6-K - ASAIY - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________

FORM 6-K

Report of Foreign Private Issuer Pursuant to Rule 13a-16 or

15d-16 of the Securities Exchange Act of 1934

For the month of May 2025

Commission File Number: 001-39928

_____________________

Sendas Distribuidora S.A.

(Exact Name as Specified in its Charter)

Sendas Distributor S.A.

(Translation of registrant’s name into English)

Avenida Ayrton Senna, No. 6,000, Lote 2, Pal 48959,Anexo A

Jacarepaguá

22775-005 Rio de Janeiro, RJ, Brazil

(Address of principal executive offices)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

Form 20-F: ý Form 40-F: o

| \(FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE\) |

| --- | | ITR – Interim Financial Information – 3/31/2025 – SENDAS DISTRIBUIDORA S.A. | | Contents | | | --- | --- | | Corporate Information / Capital Composition | | | Interim financial information | 2 | | Individual Statements | | | Balance Sheet - Assets | 3 | | Balance Sheet - Liabilities | 4 | | Statements of Operations | 5 | | Statements of Comprehensive Income | 6 | | Statements of Cash Flows | 7 | | Statements of Changes in Shareholders’ Equity | 8 | | Notes to the Interim Financial Information | 9 |

| \(FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE\) |

| --- | | ITR – Interim Financial Information – 3/31/2025 – SENDAS DISTRIBUIDORA S.A. | | Corporate information / Capital composition | | | --- | --- | | Number of Shares | Current quarter | | (Thousands) | 3/31/2025 | | Share Capital | | | Common | 1,352,245 | | Preferred | - | | Total | 1,352,245 | | Treasury Shares | | | Common | 3,800 | | Preferred | - | | Total | 3,800 |

| \(FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE\) |

| --- | | ITR – Interim Financial Information – 3/31/2025 – SENDAS DISTRIBUIDORA S.A. | | Individual Financial Statements / Balance Sheet - Assets | | | | --- | --- | --- | | R (in thousands) | | | | | Current Quarter | Prior year | | Account code | 3/31/2025 | 12/31/2024 | | 1 | 44,685,000 | 45,593,000 | | 1.01 | 15,707,000 | 16,448,000 | | 1.01.01 | 4,402,000 | 5,628,000 | | 1.01.03 | 1,820,000 | 2,210,000 | | 1.01.03.01 | 1,820,000 | 2,210,000 | | 1.01.04 | 8,074,000 | 7,127,000 | | 1.01.06 | 1,143,000 | 1,241,000 | | 1.01.08 | 268,000 | 242,000 | | 1.01.08.03 | 268,000 | 242,000 | | 1.01.08.03.01 | 5,000 | 93,000 | | 1.01.08.03.03 | 46,000 | 50,000 | | 1.01.08.03.04 | 217,000 | 99,000 | | 1.02 | 28,978,000 | 29,145,000 | | 1.02.01 | 1,559,000 | 1,196,000 | | 1.02.01.07 | 166,000 | 140,000 | | 1.02.01.09 | 21,000 | 23,000 | | 1.02.01.09.04 | 21,000 | 23,000 | | 1.02.01.10 | 1,372,000 | 1,033,000 | | 1.02.01.10.04 | 874,000 | 672,000 | | 1.02.01.10.05 | 23,000 | 24,000 | | 1.02.01.10.06 | 425,000 | 297,000 | | 1.02.01.10.07 | 42,000 | 31,000 | | 1.02.01.10.08 | 8,000 | 9,000 | | 1.02.02 | 804,000 | 804,000 | | 1.02.02.01 | 804,000 | 804,000 | | 1.02.02.01.03 | 804,000 | 804,000 | | 1.02.03 | 21,435,000 | 21,962,000 | | 1.02.03.01 | 13,362,000 | 13,564,000 | | 1.02.03.02 | 8,073,000 | 8,398,000 | | 1.02.04 | 5,180,000 | 5,183,000 |

All values are in US Dollars.

| \(FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE\) |

| --- | | ITR – Interim Financial Information – 3/31/2025 – SENDAS DISTRIBUIDORA S.A. | | Individual Financial Statements / Balance Sheet - Liabilities | | | | --- | --- | --- | | R (in thousands) | | | | | Current Quarter | Prior year | | Account code | 3/31/2025 | 12/31/2024 | | 2 | 44,685,000 | 45,593,000 | | 2.01 | 14,897,000 | 16,312,000 | | 2.01.01 | 720,000 | 682,000 | | 2.01.01.01 | 86,000 | 97,000 | | 2.01.01.02 | 634,000 | 585,000 | | 2.01.02 | 11,418,000 | 11,647,000 | | 2.01.02.01 | 11,418,000 | 11,647,000 | | 2.01.02.01.01 | 10,592,000 | 10,709,000 | | 2.01.02.01.02 | 826,000 | 938,000 | | 2.01.03 | 424,000 | 563,000 | | 2.01.04 | 1,249,000 | 2,084,000 | | 2.01.04.01 | 48,000 | 38,000 | | 2.01.04.02 | 1,201,000 | 2,046,000 | | 2.01.05 | 1,086,000 | 1,336,000 | | 2.01.05.02 | 1,086,000 | 1,336,000 | | 2.01.05.02.01 | 20,000 | 129,000 | | 2.01.05.02.09 | 372,000 | 449,000 | | 2.01.05.02.17 | 399,000 | 412,000 | | 2.01.05.02.19 | 295,000 | 346,000 | | 2.02 | 24,403,000 | 24,026,000 | | 2.02.01 | 15,070,000 | 14,481,000 | | 2.02.01.01 | 2,267,000 | 1,720,000 | | 2.02.01.02 | 12,803,000 | 12,761,000 | | 2.02.02 | 9,046,000 | 9,296,000 | | 2.02.02.02 | 9,046,000 | 9,296,000 | | 2.02.02.02.05 | 5,000 | 12,000 | | 2.02.02.02.09 | 8,976,000 | 9,232,000 | | 2.02.02.02.11 | 57,000 | 47,000 | | 2.02.02.02.12 | 8,000 | 5,000 | | 2.02.04 | 259,000 | 223,000 | | 2.02.06 | 28,000 | 26,000 | | 2.02.06.02 | 28,000 | 26,000 | | 2.03 | 5,385,000 | 5,255,000 | | 2.03.01 | 1,456,000 | 1,272,000 | | 2.03.02 | 74,000 | 62,000 | | 2.03.04 | 3,866,000 | 3,933,000 | | 2.03.08 | (11,000) | (12,000) |

All values are in US Dollars.

| \(FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE\) |

| --- | | ITR – Interim Financial Information – 3/31/2025 – SENDAS DISTRIBUIDORA S.A. | | Individual Financial Statements / Statements of Operations | | | | --- | --- | --- | | R (in thousands) | | | | | Year to date current year | Year to date prior year | | Account code | 1/1/2025 to 3/31/2025 | 1/1/2024 to 3/31/2024 | | 3.01 | 18,552,000 | 17,222,000 | | 3.02 | (15,486,000) | (14,420,000) | | 3.03 | 3,066,000 | 2,802,000 | | 3.04 | (2,125,000) | (1,988,000) | | 3.04.01 | (1,508,000) | (1,416,000) | | 3.04.02 | (231,000) | (205,000) | | 3.04.05 | (403,000) | (383,000) | | 3.04.05.01 | (401,000) | (379,000) | | 3.04.05.03 | (2,000) | (4,000) | | 3.04.06 | 17,000 | 16,000 | | 3.05 | 941,000 | 814,000 | | 3.06 | (790,000) | (760,000) | | 3.06.01 | 83,000 | 43,000 | | 3.06.02 | (873,000) | (803,000) | | 3.07 | 151,000 | 54,000 | | 3.08 | (34,000) | 6,000 | | 3.08.01 | (61,000) | (27,000) | | 3.08.02 | 27,000 | 33,000 | | 3.09 | 117,000 | 60,000 | | 3.11 | 117,000 | 60,000 | | 3.99 | | | | 3.99.01 | | | | 3.99.01.01 | 0.08710 | 0.04475 | | 3.99.02 | | | | 3.99.02.01 | 0.08663 | 0.04465 |

All values are in US Dollars.

| \(FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE\) |

| --- | | ITR – Interim Financial Information – 3/31/2025 – SENDAS DISTRIBUIDORA S.A. | | Individual Financial Statements / Statements of Comprehensive Income | | | | --- | --- | --- | | R (in thousands) | | | | | Year to date current year | Year to date prior year | | Account code | 1/1/2025 to 3/31/2025 | 1/1/2024 to 3/31/2024 | | 4.01 | 117,000 | 60,000 | | 4.02 | 1,000 | 3,000 | | 4.02.04 | 1,000 | 5,000 | | 4.02.06 | - | (2,000) | | 4.03 | 118,000 | 63,000 |

All values are in US Dollars.

| \(FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE\) |

| --- | | ITR – Interim Financial Information – 3/31/2025 – SENDAS DISTRIBUIDORA S.A. | | Individual Financial Statements / Statements of Cash Flows - Indirect method | | | | --- | --- | --- | | R (in thousands) | | | | | Year to date current year | Year to date prior year | | Account code | 1/1/2025 to 3/31/2025 | 1/1/2024 to 3/31/2024 | | 6.01 | 396,000 | 457,000 | | 6.01.01 | 1,566,000 | 1,345,000 | | 6.01.01.01 | 117,000 | 60,000 | | 6.01.01.02 | (26,000) | (24,000) | | 6.01.01.03 | 2,000 | 4,000 | | 6.01.01.04 | 429,000 | 399,000 | | 6.01.01.05 | 829,000 | 775,000 | | 6.01.01.07 | (17,000) | (16,000) | | 6.01.01.08 | 58,000 | 2,000 | | 6.01.01.10 | 12,000 | 5,000 | | 6.01.01.11 | 1,000 | (1,000) | | 6.01.01.13 | 161,000 | 141,000 | | 6.01.02 | (1,170,000) | (888,000) | | 6.01.02.01 | 389,000 | 417,000 | | 6.01.02.02 | (1,108,000) | (56,000) | | 6.01.02.03 | (157,000) | 22,000 | | 6.01.02.04 | (124,000) | (114,000) | | 6.01.02.05 | 2,000 | 3,000 | | 6.01.02.06 | 1,000 | 3,000 | | 6.01.02.07 | - | (1,258,000) | | 6.01.02.08 | 38,000 | 32,000 | | 6.01.02.09 | (84,000) | 25,000 | | 6.01.02.10 | (28,000) | (27,000) | | 6.01.02.11 | (75,000) | (85,000) | | 6.01.02.12 | (41,000) | 56,000 | | 6.01.02.15 | 17,000 | 94,000 | | 6.02 | (306,000) | (405,000) | | 6.02.02 | (304,000) | (409,000) | | 6.02.03 | (5,000) | (7,000) | | 6.02.04 | 1,000 | - | | 6.02.09 | 2,000 | 11,000 | | 6.03 | (1,316,000) | (973,000) | | 6.03.02 | 608,000 | 500,000 | | 6.03.03 | (1,036,000) | (25,000) | | 6.03.04 | (400,000) | (187,000) | | 6.03.05 | (109,000) | - | | 6.03.09 | (86,000) | (101,000) | | 6.03.10 | (285,000) | (263,000) | | 6.03.11 | (1,000) | (3,000) | | 6.03.12 | (7,000) | (894,000) | | 6.05 | (1,226,000) | (921,000) | | 6.05.01 | 5,628,000 | 5,459,000 | | 6.05.02 | 4,402,000 | 4,538,000 |

