[6-K] Sendas Distributor S.A. Current Report (Foreign Issuer)

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

6-K

Rhea-AI Filing Summary

Sendas Distribuidora S.A. (ASAIY) filed a Form 6‑K with interim results for the period ended September 30, 2025. Net operating revenue was R$18.96 billion for the quarter and R$56.51 billion year to date. Quarterly net income was R$152 million, with basic EPS of R$0.11289; year‑to‑date net income reached R$488 million and basic EPS R$0.36190.

Operations generated R$2.96 billion of cash year to date, while investing consumed R$693 million and financing used R$3.44 billion, leading to a R$1.17 billion decrease in cash. Cash and equivalents were R$4.46 billion. Net debt was R$11.41 billion, equal to 199% of shareholders’ equity, and lease liabilities totaled R$9.82 billion. The company operated 304 stores and 12 distribution centers as of September 30, 2025.

Management highlighted debenture funding (including a thirteenth issue), prepayments of borrowings, dividend and interest on own capital payments, and continued share repurchases. Sendas also initiated a precautionary measure prior to arbitration involving legacy matters with Casino and GPA; management reported no accounting effects in these interim statements.

Insights

Stable growth with disciplined liquidity; leverage remains elevated but covenants met.

Sendas posted steady top‑line momentum: quarterly net operating revenue of R$18.96B and year‑to‑date R$56.51B. Profitability was modest with quarterly net income of R$152M, reflecting retail cost structure and higher financial expenses. Operating cash flow of R$2.96B year to date supported capex and debt service.

Balance sheet shows net debt of R$11.41B and a net‑debt‑to‑equity ratio of 199%. Lease liabilities were R$9.82B. The filing states compliance with financial covenants (net debt/equity ≤ 3.00 and net debt/LTM EBITDA ≤ 3.00), indicating headroom under current metrics.

Funding activity included debenture issuance and prepayments, while buybacks continued under the approved programs. Legal steps related to historical separation matters were disclosed; management notes no accounting effect in these interim figures. Subsequent filings may provide further detail on financing and legal developments.

Form 6-K: How Foreign Companies Report to the SEC →

11/06/2025 - 04:44 PM

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)
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	Account description	9/30/2025	12/31/2024
1	Total Assets	45,121,000	45,593,000
1.01	Current Assets	15,965,000	16,448,000
1.01.01	Cash and Cash Equivalents	4,456,000	5,628,000
1.01.03	Accounts Receivables	1,829,000	2,210,000
1.01.03.01	Trade Receivables	1,829,000	2,210,000
1.01.04	Inventories	8,246,000	7,127,000
1.01.06	Recoverable Taxes	1,212,000	1,241,000
1.01.08	Other Current Assets	222,000	242,000
1.01.08.03	Others	222,000	242,000
1.01.08.03.01	Derivative Financial Instruments	7,000	93,000
1.01.08.03.03	Other Accounts Receivable	48,000	50,000
1.01.08.03.04	Expenses in Advance	167,000	99,000
1.02	Non-current Assets	29,156,000	29,145,000
1.02.01	Long-Term Assets	1,588,000	1,196,000
1.02.01.07	Deferred Taxes	266,000	140,000
1.02.01.09	Receivable From Related Parties	25,000	23,000
1.02.01.09.04	Receivable from Others Related Parties	25,000	23,000
1.02.01.10	Other Non-current Assets	1,297,000	1,033,000
1.02.01.10.04	Recoverable Taxes	781,000	672,000
1.02.01.10.05	Restricted Deposits for Legal Proceedings	22,000	24,000
1.02.01.10.06	Derivative Financial Instruments	428,000	297,000
1.02.01.10.07	Other Accounts Receivable	39,000	31,000
1.02.01.10.08	Expenses in Advance	27,000	9,000
1.02.02	Investments	840,000	804,000
1.02.02.01	Investments in Associates	840,000	804,000
1.02.02.01.03	Joint Venture Participation	840,000	804,000
1.02.03	Property, Plant and Equipment	21,548,000	21,962,000
1.02.03.01	Property, Plant and Equipment in Use	13,179,000	13,564,000
1.02.03.02	Right of Use on Leases	8,369,000	8,398,000
1.02.04	Intangible Assets	5,180,000	5,183,000

