Magazine Luiza S A : Dados Econômico-Financeiros

Earnings Release

1Q24

Adjusted EBITDA grew by 54%, with a margin of 7.4% - the highest in the last four years. Net income of R$30 million and total cash position of R$9.0 billion.

Magalu's total sales reached R$16 billion in 1Q24, an increase of 3% over 1Q23.

Physical store sales totaled R$5 billion in 1Q24, moving up 8% over 1Q23. On a same-store basis, sales grew 9%. As a result, Magalu increased its market share by 0.7 p.p. in the quarter.

E-commercereached R$11 billion in sales in the period, an increase of 1% over 1Q23. In first-party inventory (1P) e-commerce, the full pass-through of the DIFAL tax-rate differential boosted the gross margin in the quarter.

Marketplace sales reached R$5 billion, 6% more than in the same period last year, consolidating its position as the second largest sales channel and accounting for more than 40% of online sales.

Magalu's marketplace reached 353,000 sellers, an increase of 72,000 partners over 1Q23. We have a catalog of over 138 million offerings available for sale, compared to 100 million offerings available a year ago.

Fulfillment currently accounts for 19% of marketplace orders, a significant increase of 5 p.p. over the end of 2023. More than 3,000 sellers are benefiting from the scale and efficiency of the company's multichannel model.

The gross margin reached 29,9%, 2.6 p.p. higher than in 1Q23, boosted by the DIFAL pass-through (completed in 3Q23), the success of commercial campaigns, and growth in service revenue.

Adjusted EBITDA grew 54%, to R$688 million. The EBITDA margin reached 7.4%, an increase of 2.5 p.p. over the previous year.

Financial expenses declined 39%, representing 4% of net revenue. As a result, Magalu recorded recurring net income of R$30 million in the quarter.

Operating cash flow generation reached R$2.7 billion in the last 12 months, more than double the amount recorded in the previous year, driven by a significant improvement in operating performance in the period and the evolution of working capital. In the first quarter of 2024 alone, working capital improved by R$2.1 billion over 1Q23.

Magalu ended Mar/24 with a total cash position of more than R$9 billion, in line with Dec/23 - a milestone, considering seasonality. In 1Q24, we also completed a R$1.25 billion private capital increase and paid around R$900 million in debt. As a result, Magalu ended the quarter with a total net cash position of R$2.4 billion.

At MagaluAds, the platform - sponsored search and showcase products - grew over 70% in revenue in 1Q24.

MagaluBank reached R$25 billion in TPV, up 6%. One of the highlights was the 14% increase in the volume of payments made to sellers and MagaluPay digital accounts. In the credit card operation, billing reached more than R$14 billion in 1Q24, with 7 million credit cards issued and a credit portfolio of R$20 billion. It is worth noting a sequential drop in the total default rate and a recovery in Luizacred's net

income.

MGLU3: R$ 1.67 per share	Conference Call	Investor Relations
May 10,2024 (Friday)	[phone]
Total Shares: 7,389,952,489
08:00 AM in US (EST)/ 09:00 AM in Brazil	www.magazineluiza.com.br/ri
Market Cap: R$ 12.3 billion
Conference Call Access	[e-mail]

Earnings Release

1Q24

| LETTER TO SHAREHOLDERS

Numbers speak for themselves. The results achieved in the first quarter of 2024 reflect Magalu's consistent strategy and execution. Once again, profitability increased. We saw a significant improvement in financial indicators we consider to be crucial for sustainable success: margins, net income, and operating cash flow.

The EBITDA margin reached 7.4% in 1Q24, an increase of 2.5 percentage points compared to the first quarter of 2023. In nominal terms, adjusted EBITDA rose 54%, to R$ 688 million, reflecting our tireless pursuit of improving the operating result. In 1Q24, the EBITDA margin was higher than in the fourth quarter of 2023 - a period that usually benefits from retail seasonality. We are finally reaching historical margin levels after an extremely successful process of adjustments to our operation - caused by macroeconomic factors.

Another important highlight was a 40% decline in financial expenses compared to the same period in 2023. The substantial improvement in working capital and cash flow was essential for this evolution.

As a result, Magalu recorded net income of R$ 30 million between January and March 2024, following a trajectory of recovery in profitability, which began in late 2023. Compared to the first quarter of 2023, operating income before taxes rose by a substantial R$ 595 million.

