# EDGAR Filing Document

**Accession Number:** 0001834048
**File Stem:** 0001292814-25-002945
**Filing Date:** 2025-8
**Character Count:** 408428
**Document Hash:** 6f678111700eae1bf84b894499a9ed37
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001292814-25-002945.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001292814-25-002945

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 11

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Sendas Distributor S.A.
- **CENTRAL INDEX KEY:** 0001834048
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-GROCERY STORES [5411]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D5

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39928
- **FILM NUMBER:** 251194751

**BUSINESS ADDRESS:**
- **STREET 1:** AV. ARICANDUVA 5.555
- **STREET 2:** CENTRAL ADMINISTRATIVA ASSAI ANCORA E
- **CITY:** SAO PAULO
- **STATE:** D5
- **ZIP:** 03527-000
- **BUSINESS PHONE:** 55 11 3411 5042

**MAIL ADDRESS:**
- **STREET 1:** AV. ARICANDUVA 5.555
- **STREET 2:** CENTRAL ADMINISTRATIVA ASSAI ANCORA E
- **CITY:** SAO PAULO
- **STATE:** D5
- **ZIP:** 03527-000

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

<u>_____________________</u>

**FORM 6-K**

Report of Foreign Private Issuer Pursuant to Rule 13a-16 or

15d-16 of the Securities Exchange Act of 1934

**For the month of August 2025**

**Commission File Number: 001-39928**

<u>_____________________</u>

**Sendas Distribuidora S.A.**

(Exact Name as Specified in its Charter)

**Sendas Distributor S.A.**

(Translation of registrant's name into English)

**Avenida Ayrton Senna, No. 6,000, Lote 2, Pal 48959, Anexo A**

**Jacarepaguá** 

**22775-005 Rio de Janeiro, RJ, Brazil**

(Address of principal executive offices)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)<br>**Form 20-F:** 🗷 Form 40-F: □

![](asaifs2q256k_001.jpg)

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| | |
|:---|:---|
| (FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |  |
| ITR – Interim Financial Information – June 30, 2025 – SENDAS DISTRIBUIDORA S.A. |  |
| Contents |  |
| Corporate Information / Capital Composition | 2.0 |
| Interm Financial Information |  |
| Individual Statements |  |
| &nbsp;&nbsp;&nbsp;Balance Sheet - Assets | 3.0 |
| &nbsp;&nbsp;&nbsp;Balance Sheet - Liabilities | 4.0 |
| &nbsp;&nbsp;&nbsp;Statements of Operations | 5.0 |
| &nbsp;&nbsp;&nbsp;Statements of Comprehensive Income | 6.0 |
| &nbsp;&nbsp;&nbsp;Statements of Cash Flows | 7.0 |
| &nbsp;&nbsp;&nbsp;Statements of Changes in Shareholders' Equity | 8.0 |
| &nbsp;&nbsp;&nbsp;Notes to the Interm Financial Information | 10.0 |

---

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|:---|:---|
| (FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) | (FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |
| ITR – Interim Financial Information – June 30, 2025 – SENDAS DISTRIBUIDORA S.A. | ITR – Interim Financial Information – June 30, 2025 – SENDAS DISTRIBUIDORA S.A. |
| **Corporate information / Capital composition** | **Corporate information / Capital composition** |
| **Number of Shares** | **Current quarter** |
| **(Thousands)** | **6/30/2025** |
| **Share Capital** |  |
| Common | 1352245 |
| Preferred |  |
| Total | 1352245 |
| **Treasury Shares** |  |
| Common | 5108 |
| Preferred |  |
| **Total** | 5108 |

