Sendas Distribuidora (ASAIY) sees Muffato-backed funds disclose sizeable share and swap stakes

Rhea-AI Filing Summary

Sendas Distribuidora S.A. reported that Brazilian investment funds Snapper Rocks Strategy Fundo de Investimento em Ações and WHG Apache Fundo de Investimento em Ações have acquired a relevant shareholding interest in the company, as required by local securities rules. Snapper Rocks FIA bought 63,653,900 common shares, equal to 4.703% of Sendas’s capital, and entered into equity total return swap agreements giving economic exposure equivalent to a further 66,868,600 shares, or 4.940% of capital. Apache FIA acquired 2,803,100 shares, or 0.207% of capital, and holds total return swaps linked to 5,529,100 shares, or 0.408% of capital.

The funds stated that these positions are part of their investment strategy and that they do not intend to change the company’s control or management structure. They also said there are no shareholders’ agreements governing voting or trading of Sendas securities beyond the disclosed derivative contracts. The ultimate investors are members of the Muffato family, who operate the Grupo Muffato retail and wholesale business in Brazil and have offered to collaborate with Sendas’s management within legal and governance limits. The acquisition will be submitted to Brazil’s antitrust authority CADE in line with applicable law.

Insights

Equity market structure analyst

New industry‑savvy investors disclose a sizeable economic stake but no control plans.

The disclosure shows that funds linked to the Muffato family, via Snapper Rocks FIA and Apache FIA, have built meaningful positions in Sendas Distribuidora. Snapper Rocks FIA holds 63,653,900 common shares, equal to 4.703% of capital, plus equity total return swaps referencing 66,868,600 shares, equal to 4.940% of capital. Apache FIA adds smaller direct and derivative exposures, with 2,803,100 shares (0.207%) and swaps tied to 5,529,100 shares (0.408%). These figures indicate both cash and synthetic ownership.

The investors emphasize that the purchases are part of an investment strategy, with no stated intention to alter control or the management structure, and no shareholders’ agreements beyond the derivative contracts. The only ultimate cotistas are Ederson and Everton Muffato, alongside Rosa Reni Muffato, connected to Grupo Muffato’s retail and wholesale operations, which may bring sector expertise but does not imply governance changes by itself.

The transaction will be notified to Brazil’s antitrust authority CADE, reflecting regulatory thresholds tied to the size or nature of the stake. Future impact will depend on how actively these investors engage with management and on any conditions CADE may impose or clear, but the current communication frames this as a financial and strategic investment rather than a change-of-control event.

