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    Tales Granello

    Senior Equity Analyst at Banco Safra S.A.

    Tales Piassa Granello is a Senior Equity Analyst at Banco Safra S.A., specializing in coverage of Brazilian retail and financial companies, including major names such as Grupo Panvel, Guararapes (Riachuelo), B3, and BB Seguridade. His research and recommendations are known for delivering detailed, data-driven insights, as reflected in Safra's consistently strong sector analyses with metrics such as outperform ratings and notable returns on covered stocks. Granello has been part of Banco Safra's research team since at least 2022, with prior experience indicated in industry communications and prospect disclosures, and holds a strong reputation for analytical rigor. He is noted for contributing to Safra's investor strategy, and his professional credentials include active analyst registration and direct involvement in institutional research for publicly listed securities.

    Tales Granello's questions to Sendas Distributor (ASAIY) leadership

    Tales Granello's questions to Sendas Distributor (ASAIY) leadership • Q1 2025

    Question

    Tales Granello of Safra asked about the performance difference between the stores converted in 2022 and those converted in 2023. He noted a gap in average sales per store and EBITDA margin and sought to understand the reasons, such as location, competition, or converting the best stores first.

    Answer

    CEO Belmiro de Gomes confirmed that both location and maturity are factors. The 2022 cohort had different locations, including larger stores in São Paulo that were licensed earlier. More importantly, he stressed that the one-year difference in maturity is highly significant for the ramp-up of sales and EBITDA margin. He expects the performance gap to narrow as the 2023 cohort matures through 2025.

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