(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	Account description	9/30/2025	12/31/2024
2	Total Liabilities	45,121,000	45,593,000
2.01	Current Liabilities	14,318,000	16,312,000
2.01.01	Payroll and Related Taxes	838,000	682,000
2.01.01.01	Social Taxes	88,000	97,000
2.01.01.02	Payroll Taxes	750,000	585,000
2.01.02	Trade Payables	11,273,000	11,647,000
2.01.02.01	National Trade Payables	11,273,000	11,647,000
2.01.02.01.01	Trade Payables	10,791,000	10,709,000
2.01.02.01.02	Trade Payables - Agreements	482,000	938,000
2.01.03	Taxes and Contributions Payable	325,000	563,000
2.01.04	Borrowings and Financing	944,000	2,084,000
2.01.04.01	Borrowings and Financing	415,000	38,000
2.01.04.02	Debentures	529,000	2,046,000
2.01.05	Other Liabilities	938,000	1,336,000
2.01.05.02	Others	938,000	1,336,000
2.01.05.02.01	Dividends and Interest on own Capital Payable	1,000	129,000
2.01.05.02.09	Deferred Revenue	182,000	449,000
2.01.05.02.17	Lease Liability	454,000	412,000
2.01.05.02.19	Other Accounts Payable	301,000	346,000
2.02	Non-current Liabilities	25,083,000	24,026,000
2.02.01	Borrowings and Financing	15,354,000	14,481,000
2.02.01.01	Borrowings and Financing	3,141,000	1,720,000
2.02.01.02	Debentures	12,213,000	12,761,000
2.02.02	Other Liabilities	9,442,000	9,296,000
2.02.02.02	Others	9,442,000	9,296,000
2.02.02.02.05	Trade Payables	-	12,000
2.02.02.02.09	Lease Liability	9,368,000	9,232,000
2.02.02.02.11	Other Accounts Payable	61,000	47,000
2.02.02.02.12	Cash-Settled Share Plan	13,000	5,000
2.02.04	Provision	265,000	223,000
2.02.06	Deferred Earnings and Revenue	22,000	26,000
2.02.06.02	Deferred Revenue	22,000	26,000
2.03	Shareholders’ Equity	5,720,000	5,255,000
2.03.01	Share Capital	1,456,000	1,272,000
2.03.02	Capital Reserves	41,000	62,000
2.03.04	Earnings Reserves	4,237,000	3,933,000
2.03.08	Other Comprehensive Income	(14,000)	(12,000)

(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	Account description	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	Net Operating Revenue	18,956,000	56,510,000	18,563,000	53,656,000
3.02	Cost of Sales	(15,774,000)	(47,083,000)	(15,510,000)	(44,853,000)
3.03	Gross Profit	3,182,000	9,427,000	3,053,000	8,803,000
3.04	Operating Expense/Income	(2,179,000)	(6,490,000)	(2,097,000)	(6,156,000)
3.04.01	Selling Expenses	(1,534,000)	(4,582,000)	(1,476,000)	(4,396,000)
3.04.02	General and Administrative Expenses	(252,000)	(732,000)	(253,000)	(652,000)
3.04.05	Other Operating Expenses	(410,000)	(1,229,000)	(385,000)	(1,157,000)
3.04.05.01	Depreciation/ Amortization	(410,000)	(1,221,000)	(391,000)	(1,155,000)
3.04.05.03	Other Operating Revenue (Expenses), Net	-	(8,000)	6,000	(2,000)
3.04.06	Share of Profit of Associates	17,000	53,000	17,000	49,000
3.05	Profit from Operations Before Net Financial Expenses and Taxes	1,003,000	2,937,000	956,000	2,647,000
3.06	Net Financial Result	(879,000)	(2,509,000)	(761,000)	(2,240,000)
3.06.01	Financial Revenues	134,000	335,000	76,000	173,000
3.06.02	Financial Expenses	(1,013,000)	(2,844,000)	(837,000)	(2,413,000)
3.07	Income Before Income Tax and Social Contribution	124,000	428,000	195,000	407,000
3.08	Income Tax and Social Contribution	28,000	60,000	(39,000)	(68,000)
3.08.01	Current	-	(66,000)	(24,000)	(106,000)
3.08.02	Deferred	28,000	126,000	(15,000)	38,000
3.09	Net Income from Continued Operations	152,000	488,000	156,000	339,000
3.11	Retained Earnings/Loss of the Period	152,000	488,000	156,000	339,000
3.99	Earnings per Share - (Reais/Share)
3.99.01	Basic Earnings Per Share
3.99.01.01	Common	0.11289	0.36190	0.11592	0.25098
3.99.02	Diluted Earnings Per Share
3.99.02.01	Common	0.11260	0.36032	0.11541	0.25023

(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	Account description	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	Net Income for the period	152,000	488,000	156,000	339,000
4.02	Other Comprehensive Income	1,000	(2,000)	(1,000)	(3,000)
4.02.04	Fair value of receivables	1,000	(3,000)	(1,000)	(4,000)
4.02.06	Income Tax Effect	-	1,000	-	1,000
4.03	Total Comprehensive Income for the period	153,000	486,000	155,000	336,000