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

SENDAS DISTRIBUIDORA S.A. Publicly held Company with Authorized Capital Tax ID (“CNPJ/MF”) No. 06.057.223/0001-71 NIRE 33.300.272.909 NOTICE TO THE MARKET Sendas Distribuidora S.A. (the “Company”) hereby informs that, on this date, it received the attached correspondence from Snapper Rocks Strategy Fundo de Investimento em Ações and WHG Apache Fundo de Investimento em Ações (the “Investors”), in accordance with Article 12 of the Resolution of the Securities and Exchange Commission No. 44, of August 23, 2021, through which the Investors notified the acquisition of a shareholding interest deemed relevant in the Company. According to the information provided by the Investors in such correspondence: (i) the acquisitions made by the Investors form part of their investment strategy in shares issued by the Company, including through financial instruments that grant economic exposure to such shares; (ii) the Investors stated that, as of this date, they do not intend to change the composition of the Company’s controlling group or its management structure; and (iii) the Investors informed that there are no shareholders’ agreements or contracts, filed with the Company or to be filed, governing the exercise of voting rights or the purchase and sale of securities issued by the Company, except for the derivative agreements entered into with the financial institutions mentioned in the correspondence, used for economic exposure purposes, as described therein. The Investors also informed that the acquisition of the relevant shareholding interest will be submitted to the Brazilian antitrust authority (CADE – Administrative Council for Economic Defense), in accordance with applicable law. The Company’s Investor Relations Department remains available to provide shareholders with any further explanation that may be required in connection with the object of this Notice to Market by the e-mail ri.assai@assai.com.br. São Paulo, November 26, 2025. Belmiro de Figueiredo Gomes Chief Executive Officer and Investor Relations Officer JUR_SP - 56161351v2 - 3439003.542599 São Paulo, 26 de novembro de 2025 Sendas Distribuidora S.A. Av. Aricanduva, nº 5.555, Central Administrativa Assaí, Âncora E São Paulo, SP, Brasil CEP 03527-000 Via e-mail: ri.assai@assai.com.br At.: Sr. Belmiro de Figueiredo Gomes Diretor Presidente e de Relações com Investidores Ref.: Aquisição de Participação Acionária Relevante Prezado Sr. Diretor Presidente e de Relações com Investidores, (1) Snapper Rocks Strategy Fundo de Investimento Financeiro em Ações, fundo de investimento financeiro em ações, constituído com classe única, inscrito no Cadastro Nacional da Pessoa Jurídica do Ministério da Fazenda (“CNPJ/MF”) sob o nº 59.033.590/0001-00, neste ato representado por sua gestora, BTG Pactual Gestão e Consultoria de Investimentos Ltda., sociedade empresária limitada, com sede na cidade de São Paulo, Estado de São Paulo, na R. Elvira Ferraz, nº 68, 10º e 11º andares, Vila Olímpia, CEP 04.552-040, inscrita no CNPJ/MF sob o nº 12.695.840/0001-03, devidamente credenciada pela CVM para operar como administradora de carteira de títulos e valores mobiliários, nos termos do Ato Declaratório nº 17.663, de 7 de fevereiro de 2020, aqui representada nos termos do seu contrato social (“Snapper Rocks FIA”), e (2) WHG Apache Fundo de Investimento em Ações, fundo de investimento financeiro em ações, constituído com classe única, inscrito no CNPJ/MF sob o nº 63.429.415/0001-03, neste ato representado por sua gestora, Wealth High Governance Capital Ltda., sociedade empresária limitada, com sede na cidade de São Paulo, Estado de São Paulo, na Av. Cidade Jardim, nº 803, 7º andar, conjunto 72, Itaim Bibi, CEP 01.453-000, inscrita no CNPJ/MF sob o nº 34.848.969/0001-39, devidamente credenciada pela CVM para operar como administradora de carteira de títulos e valores mobiliários, nos termos do Ato Declaratório nº 17.798, de 6 de abril de 2020, aqui representada nos termos do seu contrato social (“Apache FIA”), atuando em conjunto, vêm, pela presente, informar, em atenção ao disposto no art. 12 da Resolução CVM nº 44, de 23 de Docusign Envelope ID: DBBF9DCA-96F7-477A-AA60-91EA7CC841F0 - 2 - JUR_SP - 56161351v2 - 3439003.542599 agosto de 2021, conforme alterada, que, em 24 de novembro 2025, atingiram participação relevante na Sendas Distribuidora S.A., sociedade por ações listada no Novo Mercado da B3, com sede na cidade do Rio de Janeiro, Estado do Rio de Janeiro, na Avenida Ayrton Senna, nº 6000, Lote 2, Pal 48959, Anexo A, Jacarepaguá, CEP 22.775-005, inscrita no CNPJ/MF sob o nº 06.057.223/0001-71 (“Companhia”), nos seguintes termos: (i) Snapper Rocks FIA adquiriu, no mercado à vista da B3, 63.653.900 ações ordinárias de emissão da Companhia (ASAI3), representativas de 4,703% do capital social da Companhia; (ii) Snapper Rocks FIA celebrou, com o Banco BTG Pactual S.A., instituição financeira, com sede na cidade de São Paulo, Estado de São Paulo, na Av. Brigadeiro Faria Lima, nº 3.477, 10º, 11º, 12º, 14º e 15º andares, inscrita no CNPJ/MF sob o nº 30.306.294/0002-26 (“BTG”), operações de swap de retorno total de ações (equity total return swap) (“TRS”), com liquidação exclusivamente financeira, que lhe confere exposição econômica (posição comprada) equivalente a 66.868.600 ações ordinárias de emissão da Companhia (ASAI3), representativas de 4,940% do capital social da Companhia; (iii) Apache FIA adquiriu, no mercado à vista da B3, 2.803.100 ações ordinárias de emissão da Companhia (ASAI3), representativas de 0,207% do capital social da Companhia; e (iv) Apache FIA celebrou, com a XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários S.A. (“XP”), operações de TRS, com liquidação exclusivamente financeira, que lhe confere exposição econômica (posição comprada) equivalente a 5.529.100 ações ordinárias de emissão da Companhia (ASAI3), representativas de 0,408% do capital social da Companhia. Além das participações acima, o Snapper Rocks FIA, o Apache FIA e seus cotistas abaixo identificados, nesta data, não possuem quaisquer outros valores mobiliários de emissão da Companhia ou instrumentos derivativos, de liquidação física ou financeira, referenciados em ASAI3. Docusign Envelope ID: DBBF9DCA-96F7-477A-AA60-91EA7CC841F0 - 3 - JUR_SP - 56161351v2 - 3439003.542599 O Snapper Rocks FIA, o Apache FIA e seus cotistas declaram, nesta data, que: (i) as aquisições acima fazem parte de sua estratégia de investimento na Companhia e não há participação específica visada; (ii) não há intenção de alterar a composição do controle ou a estrutura administrativa da Companhia; e (iii) não ocorreu a celebração de qualquer contrato ou acordo, arquivado ou a ser arquivado na sede da Companhia, que regule o exercício de seu direito de voto ou a compra e venda de valores mobiliários emitidos pela Companhia, com exceção do TRS celebrado com o BTG e do TRS celebrado com a XP no âmbito das operações acima descritas. Os únicos cotistas finais do Snapper Rock FIA e do Apache FIA são os Srs. Ederson Muffato e Everton Muffato, que, juntamente com a Sra. Rosa Reni Muffato, são acionistas do Grupo Muffato, que atua no comércio varejista e atacadista de mercadorias em geral. Os irmãos Ederson Muffato e Everton Muffato estarão à disposição da administração da Companhia, observados os limites legais e de governança da Companhia, para colaborar com a sua experiência acumulada no varejo, com o objetivo de fortalecer ainda mais a posição de mercado da Companhia. A presente aquisição de participação acionária relevante será submetida à aprovação do Conselho Administrativo de Defesa Econômica, nos termos da Lei. Por fim, solicitamos que providenciem a imediata transmissão das informações acima à CVM e à B3, nos termos da legislação aplicável, bem como a atualização das seções correspondentes do Formulário de Referência da Companhia, nos termos do art. 25, §3º, VI, da Resolução CVM nº 80, de 29 de março de 2022, conforme alterada. P. Snapper Rocks Strategy Fundo de Investimento Financeiro em Ações BTG Pactual Gestão e Consultoria de Investimentos Ltda. Docusign Envelope ID: DBBF9DCA-96F7-477A-AA60-91EA7CC841F0 - 4 - JUR_SP - 56161351v2 - 3439003.542599 P. WHG Apache Fundo de Investimento em Ações Wealth High Governance Capital Ltda. Ederson Muffato Everton Muffato Docusign Envelope ID: DBBF9DCA-96F7-477A-AA60-91EA7CC841F0

