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6-K

Sendas Distributor S.A. (ASAIY)

6-K 2025-11-06 For: 2025-09-30
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Added on April 06, 2026

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 November 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 – September 30,2025 – SENDAS DISTRIBUIDORA S.A.
Contents
Corporate Information / Capital Composition 2
Interm Financial Information
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 Interm Financial Information 9
(FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)
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ITR – Interim Financial Information – September 30,2025 – SENDAS DISTRIBUIDORA S.A.
Corporate information / Capital composition
Number of Shares Current quarter
(Thousands) 9/30/2025
Share Capital
Common 1,353,436
Preferred -
Total 1,353,436
Treasury Shares
Common 9,194
Preferred -
Total 9,194
(FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)
--- --- ---
Interim Financial Information - 9/30/2025 - SENDAS DISTRIBUIDORA S.A.
Individual Financial Statements / Balance Sheet - Assets
R (in thousands)
Current Quarter Prior year
Account code 9/30/2025 12/31/2024
1 45,121,000 45,593,000
1.01 15,965,000 16,448,000
1.01.01 4,456,000 5,628,000
1.01.03 1,829,000 2,210,000
1.01.03.01 1,829,000 2,210,000
1.01.04 8,246,000 7,127,000
1.01.06 1,212,000 1,241,000
1.01.08 222,000 242,000
1.01.08.03 222,000 242,000
1.01.08.03.01 7,000 93,000
1.01.08.03.03 48,000 50,000
1.01.08.03.04 167,000 99,000
1.02 29,156,000 29,145,000
1.02.01 1,588,000 1,196,000
1.02.01.07 266,000 140,000
1.02.01.09 25,000 23,000
1.02.01.09.04 25,000 23,000
1.02.01.10 1,297,000 1,033,000
1.02.01.10.04 781,000 672,000
1.02.01.10.05 22,000 24,000
1.02.01.10.06 428,000 297,000
1.02.01.10.07 39,000 31,000
1.02.01.10.08 27,000 9,000
1.02.02 840,000 804,000
1.02.02.01 840,000 804,000
1.02.02.01.03 840,000 804,000
1.02.03 21,548,000 21,962,000
1.02.03.01 13,179,000 13,564,000
1.02.03.02 8,369,000 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)
Interim Financial Information - 9/30/2025 - SENDAS DISTRIBUIDORA S.A.
Individual Financial Statements / Balance Sheet - Liabilities
R (in thousands)
Current Quarter Prior year
Account code 9/30/2025 12/31/2024
2 45,121,000 45,593,000
2.01 14,318,000 16,312,000
2.01.01 838,000 682,000
2.01.01.01 88,000 97,000
2.01.01.02 750,000 585,000
2.01.02 11,273,000 11,647,000
2.01.02.01 11,273,000 11,647,000
2.01.02.01.01 10,791,000 10,709,000
2.01.02.01.02 482,000 938,000
2.01.03 325,000 563,000
2.01.04 944,000 2,084,000
2.01.04.01 415,000 38,000
2.01.04.02 529,000 2,046,000
2.01.05 938,000 1,336,000
2.01.05.02 938,000 1,336,000
2.01.05.02.01 1,000 129,000
2.01.05.02.09 182,000 449,000
2.01.05.02.17 454,000 412,000
2.01.05.02.19 301,000 346,000
2.02 25,083,000 24,026,000
2.02.01 15,354,000 14,481,000
2.02.01.01 3,141,000 1,720,000
2.02.01.02 12,213,000 12,761,000
2.02.02 9,442,000 9,296,000
2.02.02.02 9,442,000 9,296,000
2.02.02.02.05 - 12,000
2.02.02.02.09 9,368,000 9,232,000
2.02.02.02.11 61,000 47,000
2.02.02.02.12 13,000 5,000
2.02.04 265,000 223,000
2.02.06 22,000 26,000
2.02.06.02 22,000 26,000
2.03 5,720,000 5,255,000
2.03.01 1,456,000 1,272,000
2.03.02 41,000 62,000
2.03.04 4,237,000 3,933,000
2.03.08 (14,000) (12,000)

All values are in US Dollars.

(FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)
Interim Financial Information - 9/30/2025 - SENDAS DISTRIBUIDORA S.A.
Individual Financial Statements / Statements of Operations
R (in thousands)
Current quarter Year to date current year Same quarter of previous year Year to date prior year
Account code 7/1/2025 to 9/30/2025 1/1/2025 to 9/30/2025 7/1/2024 to 9/30/2024 1/1/2024 to 9/30/2024
3.01 18,956,000 56,510,000 18,563,000 53,656,000
3.02 (15,774,000) (47,083,000) (15,510,000) (44,853,000)
3.03 3,182,000 9,427,000 3,053,000 8,803,000
3.04 (2,179,000) (6,490,000) (2,097,000) (6,156,000)
3.04.01 (1,534,000) (4,582,000) (1,476,000) (4,396,000)
3.04.02 (252,000) (732,000) (253,000) (652,000)
3.04.05 (410,000) (1,229,000) (385,000) (1,157,000)
3.04.05.01 (410,000) (1,221,000) (391,000) (1,155,000)
3.04.05.03 - (8,000) 6,000 (2,000)
3.04.06 17,000 53,000 17,000 49,000
3.05 1,003,000 2,937,000 956,000 2,647,000
3.06 (879,000) (2,509,000) (761,000) (2,240,000)
3.06.01 134,000 335,000 76,000 173,000
3.06.02 (1,013,000) (2,844,000) (837,000) (2,413,000)
3.07 124,000 428,000 195,000 407,000
3.08 28,000 60,000 (39,000) (68,000)
3.08.01 - (66,000) (24,000) (106,000)
3.08.02 28,000 126,000 (15,000) 38,000
3.09 152,000 488,000 156,000 339,000
3.11 152,000 488,000 156,000 339,000
3.99
3.99.01
3.99.01.01 0.11289 0.36190 0.11592 0.25098
3.99.02
3.99.02.01 0.11260 0.36032 0.11541 0.25023

All values are in US Dollars.

(FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)
Interim Financial Information - 9/30/2025 - SENDAS DISTRIBUIDORA S.A.
Individual Financial Statements / Statements of Comprehensive Income
R (in thousands)
Current quarter Year to date current year Same quarter of previous year Year to date prior year
Account code 7/1/2025 to 9/30/2025 1/1/2025 to 9/30/2025 7/1/2024 to 9/30/2024 1/1/2024 to 9/30/2024
4.01 152,000 488,000 156,000 339,000
4.02 1,000 (2,000) (1,000) (3,000)
4.02.04 1,000 (3,000) (1,000) (4,000)
4.02.06 - 1,000 - 1,000
4.03 153,000 486,000 155,000 336,000

All values are in US Dollars.

(FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)
Interim Financial Information - 9/30/2025 - 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 9/30/2025 1/1/2024 to 9/30/2024
6.01 2,960,000 1,819,000
6.01.01 4,988,000 4,371,000
6.01.01.01 488,000 339,000
6.01.01.02 (125,000) (29,000)
6.01.01.03 13,000 7,000
6.01.01.04 1,305,000 1,217,000
6.01.01.05 2,691,000 2,347,000
6.01.01.07 (53,000) (49,000)
6.01.01.08 150,000 73,000
6.01.01.10 28,000 29,000
6.01.01.11 2,000 (7,000)
6.01.01.13 489,000 444,000
6.01.02 (2,028,000) (2,552,000)
6.01.02.01 377,000 (866,000)
6.01.02.02 (1,608,000) (1,574,000)
6.01.02.03 (196,000) (20,000)
6.01.02.04 (93,000) (71,000)
6.01.02.05 (2,000) 2,000
6.01.02.06 3,000 13,000
6.01.02.07 (132,000) 62,000
6.01.02.08 156,000 136,000
6.01.02.09 (122,000) (12,000)
6.01.02.10 (134,000) (95,000)
6.01.02.11 (271,000) (272,000)
6.01.02.12 (23,000) 21,000
6.01.02.15 17,000 124,000
6.02 (693,000) (1,209,000)
6.02.02 (673,000) (1,201,000)
6.02.03 (24,000) (28,000)
6.02.04 2,000 4,000
6.02.09 2,000 16,000
6.03 (3,439,000) (2,037,000)
6.03.02 3,308,000 3,000,000
6.03.03 (3,787,000) (1,663,000)
6.03.04 (1,655,000) (1,462,000)
6.03.05 (128,000) -
6.03.06 (49,000) -
6.03.09 (239,000) (204,000)
6.03.10 (851,000) (791,000)
6.03.11 (17,000) (14,000)
6.03.12 (21,000) (903,000)
6.05 (1,172,000) (1,427,000)
6.05.01 5,628,000 5,459,000
6.05.02 4,456,000 4,032,000

All values are in US Dollars.

(FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE)
Interim Financial Information - 9/30/2025 - SENDAS DISTRIBUIDORA S.A.
Individual Financial Statements / Statements of Changes in Shareholders' Equity 1/1/2025 to 9/30/2025 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
5.02 - - - - - -
5.03 1,272,000 62,000 3,933,000 - (12,000) 5,255,000
5.04 184,000 (21,000) (184,000) - - (21,000)
5.04.01 184,000 - (184,000) - - -
5.04.03 - 28,000 - - - 28,000
5.04.04 - (49,000) - - - (49,000)
5.05 - - - 488,000 (2,000) 486,000
5.05.01 - - - 488,000 - 488,000
5.05.02 - - - - (2,000) (2,000)
5.05.02.07 - - - - (3,000) (3,000)
5.05.02.09 - - - - 1,000 1,000
5.06 - - - - - -
5.07 1,456,000 41,000 3,749,000 488,000 (14,000) 5,720,000
Individual Financial Statements / Statements of Changes in Shareholders' Equity 1/1/2024 to 9/30/2024 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
5.02 - - - - - -
5.03 1,272,000 56,000 3,309,000 - (7,000) 4,630,000
5.04 - 29,000 - - - 29,000
5.04.03 - 29,000 - - - 29,000
5.05 - - - 339,000 (3,000) 336,000
5.05.01 - - - 339,000 - 339,000
5.05.02 - - - - (3,000) (3,000)
5.05.02.07 - - - - (4,000) (4,000)
5.05.02.09 - - - - 1,000 1,000
5.06 - - 229,000 (229,000) - -
5.06.05 - - 229,000 (229,000) - -
5.07 1,272,000 85,000 3,538,000 110,000 (10,000) 4,995,000

All values are in US Dollars.