All values are in US Dollars.

| \(FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE\) |

| --- | | ITR – Interim Financial Information – 3/31/2025 – SENDAS DISTRIBUIDORA S.A. | | Individual Financial Statements / Statements of Changes in Shareholders' Equity 1/1/2024 to 3/31/2024 R (in thousands) | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | Account code | Capital stock | Capital reserves, granted options and treasury shares | Profit reserves | Retained earnings /Accumulated losses | Other comprehensive income | Shareholders' equity | | 5.01 | 1,272,000 | 56,000 | 3,309,000 | - | (7,000) | 4,630,000 | | 5.03 | 1,272,000 | 56,000 | 3,309,000 | - | (7,000) | 4,630,000 | | 5.04 | - | 5,000 | - | - | - | 5,000 | | 5.04.03 | - | 5,000 | - | - | - | 5,000 | | 5.05 | - | - | - | 60,000 | 3,000 | 63,000 | | 5.05.01 | - | - | - | 60,000 | - | 60,000 | | 5.05.02 | - | - | - | - | 3,000 | 3,000 | | 5.05.02.07 | - | - | - | - | 5,000 | 5,000 | | 5.05.02.09 | - | - | - | - | (2,000) | (2,000) | | 5.06 | - | - | 60,000 | (60,000) | - | - | | 5.06.05 | - | - | 60,000 | (60,000) | - | - | | 5.07 | 1,272,000 | 61,000 | 3,369,000 | - | (4,000) | 4,698,000 | | Individual Financial Statements / Statements of Changes in Shareholders' Equity 1/1/2025 to 3/31/2025 R (in thousands) | | | | | | | | Account code | Capital stock | Capital reserves, granted options and treasury shares | Profit reserves | Retained earnings /Accumulated losses | Other comprehensive income | Shareholders' equity | | 5.01 | 1,272,000 | 62,000 | 3,933,000 | - | (12,000) | 5,255,000 | | 5.03 | 1,272,000 | 62,000 | 3,933,000 | - | (12,000) | 5,255,000 | | 5.04 | 184,000 | 12,000 | (184,000) | - | - | 12,000 | | 5.04.01 | 184,000 | - | (184,000) | - | - | - | | 5.04.03 | - | 12,000 | - | - | - | 12,000 | | 5.05 | - | - | - | 117,000 | 1,000 | 118,000 | | 5.05.01 | - | - | - | 117,000 | - | 117,000 | | 5.05.02 | - | - | - | - | 1,000 | 1,000 | | 5.05.02.07 | - | - | - | - | 1,000 | 1,000 | | 5.07 | 1,456,000 | 74,000 | 3,749,000 | 117,000 | (11,000) | 5,385,000 |

All values are in US Dollars.

1	CORPORATE INFORMATION
	Sendas Distribuidora S.A. (“Company” or “Sendas”) is a publicly held company listed in the Novo Mercado segment of B3 S.A. - Brasil, Bolsa, Balcão (B3), under ticker symbol "ASAI3". The Company is primarily engaged in the retail and wholesale of food products, bazaar items and other products through its chain of stores, operated under “ASSAÍ” brand, since this is the only disclosed segment. The Company's registered office is at Avenida Ayrton Senna, 6.000, Lote 2 - Anexo A, Jacarepaguá, in the State of Rio de Janeiro. As of March 31, 2025 and as of December 31, 2024, the Company operated 302 stores and 12 distribution centers in the five regions of the country, with operations in 24 states and in the Federal District.
1.1	Quarterly highlights
	The quarterly highlights for the three-month period ended March 31, 2025, were:




2	BASIS OF PREPARATION AND DISCLOSURE OF THE INTERIM FINANCIAL INFORMATION
	The interim financial information has been prepared in accordance with IAS 34 – Interim Financial Reporting issued by the International Accounting Standards Board (“IASB”) and accounting standard CPC 21 (R1) – Interim Financial Report and disclosed aligned with the standards approved by the Brazilian Securities and Exchange Commission (“CVM”), applicable to the preparation of the Interim Financial Information.
	The interim financial information have been prepared based on the historical cost basis, except for: (i) certain financial instruments; and (ii) assets and liabilities arising from business combinations measured at their fair values, when applicable. In accordance with OCPC 07 (R1) - Presentation and Disclosures in General Purpose - Financial Statements, all significant information related to the interim financial information, and only them, is being disclosed and is consistent with the information used by Management in managing of the Company's activities.
	The interim financial information are presented in millions of Brazilian Reais (R), which is the Company's functional currency.
	The interim financial information for the period ended March 31, 2025 were approved by the Board of Directors on May 8, 2025.
3	MATERIAL ACCOUNTING POLICIES
	The material accounting policies and practices applied by the Company to the preparation of the interim financial information are in accordance with those adopted and disclosed in note 3 and in each explanatory note corresponding to the financial statements for the year ended December 31, 2024, approved on February 19, 2025 and, therefore, it should be read together.
3.1	Standards, amendments and interpretations
	In the period ended March 31, 2025, the new current standards, were evaluated and produced no effect on the interim financial information disclosed, additionally the Company did not adopt in advance the IFRS issued and not yet current.
4	SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS
	The preparation of the interim financial information requires Management to makes judgments and estimates and adopt assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the end of the reporting period, however, the uncertainties about these assumptions and estimates may generate results that require substantial adjustments to the carrying amount of the asset or liability in future periods.
	The significant assumptions and estimates applied on the preparation of the interim financial information for the period ended March 31, 2025, were the same as those adopted in the financial statements for the year ended December 31, 2024, approved on February 19, 2025, disclosed in note 5.
5	CASH AND CASH EQUIVALENTS
		3/31/2025	12/31/2024
	Cash and bank accounts	90	106
	Cash and bank accounts - Abroad (i)	26		28
	Financial investments (ii)	4,286		5,494
		4,402	5,628
	(i) As of March 31, 2025, the Company had funds held abroad, of which R26 in US dollars (R28 in US dollars as of December 31, 2024).
	(ii) As of March 31, 2025, the financial investments refer to the repurchase and resale agreements and Bank Deposit Certificates - CDB,<br>with a weighted average interest rate of 99.14% of the CDI - Interbank Deposit Certificate (98.54% of the CDI as of December 31, 2024).<br>The Company's exposure to interest rate indexes and the sensitivity analysis for these financial assets are disclosed in note 15.3.

All values are in US Dollars.

6	TRADE<br> RECEIVABLES
				Note		3/31/2025	12/31/2024
	From<br> sales with:
	Credit<br> card			6.1		1,106	1,418
	Credit<br> card - related parties (FIC)			9.1		364	412
	Tickets			6.1		150	113
	Total<br> of credit card and tickets					1,620	1,943
	Slips					168	177
	Suppliers<br> and others					36	93
						1,824	2,213
	Expected<br> credit loss for doubtful accounts			6.2		(4)	(3)
						1,820	2,210
	The breakdown<br> of trade receivables by their gross amount by maturity period is presented below:
						Overdue
		Total		Due		Less<br> than 30 days	Over<br> 30 days
	March<br> 31, 2025		1,824		1,821	1	2
	December<br> 31, 2024		2,213		2,204	8	1
6.1	Assignment<br> of receivables
	The Company<br> assigned part of its receivables referring to credit cards and tickets with operators, without any right of recourse, aiming to anticipate<br> its cash flow. As of March 31, 2025, the amount of these operations is R1,883 (R1,976 as of December 31, 2024). The amount was<br> derecognized from the balance of trade receivables, since all risks related to the receivables were substantially transferred. The<br> cost to advance these credit card receivables as of March 31, 2025 was R37 (R44 as of March 31, 2024) classified as “Cost<br> and discount of receivables” in note 23.
	As of March<br> 31, 2025, the amount of receivables, currently, discountable (credit cards and tickets) is R1,620 (R1,943 as of December 31,2024).
6.2	Expected<br> credit loss for doubtful accounts
		3/31/2025		3/31/2024
	At the<br> beginning of the period	(3)		(15)
	Additions	(3)		(25)
	Reversals	2		26
	At the<br> end of the period	(4)		(14)
7	INVENTORIES
		3/31/2025		12/31/2024
	Stores	7,090		6,498
	Distribution<br> centers	1,582		1,231
	Commercial<br> agreements	(536)		(505)
	Inventory<br> losses	(62)		(97)
		8,074		7,127
7.1	Commercial<br> agreements
	As<br> of March 31, 2025, the amount of unrealized commercial agreements, presented as a reduction of inventory balance, totaled R536 (R505<br> as of December 31, 2024).
7.2	Inventory<br> losses
		3/31/2025		3/31/2024
	At the<br> beginning of the period	(97)		(81)
	Additions	(169)		(146)
	Reversals	8		5
	Write-offs	196		177
	At the<br> end of the period	(62)		(45)
8	RECOVERABLE<br> TAXES
		Note	3/31/2025		12/31/2024
	ICMS	8.1	1,461		1,297
	PIS<br> and COFINS	8.2	320		353
	Social<br> Security Contribution - INSS		147		144
	Withholding<br> taxes to be recovered		89		119
			2,017		1,913
	Current		1,143		1,241
	Non-current		874		672

All values are in US Dollars.

8.1	State<br> VAT tax credits - ICMS
	The Brazilian<br> States have been substantially amending their local laws aiming at implementing and broadening the ICMS tax replacement system. This<br> system entails the prepayment of ICMS of the whole commercial chain, upon goods outflow from an industrial establishment or importer<br> or their inflow into each State. The expansion of this system to an increasingly wider range of products sold in the retail generates<br> the prepayment of the tax and consequently a refund in certain operations.
	•<br> Expected realization of ICMS credits
	For the<br> interim financial information as of March 31, 2025, the Company's management has monitoring controls over the adherence to the annually<br> established plan, reassessing and including new elements that contribute to the realization of the recoverable ICMS balance, as shown<br> in the chart below:
8.2	PIS<br> and COFINS credit
	On March<br> 15, 2017, the Federal Supreme Court ("STF”) recognized the unconstitutionality of the inclusion of ICMS in<br> the PIS and COFINS calculation base. On May 13, 2021, the STF judged the Declaration Embargoes in relation to the amount to be excluded<br> from the calculation basis of the contributions, which should only be the ICMS paid, or if the entire ICMS, as shown in the respective<br> invoices. The STF rendered a favorable decision to the taxpayers, concluding that all ICMS highlighted should be excluded from the<br> calculation basis.
	Currently<br> the Company, with the favorable judgment of the Supreme Court, has recognized the exclusion of ICMS from the PIS and COFINS calculation<br> basis.
	•<br> Expected realization of PIS and COFINS credits
	For the<br> interim financial information as of March 31, 2025, the Company's management has monitoring controls over the adherence to the annually<br> established plan, reassessing and including new elements that contribute to the realization of the recoverable PIS and COFINS balance,<br> in the amount of R320, and expected realization is within one year.
9	RELATED<br> PARTIES
9.1	Balances<br> and related party transactions
					Liabities		Transactions
			Other<br> assets		Trade<br> payables		Revenue<br> (expenses)
		12/31/2024	3/31/2025	12/31/2024	3/31/2025	12/31/2024	3/31/2025	3/31/2024
	Joint<br> venture
	Financeira<br> Itaú CBD S.A. Crédito, Financiamento e Investimento (“FIC”)	412	21	23	20	26	7	7
		412	21	23	20	26	7	7
	Current	412	-	-	20	26
	Non-current	-	21	23	-	-
	After<br> the completion of the spin-off between the Company and Grupo Pão de Açucar ("GPA") on December 31, 2020,<br> both undertook to put forth commercially reasonable efforts, within up to 18 months, to release, replace and/or otherwise remove<br> the counterparty from the position of guarantor of liabilities or obligations, which after such term would be subject to the payment<br> of a fee, net, as remuneration for the guarantees provided by both parties. If the Company and GPA cease to be submitted to common<br> control, the parties would be required to release, replace and/or otherwise remove the guarantees until then not replaced or provided,<br> observing the terms established in the Separation Agreement.
	The<br> Company and GPA ceased to be related parties in fiscal year 2023 and are taking the necessary measures to replace the cross guarantees<br> on the contractual obligations of: (i) rental of stores; (ii) borrowing agreement; and (iii) purchase of electricity. The fee paid<br> to GPA as remuneration for the guarantees provided as of March 31, 2025 and December 31, 2024 was less than R1.