 

 

 

 

 

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 27, 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.

FAQ

What stake did Snapper Rocks FIA acquire in Sendas Distribuidora (ASAIY)?

Snapper Rocks FIA acquired 63,653,900 common shares of Sendas Distribuidora, representing 4.703% of the company’s capital, and entered into swaps giving exposure to an additional 66,868,600 shares, equal to 4.940% of capital.

What position did WHG Apache Fundo de Investimento em Ações take in Sendas Distribuidora (ASAIY)?

Apache FIA purchased 2,803,100 common shares of Sendas Distribuidora, representing 0.207% of capital, and holds equity total return swaps tied to 5,529,100 shares, equal to 0.408% of capital.

Do the new investors intend to change control or management at Sendas Distribuidora (ASAIY)?

The investors stated that they do not intend to change the composition of Sendas Distribuidora’s controlling group or its management structure; the positions are part of their investment strategy.

Are there shareholders’ agreements associated with the new Sendas Distribuidora (ASAIY) stake?

The investors informed that there are no shareholders’ agreements or contracts governing voting or trading of Sendas securities, other than the disclosed derivative (TRS) agreements used for economic exposure.

Who are the ultimate investors behind the Snapper Rocks and Apache funds in Sendas Distribuidora (ASAIY)?

The only final cotistas of Snapper Rocks FIA and Apache FIA are Ederson Muffato and Everton Muffato, who, together with Rosa Reni Muffato, are shareholders of Grupo Muffato, a Brazilian retail and wholesale group.

Will the new shareholding in Sendas Distribuidora (ASAIY) be reviewed by regulators?

Yes. The acquisition of the relevant shareholding interest will be submitted to Brazil’s antitrust authority, CADE – Administrative Council for Economic Defense, in accordance with applicable law.

How do the new investors plan to interact with Sendas Distribuidora (ASAIY)?

Ederson and Everton Muffato indicated they will be available to the company’s management, within legal and governance limits, to share their retail experience and help strengthen Sendas Distribuidora’s market position.