(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	Account description	1/1/2025 to 9/30/2025	1/1/2024 to 9/30/2024
6.01	Net Cash Operating Activities	2,960,000	1,819,000
6.01.01	Cash Provided by the Operations	4,988,000	4,371,000
6.01.01.01	Net profit for the period	488,000	339,000
6.01.01.02	Deferred Income Tax and Social Contribution	(125,000)	(29,000)
6.01.01.03	Loss of Disposal of Property, Plant and Equipment and Leasing	13,000	7,000
6.01.01.04	Depreciation and Amortization	1,305,000	1,217,000
6.01.01.05	Financial Charges	2,691,000	2,347,000
6.01.01.07	Share of Profit of Associates	(53,000)	(49,000)
6.01.01.08	Provision for Legal Proceedings	150,000	73,000
6.01.01.10	Provision for Stock Option	28,000	29,000
6.01.01.11	Losses (Reverses) Allowance for Doubtful Accounts	2,000	(7,000)
6.01.01.13	Provision for Allowance for Inventory Losses and Damages	489,000	444,000
6.01.02	Variations in Assets and Liabilities	(2,028,000)	(2,552,000)
6.01.02.01	Trade Receivables	377,000	(866,000)
6.01.02.02	Inventories	(1,608,000)	(1,574,000)
6.01.02.03	Recoverable Taxes	(196,000)	(20,000)
6.01.02.04	Other Assets	(93,000)	(71,000)
6.01.02.05	Related Parties	(2,000)	2,000
6.01.02.06	Restricted Deposits for Legal Proceedings	3,000	13,000
6.01.02.07	Trade Payables	(132,000)	62,000
6.01.02.08	Payroll and Related Taxes	156,000	136,000
6.01.02.09	Taxes and Social Contributions Payable	(122,000)	(12,000)
6.01.02.10	Payment for Legal Proceedings	(134,000)	(95,000)
6.01.02.11	Deferred Revenue	(271,000)	(272,000)
6.01.02.12	Other Liabilities	(23,000)	21,000
6.01.02.15	Dividends Received	17,000	124,000
6.02	Net Cash of Investing Activities	(693,000)	(1,209,000)
6.02.02	Purchase of Property, Plant and Equipment	(673,000)	(1,201,000)
6.02.03	Purchase of Intangible Assets	(24,000)	(28,000)
6.02.04	Proceeds from Property, Plant and Equipment	2,000	4,000
6.02.09	Proceeds from Assets Held for Sale	2,000	16,000
6.03	Net Cash of Financing Activities	(3,439,000)	(2,037,000)
6.03.02	Proceeds from Borrowings	3,308,000	3,000,000
6.03.03	Payment of Borrowings	(3,787,000)	(1,663,000)
6.03.04	Payment of Interest on Borrowings	(1,655,000)	(1,462,000)
6.03.05	Payment of dividends and interest on own equity	(128,000)	-
6.03.06	Buyback treasury shares	(49,000)	-
6.03.09	Payment of Lease Liabilities	(239,000)	(204,000)
6.03.10	Payment of Interest on Lease Liabilities	(851,000)	(791,000)
6.03.11	Borrowing costs from borrowings	(17,000)	(14,000)
6.03.12	Payment Points of Sales Acquisition	(21,000)	(903,000)
6.05	Increase (Decrease) in Cash and Equivalents	(1,172,000)	(1,427,000)
6.05.01	Cash and Cash Equivalents at the beginning of the period	5,628,000	5,459,000
6.05.02	Cash and Cash Equivalents at the end of the period	4,456,000	4,032,000


(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	Account description	Capital stock	Capital reserves, granted options and treasury shares	Profit reserves	Retained earnings /Accumulated losses	Other comprehensive income	Shareholders' equity
5.01	Opening Balance	1,272,000	62,000	3,933,000	-	(12,000)	5,255,000
5.02	Prior Period Adjustments	-	-	-	-	-	-
5.03	Adjusted Opening Balance	1,272,000	62,000	3,933,000	-	(12,000)	5,255,000
5.04	Capital Transactions with Shareholders	184,000	(21,000)	(184,000)	-	-	(21,000)
5.04.01	Capital Contribution	184,000	-	(184,000)	-	-	-
5.04.03	Stock Options Granted	-	28,000	-	-	-	28,000
5.04.04	Buyback treasury shares	-	(49,000)	-	-	-	(49,000)
5.05	Total Comprehensive Income	-	-	-	488,000	(2,000)	486,000
5.05.01	Net Income for the Period	-	-	-	488,000	-	488,000
5.05.02	Other comprehensive income	-	-	-	-	(2,000)	(2,000)
5.05.02.07	Fair Value of Receivables	-	-	-	-	(3,000)	(3,000)
5.05.02.09	Income Tax Effect	-	-	-	-	1,000	1,000
5.06	Internal Changes of Shareholders' Equity	-	-	-	-	-	-
5.07	Closing Balance	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	Account description	Capital stock	Capital reserves, granted options and treasury shares	Profit reserves	Retained earnings /Accumulated losses	Other comprehensive income	Shareholders' equity
5.01	Opening Balance	1,272,000	56,000	3,309,000	-	(7,000)	4,630,000
5.02	Prior Period Adjustments	-	-	-	-	-	-
5.03	Adjusted Opening Balance	1,272,000	56,000	3,309,000	-	(7,000)	4,630,000
5.04	Capital Transactions with Shareholders	-	29,000	-	-	-	29,000
5.04.03	Stock Options Granted	-	29,000	-	-	-	29,000
5.05	Total Comprehensive Income	-	-	-	339,000	(3,000)	336,000
5.05.01	Net Income for the Period	-	-	-	339,000	-	339,000
5.05.02	Other Comprehensive Income	-	-	-	-	(3,000)	(3,000)
5.05.02.07	Fair Value of Receivables	-	-	-	-	(4,000)	(4,000)
5.05.02.09	Income Tax Effect	-	-	-	-	1,000	1,000
5.06	Internal Changes of Shareholders' Equity	-	-	229,000	(229,000)	-	-
5.06.05	Tax Incentive Reserve	-	-	229,000	(229,000)	-	-
5.07	Closing Balance	1,272,000	85,000	3,538,000	110,000	(10,000)	4,995,000

