Danniela Eiger

Andrew Ruben

Citibank Analyst

Eric Huang

Felipe Rached

Guilherme Assis

Irma Sgarz

João Pedro Soares

Joseph Giordano

Lucas Ferreira

Ruben Couto

Tales Granello

- **Fitch Ratings affirmed Sendas Distribuidora S.A.'s (Assaí) National Long-Term Ratings at 'AAA(bra)' and revised the outlook to Stable from Negative on August 26, 2025.**  **[1834048_0001292814-25-003172_asai20250828_6k1.htm:0]** 
- **This positive revision is driven by the expectation of continuous financial leverage reduction, with adjusted net debt/EBITDAR projected to decrease from 4.0 times in 2024 to 3.5 times in 2025 and 3.1 times in 2026, converging to approximately 3.0 times by the end of 2026.**  **[1834048_0001292814-25-003172_asai20250828_6k1.htm:0]** 
- **Fitch forecasts positive Free Cash Flows (FCFs) of BRL900 million in 2025 and BRL2.0 billion in 2026, supported by projected EBITDAR of BRL6.0 billion in 2025 and BRL6.5 billion in 2026.**  **[1834048_0001292814-25-003172_asai20250828_6k1.htm:1]** 
- **The company has enhanced its financial flexibility by refinancing approximately BRL9.4 billion in debt since early 2024, with BRL4.5 billion in cash and financial investments as of June 2025.**  **[1834048_0001292814-25-003172_asai20250828_6k1.htm:3]**

Sendas Distribuidora S.A. (Assaí) Fitch Ratings Affirmed with Stable Outlook

Sendas Distributor (ASAIY)