Sendas Distribuidora
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Sendas Distribuidora (ASAI3) investor relations material

Sendas Distribuidora Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary12 Feb, 2026

Executive summary

  • Sales reached R$84.7 billion in 2025, up 5.2% year-over-year, with 10 new stores opened, totaling 312 in operation.

  • Free cash flow totaled R$2.8 billion, with 84% EBITDA conversion to cash and leverage reduced to 2.56x, the lowest since 2021 and below guidance.

  • EBITDA margin improved to 5.8%, with pre-IFRS net income of R$847 million, impacted by a R$521 million non-cash impairment from the FIC split.

  • Focused on operational discipline, expense control, and financial discipline, supporting profitability and market share gains.

  • Strategic initiatives for 2026 include selective growth, digital expansion, private label, health and wellness, and continued deleveraging.

Financial highlights

  • Adjusted EBITDA (Pre-IFRS16) for 2025 was R$4.5 billion (+7.5% YoY), with a margin of 5.8% (+0.2 p.p.).

  • Net debt reduced by R$1.2 billion year-over-year.

  • Gross margin expanded to 16.8% (+0.3p.p.), driven by commercial execution and store maturity.

  • Same-store sales grew 2.6% year-over-year, with volume and market share gains despite commodity deflation.

  • Net financial result was a loss of R$2.3 billion in 2025, mainly due to high interest rates.

Outlook and guidance

  • 2026 guidance includes opening five new stores, with estimated Capex of R$700 million, prioritizing deleveraging and capital structure improvement.

  • Focus on asset monetization, operational efficiency, and expansion of digital, private label, and financial services.

  • Launch of 25 pilot pharmacy units and continued review of store portfolio for optimization.

2026 capital allocation for deleveraging
Expected impact of new growth avenues on revenue
Drivers of margin expansion amid commodity deflation
What margin impact from new growth initiatives?
What drives CapEx despite fewer new stores?
What is the expected contribution of new financial services?
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Q1 20268 May, 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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