All values are in US Dollars.

9.2	Management<br> compensation
	Expenses<br> referring to the executive board compensation recorded in the Company’s statement of operations in the period ended March 31,<br> 2025 and 2024 as follows (amounts expressed in thousands of reais):
			Base<br> salary		Variable<br> compensation		Stock<br> option plan and shared-based payment plan		Total
			2025	2024	2025	2024	2025	2024	2025	2024
	Board of<br> directors		3,189	3,048	-	-	-	-	3,189	3,048
	Statutory<br> officers		3,389	3,562	4,863	5,562	11,005	4,890	19,257	14,014
	Executives<br> excluding statutory officers		13,011	8,607	8,998	17,804	5,074	4,371	27,083	30,782
	Fiscal council		157	141	-	-	-	-	157	141
			19,746	15,358	13,861	23,366	16,079	9,261	49,686	47,985
	The stock<br> option plan, fully convertible into shares, refers to the Company's and this plan has been treated in the Company's statement of<br> operations. The corresponding expenses are allocated to the Company and recorded in the statement of operations against capital reserve<br> - stock options in shareholders' equity. There are no other short-term benefits granted to members of the Company's management. The<br> long-term benefit plans are disclosed in notes 19.5.4 and 19.5.5.
10	INVESTMENTS
	The details<br> of the Company's investments at the end of the period are as follows:
							Participation<br> in investments - %
							Direct<br> participation
	Investment<br> type	Company				Country	3/31/2025		12/31/2024
	Joint<br> venture	Bellamar<br> Empreendimento e Participações S.A.				Brazil	50.00		50.00
	Summary<br> of financial information of Joint Venture
			3/31/2025		12/31/2024
	Current<br> assets		1		1
	Non-current<br> assets		461		461
	Shareholders´<br> equity		462		462
			3/31/2025		3/31/2024
	Net<br> income for the period		34		32
	Investments<br> composition and breakdown
			3/31/2025		3/31/2024
	At<br> the beginning of the period		804		864
	Share<br> of profit of associates		17		16
	Dividends<br> received		(17)		(94)
	At<br> the end of the period		804		786
10.1	Impairment<br> test of investments
	The<br> impairment test of investments uses the same practices described in note 11.1, to the financial statements as of December 31, 2024.
	The<br> Company monitored the plan used to assess impairment test as of December 31, 2024, and concluded that there is no events which could<br> indicate losses or the need for a new evaluation for the period ended March 31, 2025.
11	PROPERTY,<br> PLANT AND EQUIPMENT
---	---	---	---	---	---	---	---	---	---
11.1	Breakdown<br> and composition of property, plant and equipment
		Additions<br> (i)	Write-offs	Depreciation	Transfers<br> and others	As<br> of <br><br> 3/31/2025		Historical<br> cost	Accumulated<br> depreciation
	Lands	-	-	-	-	559	=	559	-
	Buildings	2	-	(6)	1	891		1,077	(186)
	Improvements	36	(1)	(131)	3	8,225		10,340	(2,115)
	Machinery<br> and equipment	17	(1)	(74)	1	2,374		3,681	(1,307)
	Facilities	2	-	(9)	1	239		445	(206)
	Furniture<br> and appliances	10	(1)	(41)	2	859		1,457	(598)
	Constructions<br> in progress	6	-	-	(9)	120		120	-
	Others	5	-	(16)	1	95		297	(202)
		78	(3)	(277)	-	13,362		17,976	(4,614)
		Additions<br> (i)	Write-offs	Depreciation	Transfers<br> and others	As<br> of<br><br> 3/31/2024		Historical<br> cost	Accumulated<br> depreciation
	Lands	-	-	-	-	559	=	559	-
	Buildings	31	-	(5)	41	844		1,006	(162)
	Improvements	93	(1)	(124)	(32)	8,035		9,643	(1,608)
	Machinery<br> and equipment	71	-	(65)	6	2,322		3,361	(1,039)
	Facilities	2	-	(9)	-	263		432	(169)
	Furniture<br> and appliances	29	(2)	(39)	5	896		1,342	(446)
	Constructions<br> in progress	5	-	-	(20)	96		96	-
	Others	8	-	(13)	2	116		265	(149)
		239	(3)	(255)	2	13,131		16,704	(3,573)
	(i) Includes<br> interest capitalization in the amount of R4 (R15 as of March 31, 2024), see note 11.2.

All values are in US Dollars.

11.2	Capitalized<br> borrowing costs and lease
	The<br> value of capitalized borrowing costs and lease directly attributable to the reform, construction and acquisition of property, plant<br> and equipment and intangible assets within the scope of CPC 20 (R1)/IAS 23 - Borrowing Costs and the amount of interest on lease<br> liabilities incorporated into the value of the property, plant and equipment and/or intangible assets, for the period in which the<br> assets are not yet in their intended use in accordance with CPC 06 (R2)/IFRS 16 - Leases, amounted to R4 (R15 as of March 31, 2024).<br> The average rate used to calculate the borrowing costs eligible for capitalization was 110.29% (113.41% as of March 31, 2024) of<br> CDI, corresponding to the effective interest rate of borrowings taken by the Company.
11.3	Additions<br> to property, plant and equipment for cash flow purpose
		3/31/2024
	Additions	239
	Capitalized<br> borrowing costs	(15)
	Financing<br> of property, plant and equipment - Additions	(231)
	Financing<br> of property, plant and equipment - Payments	416
		409
	Additions<br> related to the purchase of operating assets, purchase of land and buildings to expansion activities, building of new stores and distribution<br> centers, improvements of existing distribution centers and stores and investments in equipment and information technology.
	The additions<br> and payments of property, plant and equipment mentioned above are presented to reconcile the acquisitions during the period with<br> the amounts presented in the statement of cash flows net of items that did not impact cash flow.
11.4	Other<br> information
	As of March<br> 31, 2025, the Company recorded in the cost of sales and services the amount of R28 (R20 as of March 31, 2024), relating to the<br> depreciation of machinery, buildings and facilities of transformation service and distribution centers.
11.5	Impairment<br> test of property, plant and equipment
	The<br> impairment test of property, plant and equipment uses the same practices described in note 12.1, to the financial statements as of<br> December 31, 2024.
	The<br> Company monitored the plan used to assess impairment test as of December 31, 2024, and concluded that there is no events which could<br> indicate losses or the need for a new evaluation for the period ended March 31, 2025.

All values are in US Dollars.

12	INTANGIBLE
12.1	Breakdown<br> and composition of intangible assets
		As<br> of 12/31/2024	Additions	Amortization	As<br> of 3/31/2025		Historical<br> cost	Accumulated<br> amortization
	Goodwill	618	-	-	618	=	871	(253)
	Software	82	5	(6)	81		227	(146)
	Commercial<br> rights	4,444	-	(2)	4,442	4,491		(49)
	Trade<br> name	39	-	-	39	39		-
		5,183	5	(8)	5,180		5,628	(448)
		As<br> of 12/31/2023	Additions	Write-offs	Amortization	As<br> of 3/31/2024			Historical<br> cost	Accumulated<br> amortization
	Goodwill	618	-	-	-	618		=	871	(253)
	Software	63	7	(1)	(5)	64			186	(122)
	Commercial<br> rights	4,452	-	-	(2)	4,450			4,491	(41)
	Trade<br> name	39	-	-	-	39			39	-
		5,172	7	(1)	(7)	5,171			5,587	(416)
12.2	Impairment<br> test of intangible assets with indefinite useful life, including goodwill
---	---
	The<br> impairment test of intangible assets uses the same practices described in note 12.1, to the financial statements as of December 31,<br> 2024.
	The<br> Company monitored the plan used to assess impairment test as of December 31, 2024, and concluded that there is no events which could<br> indicate losses or the need for a new evaluation for the period ended March 31, 2025.
12.3	Commercial<br> rights
	Commercial<br> rights with defined and indefinite useful lives are tested following the assumptions described in note 12.1.1, to the financial statements<br> as of December 31, 2024. The Company considered the discounted cash flow of the related store for the impairment test, that is, the<br> store is the Cash Generating Unit - CGU.
	The<br> Company monitored the plan used to assess impairment test as of December 31, 2024, and concluded that there is no events which could<br> indicate losses or the need for a new evaluation for the period ended March 31, 2025.
13	LEASES
---	---	---	---	---	---	---	---	---	---
13.1	Right-of-use
13.1.1	Breakdown<br> and composition of right-of-use assets
		As<br> of 12/31/2024	Additions	Remeasurement	Amortization	As<br> of 3/31/2025		Historical<br> cost	Accumulated<br> amortization
	Buildings	8,340	1	(182)	(141)	8,018		10,354	(2,336)
	Equipment	43	-	-	(2)	41	=	88	(47)
	Assets<br> and rights	15	-	-	(1)	14		29	(15)
		8,398	1	(182)	(144)	8,073		10,471	(2,398)
	As<br> of 12/31/2023	Additions	Remeasurement	Amortization	Transfers<br> and others	As<br> of 3/31/2024		Historical<br> cost	Accumulated<br> amortization
---	---	---	---	---	---	---	---	---	---
Buildings	8,203	1	118	(136)	(2)	8,184	=	9,989	(1,805)
Equipment	3	-	-	(1)	-	2		44	(42)
Assets<br> and rights	16	-	-	-	-	16		28	(12)
	8,222	1	118	(137)	(2)	8,202		10,061	(1,859)
	.
13.2	Lease<br> liabilities
---	---	---	---	---	---
13.2.1	Minimum<br> future payments and potential right of PIS and COFINS
	Lease contracts<br> totaled R9,375 as of March 31, 2025 (R9,644 as of December 31, 2024). The minimum future lease payments, according to lease agreements,<br> with the present value of minimum lease payments, are as follows:
		3/31/2025		12/31/2024
	Lease<br> liabilities - minimum payments
	Less<br> than 1 year	399		412
	From<br> 1 to 5 years	1,539		1,569
	More<br> than 5 years	7,437		7,663
	Present<br> value of financial lease agreements	9,375		9,644
	Current	399		412
	Non-current	8,976		9,232
	Future<br> financing charges	13,480		13,182
	Gross<br> amount of financial lease agreements	22,855		22,826
	PIS<br> and COFINS embedded in the present value of lease agreements		418		430
	PIS<br> and COFINS embedded in the gross value of lease agreements		1,019		1,018
	Lease liabilities<br> interest expense is stated in note 23. The Company´s average incremental interest rate at the agreement signing date was 12.95%<br> in the period ended March 31, 2025 (12.28% as of December 31, 2024).
	In case<br> the Company had adopted the calculation methodology projecting the inflation embedded in the nominal incremental rate<br> and discounted to present value at the nominal incremental rate, the average percentage of inflation to be projected by year would<br> be approximately 7.85% (6.55% as of December 31, 2024). The average term of the agreements analyzed as of March 31, 2025 and as of<br> December 31, 2024 is 17 years.
13.2.2	Lease<br> liability roll forward
		3/31/2025		3/31/2024
	At<br> the beginning of the period	9,644		9,184
	Addition<br> - Lease	1		1
	Remeasurement	(182)		118
	Interest<br> provision	283		263
	Principal<br> amortization	(86)		(101)
	Interest<br> amortization	(285)		(263)
	At<br> the end of the period	9,375		9,202
13.3	Result<br> on variable rentals and subleases
		3/31/2024
	(Expenses)<br> revenues of the period:
	Variables<br> (1% to 2% of sales)	(3)
	Subleases<br> (i)	26
	(i) Refers<br> mainly to the revenue from lease agreements receivable from commercial galleries.
13.4	Additional<br> information
	In accordance<br> with OFÍCIO-CIRCULAR/CVM/SNC/SEP/N°02/2019 the Company adopted as an accounting policy the requirements of CPC 06 (R2)/IFRS<br> 16 - Leases, in the measurement and remeasurement of its right of use, using the discounted cash flow model, without considering<br> inflation.
	To safeguard<br> the faithful representation of information to meet the requirements of CPC 06 (R2)/IFRS 16 - Leases, and the guidelines of the CVM<br> technical areas, the balances of assets and liabilities without inflation, effectively accounted for (real flow x real rate) are<br> provided, and the estimate of inflated balances in the comparison period (nominal flow x nominal rate).
	Other assumptions,<br> such as the maturity schedule of liabilities and the interest rates used in the calculation, are disclosed in note 13.2.1, as well<br> as inflation indexes are observable in the market, so that the nominal flows can be prepared by the users of the interim financial<br> information.
		12/31/2024
	Real flow
	Right-of-use<br> assets	8,398
	Lease<br> liabilities	22,826
	Embedded<br> interest	(13,182)
		9,644
	Inflated flow
	Right-of-use<br> assets	12,022
	Lease<br> liabilities	33,236
	Embedded<br> interest	(18,084)
		15,152

