Iguatemi S A : Earnings Release - 4Q21 (ENG)

EARNINGS RELEASE

4Q21 Earnings

São Paulo, March 15th, 2022 - Iguatemi S.A. [B3: IGTI11], one of the largest full-service companies in the Brazilian shopping mall sector, reports its results for the fourth quarter of 2021 (4Q21). Financial and operational information is based on the consolidated figures, in R$ '000, under the Brazilian Corporate Law accounting legislation and IFRS, as expressed in Accounting Pronouncements approved by the Brazilian Securities Commission (CVM), except for the 6.58% indirect stake in Shopping Iguatemi Porto Alegre and the adjacent commercial tower (Iguatemi Business) as of January 1, 2020, which is managerially reflected in the numbers to show, in the most comprehensive manner, the Company's results. The external auditors have not reviewed the Company's non-accounting information.

FOR A BETTER UNDERSTANDING OF THIS EARNINGS RELEASE, COMPARATIVE DATA FOR 4Q21 IS IN IGUATEMI EMPRESA DE SHOPPINGS CENTERS S.A. (FORMER IGTA3) LEVEL. AT THE END OF THE DOCUMENT, WE PRESENT THE CONCILIATION AT THE NEW IGUATEMI S.A (IGTI11) HOLDING LEVEL

Conference Call

4Q21 Results

Portuguese Conference Call

March 16, 2022 10:00 a.m. (Brasília) 9:00 a.m. (New York)

Phone: [phone]

Or ([phone]

Password: 924 4718 2021

Simultaneous translation into

English

March 16, 2022

10:00 a.m. (Brasília) 9:00 a.m. (New York)

Phone: [phone]

Or [phone]

Password: 929 2409 1230

IR Team:

Guido Oliveira, CFO

Marcos Souza, IR

Victor Barbosa, IR

Phone: [phone]/[e-mail]

4Q21 HIGHLIGHTS

• Average Capacity Utilization reached 100% in 4Q21;
• Total Sales came to R$12.7 billion in 2021, down by 10.6% over 2019 and R$4.8 billion in4Q21, up by 30.6% on 4Q20 (11.8% growth vs. 4Q19);
• Same-StoreSales (SSS) increased by 15.0%, and Same-Area Sales (SAS) by 11.8% in thequarter versus 4Q19, with sales of 14 of the 16 malls growing compared to 2019;
• Same-StoreRents (SSR) grew by 27.8%, and Same-Area Rents (SAR) were up by 16.9% in4Q21, versus 4Q19;
• Gross Revenue reached R$1 billion in 2021, up by 16.4% over 2019 and R$323.2 millionin 4Q21, 41.7% up over 4Q20 (+34.1% over 4Q19);
• Net Revenue came to R$867.3 million in 2021, up by 15% over 2019 and 315.5 million in4Q21, 71.1% up over 4Q20 (+49.4% over 4Q19);
• EBITDA reached R$ 550.1 million in 2021, down by 4.4% versus 2019 and closed 4Q21 atR$ 185.9 million, up 21.5% over 4Q19, with a 58.9% EBITDA margin. Excluding the Straight Line effect, EBITDA reached R$486 million in the year, down by 15.5% versus 2019 and closed 4Q21 at R$167.7 million, up by 12.6% over 4Q20 (+8.8% over 4Q19);
• Net income reached R$344.1 million in 2021, 9.5% up over 2019 and R$82.8 million in4Q21, up by 1.1% versus 4Q20 (-25.9%vs. 4Q19). Excluding the effect of
  Infracommerce's share price variation and the swap operation result, Net Income was
  R$66.2 million in 4Q21, down by 19.2% over 4Q20;
• FFO reached R$499.5 million in 2021, down by 15.3% over 2019 and R$122.7 million in4Q21, up by 2.1% over 4Q20 (-15.5%vs. 4Q19). Excluding the Infracommerce effect and the swap operation result, FFO reached R$106.1 million in 4Q21;
• Leverage ended the quarter at 2.57x Net Debt/EBITDA (down by 0.25 over 3Q21 anddown by 0.75 over 4Q20;
• Fractional sale of land at Iguatemi Ribeirão Preto for R$7.8 million in 4Q21;
• On December 20, the split of 100% common and preferred shares was approved, at theratio of 10 shares for each share of the same type;
• Opening of 365 POP UP store at Iguatemi São Paulo.

Subsequent Events:

• Extraordinary Shareholders' Meeting to elect the Board of Directors;
• The Board of Directors approved the distribution of R$ 90 million in dividends, to beratified in the AGM of April 29
• Acquisition of a 23.08% stake in Etiqueta Única, Brazil's largest e-commerceintermediating the sale of luxury second-handitems in the country, for R$27 million;
• The 2nd window for the conversion of IGTI3 into IGTI11 ended on January 31.

EARNINGS RELEASE

4th QUARTER OF 2021

MESSAGE FROM THE MANAGEMENT

Operation and Sales Status

The 4th quarter of 2021 was marked by the great result of our malls, which posted a strong improvement compared to 2019 in the indicators of sales and rental revenues, and over 3Q21 in the delinquency rate, rental discounts and vacancy closure.

