Sendas Distributor (ASAIY) Company Report

Analyst Coverage

Research analysts who have asked questions during Sendas Distributor earnings calls.

Danniela Eiger

XP Inc.

2 questions for ASAIY

Also covers: CBDBY

Andrew Ruben

Morgan Stanley

1 question for ASAIY

Also covers: CBDBY, DESP, MELI +1 more

Citibank Analyst

Citigroup Inc.

1 question for ASAIY

Eric Huang

Banco Santander S.A.

1 question for ASAIY

Also covers: ARCO, ASAI

Felipe Rached

The Goldman Sachs Group, Inc.

1 question for ASAIY

Also covers: ASAI, CBDBY

Guilherme Assis

Banco Safra S.A.

1 question for ASAIY

Irma Sgarz

Goldman Sachs

1 question for ASAIY

Also covers: ASAI, MELI, TBBB

João Pedro Soares

Citigroup Inc.

1 question for ASAIY

Also covers: ASAI, CBDBY, DESP +1 more

Joseph Giordano

TD Cowen

1 question for ASAIY

Also covers: ABLZF, AME, APH +21 more

Lucas Ferreira

JPMorgan Chase & Co.

1 question for ASAIY

Also covers: ABEV, AGRO, BRFS +7 more

Ruben Couto

Santander

1 question for ASAIY

Also covers: ASAI, CBDBY

Tales Granello

Banco Safra S.A.

1 question for ASAIY

Latest news

Recent press releases and 8-K filings for ASAIY.

Assaí Announces Intention to Deregister from U.S. SEC

ASAIY

Delisting/Listing Issues

Assaí (Sendas Distribuidora S.A.) announced its intention to file a Form 15F with the U.S. Securities and Exchange Commission (SEC) to deregister its common shares and American Depositary Shares (ADSs) and terminate its U.S. reporting obligations under the Exchange Act.
Upon filing, Assaí's reporting obligations under the Exchange Act will be immediately suspended and are expected to terminate 90 days after the filing, barring any objection by the SEC.
Assaí's ADSs were delisted from the New York Stock Exchange prior to market opening on January 10, 2025, but will remain eligible for trading in the U.S. over-the-counter markets under the ticker "ASAIY".
The company will maintain the listing of its common shares on the Novo Mercado segment of B3 S.A. - Brasil, Bolsa, Balcão, its primary trading market, under the ticker "ASAI3", and will continue to comply with Brazilian disclosure requirements.

Jan 12, 2026, 9:08 PM

6-K

Assaí Achieves 2025 Leverage Guidance

ASAIY

Guidance Update

Earnings

Sendas Distribuidora S.A. (Assaí) closed 2025 with a preliminary Net Debt / EBITDA ratio of approximately 2.56x.
This preliminary ratio is below the company's previously communicated market guidance of 2.60x.
The reported information is preliminary and unaudited, pending validation by an independent auditor and approval by governance bodies.
The audited Q4 2025 results will be made available on February 12, 2026, after market close, with an earnings conference call scheduled for February 13, 2026.

Jan 12, 2026, 1:26 PM

6-K

Assaí Announces Sale of Interest in Financeira Itaú CBD S.A.

ASAIY

M&A

New Projects/Investments

Sendas Distribuidora S.A. (Assaí) has executed definitive and binding agreements with Itaú Unibanco Holding S.A. for the sale of its indirect equity interest in Financeira Itaú CBD S.A. (FIC).
The transaction will be implemented in two phases, with Assaí's indirect interest in FIC being sold in the second phase, which is expected to occur within two years after the closing of the first phase.
Assaí is set to receive approximately BRL 260,000,000.00 for the sale of its indirect interest in FIC, subject to certain adjustments until the closing date.
Following the first phase, the existing commercial partnership between Assaí and FIC will continue for an additional two-year period, maintaining FIC's exclusivity for the distribution of existing financial products and services.
Assaí will gain the right to pursue new opportunities for distributing other financial products and services to its client bases, either directly or through new commercial partners, under new terms.

