Marisa Lojas S A : | Earnings Release 1Q23

1Q23 RESULTS

Conference Call: April 16th at 2 p.m. (Brasilia) / 1p.m. (EST)

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Access code: 894 4476 3056

IR Team:

João Nogueira Batista | Roberta Leal | Renata Coutinho | Victor Caruzzo dri@marisa.com.br

São Paulo, May 15th, 2023 - Marisa Lojas S.A. ("Marisa" or "Company") - (B3: AMAR3; Bloomberg: AMAR3:BZ), one of Brazil's largest women/intimate apparel fashion retailer, announces its results for the 1st quarter of 2023 (1Q23). The Company's information, unless otherwise indicated, is based on consolidated figures, in millions of Reais, in accordance with the International Financial Reporting Standards (IFRS) and revised by Ernst & Young Auditores Independentes.

1Q23 HIGHLIGHTS

• Net Retail Revenue grew 1.3% in 1Q23 vs. 1Q22, achieved by sales in physical stores and the increase in average ticket - SSS (same store sales) for physical stores grew 6.5% in the quarter;
• Retail Gross Margin increased to 49.5% of net revenues (vs. 47.4% in 1Q22), driven by efforts aimed at preserving profitability, despite the impact of markdowns on the inventories of stores in the process of being closed;
• First signs of positive impacts of the Operational Efficiency Plan begin to appear: Adjusted Retail EBITDA improved from negative R$ 65.1 million in 1Q22 to negative R$ 36.1 million in 1Q23; and
• MBank in Apr/23: restructuring plan was approved by the Central Bank and R$ 90 million capital contribution by the controlling shareholders concluded. More restrictive concession process given the current market delinquency scenario.

n.m. - non-meaningful

1. The 1Q22 Income Statement (Income Statement) - prepared in accordance with International Financial Reporting Standards (IFRS) and revised by Ernst & Young Auditores Independentes - was restated, in order to correct certain entries.

1. The adjustments applied to the EBITDA and Net Income calculations in 1Q22 and 1Q23 are due to events considered non- operating and non-recurring .

NOTE: The managerial Income Statement analyzed in this release considers the reclassification of certain entries in relation to the Income Statement in accordance with IFRS accounting. Such reclassifications are explained throughout this document.

MESSAGE FROM MANAGEMENT

The Company's 2023 first quarter results show positive numbers in the retail operation, notably in revenue and gross margin, despite the adverse macroeconomic scenario with retracted consumption, illegal imports not being properly taxed, high real interest rates and working capital constraints, highlighting the resilience and strength of the brand. On the other hand, the negative impact of higher delinquency rates and funding costs on our financial operation remain, although it is already getting back on track.

In our Retail operation, the pricing and inventory management strategy was successful in this first quarter. Through the markdown on slow turnover products and transfer of inventory between certain stores, we attempted to accelerate sales of the winter collection and prioritize revenue generation, without harming the gross margin. The solid partnership with our suppliers

• in some cases impacted by the credit limit cuts in the banking system - has allowed us to maintain incoming fast turnover products and readjust the sales mix in relation to demand, including for the upcoming Mother's Day and Valentine's Day. We are closely monitoring the evolution of the federal government's initiatives for the retail sector in Brazil, which aim to curb unfair competition and re-establish tax equality.

The capitalization and restructuring plan for our financial services segment already show their first positive impacts, due to the now stricter criteria for granting consumer credit adopted as of this first quarter. It is important to highlight the comparison basis of results: in 1Q22 credit operations faced an expansion scenario, while at the beginning of 2023 the scenario was one of containment. Results are still negative essentially due to increases in funding costs and provisions for delinquency combined with lower planned production. The adoption of stricter credit criteria and reinforcement of the collections structure, among other actions, were part of the initial and emergency actions stage. The capitalization and the beginning of the corporate and managerial restructuring implementation of our financial services will support the continuity of the process, focused on SG&A reduction, as well as on the stabilization and general security of the platform.

We have taken assertive and relevant steps in implementing the Company's cash generation and profitability recovery plan, initiated in February 2023, and have already disclosed to shareholders and the market in general:

1. Operational Efficiency Program: (i) we have already closed 25 unprofitable stores between March and April, out of the total of 91 planned, which, combined, will ensure an estimated R$ 62 million increase in EBITDA on a recurring annual basis; (ii) the payment renegotiation process with our suppliers and property owners, marked by a strong partnerships, has already reached the significant marks of approximately 90% with suppliers and 65% with property owners;
2. Monetization of assets: (i) we have already announced the tax credit rights sale with a face value of R$ 380 million, for an upfront of amount of R$100.1 million and a variable value linked to the achievement of certain metrics. We expect to reach the first closing stage of the transaction in May; and (ii) we are at an advanced stage of negotiating new opportunities for the sale of different co-products over our store counters.
3. Capital Structure Optimization: in April, the Central Bank approved Mbank's restructuring plan which our controlling shareholders have enabled - through the subscription of Marisa Lojas' debentures - contributing R$90 million to our subsidiary M Pagamentos's capital.

