Companhia Brasileira de Distribuicao (PCAR3) investor relations material

Executive summary

• Priorities centered on restoring profitability, reducing costs and legacy liabilities, simplifying operations, recovering sales and generating cash.

• Adjusted EBITDA rose 16.9% YoY to R$482 million, with margin expanding 2.7 p.p. to 11.7%, despite lower sales.

• Gross revenue declined 6.5% YoY; October judicial approval of the restructuring plan materially improved the pro forma debt profile.

Financial highlights

• Gross revenue fell 6.5% YoY to R$4.595 billion; net revenue declined 9.6% to R$4.119 billion.

• Gross profit increased 0.4% to R$1.264 billion; gross margin expanded 3.1 p.p. to 30.7%.

• SG&A declined 7.8% to R$821 million; EBIT rose to R$169 million from R$47 million in 3Q25.

• Continuing-operations net loss was R$220 million; excluding the R$418 million 3Q25 tax credit, the loss improved 20.3% YoY.

• 9M26 adjusted EBITDA rose 12.0% to R$1.389 billion; recurring net loss was R$759 million, down 10.8% YoY.

Outlook and guidance

• 9M26 efficiency gains reached R$365 million, 88% of the R$415 million FY26 expense-reduction target.

• FY26 CAPEX guidance is R$300–350 million; 9M26 investment was R$226 million, down 56% YoY and 65% of guidance.

• Restructuring terms are expected to extend average debt maturity from 2.1 to 6.4 years, reduce payments through 2028 from R$5.2 billion to ~R$400 million, and lower debt cost from CDI + 1.8% to CDI + 0.5%.

• Priorities include supplier normalization, product availability, sales recovery, liquidity and cash generation ahead of peak season.

• Distribution-center area is planned to decline ~50% by 2028 through logistics redesign.