Metalfrio S A : Dados Econômico-Financeiros

Metalfrio Solutions S.A.

Quarterly Information

March 31, 2021

(A free translation of the original financial statements in Portuguese, prepared in accordance with the International Financial Reporting Standards (IFRS), with the accounting practices adopted in Brazil and rules of the Brazilian Securities and Exchange Commission - CVM)

Metalfrio Solutions S.A.

Quaterly Information

Quarter ended March 31,2021

Contents

Management report

Independent auditors' report on the financial statements

Balance sheets

Statements of income

Statements of comprehensive income Statements of changes in shareholders' equity Statements of cash flows

Statements of added value

Notes to the financial statement

Other information

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First quarter 2021 Results May 11th, 2021

São Paulo, Brazil, May, 11th 2021 - Metalfrio Solutions S.A. (FRIO3) ("Metalfrio"), the world's leading cold solutions provider, announces its results for the first quarter of 2021 ("1Q21"). Financial and operational information given are in accordance with accounting practices adopted in Brazil and International Financial Reporting Standards (IFRS), in Brazilian Reais (R$). Comparisons are with the first quarter of 2020 ("1Q20") or as indicated.

1Q21 HIGHLIGHTS

• 1Q21 net revenues of R$468.1 million, up 21.7% versus prior year period
• Revenues from Services broadly unchanged at
  R$59.7 million for 1Q21, compared to R$62.2 million in 1Q20, accounting for 12.7% of net revenue
• Adjusted EBITDA of R$42.3 million in 1Q21 was 5.1% lower vs 1Q20 reflecting supply chain conditions
• Net Profit of R$4.0 million in 1Q21, improved from Net Loss of R$107.3 million in 1Q20, owing to investment portfolio returns and favourable currency movements
• The technology trajectory of Metalfrio now benefits from two independent directors with leading experience in this area joining the Board

Commenting on the results, President & CEO Petros Diamantides said:

"Metalfrio has started the year strongly with record Q1 sales, through intensively pursuing existing sales routes and creating new opportunities, leveraging its market-leadingmulti-channel approach, diverse geographic footprint and fully integrated service and digital offering.

This successful market execution has led to a 21.7% increase in sales compared to the same period last year highlighting Metalfrio's ability to rapidly adjust to the improving market conditions. Our supply chain faced challenging conditions during the quarter as the commodity super cycle and logistics availability affected the global market. We have developed alternative supplier routes, intensified cost optimization programs and adjusted our commercial policies to reflect the emerging cost realities. Relief from previously adverse foreign exchange developments led to significant improvement in Net Profit for the quarter.

Our proven ability to rapidly adjust costs in this dynamic environment, especially selling & administrative which we kept broadly flat in absolute terms, has allowed us to benefit from the operating leverage that our strong sales increase, provides. Therefore, we are well-prepared in this environment, and confident in making further progress in the through the rest of the year.

Metalfrio is well-placed to benefit from the global economic recovery, and beyond, with its superior business model. We continue on our Technology trajectory with progress and prospects in assets365 and beyond. We are particularly encouraged by the appointment of two prominent tech- business leaders joining our Board of Directors providing new impetus in our journey towards our Digital Enterprise."

(R$ million)	1Q21	1Q20	% Var
Net Revenues	468.1	384.6	21.7
Gross Profit	69.5	74.9	(7.3)
Gross Margin	14.8%	19.5%
Adj. EBITDA	42.3	44.6	(5.1)
Adj. EBITDA Margin	9.0%	11.6%

First Quarter 2021 - May 11th, 2021 - Metalfrio

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First Quarter 2021 Results

May 12th, 2021

Business Update

We have started the year well prepared for the future

Last year demonstrated our resilience and the strength of our business model, enabling Metalfrio to deliver the highest adjusted EBITDA in its history, despite unprecedented global volatility. Both, the industrial growth in the Turkish plant which is becoming a more and more competitive facility and the strong evolution in the Brazilian service market, demonstrate our successful strategy enabling Metalfrio to continue growing and generating value.

The pandemic led to significant changes in consumption behaviour and relationship between our clients and their end customers resulting in new demands for increasingly technological and intelligent products and services. Investments in the acquisition of assets365 (a UK-based company focused on offering IoT services) and 3L which specializes in offering full-lifecycle equipment rental services, were key steps in a strategy that firmly established Metalfrio as a unique provider of complete solutions to its customers.

Strong fundamentals

Towards the end of 2020 key markets resumed equipment placement that together with increased exports to new markets in Middle East, Asia and Africa, where the pandemic has had less effect and the ongoing good conditions in future consumption channels, contributed to Metalfrio's good performance. This has continued into 2021, together with a stronger performance from our more established markets. Additionally, the Company's ability to respond and adapt rapidly to the dynamic environment has reinforced the strength of its close relationships with global and regional customers, suppliers and partners, underpinned by its market-leading range of multi-channel innovative solutions.

