Forus S A : (English) Quarterly Report 3Q 2021

EARNINGS RELEASE

3Q21

November 2021

Third Quarter 2021

I. Executive Summary

Forus continues to demonstrate that we have undergone a profound transformation in the last few years, which has taken us from a brick & mortar retailer to a truly omnichannel company, across four countries, where our digital channels today represent 30% of 9M21 consolidated sales, compared to 5% in the period 9M19, before the pandemic.

In 3Q21, Forus once again broke sales and profitability records, reporting our highest revenue and quarterly EBITDA since the Company was created in 1980. Consolidated revenue grew 70.2% YoY to Ch$ 77,989 million, an increase of 35.0% compared to 3Q19 (before the global pandemic and before the social unrest in Chile). Our EBITDA grew 169.8%, reaching Ch$ 19,735 million with a margin of 25.3%, an expansion of 934 basis points. Net income this quarter increased 982.4% YoY, to Ch$ 12,103 million, with a net margin of 15.5%, an expansion of 1,308 basis points.

Our direct-to-consumer(DTC) segment, which is an omnichannel digital-physical platform comprised of our physical stores, e-commerce websites and sales on third-party marketplaces, recorded 68.5% YoY revenue growth (and represented 79% of consolidated revenues), while our wholesale segment grew 76.9% YoY (and represented 21% of consolidated revenues). In Chile, the authorities lifted mobility restrictions this quarter, and our customers, after so many months of confinement, came back to shop at our stores, driving 549.1% YoY revenue growth in store sales in Chile, while at the consolidated level, store sales increased by 264.4% YoY (12.8% higher than 3Q19). Our digital sales, at a consolidated level, decreased -42.7% this quarter, explained by the increased traffic to our stores as well as by the high comparative base, since in Chile the 2020 Cyberday was held in September (3Q20) while this year it was held in October (4Q21). Our digital sales channels this quarter were also affected by lower product availability, given that at certain points during the third quarter our inventory levels were very tight, due to delays in shipments (and other challenges in the supply chain), so we prioritized loading our stores. Even so, consolidated digital sales represented 17% of consolidated revenues in 3Q21, compared to 5% in 3Q19. At the consolidated level, the wholesale segment, in turn, benefited this quarter from the incorporation of the Under Armour brand in Chile (since March) and in Colombia (since July), given that Under Armour has a strong presence in that channel in both countries.

In Chile, we also posted record sales in 3Q21, with revenues of Ch$ 66,201 million, an increase of 77.3% YoY (and 41.9% higher than 3Q19) and a gross margin expansion of 1,059 basis points, explained by our pricing and inventory management policies. Thanks to our commitment to eliminating unprofitable operations and implementing efficiencies, SG&A/revenue improved by 248 basis points this quarter. As a result, in Chile our EBITDA grew 175.2% YoY, reaching Ch$ 17,860 million in 3Q21, with a margin of 27.0%. Revenue growth was driven by stores (+549.1%) and wholesale (+54.2%), while the digital sales channels decreased -49.1%in 3Q21 (+37.3% in 9M21). Chile's digital revenues (e- commerce + marketplace) represented 17% of Chile's total revenues in 3Q21 and 30% in 9M21.

The subsidiaries, as a group, also recorded an important increase in sales and EBITDA this quarter. Revenues reached Ch$ 11,788 million, an increase of 38.9% YoY, driven mainly by the incorporation of Under Armour in Colombia and the recovery of Peru. EBITDA increased 126.9% YoY to Ch$ 1,874 million with a margin of 15.9%. Digital sales as a percentage of total sales for each subsidiary in 3Q21 was as follows: Peru 22% (26% for 9M21); Uruguay 15% (26% for 9M21); and Colombia 15% (32% for 9M21).

Finally, it is important to highlight that our cash and equivalents at the end of September 2021 reached Ch$ 91,578 million, 3.2% higher than the same date last year, and in the last twelve months Forus paid Ch$ 71,665 million in dividends.

