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EARNINGS P R E S E N T A T I O N FEBRUARY 25th, 2026 4Q25 1 1
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Statements contained in this release regarding the Company's business outlook, projections of operating / financial profit and loss, the Company's growth potential, and related to market and macroeconomic estimates constitute mere forecasts and were based on the beliefs, intentions, and expectations of the Management regarding the future of the Company. These estimates are highly dependent on changes in the market, the general economic performance of Brazil, the industry, and international markets and, therefore, are subject to change. DISCLAIMER 2
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CEO MESSAGE • One of the most recognized brands in retail • Unique positioning in key markets, with over 60% of revenue concentrated in the premium market • More than 5 million active customers in the loyalty program • GPA leads the segment in gross margin(1) (27.6% in 2025) • 2026 Efficiency Plan: reduction of CAPEX and operating expenses • Sale of the stake in FIC and new partnerships to explore financial services • Reduction of liabilities related to discontinued operations • Rollover of short-term financial debt • Continued operational improvements and consistent sales growth • Gradual expansion of profitability • Ongoing improvement in cash generation • Reduction of financial leverage (1) Considering the universe of publicly traded companies in the food retail segment Unique Asset Long-Term Objectives Short-Term Opportunities and Challenges
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(1) No significant adjustment was made for calendar effects in the comparison between 3Q25 and 3Q24; (2) Source Nielsen and considers total sales in the premium universe across all cities where the Pão de Açúcar banner operates; (3) Source Varejo 360 and considers the top 20% highest-spending customers of the Pão de Açúcar banner; and (4) Source Nielsen and considers the universe of small supermarkets up to 1,000 square meters. 4Q25 RESULTS HIGHLIGHTS Consistent and resilient progress in same-store sales (SSS)(1) • Pão de Açúcar grew 1.8% in SSS, with an increase in loyal customers and market share in the premium segment • Extra Mercado advanced 4.0% in SSS, capturing gains from the improvements implemented • Proximity format grew 11.5% in total sales, with acceleration in SSS Market share gains in the premium and proximity segments • 0.5 p.p. market share increase in the premium segment(2) in 2025 • Share of Wallet(3) among Premium customers increased by 1.5 p.p. • 1.7 p.p. increase in market share of the proximity format(4) Consolidation of leadership in food e-commerce • E-commerce sales increased 6.6%, with a higher share of total sales reaching 12.6% • In 2025, e-commerce sales reached R$ 2.5 billion, representing 12.1% growth • In 2026, focus on improving service levels and increasing profitability. Sales E-commerce Market Share 4
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Expansion of gross margin and EBITDA margin, driven by commercial initiatives and the ongoing capture of cost and expense efficiencies • Gross Margin reached 27.7%, and advances 0.5 p.p. • Adjusted EBITDA Margin increased to 10.0%, with a gain of 0.4 p.p. • 2026 Efficiency Plan targeting at least R$ 415 million in cost and operating expense savings GROSS PROFIT (R$ million) AND MARGIN (%) CONSOLIDATED ADJUSTED EBITDA(1) (R$ million) AND MARGIN (%) (1) Operating income before interest, taxes, depreciation and amortization adjusted by other Operating Income and Expenses. 5 Profitability 4Q25 RESULTS HIGHLIGHTS 25.7% 1Q23 1,151 26.3% 2Q23 1,161 26.6% 3Q23 1,317 27.0% 4Q23 1,245 27.2% 1Q24 1,265 28.2% 2Q24 1,107 27.7% 3Q24 1,417 27.2% 4Q24 1,315 27.6% 1Q25 1,280 27.4% 2Q25 1,259 27.6% 1,028 1,415 27.7% 4Q25 23.8% 1,244 3Q22 22.6% 4Q22 1,068 3Q25 +0.5 p.p. -0.2% Gross Profit (R$ million) Gross Margin (%) 252 5.8% 3Q22 291 5.9% 4Q22 263 6.3% 1Q23 294 6.7% 2Q23 326 7.4% 3Q23 397 8.1% 4Q23 372 8.1% 498 9.5% 4Q24 409 8.6% 1Q25 420 9.0% 2Q251Q24 9.1% 3Q25 510 10.0% 4Q25 396 8.8% 2Q24 399 8.9% 3Q24 412 +0.4 p.p. +2.5% Adjusted EBITDA (R$ million) Margin (%)
