GPA 2Q21 Presentation

1. EARNINGS
Presentation
2Q21
July 29, 2021

2. Disclaimer
Statements contained in this presentation relating to
the business outlook of the Company, projections of
operating/financial results, growth prospects for the
Company and market and macroeconomic estimates
are merely forecasts and are based on the beliefs,
plans and expectations of Management in relation to
the Company’s future. These expectations are highly
dependent on changes in the market, Brazil’s
general economic performance, the industry and
international markets, and hence are subject to
change.

3. Financial
Performance

4. Grupo Pão de Açúcar 4
2Q19 2Q20 2Q21
Financial Performance GPA Brazil1
(1) GPA Brazil figures do not include the results of Stix Fidelidade, Cheftime and James Delivery. (2) Earnings before interest, taxes, depreciation, and amortization. Adjusted for Other Operating Revenue (Expenses). (3) Net Income - Controlling Shareholders – continuing operations
Net Income3
1H19 1H20 1H21
Same Store Sales
+4.2%
+6.0%
 Strong comparison base with 2Q20/1H20
 Restrictions in 2Q21/1H21 to contain the new wave of the pandemic
 Highlights:
 E-commerce: +32% GMV in 2Q21, increased product offering, improved
logistics and expansion of partnerships
 Proximity formats: 12 consecutive quarters with double-digit sales growth
 Strategic projects: maturation of supermarket concepts and continuation of
the hypermarket repositioning
Record online sales in Brazil and strong profitability gains
434
563 548
6.6%
7.7%
8.3%
2Q19 2Q20 2Q21
53%
Total
Sales
+26.4% 959 1.048 1.086
7.4% 7.5%
8.2%
1H19 1H20 1H21
+13.3%
Significant profitability gains in both 2Q21 and 1H21 even under a challenging
scenario:
 Maintenance of gross margin: Efficiency in commercial dynamics and optimization of
logistics costs.
 Strict expense control and ongoing search for operational efficiency: -13.4% vs
2Q20 and -9.6% vs 1H20 due to operational productivity gains at stores and
Distribution Centers coupled with lower administrative expenses
 Transformation of store portfolio and evolution of digital initiatives
Adjusted EBITDA2
Food +7.4% Non-Food +9.6%
(103)
107
13
2Q19 2Q20 2Q21
(84)
8
94
1H19 1H20 1H21
Excluding gas stations and drugstores Amounts in R$ MM Amounts In R$ MM

5. Grupo Pão de Açúcar 5
2Q19 2Q20 2Q21
Financial Performance Grupo Éxito¹
1H19 1H20 1H21
+7.2%
+8.1%
 Strong comparison base with 2Q20/1H20 and restrictions imposed during
2Q21/1H21 to contain the new wave of the pandemic, in addition to protests in
Colombia.
 Highlights:
 E-commerce: evolution of omnichannel strategy
 Innovative formats: WoW and FreshMarket
 Higher contribution from complementary businesses
 Improvement of real estate business
Resilient retail, greater contribution from complementary
businesses and productivity gains
328
418 374
7.4%
8.0%
7.1%
2Q19 2Q20 2Q21
+13.8%
635 707
858
7.2%
6.8%
7.7%
1H19 1H20 1H21
+35.0%
Profitability positively impacted by strategy based on innovation, business
diversification and asset monetization :
 Recovery of complementary businesses (Tuya and real estate business)
 SG&A expenses under control, amounting to 18.1% of revenue. In 2Q20 expenses
were benefited by subsidies granted by government
 Productivity gains: operational excellence plan and expense control, mainly with labor
and higher share of digital campaigns in marketing mix.
47%
Total sales
12
(10)
14
2Q19 2Q20 2Q21
10
(73)
124
1H19 1H20 1H21
% of Net Revenue
(1) Earnings before interest, taxes, depreciation, and amortization. Adjusted for Other Operating Revenue (Expenses). (3) Net Income - Controlling Shareholders
Net Income2
Same Store Sales Adjusted EBITDA1
Excluding gas stations and drugstores Amounts in R$ MM Amounts In R$ MM

