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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.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.
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