Sendas Distribuidora S A : Institutional Presentation - March/24

CURRENT SCENARIO

Assaí in numbers

Present in 1 in every 4 homes (1)

+35 million customers per month

+30% of market share (2) 288 stores

Diverse store formats +80,000 employees

(1) 2023 NielsenIQ Homescan survey; (2) Nielsen

3

Highly fragmented market with growth opportunities

FOOD MARKET

~R$800 bn

(ABIA(1) 2022)

~R$700 bn

(ABRAS 2022)

~R$255 bn

(Nielsen 2022, considering only Cash

& Carry)

FRAGMENTATION - C&C

~2,500 stores +300 players

POPULATION DENSITY PER C&C

Caption
Fewer	More
inhabitants	inhabitants
per Cash & Carry	per Cash & Carry

OPPORTUNITY

Of the 203 cities with +150,000 inhabitants

91 cities do not have yet an Assaí store

(1) Brazilian Food Industry Association.

5

We are the brand with the highest presence in Brazilian homes

Channel Penetration (1)
	(Dec/23)
72%
	60%
		32%
			18%
Cash &	Super	Hyper	Proximity
Carry
24%	11%	6%	1%

Channels Participation (1)

Small businesses and beverage distributors amount to 59% (4)

	Penetration of brands in Brazil (2)
25%	25%
	22%
Presence in		21% 21%
19%
households	18%
+30%				10% 10%	10%
Market share in
Cash & Carry						6%	6% 6%	5%
~12%								3%
Total Cash & Carry	Assaí	Player 1	Player 2	Player 3	Player 4	Player 5	Player 6
stores (3)
1H21	(C&C)	(Retail)	(Hyper)	(Super)	(Super)	(Super)
	1H23			1H21	1H23

(1) Nielsen; (2) NielsenIQ Homescan 2023 survey; (3) Considering 2.500 stores in the Cash & Carry market; (4)	Small grocery stores, supermarkets and hypermarkets that do not belong to	6
major groups account for 43%, while beverage distributors account for 16%.

Success proven by productivity

	Annual average sales/mature store:
ASSAÍ PRODUCTIVITY 80%	~R$140M (1)		~R$ 250M
ABOVE SECTOR AVERAGE	vs.

Assaí Evolution

Annual average sales/store:

(R$ milion)
	11.5%
5.6%		253
215	227
2021	2022	2023

Assaí Evolution
Sales/m²:
(R$ thousand)
		4.0	4.1	4.4	4.5	4.7	4.5
	3.8
3.5
						Last 2 years: 64 conversions
						opened and under maturation
						+33% of sales area vs. Company's Average
2016	2017	2018	2019	2020	2021	2022	2023

(1) Considering weekly average sales of R$ 3.7 million (Source: Nielsen) - excluding Assaí

7

Model evolution maintaining low costs and increasing profitability

2011	Today
Old	New
layout	layout

Selling	Improvements: lighting, air conditioning, equipment, glass	Selling
Expenses(1): 9%	Expenses(1): 9%
facade, flooring, high ceiling, pallet racks

(1) Excluding rent	8

Expansion acceleration with conversions in irreplicable points

Strategic points in exceptional locations in major capitals and metropolitan regions

Accelerated expansion in regions with greater proximity to B2B and B2C clients

+400,000 m² added to sales area

Low cannibalization of existing stores

Sales 3x (1) higher than in the hypermarket model

EBITDA margin 150 bps above the Company's average (2)

Commercial galleries contribute to improve customers flow and dilute operating costs (230k sqm of GLA / 1.300 tenants)

Accelerated maturation with presence in high-density urban regions

3	2
1	2
2
1	2
3	1
5

	1
66	3
29
	1
Stores	8
acquired	2

64

Conversions concluded (3)

9	9
(1) Based on the Company's past experience in store conversions. (2) In relation to the Company's average (7.5%). (3) Until December 2023.

Performance of conversions confirms unique value proposition: 64 converted stores in operation with sales uplift in line with project's objective of 3x (vs. hypermarket)

Average Monthly Revenue

(47 Conversions Opened in 2022)

		R$ 26M	R$ 28M
	R$ 24M
R$ 22M
1Q23	2Q23	3Q23	4Q23

EBITDA Mg.	2.6%	3.7%	5.4%	5.6%
Pre-IFRS 16

Sales

Uplift ~3x

Sale Uplift of +3.8x in food perimeter

Store Conversion: Salvador Paralela (BA)

10