In the last 12 months, operating cash flow generation more than doubled, reaching R$ 2.7 billion, a direct consequence of the improvement in the operating result and in working capital. As a result, we accomplished an unprecedented feat: at the end of March 2024, the company's total cash position - R$ 9 billion - matched the figure recorded in the last quarter of 2023.

In 2024, Magalu reduced its debt by R$ 3 billion, bringing short-term debt to zero. In January, the company paid around R$ 900 million in debentures, considering amortization plus interest. In late April, Magalu paid R$ 2.1 billion in promissory notes - also considering amortization plus interest.

The first quarter was also marked by a private capital increase of R$1.25 billion, reflecting the confidence of the controlling families and other investors in the company's strategy and execution capacity.

In the first quarter of 2024, the massive improvement in Magalu's operating results was accompanied by sales growth. Total sales came to R$ 16 billion in 1Q24, 3% higher than in 1Q23.

Physical store sales totaled R$ 4.6 billion. Same-store sales (SSS) grew 9% in the period. We reiterate that we are talking about growth with margin gains. Similarly to what happened on Black Friday last November, this year's Liquidação Fantástica (Fantastic Sale), a traditional proprietary event that occurs on the first days of January every year, was one of the most profitable in our history. Magalu is an undisputed leader in the durable goods market and has been consistently increasing its market share in these categories, especially in physical stores.

Earnings Release

1Q24

Digital sales totaled R$11.5 billion, 41% of which from the marketplace. In 1P e-commerce, Magalu has been expanding its market share based on a combination of a more rational competitive environment and a unique business model, boosted by a multichannel approach. It is worth noting that the company gradually passed through the DIFAL throughout 2023, which makes the first-quarter comparison base more challenging.

We are rapidly building a marketplace model that reproduces all our 1P advantages. A cornerstone of growth, our marketplace already is and will be increasingly more multichannel. Our sellers must offer the same levels of service, agility, reliability, and quality that have made Magalu the second largest e-commerce in Brazil.

Together, the more than 353 000 sellers connected to our platform account for more than 138 million offerings and generated R$ 4.6 billion in sales in the first quarter. Our ambition and hard work are linking the best-selling items in the market to our multichannel fulfillment, one of the period highlights. In March, fulfillment penetration in the number of marketplace orders reached 19%, 5 percentage points more than at the end of 2023.

Expanding fulfillment means growing with a high level of service. This initiative is combined with many others that make up the Encanta Magalu (Magalu Enchants) year, designed to make our customers' shopping journey more fluid, intuitive, and pleasant. During 2024, we plan to enhance the search functionality - showing each customer the best offering considering price, time, and freight - and introduce a new payment experience at check-out, as well as self-service aftersales tools, among other initiatives.

Thus, Magalu expects to improve its NPS across all channels and increase its sales conversion rate, especially in the marketplace, by the end of 2024. To make this happen, investments in technology in 2024 will be focused on user experience (UX). We will also invest in expanding MagaluAds, financial services for customers and sellers, and Magalu Cloud.

At MagaluAds, the platform - including sponsored search and showcase products - experienced a growth of over 70% in revenue compared to the first quarter of 2023, gaining an increased share versus other formats (display and special projects). This growth is primarily a result of attracting new advertisers (brands/agencies). Our strategy is to increasingly attract the long tail of sellers, with exclusive communication tailored to the relationship already established with our marketplace, in addition to focused efforts on agencies and brands.

In the first quarter, MagaluBank completed important improvements in financial products and services offered to sellers on our marketplace. We improved the experience in the seller relationship portal, which now includes loans and the activation of digital accounts. The digital corporate account will soon be completely integrated into the portal, enabling sellers to fully manage their account and financial services. Sellers can now use their schedule of credit card receivables from other institutions as collateral for loans, enabling more advantageous interest rates and increased lines of credit in our product.

In consumer financing, Luizacred continues to improve its results significantly. In the first quarter, Luizacred's net income was R$ 13 million. The credit portfolio totaled R$ 20 billion, with declining default rates: short- and long-term default represented only 3.4% and 9.4% of the portfolio, respectively. Overall, default indicators improved by 1.4 p.p. over the first quarter of 2023.

Magalu Cloud - Magalu's public cloud

Magalu Cloud is already a reality. In April, the company participated in Web Summit Rio 2024, where it launched its first three products: Object Storage (data storage and backup service), Turia IAM (identity and access management service), and ID Magalu (single sign on platform).