All values are in US Dollars.

Below, we<br> present the flow of payments according to the average term weighted with the respective nominal and inflation rates for each period<br> presented:
14	TRADE<br> PAYABLES AND TRADE PAYABLES - AGREEMENTS
---	---	---	---
		3/31/2025	12/31/2024
	Trade payables
	Products	10,864	11,253
	Acquisition<br> of property, plant and equipment	43	156
	Service	196	160
	Service<br> - related parties (FIC)	20	26
	Bonuses<br> from suppliers	(526)	(874)
		10,597	10,721
	Trade<br> payables - Agreements
	Products	789	779
	Acquisition<br> of property, plant and equipment	37	159
		826	938
		11,423	11,659
	Current	11,418	11,647
	Non-current	5	12
14.1	Bonuses<br> from suppliers
	These<br> include commercial agreements and discounts obtained from suppliers. These amounts are defined in agreements and include discounts<br> for purchase volume, joint marketing programs, freight reimbursements, and other similar programs. The receipt occurs by deducting<br> trade notes payable to suppliers, according to conditions established in the supply agreements, so that the financial settlements<br> occur for the net amount.
	The Company<br> assigned part of its bonuses from suppliers, without any right of recourse, with the financial institutions, aiming to<br> anticipate its cash flow. As of March 31, 2025, the amount of bonuses from suppliers due to corresponding to these operations is<br> R184 (R234 as of December 31, 2024). The amount was derecognized from receivables from bonuses from suppliers, since all risks<br> related to the bonuses from suppliers were substantially transferred. The cost to advance these bonuses from suppliers as of March<br> 31, 2025 was R2 (R1 as of March 31, 2024), classified as “Cost and discount of receivables” in note 23.
14.2	Agreements<br> among suppliers, the Company and banks
	The Company<br> has agreements signed with financial institutions, through which suppliers of products, capital goods and services have the possibility<br> of receiving in advance their amounts receivable, also named “forfait” / “confirming”. The<br> financial institutions become creditors of the operation and the Company settles the payments under the same conditions as those<br> originally agreed with the supplier.
	Management,<br> based on CPC 3 (R2)/IAS 7 and CPC 40 (R1)/IFRS 7, assessed that the economic substance of the transaction is operational, considering<br> that receiving in advance is an exclusive decision of the supplier and, for the Company, there are no changes in the original term<br> negotiated with the supplier, nor changes in the originally contracted amounts. These transactions aim at facilitating the cash flow<br> of its suppliers without the Company having to advancing payments. Management evaluated the potential effects of adjusting these<br> operations to present value and concluded that the effects are immaterial for measurement and disclosure.
	These<br> balances are classified as "Trade payables - Agreements" and the cash flow from these operations are presented as operating<br> in the statement of cash flows.
	Additionally,<br> there is no exposure to any financial institution individually related to these operations and these liabilities are not considered<br> net debt and do not have restrictive covenants (financial or non-financial). In these transactions, the Company earns income referring<br> to the premium for referring suppliers to the operations of advance of receivables, recognized in the financial result, note 23 in<br> the line "Revenue from anticipation of payables", in the amount of R13 as of March 31, 2025 (R15 as of March 31, 2024),<br> representing 1.47% of the volume of anticipation transactions that occurred during 2025 (1.47% in period ended March 31, 2024).
	As of<br> March 31, 2025, the balance payable related to these operations is R826 (R938 as of December 31, 2024).
	The transactions<br> of trade payables and trade payables – agreement are similar and do not exceed the expiration date of 120 days as of March<br> 31, 2025.

All values are in US Dollars.

15	FINANCIAL<br> INSTRUMENTS
	The main<br> financial instruments and their amounts recorded in the interim financial information, by<br> category, are as follows:
		Note	Amortized<br> cost	Fair<br> value	FVTOCI<br> (i)	As<br> of 3/31/2025
	Financial<br> assets
	Cash<br> and cash equivalents	5	4,402	-	-	4,402
	Related<br> parties	9.1	21	-	-	21
	Trade<br> receivables and other accounts receivables		288	-	-	288
	Financial<br> instruments at fair value	15.5.1	-	430	-	430
	Trade<br> receivables with credit card and tickets	6	-	-	1,620	1,620
	Financial<br> liabilities
	Other<br> accounts payable		(146)	-	-	(146)
	Trade<br> payables and trade payables - agreements	14	(11,423)	-	-	(11,423)
	Borrowings<br> in domestic currency	15.5.1	(921)	(26)	-	(947)
	Borrowings<br> in foreign currency	15.5.1	-	(1,318)	-	(1,318)
	Debentures<br> and promissory notes	15.5.1	(10,644)	(3,290)	-	(13,934)
	Lease<br> liabilities	13.2	(9,375)	-	-	(9,375)
	Financial<br> instruments at fair value	15.5.1	-	(120)	-	(120)
	Net exposure		(27,798)	(4,324)	1,620	(30,502)
		Note	Amortized<br> cost	Fair<br> value	FVTOCI<br> (i)	As<br> of 12/31/2024
	Financial<br> assets
	Cash<br> and cash equivalents	5	5,628	-	-	5,628
	Related<br> parties	9.1	23	-	-	23
	Trade<br> receivables and other accounts receivables		348	-	-	348
	Financial<br> instruments at fair value	15.5.1	-	390	-	390
	Trade<br> receivables with credit card and tickets	6	-	-	1,943	1,943
	Financial<br> liabilities
	Other<br> accounts payable		(169)	-	-	(169)
	Trade<br> payables and trade payables - agreements	14	(11,659)	-	-	(11,659)
	Borrowings<br> in domestic currency	15.5.1	(918)	(29)	-	(947)
	Borrowings<br> in foreign currency	15.5.1	-	(801)	-		(801)
	Debentures<br> and promissory notes	15.5.1	(11,542)	(3,257)	-	(14,799)
	Lease<br> liabilities	13.2	(9,644)	-	-	(9,644)
	Financial<br> instruments at fair value	15.5.1	-	(18)	-	(18)
	Net exposure		(27,933)	(3,715)	1,943	(29,705)
	(i) Fair<br> Value Through Other Comprehensive Income - FVTOCI.
	The fair<br> value of other financial instruments detailed in the table above approximates the carrying amount based on the existing payment terms<br> and conditions. The financial instruments measured at amortized cost, the fair values of wich differ from the carrying amounts, are<br> disclosed in note 15.4.
15.1	Considerations<br> on risk factors that may affect the business of the Company
15.1.1	Credit<br> risk
	•<br> Cash and cash equivalents
	In order<br> to minimize the credit risk, the investment policies adopted establish investments in financial institutions approved by the Company’s<br> Financial Committee, considering the monetary limits and evaluations of financial institutions, which are regularly updated.
	The Company's<br> financial investments, according to the rating on the national scale of financial institutions, are 100% represented by brAAA as<br> of March 31, 2025 and December 31, 2024.
	•<br> Trade receivables
	The credit<br> risk related to trade receivables is minimized by the fact that a large part of installment sales are made with credit cards and<br> tickets. These receivables may be advanced at any time, without right of recourse, with banks or credit card companies, for the purpose<br> of providing working capital, generating the derecognition of the accounts receivable. In addition, the main acquirers used by the<br> Company are related to first-tier financial institutions with low credit risk. Additionally, for trade receivables collected in installments,<br> the Company monitors the risk for the granting of credit and for the periodic analysis of the expected credit loss balances.
	The Company<br> also incurs counterparty risk related to derivative instruments. This risk is mitigated by carrying out transactions, according to<br> policies approved by governance bodies.
	Except<br> the balances related to credit cards and tickets, there are no receivables or sale to customers that are, individually, more than<br> 5% of accounts receivable or revenues.
15.1.2	Interest<br> rate risk
---	---	---	---	---	---	---
	The Company<br> obtains borrowings with major financial institutions to meet cash requirements for investments. Accordingly, the Company is mainly<br> exposed to the risk of significant fluctuations in the interest rate, especially the rate related to derivative liabilities (foreign<br> currency exposure hedge) and debts indexed to CDI. The balance of cash and cash equivalents, indexed to CDI, partially offsets the<br> risk of fluctuations in the interest rates.
15.1.3	Foreign<br> currency exchange rate risk
	The fluctuations<br> in the exchange rates may increase the balances of borrowings in foreign currency, and for this reason the Company uses derivative<br> financial instruments, such as swaps, to mitigate the foreign exchange rate risk, converting the cost of debt into domestic currency<br> and interest rates.
15.1.4	Capital<br> risk management
	The main<br> objective of the Company’s capital management is to ensure that the Company maintains its credit rating and a well-balanced<br> equity ratio, in order to support businesses and maximize shareholder value. The Company manages the capital structure and makes<br> adjustments considering the changes in the economic conditions.
	The capital<br> structure is as follows:
		3/31/2025		12/31/2024
	Borrowings,<br> debentures and promissory notes	16,319		16,565
	(-) Cash<br> and cash equivalents	(4,402)		(5,628)
	(-) Derivative<br> financial instruments	(430)		(390)
	Net debt	11,487		10,547
	Shareholders’<br> equity	5,385		5,255
	% Net<br> debt to shareholders’ equity	213%		201%
15.1.5	Liquidity<br> risk management
	The<br> Company manages liquidity risk through daily monitoring of cash flows and control of maturities of financial assets and liabilities.
	The table<br> below summarizes the aging profile of the Company’s financial liabilities as of March 31, 2025.
			From<br> 1 to 5 years		More<br> than 5 years	Total
	Borrowings		2,434		-	2,646
	Debenture<br> and promissory notes		16,996		662	20,314
	Derivative<br> financial instruments		(202)		(273)	(164)
	Lease<br> liabilities		5,604		15,722	22,855
	Trade<br> payables		5		-	10,597
	Trade<br> payables - Agreements		-		-	826
	Other<br> accounts payable		28		-	146
			24,865		16,111	57,220
	The<br> information was prepared considering the undiscounted cash flows of financial liabilities based on the earliest date the Company<br> may be required to make the payment or be eligible to receive the payment. To the extent that interest rates are floating, the undiscounted<br> amount is obtained based on interest rate curves for the year ended March 31, 2025. Therefore, certain balances presented do not<br> agree with the balances presented in the balance sheets.
15.2	Derivative<br> financial instruments
					Fair<br> value
			12/31/2024		3/31/2025	12/31/2024
	Swap of<br> hedge
	Hedge<br> purpose (debt)		3,710		4,640	4,082
	Long Position
	Fixed<br> rate		27		28	29
	+ Fixed		731		1,332	797
	Hedge<br> - CRI		2,952		3,280	3,256
	Short<br> Position		(3,710)		(4,330)	(3,710)
	Net hedge<br> position		-		310	372
	Realized<br> and unrealized gains and losses on these contracts during the period ended March 31, 2025 are recorded as net financial results and<br> the balance receivable at fair value is R310 (balance receivable of R372 as of December 31, 2024), the assets are recorded as “Derivative<br> Financial Instruments” and the liabilities as “Borrowings and Debentures”.
	The<br> effects of the hedge at fair value through income for the period ended March 31, 2025, resulted in a loss of R94 (loss of R45 as<br> of March 31, 2024), recorded under "cost of debt" and "mark-to-market gain (loss)", see note 23.

