CORPORATE PRESENTATION

3Q 2021
Disclaimer
This presentation has been prepared by Grupo Axo, S.A.P.I. de C.V., (the “Company”) solely for informational purposes and should not be construed
as an offer to buy, invitation, recommendation or a solicitation of an offer to sell any securities in any jurisdiction.
Any decision to purchase or enter into any transaction should be made solely on the basis of the information contained in an offering document that
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consulting its own legal, accounting and tax advisers. This presentation and the information contained herein does not constitute an investment
recommendation.
This presentation is a summary by nature and, unless otherwise noted, is based on matters as they exist as of the date of preparation and not as of any
future date. The information may be subject to updating, completion, revision and amendment and such information may change materially. The
Company assumes no obligation to update any information provided herein, and any opinions expressed in it are subject to change without notice.
No representation or warranty, express or implied, is made and no responsibility or liability is accepted by the Company, its advisors, parent or
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sufficiency or its truthfulness.
FORWARD-LOOKING STATEMENTS
This presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the
industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts.
The forward-looking statements contained in this presentation, including assumptions, opinions and views of the Company or cited from third party
sources are solely opinions and forecasts which are uncertain and subject to risks. A multitude of factors can cause actual events to differ significantly
from any anticipated development and trends described herein could differ materially from those described by forward-looking statements due to
various factors, including those beyond our ability to control or predict and you should not place reliance on the forward-looking statements.
Grupo Axo Today

Founded in 1994, we are the largest multi-brand fashion

retailer & wholesaler in Mexico, with presence in Chile as well:

Large Scale, Strong Brands & Robust Operations Performance

4 Divisions 26% Online

479k sqm 30 Brands Ps$10.5bn Sales YTD
- Full-Price 5,722 POS
- Privalia
641 of retail stores 20 exclusive YTD Sales +1% online sales
- Off-Price space, 100% 9 owned & LT
Retail stores +32% vs YTD 3Q20 growth vs YTD
- Sneakers & leased 1 non-exclusive
Athletics 3Q20

6 Privalia +400 Ps$1.9bn YTD EBITDA

6.4k Distribution 3rd Party YTD EBITDA
+ Brands Margin
Associates Centers 14 Online +157.0% vs YTD
17.9%
5 Mexico in multi-brand
1 Chile
Sites concepts
3Q20
Leader in Fashion Divisions That Are Poised For Accelerated Growth
As of 3Q21

Full-Price Off-Price Sneakers & Athletics

215 Stores
264 Stores
+ 115 Shop in Shops 162 Stores
+ 4,966 Corners 9.3 MM Members + 3 Online Sites
+ 11 Online sites 89% Mobile Sales

Store portfolio of 19 international
brands managed through
partnerships
11 online mono-brand sites
Through its digital platform and retail
stores, the Off-Price segment offers
well-known brands at deep
discounts
Casual footwear & apparel in multi-
brand (TAF, Lust & Laces), and Nike
stores
3 online multi-brand sites
 Diversification Across Divisions & Channels

Revenues by Segment Revenues by Channel

Sneakers &
Athletics1 Offline
Online
18% Full-Price1,2 74% 26%
42%

Off-Price YTD 3Q21 YTD 3Q21

Ps$10,478 MM Ps$ 10,478 MM
40%

Notes: 2. Includes other service revenue.

1. Includes ecommerce sales.
Axo at the Forefront of ESG Best Practices

Women in the Workplace

Inclusion Total Management1
At Axo, diversity, inclusion and
equal opportunities for all are 47%
48%
a priority 52% 53%

Since 2012, Tailored Help (by Axo) has supported a number of local
Social
charities focused on child support, autism, home construction and
women support
For 2021, Tailored Help will support the “Casa de la Amistad para
Niños con Cáncer” organization

2020 YTD 3Q20 YTD 3Q21

Environmental #ProudToBeGreen campaign launched in 2018 with the Recycling2 ~488 k Kg ~350 k Kg ~455 k Kg
objective of implementing corporate actions towards
reducing Axo’s waste footprint Saved Trees ~7 K ~5 K ~6 K
Saved Water ~85 MM Lts ~62 MM Lts ~70 MM Lts

Notes: 2. Figures from Axo’s Full-Price and Off-Price distribution centers.

