Pet Retail Market and Valuation Outlook

Appendix 5 76 | 5. P&L Projection: COGS and SG&A COGS COGS % Net Revenue growth YOY Stardard Products (% Net Revenue) Private Label Margin Private Label Penetration Private Label Margin Increase SG&A SG&A % Net Revenue growth YOY Sales Expenses % Net Revenue growth YOY G&A % Net revenue growth YOY Other Expenses % Net revenue growth YOY PIS/Cofins Credit over Depreciation - Rights-of-Use (CPC 06 (R2)/IFRS 16) % Net revenue growth YOY Rental Expenses % Net Revenue Total Store Area Rent/m² Source: Team 7 [Unit] 17' 18' 19' 20' 21E 22E 23E 24E 25E 26E 27E 28E 29E 30E [BRL Th.] -332,534 -416,039 -509,748 -743,249 -1,112,222 -1,522,834 -2,047,339 -2,639,015 -3,325,238 -3,966,723 -4,649,696 -5,372,004 -6,144,227 -6,778,281 [%] -55.7% -54.2% -51.7% -51.73% -51.80% -51.77% -51.44% -50.72% -50.2% -49.7% -49.7% -49.7% -49.7% -49.7% [%] N.A 45.82% 48.31% 48.27% -1.5% -52.0% -52.2% -52.4% -52.4% -51.9% -51.4% -50.9% -50.9% -50.9% -50.9% -50.9% [%] -44.2% -44.4% -44.5% -44.5% -44.1% -43.7% -43.3% -43.3% -43.3% -43.3% -43.3% [%] 0.1% 0.3% 1.1% 3.3% 6% 9% 12% 15% 15% 15.0% 15.0% 15.0% 15.0% 15.0% [%] 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 15% 17' 18' 19' 20' [BRL Th.] -361,231 -532,757 [%] 0% 0% -37% -37% [%] N.A N.A N.A 47% 21E -783,519 -36.49% 47% 22E 23E 24E 26E -36.56% [BRL Th.] -144,637 -192,133 -194,609 -312,941 -467,662 [%] -24% -25% -20% -22% -22% 639% -640,707 -22% -1,075,506 -1,447,110 -1,873,846 -36.36% -36.01% 856% 891% -866,907 -1,133,272 -22% -22% -22% -22% [%] N.A 33% 1% 61% 49% 37% 35% 31% 27% 20% 17% 25E 27E 28E 30E -2,361,805 -2,832,964 -3,310,593 -3,813,275 -4,347,587 -4,798,465 -35.68% -35.53% -35.42% -35.31% -35.20% -35.21% 1120% 262% 208% 164% 132% 103% -1,441,851 -1,736,904 -2,035,957 -2,352,233 -2,690,365 -2,967,997 -22% -22% -22% 10% 29E -22% 16% 14% [BRL Th.] -73,598 -82,052 -116,128 -167,101 -228,933 -309,757 -404,932 -515,191 -620,617 -727,473 -840,482 -961,301 -1,060,503 [%] N.A -9.6% -8.3% -8.1% -8% -8% -8% -8% -8% -8% -8% -8% -8% -8% [%] N.A N.A 11% 42% 44% 37% 35% 31% 27% 20% 17% 16% 14% 10% [BRL Th.] -10,701 -9,815 -11,197 -13,321 -27,548 -37,742 -51,066 -66,757 -84,934 -102,315 -119,931 -138,561 -158,4801 -174,834 [%] -2% -1% -1% -1% -1% -1% -1% -1% -1% -1% -1% -1% -1% -1% [%] N.A -8% 14% 19% 107% 137% 135% 131% 127% 120% 117% 116% 114% 110% [BRL Th.] ૦ 0 4,482 5,569 8,322 11,402 15,427 20,167 25,659 30,909 36,231 41,860 47,877 52,818 [%] 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% [%] N.A N.A N.A 24% 49% 137% 135% 131% [BRL Th.] -77,855 -95,936 [%] -8% -7% -129,530 -6% [m²] 105,837 129,479 154,102 [BRL Th./m²] -0.74 -0.74 -0.84 -179,527 -6% 188,273 -0.95 -234,807 -6% 226,611 -1.04 -289,051 -6% 259,949 127% -345,487 -5% 290,369 120% 117% 116% 114% 110% -1.11 -1.19 -404,038 -5% 317,356 -1.27 -463,464 -523,858 -585,318 -5% 340,209 -1.36 -5% 359,376 -1.46 -5% 375,261 -1.56 -647,949 -5% 388,229 -1.67

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