Pet Retail Market and Valuation Outlook

Appendix 26 105 *0 26. Gross Margin & EBITDA Comparison Petz is the industry leader, but how are its numbers compared to its competitors? Gross Margin; [%] Petlove Cobasi Petz EBITDA Margin (IAS-17); [%] Cobasi Petz 16% 50% 48.3% 48.3% 15.1% 14.9% 45.8% 45% 14% 44.3% 43.1% 41.1% 40% 41.0% 39.9% 12% 37.6% 35% 34.9% 35.1% 30% 10% 31.5% 8% 8.0% 29.0% 9.9% 13.2% 11.7% 11.2% 25% 6% 16' 17' 18' 19' 20' 17' 18' 19' 20' Source: Company's Data; Diário Oficial; Team 7

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