1. Includes Vicepresidents, Directors, Sub-directors and Managers
YTD 3Q21 Results Overview
YTD Data as of 3Q21

Consumer Demand Strong Recovery

Net sales increased 32.4% compared to YTD 2020 as a result of our strong recovery from
COVID-19 pandemic
Full-Price sales increased 40.1%
Off-Price sales increased 15.3%
Sneakers & Athletics sales increased 65.1%

Positive gross margin of 45.5%. A strong level vs 41.6% in YTD 3Q20. Improvement in gross
margin present across all divisions
EBITDA of Ps$1,874mm an increase of 157.0% vs YTD 3Q20 and maintaining a very strong
EBITDA margin of 17.9% compared to a 9.2% of YTD 3Q20.
Positive operating margin and net income margin of 8.7% and 0.6% respectively, strong
increase vs YTD 3Q20 (negative figures)
Healthy Debt / EBITDA ratio at 3.24x & Net Indebtedness Ratio of 2.25x

Consumer Demand Recent Developments

October 19, 2021 Grupo Axo and ThredUp realized a total investment of US$ 7.5M in Vopero
Inc. Vopero, founded on December 2020 with operations in Uruguay and Mexico, is a full-
service platform dedicated to buy and resale unique, second-hand and sustainable fashion.
Strong Omnichannel Capabilities Combining Offline Distribution
and Best-in-Market Digital Capabilities
YTD Data as of 3Q21

Full-Price
77% 16% 46.8 MM 434.5 k
and Visits Orders
Sneakers & YTD Sales E-commerce
+41% vs YTD +64% vs YTD
Y-o-Y growth5 Penetration2
Athletics 3Q20 3Q20
Online
528.5 k 73.3 MM 2.2 MM 154.0 k
YTD (11)%
Active buyers
Privalia YTD Sales
(12 months)
Visits Orders3 New Buyers
Y-o-Y growth -17% vs YTD -14% vs YTD -25% vs YTD
-3% vs YTD 3Q20 3Q20 3Q20
3Q20

49% 70 37.4 MM 6.3 MM

Visits4 Transactions4
Full-Price1 , YTD Sales YTD Net POS
+26% vs YTD +44% vs YTD
Y-o-Y growth5 Openings
Offline Sneakers & 3Q20 3Q20

YTD Athletics and 16% 18.5 MM 20.9 k

Off-Price YTD Units Sold4 Co-Branded
+54% vs YTD Promoda
Conversion
3Q20 Credit Cards
Rate4
Activations
Notes: 3. Orders form a logistics perspective.
1. Includes wholesale and other revenue. 4. Excludes wholesale.
2. E-commerce sales as % of total direct to consumer sales (retail + E-commerce) only for brands with 5. Excludes Guess, not consolidated in financial statements.
E-commerce channel.
Solid Recovery from COVID-19 Jan-Feb 21 vs
Mar-Sep 21 vs
Mar-Sep 20 Jan-Sep 21 vs
Jan-Feb 20
Sales Growth Jan-Feb 20 Mar-Aug 20 Sep-Nov 20 (Pre-COVID)
(Full Lockdown Jan-Sep 20
Dec 20 vs 19 & Re-Opening)
vs 19 vs 19 vs 19

Pre-COVID-19 Full Lockdown Re-Opening Partial Lockdown 2020 2nd Partial Lockdown 2nd Re-Opening YTD 2021
68%
40%
11%
Full-Price1
-2%
-22% -24% -24%
-47%

23% 15%
2%

Off-Price1,2 -8%
-19%
-36% -43%
-71%

107%
65%
Sneakers & 24% 28%
Athletics1
-15% -13% -21%
-42%

52%
36% 32%
25%
Total
-8% -2%
-26% -17%

Notes: 2. Privalia considered in starting in 2021 acquired 12/30/19, and 2019 was not part of Axo.
1. Includes E-commerce sales.
 Sustained Growth while Maintaining Financial Discipline
Ratio temporarily increased
Integration of Privalia due to EBITDA contraction
(acquired 12/30/19) and during COVID-19
Sales COVID-19 Pandemic Debt1 / EBITDA
Ps $MM 10,069 2
8,106 9,704
0.5% 31.0% 34.6% 26.4%
Integration 5.45
of TAF 13,187 12,868
(acquired 10,478
12/30/18) 4,501 3.03 3.24
4,953 7,915

8,686 7,915

2019 2020 YTD 3Q20 YTD 3Q21 2019 2020 LTM 3Q21
% Online Sales Debt (Ps$ MM)

