Slides
Page 1
EARNINGS RESULTS 2nd QUARTER 2026 Cuidado e Be BIODERMA Eucerin FAL FARMA = I5DIN P bem é bom todos ! Free Cliente
Page 2
22Q26 MARKET SHARE GAINS, HIGHER LFL TRAFFIC, AND STABLE PROFITABILITY REINFORCE ASSAÍ'S RESILIENCE Leverage declines to 2.37x, reaching its lowest level since 3Q21 Gross Revenue : R$21.4 billion (+2.4%) Same - Store Sales: +0.9%, despite a challenging consumer environment¹ Same - Store Market Share²: +0.3 p.p. Customer Traffic: +3.4%, exceeding 40 million monthly customers Consumer Environment Consumer spending remained under pressure from higher interest payments, particularly among lower - income consumers. Macroeconomic Environment Persistently high interest rates and elevated household indebtedness continued to weigh on consumers' purchasing power. Consumer Dynamics Trade - down persisted as a hedge against inflation, helping preserve basket volumes. Current context • EBITDA Margin Pre - IFRS 16 5 : 5.6% ( - 0.1 p.p.) o Gross Margin (+0.4 p.p .): commercial strategy, operational maturation, and continued progress in higher value - added initiatives. o SG&A Expenses (+5.1%) : i n flation , higher store traffic, and investments in new growth avenues. Profitability • Recurring Pre - IFRS 16 Net Income R$ 344 M 3 (+94%) o Reported Pre - IFRS 16 Net Income 4 : R$ 537M Net Income • 12 months operating c ash g eneration : R$3.3 b illion • Net debt reduced by R$1.4 billion o ver the last 12 months • Leverage: 2.37x, down 0.80x vs. 2Q25 and 0.15x vs. 1Q26 • Total cash availability: R$7.0 billion • Discounted receivables were reduced by R$953 million vs 2Q25 Cash Generation and Leverage Sales 1) Excluding calendar effects.(2) Nielsen Retail Index – 2Q26 vs. 2Q25.(3) Net income including recurring PIS/COFINS tax credits, applying a 34.0% statutory tax rate.(4) Reported net income, including tax credits.(5) Earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted for other operating income and expenses.
Page 3
2Q25 2Q26 3,171 3,271 +3.2% GROSS PROFIT SG&A EXPENSES ADJUSTED EBITDA OPERATIONAL EVOLUTION SUSTAINS PROFITABILITY Stable profitability despite a challenging consumer environment R$ million; Pre-IFRS 16 2Q25 2Q26 2,124 2,233 +5.1% 2Q25 2Q26 1,079 1,071 -0.7% 32Q26(1) % Net Revenue R$ million; Pre-IFRS 16 R$ million; Pre-IFRS 16 Commercial strategy adapted to market conditions Operational maturation of stores and services Higher gross margin while maintaining competitiveness and gaining market share Investments in new growth avenues Stable margin Expenses reflect higher customer traffic combined with the trade - down trend 11.65% 11.18% Expenses over Net Revenue 17.06% 16.69% Gross Margin 1 5.59% 5.68% EBITDA Margin Pre - IFRS 16 1 ST effect - 0.26% ST effect +0.20% ST effect - 0.07%
Page 4
565 421 2Q25 2Q26 -25.5% NET FINANCIAL RESULT R$ million; Pre-IFRS 16 NET INCOME R$ Million; Pre-IFRS 16 LOWER FINANCIAL RESULTS AND 94% GROWTH IN RECURRING NET INCOME 42Q26 Lower average debt during the period Lower receivables discounting costs Monetary adjustment of tax credits Growth in recurring net income Positive impact from tax credits 177 344 537 2Q25 (Recurring) 2Q26 (Recurring) 2Q26 +93.6% Net Margin 1 2,20% 2,97% Financial Result over Net Revenue¹ 1,79% 0,93% 2,80% (1) % Net Revenue
Page 5
DELEVERAGING PROCESS DRIVEN BY NET DEBT REDUCTION Cash generation supports leverage reduction to 2.37x in 2Q26 LTM CASH GENERATION (R$ billion) 3.3 Capex + SLB - 0 .6 Free Cash Generation 2.7 Cost of Debt + Dividends - 2.3 Final Cash Generation 0 .4 1.0 1. 4 Normalization of Receivables Discounting Final Cash Generation + Receivables Discounting Adjustment Operating Cash Generation FINANCIAL LEVERAGE +79.1% - 2.15x Contractual Covenant : 3.0x Contractual Covenant Ratio in 2Q26 1 : 1.27x 2Q22 2Q23 2Q24 2Q25 2Q26 4.52x 4.25x 3.65x 3.17x 2.37x Net Debt + Discounted Receivables (2) / Adjusted EBITDA Pre-IFRS16 Net Debt + Discounted Receivables EBITDA 2 2Q22 2Q23 2Q24 2Q25 2Q26 2.9 3.0 3.8 4.3 5.2 13.2 12.8 14.0 13.8 12.4 52Q26 (1) Covenant leverage ratio: [Gross Debt ( -) Cash and Cash Equivalents ( -) Trade Receivables discounted net of a 1.5% haircut] / [Gr oss Profit (+) Logistics Depreciation ( -) SG&A]. (2) Adjusted for other operating income and expenses and excluding equity income from the last twelve months. Gross Debt 0. 4 15.7 16.2 2Q25 2Q26 Variation Adjusted Cash 1.0 3.4 2.4 Gross Cash 0.0 4.5 4.5 Discounted Receivables - 1.0 - 1.1 - 2. 1 Net Debt + Discounted Receivables 1 .4 12.4 13. 8 NET DEBT REDUCTION (R$ billion)
Page 6
CASH AVAILABILITY CASH AVAILABILITY REACHES R$7.0 BILLION IN 2Q26 (R$ billion) 62Q26 2Q25 3Q25 4Q25 1Q26 2Q26 5.8 6.0 8.7 7.5 7.02.8 2.4 2.1 1.4 2.5 2.0 1.6 4.5 1.3 3.7 0.7 3.2 3.3 1.1 2.6 Cash (Ex. Discounted Receivables) Discounted Receivables Receivables Not Discounted +R$ 1.2Bn (+20.9%) 4,5* 4,5* 5,9* 4,4* 4,4* (*) Considering undiscounted receivables with D+1 liquidity.