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 6.000 Avenida Ayrton Senna, Lote 2 - Anexo A, Jacarepaguá, in the State of Rio de Janeiro. As of September 30, 2025 the Company operated 304 stores (302 stores as of December 31, 2024,) and 12 distribution centers (12 distribution centers as of December 31,2024) in the five regions of the country, with operations in 24 states and in the Federal District.

1.1

Highlights of the period

The highlights for the nine-month period ended September 30, 2025 were:

Initiation of precautionary injunction proceedings against Casino and GPA, see note 1.2.

Funding of domestic currency and foreign currency borrowings with swap operations, see note 15.5.

Prepayments of borrowings, see Note 15.5.2.

Funding through the thirteenth issue of debentures, see note 15.6.

Capital contribution through expansion reserve, see note 19.1.

Payment of interest on own capital and dividends, see note 19.2.

1.2

Initiation of precautionary injunction proceedings against Casino and GPA

As disclosed in the Material Fact by the Company on September 24, 2025, the Company filed a precautionary measure with a request for an injunction, prior to the commencement of an arbitration proceeding, against Casino Guichard Perrachon S.A. and Segisor (jointly, “Casino”) and Companhia Brasileira de Distribuição (“GPA”), requesting, in summary: (i) the unavailability of GPA shares held, directly or indirectly, by Casino or, alternatively, that any potential disposal of such shares be conditioned upon the judicial deposit of the corresponding sale proceeds or the provision of suitable guarantee in favor of the Company; and (ii) that GPA provide sufficient guarantees to hold the Company indemnified from the obligations assumed under the Separation Agreement entered into between the Company and GPA on December 14, 2020, regarding GPA’s tax contingencies existing prior to the spin-off completed on December 31, 2020, as measured and disclosed in notes 16.4 and 16.4.1.

The filing of the precautionary measure with a request for an injunction is also based, among other factors, on the receipt of a notice of initiation of a Procedure for Recognition of Responsibility (“PARR”) issued by the National Treasury Attorney's Office, seeking to attribute joint liability to Company for GPA’s tax contingencies that are still under discussion, in the approximate amount of R$36.

The request to initiate the arbitral proceedings, preceded by the precautionary measure, was timely filed by the Company before the competent arbitral chamber. As of the issuance date of this interim financial information, the Company’s Management concluded that there are no accounting effects arising from this matter that would impact this interim financial information.

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 interin 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 September 30, 2025 were approved by the Board of Directors on November 6, 2025.

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 September 30, 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.

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.

CASH AND CASH EQUIVALENTS

9/30/2025

12/31/2024

Cash and bank accounts

106

Cash and bank accounts - Abroad (i)

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 R$24 in US dollars (R$28 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.

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

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

December 31, 2024

2,213

2,204

6.1

Assignment of receivables

The Company assigned part of its receivables referring to credit cards and tickets with operators, without any right of recourse, aiming to anticipate its cash flow. As of September 30, 2025, the amount of these operations is R$1,955, net of the cost to advance (R$1,967 as of December 31, 2024). The amount was derecognized from the balance of trade receivables, since all risks related to the receivables were substantially transferred. The cost to advance these credit card receivables as of September 30, 2025 was R$142 (R$81 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 R$1,570 (R$1,943 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

Write-offs

At the end of the period

(2)

(8)

INVENTORIES

Note

9/30/2025

12/31/2024

Stores

7,162

6,498

Distribution centers

1,713

1,231

Commercial agreements

7.1

(572)

(505)

Inventory losses

7.2

(57)

(97)

8,246

7,127

7.1

Commercial agreements

As of September 30, 2025, the amount of unrealized commercial agreements, presented as a reduction of inventory balance, totaled R$572 (R$505 as of December 31, 2024).

7.2

Inventory losses

9/30/2025

9/30/2024

At the beginning of the period

(97)

(81)

Additions

(508)

(456)

Reversals

Write-offs

529

469

At the end of the period

(57)

(56)

RECOVERABLE TAXES

Note

9/30/2025

12/31/2024

ICMS

8.1

1,493

1,297

PIS and COFINS

8.2

316

353

Social Security Contribution - INSS

118

144

Withholding taxes to be recovered

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:

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

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 R$1.