Dec 8, 2025, 12:21 PM

6-K

Sendas Distribuidora S.A. Notified of Relevant Shareholding Acquisition

ASAIY

M&A

New Projects/Investments

Snapper Rocks Strategy Fundo de Investimento em Ações and WHG Apache Fundo de Investimento em Ações (the "Investors") notified Sendas Distribuidora S.A. of their acquisition of a relevant shareholding interest as of November 24, 2025.
Snapper Rocks FIA acquired 63,653,900 ordinary shares, representing 4.703% of the company's capital, and gained economic exposure to an additional 66,868,600 ordinary shares (4.940% of capital) through equity total return swaps.
Apache FIA acquired 2,803,100 ordinary shares, representing 0.207% of the company's capital, and gained economic exposure to an additional 5,529,100 ordinary shares (0.408% of capital) through equity total return swaps.
The Investors stated that they do not intend to change the composition of the Company’s controlling group or its management structure.
The acquisition of the relevant shareholding interest will be submitted to the Brazilian antitrust authority (CADE) for approval.

Nov 28, 2025, 11:02 AM

6-K

Sendas Distribuidora S.A. Reports Strong Q3 2025 Financial Performance Amidst Challenging Environment

ASAIY

Earnings

Demand Weakening

New Projects/Investments

Sendas Distribuidora S.A. reported a gross revenue of R$20.8 billion in 3Q25, an increase of 2.7% compared to 3Q24, and R$62.0 billion in 9M25, up 5.8% from 9M24.
The company achieved a net income Pre-IFRS 16 of R$195 million in 3Q25, with a net margin of 1.0%, and R$621 million in 9M25, representing a 36% increase over 9M24.
Quarterly EBITDA reached R$1.1 billion in 3Q25, up 6.0% from 3Q24, with a margin of 5.7%, and R$3.2 billion in 9M25, an increase of 10.4% from 9M24.
The leverage ratio (net debt/EBITDA pre-IFRS 16) decreased to 3.03x in 3Q25, its lowest level since 2021 and a 0.49x decrease compared to 3Q24.
Free cash generation over the last 12 months was a positive R$3.1 billion, a significant improvement from -R$1.1 billion in 3Q24, with final cash generation reaching R$909 million in 3Q25.

Nov 7, 2025, 12:22 AM

6-K

Sendas Distribuidora S.A. Reports Q3 2025 Financials, Debt Issuance, and Legal Proceedings

ASAIY

Earnings

Debt Issuance

Legal Proceedings

Sendas Distribuidora S.A. reported Net Operating Revenue of R$18,956,000 for Q3 2025 and R$56,510,000 for the nine-month period ended September 30, 2025, with Gross Profit of R$3,182,000 for Q3 2025 and R$9,427,000 year-to-date. Basic earnings per share for the nine-month period ended September 30, 2025, was R$0.361905.
As of September 30, 2025, the company's Total Assets were R$45,121,000, Total Liabilities were R$45,121,000, and Shareholders' Equity stood at R$5,720,000. Net debt was R$11,407 million, resulting in a net debt to shareholders' equity ratio of 199%.
The company completed a Thirteenth Issue of Debentures totaling R$1,500,000 thousand on June 13, 2025, with a maturity date of June 5, 2029. The financial liabilities aging profile as of September 30, 2025, indicates R$15,849 million due in less than 1 year, R$24,293 million due in 1 to 5 years, and R$15,845 million due in more than 5 years.
A second share buyback program was approved on March 18, 2025, authorizing the acquisition of up to 8,000,100 common shares within 12 months from April 1, 2025. As of September 30, 2025, the number of treasury shares increased to 9,193,625.
On September 24, 2025, the company initiated precautionary injunction proceedings against Casino Guichard Perrachon S.A. and Companhia Brasileira de Distribuição (GPA) regarding GPA's tax contingencies.

Nov 6, 2025, 9:44 PM

6-K

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

ASAIY

Debt Issuance

Guidance Update

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.
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.
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.
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.

Aug 28, 2025, 2:28 PM

6-K