YTD 3Q Figures
EBITDA EBITDA – CapEx (ex. Acquisitions)
Ps $MM Ps $MM
31.0%
3,000 2,673
20.3% 17.9% 2,734
21.0%
1,111 1,846 1,874 1,931
2,000 14.3% 1,618
11.0%
9.2%
1,117
1,000 729 1.0%
1,562 72.2% 87.7% 91.4%
729
0 -9.0%
2019 2020 LTM 3Q21
2019 2020 YTD 3Q20 YTD 3Q21
% EBITDA Margin As % of EBITDA
YTD 3Q Figures
Notes: 2. Considers net impact on hedge instruments (assets and liabilities).
1. Includes right of use assets liabilities and amortized cost of debt.
Debt Structure and Maturity Profile
Figures exclude Right of Use Liabilities (IFRS 16), Amortized Cost Effect and Financial Instruments Hedge Impact

Debt Summary Currency Breakdown

Total Debt: Ps $8,382.0 MM / Net Debt: Ps $4,942.0
USD 21%
Average Tenor: 4.6 years
MXN
All-in Average Cost1: 10.53%

Interest Rate Fixed: 80.3% / Variable: 19.7%2

International Bonds 100% Hedge & Local Bonds 100% Fixed Rate
79%
International Ratings (Moody’s / Fitch): Ba2 / BB

Amortization Profile Debt Overview

Ps $MM
8,251.1 Outstanding Debt Amount Base Rate Hedge Rate

Axo 16-2 251.6 8.48% 8.48%

Axo 16-2 - Capitalized Interest 9.7 8.48% 8.48%

6,599.5
Axo 16-2: 9.7 Axo 16-2: 251.6 1,400.0
Axo 19-2 10.50% 10.50%
Axo 19-2: 121.3 Axo 19-2: 1,400.0
121.3
131.0 Axo 19-2 - Capitalized Interest 10.50% 10.50%
1,651.6
International Bond 6,599.5 5.75% 10.62%
2021 2022 2023 2024 2025 2026
Total 8,382.0 10.53%
Local Bonds International Bond

Notes: 2. Part of International Bond hedge to TIIE.

1. Includes hedge cost for international bond.
Historical Figures – Income Statement
Figures in Ps$ MM, Unless Otherwise Indicated

2019 2020 YTD 3Q20 YTD 3Q21 3Q20 3Q21

Net Sales and Service Revenue 13,187 12,868 7,915 10,478 3,346 3,660
Y-o-Y Sales Growth 29.9% (2.4%) 32.4% 7.6%
Cost of Sales (6,856) (7,321) (4,619) (5,707) (1,971) (1,907)
Gross Profit 6,330 5,547 3,296 4,771 1,375 1,693
Gross Margin 48.0% 43.1% 41.6% 45.5% 41.1% 47.0%
Total Operating Expenses (5,110) (5,205) (3,716) (3,864) (1,216) (1,339)
Operating Profit (Loss) 1,220 342 (420) 907 159 354
Operating Profit Margin 9.3% 2.7% (5.3%) 8.7% 4.8% 9.8%
Net Finance Cost (754) (976) (740) (802) (258) (222)
Profit (Loss) Before Tax 466 (633) (1,160) 106 (98) 132
Income Tax Expense (151) 92 392 (39) 49 (49)
Profit (Loss) for the Period 315 (541) (768) 66 (50) 84
Profit Margin 2.4% (4.2%) (9.7%) 0.6% (1.5%) 2.3%

Lease
EBITDA Build Up Renegotiation
Operating Profit (Loss) 1,220 342 (420) 907 159 354
Depreciation and Amortization1 1,453 1,504 1,149 966 328 331
EBITDA(2) 2,673 1,846 729 1,874 488 685
Y-o-Y EBITDA Growth 80% (31%) 157.0% 40.3%
EBITDA Margin 20.3% 14.3% 9.2% 17.9% 14.6% 19.0%

Notes:
1. Includes depreciation, right-of-use-asset depreciation and amortization
Historical Figures – Balance Sheet
Figures in Ps$ MM, Unless Otherwise Indicated
2019 2020 3Q21
Cash and Cash Equivalents 1,875 3,716 3,440
Inventories, net 3,460 2,945 3,136
Accounts and Other Receivable, net1 1,204 1,039 1,203
Increase in
Goodwill 3,700 3,704 3,704 differed assets
Leasehold Improvements, Furniture and Equipment, net 2,109 1,769 1,486 and interest rate
options
Right-of-Use Assets 2,129 1,913 1,843
Other Assets2 4,362 4,948 6,130
Total Assets 18,840 20,034 20,942