All values are in US Dollars.

	The<br> consolidated position of outstanding derivative financial instrument transactions is presented in the table below:
	Description	Reference<br> value	Maturity		3/31/2025		12/31/2024
	Debt
	- BRL	USD18	2026		(3)		7
	- BRL	USD109	2027		26		59
	- BRL	USD100	2028		(32)		-
	Debt
	IPCA<br> - BRL	R$1.972	2028,<br> 2029 and 2031		331		314
	Interest<br> rate swaps registered at CETIP
	Pre-fixed<br> rate x CDI	R$879	2027		(14)		(10)
	Pre-fixed<br> rate x CDI	R$12	2027		1		1
	Pre-fixed<br> rate x CDI	R$14	2027		1		1
	Derivatives<br> - Fair value hedge - Brazil				310		372
15.3	Sensitivity<br> analysis of financial instruments
	According<br> to Management's assessment, the possible reasonable changes scenario considered was, on the maturity date of each transaction,<br> the market curves (interest) of B3.
	To<br> determine the possible relevant change in the relevant risk variable, Management considered the economic environment in which it<br> operates. Therefore, in scenario (I) there is no impact on the fair value of financial instruments and the weighted interest<br> rate (CDI) was 15.03% per year. For scenarios (II) and (III), for the exclusive purpose of sensitivity analysis, Management considered<br> a deterioration of 5% and 10%, respectively, in the risk variables, up to one year of the financial instruments, with the aim of<br> demonstrating the sensitivity of the Company's results in an adverse scenario.
	In<br> the case of derivative financial instruments (aiming at hedging the financial debt), the variations of the scenarios are accompanied<br> by the respective hedges, indicating that the effects are not significant.
	The<br> Company disclosed the net exposure of the derivative financial instruments, the corresponding financial instruments and certain financial<br> instruments in the sensitivity analysis table below, for each of the mentioned scenarios:
						Market<br> projections
	Transactions	Risk<br><br> (Rate Increase)		As<br> of 3/31/2025		Scenario<br> <br><br> (I)	Scenario<br> <br><br> (II)	Scenario<br> <br><br> (III)
	Borrowings	CDI<br> + 1.62% per year		(925)		(139)	(146)	(153)
	Borrowings<br> (fixed rate)	CDI<br> + 0.20% per year		(26)		(4)	(4)	(5)
	Derivative<br> financial instruments (pre-fixed rate)	CDI<br> + 0.20% per year		(2)		-	-	-
	Borrowings<br> (foreign currency)	CDI<br> + 1.29% per year		(1,318)		(198)	(208)	(218)
	Derivative<br> financial instruments (foreign currency)	CDI<br> + 1.28% per year		9		2	2	2
	Debentures<br> and promissory notes	CDI<br> + 1.33% per year		(14,098)		(2,117)	(2,223)	(2,329)
	Derivative<br> financial instruments (debentures and promissory notes)	CDI<br> + 0.93% per year		(317)		(49)	(51)	(53)
	Total<br> net effect (loss)			(16,677)		(2,505)	(2,630)	(2,756)
	Cash<br> equivalents	99.14%<br> of the CDI		4,286		644	676	709
	Net<br> exposure loss			(12,391)		(1,861)	(1,954)	(2,047)
15.4	Fair value<br> measurement
	The<br> Company discloses the fair value of financial instruments measured at fair value and of financial instruments measured at amortized<br> cost, the fair value of which differ from the carrying amounts, pursuant to CPC 46/IFRS 13, which address the concepts of measurement<br> and disclosure requirements. The fair value hierarchy levels are defined below:
	Level<br> 1: fair value measurement at the balance sheet date using quoted prices (unadjusted) in active markets for identical assets or liabilities<br> to which the entity may have access at the measurement date.
	Level<br> 2: fair value measurement at the balance sheet date using other significant observable assumptions for the asset or liability, either<br> directly or indirectly, except quoted prices included in Level 1.
	Level<br> 3: fair value measurement at the balance sheet date using non-observable data for the asset or liability.
	The<br> fair values of cash and cash equivalents, trade receivables and trade payables approximate their carrying amounts.

All values are in US Dollars.

	The<br> table below sets forth the fair value hierarchy of financial assets and liabilities measured at fair value and of financial instruments<br> measured at amortized cost, all classified as level 2, for which the fair value has been disclosed in the interim financial information:
		Carrying<br> amount			Fair<br> value
		3/31/2025		12/31/2024	3/31/2025	12/31/2024
	Trade<br> receivables with credit card and tickets	1,620		1,943	1,620	1,943
	Interest<br> rate swaps between currencies	(9)		66	(9)	66
	Interest<br> rate swaps	(12)		(8)	(12)	(8)
	Interest<br> rate swaps - CRI	331		314	331	314
	Borrowings<br> and debentures (fair value)	(4,634)		(4,087)	(4,634)	(4,087)
	Borrowings,<br> debentures and promissory notes (amortized cost)	(11,565)		(12,460)	(11,415)	(12,188)
		(14,269)		(14,232)	(14,119)	(13,960)
	There<br> were no change between fair value measurement hierarchy levels during the period ended March 31, 2025.
	Interest<br> rate swaps, cross-currency, borrowings and debentures are classified in Level 2 since the fair value of such financial instruments<br> was determined based on readily observable inputs, such as expected interest rate and current and future foreign exchange rate.
15.5	Borrowings
15.5.1	Debt breakdown
			Average<br> rate		3/31/2025	12/31/2024
	Debentures<br> and promissory notes		CDI<br> + 1.33 % per year		14,098	14,975
	Borrowing<br> costs				(164)	(176)
					13,934	14,799
	Derivative<br> financial instruments - <br><br> Debentures and promissory notes
	Swap<br> contracts		CDI<br> + 0.93 % per year		(317)	(304)
					(317)	(304)
	Borrowings<br> in domestic currency
	Working<br> capital		CDI<br> + 0.20% per year		26	29
	Working<br> capital		CDI<br> + 1.62% per year		925	923
	Borrowing<br> costs				(4)	(5)
					947	947
	Derivative<br> financial instruments - <br><br> Domestic currency
	Swap<br> contracts		CDI<br> + 0.20% per year		(2)	(2)
					(2)	(2)
	Borrowings<br> in foreign currency
	Working<br> capital		CDI<br> + 1.29% per year		1,318	801
					1,318	801
	Derivative<br> financial instruments - <br><br> Foreign currency
	Swap<br> contracts		CDI<br> + 1.28% per year		9	(66)
					9	(66)
	Total<br> of borrowings, debentures and promissory notes				15,889	16,175
	Current<br> asset - Derivative financial instruments				(5)	(93)
	Non-current<br> asset - Derivative financial instruments				(425)	(297)
	Current<br> liabilities - Borrowings				48	38
	Current<br> liabilities - Debentures and promissory notes				1,201	2,046
	Non-current<br> liabilities - Borrowings				2,267	1,720
	Non-current<br> liabilities - Debentures and promissory notes				12,803	12,761
15.5.2	Roll forward<br> of borrowings
---	---	---	---	---	---	---	---	---
		3/31/2025		3/31/2024
	At the<br> beginning of the period	16,175		14,910
	Funding	608		500
	Borrowing<br> costs	(1)		(3)
	Interest<br> provision	525		459
	Swap<br> contracts	101		(13)
	Mark-to-market	(7)		58
	Exchange<br> rate and monetary variation	(90)		-
	Borrowing<br> costs amortization	14		16
	Interest<br> amortization	(400)		(187)
	Principal<br> amortization	(1,003)		(3)
	Swap<br> amortization	(33)		(22)
	At the<br> end of the period	15,889		15,715
15.5.3	Schedule<br> of non-current maturities
	* The net<br> value of non-current is R14,645.
15.6	Debentures<br> and promissory notes
			Date
		Outstanding<br> debentures (units)	Beginning	Maturity	Annual<br> financial charges	Unit<br> price (in Reais)	3/31/2025	12/31/2024
	First Issue<br> of Promissory Notes - 6th<br> series	4	7/4/2019	7/4/2025	CDI<br> + 0.72% per year	83,263,964	332	322
	Second Issue<br> of Debentures - 2nd<br> series	660,000	6/1/2021	5/22/2028	CDI<br> + 1.95% per year	1,049	692	669
	Third<br> Issue of Debentures - 1st<br> series - CRI	982,526	10/15/2021	10/16/2028	IPCA<br> + 5.15% per year	1,238	1,216	1,178
	Third<br> Issue of Debentures - 2nd<br> series - CRI	517,474	10/15/2021	10/15/2031	IPCA<br> + 5.27% per year	1,238	641	620
	Fourth<br> Issue of Debentures - single series	2,000,000	1/7/2022	11/26/2027	CDI<br> + 1.75% per year	1,047	2,094	2,024
	First Issue<br> of Commercial Paper Notes - single series	750,000	2/10/2022	2/9/2025	CDI<br> + 1.70% per year	-	-	786
	Fifth<br> Issue of Debentures - single series - CRI	250,000	4/5/2022	3/28/2025	CDI<br> + 0.75% per year	-	-	258
	Sixth<br> Issue of Debentures - 1st<br> series - CRI	72,962	9/28/2022	9/11/2026	CDI<br> + 0.60% per year	1,005	73	75
	Sixth<br> Issue of Debentures - 2nd<br> series - CRI	55,245	9/28/2022	9/13/2027	CDI<br> + 0.70% per year	1,005	57	58
	Sixth<br> Issue of Debentures - 3rd<br> series - CRI	471,793	9/28/2022	9/13/2029	IPCA<br> + 6.70% per year	1,135	535	534
	Second Issue<br> of Commercial Paper Notes - single series	400,000	12/26/2022	12/26/2025	CDI<br> + 0.93% per year	1,321	528	513
	Seventh<br> Issue of Debentures - 1st<br> series - CRI	145,721	7/25/2023	7/15/2026	CDI<br> + 1.00% per year	1,027	150	154
	Seventh<br> Issue of Debentures - 2nd<br> series - CRI	878,503	7/25/2023	7/15/2027	Pré<br> 11.75% per year	1,023	898	925
	Seventh<br> Issue of Debentures - 3rd<br> series - CRI	46,622	7/25/2023	7/17/2028	CDI<br> + 1.15% per year	1,027	49	50
	Eighth<br> Issue of Debentures - 1st<br> series	400,000	12/22/2023	12/22/2027	CDI<br> + 1.85% per year	1,037	415	401
	Eighth<br> Issue of Debentures - 2nd<br> series	400,000	12/22/2023	12/22/2028	CDI<br> + 1.95% per year	1,037	415	401
	Ninth<br> Issue of Debentures - single series	500,000	3/28/2024	3/26/2029	CDI<br> + 1.25% per year	1,002	501	516
	Tenth<br> Issue of Debentures - single series	1,800,000	6/25/2024	6/20/2029	CDI<br> + 1.25% per year	1,036	1,865	1,805
	Eleventh<br> Issue of Debentures - single series	2,800,000	10/1/2024	9/25/2029	CDI<br> + 1.25% per year	1,002	2,806	2,882
	Twelfth<br> Issue of Debentures - single series	800,000	12/13/2024	12/10/2029	CDI<br> + 1.25% per year	1,039	831	804
	Borrowing<br> costs						(164)	(176)
							13,934	14,799
	The<br> Company issues debentures to strengthen its working capital, maintain its cash strategy, and lengthen its debt and investment profile.<br> The debentures issued are non-preemptive, non-convertible into shares, do not have renegotiation clauses and do not have guarantees.