1 CORPORATE<br> INFORMATION
Sendas<br> Distribuidora S.A. (“Company” or “Sendas”) is a publicly held company listed in the Novo Mercado segment<br> of B3 S.A. - Brasil, Bolsa, Balcão (B3), under ticker symbol "ASAI3". The Company is primarily engaged in the retail<br> and wholesale of food products, bazaar items and other products through its chain of stores, operated under “ASSAÍ”<br> brand, since this is the only disclosed segment. The Company's registered office is at 6.000 Avenida Ayrton Senna, Lote 2 - Anexo<br> A, Jacarepaguá, in the State of Rio de Janeiro. As of September 30, 2025 the Company operated 304 stores (302 stores as of<br> December 31, 2024,) and 12 distribution centers (12 distribution centers as of December 31,2024) in the five regions of the country,<br> with operations in 24 states and in the Federal District.
1.1 Highlights of the period
The<br> highlights for the nine-month period ended September 30, 2025 were:
1.2 Initiation<br> of precautionary injunction proceedings against Casino and GPA
As<br> disclosed in the Material Fact by the Company on September 24, 2025, the Company filed a<br> precautionary measure with a request for an injunction, prior to the commencement of an arbitration<br> proceeding, against Casino Guichard Perrachon S.A. and Segisor (jointly, “Casino”)<br> and Companhia Brasileira de Distribuição (“GPA”), requesting, in<br> summary: (i) the unavailability of GPA shares held, directly or indirectly, by Casino or,<br> alternatively, that any potential disposal of such shares be conditioned upon the judicial<br> deposit of the corresponding sale proceeds or the provision of suitable guarantee in favor<br> of the Company; and (ii) that GPA provide sufficient guarantees to hold the Company indemnified<br> from the obligations assumed under the Separation Agreement entered into between the Company<br> and GPA on December 14, 2020, regarding GPA’s tax contingencies existing prior to the<br> spin-off completed on December 31, 2020, as measured and disclosed in notes 16.4 and 16.4.1.
The<br> filing of the precautionary measure with a request for an injunction is also based, among<br> other factors, on the receipt of a notice of initiation of a Procedure for Recognition of<br> Responsibility (“PARR”) issued by the National Treasury Attorney's Office, seeking<br> to attribute joint liability to Company for GPA’s tax contingencies that are still<br> under discussion, in the approximate amount of R36.
The<br>request to initiate the arbitral proceedings, preceded by the precautionary measure, was timely filed by the Company before the competent<br>arbitral chamber. As of the issuance date of this interim financial information, the Company’s Management concluded that there<br>are no accounting effects arising from this matter that would impact this interim financial information.
2 BASIS<br> OF PREPARATION AND DISCLOSURE OF THE INTERIM FINANCIAL INFORMATION
The<br> interim financial information has been prepared in accordance with IAS 34 – Interim Financial Reporting issued by the International<br> Accounting Standards Board (“IASB”) and accounting standard CPC 21 (R1) – Interim Financial Report and disclosed<br> aligned with the standards approved by the Brazilian Securities and Exchange Commission (“CVM”), applicable to the preparation<br> of the Interim Financial Information.
The<br> interin financial information have been prepared based on the historical cost basis, except for: (i) certain financial instruments;<br> and (ii) assets and liabilities arising from business combinations measured at their fair values, when applicable. In accordance<br> with OCPC 07 (R1) - Presentation and Disclosures in General Purpose - Financial Statements, all significant information related to<br> the interim financial information, and only them, is being disclosed and is consistent with the information used by Management in<br> managing of the Company's activities.
The<br> interim financial information are presented in millions of Brazilian Reais (R), which is the Company's functional currency.
The<br> interim financial information for the period ended September 30, 2025 were approved by the Board of Directors on November 6, 2025.
3 MATERIAL<br> ACCOUNTING POLICIES
The<br> material accounting policies and practices applied by the Company to the preparation of the interim financial information are in<br> accordance with those adopted and disclosed in note 3 and in each explanatory note corresponding to the financial statements for<br> the year ended December 31, 2024, approved on February 19, 2025 and, therefore, it should be read together.
3.1 Standards,<br> amendments and interpretations
In<br> the period ended September 30, 2025, the new current standards, were evaluated and produced no effect on the interim financial information<br> disclosed, additionally the Company did not adopt in advance the IFRS issued and not yet current.

All values are in US Dollars.

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 September 30, 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
9/30/2025 12/31/2024
Cash and bank accounts 98 106
Cash and bank accounts - Abroad (i) 24 28
Financial investments (ii) 4,334 5,494
4,456 5,628
(i) As of September 30, 2025, the Company had funds held abroad, of which R24 in US dollars (R28 in US dollars as of December 31, 2024).
(ii) As of September 30, 2025, the financial investments refer to the repurchase and resale agreements and Bank Deposit Certificates ("CDB"), with a weighted average interest rate of 99.15% of the Interbank Deposit Certificate ("CDI") (98.54% of the CDI as of December 31, 2024). The Company's exposure to interest rate indexes and the sensitivity analysis for these financial assets are disclosed in note 15.3.
6 TRADE RECEIVABLES
Note 9/30/2025 12/31/2024
From sales with:
Credit card 6.1 1,171 1,418
Credit card - related parties (FIC) 9.1 290 412
Tickets 6.1 109 113
Total of credit card and tickets 1,570 1,943
Slips 231 177
Suppliers and others 30 93
1,831 2,213
Expected credit loss for doubtful accounts 6.2 (2) (3)
1,829 2,210
The breakdown of trade receivables by their gross amount by maturity period is presented below:
Overdue
Total Due Less than 30 days Over 30 days
September 30, 2025 1,831 1,827 1 3
December 31, 2024 2,213 2,204 8 1
6.1 Assignment of receivables
The<br> Company assigned part of its receivables referring to credit cards and tickets with operators, without any right of recourse, aiming<br> to anticipate its cash flow. As of September 30, 2025, the amount of these operations is R1,955, net of the cost to advance<br> (R1,967 as of December 31, 2024). The amount was derecognized from the balance of trade receivables, since all risks related to the<br> receivables were substantially transferred. The cost to advance these credit card receivables as of September 30, 2025 was R142<br> (R81 as of September 30, 2024) classified as “Cost and discount of receivables” in note 23.
As of September 30, 2025, the amount of receivables, currently, discountable (credit cards and tickets) is R1,570 (R1,943 as of December 31,2024).
6.2 Expected credit loss for doubtful accounts
9/30/2025 9/30/2024
At the beginning of the period (3) (15)
Additions (11) (79)
Reversals 10 86
Write-offs 2 -
At the end of the period (2) (8)
7 INVENTORIES
9/30/2025 12/31/2024
Stores 7,162 6,498
Distribution centers 1,713 1,231
Commercial agreements (572) (505)
Inventory losses (57) (97)
8,246 7,127

All values are in US Dollars.

7.1 Commercial agreements
As of September 30, 2025, the amount of unrealized commercial agreements, presented as a reduction of inventory balance, totaled R572 (R505 as of December 31, 2024).
7.2 Inventory losses
9/30/2024
At the beginning of the period (81)
Additions (456)
Reversals 12
Write-offs 469
At the end of the period (56)
8 RECOVERABLE TAXES
9/30/2025 12/31/2024
ICMS 1,493 1,297
PIS and COFINS 316 353
Social Security Contribution - INSS 118 144
Withholding taxes to be recovered 66 119
1,993 1,913
Current 1,212 1,241
Non-current 781 672
8.1 State VAT tax credits - ICMS
The Brazilian States have been substantially amending their local laws aiming at implementing and broadening the ICMS tax replacement system. This system entails the prepayment of ICMS of the whole commercial chain, upon goods outflow from an industrial establishment or importer or their inflow into each State. The expansion of this system to an increasingly wider range of products sold in the retail generates the prepayment of the tax and consequently a refund in certain operations.
• Expected realization of ICMS credits
For the interim financial information as of September 30, 2025, the Company's management has monitoring controls over the adherence to the annually established plan, reassessing and including new elements that contribute to the realization of the recoverable ICMS balance, as shown in the chart below:

All values are in US Dollars.

