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Sendas Distribuidora (ASAI3) investor relations material
Sendas Distribuidora Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Maintained a strong deleveraging trajectory, achieving the lowest debt-to-EBITDA ratio since 2021, with leverage at 3.03x and net debt reduced by R$0.5 billion, despite high interest rates and a challenging macroeconomic environment.
Revenue grew 2.7% year-over-year in 3Q25 to R$20.8 billion, with same-store sales up 1.3% for July–October and 5.2% in October alone.
EBITDA margin (pre-IFRS 16) improved by 0.2 p.p. to 5.7%, driven by operational efficiency, expense control, and store maturation.
Net income (pre-IFRS 16) was R$195 million, with a net margin of 1.0%–1.1%, supported by disciplined expense control.
Free cash flow reached R$3.1 billion in the last 12 months, reversing a negative result from the prior year.
Financial highlights
Gross profit rose 4.2% year-over-year to R$3.2 billion, with gross margin up to 16.7%.
Adjusted EBITDA (pre-IFRS 16) increased 6.0% to R$1.1 billion, margin at 5.7%.
Operational cash generation reached BRL 4.2 billion in the last 12 months, with 96% EBITDA conversion.
CapEx for the last 12 months was BRL 1.1 billion, with investments in 3Q25 totaling R$222 million.
Cash and cash equivalents totaled R$6.0 billion at quarter-end, up 2.4% year-over-year.
Outlook and guidance
Guidance for the next quarter maintained, with expectations of continued deleveraging and strong cash generation.
Leverage projected to decrease further to approximately 2.6x by year-end 2025.
CapEx for 2024 expected to be below BRL 1.2 billion, with a further reduction to BRL 700 million in 2025.
Expansion plan on track with 10 new stores targeted for 2025; 3 stores already opened by October.
No need for new cash or refinancing in 2025-2027; maturities concentrated in 2028-2030, with plans for prepayment to smooth out future obligations.
How to address B2B average ticket decline?
What drives 2025 year-end leverage projection?
Converted stores: 2023 cohort maturation outlook?
Given high rates, will CapEx cuts accelerate deleveraging?
How will Assai address CDE class volume retraction?
What levers sustain gross margin beyond B2B mix?
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Next Sendas Distribuidora earnings date
Q4 202519 Feb, 2026
Next Sendas Distribuidora earnings date
Q4 202519 Feb, 2026
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Frequently asked questions
Sendas Distribuidora S.A., operating under the brand name Assai Atacadista, is a Brazil-based company active in the food distribution sector. The company's business operations are strategically segmented into Cash & Carry and Retail. The Cash & Carry segment caters to wholesale customers by providing a wide range of food, bazaar items, and other products through self-service stores across Brazil under the Assai brand. On the other hand, the Retail segment encompasses the operations of hypermarkets, supermarkets, and convenience shops. The company is headquartered in Rio de Janeiro, Brazil, and its shares are listed on the New York Stock Exchange.
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