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2023 GPA'S ANNUAL AND SUSTAINABILITY REPORT

Contents

Pão de Açúcar employee

Introduction	3
About this Report	4

Messages from the management	5
Message from the board of directors	6
Message from the Executive Board	7

About GPA	8
About us	9
Business strategy	11
Corporate governance	27
Materiality	34
Business model	40

Commitment to ethics and transparency	41
Ethics and integrity	42
Risk management	46
Information security	49

Responsible value chains for a more conscious supply and
consumption	52
Risk management of critical chains	54
Guiding principles	55
Quality assurance and development of the value chain	71
Offer of more sustainable products	73

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Tackling climate change	76
Trackling climate change	77
Control and reduction of emissions	78
Waste and circular economy	82
Reducing waste	85

Our people	86
Strengthening GPA's culture	87
Diversity and inclusion	90
Recruitment and selection	102
Performance and development	105
Health and safety	110

Social impact and promotion of opportunities	114
Boost to development	115
Food and nutrition	116
Work	122
Social engagement	125

Awards and recognitions

131

Attachments	135
Materiality	136
Performance indicators	137
SASB - topics and metrics	143
Climate change strategy	145
GEI Bloomberg	150
GRI content summary	155
Assurance letter	161
Credits	163

2	2023 GPA'S ANNUAL AND SUSTAINABILITY REPORT

1Introduction	Customer and employee at Extra Mercado

•GRI 2-4•

•GRI 2-5, 2-14•

About

this Report

•GRI 2-1,2-2,2-3•

1. Introduction

1. Messages from the management
2. About GPA
3. Commitment to ethics and transparency
4. Responsible value chains for a more conscious supply and consumption
5. Tackling climate change
6. Our people
7. Social impact and promotion of opportunities
8. Awards and recognitions
9. Attachments

4	2023 GPA'S ANNUAL AND SUSTAINABILITY REPORT

This 2023 GPA's Annual and Sustainability Report serves as a clear demonstration of our unwavering commitment to governance and transparency, as we provide our stakeholders with qualitative and quantitative information

about how we manage our business and drive sustainable management

Our publication follows the 2021 Standards of the Global Reporting Initiative (GRI), the guidelines of the International Integrated Reporting Framework, metrics of the Sustainability Accounting Standards Board (SASB), and core elements of the Task Force on Climate-Related Financial Disclosures (TCFD).

The financial and non-financial data cover all GPA's businesses, mentioned by their names, such as Pão de Açúcar, Extra Mercado, Pão de Açúcar Fresh, Minuto Pão de Açúcar, and Mini Extra, present in 14 states of Brazil and the Federal District. The data was sourced from the corresponding responsible areas and encompass the timeframe from January 1 to December 31, 2023, aligning with the financial statements' coverage period, except

for the environmental data that spans from September 2022 to October 2023.

In view of our decision to divest our stake in the Grupo Êxito, through which we operated

in Colombia, Argentina, and Uruguay, as of this issue, we no longer report

information related to that organization and its businesses.

On March 13, 2024, GPA's Board of Directors approved the Company's capital increase, with issuing

220,000,000 new common shares, in a public offering of primary distribution of shares, duly

Employees of Pão de Açúcar Fresh and Extra Mercado stores

reported to the market through Material Facts. As a continuous act to this Offer, the French group Casino Guichard-Perrachon had its shareholding in GPA reduced to 22.5% and, therefore, ceased to be the controller of GPA.

Thus, although this Report states the results for 2023, the information regarding Corporate Governance already reflects the significant changes in early 2024, such as the updated Shareholder Composition and the new Board of Directors, published as of April 2024.

As for environmental indicators, the 2023 data will still be reported based on Casino's methodology as before. For the next reporting year, they will be adapted to the Global Reporting Initiative (GRI), which is the same standard used in the structure, content, and other non-financial indicators disclosed in this document.

The document underwent external auditing by "Fundação Vanzolini" (Vanzolini Foundation), and its preparation was closely monitored and approved by both the Human Resources, Communication and Sustainability Executive Board and the Investor Relations Executive Board. These measures guaranteed the adoption of integrated thinking. The content was determined based on the materiality process carried out in 2022, which identified the most pertinent topics in our stakeholders' evaluation.

Contacts

Should you have any inquiries, complaints, suggestions, or compliments about this year's edition, kindly reach out to [e-mail]

We have been publishing annual reports since 1999, and all of them can be accessed and downloaded from our website

2
Messages from
the Management	Entrance to GPA corporate headquarters

Message

from the Board of Directors

1. Introduction
2. Messages from the management
3. About GPA
4. Commitment to ethics and transparency
5. Responsible value chains for a more conscious supply and consumption
6. Tackling climate change
7. Our people
8. Social impact and promotion of opportunities
9. Awards and recognitions
10. Attachments

6

The improvement in GPA's performance in 2023 serves as a testament to the success of the business strategy that was established just over a year ago, which is leading the Company to resume growth and fulfill its mission of "being

the customers' best choice". The construction of this path has been carried out with the utmost focus and discipline in the strategy's execution, aimed at increasing sales, improving profitability, and reducing financial leverage.