8.2 PIS and COFINS credit
On March 15, 2017, the Federal Supreme Court  ("STF”) recognized the unconstitutionality of the inclusion of ICMS in the PIS and COFINS calculation base. On May 13, 2021, the STF judged the Declaration Embargoes in relation to the amount to be excluded from the calculation basis of the contributions, which should only be the ICMS paid, or if the entire ICMS, as shown in the respective invoices. The STF rendered a favorable decision to the taxpayers, concluding that all ICMS highlighted should be excluded from the calculation basis.
Currently the Company, with the favorable judgment of the Supreme Court, has recognized the exclusion of ICMS from the PIS and COFINS calculation basis.
• Expected realization of PIS and COFINS credits
For the interim financial information as of September 30, 2025, the Company's management has monitoring controls over the adherence to the annually established plan, reassessing and including new elements that contribute to the realization of the recoverable PIS and COFINS balance, in the amount of R$316, and expected realization is within one year.
9 RELATED PARTIES
--- --- --- --- --- --- --- --- --- --- ---
9.1 Balances and related party transactions
Assets Liabities Transactions
Trade receivables Other assets Trade payables Revenue (expenses)
9/30/2025 12/31/2024 9/30/2025 12/31/2024 9/30/2025 12/31/2024 9/30/2025 9/30/2024
Joint venture
Financeira Itaú CBD S.A. Crédito, Financiamento e Investimento (“FIC”) 290 412 25 23 13 26 24 22
290 412 25 23 13 26 24 22
Current 290 412 - - 13 26
Non-current - - 25 23 - -
After the completion of the spin-off between the Company and GPA on December 31, 2020, both undertook to put forth commercially reasonable efforts, within up to 18 months, to release, replace and/or otherwise remove the counterparty from the position of guarantor of liabilities or obligations, which after such term would be subject to the payment of a fee, net, as remuneration for the guarantees provided by both parties. If the Company and GPA cease to be submitted to common control, the parties would be required to release, replace and/or otherwise remove the guarantees until then not replaced or provided, observing the terms established in the Separation Agreement.
The Company and GPA ceased to be related parties in fiscal year 2023 and are taking the necessary measures to replace the cross guarantees on the contractual obligations of rental of stores. The fee paid to GPA as remuneration for the guarantees provided as of September 30, 2025 and December 31, 2024 was less than R1.
9.2 Management compensation
Expenses referring to the executive board compensation recorded in the Company’s statement of operations in the period ended September 30, 2025 and 2024 as follows (amounts expressed in thousands of reais):
Base salary Variable compensation Stock option plan and shared-based payment plan Total
2025 2024 2025 2024 2025 2024 2025 2024
Board of directors 8,936 9,185 - - - - 8,936 9,185
Statutory officers 9,101 12,042 14,590 14,834 31,815 25,118 55,506 51,994
Executives excluding statutory officers 40,236 29,665 16,324 30,902 20,269 13,819 76,829 74,386
Fiscal council 514 439 - - - - 514 439
58,787 51,331 30,914 45,736 52,084 38,937 141,785 136,004
The stock option plan, fully convertible into shares, refers to the Company's and this plan has been treated in the Company's statement of operations. The corresponding expenses are allocated to the Company and recorded in the statement of operations against capital reserve - stock options in shareholders' equity. There are no other short-term benefits granted to members of the Company's management. The long-term benefit plans are disclosed in notes 19.5.4 and 19.5.5.
10 INVESTMENTS
The details of the Company's investments at the end of the period are as follows:
Participation in investments - %
Direct participation
Investment type Country 9/30/2025 12/31/2024
Joint venture Brazil 50.00 50.00
Summary of financial information of Joint Venture
9/30/2025 12/31/2024
Current assets 1 1
Non-current assets 533 461
Shareholders´ equity 534 462
9/30/2025 9/30/2024
Net income for the period 106 98
Investments composition and breakdown
9/30/2025 9/30/2024
At the beginning of the period 804 864
Share of profit of associates 53 49
Dividends received (17) (124)
At the end of the period 840 789

All values are in US Dollars.

10.1 Impairment test of investments
The impairment test of investments uses the same practices described in note 11.1, to the financial statements as of December 31, 2024.
The Company monitored the plan used to assess impairment test as of December 31, 2024, and concluded that there is no events which could indicate losses or the need for a new evaluation for the period ended September 30, 2025.
11 PROPERTY, PLANT AND EQUIPMENT
--- --- --- --- --- --- --- --- --- ---
11.1 Breakdown and composition of property, plant and equipment
Additions (i) Write-offs Depreciation Transfers and others As of 9/30/2025 Historical cost Accumulated depreciation
Lands 2 - - - 561 = 561 -
Buildings 2 - (18) (1) 877 1,075 (198)
Improvements 215 (5) (401) 5 8,132 10,512 (2,380)
Machinery and equipment 125 (6) (220) 30 2,360 3,804 (1,444)
Facilities 13 - (28) - 230 454 (224)
Furniture and appliances 55 (3) (124) 12 829 1,505 (676)
Constructions in progress 30 - - (47) 106 106 -
Others 15 (1) (37) 2 84 306 (222)
457 (15) (828) 1 13,179 18,323 (5,144)
Additions (i) Write-offs Depreciation Transfers and others As of9/30/2024 Historical cost Accumulated depreciation
Lands - - - - 559 = 559 -
Buildings 63 - (17) 95 918 1,092 (174)
Improvements 450 (5) (374) (79) 8,091 9,946 (1,855)
Machinery and equipment 254 (4) (201) 19 2,378 3,546 (1,168)
Facilities 9 - (29) - 250 438 (188)
Furniture and appliances 89 (5) (118) 15 884 1,407 (523)
Constructions in progress 22 - - (51) 82 82 -
Others 23 - (39) 6 109 284 (175)
910 (14) (778) 5 13,271 17,354 (4,083)
(i) Includes interest capitalization in the amount of R17 (R35 as of September 30, 2024), see note 11.2.

All values are in US Dollars.

11.2 Capitalized 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 R17 (R35 as of September 30,<br> 2024). The average rate used to calculate the borrowing costs eligible for capitalization was 109.33% (113.80% as of September 30,<br> 2024) of CDI, corresponding to the average of the effective interest rates on the borrowings obtained by the Company.
11.3 Additions to property, plant and equipment for cash flow purpose
9/30/2025 9/30/2024
Additions 457 910
Capitalized borrowing costs (17) (35)
Financing of property, plant and equipment - Additions (430) (839)
Financing of property, plant and equipment - Payments 663 1,165
673 1,201
Additions related to the purchase of operating assets, purchase of land and buildings to expansion activities, building of new stores and distribution centers, improvements of existing distribution centers and stores and investments in equipment and information technology.
The additions and payments of property, plant and equipment mentioned above are presented to reconcile the acquisitions during the period with the amounts presented in the statement of cash flows net of items that did not impact cash flow.
11.4 Other information
As of September 30, 2025, the Company recorded in the cost of sales and services the amount of R84 (R62 as of September 30, 2024), relating to the depreciation of machinery, buildings and facilities of transformation service and distribution centers.
11.5 Impairment test of property, plant and equipment
The impairment test of property, plant and equipment uses the same practices described in note 12.1, to the financial statements as of December 31, 2024.
The Company monitored the plan used to assess impairment test as of December 31, 2024, and concluded that there is no events which could indicate losses or the need for a new evaluation for the period ended September 30, 2025.

All values are in US Dollars.

12 INTANGIBLE
12.1 Breakdown and composition of intangible assets
As of 12/31/2024 Additions Write-offs Amortization As of 9/30/2025 Historical cost Accumulated amortization
Goodwill 618 - - - 618 = 871 (253)
Software 82 24 (1) (20) 85 245 (160)
Commercial rights 4,444 - - (6) 4,438 4,491 (53)
Trade name 39 - - - 39 39 -
5,183 24 (1) (26) 5,180 5,646 (466)
As of 12/31/2023 Additions Write-offs Amortization As of 9/30/2024 Historical cost Accumulated amortization
Goodwill 618 - - - 618 = 871 (253)
Software 63 28 (1) (17) 73 206 (133)
Commercial rights 4,452 - - (6) 4,446 4,491 (45)
Trade name 39 - - - 39 39 -
5,172 28 (1) (23) 5,176 5,607 (431)
12.2 Impairment test of intangible assets with indefinite useful life, including goodwill
--- ---
The impairment test of intangible assets uses the same practices described in note 12.1, to the financial statements as of December 31, 2024.
The Company monitored the plan used to assess impairment test as of December 31, 2024, and concluded that there is no events which could indicate losses or the need for a new evaluation for the period ended September 30, 2025.
12.3 Commercial rights
Commercial rights with defined and indefinite useful lives are tested following the assumptions described in note 12.1.1, to the financial statements as of December 31, 2024. The Company considered the discounted cash flow of the related store for the impairment test, that is, the store is the Cash Generating Unit - CGU.
The Company monitored the plan used to assess impairment test as of December 31, 2024, and concluded that there is no events which could indicate losses or the need for a new evaluation for the period ended September 30, 2025.
13 LEASES
--- --- --- --- --- --- --- --- --- --- --- --- ---
13.1 Right-of-use
13.1.1 Breakdown and composition of right-of-use assets
As of 12/31/2024 Additions Remeasurement Amortization Transfers and others As of 9/30/2025 Historical cost Accumulated amortization
Buildings 8,340 1 422 (442) (1) 8,320 10,958 (2,638)
Equipment 43 - - (7) - 36 = 87 (51)
Assets and rights 15 - - (2) - 13 29 (16)
8,398 1 422 (451) (1) 8,369 11,074 (2,705)
As of 12/31/2023 Additions Remeasurement Write-offs Amortization Transfers and others As of 9/30/2024 Historical cost Accumulated amortization
Buildings 8,203 138 246 (18) (412) (5) 8,152 = 10,211 (2,059)
Equipment 3 - - - (3) 1 1 44 (43)
Assets and rights 16 - - - (1) (1) 14 28 (14)
8,222 138 246 (18) (416) (5) 8,167 10,283 (2,116)
.
13.2 Lease liabilities
--- --- --- --- --- ---
13.2.1 Minimum future payments and potential right of PIS and COFINS
Lease contracts totaled R9,822 as of September 30, 2025 (R9,644 as of December 31, 2024). The minimum future lease payments, according to lease agreements, with the present value of minimum lease payments, are as follows:
9/30/2025 12/31/2024
Lease liabilities - minimum payments
Less than 1 year 454 412
From 1 to 5 years 1,645 1,569
More than 5 years 7,723 7,663
Present value of financial lease agreements 9,822 9,644
Current 454 412
Non-current 9,368 9,232
Future financing charges 12,912 13,182
Gross amount of financial lease agreements 22,734 22,826
PIS and COFINS embedded in the present value of lease agreements 438 430
PIS and COFINS embedded in the gross value of lease agreements 1,014 1,018
Lease liabilities interest expense is stated in note 23. The Company´s average incremental interest rate at the agreement signing date was 12.22% in the period ended September 30, 2025 (12.28% as of December 31, 2024).
In case the Company  had adopted the calculation methodology projecting the inflation embedded in the nominal incremental rate and discounted to present value at the nominal incremental rate, the average percentage of inflation to be projected by year would be approximately 7.04% (6.55% as of December 31, 2024). The average term of the agreements analyzed as of September 30, 2025 is 16 years (17 years in December 31, 2024).
13.2.2 Lease liability roll forward
9/30/2025 9/30/2024
At the beginning of the period 9,644 9,184
Addition - Lease 1 138
Remeasurement 422 246
Interest provision 845 791
Principal amortization (239) (204)
Interest amortization (851) (791)
Write-off due to early termination of agreement - (22)
At the end of the period 9,822 9,342
13.3 Result on variable rentals and subleases
9/30/2024
(Expenses) revenues of the period:
Variables (1% to 2% of sales) (10)
Subleases (i) 78
(i) Refers mainly to the revenue from lease agreements receivable from commercial galleries.
13.4 Additional information
In accordance with OFÍCIO-CIRCULAR/CVM/SNC/SEP/N°02/2019 the Company adopted as an accounting policy the requirements of CPC 06 (R2)/IFRS 16 - Leases, in the measurement and remeasurement of its right of use, using the discounted cash flow model, without considering inflation.
To safeguard the faithful representation of information to meet the requirements of CPC 06 (R2)/IFRS 16 - Leases, and the guidelines of the CVM technical areas, the balances of assets and liabilities without inflation, effectively accounted for (real flow x real rate) are provided, and the estimate of inflated balances in the comparison period (nominal flow x nominal rate).
Other assumptions, such as the maturity schedule of liabilities and the interest rates used in the calculation, are disclosed in note 13.2.1, as well as inflation indexes are observable in the market, so that the nominal flows can be prepared by the users of the interim financial information.
12/31/2024
Real flow
Right-of-use assets 8,398
Lease liabilities 22,826
Embedded interest (13,182)
9,644
Inflated flow
Right-of-use assets 12,022
Lease liabilities 33,236
Embedded interest (18,084)
15,152