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	Company					Country	9/30/2025		12/31/2024
	Joint venture	Bellamar Empreendimento e Participações S.A.					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

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


		As of 12/31/2024	Additions (i)	Write-offs	Depreciation	Transfers and others	As of 9/30/2025		Historical cost	Accumulated depreciation
	Lands	559	2	-	-	-	561	=	561	-
	Buildings	894	2	-	(18)	(1)	877		1,075	(198)
	Improvements	8,318	215	(5)	(401)	5	8,132		10,512	(2,380)
	Machinery and equipment	2,431	125	(6)	(220)	30	2,360		3,804	(1,444)
	Facilities	245	13	-	(28)	-	230		454	(224)
	Furniture and appliances	889	55	(3)	(124)	12	829		1,505	(676)
	Constructions in progress	123	30	-	-	(47)	106		106	-
	Others	105	15	(1)	(37)	2	84		306	(222)
		13,564	457	(15)	(828)	1	13,179		18,323	(5,144)



		As of 12/31/2023	Additions (i)	Write-offs	Depreciation	Transfers and others	As of 9/30/2024		Historical cost	Accumulated depreciation
	Lands	559	-	-	-	-	559	=	559	-
	Buildings	777	63	-	(17)	95	918		1,092	(174)
	Improvements	8,099	450	(5)	(374)	(79)	8,091		9,946	(1,855)
	Machinery and equipment	2,310	254	(4)	(201)	19	2,378		3,546	(1,168)
	Facilities	270	9	-	(29)	-	250		438	(188)
	Furniture and appliances	903	89	(5)	(118)	15	884		1,407	(523)
	Constructions in progress	111	22	-	-	(51)	82		82	-
	Others	119	23	-	(39)	6	109		284	(175)
		13,148	910	(14)	(778)	5	13,271		17,354	(4,083)

	(i) Includes interest capitalization in the amount of R$17 (R$35 as of September 30, 2024), see note 11.2.

11.2

Capitalized borrowing costs and lease

The value of capitalized borrowing costs and lease directly attributable to the reform, construction and acquisition of property, plant and equipment and intangible assets within the scope of CPC 20 (R1)/IAS 23 - Borrowing Costs and the amount of interest on lease liabilities incorporated into the value of the property, plant and equipment and/or intangible assets, for the period in which the assets are not yet in their intended use in accordance with CPC 06 (R2)/IFRS 16 - Leases, amounted to R$17 (R$35 as of September 30, 2024). The average rate used to calculate the borrowing costs eligible for capitalization was 109.33% (113.80% as of September 30, 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

Note

9/30/2025

9/30/2024

Additions

11.1

457

910

Capitalized borrowing costs

11.2

(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 R$84 (R$62 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.

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.

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.

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 R$9,822 as of September 30, 2025 (R$9,644 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

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

9/30/2025

9/30/2024

(Expenses) revenues of the period:

Variables (1% to 2% of sales)

(6)

(10)

Subleases (i)

(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.

9/30/2025

12/31/2024

Real flow

Right-of-use assets

8,369

8,398

Lease liabilities

22,734

22,826

Embedded interest

(12,912)

(13,182)

9,822

9,644

Inflated flow

Right-of-use assets

11,950

12,022

Lease liabilities

33,065

33,236

Embedded interest

(17,683)

(18,084)

15,382

15,152

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 R$250 (R$234 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 R$9 (R$4 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 R$39 as of September 30, 2025 (R$41 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 R$482 (R$938 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.

FINANCIAL INSTRUMENTS

The main financial instruments and their amounts recorded in the interim financial information, by category, are as follows:

Note

Amortized cost

Fair value

FVTOCI (i)

As of 9/30/2025

Financial assets

Cash and cash equivalents

4,456

Related parties

9.1

Trade receivables and other accounts receivables

346

Financial instruments at fair value

15.5.1

435

Trade receivables with credit card and tickets

1,570

Financial liabilities

Other accounts payable

(146)

Trade payables and trade payables - agreements

(11,273)

Borrowings in domestic currency

15.5.1

(1,394)

(21)

(1,415)

Borrowings in foreign currency

15.5.1

(1,901)

Debentures and promissory notes

15.5.1

(9,314)

(3,334)

(12,648)

Lease liabilities

13.2

(9,822)

Financial instruments at fair value

15.5.1

(334)

Net exposure

(27,122)

(5,155)

1,570

(30,707)

		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:

9/30/2025

12/31/2024

Borrowings, debentures and promissory notes

16,298

16,565

(-) Cash and cash equivalents

(4,456)

(5,628)

(-) Derivative financial instruments

(435)

(390)

Net debt

11,407

10,547

Shareholders’ equity

5,720

5,255

% Net debt to shareholders’ equity

199%

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.

