Release 3Q21

3Q21 RESULTS

Conference Call: Nov/9th 2pm (Brasília) / 12pm (EST)

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Access code: 899 2926 2975

IR Team:

Adalberto Santos | Renata Coutinho | Aline Frutuoso [e-mail]

São Paulo, November 8th, 2021 - A Marisa Lojas S.A. ("Marisa" or "Company") - (B3: AMAR3; Bloomberg: AMAR3:BZ), Brazil's largest women/intimate apparel fashion retailer, announces its results for the 3rd quarter of 2021 (3Q21). 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). Comparisons refer to 3Q21 in relation to 3Q19.

MARISA ANNOUNCES ITS 3Q21 RESULTS

• NET RETAIL REVENUE TOTALED R$ 530.1 MILLION, -0.8% SAME STORE SALES (SSS) vs. 3Q19;
• DIGITAL PLATFORM SALES GROWTH 96.6% (vs. 3Q19), OR 19.4% (vs. 3Q20); REPRESENTING 12.5% OF TOTAL SALES vs. 6.3% IN 3Q19;
• RETAIL GROSS PROFIT WAS R$ 224.5 MILLION, WITH GROSS MARGIN OF 42.3% COMPARED TO 42.7% IN 3Q19;
• RETAIL SG&A TOTALED R$260.2 MILLION, WITH A NOMINAL REDUCTION OF -2.5% (vs. 3Q19);
• CONSOLIDATED AJUSTED EBITDA TOTALED R$ 12.8 MILLION, REVERSING LOSSES REPORTED IN 2Q21, 3Q20 AND 3Q19;
• Mbank EBITDA REACHED R$42.3 MILLION, UP 72.8% vs. 3Q19 AND SEQUENTIALLY IMPROVING vs. 2Q21;
• NET INCOME WAS R$44.4 MILLION - RELEVANT REVERSAL FROM A -R$124.5 MILLION LOSS IN 3Q20 AND -R$76 MILLION IN 3Q19;
• R$90 MILLION IN INCOME TAX CREDITS ON PIS/COFINS RECOGNIZED IN 2018.

Financial Highlights (R$ mn)	3Q20	3Q21	Chg. (%)				3Q20	3Q21	Chg. (%)				9M20	9M21	Chg. (%)
	Pro forma Pro forma				Pro forma	Pro forma
RETAIL NET REVENUES	446.6	530.1	18.7%	446.6	530.1			18.7%			1,012.7	1,312.3	29.6%
SSS	-6.3%	-0.8%		-6.3%	-0.8%						-6.1%	-11.9%
Retail Gross Profit	150.5	224.5	49.2%	150.5	224.5			49.2%			383.1	581.2	51.7%
Gross Margin	33.7%	42.3%	8.7 p.p.	33.7%	42.3%			8.7 p.p.	37.8%	44.3%	6.5 p.p.
Retail SG&A	(175.2)	(199.9)	14.1%	(231.5)	(260.2)			12.4%			(652.1)	(713.8)	9.5%
% of Retail Rev.	-39.2%	-37.7%	1.5 p.p.	-51.8%	-49.1%			2.7 p.p.	-64.4%	-54.4%	10.0 p.p.
Retail Adjusted EBITDA	(24.5)	30.7	n.m.	(80.8)	(29.5)			-63.5%			(288.1)	(138.7)	-51.8%
Mbank EBITDA	0.0	42.3	n.m.	0.0	42.3			n.s.	32.4	140.6	334.0%
Total Adjusted EBITDA	(24.3)	73.0	n.m.	(80.7)	12.8			n.s.	(255.7)	1.9	-100.7%
n.m. - non-meaningful
Operating Highlights							3Q20	3Q21	Chg. (%)		9M20	9M21	Chg. (%)
						- 2.5%				- 2.5%
Number of Stores - end of period				353	344	353	344
Sales Area ('000m²) - end of period				382.7	376.7	- 1.6%	382.7	376.7	- 1.6%
Sales Area ('000m²) - average				383.1	377.3	- 1.5%	389.6	377.3	- 3.2%
Private Label Card (*)
Eligible Account s ('000 account s)				11,409	11,757	3.1%	11,409	11,757	3.1%
Act ive Account s ('000 account s)				1,823	2,115	16.0%	1,823	2,115	16.0%
Co- Branded Card (*)
Eligible Account s ('000 account s)				944	917	- 2.8%	944	917	- 2.8%
Act ive Account s ('000 account s)				916	877	- 4.2%	916	877	- 4.2%
Share of Total Retail w ith Marisa Cards			34.5%	40 .3%	5.8 p.p.	37.2%	40 .8%	3.6 p.p.
Privat e Label Card				30.8%	35.7%	4.9 p.p.	32.7%	36.3%	3.6 p.p.
Co- Branded Card						3.7%	4.6%	0.9 p.p.		4.5%	4.5%	0.0 p.p.

