Sendas Distribuidora S A : Institutional Presentation - December/23

INSTITUTIONAL PRESENTATION

December 2023

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

1. Brazilian Food Industry Association.

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

5

We are the brand with the highest presence in Brazilian homes

Channel Penetration (1)
	(Jun/23)
73%
	62%
		35%
			20%
Cash &	Super	Hyper	Proximity
Carry
21%	10%	6%	3%

Channels Participation (1)

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

	Penetration of brands in Brazil (2)
25%	25%		21% 21%
Presence in		22%
households	19%	18%
+30%				10% 10%
Market share in				10%
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	6
to major groups account for 43%, while beverage distributors account for 16%.

Success proven by productivity

ASSAÍ PRODUCTIVITY 80% ABOVE SECTOR AVERAGE

Assaí Evolution

Annual average sales/store:

(R$ milion)
	11.9%
5.5%		254
215	227
2021	2022	Sep/23 LTM

Annual average sales/mature store:
~R$140M (1)	vs.	~R$ 250M

Assaí Evolution
Sales/m²:
(R$ thousand)
				4.4	4.5	4.7	4.9
	3.8	4.0	4.1
3.5
2016	2017	2018	2019	2020	2021	2022	Sep/23 LTM

(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)

Galerias comerciais contribuirão para diluição dos custos de ocupação (230 mil m² de ABL / 1.300 lojistas)

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)

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

Performance of conversions confirms unique value proposition

In less than 12 months of operation, converted stores register 13% higher gross sales than mature

organic stores, while EBITDA margin Post-IFRS16 is in line with the Company's average

Average monthly sales

R$ million
		25.0	2.7x
	23.5		Sales uplift
			(3.7x in food
			perimeter)
21.6
1Q23	2Q23	3Q23

Adjusted EBITDA margin Post-IFRS 16 (% Net Revenue)

		~7%
	~6%
~5%
1Q23	2Q23	3Q23

47 converted stores opened in 2022:

Mg EBITDA Pre-IFRS16 5.4%

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