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Third Quarter 2021

II. Summary of Consolidated Results

Third Quarter 2021

• Consolidated Revenue increased 70.2% YoY to Ch$ 77,989 million in 3Q21.
• Gross profit increased 100.5% YoY to Ch$ 44,073 million in 3Q21. Gross margin expanded by 855 basis points, to 56.5%.
• Operating income increased 361.3% YoY to Ch$ 15,369 million in 3Q21, with an operating margin of 19.7%, a margin expansion of 1,244 basis points.
• Ebitda grew 169.8% YoY to Ch$ 19,735 million in 3Q21. The Ebitda margin expanded 934 basis points YoY to 25.3% this quarter.
• Non-operatingincome registered a gain of Ch$ 1,214 million in 3Q21, compared to a loss of Ch$ 2,092 million in 3Q20.
• Net income increased 982.4% YoY to Ch$ 12,103 million in 3Q21. The net margin expanded by 1,308 basis points YoY to reach 15.5% this quarter.
• Consolidated Digital Revenue declined 42.7% YoY and represented 22% of total DTC sales and 17% of Forus' Consolidated Revenue this quarter.

9M21 Period

• Consolidated Revenue increased 69.1% YoY to Ch$ 198,028 million in 9M21.
• Gross profit increased 90.7% YoY to Ch$ 109,777 million in 9M21. Gross margin increased 628 basis points YoY, to 55.4% in 9M21.
• Operating income registered a gain of Ch$ 33,358 million in 9M21, compared to a loss of Ch$ 1,791 million in 9M20, and the operating margin this period was 16.8%, a margin expansion of 1,837 basis points.
• Ebitda grew 270.0% to Ch$ 46,037 million, with an Ebitda margin of 23.2%, a margin expansion of 1,262 basis points YoY.
• Non-operatingincome reached Ch$ 1.408 million in 9M21, an increase of 626.2% compared to the same period last year.
• Net income reached Ch$ 25,499 million in 9M21, compared to a net loss of Ch$ 869 in 9M20. The net margin of 12.9% improved by 1,362 basis points in the period.
• Consolidated Digital Revenue grew 42,3% YoY and represented 38% of total DTC sales and 30% of Forus' Consolidated Revenue in the period 9M21.

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Third Quarter 2021

III. Highlights of the Period

Forus acquired the company UA Colombia and begins to operate as the exclusive distributor of the Under Armour brand in that country

In mid-July, Forus began operating as the exclusive distributor of the Under Armour brand in Colombia, after acquiring UA Colombia for US$ 2.2 million. At the time of the acquisition, UA Colombia operated a traditional wholesale sales channel, five (franchised) Under Armour stores and sales through third-party marketplaces. Forus launched the e-commerce website www.underarmour.com.coin August.

Dividend of $116 per share charged against retained earnings

On August 25, 2021, Forus published a Material Fact in which the Company announced the distribution of a dividend of $29,982,404,000, equivalent to a dividend of $116 per share. This dividend was paid out of retained earnings, beginning on September 23rd, 2021, in cash.

Interim dividend of $15 per share charged against 2021 earnings

On October 20, 2021, Forus published a Material Fact in which the Company announced the distribution of an interim dividend of $3,877,035,000, equivalent to a dividend of $15 per share. This dividend was paid against 2021 net income, as of November 19th, 2021, in cash.

Forus receives the IMPULSA Talento Femenino Award for the third year in a row

In August, and for the third year in a row, Forus received first place in the Consumer sector category of the IMPULSA Talento Femenino Award, organized by PwC Chile, Fundación ChileMujeres and La Tercera- Pulso. The IMPULSA award seeks to highlight companies that promote the inclusion of women in the workplace, according to the number of women they hire and their career development, according to publicly available NCG 386 data from the local securities regulator Comisión para el Mercado Financiero. Forus stood out, as in previous years, for the leading role played by women on its Board of Directors, in senior management positions, in its stores and throughout the company. Of the total workforce, 56% are women and 44% are men (as of the 2020 year-end).

Store openings/closures

During the third quarter of 2021, on a consolidated level, we closed 12 stores and opened three, a net reduction of nine stores and a net decrease of 625 sqm in selling area. In Chile, we closed six stores and opened two stores. In Peru, we closed one store; in Uruguay, we opened one store and closed two stores; and in Colombia we closed three stores. If we compare the total number of Forus stores as of September 2021 with September 2020, we had a net reduction of 49 stores (the selling area only decreased by - 2.5% in sqm, because in that period we added Under Armour stores which, on average, are 3x the size

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