Brazil · Delayed Price · Currency is BRL Sendas Distribuidora Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw resilient margins and stable EBITDA despite high family debt and commodity deflation. Net income grew, leverage declined, and new initiatives in drugstores, private label, and digital partnerships are underway to support future growth.
Fiscal Year 2025
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Sales reached BRL 84.7 billion in 2025 with 2.6% same-store growth and improved EBITDA margin, despite commodity deflation and pressure on low-income segments. Leverage was reduced to 2.56x, and new digital, private label, and financial service initiatives were launched.
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Deleveraging continued with net debt and gross debt both reduced by BRL 500 million, while EBITDA margin improved and net income remained stable despite high interest rates. High-income segments grew, but B2B and lower-income volumes declined. CapEx is being tightly managed, with no major refinancing needs until 2028.
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Revenue reached BRL 21 billion with improved EBITDA margin and strong cash generation, despite persistent trade-down and inflationary pressures. Leverage and net debt declined, while new projects and private label initiatives are set to drive future growth and margin expansion.
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Revenue grew 7.8% to BRL 20.3 billion in Q1 2025, with EBITDA margin at 5.5% and net income up 74% year-over-year. Focus remains on organic expansion, deleveraging, and operational discipline amid ongoing trade-down effects and inflationary pressures.
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Shareholder engagement has increased, with proposals to reduce board size and update compensation below previous years. Governance assessments led to bylaw changes, including new poison pill triggers and efficiency measures. The Executive Partner Program continues, with total compensation set to decrease.
Fiscal Year 2024
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2024 saw robust sales growth, margin improvement, and strong cash generation despite macroeconomic challenges. Expansion slowed to prioritize deleveraging, with net debt/EBITDA below guidance and further reduction targeted for 2025.
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Q3 2024 saw strong revenue and EBITDA growth, significant debt reduction, and robust cash generation. Expansion continued with 21 new stores, while deleveraging and margin improvement remain top priorities for 2025 amid inflation and high interest rates.
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Q2 2024 saw strong customer and revenue growth, with EBITDA up 18% year-over-year and robust cash generation funding expansion. Leverage declined, margins improved, and a major anniversary campaign boosted engagement, while the outlook remains positive despite a cautious consumer environment.