The strategic decision to divest non-core assets during the previous period was fundamental to reduce our debt levels and transforming GPA into a new, lighter, and more streamlined structure. These negotiations encompassed the sale of equity interest in the Grupo Êxito and Cnova, along with the sale of real estate assets. It is important to document the success in the sale of the entire stake in the Grupo Êxito, a process that was announced earlier in 2022.

Another noteworthy aspect to consider was the resumption of our expansion plan, with the opening of 61 stores in 2023. This plan specifically emphasizes the assertive proximity model of stores, in which the Company has established itself as a pioneer and leader in Brazil. Placing the customer at the core guided the business decisions,and several initiatives were implemented throughout the year, as an example 100% of the store team underwent training in service standards, to align with this principle. This work is reflected in the evaluation of customer satisfaction, as measured by the Net Promoter Score (NPS), which experienced a significant increase of 10 points over 12 months.

Aware of the role it plays in society and the economy, through the generation of jobs and the broad value chain of which it is a part, the Company has undertaken various initiatives in socio-environmental

2023 GPA'S ANNUAL AND SUSTAINABILITY REPORT

responsibility, social development, and conscious consumption. These efforts aim to benefit everyone and contribute to the overall growth of the country. The result of this work was demonstrated by GPA's sustained presence in important sustainability indices, such as ISE and ICO2, both managed by B3 (Brasil, Bolsa, Balcão). GPA reached the "A-" grade in the Carbon Disclosure Project (CDP), a non-profit organization that mobilizes investors, companies, and governments in the agenda to tackle climate change, which means the best score for food retail in Latin America.

The Company finished 2023 in a stronger position, even more focused on the priorities that speed up business recovery. This includes

a commitment to sustainable growth, improvements in service indicators, and increased profitability. These results show the potential for long-lasting value creation, driven by the successful turnaround project. The year 2024 will undoubtedly be a milestone in the Company's recent history, which now has a dispersed capital structure and a diverse and representative Board of Directors.

The Board of Directors maintains confidence and optimism in the Company's ability to collaborate with stakeholders, striving to make progress in excellence in customer service and business operations, always focused and determined to reap the fruits of its strategy.

Board of Directors

1. Introduction
2. Messages from the management
3. About GPA
4. Commitment to ethics and transparency
5. Responsible value chains for a more conscious supply and consumption
6. Tackling climate change
7. Our people
8. Social impact and promotion of opportunities
9. Awards and recognitions
10. Attachments

7

Message

from the Executive Board

•GRI 2-22•

The year 2023 marked a period of consolidation and validation for GPA's turnaround project that started a year earlier, focusing on the "well-done basics" approach. The results we achieved in 2023 also reflect the engagement of all our employees in reaching our goal of regaining our Company's prominent position in the food retail

in Brazil. With a strong focus and unwavering discipline, we managed to make progress in each of our six strategic guiding principles: Sales, Customers, Digital, Expansion, Profitability, and ESG & Culture, to have an increasingly profitable operation, put our values into practice, and fulfill our purpose of "Feeding dreams and lives".

We overcame important challenges, such as successful completing the transition away from the defunct hypermarket model. We executed a rigorous effort aimed at enhancing profitability, through the reduction of expenses and product loss. We implemented a comprehensive category management project to ensure optimal product placement in each store, resulting in a remarkable product availability rate of 94.1%, which is considered a benchmark in the Brazilian retail. We have determined new guidelines for our multichannel

operations, converting our brick-and-mortar stores into central hubs for product distribution. We have restarted the process of expanding our stores in an organic

manner. This involved reassessing our strategies and setting unique goals for the entire Company. As a result, we are all working together towards a

common objective, aiming for a unified result.

Our guideline for placing customers at the core of our decision- making process led to a noteworthy ten-point increase in our NPS, surpassing the performance of 4Q22 and highlighting the advancements in our service quality. Our investments

encompass a range of fronts, the foremost being the training of 100% of our store teams. This fosters a strong

connection between each member and our culture and strategy.

In 2023, we successfully opened 61 new stores, primarily focusing on proximity stores under the Minuto Pão de Açúcar brand. Regarding

2023 GPA's Annual and Sustainability Report

e-commerce, we implemented a significant operational change by fully transitioning to having orders for packaging and delivery handled directly by our stores, seamlessly integrating digital platforms with our physical store operations. Our e-commerce revenue increased by more than 20% in 4Q23 compared to 4Q22. Additionally, our positive contribution margin was supported by an efficient cost reduction process while experiencing sales growth.

As a result of all this, we have noticed an increasing acknowledgment of our customers and, consequently, a gain in our market share. In 4Q23, according to Nielsen data in the self-service market, we had a 0.3 pp increase compared to 4Q22, marking the fifth consecutive quarter of progress. It is important to highlight that the growth

in market share coincided with the improvement in profitability, showcasing the customer's recognition of our value proposition.

