Forus S A : (English) Quarterly Report 4Q 2021

EARNINGS RELEASE

4Q21

March 2022

Fourth Quarter 2021

I. Executive Summary

In 2021, which was a profoundly transformative year for Forus, in which we consolidated our omnichannel model, advanced in the digitalization of our operations, incorporated new international brands, automated our distribution center and optimized our store footprint, Forus achieved the best results in our history, measured not only in revenues, but also in gross profit, EBITDA and net income, demonstrating our renewed commitment to always be Consumer Fanatic and, also, to pursue growth that is also always profitable and sustainable.

In 4Q21 Consolidated Revenues grew 43.5% YoY to Ch$ 96,662 million and in 2021 increased 59.8% YoY to Ch$ 294,690 million. Our EBITDA in 4Q21 grew 107.4% YoY and reached Ch$ 25,560 million, with an EBITDA margin of 26.4%, an expansion of 814 basis points. In 2021 our EBITDA grew 189.1% YoY to Ch$ 71,597 million, with an EBITDA margin of 24.3%, an expansion of 1,087 basis points. Net Income increased 156.8% YoY to Ch$ 13,887 million in 4Q21, with a net margin of 14.4%. In 2021, Net Income grew 767.8% YoY to Ch$ 39,385 million, with a net margin of 13.4%.

Sales from 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, increased 32.5% (and represented 78% of consolidated sales), while revenue from the wholesale segment (22% of consolidated revenue) grew 103.3%.

The DTC segment's revenue growth this quarter was mainly driven by the return of our customers to our stores, thanks to the relaxation of mobility restrictions, especially in Chile, and also by the optimization of our store footprint, which we have been implementing over the last two years and in which we closed 121 underperforming stores (with lower sales per square meter and lower profitability) and selectively added stores for our new brands, specifically Under Armour and VANS in Chile (and a MANGO store in Uruguay in 4Q21). Our digital sales channel also contributed significantly to the DTC segment's revenue growth this year, growing 25.7% YoY and representing 26% of consolidated sales in 2021, as we have innovated with new and better omnichannel experiences (live shopping, endless aisle/CX, Click & Collect, self-service portals, customer service improvements). We have also added new e-commerce websites (seven in 2021 to end the year with 42 websites) and formed partnerships with new marketplaces (although our sales in this channel were affected by our lower inventory levels, which we expect to remedy in the second half of 2022).

The wholesale segment, in turn, benefited this quarter (and this year) from the incorporation of the Under Armour brand in Chile (since March) and Colombia (since July), given that Under Armour has a strong presence in this channel in both countries, and also from the robust growth of VANS and Norseg (our safety footwear and accessories brand), two other brands in our roster that also have a high participation in the wholesale segment.

This quarter we continued to improve our profitability ratios, both in Chile and in our subsidiaries, thanks to the increased scale of the business and our efficiency and productivity improvements. In 2021, Chile reported EBITDA of Ch$ 64,210 million, an increase of 214.2% YoY, with an EBITDA margin of 25.7%, an expansion of 1,213 basis points. The subsidiaries, as a group, reported EBITDA of Ch$ 7,387 million (10.3% of consolidated EBITDA), an increase of 70.6% YoY, with an EBITDA margin of 16.4%, an expansion of 368 basis points, driven mainly by Colombia and Peru.

We should also highlight that we had Ch$ 110,663 million in cash and cash equivalents at the end of December 2021 reached, -0.2% compared to December 2020, despite the fact that, in the last 12 months, Forus paid Ch$ 75,542 million in dividends.

Without a doubt, during this second year of the Covid pandemic, we faced numerous challenges, including mobility restrictions, store closures and supply chain disruptions, among others. The important thing is that, as a team, we worked together to find solutions, and as a result, we ended the year as a stronger, more agile and innovative Company.

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Fourth Quarter 2021

II. Summary of Consolidated Results

Fourth Quarter 2021

• Consolidated Revenue increased 43.5% YoY to Ch$ 96,662 million in 4Q21.
• Gross profit increased 53.8% YoY to Ch$ 53,306 million in 4Q21. Gross margin expanded by 367 basis points, to 55.1%.
• Operating income increased 134.4% YoY to Ch$ 19,013 million in 4Q21, with an operating margin of 19.7%, a margin expansion of 763 basis points.
• Ebitda grew 107.4% YoY to Ch$ 25,560 million in 4Q21. The Ebitda margin expanded 814 basis points YoY to 26.4% this quarter.
• Non-operatingincome registered a loss of Ch$ 294 million in 4Q21, compared to a loss of Ch$ 2,823 million in 4Q20.
• Net income increased 156.8% YoY to Ch$ 13,887 million in 4Q21. The net margin expanded by 634 basis points YoY to reach 14.4% this quarter.
• Consolidated Digital Revenue declined 8.9% YoY and represented 24% of total DTC sales and 19% of Forus' Consolidated Revenue this quarter.

Year 2021

• Consolidated Revenue increased 59.8% YoY to Ch$ 294,690 million in 2021.
• Gross profit increased 76.8% YoY to Ch$ 163,084 million in 2021. Gross margin increased 534 basis points YoY, to 55.3% in 2021.
• Operating income increased 728.8% YoY to Ch$ 52,371 million in 2021, with an operating margin of 17.8%, a margin expansion of 1,435 basis points.
• Ebitda grew 189.1% YoY to Ch$ 71,597 million, with an Ebitda margin of 24.3%, a margin expansion of 1,087 basis points YoY.
• Non-operatingincome reached Ch$ 1.115 million in 2021, compared to a loss of Ch$ 2,629 million in 2020.
• Net income increased 767,8% YoY to Ch$ 39,385 million in 2021. The net margin of 13.4% improved by 1,090 basis points in 2021.
• Consolidated Digital Revenue grew 25,7% YoY and represented 33% of total DTC sales and 26% of Forus' Consolidated Revenue in 2021.

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Fourth Quarter 2021

III. Highlights of the Period

Inauguration of Mango Uruguay

On November 17, Forus Uruguay inaugurated our first Mango store, with a sales area of 450 sqm, in Montevideo Shopping Center. The Spanish fashion branded store offers a wide range of women's fashion apparel and accessories.

New websites

In October, in Chile, we launched the Brooks e-commerce website: www.brooks.cl. Therefore, as of the end of 2021, we had 42 e-commerce sites, seven more than at the end of 2020 (see details in Data by Country).

Store footprint optimization plan: openings/closures

In the last two years, we been focused on improving the profitability of our store channel, by closing underperforming stores and very selectively opening additional stores (primarily associated with new brands). With this strategy, we have closed, on a consolidated level, a total of 121 stores in the last two years (89 net closures), which is equivalent to a 17% reduction in total Forus stores (see table). With this store optimization strategy, we are becoming a more efficient, leaner company (with fewer fixed expenses indexed to inflation), more agile (to adapt to an ever-changing industry) and more flexible (in the way we manage our stores).

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