All values are in US Dollars.

Below, we present the flow of payments according to the average term weighted with the respective nominal and inflation rates for each period presented:

14 TRADE PAYABLES AND TRADE PAYABLES - AGREEMENTS
Note 9/30/2025 12/31/2024
Trade payables
Products 10,993 11,253
Acquisition of property, plant and equipment 62 156
Service 213 160
Service - related parties (FIC) 9.1 13 26
Bonuses from suppliers 14.1 (490) (874)
10,791 10,721
Trade payables - Agreements
Products 14.2 482 779
Acquisition of property, plant and equipment 14.2 - 159
482 938
11,273 11,659
Current 11,273 11,647
Non-current - 12
14.1 Bonuses from suppliers
--- --- --- --- --- ---
These include commercial agreements and discounts obtained from suppliers. These amounts are defined in agreements and include discounts for purchase volume, joint marketing programs, freight reimbursements, and other similar programs. The receipt occurs by deducting trade notes payable to suppliers, according to conditions established in the supply agreements, so that the financial settlements occur for the net amount.
The Company assigned part of its bonuses from suppliers, without any right of recourse, with the financial institutions,  aiming to anticipate its cash flow. As of September 30, 2025, the amount of bonuses from suppliers due to corresponding to these operations is R250 (R234 as of December 31, 2024). The amount was derecognized from receivables from bonuses from suppliers, since all risks related to the bonuses from suppliers were substantially transferred. The cost to advance these bonuses from suppliers for the period ended September 30, 2025 was R9 (R4 as of September 30, 2024), classified as “Cost and discount of receivables” in note 23.
14.2 Agreements among suppliers, the Company and banks
The Company has agreements signed with financial institutions, through which suppliers of products, capital goods and services have the possibility of receiving in advance their amounts receivable,  also named “forfait” / “confirming”.  The financial institutions become creditors of the operation and the Company settles the payments under the same conditions as those originally agreed with the supplier.
Management, based on CPC 3 (R2)/IAS 7 and CPC 40 (R1)/IFRS 7, assessed that the economic substance of the transaction is operational, considering that receiving in advance is an exclusive decision of the supplier and, for the Company, there are no changes in the original term negotiated with the supplier, nor changes in the originally contracted amounts. These transactions aim at facilitating the cash flow of its suppliers without the Company having to advancing payments. Management evaluated the potential effects of adjusting these operations to present value and concluded that the effects are immaterial for measurement and disclosure.
These balances are classified as "Trade payables - Agreements" and the cash flow from these operations are presented as operating in the statement of cash flows.
Additionally, there is no exposure to any financial institution individually related to these operations and these liabilities are not considered net debt and do not have restrictive covenants (financial or non-financial). In these transactions, the Company earns income referring to the premium for referring suppliers to the operations of advance of receivables, recognized in the financial result, note 23 in the line "Revenue from anticipation of payables", in the amount of R39 as of September 30, 2025 (R41 as of September 30, 2024), representing 1.27% of the volume of anticipation transactions that occurred during 2025 (1.58% in period ended September 30, 2024).
As of September 30, 2025, the balance payable related to these operations is R482 (R938 as of December 31, 2024).
The transactions of trade payables and trade payables – agreement are similar and do not exceed the expiration date of 120 days as of September 30, 2025.
15 FINANCIAL INSTRUMENTS
The main financial instruments and their amounts ​​recorded in the interim financial information, by category, are as follows:
Amortized cost Fair value FVTOCI (i) As of 9/30/2025
Financial assets
Cash and cash equivalents 4,456 - - 4,456
Related parties 25 - - 25
Trade receivables and other accounts receivables 346 - - 346
Financial instruments at fair value - 435 - 435
Trade receivables with credit card and tickets - - 1,570 1,570
Financial liabilities
Other accounts payable (146) - - (146)
Trade payables and trade payables - agreements (11,273) - - (11,273)
Borrowings in domestic currency (1,394) (21) - (1,415)
Borrowings in foreign currency - (1,901) - (1,901)
Debentures and promissory notes (9,314) (3,334) - (12,648)
Lease liabilities (9,822) - - (9,822)
Financial instruments at fair value - (334) - (334)
Net exposure (27,122) (5,155) 1,570 (30,707)

All values are in US Dollars.

Note Amortized cost Fair value FVTOCI (i) As of 12/31/2024
Financial assets
Cash and cash equivalents 5 5,628 - - 5,628
Related parties 9.1 23 - - 23
Trade receivables and other accounts receivables 348 - - 348
Financial instruments at fair value 15.5.1 - 390 - 390
Trade receivables with credit card and tickets 6 - - 1,943 1,943
Financial liabilities
Other accounts payable (169) - - (169)
Trade payables and trade payables - agreements 14 (11,659) - - (11,659)
Borrowings in domestic currency 15.5.1 (918) (29) - (947)
Borrowings in foreign currency 15.5.1 - (801) - (801)
Debentures and promissory notes 15.5.1 (11,542) (3,257) - (14,799)
Lease liabilities 13.2 (9,644) - - (9,644)
Financial instruments at fair value 15.5.1 - (18) - (18)
Net exposure (27,933) (3,715) 1,943 (29,705)
(i) Fair Value Through Other Comprehensive Income - FVTOCI.
The fair value of other financial instruments detailed in the table above approximates the carrying amount based on the existing payment terms and conditions. The financial instruments measured at amortized cost, the fair values of wich differ from the carrying amounts, are disclosed in note 15.4.
15.1 Considerations on risk factors that may affect the business of the Company
15.1.1 Credit risk
• Cash and cash equivalents
In order to minimize the credit risk, the investment policies adopted establish investments in financial institutions approved by the Company’s Financial Committee, considering the monetary limits and evaluations of financial institutions, which are regularly updated.
The Company's financial investments, according to the rating on the national scale of financial institutions are, in the majority, represented by brAAA as of September 30, 2025 and December 31, 2024.
• Trade receivables
The credit risk related to trade receivables is minimized by the fact that a large part of installment sales are made with credit cards and tickets. These receivables may be advanced at any time, without right of recourse, with banks or credit card companies, for the purpose of providing working capital, generating the derecognition of the accounts receivable. In addition, the main acquirers used by the Company are related to first-tier financial institutions with low credit risk. Additionally, for trade receivables collected in installments, the Company monitors the risk for the granting of credit and for the periodic analysis of the expected credit loss balances.
The Company also incurs counterparty risk related to derivative instruments. This risk is mitigated by carrying out transactions, according to policies approved by governance bodies.
Except the balances related to credit cards and tickets, there are no receivables or sale to customers that are, individually, more than 5% of accounts receivable or revenues.
15.1.2 Interest rate risk
The Company obtains borrowings with major financial institutions to meet cash requirements for investments. Accordingly, the Company is mainly exposed to the risk of significant fluctuations in the interest rate, especially the rate related to derivative liabilities (foreign currency exposure hedge) and debts indexed to CDI. The balance of cash and cash equivalents, indexed to CDI, partially offsets the risk of fluctuations in the interest rates.
15.1.3 Foreign currency exchange rate risk
The fluctuations in the exchange rates may increase the balances of borrowings in foreign currency, and for this reason the Company uses derivative financial instruments, such as swaps, to mitigate the foreign exchange rate risk, converting the cost of debt into domestic currency and interest rates.
15.1.4 Capital risk management
--- --- --- --- --- --- ---
The main objective of the Company’s capital management is to ensure that the Company maintains its credit rating and a well-balanced equity ratio, in order to support businesses and maximize shareholder value. The Company manages the capital structure and makes adjustments considering the changes in the economic conditions.
The capital structure is as follows:
12/31/2024
Borrowings, debentures and promissory notes 16,565
(-) Cash and cash equivalents (5,628)
(-) Derivative financial instruments (390)
Net debt 10,547
Shareholders’ equity 5,255
% Net debt to shareholders’ equity 201%
15.1.5 Liquidity risk management
The Company manages liquidity risk through daily monitoring of cash flows and control of maturities of financial assets and liabilities.
The table below summarizes the aging profile of the Company’s financial liabilities as of September 30, 2025.
From 1 to 5 years More than 5 years Total
Borrowings 3,254 - 3,855
Debenture and promissory notes 15,486 642 17,987
Derivative financial instruments (151) (278) (8)
Lease liabilities 5,677 15,481 22,734
Trade payables - - 10,791
Trade payables - Agreements - - 482
Other accounts payable 27 - 146
24,293 15,845 55,987
The information was prepared considering the undiscounted cash flows of financial liabilities based on the earliest date the Company may be required to make the payment or be eligible to receive the payment. To the extent that interest rates are floating, the undiscounted amount is obtained based on interest rate curves for the year ended September 30, 2025. Therefore, certain balances presented do not agree with the balances presented in the balance sheets.
15.2 Derivative financial instruments
The consolidated position of outstanding derivative financial instrument transactions is presented in the table below:
Description Maturity 9/30/2025 12/31/2024
Debt
- BRL 2026 (7) 7
- BRL 2027 (21) 59
- BRL 2028 (84) -
- BRL 2028 (19) -
- BRL 2027 (93) -
Debt
IPCA - BRL 2028, 2029 and 2031 331 314
Interest rate swaps registered at CETIP
Pre-fixed rate x CDI 2027 (8) (10)
Pre-fixed rate x CDI 2027 1 1
Pre-fixed rate x CDI 2027 1 1
Derivatives - Fair value hedge - Brazil 101 372
Realized and unrealized gains and losses on these contracts during the period ended September 30, 2025 are recorded as net financial results and the balance receivable at fair value is R101 (balance receivable of R372 as of December 31, 2024), the assets are recorded as “Derivative Financial Instruments” and the liabilities as “Borrowings  and Debentures”.
The<br> effects of the hedge at fair value through income for the period ended September 30, 2025, resulted in a swap loss of R456 and<br> mark-to-market gain of R7 (swap loss of R18 and mark-to-market gain (loss) of R109 as of September 30, 2024), recorded under<br> "Swap loss" and "Mark-to-market gain (loss)", see note 23.

