Slides
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1 EARNINGS RESULTS 3 rd QUARTER 2025 November 7 TH , 2025
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B2C: Stable sales and behavior • Attractiveness of the model • Stable Flow • Maintaining the trade down level B2B: Volume reduction • Flow maintenance • Average ticket price drop • Market Performance | Supermarkets (1) that serve: o Classes C, D, and E ( - 8.3%) o Classes A and B (+2.7%) PROFITABILITY EVOLUTION: MARGIN IMPROVEMENT AND EXPENSE CONTROL Strong cash generation results in the lowest leverage level since 2021 • Same - store sales in the four - month period (July 2025 to October 2025) were 1.3%, maintaining market share. • Pre - IFRS16: 5.7% (+0.2 p.p.) • Gross Margin: Store maturation and efficient commercial strategy • Expenses: disciplined expense control and growth below inflation • Final Cash Generation (LTM): +R$ 909M o Slower pace of expansion and EBITDA growth • Leverage: 3.03x, a reduction of - 0.49x vs. 3Q24 o - R$ 0.5 billion in net debt o +R$ 0.5 billion in EBITDA Pre - IFRS16 LTM EBITDA Margin 2 Net profit Cash Generation and Leverage • Pre - IFRS16: R$ 195M and Net Mg: 1.0% • Post - IFRS16: R$ 152M and Liquid Mg: 0.8% Consumer Scenario Sales 3Q25 (1) Nielsen Homescan - 3Q25 vs 3Q24
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% of Net Revenue 3Q24 3Q25 3,045 3,174 +4.2% • Maturation of new stores and continuous evolution of the business model • Efficient price and assortment management OPERATIONAL EFFICIENCY SUPPORTS PROFITABILITY EXPANSION Efficient commercial strategy and focus on expense control Gross Margin (1) 16.4% 16.7% 3Q24 3Q25 2,050 2,123 +3.6% 11.0% 11.2% • Efficiency in cost control • Growth below inflation GROSS PROFIT SG&A 3 3Q24 3Q25 1,021 1,082 +6.0% Million; Pre-IFRS 16 Million; Pre-IFRS 16 EBITDA Million; Pre-IFRS 16 (1) % of Net Revenue Mg. EBITDA Pre - IFRS16 (1) 5.5% 5.7% Mg. EBITDA Post - IFRS16 (1) 7.3% 7.6%
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Título Subtítulo Cash Generation Net Debt (1) Sep/24 13.9 Operational Cash Generation 4.2 Capex - 1.1 Free Cash Flow 3.1 Cost of Debt + Dividends - 2.2 Final Cash Generation 0.9 Receivables Anticipation - 0.4 Net Debt (1) Sep/25 13.4 STRONG CASH GENERATION DRIVES REDUCTION IN NET DEBT (1) Net Debt + Discounted Receivables (R$ 2.0 billion as of 09/30/2025 and R$ 1.5 billion as of 09/30/2024). Between 4Q21 and 4Q24, the Net Debt + Discounted Receivables indicator included the outstanding balance related to the acquisition of hypermarkets. The payment for the hypermarket acquisition was completed in 1Q24. Reduction in Net Debt Gross Debt - 0.5 15.9 16.4 3Q24 3Q25 Variation Adjusted Cash - 2.5 2.5 Gross Cash 0.5 4.5 4.0 Discounted Receivables - 0.5 - 2.0 - 1,5 Net Debt (1) - 0.5 13.4 13.9 EBITDA (3) Unscaled chart ~2.60x Leverage (R$ Billion) (2) Contractual Ratios: [Gross Debt (–) Cash (–) Accounts receivable with 1.5% discount] / [Gross Profit (+) Logistics Depreciation (–) SG&A] (3) Adjusted for the result of other operating revenues and expenses and excluding equity Income for the last 12 months Leverage falls to 3.03x, the lowest level in four years (R$ Billion) (R$ Billion) 4 Contractual covenant : 3.0x Contractual covenant ratio in 3Q25 (2) : 1.66x 96% EBITDA conversion to cash - 1.64x 2.8 3.2 3.9 4.4 +57% 3Q22 4.44x 3Q23 3.52x 3Q24 3Q25 13.1 14.1 13.9 13.4 Net Debt + Discounted Receivables (1) / Adjusted EBITDA Pre - IFRS16 Net Debt + Discounted Receivables (1) 4.67x 3.03x 4Q25E
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RESILIENT PROFIT EVEN IN A HIGH INTEREST RATE ENVIRONMENT Store maturation and strict expense control reduce the impact of high interest rates 5 490 604 3Q24 3Q25 +23.3% 198 195 3Q24 3Q25 - 1.5% FINANCIAL RESULT NET INCOME Million; Pre-IFRS 16 Million; Pre-IFRS 16 Financial Result (1) - 2.6% - 3.2% Net Margin (1) 1.1% 1.0% (1) % of Net Revenue • High interest rates o Higher yield on financial investment o Increase in the debt burden line • Operational efficiency and expense control even with rising interest rates