The products are available in two Brazilian regions (Southeast and Northeast), and we are expanding the capacity of these operations to support new products that will be launched later this year. We are also investing in the development of strategic partnerships with large companies to offer integrated solutions to the market. We have already entered into and announced partnerships with Dell, IBM, and Microsoft, and we are currently developing more than 30 new partnerships.

Earnings Release

1Q24

Excellent start to the year in the new categories too

Netshoes - the country's most visited sports e-commerce - continues to expand its market share, with positive results. In the first quarter of 2024, net income was R$ 13 million. In addition to higher profitability, working capital improved, with a reduction of 13 days in inventory turnover compared to the first quarter of 2023.

The performance of the Netshoes marketplace was outstanding: it already accounts for 44% of the platform's sales and has been growing with great attention to reputation and curation of products and sellers. In 1P e-commerce, Netshoes continues to expand its assortment of consolidated brands, while also adding new brands to the platform, including HOKA, CROCS, Ellesse, and Baw.

Kabum continues to increase sales with profitability. In 1Q24, it is worth noting the significant marketplace growth of 33%. In the first three months of the year, Kabum's net income totaled R$ 31 million. In April, we opened Kabum's first physical store, in São Paulo. Dedicated to the sale of OpenBox products, the unit is located in São Paulo and has 1,200 repackaged or used products of major brands in perfect working order, with a full guarantee for up to three months. The store offers an experience full of novelties and offers on products such as hardware, gaming chairs, earbuds, headsets, monitors, gaming mice, notebooks, PCs, smartphones, video cards, and more.

Closing Remarks

On June 9, 2004, was a celebration for Magalu. On that day, the company inaugurated 52 stores in Rio Grande do Sul, marking its arrival in the state. Over 20 years, Magalu and the people of Rio Grande do Sul have strengthened their bonds, and today, there are 107 stores and a distribution center there. Because of this close relationship, we shared the suffering of the climatic tragedy in the state with the people of Rio Grande do Sul, and we were also able to respond promptly to the event. The first measure was to support the employees directly impacted by the tragedy: nearly 2,000 Magalu employees, with 161 currently sheltered in a safe location, receiving support from the company through donations of essential items such as food, water, clothing, and medicine.

The second step was to help Rio Grande do Sul. In the first 72 hours, Magalu donated more than 1,800 mattresses to NGOs, schools, churches, and municipalities in eight cities, and this community support operation is ongoing. The delivery of the mattresses is being carried out voluntarily by the company's own employees from the stores and distribution center, using the company's trucks. Meanwhile, the company began the process of normalizing its operations, reopening stores and adjusting product delivery times for customers in the crisis context. At this moment, only six company stores remain closed due to the tragedy. The reconstruction of Rio Grande do Sul will be of vital importance to Brazil. And Magalu, a company proud of its origins and presence throughout the country, will be an active participant in this process.

We are convinced that we are on the right track. A path that combines growth and profitability, innovation and sustainability, day-to-day execution and a long-term strategy, guaranteeing the longevity of the business. We believe in our unique model, based on complementarity between sales channels and the resulting synergies and efficiency. We will continue to build on our strengths and offer Brazilians everything they want and deserve, with easy access and delight. We have begun the second quarter buoyed up by the positive trends we can see in our operation. In April, Magalu combined the focus on profitability with accelerated total sales growth, which has already reached the high single-digit level*.

Once again, we thank our customers, sellers, employees, shareholders, and suppliers for their partnership and company in this journey.

* Preliminary and unaudited information

EXECUTIVE MANAGEMENT TEAM

|1Q24 Financial Highlights

Total sales with icreased profitability. In 1Q24,

total sales -- including physical stores, e-commercefirst-party inventory (1P) and marketplace (3P) grew 3.1% compared to the same period of the previous year and totaled R$16.0 billion (four-year-CAGR of 20.3%). This was a result of a 1.3% increase in total e-commerce(four-year-CAGR of 29.4%) and growth of 8.0% in physical stores (four-year-CAGR of 6.4%).

Marketplace reaches 41% of total online sales.

During 1Q24, e-commerce sales increased 1.3% and totaled R$11.5 billion. Magalu's 1P e-commerce sales, reduced 2.0% (four-year-CAGR of 24.3%). Marketplace sales reached R$4.6 billion during the quarter, with a 6.4% growth (four-year-CAGR of 39.3%). This growth was driven by the performance of the SuperApp, with 48.5 million monthly active users (MAU). Other contributing factors include faster delivery speeds for 1P and 3P, the growth of new categories and an increase in the seller base.

