim of attracting and retaining a customer who is more

connected to the brands, and consequently, more profitable. As a result, organic traffic through the digital channels grew sequentially during the quarters. In addition to the commercial results such as a normally higher average ticket, content inspires, humanizes, and inserts the brand in chats on fashion and Lifestyle and, as a result, the number of interactions of Renner's customers on Instagram doubled over the course of 2024.

The Company's increasingly attractive value proposition combined with an improved omnichannel experience resulted in an expanded active customer base which reached 20 million at the end of 2024. There was an increase in participation of omni customers whose spending on average can be as much as three times greater than is the case with mono-channel customers.

As to financial solutions, in 2024, Realize continued committed to its mission of generating value for the entire ecosystem, investing in innovation with a view to benefiting customers through a simpler and more agile payment journey, guaranteeing efficiency and enchantment at each stage. Total Payment Volume (TPV) reached R$ 18.9 billion, an increase of 4.7% compared to 2023 due to the continuous drive tooffer the best shopping experience to customers, minimizing frictions along the journey. The cashback consolidated as an effective tool for effectively enhancing loyalty, increasing the attractiveness of the products, and stimulating repeat purchases, leveraging card participation on sales. In addition, various initiatives were implemented to optimize the process of collection and

continuous improvements in credit approval policies, resulting in a gradual recovery of the customer base as well as a significant reduction in delinquencies and portfolio risk. More information may be found under the Economic Financial Performance chapter.

Reference in Responsible Fashion

Environmental and Social

The 2030 Lojas Renner's sustainability strategy, published in 2022, established priority commitments for advancing the management of

sustainability with a view tominimizing the important socio-economic risks of the supply chain and generating value for its stakeholders, society and the environment, based on three strategic pillars:

Climatic, circular, and regenerative solutions

The Company has as its goal the transition to the decarbonization of the business over the next few years using science-based metrics capable of creating conditions for achieving climatic neutrality by 2050 - in line with the Paris Accord which set a global challenge of limiting the average increase of global temperatures of the planet to 2°C above pre-industrial levels.

In the first phase of this commitment, the aim is toachieve a 75% reduction in CO2 emissions per item of apparelproduced for sale under

the Lojas Renner S.A. brand in relation tothe baseline year of 2019. The target was approved by the SBTi(Science Based Targets Initiative), aninitiative of the United Nations Global Compact, CDP, World Resources Institute (WRI) and the Worldwide Fund for Nature (WWF), which establishes mathematical parameters for reducing greenhouse gas emissions. Over the course of 2024, progress was made in developing the adaptation plan to strengthen the business's climate resilience and it was approved with SBTi the Long-Term Net Zero goal.

A commitment was also made to incorporate the principles of circularity into the development of products, services, and business models, as well as investing in circular and regenerative raw materials for textiles and in the expansion of responsible processes, such

as lower water consumption and the energy transition of the supply chain. Currently, eight out of ten of Renner's pieces are already more sustainable. To support the increasing adoption of circularity concepts in product development, a Circular Fashion Guide was launched

in 2024, aimed at resale suppliers, presenting key concepts on the subject, tools, references, and practical tips for adopting circularity early on at the product design stage. As for water consumption, in 2024, 52% of jeans and twill garments were classified as 'low water

consumption' at strategic suppliers, based on water footprint methodology, and 10% of suppliers already work with water recirculation practices in their manufacturing processes.

Connections which amplify

In 2024, Renner maintained its 100% recognition with internationally recognized socio-environmental certification of the global supply

chain for own branded products. One of the goals is that all the Company's other brands should have suppliers certified on the basis of socio-environmental criteria. The Camicado' s Conformity Program reached 100% of the global supply chain certified.

Besides guaranteeing supply chain conformity, the objective is to concentrate purchases on suppliers with high levels of ESG

management and performance. In this context, the development of domestic suppliers is being undertaken, representing 75% of procurement volume through the Responsible Network initiative and the Acceleration in Conformity Program, offering technical support and mentoring for helping partners go beyond compliance and becoming suppliers of reference. In 2024 it was achieved 50% of the volume of purchases from resale suppliers with a high management classification and socio-environmental performance.

Human relations and diversity

The Company's objective is to be among the domestic references in team engagement, guaranteeing a living wage and continually

advancing in the promotion of well-being of the employees as well as advancing in diversity, equity and inclusion of minority groups with the goal of reaching 50% of leadership positions held by black employees and 55% of senior management positions by women.

In 2024 the Company reported progress in strengthening affinity groups, in expanding the inclusion of people with disabilities in the teams, in the recruitment and development of black people and in the dissemination and engagement of all through the program for tackling domestic violence, important support for the more than 24 thousand comprising the team throughout Brazil. As a reflection of these practices, in 2024, the Company was placed first in the fashion retailing ranking of the MERCO Talento TOP 100 2023/2024award as well as receiving the FIA UOL Incredible Places to Work award.

Pioneer in Early Adoption of CBPS 1 and CBPS 2 (IFRS S1 and S2)

In August 2024, in compliance with CVM Resolution No. 193/2023 (subsequently supplemented by CVM Resolutions 217, 218, and 219/2024), the Company opted for the early and voluntary adoption of preparing and disclosing the Sustainability-related Financial Information Report - climate, in accordance with the International Sustainability Standards Board (ISSB), CBPS 1 and CBPS 2 standards (IFRS S1 and S2), with the option toapply the reliefs provided in these standards. Always being a protagonist on the subject, with sustainability as one of its corporate values, the Company is the first retailer in the world and pioneer in Brazil toannounce the adoption of the new standards on the possible financial impacts related to physical and transitional climate risks, underlining its commitment to transparency for the market. For further information, refer to explanatory note 3.7.