Trade Accounts Payable and Other Liabilities3 3,174 2,252 2,183

Borrowings from Banks / Issuance of Debt4 273 2,464 131
Borrowings from Banks / Issuance of Debt (Excluding Current Portion)4 5,836 5,550 7,872
Lease Liabilities 1,997 2,055 1,933
Other Liabilities5 2,339 2,499 2,392
Total Liabilities 13,619 14,821 14,512

Total Stockholders’ Equity 5,221 5,214 6,431

Notes:
1. Includes accounts receivables, other accounts receivables and receivables from related parties.
2. Includes prepaid expenses, financial instruments, equity-accounted investees, intangible assets (net), deferred income taxes, security deposits and other assets.
3. Includes current trade payables, current royalties and commissions payable.
4. Debt registered on Balance Sheet is net of amortized cost related con debt issuance and financial instruments hedge impact.
5. Includes provisions, income tax payable, income taxes, employee statutory profit sharing payable, related parties, advances from customers, deferred revenue, business acquisition liability, financial instruments, deferred income taxes, employee benefits, liabilities of
purchase of shares and other liabilities.
Historical Figures – Cash Flow Statement
Figures in Ps$ MM, Unless Otherwise Indicated
2019 2020 YTD 3Q20 YTD 3Q21
Profit for the Period 315 (541) (768) 66
Other Operating Non-Cash Items1 2,395 2,338 1,542 1,983
Changes in Working Capital2 (569) (6) (307) (875)
Net Cash Provided by Operating Activities 2,141 1,792 467 1,174

Business Acquisition3 (2,190) (580) (580) -

Acquisition of Furniture, Equipment and Leasehold Improvements (742) (228) (149) (178)
Other4 (43) (16) (22) 131
Net Cash Provided by Investing Activities (2,975) (824) (750) (45)

Unlevered Free Cash Flow5 (835) 968 (283) 1,129

Equity Related6 1,320 471 233 416

Differed Business Acquisition Payment3 - - - (474)
Debt Related7 288 402 1,156 (1,347)
Net Cash Provided by Financing Activities 1,608 873 1,389 (1,405)

Net Increase in Cash and Cash Equivalents 774 1,841 1,106 (276)

Notes:
1. Income taxes, depreciation, right-of-use asset depreciation, amortization, impairment of goodwill, loss on disposal of fixed assets, intangibles & key money, share profit of equity accounted investees, employee statutory profit sharing, interest income and expense,
changes in employee benefit valuation, derivative financial instruments, unrealized exchange rate gain and loss, amortized cost of debt, and other times.
2. Includes accounts receivable, accounts receivable from related parties, other receivables, inventories, prepayments, trade accounts payable and acquired liabilities, accruals, royalties and commissions payables, income taxes paid, derivative financial instruments,
employee statutory profit sharing paid, accounts payable to related parties, differed revenue and advances from customers.
3. For payments related to business acquisition that were paid after a year or more, they are registered in financing activities.
4. Includes acquisition of intangible assets, increase in security deposits, dividends received form associates, and interest received.
5. Net cash provide by operating activities + net cash provided by investing activities. Does not include interest expense and IFRS 16 cashflow effect.
6. Includes proceeds from issue of share capital, repurchase of treasury shares, payment of dividends, sale of shares, repurchase of shares.
7. Includes lease payments, acquisition of key money paid to a lessor, incentives received form landlords, proceeds from issue of debt, cost of issuing debt, proceeds from loans, cost of obtaining bank loans, interests paid, payments of bonds and payments of loans.
Brand Portfolio
Overview

CONFIDENTIAL
TRANSITION
HIGH
MIDDLE MIDDLE CLASS
INCOME
CLASS C+
A/B
C/D
Brand Portfolio by Consumer
 Brand Portfolio by Division

Brand Portfolio

3
Full Price

Off-Price

2 2

Sneakers
&Athletics

Owned brands Brands with online sites

Notes:
1. Axo owns the brand in Mexico and LatAm excluding Brazil.
2. Axo does not own this brand but has a franchise for over 80 years.
3. Online sites in Mexico and Chile.