All values are in US Dollars.

15.3 Sensitivity analysis of financial instruments
According to Management's assessment, the possible reasonable changes  scenario considered was, on the maturity date of each transaction, the  market curves (interest) of B3.
To determine the possible relevant change in the relevant risk variable, Management considered the economic environment in which it operates. Therefore, in scenario  (I) there is no impact on the fair value of financial instruments and the weighted interest rate (CDI) was 14.33% per year. For scenarios (II) and (III), for the exclusive purpose of sensitivity analysis, Management considered a deterioration of 5% and 10%, respectively, in the risk variables, up to one year of the financial instruments, with the aim of demonstrating the sensitivity of the Company's results in an adverse scenario.
In the case of derivative financial instruments (aiming at hedging the financial debt), the variations of the scenarios are accompanied by the respective hedges, indicating that the effects are not significant.
The Company disclosed the net exposure of the derivative financial instruments, the corresponding financial instruments and certain financial instruments in the sensitivity analysis table below, for each of the mentioned scenarios:
Market projections
Transactions Note Risk(Rate Increase) As of 9/30/2025 Scenario (I) Scenario (II) Scenario (III)
Borrowings 15.5.1 CDI + 1.40%  per year (1,400) (202) (212) (222)
Borrowings (fixed rate) 15.5.1 CDI + 0.20% per year (21) (3) (3) (3)
Derivative financial instruments (pre-fixed rate) 15.5.1 CDI + 0.20% per year 2 - - -
Borrowings (foreign currency) 15.5.1 CDI + 1.29% per year (1,901) (273) (287) (300)
Derivative financial instruments (foreign currency) 15.5.1 CDI + 1.29% per year (224) (32) (34) (36)
Debentures and promissory notes 15.5.1 CDI + 1.26% per year (12,792) (1,833) (1,925) (2,017)
Derivative financial instruments (debentures and promissory notes) 15.5.1 CDI + 0.93% per year 323 46 49 51
Total net effect (loss) (16,013) (2,297) (2,412) (2,527)
Cash equivalents 5 99.15% of the CDI 4,334 621 652 683
Net exposure loss (11,679) (1,676) (1,760) (1,844)
15.4 Fair value measurement
The Company discloses the fair value of financial instruments measured at fair value and of financial instruments measured at amortized cost, the fair value of which differ from the carrying amounts, pursuant to CPC 46/IFRS 13, which address the concepts of measurement and disclosure requirements. The fair value hierarchy levels are defined below:
Level 1: fair value measurement at the balance sheet date using quoted prices (unadjusted) in active markets for identical assets or liabilities to which the entity may have access at the measurement date.
Level 2: fair value measurement at the balance sheet date using other significant observable assumptions for the asset or liability, either directly or indirectly, except quoted prices included in Level 1.
Level 3: fair value measurement at the balance sheet date using non-observable data for the asset or liability.
The fair values of cash and cash equivalents, trade receivables and trade payables approximate their carrying amounts.
The table below sets forth the fair value hierarchy of financial assets and liabilities measured at fair value and of financial instruments measured at amortized cost, all classified as level 2, for which the fair value has been disclosed in the interim financial information:
Carrying amount Fair value
9/30/2025 12/31/2024 9/30/2025 12/31/2024
Trade receivables with credit card and tickets 1,570 1,943 1,570 1,943
Interest rate swaps between currencies (224) 66 (224) 66
Interest rate swaps 2 (8) 2 (8)
Interest rate swaps - CRI 323 314 323 314
Borrowings and debentures (fair value) (5,256) (4,087) (5,256) (4,087)
Borrowings, debentures and promissory notes (amortized cost) (10,708) (12,460) (11,034) (12,188)
(14,293) (14,232) (14,619) (13,960)
There were no change between fair value measurement hierarchy levels during the period ended September 30, 2025.
Interest rate swaps, cross-currency, borrowings and debentures are classified in Level 2 since the fair value of such financial instruments 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 rate 9/30/2025 12/31/2024
Debentures and promissory notes CDI + 1.26 % per year 12,792 14,975
Borrowing costs (144) (176)
12,648 14,799
Derivative financial instruments - <br>Debentures and promissory notes
Swap contracts CDI + 0.93 % per year (323) (304)
(323) (304)
Borrowings in domestic currency
Working capital CDI + 0.20% per year 21 29
Working capital CDI + 1.40% per year 1,400 923
Borrowing costs (6) (5)
1,415 947
Derivative financial instruments - <br>Domestic currency
Swap contracts CDI + 0.20% per year (2) (2)
(2) (2)
Borrowings in foreign currency
Working capital CDI + 1.29% per year 1,901 801
1,901 801
Derivative financial instruments - <br>Foreign currency
Swap contracts CDI + 1.29% per year 224 (66)
224 (66)
Total of borrowings, debentures and promissory notes 15,863 16,175
Current asset - Derivative financial instruments (7) (93)
Non-current asset - Derivative financial instruments (428) (297)
Current liabilities - Borrowings 415 38
Current liabilities - Debentures and promissory notes 529 2,046
Non-current liabilities - Borrowings 3,141 1,720
Non-current liabilities - Debentures and promissory notes 12,213 12,761
15.5.2 Roll forward of borrowings
6/30/2024
At the beginning of the period 14,910
Funding 3,000
Borrowing costs (14)
Interest provision 1,410
Swap contracts 18
Mark-to-market 109
Exchange rate and monetary variation (7)
Borrowing costs amortization 47
Interest amortization (i) (1,462)
Principal amortization (i) (1,583)
Swap amortization (80)
At the end of the period 16,348
(i) During the year 2025, the Company carried out the prepayments of the following borrowings: (i) Fourth Issue of Debenture on June 17, 2025, in the amount of R2,039; and (ii) Second Issue of Commercial Paper Notes on July 11, 2025, in the amount of R550 thousand (there was no early settlement for the same period in 2024).

All values are in US Dollars.