Gross margin expansion driven by growth in

service revenue and DIFAL pass-through. In 1Q24, the gross margin was 29.9%, a growth of 260 bps from the same period in 2023. After completing the pass-through of DIFAL and with a strategy focused on profitability, the product margin increased by 250 bps. Additionally, service revenue grew 10.5% and contributed to the evolution of the total gross margin, resulting in the highest gross margin in a first quarter in the last seven years.

Earnings Release

1Q24

Operating expenses. The percentage of adjusted operating expenses in relation to net revenues was 22.5% in 1Q24, an increase of 20 bps compared to 1Q23 and a decrease of 70 bps compared to 4Q23. With the increase in the marketplace, it is important to analyze expenses in relation to total sales (GMV). Along these lines, expenses remained stable.

Strong EBITDA growth and net profit. The increase in the contribution margin across all sales channel, including physical stores, e-commercefirst-party investory (1P) and the marketplace, contributed to the 53.5% growth in adjusted EBITDA, which reached R$687.8 million in 1Q24 with a margin of 7.4%, an increase of 250 bps. in relation to last year. During the same period, the adjusted net income was R$29.8 million, reversing the negative net result in 1Q23. Considering non-recurring net expenses, net profit was R$27.9 million.

Cash generation and capital struture. Cash flow from operations in the last 12 months was R$2.7 billion, driven by the significant evolution in the operational result and in working capital. In 1Q24, working capital was R$2.1 billion better than the same period of the previous year. In Mar/24, Magalu´s adjusted net cash position was R$ 2.4 billion, an increase of R$2.5 billion compared to last year, and the total adjusted cash position was R$ 9.0 billion, in line with 4Q23 despite the retail seasonality in the first quarter of the year.

MagaluBank. Total payment volume (TPV) reached R$24.9 bilion in 1Q24, growing 6.0%. In mar/24, the cardholder base reached 6.6 million credit cards. Credit card billing grew 3.3% in 1Q24, reaching R$14.1 billion during the period. The credit card portfolio reached R$19.6 billion at the end of the quarter.

Earnings Release

1Q24

	R$ million (except when otherwise indicated)			1Q24			1Q23			% Chg
	Total Sales¹ (including marketplace)	16,028.3		15,548.2			3.1%
	Gross Revenue	11,530.1		11,311.5			1.9%
	Net Revenue	9,239.3		9,067.3			1.9%
	Gross Income	2,763.4		2,479.3			11.5%
	Gross Margin	29.9%	27.3%		260 bps
	EBITDA	684.9		324.1			111.3%
	EBITDA Margin	7.4%	3.6%		380 bps
	Net Income	27.9		(391.2)		-
	Net Margin			0.3%			-4.3%			460 bps
	Adjusted - EBITDA	687.8		448.0			53.5%
	Adjusted - EBITDA Margin	7.4%	4.9%		250 bps
	Adjusted - Net Income	29.8		(309.4)		-
	Adjusted - Net Margin			0.3%			-3.4%			370 bps
		9.0%	6.7%
	Same Physical Store Sales Growth		-
	Total Physical Store Sales Growth	8.0%	7.5%		-
	E-commerce Sales Growth (1P)	-2.0%	6.4%		-
	Marketplace Sales Growth (3P)	6.4%	19.4%		-
	Total E-commerce Sales Growth	1.3%	11.1%		-
	E-commerce Share of Total Sale			71.5%			72.8%			-1.3 pp
	Number of Stores - End of Period	1,263		1,302			-39 stores
	Sales Area - End of Period (M²)			701,439			716,221			-2.1%

1 Total Sales include gross revenue from physical stores, 1P e-commerce sales and 3P marketplace sales.

Earnings Release

1Q24

| NON-RECURRING EVENTS

For ease of comparability with 1Q23, 1Q24 results are also being presented in an adjusted view, without the effects of non- recurring provisions and expenses.