3Q21 RESULTS

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MESSAGE FROM MANAGEMENT

The third quarter of 2021 confirmed the gradual recovery in all main pillars of our operation. Despite the difficulties imposed by the macroeconomic environment with a direct impact on customer traffic in stores, the important conversion gains in our physical stores, associated with relevant gains in the digital channel, were fundamental for the company to practically recover SSS to 2019 levels.

Despite the challenges also imposed on supply chain and inventory management, the company's gross margin also continued to evolve positively. The rigorous management of inventories and the evolution of the commercial strategy resulted in margin gains practically every month from July through October, with a relevant 27% reduction markdowns.

The Company's expenses, traditionally managed very efficiently, had additional reduction. Consolidated SG&A had a nominal decrease of 6% compared to 2019, or approximately 19% in real terms. Such gains were once again supported by structural initiatives, most notably contracts renegotiations, automation projects via RPA, adoption of a hybrid work model, and multifunctionality at stores, among others. These initiatives will continue to impact positively the company's operating leverage during the upcoming periods.

Mbank, whose official launch took place in September, has already returned to pre-pandemic level results, with its portfolios practically recomposed, loss levels at historical lows, and efficiency gains in expenses, similar to what is seen in our retail operations. The integration of the portfolio to the Marisa APP - which was the first portfolio adjustment planned for Mbank- is now 100% completed and results are very encouraging, such as the significant gain in the share of Private Label and Co-branded cards in total sales.

Our Digital agenda - of which Mbank is an important part - continues to receive special attention from management. In this third quarter: (i) our APP reached 11 million downloads; (ii) the implementation of our second dark store was practically concluded and should be fully operational by Black Friday and, together with the first unit, will complement our ship-from store network (already comprised of 54 stores); (iii) we launched operations with the first seller in our marketplace-in - which will play an extremely important role in our path towards the consolidation of the BRAZILIAN WOMAN PLATFORM.

To complete our omnichannel journey, we began the conversion of four new stores to the already-tested and approved model in the Parque Dom Pedro shopping mall. Among the new revamped operations, the iconic store at Avenida Paulista has already been reopened, and the other pilots are expected to reopen over the next few days, in November. These stores will serve as the final basis for adjusting the full-scale rollout, scheduled to begin in early 2022.

In terms of cash flow drivers, at the end of the quarter, a relevant news on the final and unappealable ruling of a lawsuit was announced, which gave us a favorable result regarding the taxation on fiscal recoveries obtained in December 2018. As a result, the company was able to book approximately R$90 million in tax credits, which will be offset against federal taxes levied on future operations. In addition, in October - reported as "Subsequent Event" - a final and unappealable ruling related to tax disputes was announced that should again impact both our results and our cash flow positively by R$17 million (based on best estimates) in the upcoming months.

Despite the challenges, throughout the year, we maintained our commitment to the Company's development agenda, both in our store operations and digital transformation fronts. Throughout 4Q21 and 2022, management will remain focused on implementing the operation's turnaround initiatives, seeking continuous recovery of results and focused on consistently gaining more relevance in the female universe.

Thank you very much,

Marcelo Pimentel

CEO

3Q21 RESULTS

pg. 3

RESULTS - RETAIL SEGMENT

Retail P&L (R$mn)	3Q20	3Q21	Chg. (%)			3Q20	3Q21	Chg. (%)		9M20	9M21	Chg. (%)
		Pro forma	Pro forma		Pro forma	Pro forma
GROSS REVENUE	600.9	712.5	18.6%			600.9	712.5	18.6%		1,360.3	1,765.7	29.8%
Taxes on Sales	(154.3)	(182.4)	18.2%			(154.3)	(182.4)	18.2%	(296.3)	(453.4)	53.0%
% taxes/gross revenues	-25.7%	-25.6%	0.0 p.p.			-25.6%	-25.6%	0.0 p.p.		-21.8%	-25.7%	-3.9 p.p.
NET REVENUE	446.6	530.1	18.7%			446.6	530.1	18.7%	1,064.0	1,312.3	23.3%
S.S.S.	-9.7%	-0.8%				-9.7%	-0.8%			7.0%	-11.9%
CoGS	(296.1)	(305.6)	3.2%			(296.1)	(305.6)	3.2%		(629.6)	(731.1)	16.1%
GROSS PROFIT	150.5	224.5	49.2%			150.5	224.5	49.2%	434.4	581.2	33.8%
Gross margin	33.7%	42.3%	8.7 p.p.			31.1%	42.3%	11.2 p.p.		40.8%	44.3%	3.5 p.p.
OpEx	(175.2)	(199.9)	14.1%		(231.5)	(260.2)	12.4%	(652.1)	(713.8)	9.5%
- Selling Expenses	(144.8)	(158.4)	9.3%		(201.1)	(218.6)	8.7%	(551.0)	(606.7)	10.1%
- G&A Expenses	(30.4)	(41.6)	36.9%			(30.4)	(41.6)	36.9%		(101.2)	(107.2)	5.9%
Other Operating Expenses/Revenues	(3.4)	5.2	n.m.		(3.4)	5.2	n.m.	(27.5)	(12.5)	-54.7%
RETAIL ADJUSTED EBITDA	(24.5)	30.7	n.m.			(80.8)	(29.5)	-63.4%		(236.9)	(138.7)	-41.4%
n.m. - not meaningful