Our sales continued to perform well, leading us to reach the quarterly sales record in our history. Total sales came to R$4.8 billion in 4Q21, up by 11.8% compared to 4Q19. Same-Store Sales (SSS) increased and was up by 15.0% vs. 4Q19.

In terms of monthly sales, we recorded an improvement in all months of the quarter, registering growths of 15%, 8% and 13% in October, November and December over 2019, respectively. The strong recovery trend continued in the first two months of 2022, despite the emergence of the Omicron variant, which negatively impacted the first fifteen days of the year, January posted sales 6% above the same period of 2019 and February, less impacted by the Omicron, had sales 15% up on the same month of 2019.

We managed to improve same-store sales (SSS) in all categories and Fashion, Footwear and Leather Goods, which account for 32.0% of our GLA, increased 26.8% in same-store sales over 2019. Miscellaneous, Health & Beauty and Jewelry also performed well increasing 14,1% in 4Q21 vs. 4Q19.

With the return of movie and new releases schedule, entertainment operations improved, which positively impacted parking lot flow and restaurant and food court occupancy at night.

Rentals

The positive sales performance allowed us to continue to withdraw the discounts granted to tenants, posting a 27.8% increase over the same period in 2019 in same-store rents (SSR) terms. Despite the increase in collection, net delinquency was down to 1.4% vs. 3Q21, close to pre-pandemic levels, while occupancy costs came to 11.3% in 4Q21.

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EARNINGS RELEASE

4th QUARTER OF 2021

SSR is a discount net indicator and we have been granting temporary discounts on a portion of the contractual transfer of the IGP- M rate. As previously mentioned, with the continuous improvement of operations, we are withdrawing part of said discounts and will continue to reduce them in the upcoming months. If we exclude said discounts, SSR would have increased by 41.9% in 4Q21 over 4Q19.

In January and February 2022, we continued to withdraw the IGP-M discount with a positive impact on our SSR for the period, reaching 47.0% in January and February versus the same period of 2019.

With the strong pick-up in sales in our portfolio, we saw an increase in the search for our spaces and we signed 66 new rental agreements in 4Q21. As a result, December was the 6th consecutive month in which we closed vacant GLA in 2021, reaching an average occupancy rate of 92.0% in 4Q21. If we consider the end of December, occupancy rate was 92.2%.

Our industry has a seasonality that is always seen in the first months of the year, when tenants who did not hand over their keys in November and December to take advantage of the Holiday Season, tend to hand them over in the beginning of the following year, increasing vacancy in these months. However, from January to February 2022, our vacancy decreased by 0.5 p.p., reaching an occupancy rate of 92.7% and 8 months in a row of decreasing vacancy. This performance is even more relevant considering that we had a strong withdraw of discounts in the first two months of 2022.

Restructuring

Continuing the restructuring process that began on June 7th, 2021, during 4Q21 we had: (1) the split of all shares issued by the Company, in the ratio of 10 shares for each share, with the purpose of promoting the Units' liquidity and making their price more attractive to investors; and (2) the opening of a new common shares conversion period to form Iguatemi S.A.'s Units, another movement made with the purpose of fostering the Units' liquidity in the market. The conversion period was divided into two windows, starting on November 18th, 2021 and closing on January 31st, 2022, leading to a total conversion of approximately 4.4% of the Company's capital stock.

Mixed-Use Projects

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EARNINGS RELEASE

4th QUARTER OF 2021

In order to monetize our land bank and develop the surroundings of our malls, with the purpose of improving their traffic, we carried

out a fractional sale of land at Iguatemi Ribeirão Preto in 4Q21. It will be a residential property with an 8,700 sqm private area and

units ranging from 56 sqm to 82 sqm.

Over the past years, as part of our strategy to develop the surroundings of our malls, we carried out other fractional sales of land,

currently having 13 projects in operation, under construction or pending approval, as shown below:

Iguatemi Esplanada
Iguatemi Business	Brickell Iguatemi	Comercial Julio & Kalil	Residencial CRB

Profile: Office	Profile: Residential
Private Area: 16,000 sqm	Profile: Corporate
Private Area: 17,300 sqm	Profile: Residential
Status: Operational	Status: Under construction	Private Area: 15,200 sqm	Private Area: 21,400 sqm
		Status: Project in approval	Status: Project in approval

Galleria Shopping
Sky Galleria	Multifamily Luggo

Profile: Corporate	Profile: Multifamily
Private Area: 14,800 sqm	Private Area: 8,000 sqm
Status: Under construction	Status: Under development

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EARNINGS RELEASE

4th QUARTER OF 2021

Iguatemi Rio Preto

Residencial Hugo

Profile: Residential

Private Area: 13,000 sqm

Status: Project in approval

Iguatemi Ribeirão Preto

Iguatemi Business RP

Profile: Offices

Private Area: 13,700 sqm

Status: Operational

Hyatt Place

Iguatemi Business

Integrato

Profile: Hotel	Profile: Offices	Profile: Residential
Private Area: 4,300 sqm	Private Area: 11,000 sqm	Private Area: 17,300 sqm
Status: Operational	Status: Operational	Status: Operational

Iguatemi Empresarial

Residencial Hugo

Profile: Offices	Profile: Residential
Private Area: 12,100 sqm	Private Area: 8,200 sqm
Status: Operational	Status: Under development

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