In addition, in early May, our Board of Directors approved an organizational and corporate governance restructuring, which included (i) the merger of two Board advisory committees and the creation of the Strategy, Turnaround and Finance Committee, as well as a committee to oversee MBank; (ii) election of a new independent Board member; (iii) the separation of the Commercial from the Operations department, the latter of which will be led by an in-house executive; and (iv) creation of a General and Administrative Expenses Optimization Program, which targets a R$50 million expense reduction per year, to be implemented in parallel with the Operational Efficiency Program, already underway.

In May, we elected an independent member to Marisa's Board of Directors, reaffirming our permanent commitment to increasing the participation of women in all leadership positions at the Company, valuing the benefits that diversity brings to the corporate world and society.

We are confident in the Company's and our employees' ability to overcome the challenges that arise and we have sought to be absolutely transparent with all our partners. The responsiveness increases our confidence that it will be possible to execute the outlined plan and place Marisa at the expected and deserved level of generating sustainable value for all its stakeholders. We appreciate everyone's trust and partnership.

João Pinheiro Nogueira Batista

CEO

RESULTS - RETAIL

(*) The 1Q22 Income Statement (Income Statement) was restated, in order to correct certain entries.

1. From a management perspective, we see expenses with rent inside 'Sales Expenses' in Retail, instead of 'Financial Expenses' (IFRS 16)

(***) Non-recurring events or non-operational

In 1Q23, our net retail revenue reached R$440 million, up 1.3% from 1Q22. This growth was driven by improved sales in physical stores, despite the 14 store closings over the 12 months prior to March/23, and by a 14.3% average price increase (from R$42.81 in 1Q22 and R$48.93 in 1Q23). Total volume of products sold was down 11.7% (12.9 million in 1Q22 and 11.4 million in 1Q23) on an SSS basis.

PHYSICAL STORES: Sales revenue grew 5% in 1Q23 vs. 1Q22, despite the closing of 10 stores in December 2022 and 4 stores in March 2023. The SSS (same store sales) expanded 6.5% in the quarter.

The Company had a total of 330 stores at the end of March 2023. The Company's restructuring plan considers the closure of 91 unprofitable stores during 2023, including 4 stores already closed in the first quarter.

DIGITAL: The decrease in sales in the digital channel (website, App and marketplace) of 32,5% was due to the profitability strategy for this operation. As part of the strategy, we rationalized marketing investments, ensuring a better trade-off between expenses and gross profit, as well as the revision of delivery policies that generated a substantially higher result compared to the same quarter of the previous year. This strategy proved to be correct, as the channel's EBITDA evolved in the period.

The share of the digital segment reached 7.3% of retail sales at the end of 1Q23 versus 11.9% in 1Q22. In terms of strategy, we aim to drive sales in both channels, delivering cost-effective fashion and focused on profitability.

GROSS PROFIT, GROSS MARGIN, AND INVENTORIES: Retail gross profit totaled R$218 million, up 6% year over year

with an expansion of 2.2 p.p. in gross margin, reaching 49.5%. The margin evolution resulted from: (i) the implementation

of Marisa's Commercial Value Proposal; (ii) the assortment and product improvement plan; and (iii) the rationalization of promotional discounts strategy, eliminating campaigns that do not generate incremental profits, in addition to inventories quality improvements leading to 8.4% increase in turnover during the period, reducing the need for markdowns, especially during January.

As previously mentioned, part of the Company's Operational Optimization Plan includes negotiations with suppliers of our retail operation, which is already at a very advanced stage. With this, we expect to recover part of this inventory reduction throughout the year and work to improve turnover, in order to mitigate negative impacts on working capital.

ADJUSTED RETAIL EBITDA: improved by 42,9%, from negative R$ 63,3 million in 1Q22 to negative R$ 36.1 million in 1Q23, on a recurring basis or excluding non-recurring events in 1Q23 ('ICMS processes' and 'restructuring consulting fees').

The increases in revenue and gross profit in the retail operation this quarter, coupled with the continuous reduction in operating expense levels, will contribute decisively to, in a short period of time, dilute the fixed expense volumes and generate a positive EBTIDA for the retail segment.

The Company's restructuring plan, being implemented since February 2023, includes, among other things, the store closures* with lower or unprofitable contribution margins and fixed costs and expenses reduction throughout the year.

*(The list of stores closed to date can be found in this report's Appendix).