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EARNINGS RESULTS 4 TH QUARTER 2025 FEBRUARY 12 TH , 2026
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Free Cash Generation of R$2.8 billion and leverage of 2.56x (vs guidance of 2.60x) Gross profit optimization, focus on expense control, and financial discipline • Free Cash Generation: R$ 2.8 billion • 84% EBITDA to cash conversion • 2.56x, below guidance (2.60x) • Reduction in Net Debt: R$1.2 billion • R$84.7 billion (+5.2%) • SSS excl. Calendar effect: +2.6% • +10 new stores, 312 in operation • Pre - IFRS 16 EBITDA: R$4.5 bi | Margin 5.8% (+0.2 p.p .) • Net Income (1) • Pre - IFRS 16: R$847 M • Post - IFRS 16: R$645 M • R$ 22.8 billion (+3.4%) • SSS excl. Calendar effect: +0.9% • Volume and market share gains with stable customer flow • Unusual movement of simultaneous deflation in several commodities • Rice: - 37%; Milk : - 16%; Sugar: - 11%; Beans: - 10% • “K effect” impact • Pre - IFRS 16 EBITDA: R$1.3 bi | Margin 6.3% • Net Income (1) • Pre - IFRS 16: R$347 M • Post - IFRS 16: R$278 M 2025 (1) Net income for the period, excluding impacts from FIC's impairment provision (recognized in the line of other operating expen ses ) and tax credits in the income tax line Cash and Leverage Sales Profitability Sales Profitability 4Q25 2 Gross Profit and SG&A • Expansion of gross mg (16.8%, +0.3p.p.): commercial execution and store maturity • Increased SG&A (11.2%; - 0.2p.p.) : linked to the projects of the new growth avenues and operational efficiency
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3 Leverage below guidance and at the lowest level since 2021 Commitment to consistent cash generation Cash Generation Net Debt (1) 2024 12.5 Operating Cash Generation 3.7 Capex - 0.9 Free Cash Generation 2.8 Cost of Debt + Dividends - 2.3 Final Cash Generation 0.6 Anticipation of receivables - 0.0 Net Debt (1) 2025 11.3 Reduction of Net Debt Gross Debt - 0.3 16.2 15.8 4Q25 4Q24 Variation Adjusted Cash 1.9 2.6 4.5 Gross Cash 0.2 5.6 5.8 Receivables Discounted - 0.6 - 2.0 - 1.3 Net Debt (1) - 1.2 12.5 11.3 Net Debt + Discounted Receivables (2) / Pre IFRS16 Adjusted EBITDA Leverage (R$ Billion ) (R$ Billions ) (1) Net Debt + Discounted Receivables (R$1.3 billion on 12/31/2025 and R$2.0 billion on 12/31/2024 ). • Postponement of new stores • New Guidance: 5 new stores in 2026 • Maintenance of estimated Capex of R$ 700 M • Potential portfolio reviews and asset monetizations via SLB 3,85x 4,37x 3,80x 3,04x 2,56x 4Q21 4Q22 4Q23 4Q24 4Q25 - 1.29x Contractual Covenants : 3.0x Contractual Covenants Ratio in 4Q25 (1) : 1.19x Financial Discipline (1 ) Between 4Q21 and 4Q24, the Net Debt + Discounted Receivables indicator included the balance payable from the acquisition of h ype rmarkets. The payment for the acquisition of a hypermarket was finalized in the 1Q24 (2) Contractual Ratios: [Gross Debt ( - ) Cash ( - ) Accounts Receivable at a Discount of 1.5%] / [Gross Profit (+) Logistics Depreciati on ( - ) SG&A]
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Strengthening the value proposition to better serve customers Assaí continues to evolve the model to capture market trends Health & Wellness IN & OUT Private Label Financial Services Assaí Digital Butcher shop + cold cuts emporium = 5% of Assaí's total sales (1) Nielsen Assortment Adaptation Growth Avenues Assaí is the largest seller of proteins in South America (1) 4
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Greater convenience for Assaí customers Assaí Digital: new partnership with Mercado Livre and expansion of last - mile Assaí Digital • Assaí's debut in the marketplace through the fulfillment model • Non - perishable categories of high recurrence • Expected start of sales: 2Q26 • Expanding the partnership with iFood • From 56 to 100 stores in 1Q26 • + 3% additional sales in active stores 16 million registrations 61% higher frequency Average spend 40% higher 52% identified sales New Partnership : Mercado Livre Last Mile Partnerships App Meu Assaí 5