Less than 1 year

From 1 to 5 years

More than 5 years

Total

Borrowings

601

3,254

3,855

Debenture and promissory notes

1,859

15,486

642

17,987

Derivative financial instruments

421

(151)

(278)

(8)

Lease liabilities

1,576

5,677

15,481

22,734

Trade payables

10,791

Trade payables - Agreements

482

Other accounts payable

119

146

15,849

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

Reference value

Maturity

9/30/2025

12/31/2024

Debt

USD - BRL

USD18

2026

(7)

USD - BRL

USD109

2027

(21)

USD - BRL

USD100

2028

(84)

USD - BRL

USD100

2028

(19)

USD - BRL

USD26

2027

(93)

Debt

IPCA - BRL

R$2.435

2028, 2029 and 2031

331

314

Interest rate swaps registered at CETIP

Pre-fixed rate x CDI

R$900

2027

(8)

(10)

Pre-fixed rate x CDI

R$12

2027

Pre-fixed rate x CDI

R$9

2027

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 R$101 (balance receivable of R$372 as of December 31, 2024), the assets are recorded as “Derivative Financial Instruments” and the liabilities as “Borrowings and Debentures”.

The effects of the hedge at fair value through income for the period ended September 30, 2025, resulted in a swap loss of R$456 and mark-to-market gain of R$7 (swap loss of R$18 and mark-to-market gain (loss) of R$109 as of September 30, 2024), recorded under "Swap loss" and "Mark-to-market gain (loss)", see note 23.

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)

Derivative financial instruments (pre-fixed rate)

15.5.1

CDI + 0.20% per year

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

Total net effect (loss)

(16,013)

(2,297)

(2,412)

(2,527)

Cash equivalents

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)

Interest rate swaps

(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 -
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

Working capital

CDI + 1.40% per year

1,400

923

Borrowing costs

(6)

(5)

1,415

947

Derivative financial instruments -
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 -
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

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

9/30/2025

6/30/2024

At the beginning of the period

16,175

14,910

Funding

3,308

3,000

Borrowing costs

(17)

(14)

Interest provision

1,609

1,410

Swap contracts

456

Mark-to-market

(7)

109

Exchange rate and monetary variation

(268)

(7)

Borrowing costs amortization

Interest amortization (i)

(1,655)

(1,462)

Principal amortization (i)

(3,608)

(1,583)

Swap amortization

(179)

(80)

At the end of the period

15,863

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 R$2,039; and (ii) Second Issue of Commercial Paper Notes on July 11, 2025, in the amount of R$550 thousand (there was no early settlement for the same period in 2024).

15.5.3

Schedule of non-current maturities

	* The net value of non-current is R$14,926.

15.6	Debentures and promissory notes

				Date
		Issue amount (in thousands)	Outstanding debentures (units)	Beginning	Maturity	Annual financial charges	Unit price (in Reais)	9/30/2025	12/31/2024
	First Issue of Promissory Notes - 6^th series	200	4	7/4/2019	7/4/2025	CDI + 0.72% per year	-	-	322
	Second Issue of Debentures - 2^nd series	660,000	660,000	6/1/2021	5/22/2028	CDI + 1.95% per year	1,061	700	669
	Third Issue of Debentures - 1^st series - CRI	982,526	982,526	10/15/2021	10/16/2028	IPCA + 5.15% per year	1,259	1,237	1,178
	Third Issue of Debentures - 2^nd series - CRI	517,474	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	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	750,000	2/10/2022	2/9/2025	CDI + 1.70% per year	-	-	786
	Fifth Issue of Debentures - single series - CRI	250,000	250,000	4/5/2022	3/28/2025	CDI + 0.75% per year	-	-	258
	Sixth Issue of Debentures - 1^st series - CRI	72,962	72,962	9/28/2022	9/11/2026	CDI + 0.60% per year	1,006	73	75
	Sixth Issue of Debentures - 2^nd series - CRI	55,245	55,245	9/28/2022	9/13/2027	CDI + 0.70% per year	1,006	56	58
	Sixth Issue of Debentures - 3^rd series - CRI	471,793	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	400,000	12/26/2022	12/26/2025	CDI + 0.93% per year	-	-	513
	Seventh Issue of Debentures - 1^st series - CRI	145,721	145,721	7/25/2023	7/15/2026	CDI + 1.00% per year	1,033	150	154
	Seventh Issue of Debentures - 2^nd series - CRI	878,503	878,503	7/25/2023	7/15/2027	Pré 11.75% per year	1,025	900	925
	Seventh Issue of Debentures - 3^rd series - CRI	46,622	46,622	7/25/2023	7/17/2028	CDI + 1.15% per year	1,033	48	50
	Eighth Issue of Debentures - 1^st series	400,000	400,000	12/22/2023	12/22/2027	CDI + 1.85% per year	1,045	418	401
	Eighth Issue of Debentures - 2^nd series	400,000	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	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	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	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	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	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).

