Latin America | Diario

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Latin America | Diario

e shareholder base

could gradually influence governance, capital allocation discipline, and operational focus over time.

In addition, the stake provides Muffato with informational and benchmarking advantages in pricing,

formats, and execution within atacarejo, reinforcing the strategic logic beyond the stated financial

motive.

Assaí: Resilient Model Under Short-Term Pressure. Assaí’s recent performance reflects a challenging

consumption backdrop, particularly among low-income consumers, with food inflation accelerating,

record household indebtedness, high interest rates, and additional pressure from the rapid growth

of sports betting reducing disposable income. Despite this environment, Assaí has demonstrated

operational resilience, maintaining EBITDA margins in 1Q26 (~5.5%) supported by gross margin

improvement, store maturation, and better pricing execution. A comprehensive efficiency programme

—including automation, SG&A control, and organisational simplification—has helped offset weaker

operating leverage, with costs growing below inflation. We believe this reinforces the strength of the

core format even in a difficult cycle.

Deleveraging and Capital Discipline as Central Strategic Pillars. A key focus for Assaí is balance sheet

repair and deleveraging. The company reduced net debt meaningfully (down ~R$1.2bn YoY), bringing

leverage to ~2.5x Net Debt/EBITDA, with further improvement expected through strong cash flow

generation, lower capex, and active liability management (including a debenture buyback programme).

Management is targeting 1.5–2.0x leverage over time, although progress remains partly dependent

on lower interest rates. Assaí is also monetising ~R$1.5bn in tax credits (PIS/COFINS), providing a