BHIA3

Grupo Casas Bahia S.A. is a publicly traded corporation, with common shares BHIA3 listed on B3, created from the combination of the operations of the Casas Bahia and Pontofrio chains in 2009. The Casas Bahia brand dates back to 1957, with the opening of the first store in São Caetano do Sul, initially called “Casa Bahia” and, from 1960 on, “Casas Bahia.” Over the following decades, the company expanded its business by entering the home appliances segment in 1970, acquiring the finance company Intervest and the Piratininga chain, as well as purchasing the Bartira and Bela Vista furniture factories in 1978. In the 1990s, it began a cycle of geographic expansion into states such as Minas Gerais, Mato Grosso do Sul, Paraná, Santa Catarina and Rio de Janeiro, consolidating the brand’s presence in the Brazilian durable goods retail market.

Pontofrio’s history, a brand that also belongs to Grupo Casas Bahia, begins with Globex Importadora e Exportadora S.A., founded in 1946 and responsible for opening the first home appliance retail store in Rio de Janeiro in the 1950s. The company went through corporate and brand changes, went public in 1996 with an IPO and a Level 1 ADR program, and grew through acquisitions of regional chains such as Casas Buri, J.H. Santos, Kit Eletro and sales outlets from Disapel, strengthening its presence in São Paulo, Minas Gerais and the South region. In 2009, Companhia Brasileira de Distribuição acquired control of Globex, a transaction later approved by CADE. In 2021, the Pontofrio brand was simplified to Ponto, but in 2024 the group brought back the Pontofrio brand, redesigning all stores with a new visual identity and in-store layout, reviving its 75-year history of operations.

The formal association between Casas Bahia and Pontofrio began in 2009, culminating in a corporate restructuring approved in 2010 and the adoption of the name Via Varejo S.A. in 2012, as part of building a unified corporate image. In 2016, the group integrated the e-commerce businesses of Cnova, which became its wholly owned subsidiary, bringing together the online operations of PontoFrio, Casas Bahia, Extra, Barateiro and E-Hub. In 2019, Companhia Brasileira de Distribuição sold all of its stake, dispersing the shareholding control of Grupo Casas Bahia. From 2018 and 2020 on, the group accelerated its digital transformation with partnerships and acquisitions in financial technology and logistics, such as the combination with AirFox (which gave rise to banQi), the full acquisition of that fintech and the acquisition of the logtech ASAP Log, followed by I9XP and CNT, focusing on e-commerce solutions, urban logistics and proprietary technology.

Grupo Casas Bahia’s business model revolves around a single omnichannel retail operating segment, which consolidates physical stores and the online platform under integrated management. Its main activity is the sale of electronics, home appliances, phones, small appliances, furniture and other categories of durable and discretionary goods, both in physical stores and via e-commerce and digital tools. The portfolio includes products from major suppliers such as Apple, Samsung, Motorola, LG, Whirlpool and Oster, among other brands. In addition to first-party (1P) sales, the company operates a third-party (3P) marketplace in which third-party retailers list their products in exchange for commissions and services, significantly expanding the assortment in categories such as home and construction, automotive, kids, fashion and accessories, footwear, sports and leisure, food and non-perishable beverages, musical instruments, watches, games and other items complementary to its core of electronics and furniture.

As of September 30, 2025, Grupo Casas Bahia’s marketplace ecosystem included 174 thousand sellers and 86 million SKUs offered on its digital platforms, highlighting the scale of its online operation. In the same period, 41% of the company’s gross GMV came from digital channels, combining 1P and 3P operations. The physical network consisted of 1,044 stores, of which 925 under the Casas Bahia banner and 119 Pontofrio stores, located in more than 532 cities across 23 states and the Federal District. The stores simultaneously serve as points of sale, customer relationship hubs, banQi branches and mini logistics hubs for the “shipping from store” model, supporting the omnichannel proposition. The company also operates 25 distribution centers in several states, with approximately 1.5 million m² of storage area, as well as more than one thousand mini hubs in stores and 1,600 carrier stations.

Grupo Casas Bahia combines product sales with financial services and logistics solutions. On the financial side, it offers its own store credit (CDCI), co-branded credit cards with major banks for the Casas Bahia and Pontofrio banners, and insurance products such as extended warranty, loss and theft protection and installation services, in partnership with Zurich. Launched in 2019, banQi is a digital account focused on financial inclusion, integrated into the company’s ecosystem. Through banQi, individual and corporate customers can open accounts, use a digital wallet, obtain digital store credit, use a prepaid card, make payments via QR Code and PIX, withdraw and deposit cash at Casas Bahia stores, purchase gift cards, top up transit cards and mobile phone credit, and access insurance and other services. As of September 30, 2025, banQi had 8.9 million accounts, reinforcing the company’s strategy of customer loyalty and recurring consumption, especially among classes C and D.

On the logistics front, the company operates its network on an open basis to serve not only its own retail operation but also marketplace sellers and third parties. The integration of fulfillment, transportation and logistics operator activities was consolidated in 2024 under the CB full brand, focusing on increasing logistics service revenue, reducing the cost to serve and raising service levels. Among the services offered is the Full Cross model, which allows suppliers’ inventory to be stored in the company’s network before the sale, aiming to optimize working capital, reduce stockouts, expand assortment and ensure just-in-time replenishment with real-time inventory visibility. The acquisition of ASAP Log and CNT complements this strategy by adding technology for urban logistics, last mile with a network of independent couriers, multi-marketplace integration and plug & play fulfillment and full-commerce solutions.

Grupo Casas Bahia also has an important furniture manufacturing vertical through its subsidiary Indústria de Móveis Bartira Ltda. Bartira produces bedroom sets, kitchens, shelves, TV stands and other items, having surpassed the milestone of 1 million pieces produced as of September 30, 2025. Since 1981, production has been dedicated exclusively to Casas Bahia, and from 2013 on it has also supplied Pontofrio stores. This integration allows for verticalization of part of the furniture chain, with dedicated supply to the group’s 1,044 physical stores and online platforms, potentially reducing intermediaries. Recently, Bartira launched a new sales channel by exporting products to the United States through commercial partners, adding an external dimension to the manufacturing business.

From a regulatory standpoint, Grupo Casas Bahia’s activities depend on a set of local authorizations for the operation of stores, distribution centers and the furniture factory. These authorizations include business licenses from municipalities, fire department inspection certificates, CONTRU safety inspection certificates for stores in São Paulo and Santos, as well as building completion certificates and possible environmental and sanitary licenses, including the Integrated Licensing Certificate when applicable. The company must obtain and periodically renew these documents and is subject to administrative, civil and criminal penalties in the event of non-compliance, such as fines, cancellation of licenses, closure of establishments or prohibition from contracting with the government. Environmental legislation may also hold the group liable for the remediation of contaminated areas in properties it owns or occupies, even if it was not the direct cause of the contamination, which implies potentially significant costs in any environmental recovery processes.

Listed on the Novo Mercado segment of B3 since 2018, Grupo Casas Bahia operates with dispersed ownership and a focus on corporate governance, after converting all preferred shares into common shares and closing its unit program. As of September 30, 2025, the group reported having served 119 million customers, of whom 28 million were considered active, and disclosed satisfaction indicators such as NPS. For investors following BHIA3 shares, the company presents itself as an omnichannel retail platform with strong exposure to discretionary consumption of durable goods, supported by a financial services ecosystem, an extensive logistics structure, a large-scale marketplace operation and a significant furniture vertical through Bartira, all anchored in nationally recognized brands such as Casas Bahia and Pontofrio.