NET REVENUES: Reached R$530.1 million, a 3.7% reduction compared to 3Q19, with SSS of the Digital and Physical Stores operations reaching -0.8%. As mentioned above, the sales performance of the physical channel was strongly impacted by the reduction in store traffic, with emphasis on street operations - an effect that we believe is largely due to macroeconomic environment impacts on our target customers' purchasing power. On a positive note, it is worth highlighting the sales performance in August, which indicated a good acceptance of the mid-season collection launched at the beginning of that month, even with even

lower temperatures in the South and Southeast. It is also worth highlighting the performance of the digital channel in the quarter, which, throughout every month, had a very strong performance, closing the quarter with an average growth of 96.6% versus 3Q19.

Despite the 3Q21 slowdown, we highlight that, in October, our sales (unaudted) returned to positive territory. Consolidated SSS increased 3.5%, largely driven by growth in the Children's, Men's and Accessories categories.

PHYSICAL STORES SALES: During 3Q21, SSS were -7.3% lower in our physical stores, with a particularly negative performance in September (down -13%), especially in street stores with a high traffic drop. Such drop was observed more intensely in business/commercial centers in the main cities of the Southeast and South regions. Despite the resumption of activities, we attribute the lower performance possibly as a result of the hybrid work models adopted in these regions.

DIGITAL PLATFORM SALES: Digital Platform sales grew 96.6% against 3Q19, after sequentially growing 62.5% (3Q19 vs 3Q18) and 38.1% (3Q18 vs 3Q17) - which created a more challenging comparative base for the current quarter. Regarding total sales, the digital channel represented 14.0% of total sales in 9M21 and 12.5% in 3Q21, a relevant growth against 6.3% in 3Q19 and 4.1% in 3Q18.

Our APP, launched in 2020, has also been growing at an accelerated pace, surpassing 71% digital sales in 3Q21, and over 11 million downloads by quarter end. By the end of October, this number had already surpassed the 12 million downloads.

3Q21 RESULTS

pg. 4

NPS: Our Net Promoter Score (NPS) reached a record level of 80% in September 2021, reflecting the recognition of improvements implemented at the various aspects of our operation. The current score level indicates sequential gains since January 2019, as we started measuring NPS when it became one of our main corporate goals. It is worth noting that the evolution has been very positive in both channels, reaching 81% in physical stores and 78% in the digital channel.

The improvement in recent periods, associated with the relevant increase in conversion seen recently, reinforces our thesis that the reduction in traffic observed in stores seems more directly related to impacts from the economic slowdown impacts on the purchasing power of our target customers.

GROSS PROFIT AND MARGIN: Gross profit for the period totaled R$224.5 million, down 2.8% versus 3Q19, mainly impacted by the weak sales performance, as the average gross margin in the period was practically stable. Excluding the higher margin pressure in August, margin gains were seen in all months of the quarter and, also, in October (unaudited data).

Confirming the improvement of the company's commercial strategy and more efficient inventory management, markdowns levels reduced approximately 27% versus 3Q19 and 21% versus 3Q20.

INVENTORY: Our inventory level remained in line with the company's target, reaching an average of 21.9 million pieces in 3Q21. The slight increase seen at the end of September - at 24.1 million items - reflects the preparation for the year-end events, most notably Black Friday and Christmas holiday.

SELLING EXPENSES: totaled R$ 219 million, in line in nominal terms with 3Q19, reflecting the various actions taken to structurally reduce expenses during 2020 and new measures implemented throughout 2021 - such as, contract renegotiations, process automation and operational efficiency projects directed at our stores.

GENERAL AND ADMINISTRATIVE EXPENSES: totaled R$42 million, down 14.3% in nominal terms compared to 3Q19, also reflecting the company's efforts to gain more efficiency, such as, the adoption of partial home office and process automation.

*Information of October-21 is unaudited

3Q21 RESULTS

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