15.5.3 Schedule of non-current maturities

* The net value of non-current is R14,926.
15.6 Debentures and promissory notes
Date
Outstanding debentures (units) Beginning Maturity Annual financial charges Unit price (in Reais) 9/30/2025 12/31/2024
First Issue of Promissory Notes - 6th series 4 7/4/2019 7/4/2025 CDI + 0.72% per year - - 322
Second Issue of Debentures - 2nd series 660,000 6/1/2021 5/22/2028 CDI + 1.95% per year 1,061 700 669
Third Issue of Debentures - 1st series - CRI 982,526 10/15/2021 10/16/2028 IPCA + 5.15% per year 1,259 1,237 1,178
Third Issue of Debentures - 2nd series - CRI 517,474 10/15/2021 10/15/2031 IPCA + 5.27% per year 1,259 652 620
Fourth Issue of Debentures - single series 2,000,000 1/7/2022 11/26/2027 CDI + 1.75% per year - - 2,024
First Issue of Commercial Paper Notes - single series 750,000 2/10/2022 2/9/2025 CDI + 1.70% per year - - 786
Fifth Issue of Debentures - single series - CRI 250,000 4/5/2022 3/28/2025 CDI + 0.75% per year - - 258
Sixth Issue of Debentures - 1st series - CRI 72,962 9/28/2022 9/11/2026 CDI + 0.60% per year 1,006 73 75
Sixth Issue of Debentures - 2nd series - CRI 55,245 9/28/2022 9/13/2027 CDI + 0.70% per year 1,006 56 58
Sixth Issue of Debentures - 3rd series - CRI 471,793 9/28/2022 9/13/2029 IPCA + 6.70% per year 1,154 545 534
Second Issue of Commercial Paper Notes - single series 400,000 12/26/2022 12/26/2025 CDI + 0.93% per year - - 513
Seventh Issue of Debentures - 1st series - CRI 145,721 7/25/2023 7/15/2026 CDI + 1.00% per year 1,033 150 154
Seventh Issue of Debentures - 2nd series - CRI 878,503 7/25/2023 7/15/2027 Pré 11.75% per year 1,025 900 925
Seventh Issue of Debentures - 3rd series - CRI 46,622 7/25/2023 7/17/2028 CDI + 1.15% per year 1,033 48 50
Eighth Issue of Debentures - 1st series 400,000 12/22/2023 12/22/2027 CDI + 1.85% per year 1,045 418 401
Eighth Issue of Debentures - 2nd series 400,000 12/22/2023 12/22/2028 CDI + 1.95% per year 1,046 418 401
Ninth Issue of Debentures - single series 500,000 3/28/2024 3/26/2029 CDI + 1.25% per year 1,002 501 516
Tenth Issue of Debentures - single series 1,800,000 6/25/2024 6/20/2029 CDI + 1.25% per year 1,044 1,880 1,805
Eleventh Issue of Debentures - single series 2,800,000 10/1/2024 9/25/2029 CDI + 1.25% per year 1,002 2,805 2,882
Twelfth Issue of Debentures - single series 800,000 12/13/2024 12/10/2029 CDI + 1.25% per year 1,049 839 804
Thirteenth Issue of Debentures - single series 1,500,000 6/13/2025 6/5/2029 CDI + 1.20% per year 1,046 1,570 -
Borrowing costs (144) (176)
12,648 14,799
The Company issues debentures to strengthen its working capital, maintain its cash strategy, and lengthen its debt and investment profile. The debentures issued are non-preemptive, non-convertible into shares, do not have renegotiation clauses and do not have guarantees.
15.7 Borrowings in foreign currencies
As of September 30, 2025, the Company has borrowings in foreign currency to strengthen its working capital, maintain its cash strategy, lengthen its debt and investment profile.
15.8 Guarantees
As of September 30, 2025, the Company has no guarantees related to its borrowing agreement.
15.9 Swap contracts
The Company uses swap operations for 100% of its borrowings denominated in US dollars, in fixed interest rates and IPCA, exchanging these liabilities linked to real to the CDI (floating) interest rates. The annual average rate at CDI as of September 30, 2025 was 13.30% (10.83% as of December 31, 2024).

All values are in US Dollars.

15.10 Financial covenants
In connection with the debentures and promissory notes issued, the Company is required to maintain certain financial ratios. These ratios are calculated quarterly based on the Company’s interim financial information prepared in accordance with accounting practices adopted in Brazil, as follows: (i) consolidated net debt / equity less than or equal to 3.00; and (ii) consolidated net debt/EBITDA Last Twelve Months ("LTM") ratio should be lower than or equal to 3.00.
As of September 30, 2025, the Company had fulfilled all contractual obligations and was compliant with these ratios.
16 PROVISION FOR LEGAL PROCEEDINGS
The provision for legal proceedings is estimated by the Company and supported by its legal counsel and was established in an amount considered sufficient to cover the considered probable losses.
Social security and labor Civil Total
Balance as of December 31, 2023 163 38 263
Additions 165 21 193
Reversals (75) (8) (120)
Payments (80) (6) (95)
Monetary correction 13 5 10
Balance as of September 30, 2024 186 50 251
Restricted deposits for legal proceedings (5) (10) (19)
Net provision for restricted deposits 181 40 232
Social security and labor Civil Total
Balance as of December 31, 2024 174 33 223
Additions 225 19 248
Reversals (89) (9) (98)
Payments (126) (8) (134)
Monetary correction 16 5 26
Balance as of September 30, 2025 200 40 265
Restricted deposits for legal proceedings (1) (2) (7)
Net provision for restricted deposits 199 38 258
Of the total amount of the table above, R32 (R26 as of December 31, 2024) is the responsibility of GPA arising from contingencies up to 2016, pursuant to contractual provisions, namely: R4 tax claims, R10 labor claims and R18 civil claims (R4 tax claims, R7 labor claims and R15 civil claims as of December 31, 2024).
16.1 Tax claims
Tax claims are subject by law to monthly monetary adjustment, which refers to an adjustment to the provision based on indexing rates adopted by each tax jurisdiction. Both interest charges and fines, where applicable, were calculated and provisioned with respect to unpaid amounts.
The Company has other tax claims, which according to its legal counsel’s analysis, were provisioned, namely: (i) discussions on the non-application of the Accident Prevention Factor (FAP); (ii) IPI in the resale of imported products; and (iii) other matters.
The amount provisioned for these matters as of September 30, 2025 is R25 (R16 as of December 31, 2024).
16.2 Social security and labor
The Company is a party to various labor proceedings, especially due to dismissals in the regular course of business. As of September 30, 2025, the Company recorded a provision of R200 (R174 as of December 31, 2024), referring to a potential risk of loss relating to labor claims. Management, with the assistance of its legal counsel, assesses these claims and records provisions for losses when reasonably estimated, considering previous experiences in relation to amounts claimed.
16.3 Civil
The Company is a party to civil proceedings (indemnifications, collections, among others) that are in different procedural phases and at various courts. Management records provisions in amounts considered sufficient to cover unfavorable court decisions when its internal and external legal counsel assess the losses to be probable.
Among these proceedings, we highlight the following:
The Company is a party to various lawsuits requesting the renewal of rental agreements and the review of the current rent paid. The Company records a provision for the difference between the monthly rental amounts originally paid by stores and the rental amounts calculated 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 the rental amount paid by the Company. As of September 30, 2025, the amount of the provision for these lawsuits is R30 (R26 as of December 31, 2024), for which there are no restricted deposits for legal proceedings.

All values are in US Dollars.

The Company is a party to certain lawsuits relating to the fines applied by inspection bodies of direct and indirect administration of the federal government, states, and municipalities, including consumer defense bodies (PROCONs, INMETRO, and local governments). The Company, with the assistance of its legal counsel, assesses these claims recording provisions for probable cash disbursements according to the estimate of loss. As of September 30, 2025, the amount of provision for these lawsuits is R10 (R7 as of December 31, 2024).
The Company’s total civil, regulatory and property claims as of September 30, 2025, is R40 (R33 as of December 31, 2024).
16.4 Contingent liabilities not accrued
The Company is a party to other litigations for which the risk of loss was classified by its legal counsel to be possible, therefore, not accrued, to the following subjects:
9/30/2025 12/31/2024
Tax on Financial Transactions (IOF) – payment differences. 15 14
PIS, COFINS – payment discrepancies and overpayments, fine for non-compliance with ancillary obligations, disallowance of PIS and COFINS credits, among other matters pending judgment at the administrative and judicial levels. 1,048 1,008
ICMS – allocation of credits from purchases from suppliers considered unqualified by the registry of the State Revenue Service, among other matters, which are pending judgment at the administrative and judicial levels. 1,200 1,210
ISS (services tax), IPTU (urban property tax), Fees and other – discrepancies in payments of IPTU, fines for non-compliance with ancillary obligations, ISS – refund of advertising expenses and various fees, which are pending judgment at the administrative and judicial levels. 14 20
INSS (national institute of social security) – divergences in the FGTS and Social Security form (GFIP), offsets not approved, among other matters, which are pending judgment at the administrative and judicial levels. 27 25
Other litigation – real estate lawsuits in which the Company claims the renewal and maintenance of lease agreements according to market prices. These lawsuits involve proceedings in civil court, as well as administrative proceedings filed by inspection bodies, among others. 1 2
Compensation linked to the external legal counsel's success fee if all the proceedings were concluded in favor of the Company. 33 27
2,338 2,306
Of the total amount in the table above, R1,028 (R1,097 as of December 31, 2024) is the responsibility of GPA arising from contingencies up to 2016, pursuant to contractual provisions, namely: R1,027 tax claims and R1 civil claims (R1,096 tax claims and R1 civil claims as of December 31, 2024).
Three collective proceedings were filed by institutions related to black people's movements due to an approach to a customer, in August 2021 at the store in Limeira - SP, which claim supposed racial issues. All were duly answered. One of them has already been extinguished by the judiciary without major effects. As of September 30, 2025, there are still two lawsuits in progress and, given the subjectivity of the matter, it is still not possible to reasonably estimate the amounts involved. A significant impact is not expected, upon completion the lawsuits on the Company's financial statements.
16.4.1 Uncertainty over IRPJ and CSLL treatments
In compliance with ICPC 22/IFRIC 23 – Uncertainty over Income Tax Treatment, the Company has proceedings, at the judicial and administrative levels, with Government's regulatory agencies, which are related to uncertain tax treatments adopted for the recording of income tax and social contribution. Based on the assessment of internal and external legal counsel, the Company considers the tax treatment adopted is adequate, therefore, these proceedings were classified as more likely than not. As of September 30, 2025, the amount involved was R1,325 (R1,025 as of December 31, 2024).
Of the total amount above, R306 is the responsibility of GPA arising from contingencies up to 2016, pursuant to contractual provisions (R293 as of December 31, 2024).
16.5 Guarantees
The Company provided bank guarantees and insurance guarantees for judicial proceedings of a civil, tax and labor nature, described below:
Lawsuits 9/30/2024
Tax 1,737
Labor 87
Civil and others 59
1,883
The cost of guarantees as of September 30, 2025 is approximately 0.16% per year of the amount of the lawsuits (0.16% as of September 30, 2024) and is recorded as a financial expense.

