Slides
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GPA Grupo Pão de Açúcar EARNINGS PRESENTATION 2Q26 GPA AUGUST 05th , 2026
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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
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Alexandre Santoro CEO HIGHLIGHTS 2Q26
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Strategic Initiatives focused on getting the fundamentals right ComplementaryChannels (PãodeAçúcar, ExtraMercado, ProximityandE-commerce) Efficiency Plan Operational and Commercial Excellence Financial Discipline Client Centricity StructureRedesign (ProcessandSystems) Customer Service Excellence (Assortment, Regionalization, Frequency and Average Ticket) PhysicalOptimization (LogisticandStores) 4 Long-term oriented Shareholders Team committed to executing the strategy
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Timeline Financial Impacts 2Q26 pro forma Subject Credits Average Cost Average Term Leverage(1) R$ 4.7 bi 2.1 years 3.9x CDI + 1.8% Disbursement until 2028 R$ 5.2 bi R$ 1.9 bi 6.4 years 1.3x CDI + 0.5% R$ 0.4 bi 05/may 10/jun 13/jul 22/jul Definitive Protocol • 57.49% of adherence Beginning of Creditors Payment Election Period End of Creditors Payment Election Period • 97% chose a payment option • Low level of impugnation GPA’s Response to Creditors Objections Court Approval Expected by 3Q26 Resizing of Non-Operational Liabilities Out-of-Court Restructuring Plan Update 5 Net Debt R$ 3.6 bi R$ 1.2 bi Δ -60% +4.3 years -2.6x - 1.3 p.p. -R$ 4.8 bi -68% 10/mar Initial Protocol (1) Pro forma analysis considering the terms presented in the Extrajudicial Recovery Plan, also considering the amortization of part of the debt with proceeds from the sale of FIC amounting to R$ 298 million (2) Net Debt including non-anticipated credit card receivables / Adjusted EBITDA pré IFRS 16 (last 12 months)
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(1) Managerial and preliminary number, subject to changes ER Announcement and first signs of stockout Stockout worst moment and turning point Profitability Initiatives Impacts of Extrajudicial Restructuring Plan Macroeconomic Landscape 1Q26 +0.6% (vs. 1Q25) 2Q26 -0.8% (vs. 2Q25) Main ImpactsGross Revenue - Total Quarter Performance 6 R$ 4.7 billion in 2Q26 (-7.0% vs. 2Q25) Gross Revenue - SSS Jan 26 Feb 26 Mar 26 Apr 26 May 26 Jun 26 jul/26(1) 2.3% 0.0% -0.6% -1.6% -2.0% 1.3% 0.5%
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FINANCIAL PERFORMANCE Pedro Albuquerque CFO
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Expansion of Gross Margin and Adjusted EBITDA Margin, resulting from financial discipline and efficiency in Capex and expenses • Gross Maring reaches 30.5% and advances 3.1 p.p. YoY • Adjusted EBITDA margin advances to 10.6% with gain of 1.7 p.p. YoY • Capex totaled R$ 76 million (-52.5%) in 2Q26 and R$ 162 million in 1H26, approximately 50% of the 2026 Guidance • Expense reduction of R$ 145 million in 2Q26 and R$ 244 million in 1H26, representing 58.9% of the 2026 Guidance 27.6% 1Q25 27.4% 2Q25 27.6% 3Q25 27.7% 4Q25 1Q26 30.5% 2Q263Q24 27.2% 1Q24 30.4% 28.2% 1,245 1,265 1,244 2Q24 1,315 1,280 1,259 1,4151,417 1,288 27.7% 27.2% 4Q24 1,332 +0.6% +3.1 p.p. Gross Profit (R$ million) Gross Margin (%) 372 396 399 498 409 420 412 510 458 450 8.1% 1Q24 8.8% 2Q24 8.9% 3Q24 9.5% 4Q24 8.6% 1Q25 9.0% 2Q25 9.1% 10.0% 4Q25 10.5% 1Q26 10.6% 2Q263Q25 +7.1% +1.7 p.p. Adjusted EBITDA (R$ million) Margin (%) 8 2Q26 RESULTS HIGHLIGHTS Profitability 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.
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NET LOSS (R$ million) CONTINUED ACTIVITIES 9 Continued Net Loss reaches R$ 204 million • Continued Net Lossa totaled R$ 204 million, presenting an increase of 15.5% when compared to the previous period • Excluding the positive impact of the tax litigation settlement recognized in 2Q25, net loss decreased by 28.5% (176) (285) (204)(109) Net Loss 2Q25 Tax Proceeding Compensation Adjusted Net Loss 2Q25 Net Loss 2Q26 -28.5% Net Result 2Q26 RESULTS HIGHLIGHTS
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Efficiency Plan offsets Extrajudicial Restructuring Plan impact in the Operating Free Cash Flow • Trade Payables reduction to 44 days, pressuring Working Capital • Negative Impact of R$ 167 million by the deconsolidation of the Stix • Capex Efficiency allows stability in the Operating Free Cash Flow(1) in R$ 363 million • Other Operating Revenues and Expenses reduces and improves by R$ 269 million in the Free Cash Flow(1) (1) Adjusted by the deconsolidation of Stix’s Cash Balance; (2) It considers EBITDA adjusted by Other Operating Income and Expenses, including the result of Equity Income and rental costs and expenses; (3) net from the financing of built to suit (BTS) format to the new stores of Pão de Açúcar; (4) it includes revenues from the sale of assets and strategic projects; (5) It includes interest of gross debt, cash profitability, cost with banks guarantees and cost with discount of receivables 10 Cash Generation 56 59 74 52 4444 44 46 47 46 7 6 7 6 4 2Q25 3Q35 4Q25 1Q26 2Q26 -12 days Suppliers Inventory Receivables Working Capital of Goods (In days of COGS) Net Debt Variation 2Q26 RESULTS HIGHLIGHTS R$ milhões LTM 2T26 LTM 2T25 Δ R$ Adjusted EBITDA Consolidated pre-IFRS16(2) 931 856 75 Equity Income (58) (68) 10 Income Tax (3) (3) (0) Working Capital of Goods Variation (442) 235 (677) Other Operating Asset and Liabilities Variation 174 76 98 Operating Cash Flow 601 1,095 (494) Adjustment Deconsolidation of Stix 185 (38) 223 Operating Cash Flow ex. Stix 786 1,057 (271) Capex Adjusted by BTS(3) (424) (711) 287 Operating Free Cash Flow ex. Stix 363 347 16 Other Operating Income and Expenses (450) (687) 236 Dividends Received 63 47 16 Free Cash Flow ex. Stix (24) (293) 269 Sale of Assets(4) 96 123 (28) Cash Flow After the Sale of Assets ex. Stix 71 (170) 241 Net Financial Cost(5) (951) (703) (247) Net Debt Variation ex. Stix (879) (873) (7) Impact Deconsolidation of Stix (185) 38 (223) Net Debt Variation (1,064) (835) (229)
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FINAL CONSIDERATIONS Alexandre Santoro CEO
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GPA Priorities 12 Extrajudicial Restructuring Plan Completion Resolve Structural Liabilities Rebuild Profitable Sales and Cash Generation Escalate Efficiency Gains Culture and Team Consolidation
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13 Q&A w w w. g p a r i . c o m . b r