Innovation & multi-channel approach

Metalfrio's track record in delivering value-creating innovation throughout its range of branded coolers and freezers serving multi-channels and consumer categories has enabled the Company to address the rapid changes in consumer demand behaviour.

Geographic spread

With sales to over 100 countries, Metalfrio has the broadest geographic footprint amongst its peers, enabling it to meet the requirements of global food & beverage customers. This

diversity has ensured that it has been able to offset declines in some regions through tapping into pockets of demand in other markets.

Service & Full Service Rental

Life Cycle delivers an unrivalled after-sales solution to ensure optimal asset performance supported by national field service networks, well-established processes and management systems. The complementary 3L full-service rental creates a very powerful combination that is increasing our share of business fast as it presents a very attractive asset-light solution to existing customers but importantly also to new accounts though its flexibility to integrate a wide-range of equipment types.

Connectivity

Metalfrio's disruptive business model continues to evolve, now encompassing IoT technology (Connectivity), unique in the industry, where it is able to generate invaluable, data- driven insights in areas such as asset tracking, equipment health, environmental impact as well as consumer behavior trends uniquely integrated into its service infrastructure to deliver appropriate follow-up actions at the point-of-sale.

Outlook

Whilst in key geographies for Metalfrio like Turkey, we have seen a continuation of the previous quarter improved placement activity, elsewhere, the timing of equipment placement resumption lags behind with current efforts focused on preparations for the inevitable market opening. We continue to further diversify our customer base and our sales mix will benefit from the resumption of key account placement.

We are particularly excited by the growth opportunities of Lifecycle and initiatives such as our new investment in the Sao Paulo Refurbishment Centre will be a great driver. Our full rental service framework in 3L continues to grow both in magnitude and scope as its offering resonates well with the market. Metalfrio continues on its technology trajectory with progress and prospects in assets365 and beyond.

The supply chain challenges faced during the first quarter may subsequently decrease but nevertheless our mitigation plans for avoiding disruptions and cost escalation continue to evolve positively and together with the commercial policy adaptations will further reinforce Metalfrio's ability to meet these challenges should they ensue.

First Quarter 2021 - May 11th, 2021 - Metalfrio

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First Quarter 2021 Results

May 12th, 2021

Net Revenue

Consolidated Net Revenues increased 21.7% in the first quarter to R$468.1 million, setting a new record level for Metalfrio first quarter sales, benefitting from higher volumes, price adjustments and sales in hard currencies.

Services Revenues were broadly flat at R$59.7 million, representing almost 13% of consolidated revenues, against a challenging prior year comparable which had recorded an increase of almost 38%.

(R$ million)	1Q21	1Q20	% Var
South America	169.2	162.9	3.9
Central and North America	45.1	66.5	(32.1)
Europe, M. East and Africa	253.8	155.2	63.5
Total	468.1	384.6	21.7

South America

The gradual recovery that began at the end of the third quarter 2020 was maintained in the first quarter of 2021 with a 3.9% increase in sales versus the prior year comparable period. The quarter continued to see consistent market share gains in the middle-market commercial refrigeration segment, highlighting Metalfrio's multi-channel strength and ongoing success in further diversifying its customer base.

During 1Q21 Metalfrio concluded the transition of the Refurbishment Centre to the in-house facility and is now able to serve a much broader customer basis which is expected to contribute throughout the rest of the year.

Central & North America

The region saw a 32% decline in Revenues, continuing the challenging Covid-related conditions witnessed in Mexico for most of last year with restrictions in trade activity being maintained. The first quarter of 2021 which cycles an extraordinarily strong prior year comparable (which saw a rise of almost 72%), was impacted by the supply chain disruption caused by weather conditions in Texas

that led chemical suppliers declaring force majeure, resulting in the temporary shut-down of the Mexican Plant.

Services for the quarter declined in-line with segment revenues, affected by activity-based contracts related to the lower cooler orders and associated activities. As a percentage of revenues, services was slightly up to 11,8%.

Europe, Middle East and Africa (EMEA)

This region delivered a strong performance, with Revenues up 63.5% albeit versus a less challenging 1Q20 during which revenues were affected by the ramp-up period following a manufacturing line upgrade. Nevertheless, 1Q21 performance was led by strong demand in the domestic Turkish market, especially in the distributor channels and key account activity placement resumption across soft drink and beer segments, highlighting the breadth of our sales penetration throughout the industry.

Services revenues were up 23.4% highlighting the exciting prospects of our fully-integrated approach.

CAGR 11%

First Quarter 2021 - May 11th, 2021 - Metalfrio

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