	CONCILIATION ADJUSTED INCOME			1Q24		V.A.			Non-recurring			1Q24		V.A.
	STATEMENT (R$ million)			Adjusted
	Gross Revenue			11,530.1		124.8%		-		11,530.1		124.8%
	Taxes and Deductions			(2,290.8)		-24.8%		-		(2,290.8)	-24.8%
	Net Revenue			9,239.3		100.0%		-		9,239.3		100.0%
	Total Costs			(6,475.9)		-70.1%		-		(6,475.9)	-70.1%
	Gross Income			2,763.4		29.9%		-		2,763.4		29.9%
	Selling Expenses			(1,659.9)		-18.0%		-		(1,659.9)	-18.0%
	General and Administrative Expenses			(339.6)		-3.7%		-		(339.6)	-3.7%
	Provisions for Loan Losses			(119.2)		-1.3%		-		(119.2)	-1.3%
	Other Operating Revenues, Net			36.2		0.4%		(2.9)	33.3		0.4%
	Equity in Subsidiaries			6.9		0.1%		-		6.9		0.1%
	Total Operating Expenses			(2,075.6)		-22.5%		(2.9)	(2,078.5)	-22.5%
	EBITDA			687.8		7.4%		(2.9)	684.9		7.4%
	Depreciation and Amortization			(322.7)		-3.5%		-		(322.7)	-3.5%
	EBIT			365.1		4.0%		(2.9)	362.2		3.9%
	Financial Results			(383.4)		-4.1%		-		(383.4)	-4.1%
	Operating Income			(18.3)		-0.2%		(2.9)	(21.2)	-0.2%
	Income Tax and Social Contribution			48.2		0.5%		1.0		49.2		0.5%
	Net Income			29.8		0.3%			(1.9)			27.9		0.3%

| Adjustments - Non - Recurring Events

Adjustments	1Q24
Tax Credits	(0.4)
Gain on Sale of Assets	0.3
Tax Provisions	(0.8)
Expert Fees	(1.1)
Other Expenses	(0.9)

EBITDA Adjustments	(2.9)
Income Tax and Social Contribution	1.0
Net Income Adjustments	(1.9)

Earnings Release

1Q24

| OPERATING AND FINANCIAL PERFORMANCE

Magalu ended 1Q24 with 1,263 physical stores, (1,026 conventional, 237 virtual). During 1Q24, the company closed 23 conventional stores. Over the last 12 months, the Company opened 1 new store in the Southeast. Twenty-seven percent of our total number of stores are in the process of maturation.

	Number of Stores		Average Age of Stores (number of stores)
1,302	1,303	1,303	1,286	1,263
237	237	237	237	237	15	136
17	17	17
				40
							149
1,048	1,049	1,049	1,049	1,026
					922
1Q23	2Q23	3Q23	4Q23	1Q24
	Conventional Stores	Kiosks	Virtual Stores	Up to 1 year	Up to 2 years	Up to 3 years
	Up to 4 years	Up to 5 years	More than 5 years

In 1Q24, Magalu´s total sales grew 3.1% (20.3% four-year CAGR), as a result of an 1.3% increase in e-commerce sales (29.4% four- year CAGR) and a 8.0% increase in physical store sales (6.4% four-year CAGR). It is worth mentioning the performance of the marketplace, which grew 6.4% in 1Q24 (39.3% four-year CAGR).

Total Sales Growth (%)

Same Physical Store Sales Growth	Marketplace E-commerce Growth (3P)
Physical Store Total Sales Growth	Total E-commerce Growth (1P+3P)
Traditional Ecommerce Growth (1P)	Total Retail Sales Growth
		19.4%
		11.1% 10.1%	9.0%
6.7%	7.5%	6.4%	8.0%
	6.4%
				3.1%
				1.3%
				-2.0%
		1Q23		1Q24

Financed Sales Mix (% of total sales)

34%35%

48%47%

18%18%

1Q231Q24

In 1Q24, the share of cash (non-installment) sales increased from 34% to 35% compared to the same period in 2022. The increase in cash sales was driven by widespread PIX adoption, especially at Kabum, Netshoes and Magalu, which contributed to mitigate the effect of high interest rates.