All values are in US Dollars.

15.7	Borrowings<br> in foreign currencies
	As<br> of March 31, 2025, the Company has borrowings in foreign currency to strengthen its working capital, maintain its cash strategy,<br> lengthen its debt and investment profile.
15.8	Guarantees
	As<br> of March 31, 2025, the Company has no guarantees related to its borrowing agreement.
15.9	Swap<br> contracts
	The<br> Company uses swap operations for 100% of its borrowings denominated in US dollars, in fixed interest rates and IPCA, exchanging these<br> liabilities linked to real to the CDI (floating) interest rates. The annual average rate at CDI as of March 31, 2025 was 11.22% (10.83%<br> as of December 31, 2024).
15.10	Financial<br> covenants
	In<br> connection with the debentures and promissory notes issued, the Company is required to maintain certain financial ratios. These ratios<br> are calculated quarterly based on the Company’s interim financial information prepared in accordance with accounting practices<br> adopted in Brazil, as follows: (i) consolidated net debt / equity less than or equal to 3.00; and (ii) consolidated net debt/EBITDA<br> Last Twelve Months ("LTM") ratio should be lower than or equal to 3.00.
	As<br> of March 31, 2025, the Company had fulfilled all contractual obligations and was compliant with these ratios.
16	PROVISION<br> FOR LEGAL PROCEEDINGS
	The<br> provision for legal proceedings is estimated by the Company and supported by its legal counsel and was established in an amount considered<br> sufficient to cover the considered probable losses.
		Social<br> security and labor	Civil	Total
	Balance as of December<br> 31, 2023	163	38	263
	Additions	42	3	49
	Reversals	(15)	(1)	(47)
	Payments	(16)	(2)	(27)
	Monetary<br> correction	5	2	4
	Balance as of March 31,<br> 2024	179	40	242
	Restricted deposits for<br> legal proceedings	(12)	(10)	(23)
	Net provision for restricted<br> deposits	167	30	219
		Social<br> security and labor	Civil	Total
	Balance as of December<br> 31, 2024	174	33	223
	Additions	76	5	81
	Reversals	(22)	(1)	(23)
	Payments	(27)	(1)	(28)
	Monetary<br> correction	5	1	6
	Balance as of March 31,<br> 2025	206	37	259
	Restricted deposits for<br> legal proceedings	(2)	(2)	(8)
	Net provision for restricted<br> deposits	204	35	251
	Of<br> the total amount of the table above, R35 (R26 as of December 31, 2024) is the responsibility of GPA arising from contingencies<br> up to 2016, pursuant to contractual provisions, namely: R4 tax claims, R15 labor claims and R16 civil claims (R4 tax claims,<br> R7 labor claims and R15 civil claims as of December 31, 2024).
16.1	Tax<br> claims
	Tax<br> claims are subject by law to monthly monetary adjustment, which refers to an adjustment to the provision based on indexing rates<br> adopted by each tax jurisdiction. Both interest charges and fines, where applicable, were calculated and provisioned with respect<br> to unpaid amounts.
	The<br> Company has other tax claims, which according to its legal counsel’s analysis, were provisioned, namely: (i) discussions on<br> the non-application of the Accident Prevention Factor (FAP); (ii) IPI in the resale of imported products; and (iii) other matters.
	The<br> amount provisioned for these matters as of March 31, 2025 is R16 (R16 as of December 31, 2024).
16.2	Social<br> security and labor
	The<br> Company is a party to various labor proceedings, especially due to dismissals in the regular course of business. As of March 31,<br> 2025, the Company recorded a provision of R206 (R174 as of December 31, 2024), referring to a potential risk of loss relating to<br> labor claims. Management, with the assistance of its legal counsel, assesses these claims and records provisions for losses when<br> reasonably estimated, considering previous experiences in relation to amounts claimed.

All values are in US Dollars.

16.3	Civil
	The<br> Company is a party to civil proceedings (indemnifications, collections, among others) that are in different procedural phases and<br> at various courts. Management records provisions in amounts considered sufficient to cover unfavorable court decisions when its internal<br> and external legal counsel assess the losses to be probable.
	Among<br> these proceedings, we highlight the following:
	The<br> Company is a party to various lawsuits requesting the renewal of rental agreements and the review of the current rent paid. The Company<br> records a provision for the difference between the monthly rental amounts originally paid by stores and the rental amounts calculated<br> by the legal experts considering that it is the expert report amount that will be used as the basis for the decision that will change<br> the rental amount paid by the Company. As of March 31, 2025, the amount of the provision for these lawsuits is R28 (R26 as of December<br> 31, 2024), for which there are no restricted deposits for legal proceedings.
	The<br> Company is a party to certain lawsuits relating to the fines applied by inspection bodies of direct and indirect administration of<br> the federal government, states, and municipalities, including consumer defense bodies (PROCONs, INMETRO, and local governments).<br> The Company, with the assistance of its legal counsel, assesses these claims recording provisions for probable cash disbursements<br> according to the estimate of loss. As of March 31, 2025, the amount of provision for these lawsuits is R9 (R7 as of December 31,<br> 2024).
	The<br> Company’s total civil, regulatory and property claims as of March 31, 2025, is R37 (R33 as of December 31, 2024).
16.4	Contingent<br> liabilities not accrued
	The<br> Company is a party to other litigations for which the risk of loss was classified by its legal counsel to be possible, therefore,<br> not accrued, to the following subjects:
		12/31/2024
	Tax<br> on Financial Transactions (IOF) – payment differences.	14
	PIS,<br> COFINS – payment discrepancies and overpayments, fine for non-compliance with ancillary obligations, disallowance of PIS and<br> COFINS credits, among other matters pending judgment at the administrative and judicial levels.	1,008
	ICMS<br> – allocation of credits from purchases from suppliers considered unqualified by the registry of the State Revenue Service,<br> among other matters, which are pending judgment at the administrative and judicial levels.	1,210
	ISS<br> (services tax), IPTU (urban property tax), Fees and other – discrepancies in payments of IPTU, fines for non-compliance with<br> ancillary obligations, ISS – refund of advertising expenses and various fees, which are pending judgment at the administrative<br> and judicial levels.	20
	INSS<br> (national institute of social security) – divergences in the FGTS and Social Security form (GFIP), offsets not approved, among<br> other matters, which are pending judgment at the administrative and judicial levels.	25
	Other<br> litigation – real estate lawsuits in which the Company claims the renewal and maintenance of lease agreements according to<br> market prices. These lawsuits involve proceedings in civil court, as well as administrative proceedings filed by inspection bodies,<br> among others.	2
	Compensation<br> linked to the external legal counsel's success fee if all the proceedings were concluded in favor of the Company.	27
		2,306
	Of<br> the total amount in the table above, R1,086 (R1,097 as of December 31, 2024) is the responsibility of GPA arising from contingencies<br> up to 2016, pursuant to contractual provisions, namely: R1,085 tax claims and R1 civil claims (R1,096 tax claims and R1 civil<br> claims as of December 31, 2024).
	Three<br> collective proceedings were filed by institutions related to black people's movements due to an approach to a customer, in August<br> 2021 at the store in Limeira - SP, which claim supposed racial issues. All were duly answered. One of them has already been extinguished<br> by the judiciary without major effects. As of March 31, 2025, there are still two lawsuits in progress and, given the subjectivity<br> of the matter, it is still not possible to reasonably estimate the amounts involved. A significant impact is not expected, upon completion<br> the lawsuits on the Company's financial statements.
16.4.1	Uncertainty<br> over IRPJ and CSLL treatments
	In compliance<br> with ICPC 22/IFRIC 23 – Uncertainty over Income Tax Treatment, the Company has proceedings, at the judicial and administrative<br> levels, with Government's regulatory agencies, which are related to uncertain tax treatments adopted for the recording of income<br> tax and social contribution. Based on the assessment of internal and external legal counsel, the Company considers the tax treatment<br> adopted is adequate, therefore, these proceedings were classified as possible losses. As of March 31, 2025, the amount involved was<br> R1,067 (R1,025 as of December 31, 2024).
	Of the<br> total amount above, R297 is the responsibility of GPA arising from contingencies up to 2016, pursuant to contractual provisions<br> (R293 as of December 31, 2024).

All values are in US Dollars.

