Sendas Distribuidora (ASAI3) Q3 2026 earnings summary

Executive summary

• 3Q26 gross revenue rose 2.7% YoY to R$21.325bn; same-store sales increased 0.1%, customer traffic rose 2.1%, and monthly visits exceeded 40mn.

• Adjusted EBITDA was R$1.081bn with a stable 5.7% margin; recurring net income was R$248mn and reported net income was R$427mn.

• Leverage fell to 2.15x from 3.03x in 3Q25, supported by cash generation and lower discounted receivables.

Financial highlights

• Net revenue rose 0.2% YoY to R$19.0bn; gross profit was R$3.266bn, up 2.9%, and gross margin increased 0.45 p.p. to 17.2%.

• Adjusted EBITDA was R$1.081bn, down 0.1% YoY, with margin flat at 5.7%; pre-IFRS 16 EBIT rose 46.2% to R$1.165bn.

• Reported net income rose 119% to R$427mn; recurring net income increased 55.2% to R$248mn, excluding R$179mn of prior-period tax credits.

• Net financial result improved to an expense of R$551mn from R$604mn; discounted-receivables costs fell 61% YoY to R$23mn.

• 9M26 gross revenue rose 2.3% to R$63.3bn; adjusted EBITDA was R$3.177bn and recurring net income increased 56.2% to R$780mn.

Outlook and guidance

• October same-store sales rose 3.9% after five quarters near zero growth; management said more months were needed to assess whether the improvement would persist.

• FY26 store-opening guidance was cut from 10 to 5, with R$700mn of planned investment as leverage reduction remained a priority.

• Pharmacy plans include 25 units in 2026 and a longer-term target of 250; 11 São Paulo pharmacies were operating in 3Q26.

• Operations at 18 acquired fuel stations are expected to begin in August 2027; an own-operation model and EV charging are also planned.

• Private-label assortment was expected to reach 250 SKUs by December; Assaí Pets was planned for 4Q26.