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Título Subtítulo CONTINUED OPTIMIZATION OF THE DEBT PROFILE Extension of maturity and reduction of average cost 2025 2026 2027 2028 2029 2030 2031 0.0 1.2 2.4 6.2 5.3 0.2 0.2 PAYMENT FLOW Average term : 38 months Average cost: CDI + 1.28% p.y . (R$ Billion) OPERATIONS R$ 6,6 billion in new fundraising R$ 3,6 billion prepayment of debts due in 2025 and 2026 2024 2Q25 13 th Debenture Issuance R$ 1.5 billion , CDI + 1.20% Prepayment of R$2 billion (CDI+1.75%) due in 2026 and 2027 3Q25 CPR loan in BRL R$ 450M, CDI + 0.95% Prepayment of R$ 500M (CDI+0.93%) due in 2025 6 Only principal amount
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Efficient operations Ethical and transparent management People and community development SUSTAINABLE PROGRESS WITH A FOCUS ON EFFICIENCY AND INCLUSION 7 • Definition of a target to achieve zero landfill in all operations by 2035 , as part of our climate change strategy: • Reuse of 45.5% of the waste produced by the Company (+2.7 p.p. vs. 3Q24), as a result of: o Increase in tons sent for composting (+143.42% vs. 3Q24) o Increase in stores participating in the “Destino Certo” Program (294 stores, +11.36% vs. 3Q24) • Recognition in the ESG Integrity Yearbook: 1 st place in food retail, 3 rd in overall retail trade, and 43 rd in the general ranking • 45.7% Black people in leadership positions (+2.6 p.p.) • 25.3% Women in leadership positions (+0.2 p.p.) • +1,145 Migrant and refugee employees o Support for the “Run Against Hunger” with 3 tons of food donated o + 70 employees' volunteers in social actions in Brasília, São Paulo, and Belém • Assaí Academy 8 th edition of the award o 2,100 food entrepreneurs received financial support and technical training
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InfoMoney : The most valuable food retail brand in Brazil, valued at R$ 12.2 billion, occupying 1st place in the ranking. Ibevar - FIA: Ranked 1st among the most admired by consumers and highlighted among the most efficient retailers in its operation. Folha Top of Mind: 4th consecutive year as the most remembered brand in the supermarket and wholesale sectors. Latin America Executive Team – Extel : 3rd most awarded company, with recognition as Most Honored Company Overall. Veja Negócios: Ranked 1st in retail by net revenue in 2024. Companies that Communicate Best with Journalists: 3rd consecutive year of outstanding performance in the wholesale sector. Idiversa B3: 3rd consecutive year in the diversity and leadership index. AWARDS AND RECOGNITION 8
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PILLARS OF EXPANSION AND VALUE CREATION Most valuable brand in the sector in the country: R$ 12 billion ~40M customers per month +60% penetration in households in Greater São Paulo Largest and most present Brazilian company in the food retail sector Private Label Financial Services Digital World Health 9 Avenues of Growth Leadership in the Sector
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Chat Q & A Interpretation Para fazer perguntas, clique no ícone Q&A na parte inferior da tela . Escreva seu NOME , EMPRESA e IDIOMA da pergunta a ser feita . Ao ser anunciado, uma solicitação para ativar seu microfone aparecerá na tela e, então, você deve ativar o seu microfone para fazer perguntas . Orientamos que as perguntas sejam feitas todas de uma única vez . To ask questions, please click on the Q&A icon on the bottom of the screen Write your NAME, COMPANY and LANGUAGE of the question . If announced, a request to activate your microphone will show up on your screen, then, you should enable your audio to ask your question . We kindly ask you to make all questions at once . Q & A
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THANK YOU Investor Relations Team ri.assai@assai.com.br / ri.assai.com.br