16.5	Guarantees
	The Company<br> provided bank guarantees and insurance guarantees for judicial proceedings of a civil, tax and labor nature, described below:
	Lawsuits		3/31/2025	3/31/2024
	Tax		1,780	1,110
	Labor		93	75
	Civil<br> and others		48	38
			1,921	1,223
	The cost<br> of guarantees as of March 31, 2025 is approximately 0.16% per year of the amount of the lawsuits (0.17% as of March 31, 2024) and<br> is recorded as a financial expense.
16.6	Restricted<br> deposits for legal proceedings
	The<br> Company has recorded in its assets amounts relating to judicial deposits:
	Lawsuits		3/31/2025	12/31/2024
	Tax		16	16
	Labor		3	4
	Civil<br> and others		4	4
			23	24
17	DEFERRED<br> REVENUES
				3/31/2025		12/31/2024
		Commercial<br> agreement with suppliers (i)		329		418
		Commercial<br> agreement - payroll (ii)		41		37
		Marketing		30		20
					400	475
		Current		372		449
		Non-current		28		26
	(i) Refers<br> to rental of supplier product exhibition modules "checkstand", point of sale displays and backlight panels.
	(ii) Commercial<br> agreement with a financial institution for exclusivity in payroll processing.
18	INCOME<br> TAX AND SOCIAL CONTRIBUTION
18.1	Reconciliation<br> of income tax and social contribution expense
						3/31/2025	3/31/2024
		Income<br> before income tax and social contribution				151	54
		Expense<br> of income tax and social contribution, for nominal rate (34%)				(51)	(18)
		Adjustments to reflect<br> the effective rate
		Tax<br> fines				(3)	(2)
		Share<br> of profits				6	6
		ICMS<br> subsidy - tax incentives (i)				10	11
		Monetary<br> correction credits				1	11
		Other<br> permanent differences				3	(2)
		Effective income<br> tax and social contribution				(34)	6
		Income tax and social<br> contribution for the period
		Current				(61)	(27)
		Deferred				27	33
		(Expenses) benefits<br> of income tax and social contribution				(34)	6
		Effective<br> rate				22.5%	-11.1%
	(i)<br> The Company calculates tax benefits that are characterized as tax incentives that, according to legal forecast, do not comprise the<br> basis for calculating income tax and social contribution.
18.2	Breakdown<br> of deferred income tax and social contribution
---	---	---	---	---	---	---	---	---
	The main<br> components of deferred income tax and social contribution in the balance sheets are the following:
			3/31/2025			12/31/2024
			Assets	Liabilities	Net	Assets	Liabilities	Net
	Deferred<br> income tax and social contribution
	Tax<br> losses		287	-	287	314	-	314
	Provision<br> for legal proceedings		79	-	79	67	-	67
	Swap		-	(108)	(108)	-	(132)	(132)
	Goodwill<br> tax amortization		-	(317)	(317)	-	(317)	(317)
	Mark-to-market		3	-	3	2	-	2
	Property,<br> plant and equipment and intangible assets		10	-	10	10	-	10
	Unrealized<br> losses with tax credits		-	(57)	(57)	-	(71)	(71)
	Provision<br> of inventory		25	-	25	35	-	35
	Borrowing<br> costs		-	(57)	(57)	-	(62)	(62)
	Lease<br> net of right of use		3,165	(2,906)	259	3,249	(3,016)	233
	Compensation<br> program		39	-	39	21	-	21
	Exchange<br> rate		2	-	2	33	-	33
	Others		1	-	1	7	-	7
	Gross<br> deferred income tax and social contribution assets (liabilities)		3,611	(3,445)	166	3,738	(3,598)	140
	Compensation		(3,445)	3,445	-	(3,598)	3,598	-
	Deferred<br> income tax and social contribution assets (liabilities), net		166	-	166	140	-	140
	Management<br> has assessed the future realization of deferred tax assets, considering the projections of future taxable income, in the context<br> of the main variables of its businesses. This assessment was based on information from the strategic planning report previously approved<br> by the Company´s Board of Directors.
	The Company<br> estimates the recovery of these credits as follows:
18.3	Roll forward<br> of deferred income tax and social contribution
		3/31/2025	3/31/2024
	At<br> the beginning of the period	140	171
	Benefits<br> in the period	27	33
	Income<br> tax effect	-	(1)
	Others	(1)	(9)
	At<br> the end of the period	166	194
19	SHAREHOLDERS’<br> EQUITY
---	---	---	---	---	---	---	---	---
19.1	Capital<br> stock and stock rights
	According<br> to the Company's bylaws, the Company's authorized capital may be increased up to 2 billion common shares. Below, the subscribed and<br> fully paid-in share capital, represented by common shares, all nominative and with no par value:
					Number<br> of shares		Amount<br><br> (in reais)
					1,351,833,200		1,271,691,249
					1,352,215,647		1,271,695,074
					-		184,074,731
						29,538	295
					1,352,245,185		1,455,770,100


		Note	3/31/2025	Participation		12/31/2024		Participation
			1,348,445,185	99.72%		1,348,415,647		99.72%
		19.4	3,800,000	0.28%		3,800,000		0.28%
			1,352,245,185	100.00%		1,352,215,647		100.00%
19.2	Distribution<br> of dividends and interest on own capital
	At a meeting<br> of the Board of Directors held on December 30, 2024, the advance payment of interest on own capital in the gross amount of R125<br> was approved, on which the withholding tax was deducted in the amount of R16, corresponding to the net amount of R109. The effective<br> payment occurred on February 28, 2025.
	On March<br> 26, 2025, the Management's proposal was disclosed to the market, including the dividend amounts and the allocation of the Company's<br> profits as of December 31, 2024.
	At the<br> Annual General Meeting of Shareholders held on April 25, 2025, the Shareholders voted to approve the mandatory minimum dividend of<br> R20, calculated in accordance with the Corporations Legislation and the Company's bylaws, for the year ended December 31, 2024.<br> The total amount of dividends corresponds to R0.014541232193963 per common share. The payment will occur on June 23, 2025.
19.3	Expansion<br> reserve
	On March<br> 26, 2025, the Management's proposal was disclosed to the market, including the amount allocated to the expansion reserve based on<br> the result for the year 2024, totaling R368. The Management's proposal was approved at the Annual General Meeting of Shareholders<br> held on April 25, 2025.
19.4	Treasury<br> shares
	On June<br> 25, 2024, the Board of Directors approved the first share buyback program for the Company’s issued shares. The program aims<br> to acquire, within up to 12 months from the approval date, up to 3,800,000 common shares, representing 0.28% of the total shares<br> outstanding, for treasury stock and delivery of these shares to participants in the Executive Partner Program, see note 19.5.4, and<br> the Long-Term Incentive Plan through the Granting of the Right to Receive Shares, see note 19.5.5. The shares were acquired in the<br> stock market based on normal trading conditions.
	On March<br> 18, 2025, the Board of Directors approved the second share buyback program for the Company’s issued shares. The program aims<br> to acquire, within up to 12 months from the date April 1, 2025 up to 8,000,100 common shares, representing 0.59% of the total shares<br> outstanding, for the same purpose as described above. The shares will be acquired in the stock market based on normal trading conditions.<br> Until May 8, 2025, date of issue of this interim financial information, the Company repurchased shares in the amount of R4, representing<br> 466,300 common shares.
	The table<br> below represents the movement of treasury shares:
			Number<br> of shares	Amount<br><br> (in reais)		Average<br> purchase price
	As<br> of December 31, 2024		3,800,000	26,390,274		6.94
	Additional<br> costs of the period		-	497		-
	As<br> of March 31, 2025		3,800,000	26,390,771		6.94

All values are in US Dollars.

19.5	Share-based<br> payment
19.5.1	Recognized<br> options granted
	Information<br> relating to the Company's Option Plan and Compensation Plan is summarized below:
								3/31/2025
								Number<br> of shares<br><br> (in thousands)
	Series<br> granted	Grant<br> date		1st<br> exercise date		Exercise<br> price on the grant date<br><br> (in reais)		Gran-<br><br> ted	Exer-<br><br> cised	Cance-<br><br> lled	Current
	B9	5/31/2022		6/1/2025		0.01		2,163	(405)	(116)	1,642
	C9	5/31/2022		6/1/2025		12.53		1,924	(119)	(162)	1,643
	B10<br> (i)	5/31/2023		6/1/2026		0.01		1,390	(57)	(65)	1,268
	C10<br> (i)	5/31/2023		6/1/2026		11.82		1,390	-	(122)	1,268
	B11<br> (i)	5/31/2024		6/1/2027		0.01		1,294	(35)	(56)	1,203
	C11<br> (i)	5/31/2024		6/1/2027		10.62		1,294	-	(91)	1,203
								9,455	(616)	(612)	8,227
	(i) Shares<br> granted to executives excluding statutory officers.
19.5.2	Consolidated<br> information of Company's share-based payment plans
	According<br> to the plans, the options granted in each of the series can represent a maximum of 2% of the total shares issued by the Company.
	The table<br> below shows the maximum percentage of dilution to which current shareholders could eventually be subject to in the event that all<br> options granted are exercised until March 31, 2025:
					3/31/2025
					(in<br> thousands)
	Number<br> of outstanding shares				1,348,445
	Balance<br> of effective series granted				8,227
	Maximum<br> percentage of dilution				0.61%
	The fair<br> value of each option granted is estimated on the grant date, using the options pricing model "Black-Scholes" taking into<br> account the following assumptions:
	Series<br> granted		Estimated<br> dividends		Approximate<br> estimated volatility		Risk-free<br> weighted average interest rate		Exit<br> rate	Average<br> remaining life expectancy
	B9		1.20%		37.29%		12.18%		8.00%	2<br> months
	C9
	B10		1.31%		35.32%		10.87%		8.00%	14<br> months
	C10
	B11		0.77%		37.32%		11.28%		8.00%	26<br> months
	C11
					Shares<br><br> (in thousands)		Weighted<br> average exercise price<br><br> (in reais)		Weighted<br> average of the remaining contractual term
	As of<br> December 31, 2024				8,362		5.88		1.31
	Cancelled<br> during the period				(94)		8.28
	Exercised<br> during the period				(41)		0.01
	Outstanding<br> at the end of the period				8,227		5.88		1.06
	Total<br> to be exercised as of March 31, 2025				8,227		5.88		1.06
	The amount<br> recorded in the statement of operations for the period ended March 31, 2025 was R7 (R7 as of March 31, 2024).
19.5.3	Cash-settled<br> share-based payment plan
	At the Extraordinary<br> General Meeting held on July 14, 2023, the cash-settled share-based payment plan was approved, only for the Company's Statutory Officers,<br> this plan does not make officers a partner of the Company, they only acquire the right to receive a cash compensation corresponding<br> to the average price of the Company's shares traded on B3 under the ticker ASAI3.
	The calculation<br> methodology is the linear average of the share price considering the last 20 trading sessions, including the base date of August<br> 1, 2023 (grant date), until the end of the plan on July 31, 2028. The payment will be made in local currency, considering the vesting<br> periods of the shares.

All values are in US Dollars.