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NET LOSS (R$ million) CONTINUED OPERATIONS 6 Profitability 4Q25 RESULTS HIGHLIGHTS -737 -523 -175 Net Loss 4Q24 Net Loss 4Q25 527 Impairment (FIC) -179 Deferred Tax Asset (FIC) Adjusted Net Loss 4Q25 -29,0% -76,2% Adjusted Net Loss from Continued Operations reaches R$ (175) million, a 76,2% reduction • Net Loss from Continued Operations decreased 29,0% compared to 4Q24 • Excluding the non-recurring and non-cash impact of the impairment associated with the sale of the stake in FIC, Adjusted Net Los s from Continued Operations declined 76.2%
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Operating Free Cash Flow accelerates, and CAPEX enters a downward trajectory • In 2025, Operating Free Cash Flow reached R$ 669 million, 2.6x higher than the previous period • CAPEX decreased 35% in the quarter, reflecting investment optimization and the discontinuation of expansion. In 2026, the red uction is expected to intensify, with committed CAPEX between R$ 300 million and R$ 350 million Cash Generation 7 LTM 4Q25 LTM 4Q24 Δ R$ Adjusted EBITDA Consolidated pre-IFRS16(1) 848 811 36 Equity Income (60) (64) 5 Income Tax (5) (2) (3) Working Capital of Goods Variation 230 109 121 Other Operating Asset and Liabilities Variation 268 76 192 Operating Cash Flow 1,282 930 352 Capex Adjusted by BTS(2) (612) (674) 62 Operating Free Cash Flow 669 256 413 Other Operating Income and Expenses (549) (702) 153 Dividends Received 17 124 (107) Sale of Assets(3) 96 1,828 (1,732) Cash Flow after Sale of Assets 234 1,506 (1,272) Net Financial Cost(4) (920) (595) (325) Net Debt Variation (686) 911 (1,597) 4Q25 RESULTS HIGHLIGHTS (1) it considers EBITDA adjusted by Other Operating Income and Expenses, including the result of Equity Income and rental costs and expenses, (2) net from the financing of built to suit (BTS) format to the new stores of Pão de Açúcar; (3) it includes revenues from the sale of assets and strategic projects, as well as the result from the public offering conducted in March 2024; (4) It includes interest of gross debt, cash profitability, cost with banks guarantees and cost with discount of receivables
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Net Debt 4Q24 pre-IFRS 16 1.391 On Balance Credit Card Receivables non-discounted (88) Net Debt incl. Credit Card Receivables non-discounted 1,303 Adjusted EBITDA LTM pre-IFRS 16 811 Net Debt pre-IFRS 16 / Adjusted EBITDA LTM pre-IFRS 16 1.6x Net Debt 4Q25 pre-IFRS 16 2,077 On Balance Credit Card Receivables non-discounted (44) Net Debt incl. Credit Card Receivables non-discounted 2,033 Adjusted EBITDA LTM pre-IFRS 16 848 Net Debt pre-IFRS 16 / Adjusted EBITDA LTM pre-IFRS 16 2.4x 8 Advances in Cash Flow • In 2025, Operating Free Cash Flow reached R$ 669 million, 2.6x higher than the previous period • CAPEX decreased 35% in the quarter, reflecting investment optimization and the discontinuation of expansion. In 2026, the red uction is expected to intensify, with committed CAPEX between R$ 300 million and R$ 350 million Cash Generation 4Q25 RESULTS HIGHLIGHTS (1) Net Debt = Bank Gross Debt minus Cash and Equivalents. Leverage calculation considers Adjusted EBITDA pre-IFRS-16 of the last 12 months; (2) Managerial operational Cash Flow after capex; (3) Net from financing in built to suit (BTS) format for new Pão de Açúcar stores; (4) It Includes income of non-core assets sales; (5) It Includes interest of gross debt, cash profitability and other financial costs Operating Cash Flow(2) R$ 1.3 billion 783 230 268 612 549 920 Net Debt 4Q24 Adjusted EBITDA pre-IFRS 16 ex Equity Income Working capital of goods variation Other oper. assets and liabilities var. Adjusted Capex by BTS (3) 114 Sales of assets (4) Other oper. income and expenses Net financial costs Net Debt 4Q25 2,077 1,391 +686
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FINAL CONSIDERATIONS 9 Alexandre Santoro, CEO
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Q&A w w w. g p a r i . c o m . b r 10