All values are in US Dollars.

16.6 Restricted deposits for legal proceedings
The Company has recorded in its assets amounts relating to judicial deposits:
Lawsuits 9/30/2025 12/31/2024
Tax 16 16
Labor 2 4
Civil and others 4 4
22 24
17 DEFERRED REVENUES
9/30/2025 12/31/2024
Commercial agreement with suppliers (i) 116 418
Commercial agreement - payroll (ii) 35 37
Marketing 53 20
204 475
Current 182 449
Non-current 22 26
(i) Refers to rental of supplier product exhibition modules "checkstand", point of sale displays and backlight panels.
(ii) Commercial agreement with a financial institution for exclusivity in payroll processing.
18 INCOME TAX AND SOCIAL CONTRIBUTION
18.1 Reconciliation of income tax and social contribution expense
9/30/2025 9/30/2024
Income before income tax and social contribution 428 407
Expense of income tax and social contribution, for nominal rate (34%) (146) (138)
Adjustments to reflect the effective rate
Tax fines (4) (4)
Share of profits 18 17
ICMS subsidy - tax incentives (i) 153 32
Monetary correction credits 37 24
Other permanent differences 2 1
Effective income tax and social contribution 60 (68)
Income tax and social contribution for the period
Current (66) (106)
Deferred 126 38
Benefits (expenses) of income tax and social contribution 60 (68)
Effective rate -14.0% 16.7%
(i) The Company calculated tax credits for subsidies that, according to legal forecast, do not comprise the basis for calculating income tax and social contribution.
18.2 Breakdown of deferred income tax and social contribution
The main components of deferred income tax and social contribution in the balance sheets are the following:
9/30/2025 12/31/2024
Assets Liabilities Net Assets Liabilities Net
Deferred income tax and social contribution
Tax losses 351 - 351 314 - 314
Provision for legal proceedings 82 - 82 67 - 67
Swap - (37) (37) - (132) (132)
Goodwill tax amortization - (317) (317) - (317) (317)
Mark-to-market 3 - 3 2 - 2
Property, plant and equipment and intangible assets 9 - 9 10 - 10
Unrealized losses with tax credits - (100) (100) - (71) (71)
Provision of inventory 22 - 22 35 - 35
Borrowing costs - (51) (51) - (62) (62)
Lease net of right of use 3,315 (3,005) 310 3,249 (3,016) 233
Compensation program 64 - 64 21 - 21
Exchange rate - (59) (59) 33 - 33
Others - (11) (11) 7 - 7
Gross deferred income tax and social contribution assets (liabilities) 3,846 (3,580) 266 3,738 (3,598) 140
Compensation (3,580) 3,580 - (3,598) 3,598 -
Deferred income tax and social contribution assets (liabilities), net 266 - 266 140 - 140
Management has assessed the future realization of deferred tax assets, considering the projections of future taxable income, in the context of the main variables of its businesses. This assessment was based on information from the strategic planning report previously approved by the Company´s Board of Directors.
---
The Company estimates the recovery of these credits as follows:

18.3 Roll forward of deferred income tax and social contribution
9/30/2025 9/30/2024
At the beginning of the period 140 171
Benefits in the period 126 38
Income tax effect 1 2
Others (1) (9)
At the end of the period 266 202
19 SHAREHOLDERS’ EQUITY
19.1 Capital stock and stock rights
According to the Company's bylaws, the Company's authorized capital may be increased up to 2 billion common shares. Below, the subscribed and fully paid-in share capital, represented by common shares, all nominative and with no par value:
Number of shares Amount(in reais)
1,351,833,200 1,271,691,249
256,799 2,568
1,352,089,999 1,271,693,817
1,352,215,647 1,271,695,074
- 184,074,731
29,538 295
1,191,014 11,910
1,353,436,199 1,455,782,010
Note 9/30/2025 Participation 12/31/2024 Participation
1,344,242,574 99.32% 1,348,415,647 99.72%
19.4 9,193,625 0.68% 3,800,000 0.28%
1,353,436,199 100.00% 1,352,215,647 100.00%
19.2 Distribution of dividends and interest on own capital
At a meeting of the Board of Directors held on December 30, 2024, the advance payment of interest on own capital in the gross amount of R125 was approved, on which the withholding tax was deducted in the amount of R16, corresponding to the net amount of R109. The effective payment occurred on February 28, 2025.
On March 26, 2025, the Management's proposal was disclosed to the market, including the dividend amounts and the allocation of the Company's profits as of December 31, 2024.

All values are in US Dollars.

At the Annual General Meeting of Shareholders held on April 25, 2025, the Shareholders voted to approve the mandatory minimum dividend of R20, calculated in accordance with the Corporations Legislation and the Company's bylaws, for the year ended December 31, 2024. The total amount of dividends corresponds to R0.014541232193963 per common share. The effective payment occurred on June 23, 2025.
19.3 Expansion reserve
On March 26, 2025, the Management's proposal was disclosed to the market, including the amount allocated to the expansion reserve based on the result for the year 2024, totaling R368. The Management's proposal was approved at the Annual General Meeting of Shareholders held on April 25, 2025.
19.4 Treasury shares
On June 25, 2024, the Board of Directors approved the first share buyback program for the Company’s issued shares. The program aims 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 outstanding, for treasury stock and delivery of these shares to participants in the Executive Partner Program, see note 19.5.4, and 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 stock market based on normal trading conditions.
On March 18, 2025, the Board of Directors approved the second share buyback program for the Company’s issued shares. The program<br>aims 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 were acquired in the stock market based on normal trading conditions.<br>Until November 6, 2025, date of issue of this interim financial information, the Company concluded the repurchase of this plan for an<br>amount of R76.
The table below represents the movement of treasury shares:
Number of shares Amount(in reais) Average purchase price
As of December 31, 2024 3,800,000 26,390,274 6.94
Share buyback 5,400,400 49,074,943
Additional costs during the period - 53,872
Sale of shares during the period (370) (3,728)
Shares transferred during the period (6,405) (52,573)
As of September 30, 2025 9,193,625 75,462,787 8.21
19.5 Share-based payment
19.5.1 Recognized options granted
Information relating to the Company's Option Plan and Compensation Plan is summarized below:
9/30/2025
Number of shares(in thousands)
Series granted 1st exercise date Exercise price on the grant date(in reais) Gran-ted Exer-cised Cance-lled Current
B9 6/1/2025 0.01 2,163 (2,047) (116) -
C9 6/1/2025 12.53 1,924 (119) (217) 1,588
B10 (i) 6/1/2026 0.01 1,390 (114) (77) 1,199
C10 (i) 6/1/2026 11.82 1,390 - (191) 1,199
B11 (i) 6/1/2027 0.01 1,294 (61) (84) 1,149
C11 (i) 6/1/2027 10.62 1,294 - (145) 1,149
9,455 (2,341) (830) 6,284
(i) Shares granted to executives excluding statutory officers.
19.5.2 Consolidated information of Company's share-based payment plans
According 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 below shows the maximum percentage of dilution to which current shareholders could eventually be subject to in the event that all options granted are exercised until September 30, 2025:
9/30/2025
(in thousands)
Number of outstanding shares 1,344,243
Balance of effective series granted 6,284
Maximum percentage of dilution 0.47%

All values are in US Dollars.

The fair value of each option granted is estimated on the grant date, using the options pricing model "Black-Scholes" taking into account the following assumptions:
Series granted Estimated dividends Approximate estimated volatility Risk-free weighted average interest rate Exit rate Average remaining life expectancy
B9 1.20% 37.29% 12.18% 8.00% -
C9
B10 1.31% 35.32% 10.87% 8.00% 8 months
C10
B11 0.77% 37.32% 11.28% 8.00% 20 months
C11
Shares(in thousands) Weighted average exercise price (in reais) Weighted average of the remaining contractual term
As of December 31, 2024 8,362 5.88 1.31
Cancelled during the period (312) 9.19
Exercised during the period (1,766) 0.01
Outstanding at the end of the period 6,284 7.37 0.86
Total to be exercised as of September 30, 2025 6,284 7.37 0.86
The amount recorded in the statement of operations for the period ended September 30, 2025 was R15 (R19 as of September 30, 2024).
19.5.3 Cash-settled share-based payment plan
At the Extraordinary General Meeting held on July 14, 2023, the cash-settled share-based payment plan was approved, only for the Company's Statutory Officers, this plan does not make officers a partner of the Company, they only acquire the right to receive a cash compensation corresponding to the average price of the Company's shares traded on B3 under the ticker ASAI3.
The calculation methodology is the linear average of the share price considering the last 20 trading sessions, including the base date of August 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 periods of the shares.
Shares were granted to the Company's executives and receipt of the award in relation to 50% of these shares will be subject to compliance with the service condition (time-conditioned shares) and the other 50% will be subject to compliance, cumulatively, with the service condition and the performance condition (time-and performance-conditioned shares). Below, the movement for the period:
Number of shares granted (in thousands)
9/30/2025 12/31/2024
At the beginning of the period 1,911 1,989
Cancelled - (78)
At the end of the period 1,911 1,911
For shares conditioned on time to become vested, Offices must remain with the Company from the grant date to the dates below (vesting period):
a) 20% (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 conditioned on time and performance to become vested, the Executive must comply with the vesting periods above, in addition to meeting the goals, being segregated between: a) Environmental, Social and Governance ("ESG") goal with a weight of 30%: i) hiring people with disabilities; ii) women in leadership, in managerial positions or higher; and iii) total carbon emissions – Scope 1 and 2; and b) Operating target with a weight of 70%: i) operating cash flow.
The targets above will be reviewed annually by the Board of Directors and non-achievement of them, on December 31, 2026 and 2027, may be compensated by achievement on subsequent measurement dates.
At the end of each vesting period, virtual shares conditioned on time that have become vested virtual shares will be automatically settled, for virtual shares conditioned on time and performance the goals listed above must be achieved.