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Opportunity Items IN & OUT Leverage the flow of 40 million monthly customers to increase share of wallet In & Out: Launch of around 30 categories in 2026 6 Limited Time Offers Unbeatable prices
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Private Label strengthens positioning with customers and industry Developing more cost - effective products Private Label Products offering similar quality to leading brands with lower prices Margin Improvement Launch in 1Q26 in São Paulo ~200 SKUs in high - penetration products by the end of 2026 Focus on the Chef and Assaí brands 7
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• Pilot with 25 stores in 2H26 • Strategic in - store location Assaí Farma Health & Wellness (“Mundo Saúde”) benefits from Assaí's strategic position Leverage the flow of 40 million monthly customers to increase share of wallet Health & Wellness • Greater focus and the creation of a dedicated in - store space for supplements (creatine, pre - workout, whey protein, high - protein dairy drinks, protein bars) • First phase in 93 stores • Beginning in 1Q26 Daily Energy & Supplements New category 8
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Financial Services – FIC transaction Flexibility to expand financial services ecosystem Creation of FIC - Joint venture GPA and Itaú 2004 GPA vs Assaí spin - off 2020 Launch of the Passaí Card 2017 Spin - off of FIC (exit GPA and Casas Bahia) 2025 Approval of the Spin - off by the Central Bank 2026 New Financial Solutions : Private Label Card; Insurance ; Assists ; Consortium; Digital Solutions ; POS machines Termination of partnership with FIC (Exit of Assaí) 2028 Assaí is free to launch a new card Co - branded Exclusivity in the offer of services by FIC Passaí Card as the only product 9
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Expanding the financial services ecosystem Greater adherence to the Company's public Financial Services Private Label Card Insurance Assists Consortium Digital Solutions Business (B2B) Account New Financial Solutions After approval by the Central Bank, Assaí can immediately explore new products POS machines Pilot in progress Roll out during 2026 Assaí Pay 10
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Initiatives aimed at operational efficiency and greater value creation Use of technological tools with embedded AI and automated solutions Remote Supervisor • Remote call center • Greater agility in service • 2’30’’ → 22’’ Security • Use of electronic security perimeter • Review of contracts and greater efficiency in service Marketing • Optimization of Marketing Investments • Use of AI in Creating Promotional Videos • 24 hours → 2 minutes Purchasing, Supply and Pricing Management • Recommendation by product in store • Regionalized strategy • Support for trade negotiation Receipt of Goods • Regionalized invoice processing centers • Pilot in 14 stores • Reduction of invoice processing lead time 11 Restructuring • Corporate restructuring , simplifying structures
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ESG Advances We promote prosperity and achieve important recognitions 12 Efficient Operations : • 46% waste reuse (+2.8p.p.) • 93 stores with solar energy self - production Ethical and Transparent Management • Evolution of the CDP (1) rating from B to A - • B3: among the 30 most sustainable companies in the Brazil Development of People and Communities : • 45.0% of black people in leadership (managers and above ) • 25.9% of women in leadership (+0.2 p.p.) • 1.5% of migrant and refugee employees (+0.4 p.p.) Instituto Assaí • Record 6 million meals donated • 700 tons of food collected by customers Consumidor Moderno • For the 6th time elected as the company that most respects the consumer Elite InfoMoney: • Among the fastest - growing publicly traded companies • The only food retailer in the ranking Popai Brasil: • 9 recognitions in trade marketing and retail initiatives Prêmio Valoriza • Listed among the 15 companies that generated the most wealth for society in 2025 Awards and Recognitions (1) Environmental performance ranking
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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