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.

		Tax claims	Social security and labor	Civil	Total
	Balance as of December 31, 2023	62	163	38	263
	Additions	7	165	21	193
	Reversals	(37)	(75)	(8)	(120)
	Payments	(9)	(80)	(6)	(95)
	Monetary correction	(8)	13	5	10
	Balance as of September 30, 2024	15	186	50	251

	Restricted deposits for legal proceedings	(4)	(5)	(10)	(19)
	Net provision for restricted deposits	11	181	40	232

		Tax claims	Social security and labor	Civil	Total
	Balance as of December 31, 2024	16	174	33	223
	Additions	4	225	19	248
	Reversals	-	(89)	(9)	(98)
	Payments	-	(126)	(8)	(134)
	Monetary correction	5	16	5	26
	Balance as of September 30, 2025	25	200	40	265

	Restricted deposits for legal proceedings	(4)	(1)	(2)	(7)
	Net provision for restricted deposits	21	199	38	258

	Of the total amount of the table above, R$32 (R$26 as of December 31, 2024) is the responsibility of GPA arising from contingencies up to 2016, pursuant to contractual provisions, namely: R$4 tax claims, R$10 labor claims and R$18 civil claims (R$4 tax claims, R$7 labor claims and R$15 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 R$25 (R$16 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 R$200 (R$174 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 R$30 (R$26 as of December 31, 2024), for which there are no restricted deposits for legal proceedings.

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 R$10 (R$7 as of December 31, 2024).

The Company’s total civil, regulatory and property claims as of September 30, 2025, is R$40 (R$33 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.

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.

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.

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.

Compensation linked to the external legal counsel's success fee if all the proceedings were concluded in favor of the Company.

2,338

2,306

Of the total amount in the table above, R$1,028 (R$1,097 as of December 31, 2024) is the responsibility of GPA arising from contingencies up to 2016, pursuant to contractual provisions, namely: R$1,027 tax claims and R$1 civil claims (R$1,096 tax claims and R$1 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 R$1,325 (R$1,025 as of December 31, 2024).

Of the total amount above, R$306 is the responsibility of GPA arising from contingencies up to 2016, pursuant to contractual provisions (R$293 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

9/30/2025

9/30/2024

Tax

1,902

1,737

Labor

Civil and others

2,085

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.

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

Income tax effect

Others

(1)

(9)

At the end of the period

266

202

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)

As of December 31, 2023

1,351,833,200

1,271,691,249

Capital contribution - Board of Directors' Meeting on 8/8/2024

256,799

2,568

As of September 30, 2024

1,352,089,999

1,271,693,817

As of December 31, 2024

1,352,215,647

1,271,695,074

Capital contribution - Board of Directors' Meeting on 3/18/2025 (i)

184,074,731

Capital contribution - Board of Directors' Meeting on 3/18/2025

29,538

295

Capital contribution - Board of Directors' Meeting on 8/7/2025

1,191,014

11,910

As of September 30, 2025

1,353,436,199

1,455,782,010

(i) Capital contribution through expansion reserve, without issuing new shares.

Below, the shareholding structure of the Company:

Note

9/30/2025

Participation

12/31/2024

Participation

Outstanding shares

1,344,242,574

99.32%

1,348,415,647

99.72%

Treasury shares

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 R$125 was approved, on which the withholding tax was deducted in the amount of R$16, corresponding to the net amount of R$109. 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.

At the Annual General Meeting of Shareholders held on April 25, 2025, the Shareholders voted to approve the mandatory minimum dividend of R$20, 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 R$0.014541232193963 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 R$368. 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 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 outstanding, for the same purpose as described above. The shares were acquired in the stock market based on normal trading conditions. Until November 6, 2025, date of issue of this interim financial information, the Company concluded the repurchase of this plan for an amount of R$76.

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

Grant date

1st exercise date

Exercise price on the grant date
(in reais)

Gran-
ted

Exer-
cised

Cance-
lled

Current

5/31/2022

6/1/2025

0.01

2,163

(2,047)

(116)

5/31/2022

6/1/2025

12.53

1,924

(119)

(217)

1,588

B10 (i)

5/31/2023

6/1/2026

0.01

1,390

(114)

(77)

1,199

C10 (i)

5/31/2023

6/1/2026

11.82

1,390

(191)

1,199

B11 (i)

5/31/2024

6/1/2027

0.01

1,294

(61)

(84)

1,149

C11 (i)

5/31/2024

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%

	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	Weighted average fair value of option's granted (in reais)	Estimated dividends	Approximate estimated volatility		Risk-free weighted average interest rate	Exit rate	Average remaining life expectancy

	B9	15.27	1.20%	37.29%		12.18%	8.00%	-
	C9	7.35	1.20%	37.29%		12.18%	8.00%	-
	B10	10.33	1.31%	35.32%		10.87%	8.00%	8 months
	C10	3.28	1.31%	35.32%		10.87%	8.00%	8 months
	B11	11.89	0.77%	37.32%		11.28%	8.00%	20 months
	C11	5.18	0.77%	37.32%		11.28%	8.00%	20 months


				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 R$15 (R$19 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; b) 20% (twenty percent) on the 4-year anniversary from the grant date; and 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.