All values are in US Dollars.

If the Officer is terminated on his/her own initiative, the Officer will lose the right to receive unvested shares, which will be immediately canceled and extinguished, without any compensation and/or indemnity, regardless of prior notice or notice. If the Officer is terminated at the initiative of the Company, through dismissal and removal from office due to serious misconduct, all his/her shares will be extinguished, without any compensation and/or indemnity, regardless of prior notice or notice. If the Officer is terminated due to mutual agreement between the Company and the Officer or on the Company's initiative, through dismissal and removal from office without serious misconduct, the Officer will have the right, subject to compliance with restrictive obligations, to settlement of all vested shares at the termination date and to maintain a portion of the unvested shares as agreed between the parties.
As of September 30, 2025, the amount of the liability corresponding to the plan, including payroll charges, in recorded is "Cash-settled share plan" in non-current liabilities in the amount of R13 (R5 as of December 31, 2024) and the total expense recognized was R8 (R3 as of September 30, 2024) and the fair value of the total of this plan in this date was R26.
19.5.4 Executive Partner Program
At the Ordinary and Extraordinary General Meeting held on April 26, 2024, the shareholders approved the Company's Executive Partner Program, intended to create a unique and extraordinary long-term program, which is not to be confused with the standard Long-Term Incentive, composed of a single grant of share rights to the Chief Executive Officer, the Commercial and Logistics Vice President, and the Operations Vice President (“Participants”), in a substantial amount and contingent on the Participants staying at the company and their achievement of certain performance targets, aiming at: (i) the long-term retention of the Participants; and (ii) the strengthening of  the sense of ownership in the Participants, transforming key officers into relevant, long-term shareholders.
Through the Executive Partner Program, on May 1, 2024 the Company granted to Participants the right to receive up to 27,068,724 Company shares, corresponding to up to 2% of the total number of Company shares on the date of approval of the Executive Partner Program, subject to the adjustments provided for in the Program, as follows:
i) 0.40% will consist of restricted shares, the right to which will only be acquired if the Participants remain as Officers of the Company, 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 date); and
ii) up to 1.60% will consist of shares with performance assumptions, the right to which will only be acquired if the following conditions are cumulatively met: i) the Participants remain as Officers of the Company until the second vesting date; and ii) the performance targets are achieved on the second vesting date, determined and calculated in accordance with the terms and conditions set out below.
Shares with performance assumptions
Additional shares
All shares received by the Participants under the Executive Partner Program will be subject to a lock-up of three years from the date of receipt of the shares, unless otherwise provided for by the Board of Directors in cases of termination of the Participants.

All values are in US Dollars.

The fair value of each share granted in the amount  of R13.12 was measured based on the share price on the granted date, reduced by the estimated discount of 13.50% due to the transfer restriction after the vesting period. The Company has determined the estimated number of shares that will be considered the right of the Participants in relation to the variable portion of the plan based on the result projections in line with the business assumptions and that at the end of each period the estimate will be adjusted according to these projections.
9,961,290 shares were granted, with a fair value of R11.35.
As of September 30, 2025, the amount recognized in the statement of operations for the period was R18 (R15 as of September 30, 2024) and the fair value of the total of this plan in this date was R146, including charges.
19.5.5 Long-term incentive plan through grant of the right to receive Company shares
At the Ordinary and Extraordinary General Meeting held on April 26, 2024, the shareholders approved the Long-Term Incentive Plan (“ILP”), intended to grant restricted shares and shares with performance assumptions to statutory and non-statutory directors of the Company (“Participants”), as well as to any other employees who are selected to participate in the plan.
By granting the right to receive Company shares to the Participants, the ILP Plan aims at: (i) aligning the interests of the Participants with the interests of the Company's shareholders; (ii) encouraging the Participants to stay at the Company or at the companies under its control; and (iii) maximizing the results and generating sustainable value for the Company and its shareholders.
The grants under the ILP Plan will be made in the following proportion: (i) 30% of the right granted will consist of restricted shares, and the transfer of the shares to the Participants will occur only upon compliance with a single vesting period of 3 years (except for 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 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, and the transfer of the shares to the Participants will occur only upon compliance with a single vesting period of 3 years (5 years for the Chief Executive Officer) contingent on the achievement of the performance targets established by the Board of Directors, and the final number of shares with performance assumptions to which the Participants will be entitled will depend on the degree of achievement of these targets at the end of the single vesting period of 3 years (5 years for the Chief Executive Officer), and 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 the targets).
The number of restricted shares and shares with performance assumptions granted will be determined based on: (i) a salary multiple, according to the grade occupied by the Participant; and (ii) the average share price in the 20 trading sessions prior to the grant.
The shares (both restricted shares and shares with performance assumptions) will be transferred to the Participants upon compliance with the conditions described in the plan, and the transfer of shares will be made through the delivery of shares held in treasury by the Company.
Through 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% of the total number of Company shares on the date of approval of the respective plan, subject to the specified adjustments.
The information related to the plan is summarized below:
9/30/2025
Number of shares(in thousands)
Series granted Date of grant 1^st^ exercise date Grant Cance-lled Exer-cised Effec-tive
ILP - 2024 5/31/2024 5/31/2027 649 (128) - 521
ILP - 2024 5/31/2024 5/31/2028 50 - - 50
ILP - 2024 5/31/2024 5/31/2029 396 - - 396
ILP - 2025 3/31/2025 3/31/2028 5,085 (570) (15) 4,500
ILP - 2025 3/31/2025 3/31/2029 97 - - 97
ILP - 2025 3/31/2025 3/31/2030 777 - - 777
7,054 (698) (15) 6,341

All values are in US Dollars.

The fair value of each share granted is estimated on the grant date using the Black-Scholes pricing model, considering the following assumptions:
Series granted Fair value granted(in reais) Estimated dividends Approximate estimated volatility Risk-free weighted average interest rate Average remaining life expectancy
ILP - 2024 11.90 (3^rd^ year) 0.77% 37.32% 11.28% 20 months
11.81 (4^th^ year) 36.94% 11.54% 32 months
11.72 (5^th^ year) 38.27% 11.68% 44 months
ILP - 2025 6.98 (3^rd^ year) 2.57% 41.69% 14.71% 30 months
6.80 (4^th^ year) 39.51% 14.73% 42 months
6.63 (5^th^ year) 39.50% 14.81% 54 months
Shares(in thousands) Weighted average of the remaining contract term
As of December 31, 2024 1,095 3.19
Granted during the period 5,959
Cancelled during the period (698)
Exercised during the period (15)
Outstanding at the end of the period 6,341 2.77
Total to be exercised as of September 30, 2025 6,341 2.77
As of September 30, 2025, the amount recognized in the statement of operations for the period was R12 (R1 as of September 30, 2024) and the fair value of the total of this plan in this date was R70, including charges.
20 NET OPERATING REVENUE
9/30/2025 9/30/2024
61,711 58,310
223 202
61,934 58,512
(155) (126)
(5,269) (4,730)
(5,424) (4,856)
56,510 53,656
21 EXPENSES BY NATURE
9/30/2025 9/30/2024
Inventory cost (45,985) (44,047)
Personnel expenses (3,681) (3,282)
Outsourced services (365) (303)
Selling expenses (857) (878)
Functional expenses (1,064) (961)
Other expenses (445) (430)
(52,397) (49,901)
Cost of sales (47,083) (44,853)
Selling expenses (4,582) (4,396)
General and administrative expenses (732) (652)
(52,397) (49,901)
22 OTHER OPERATING EXPENSES, NET
9/30/2025 9/30/2024
Result with property, plant and equipment and leases (13) (7)
Revenues related to legal proceedings 1 5
Others 4 -
(8) (2)

All values are in US Dollars.

23 NET FINANCIAL RESULT
9/30/2025 9/30/2024
159 70
128 56
39 41
9 6
335 173
(1,384) (1,426)
(456) (18)
7 (109)
(151) (85)
(6) 6
(828) (772)
(26) (9)
(2,844) (2,413)
(2,509) (2,240)
24 EARNINGS PER SHARE
The Company calculates earnings per share by dividing the net income for the period, relating to each class of shares, by the total number of common shares outstanding in the period.
The table below presents the determination of the net income for the period available to holders of outstanding common shares to calculate the basic earnings and diluted earnings per share in each year presented:
9/30/2025 9/30/2024
Net income allocated available to holders of common shares (a) 488 339
Weighted average of number of shares, excluding treasury shares 1,347 1,352
Basic denominator (million of shares) (b) 1,347 1,352
Weighted average of stock option 6 4
Diluted denominator (million of shares) (c) 1,353 1,356
Basic earnings per million shares (R) (a ÷ b) 0.361905 0.250982
Diluted earnings per million shares (R) (a ÷ c) 0.360325 0.250233
25 NON-CASH TRANSACTIONS
The Company had transactions that did not represent cash disbursements, and, therefore, these were not presented in the Statement of Cash Flows, as follows:
Transactions Note
Acquisition of property, plant and equipment not yet paid 11.3

All values are in US Dollars.

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: November 6, 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.

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