Page 7
SUSTAINABILITY EARNINGS RELEASE 2Q26
Page 8
82Q26 ESG PROGRESS Committed to sustainable growth, creating value for society and the environment ETHICAL AND TRANSPARENT MANAGEMENT Consecutive Year in the B3 ISE 4th Position in the ranking and the only food retailer included Improved EFFICIENT OPERATIONS Waste Reused 47% Increase in the Number of Stores with Composting +60.5% Increase in the Number of Water- Efficient Stores +37% 5th Consecutive Year with the GHG Protocol Gold Seal Instituto Assaí 2025 Annual Report results of the first three-year cycle (2023–2025) and the progress of the Company's social investment initiatives. of Leadership Positions Held by Women 26,8% of Employees Aged 50+ 15,5% of employees who are migrants or refugees 1,6% of Leadership Positions Held by Black Professionals 44,2% PEOPLE AND COMMUNITIES of employees with disabilities (PwD) 5,4% of young apprentices 5,0%
Page 9
GROWTH AVENUES EARNINGS RELEASE 2Q26
Page 10
EVOLUTION OF THE BUSINESS MODEL Growing customer traffic (40 million/month) driving higher share of wallet 102Q26 New initiatives that generate value , strengthen our ecosystem, and deepen our connection with customers EV CHARGING STATIONS ~20 million vehicles / month Up to 50% savings on EV charging Integrated digital platform CRM and loyalty program IN & OUT Highly attractive products at competitive prices Seasonal product calendar TV bundles and football - related products WELLNESS Expansion of the supplements category 93 300 stores By the end of 3Q26 Whey Protein, Creatine , and Pre - workout PRIVATE LABEL Launch of ~30 “Private Label ” products Capturing consumption trends while preserving profitability New products added to the assortment every week. FINANCIAL SERVICES Evaluating strategic partners & new products Assaí Pay pilot project underway in 30 stores. ~55% are new Assaí customers ASSAÍ DIGITAL +237% in sales via Last Mile 104 stores operating via iFood 16 million Meu Assaí app users Ongoing Initiatives In Progress / Under Evaluation
Page 11
Assaí Farma 112Q26 New milestone in the evolution of our business model: First in the sector , launched just 4 months after the legislation ² was approved. In July, we opened the first Assaí Farma store , further strengthening our business model and launching our proprietary e - commerce platform. 2 Stores in operation¹ 25 Stores by the end of 2026 250 Potential locations in the long term Complete assortment of medications , including prescription (e.g., GLP - 1) and controlled drugs, as well as dermocosmetics , vitamins, supplements, personal care, and beauty products. Will be fully integrated with the Meu Assaí app. OUR EXPANSION A complete pharmacy (1) As of August 6, 2026 (2) Legislation 15.357/2026 Convenience s hop online and pick up in store Trust backed by an established brand in Brazilian retail Care focused on customers' health and well - being
Page 12
Q & A Para fazer perguntas, clique no ícone Q&A na parte inferior da tela . Escreva seu NOME , EMPRESA e IDIOMA da pergunta a ser feita . Quando seu nome for anunciado, uma solicitação para ativar seu microfone aparecerá na tela ; ative - o para fazer suas perguntas . Orientamos que todas as perguntas sejam feitas de uma só vez . To ask questions, please click on the Q&A icon at the bottom of the screen Write your NAME, COMPANY and LANGUAGE of the question . When your name is 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 request that you ask all of your questions at once . Chat Q & A Interpretation 1212
Page 13
THANK YOU Investor Relations Team ri.assai@assai.com.br / ri.assai.com.br