Earnings Release

1Q24

| Gross Revenues

	(in R$ million)			1Q24			1Q23		% Chg
	Merchandise Sales	10,448.6		10,332.9	1.1%
	Services	1,081.5		978.7	10.5%
	Gross Revenue - Total			11,530.1			11,311.5		1.9%

In 1Q24, total gross revenue was R$11.5 billion, a 1.9% increase compared to the same period in 2022. The performance of physical stores and the growth of e-commerce during the quarter contributed to the evolution of gross revenue. It's worth highlighting the 10.5% increase in service revenue, particularly the growth in marketplace revenues and the insurance sold in stores.

| Net Revenues

	(in R$ million)			1Q24			1Q23		% Chg
	Merchandise Sales	8,360.5		8,248.2	1.4%
	Services	878.8		819.1	7.3%
	Net Revenue - Total			9,239.3			9,067.3		1.9%

In 1Q24, total net revenue was R$9.2 billion, a 1.9% increase compared to 1Q23, in line with the variation in total gross revenue. It is worth noting that the DIFAL payment (the difference in the ICMS rate on interstate sales) was reintroduced in 2023, so the deductions on gross revenue for the quarter become comparable again.

| Gross Profit

	(in R$ million)			1Q24			1Q23		% Chg
	Merchandise Sales	1,894.4		1,666.1	13.7%
	Services	869.0		813.2	6.9%
	Gross Profit - Total			2,763.4			2,479.3		11.5%
	Gross Margin - Total			29.9%			27.3%		260 bps

In 1Q24, gross margin was 29.9%, an increase of 2.6 p.p. compared to the same period last. With the completion of the DIFAL pass- through, and with a profitability-focused strategy, the product margin increased by 2.5 p.p. compared to last year and 0.1 p.p. compared to the first quarter of 2022 when the DIFAL charge was not in effect. Additionally, service revenue contributed to the addition to the total gross margin, resulting in the highest gross margin in a first quarter in the last seven years.

Earnings Release

1Q24

| Operating Expenses

	(in R$ million)			1Q24						1Q23
			Adjusted			% NR			Adjusted			% NR		% Chg
	Selling Expenses	(1,659.9)	-18.0%	(1,644.4)	-18.1%	0.9%
	General and Administrative Expenses	(339.6)	-3.7%	(308.4)	-3.4%	10.1%
	General and Administrative Expenses			(1,999.6)			-21.6%			(1,952.8)			-21.5%		2.4%
	Provisions for Loan Losses	(119.2)	-1.3%	(99.0)	-1.1%	20.4%
	Other Operating Revenues, Net	36.2	0.4%	32.7	0.4%	10.9%
	Total Operating Expenses			(2,082.5)			-22.5%			(2,019.1)			-22.3%		3.1%
	Operaing Expenses / Total Sales			-13.0%						-13.0%					0.0 bps

| Selling Expenses

In 1Q24, selling expenses totaled R$1.7 billion, equivalent to 18.0% of net revenue, a decrease of 0.1 p.p.when compared to the same period in 2023. With the growth of the marketplace, it is important to also analyze expenses in relation to total sales. Along these lines, selling expenses represented 10.4%, a decrease of 0.2 p.p.

| General and Administrative Expenses

In 1Q24, general and administrative expenses totaled R$339.6 million, equivalent to 3.7% of net revenue, 0.3 p.p. higher than the same period in 2023. In terms of total sales, administrative expenses remained practically stable.

| Provisions for Loan Losses

Provisions for loan losses totaled R$119.2 million in 1Q24.

| Other Operating Revenues and Expenses, Net

	(in R$ million)			1Q24			% NR			1Q23			% NR		% Chg
	Deferred Revenue Recorded	36.2	0.4%	21.3		0.2%	70.2%
	Subtotal - Adjusted			36.2			0.4%			21.3			0.2%		70.2%
	Tax Credits	(0.4)	0.0%	0.6		0.0%	-
	Provisions for tax, civil and labor risks	(0.8)	0.0%	(5.2)		-0.1%	-85.6%
	Expert fees	(1.1)	0.0%	(0.6)		0.0%	96.1%
	Restructuring and integration expenses	-	0.0%	(106.2)	-1.2%	-
	Gain on Sale of Assets	0.3	0.0%	(0.9)		0.0%	-
	Other Expenses	(0.9)	0.0%	(0.2)		0.0%	255.7%
	Subtotal - Non Recurring			(2.9)			0.0%			(112.5)			-1.2%		-97.4%
	Total			33.3			0.4%			(91.3)			-1.0%		-

In 1Q24, other adjusted net operating revenues totaled R$36.2 million, impacted by the recognition of deferred revenues.

| Equity Income

In 1Q24, equity income was R$6.9 million, comprised of R$6.7 million in equity attributable to the performance of Luizacred; and practice adjustments in the amount of R$0.2 million.