6. Grupo Pão de Açúcar 6
Operational efficiency and cost control contributed to
maintaining profitability and reaching positive net margin
Consolidated Financial Performance
 High profitability level, despite the challenging economic scenario
 +10.4% Adjusted EBITDA vs 1H20, with margin up 7.5%;
 Positive net Income in 2Q21 even with the lower sales level. In
the semester there was a reversal of the previous year's losses,
with emphasis on:
 strict control of operational expenses
 reduction of other revenues and expenses
(124)
86
4
2Q19 2Q20 2Q21
729
974 899
6.6%
7.8%
7.6%
2Q19 2Q20 2Q21
+23.3%
Adjusted EBITDA1 Net Income2
1.521
1.662
1.834
7.0%
6.8%
7.5%
1H19 1H20 1H21
+20.6%
54%
34%
8%
3%
Brazil Colombia Uruguay Argentina
Sales per Country
(147) (160)
116
1H19 1H20 1H21
Amounts in R$ MM
Amounts in R$ MM
(1) Earnings before interest, taxes, depreciation, and amortization. Adjusted for Other Operating Revenue (Expenses). (3) Net Income - Controlling Shareholders

7. Grupo Pão de Açúcar 7
Strong cash position and low leverage
Indebtedness
Net Debt1 &
Net Debt¹/Adjusted EBITDA2
(1) Includes Credit Card Receivables not discounted 2: Adjusted EBITDA (pre-IFRS16). The Company does not consider the lease liabilities related to IFRS16 when calculating debt.
R$ 4.7 billion reduction
in net debt1
Low level of leverage:
Net Debt¹/Adjusted EBITDA² down
to 1.7x in 2Q21 from 2.2x in 2Q20
Solid Cash position of
R$ 4.9 billion, equivalent to
1.9x of short-term debt
9,254
4,584
2.2x
1.7x
2Q20 2Q21
Net Debt1 / Adjusted EBITDA²

8. GPA Brazil
2
8

9. Grupo Pão de Açúcar 9
Value Chain Commitments
2021: 100% of private label palm oil with traceable origin (BRA) and
international origin certification
2022: 100% of private label factories audited using ICS
methodology (working conditions)
2025: 100% of private label eggs from cage-free hens
2028: 100% of national brand eggs from cage-free hens
2028: 100% of pork categories consider animal welfare
Commitments to Fight Climate Change
2023: 100% of stores in the Partnership against Waste
2024: 94% of consumption in the free energy market
2025: reduction (Scope 1 & 2) in GHG emissions (2015 base)
2025: reduction in GHG emissions related to landfill waste (2015 base)
Diversity and Inclusion Commitments
2022: 38% of leadership positions held by women
2021: 50% of employees self-identified as black
GPA Brazil – Sustainability Strategy Pillars
 Solidarity campaigns benefiting
˜300 thousand Brazilian families
 83% of GPA Brazil’s energy consumption is acquired in Free Market
 Combating waste: Fruits and Vegetables suitable for consumption,
however loose, or out of aesthetic standards reached 1,420 tons
donated in the quarter, an increase of 13.8% YoY.
 UN WEPs Best Award,
in recognition of GPA Brazil’s consistent initiatives to
increase the participation of women in leadership positions
29.8% 2Q21
85% 2Q21
83% 2Q21
37.1% May/21
50% May/21
 Publication of the Annual Sustainability Report 2020
 Socio-environmental indicators audited since 2011
An agenda with and for society and
the environment

10. Grupo Pão de Açúcar 10
Solid growth of food e-commerce
 +32% in food e-commerce (1P+3P) YoY,
 8.2% of total food sales with record GMV of R$ 428 MM
 76% market share in self-service (1P-Nielsen) vs 71% in 1Q21
 Focus on increasing penetration of perishables and expanding
non-food categories
Digital Sales by
Delivery Models
Best online supermarket
for the 3rd year by Datafolha
Highest Net Promoter
Score in history
◼︎ First quarter of full operation with last miler partners
in more than 500 stores
High level of service
95%+ OTIF
Traditional Delivery
(next day)
Express and Click & Collect
(same day)
Last Mile (next hour)
 Expansion of coverage area and
reduction of delivery time due to actions taken
in DCs and partnerships with last milers
1.7%
5.8%
8.2%
2Q19 2Q20 2Q21
Online Sales Penetration
(on food sales)
2% 13%
33%
50%
57%
41%
48%
31% 27%
2Q19 2Q20 2Q21