Our improved profitability indicators give us another reason to celebrate in 2023. Besides the work of managing costs and expenses, reducing losses, and implementing Zero-Based Budgeting, the successful sale of non-core assets played a crucial role in improving the Company's capital structure. The Adjusted EBITDA reached R$1.3 billion on, with a margin of 6.8% representing a 0,2 pp increase compared to the previous year. The financial indicators show that we have been taking significant strides towards an increasingly healthy business with consistent and sustainable results. Additionally, by selling our remaining shares in Grupo Êxito and our interest in Cnova's capital, we have become a fully brazilian company once again. Our primary focus is now on the domestic food market, and we are now better equipped to continue our growth trajectory.

The accomplishments in 2023 further strengthen our belief that we are progressing in the right direction. By ensuring consistency and clarity in our pursuit of our strategic goal, we are constantly building a strong culture that forms the foundation of our entire work.

We see 2024 as the year for boosting earnings, consolidating our position in the premium market, strengthening our proximity and mainstream brands, and leveraging gains from an improved capital structure. Our arrival this year has been marked by strength and an improved value proposition, ensuring a continued delivery of consistent results to our stakeholders.

Marcelo Pimentel - CEO GPA

3
GPA	Minuto Pão de Açúcar store interior

1. Introduction
2. Messages from the management
3. About GPA
4. Commitment to ethics and transparency
5. Responsible value chains for a more conscious supply and consumption
6. Tackling climate change
7. Our people
8. Social impact and promotion of opportunities
9. Awards and recognitions
10. Attachments

Collaborator at Pão de Açúcar bakery

About us

• GRI 2-1,2-6 •

We are one of the largest Brazilian food retail companies, operating in 14 states and the Federal District, and we also hold a leading position in the e-commerce sector. Our Company proudly employs 39,908 people and boasts a network of 767 stores that house recognized and valued brands like Pão de Açúcar, Extra Mercado, Pão de Açúcar Fresh,

Minuto Pão de Açúcar, and Mini Extra. Additionally, our infrastructure consists of 12 distribution centers and warehouses, along with 71 gas stations.

Our range of products includes Private Labels and Exclusive Brands such as Qualitá, Taeq, PraValer, Club des Sommeliers, and more. These brands are renowned for their exceptional quality, practicality, and the ability to meet the growing demands of consumers.

Our commitment to offer our customers the best and increasingly customized shopping experiences, whenever they want and wherever they are, along with a multi-format and multichannel model of operation, has helped us to increase our market share.

Headquartered in the city of Sao Paulo (SP), our shares are traded on B3 - Brasil, Bolsa, Balcão (PCAR3). In 2023, we disclosed the divestiture of our ownership stakes in the Grupo Êxito, through which we operated in Argentina, Colombia, and Uruguay. Additionally, we also announced the sale of our shares in Cnova, a prominent e-commerce platform operating in Europe.

These decisions, aligned with our strategic plan that aims to bring a new GPA to life, further streamline our Company's structure, 100% focused on the domestic food market and prepared to grow even more profitably and sustainably in the coming periods.

Key business numbers in 2023

767stores and gas	12distribution centers
stations in Brazil	and warehouses

612,233 sq. m	39,908
of sales area	employees

13.3 million customers registered in loyalty programs

Gross revenue:

R$ 20.6 billion

9	2023 GPA'S ANNUAL AND SUSTAINABILITY REPORT

1. Introduction
2. Messages from the management

3. About GPA

4.	Commitment
	to ethics and
	transparency
5. Responsible value
	chains for a more
	conscious supply
	and consumption
6.	Tackling
	climate

Our presence

•GRI 2-1,2-6•

Our Company possesses a collection of the most renowned and valuable brands and chains in the Brazilian retail industry, with stores located in 14 states and the Federal District*.

194

179

		GO - 5
		Pão de Açúcar - 4
172	4	Gas station - 1
DF

PI - 7

Pão de Açúcar - 4

Extra Mercado - 1

Gas stations - 2

CE - 15

Pão de Açúcar - 13

Extra Mercado - 2

RN

Pão de Açúcar - 1

		PB - 4
		Pão de Açúcar - 2
AL		Extra Mercado - 1
Gas station - 1
Gas stations - 3

					PE - 20
			SE		Pão de	Açúcar - 3
			Extra Mercado - 6
			Pão de Açúcar - 1	Minuto Pão de Açúcar - 8
	BA	Gas stations - 3
	Pão	de Açúcar - 1

	change
7.	Our people
8.	Social impact
	and promotion

147

Pão de Açúcar - 11

MS

Pão de Açúcar - 2

MG - 4

Pão de Açúcar - 1 Gas stations - 3

RJ - 62

of opportunities

9. Awards and

recognitions

10. Attachments

10

71 Gas stations:

*Data as of December 31, 2023.

2023 GPA'S ANNUAL AND SUSTAINABILITY REPORT

PR

Gas station - 1

Pão de Açúcar - 20

Extra Mercado - 34

Gas stations - 8

SP - 630

Pão de Açúcar - 131 Extra Mercado - 135 Pão de Açúcar Fresh - 4 Minuto Pão de Açúcar - 164 Mini Extra - 147

Gas stations - 49