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 R$13 (R$5 as of December 31, 2024) and the total expense recognized was R$8 (R$3 as of September 30, 2024) and the fair value of the total of this plan in this date was R$26.

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

• The final number of shares with performance assumptions to which the Participants will be entitled will depend on the degree of achievement of the Earnings Per Share (“EPS”) target, according to the increase in the accumulated Compound Annual Growth Rate (“CAGR”) of the EPS during the calculation period, based on the achievement curve.

• The EPS target achievement curve will begin at the minimum trigger corresponding to an accumulated EPS equal to or greater than IPCA (Extended Consumer Price Index) + 20% per year Starting from the minimum trigger of IPCA + 20% per year, the percentage of the total number of Company shares to which the Participants will be entitled will increase proportionally to the increase in the accumulated CAGR of the EPS up to the limit of 1.60% of the total number of Company shares. If the minimum trigger of the EPS target curve is not reached, it will be considered that the condition of performance was not reached.

• The achievement curve of the EPS accumulated performance target will be calculated considering the period between December 31, 2023 and December 31, 2030, except in the following cases in which the proportional period will be considered, as provided for in the Program: Involuntary Termination between the First and the Second Vesting Date; Disposal of Control and Relevant Acquisition; and Delisting and Withdrawal from Novo Mercado. The Financial Committee, the Audit Committee and the People, Culture and Remuneration Committee will calculate and verify the compliance with the performance targets.

• The shares (both the restricted shares and the shares with performance assumptions) will be transferred to the Participants through the delivery of shares held in treasury by the Company.

Additional shares

• The Participants will be entitled to receive the value per share of dividends, interest on equity or other amounts paid by the Company to its shareholders between the grant date and the date of receipt of these shares, which will be paid in shares (“additional shares”). The calculation of the additional shares will be made by multiplying the value per share distributed as earnings by the number of shares to which the Participants will be entitled to receive, on each payment date of the earnings, divided by the share price at the end of the trading session on B3 on the day immediately preceding the date on which the Company shares started being traded ex-dividends.

• The additional shares will be added to the target number granted (whether of restricted shares or shares with performance assumptions) and will be subject to the same terms and conditions applicable to restricted shares and shares with performance assumptions and will be transferred to the Participants under the same terms and conditions upon compliance with the applicable conditions.

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.

The fair value of each share granted in the amount of R$13.12 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 R$11.35.

As of September 30, 2025, the amount recognized in the statement of operations for the period was R$18 (R$15 as of September 30, 2024) and the fair value of the total of this plan in this date was R$146, 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).

Shares with performance assumptions

Regarding the grant of shares with performance assumptions, the indicators will be defined considering the following main objectives:

• preserve the Company's relevance and positioning in relation to its peers in the cash & carry sector;

• ensure the generation of sustainable business value;

• guarantee the profitability of the Company's business in the long term; and

• ensure an adequate level of profitability of operations, preserving healthy profit margin levels in relation to the Company's history.

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

ILP - 2024

5/31/2024

5/31/2029

396

ILP - 2025

3/31/2025

3/31/2028

5,085

(570)

(15)

4,500

ILP - 2025

3/31/2025

3/31/2029

ILP - 2025

3/31/2025

3/31/2030

777

7,054

(698)

(15)

6,341

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 R$12 (R$1 as of September 30, 2024) and the fair value of the total of this plan in this date was R$70, including charges.

NET OPERATING REVENUE

9/30/2025

9/30/2024

Gross operating revenue

Goods

61,711

58,310

Services rendered and others

223

202

61,934

58,512

(-) Revenue deductions

Returns and sales cancellation

(155)

(126)

Taxes

(5,269)

(4,730)

(5,424)

(4,856)

Net operating revenue

56,510

53,656

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)

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

Others

(8)

(2)

NET FINANCIAL RESULT

9/30/2025

9/30/2024

Financial revenues

Cash and cash equivalents interest

159

Monetary correction assets

128

Revenue from anticipation of payables

Other financial revenues

Total financial revenues

335

173

Financial expenses

Cost of debt

(1,384)

(1,426)

Swap loss

(456)

(18)

Mark-to-market gain (loss)

(109)

Cost and discount of receivables

(151)

(85)

Monetary correction liabilities

(6)

Interest on lease liabilities

(828)

(772)

Other financial expenses

(26)

(9)

Total financial expenses

(2,844)

(2,413)

(2,509)

(2,240)

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

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

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

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.

Source: View Original Filing on SEC EDGAR

[6-K] Sendas Distributor S.A. Current Report (Foreign Issuer)

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