11. Grupo Pão de Açúcar 11
Development of our digital platform
Focus on verticals complementary to food:
Wines
Baby Care
Personal care
Pet Care Home Care
Craft beers Distillates
Cleaning
+3x sellers
vs. 1Q21
+ 2x offers
available on the platform
vs 1Q21
 Partnership with RelevanC, to leverage digital assets
 100+ active startups in the GPA Labs portfolio
 40+ multidisciplinary squads and +450
professionals
Identification of 70%
of total sales
90% 60%
Loyalty Programs
Meu Desconto users who meet at least one of
Meus Prêmios goals spend 10.2x more
Innovation & Data Monetization
New Partnerships in 2Q21
 Proprietary algorithms in constant evolution
 Increasing customization of offers
 10x higher conversion
 Customer feedback as input for improvement

12. Grupo Pão de Açúcar 12
Success of Value Proposition
Accelerated
integration
into food e-commerce:
58 stores operating
Express
delivery in 2Q21
Mercado Extra & Compre Bem
Consolidation of
the model in areas of
operation
Consolidation of New Commercial Model
58 stores fully repositioned, and 100% of stores operating with the
new price positioning
3-month maturation: Stores already showed growth in food sales
in Jun/21 vs Jun/20 and vs Jun/19
Rollout completion with all concepts implemented by end of 3Q21
Extra Hiper
(1) Excluding Covid effect
Same
Store
Sales1
Same
Store
Sales1
Stores
103
R$2.8 bn
Total Sales
-4.9% vs 2Q20
Stores
175
R$1.3 bn
Total Sales
+1.6% vs 2Q20
Value proposition
connected to consumer
needs

13. Grupo Pão de Açúcar 13
Positive performance of renovated stores (G7 concept)
Pão de Açúcar
Stores
181
R$1.9 bn
Total Sales
Same
Store
Sales1
-1.2% vs 2Q20
12 consecutive quarters of double-digit sales growth
Expansion program with 100 new stores in the next 3 years, with
20 new stores planned for 2021
Proximity
Sales in 2Q21 grew +2.1x vs 2Q20
1,370 partners, +42% vs 2Q20
Stores2
236
R$0.5 bn
Total Sales
Same
Store
Sales1
+35.3% vs 2Q20
(1) Excluding Covid effect
(2) Minuto Pão de Açúcar and Extra Mini
Strong growth in online sales, with penetration peaks of 20%
of food sales in 2Q21
Evolution of consumer shopping experience: rollout of main
G7 concepts to 25 more stores, with implementation in additional
25 stores by year end
Focus on operational excellence projects and
expansion of self checkout to 123 stores by end of Oct/2021
Resumption of expansion plan in 2H : 50 new stores over the next
3 years

14. Grupo Pão de Açúcar 14
Grupo Éxito
3

15. Grupo Pão de Açúcar 15
Commitment to sustainablity initiatives
to generate value
Child
Nutrition
37,750 children benefited in 1H21 from
nutrition and complementary
programs
+31,000 nutritional packages given
to children YTD
Grupo Éxito – Highlights 2Q21
My
Planet
Commitment to reduce 35% of
emissions (Scope 1 & 2) by 2023
10 M kWh of renewable energy
(solar energy projects) from Jan to May/21
Post-consumption
e recycling
Local Procurement
and Training
of Suppliers
92% of fruit and vegetables
purchased locally
95% of apparel purchased from
80 local workshops with over
8,000 employees
The largest company recycling
cardboard and plastic in Colombia
+ 20,000 tons / year
+ 9,000 tons YTD
Over 150,000 people vaccinated against Covid-19 at Grupo Éxito’s
shopping malls and stores in Colombia