	Shares<br> were granted to the Company's executives and receipt of the award in relation to 50% of these shares will be subject to compliance<br> with the service condition (time-conditioned shares) and the other 50% will be subject to compliance, cumulatively, with the service<br> condition and the performance condition (time-and performance-conditioned shares). Below, the movement for the period:
		Number<br> of shares granted (in thousands)
		3/31/2025	12/31/2024
	At the<br> beginning of the period	1,911	1,989
	Cancelled	-	(78)
	At the<br> end of the period	1,911	1,911
	For shares<br> conditioned on time to become vested, Offices must remain with the Company from the grant date to the dates below (vesting period):
	a) 20%<br> (twenty percent) on the 3-year anniversary from the grant date;<br> b) 20% (twenty percent) on the 4-year anniversary from the grant date; and<br> c) 60% (sixty percent) on the 5-year anniversary from the grant date.
	For shares<br> conditioned on time and performance to become vested, the Executive must comply with the vesting periods above, in addition to meeting<br> the goals, being segregated between: a) Environmental, Social and Governance ("ESG") goal with a weight of 30%: i) hiring<br> people with disabilities; ii) women in leadership, in managerial positions or higher; and iii) total carbon emissions – Scope<br> 1 and 2; and b) Operating target with a weight of 70%: i) operating cash flow.
	The targets<br> above will be reviewed annually by the Board of Directors and non-achievement of them, on December 31, 2026 and 2027, may be compensated<br> by achievement on subsequent measurement dates.
	At the<br> end of each vesting period, virtual shares conditioned on time that have become vested virtual shares will be automatically settled,<br> for virtual shares conditioned on time and performance the goals listed above must be achieved.
	If the<br> Officer is terminated on his/her own initiative, the Officer will lose the right to receive unvested shares, which will be immediately<br> canceled and extinguished, without any compensation and/or indemnity, regardless of prior notice or notice. If the Officer is terminated<br> at the initiative of the Company, through dismissal and removal from office due to serious misconduct, all his/her shares will be<br> extinguished, without any compensation and/or indemnity, regardless of prior notice or notice. If the Officer is terminated due to<br> mutual agreement between the Company and the Officer or on the Company's initiative, through dismissal and removal from office without<br> serious misconduct, the Officer will have the right, subject to compliance with restrictive obligations, to settlement of all vested<br> shares at the termination date and to maintain a portion of the unvested shares as agreed between the parties.
	As of<br> March 31, 2025, the amount of the liability corresponding to the plan, including payroll charges, in recorded is "Cash-settled<br> share plan" in non-current liabilities in the amount of R8 (R5 as of December 31, 2024) and the total expense recognized,<br> was R2 (R3 as of March 31, 2024) and the fair value of the total of this plan in this date was R19.
19.5.4	Executive<br> Partner Program
	At the<br> Ordinary and Extraordinary General Meeting held on April 26, 2024, the shareholders approved the Company's Executive Partner Program,<br> intended to create a unique and extraordinary long-term program, which is not to be confused with the standard Long-Term Incentive,<br> composed of a single grant of share rights to the Chief Executive Officer, the Commercial and Logistics Vice President, and the Operations<br> Vice President (“Participants”), in a substantial amount and contingent on the Participants staying at the company and<br> their achievement of certain performance targets, aiming at: (i) the long-term retention of the Participants; and (ii) the strengthening<br> of the sense of ownership in the Participants, transforming key officers into relevant, long-term shareholders.
	Through<br> the Executive Partner Program, on May 1, 2024 the Company granted to Participants the right to receive up to 27,044,904 Company<br> shares, corresponding to up to 2% of the total number of Company shares on the date of approval of the Executive Partner Program,<br> subject to the adjustments provided for in the Program, as follows:
	i) 0.40%<br> will consist of restricted shares, the right to which will only be acquired if the Participants remain as Officers of the Company,<br> as follows: i) 30% on the first vesting date (5 years from granted date) and 70% on the second vesting date (7 years from granted<br> date); and
	ii) up<br> to 1.60% will consist of shares with performance assumptions, the right to which will only be acquired if the following conditions<br> are cumulatively met: i) the Participants remain as Officers of the Company until the second vesting date; and ii) the performance<br> targets are achieved on the second vesting date, determined and calculated in accordance with the terms and conditions set out below.
	Shares<br> with performance assumptions

All values are in US Dollars.



	Additional<br> shares


	All shares<br> received by the Participants under the Executive Partner Program will be subject to a lock-up of three years from the date of receipt<br> of the shares, unless otherwise provided for by the Board of Directors in cases of termination of the Participants.
	The fair<br> value of each share granted in the amount of R13.12 was measured based on the share price on the granted date, reduced<br> by the estimated discount of 13.50% due to the transfer restriction after the vesting period. The Company has determined the estimated<br> number of shares that will be considered the right of the Participants in relation to the variable portion of the plan based on the<br> result projections in line with the business assumptions and that at the end of each period the estimate will be adjusted according<br> to these projections.
	9,952,525<br> shares were granted, with a fair value of R11.35.
	As of<br> March 31, 2025, the amount recognized in the statement of operations for the period was R6 (there is no amount recorded as of March<br> 31, 2024) and the fair value of the total of this plan in this date was R139, including charges.
19.5.5	Long-term<br> incentive plan through grant of the right to receive Company shares
	At the<br> Ordinary and Extraordinary General Meeting held on April 26, 2024, the shareholders approved the Long-Term Incentive Plan (“ILP”),<br> intended to grant restricted shares and shares with performance assumptions to statutory and non-statutory directors of the Company<br> (“Participants”), as well as to any other employees who are selected to participate in the plan.
	By granting<br> the right to receive Company shares to the Participants, the ILP Plan aims at: (i) aligning the interests of the Participants with<br> the interests of the Company's shareholders; (ii) encouraging the Participants to stay at the Company or at the companies under its<br> control; and (iii) maximizing the results and generating sustainable value for the Company and its shareholders.
	The grants<br> under the ILP Plan will be made in the following proportion: (i) 30% of the right granted will consist of restricted shares, and<br> the transfer of the shares to the Participants will occur only upon compliance with a single vesting period of 3 years (except for<br> the grant to the Chief Executive Officer, which will have a vesting period of up to 5 years, with partial vesting of 33% in the 3rd<br> year, 33% in the 4th year and 34% in the 5th year); and (ii) 70% of the right granted will consist of shares with performance assumptions,<br> and the transfer of the shares to the Participants will occur only upon compliance with a single vesting period of 3 years (5 years<br> for the Chief Executive Officer) contingent on the achievement of the performance targets established by the Board of Directors,<br> and the final number of shares with performance assumptions to which the Participants will be entitled will depend on the degree<br> of achievement of these targets at the end of the single vesting period of 3 years (5 years for the Chief Executive Officer), and<br> may vary from 90% to 110% of the target number of shares (and the target number of shares will assume the achievement of 100% of<br> the targets).

All values are in US Dollars.

	The number<br> of restricted shares and shares with performance assumptions granted will be determined based on: (i) a salary multiple, according<br> to the grade occupied by the Participant; and (ii) the average share price in the 20 trading sessions prior to the grant.
	The shares<br> (both restricted shares and shares with performance assumptions) will be transferred to the Participants upon compliance with the<br> conditions described in the plan, and the transfer of shares will be made through the delivery of shares held in treasury by the<br> Company.
	Through<br> the ILP Plan, the Company will grant to the Participants the right to receive a certain number of shares corresponding to up to 1.5%<br> of the total number of Company shares on the date of approval of the respective plan, subject to the specified adjustments.
	The<br> information related to the plan is summarized below:
										3/31/2025
										Number<br> of shares<br><br> (in thousands)
	Series<br> granted			Date<br> of grant			1^st^<br> exercise date			Grant			Effective
	ILP<br> - 2024			5/31/2024			5/31/2027			649			649
	ILP<br> - 2024			5/31/2024			5/31/2028			50			50
	ILP<br> - 2024			5/31/2024			5/31/2029			396			396
	ILP<br> - 2025			3/31/2025			3/31/2028			5,085			5,085
	ILP<br> - 2025			3/31/2025			3/31/2029			97			97
	ILP<br> - 2025			3/31/2025			3/31/2030			777			777
										7,054			7,054
	The fair<br> value of each share granted is estimated on the grant date using the Black-Scholes pricing model, considering the following assumptions:
	Series<br> granted		Fair<br> value granted<br><br> (in reais)		Estimated<br> dividends			Approximate<br> estimated volatility			Risk-free<br> weighted average interest rate			Average<br> remaining life expectancy
	ILP<br> - 2024		11.90<br> (3^rd^ year)		0.77%			37.32%			11.28%			26<br> months
		11.81<br> (4^th^ year)				36.94%			11.54%			38<br> months
		11.72<br> (5^th^ year)				38.27%			11.68%			50<br> months
	ILP<br> - 2025		6.98<br> (3^rd^ year)		2.57%			41.69%			14.71%			36<br> months
		6.80<br> (4^th^ year)				39.51%			14.73%			48<br> months
		6.63<br> (5^th^ year)				39.50%			14.81%			60<br> months
							Shares<br><br> (in thousands)			Weighted<br> average of the remaining contract term
	As of<br> December 31, 2024						1,095			3.19
	Granted<br> during the period						5,959
	Outstanding<br> at end of the period						7,054			3.22
	Total<br> to be exercised as of March 31, 2025						7,054			3.22
	As of March<br> 31, 2025, the amount recognized in the statement of operations for the period was R1 (there is no amount recorded as of March 31,<br> 2024) and the fair value of the total of this plan in this date was R57, including charges.
20	NET OPERATING<br> REVENUE
							3/31/2025			3/31/2024

							20,217			18,762
							74			64
							20,291			18,826

							(47)			(39)
							(1,692)			(1,565)
							(1,739)			(1,604)
							18,552			17,222

All values are in US Dollars.

21	EXPENSES<br> BY NATURE
		3/31/2025		3/31/2024
	Inventory<br> cost	(15,158)		(14,166)
	Personnel<br> expenses	(1,185)		(1,059)
	Outsourced<br> services	(116)		(92)
	Selling<br> expenses	(274)		(267)
	Functional<br> expenses	(354)		(329)
	Other<br> expenses	(138)		(128)
		(17,225)		(16,041)
	Cost<br> of sales	(15,486)		(14,420)
	Selling<br> expenses	(1,508)		(1,416)
	General<br> and administrative expenses	(231)		(205)
		(17,225)		(16,041)
22	OTHER<br> OPERATING EXPENSES, NET
			3/31/2025		3/31/2024
	Result<br> with property, plant and equipment and leases		(2)		(4)
			(2)		(4)
23	NET FINANCIAL<br> RESULT
			3/31/2025		3/31/2024

			51		16
			16		9
			13		15
			3		3
			83		43

			(548)		(451)
			7		(58)
			(39)		(45)
			(2)		3
			(278)		(250)
			(13)		(2)
			(873)		(803)
			(790)		(760)
24	EARNINGS<br> PER SHARE
	The<br> Company calculates earnings per share by dividing the net income for the period, relating to each class of shares, by the total number<br> of common shares outstanding in the period.
	The table<br> below presents the determination of the net income for the period available to holders of outstanding common shares to calculate<br> the basic earnings and diluted earnings per share in each year presented:
					3/31/2025	3/31/2024
	Net<br> income allocated available to holders of common shares (a)				117	60
	Weighted<br> average of number of shares, excluding treasury shares				1,348	1,352
	Basic<br> denominator (million of shares) (b)				1,348	1,352
	Weighted<br> average of stock option				7	3
	Diluted<br> denominator (million of shares) (c)				1,355	1,355
	Basic<br> earnings per million shares (R) (a ÷ b)				0.087099	0.044747
	Diluted<br> earnings per million shares (R) (a ÷ c)				0.086633	0.044646
25	NON-CASH<br> TRANSACTIONS
	The Company<br> had transactions that did not represent cash disbursements, and, therefore, these were not presented in the Statement of Cash Flows,<br> as follows:
	Transactions						Note
	Acquisition<br> of property, plant and equipment not yet paid						11.3
	Dividends<br> payable						19.2
	Offset<br> of tax related to interest on own capital						19.2

All values are in US Dollars.

26	SUBSEQUENT<br> EVENTS
26.1	Borrowings<br> in foreign currency
	On April<br> 1, 2025, the Company raised US$26 million (equivalent to R$150), with a maturity of 2 years, semiannual interest payments, and principal<br> repayment at maturity. On the same date, a swap agreement was entered into to hedge against foreign exchange fluctuations, at a cost<br> of CDI + 0.95% per year. The proceeds from the transaction were allocated to reinforce working capital.
	On April<br> 22, 2025, the Company raised US$100 million (equivalent to R$600), with a maturity of 3 years, semiannual interest payments, and<br> principal repayment at maturity. On the same date, a swap agreement was entered into to hedge against foreign exchange fluctuations,<br> at a cost of CDI + 1.39% per year. The proceeds from the transaction were allocated to reinforce working capital.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: May 8, 2025

Sendas Distribuidora S.A.

By: /s/ Aymar Giglio Junior

Name: Aymar Giglio Junior

Title: Vice President of Finance

By: /s/ Gabrielle Helú

Name: Gabrielle Helú

Title: Investor Relations Officer

FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.