16. Grupo Pão de Açúcar 16
E-commerce
70.6 million visits (+6.3%)
Apps
1.3 million
downloads
104 thousand
tickets
New feature
Mis Premios
Click & Collect
Sales +2.3x | Orders +2.5x
29% share in Omni GMV
430 stores and 12 shopping centers
Market Place
~1,000 vendors
12.5% share in Omni GMV
+27% sold products
Last Mile and
Home Delivery
3.9 million deliveries
+9.2% orders
Colombia: evolution of omnichannel1 strategy
and other businesses
1: Includes .com, marketplace, home delivery, Shop&Go, Click&Collect, digital catalogues and virtual B2B
Client
+24%
10.5% share of sales,
vs. 7.5% 1H20
Omni
4.7%
14.7%
12.6%
10.1%
12.8%
2Q19 2Q20 2Q21 1H20 1H21
+270 bps
Food
vs 1H20
Non-Food
vs 1H20
+18%
17.6% share of sales,
vs. 16.6% 1H20
Omni share of sales
Increases below consider local currency

17. Grupo Pão de Açúcar 17
Success of the innovative Éxito WOW format
Éxito
Power of Innovation and Omnichanneling
+1 FreshMarket store in 2Q21, +7 2021E stores and conversion
potential for 19 more stores in the future (total of 34 stores + 46 Carulla Fresh
Market Midi)
FreshMarket store sales grew at a pace 480 bps faster than
other Carulla stores and already accounted for 34.7% of banner’s total sales
Performance leveraged by digital and omnichannel initiatives
Carulla
Stores
237
R$2.9 bn
Total Sales
+3.1% vs 2Q20
Stores
97
R$0.6 bn
Total Sales
-6.8% vs 2Q20
Same
Store
Sales1
Same
Store
Sales1
WOW store sales grew at a pace 520 bps faster than other Éxito
stores and accounted for 23.7% of banner’s total sales
+1 WOW store in 2Q21, +8 2021E stores and conversion potential of
another 31 stores in the future (total of 43 stores + 101 WOW Econo)
(1) Excluding Covid effect

18. Grupo Pão de Açúcar 18
Innovative concepts, omnichannel and store base optimization
14 in total, 21 stores 2021E
Sales growth 2300 bps higher than that of unconverted stores
34 stores in 2Q21. 36 stores 2021E
Sales grew +24.1% in 2Q21 vs 2Q20
Strong digital presence: sales via “Misurtii” app +72% vs 1Q21 and
accounted for 4.2% of banner sales
Low Cost
Other Businesses
Stores2
167
R$0.9 bn
Total Sales
+11.8% vs 2Q20
Same
Store
Sales1
18.5 million customers
+110 allied brands
12.4 billion points redeemed in 1H21
(+5% vs 1H20)
Solid 2-digit EBITDA margin in 1H21
2,7 million cards in inventory
COP$3.0 trillion in financing portfolio
More than 450 thousand
Tuya Pay (digital wallet) users
Revenue1 +2.2x in 2Q21
20,000 online orders in 2Q21
Launch of Autos Éxito (Viva Envigado and
Viva Barranquilla)
Occupancy rate of 91.9%,
+20 bps vs Dec/20
Real Estate
1. Includes growth of 0,2x resulting from sale of assets
˜245 thousand online transactions
per month in 1H21 (+40%)
(1) Excluding Covid effect
(2) Surtimax, Super Inter and Surtimayorista stores

19. Grupo Pão de Açúcar 19
Key Takeaways
4

20. Grupo Pão de Açúcar 20
Key takeaways
ESG: priority in all countries where GPA operates, with a
commitment to play a responsible role in a socio-environmental and
governance agenda
Investing in transformation of store portfolio and
digital platform
E-business: positive evolution of sales and market share gains,
with expansion of omnichannel initiatives
Maturation of supermarket concepts and hypermarket
repositioning
High level of profitability even in a restrictive
environment
Ongoing leverage reduction

21. Grupo Pão de Açúcar 21
Q&A
www.gpari.com.br