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| | | | |
|:---|:---|:---|:---|
| (FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) | (FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) | (FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) | (FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |
| Interim Financial Information - 6/30/2025 - SENDAS DISTRIBUIDORA S.A. | Interim Financial Information - 6/30/2025 - SENDAS DISTRIBUIDORA S.A. | Interim Financial Information - 6/30/2025 - SENDAS DISTRIBUIDORA S.A. | Interim Financial Information - 6/30/2025 - SENDAS DISTRIBUIDORA S.A. |
| **Individual Financial Statements / Balance Sheet - Assets** | **Individual Financial Statements / Balance Sheet - Assets** | **Individual Financial Statements / Balance Sheet - Assets** | **Individual Financial Statements / Balance Sheet - Assets** |
| **R$(in thousands)** | **R$(in thousands)** | **R$(in thousands)** | **R$(in thousands)** |
|  |  | **Current Quarter** | **Prior year** |
| **Account code** | **Account description** | **6/30/2025** | **12/31/2024** |
| **1** | **Total Assets** | **44303000** | **45593000** |
| **1.01** | **Current Assets** | **15053000** | **16448000** |
| 1.01.01 | Cash and Cash Equivalents | 4459000 | 5628000 |
| **1.01.03** | **Accounts Receivables** | **1567000** | **2210000** |
| 1.01.03.01 | Trade Receivables | 1567000 | 2210000 |
| 1.01.04 | Inventories | 7795000 | 7127000 |
| 1.01.06 | Recoverable Taxes | 997000 | 1241000 |
| **1.01.08** | **Other Current Assets** | **235000** | **242000** |
| **1.01.08.03** | **Others** | **235000** | **242000** |
| 1.01.08.03.01 | Derivative Financial Instruments | 8000 | 93000 |
| 1.01.08.03.03 | Other Accounts Receivable | 46000 | 50000 |
| 1.01.08.03.04 | Expenses in Advance | 181000 | 99000 |
| **1.02** | **Non-current Assets** | **29250000** | **29145000** |
| **1.02.01** | **Long-Term Assets** | **1574000** | **1196000** |
| **1.02.01.07** | **Deferred Taxes** | **239000** | **140000** |
| **1.02.01.09** | **Receivable From Related Parties** | **23000** | **23000** |
| 1.02.01.09.04 | Receivable from Others Related Parties | 23000 | 23000 |
| **1.02.01.10** | **Other Non-current Assets** | **1312000** | **1033000** |
| 1.02.01.10.04 | Recoverable Taxes | 810000 | 672000 |
| 1.02.01.10.05 | Restricted Deposits for Legal Proceedings | 23000 | 24000 |
| 1.02.01.10.06 | Derivative Financial Instruments | 424000 | 297000 |
| 1.02.01.10.07 | Other Accounts Receivable | 42000 | 31000 |
| 1.02.01.10.08 | Expenses in Advance | 13000 | 9000 |
| **1.02.02** | **Investments** | **823000** | **804000** |
| **1.02.02.01** | **Investments in Associates** | **823000** | **804000** |
| 1.02.02.01.03 | Joint Venture Participation | 823000 | 804000 |
| **1.02.03** | **Property, Plant and Equipment** | **21672000** | **21962000** |
| 1.02.03.01 | Property, Plant and Equipment in Use | 13239000 | 13564000 |
| 1.02.03.02 | Right of Use on Leases | 8433000 | 8398000 |
| **1.02.04** | **Intangible Assets** | **5181000** | **5183000** |

---

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| | | | |
|:---|:---|:---|:---|
| (FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) | (FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) | (FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) | (FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |
| Interim Financial Information - 6/30/2025 - SENDAS DISTRIBUIDORA S.A. | Interim Financial Information - 6/30/2025 - SENDAS DISTRIBUIDORA S.A. | Interim Financial Information - 6/30/2025 - SENDAS DISTRIBUIDORA S.A. | Interim Financial Information - 6/30/2025 - SENDAS DISTRIBUIDORA S.A. |
| **Individual Financial Statements / Balance Sheet - Liabilities** | **Individual Financial Statements / Balance Sheet - Liabilities** | **Individual Financial Statements / Balance Sheet - Liabilities** | **Individual Financial Statements / Balance Sheet - Liabilities** |
| **R$(in thousands)** | **R$(in thousands)** | **R$(in thousands)** | **R$(in thousands)** |
|  |  | **Current Quarter** | **Prior year** |
| **Account code** | **Account description** | **6/30/2025** | **12/31/2024** |
| **2** | **Total Liabilities** | **44303000** | **45593000** |
| **2.01** | **Current Liabilities** | **13619000** | **16312000** |
| **2.01.01** | **Payroll and Related Taxes** | **697000** | **682000** |
| 2.01.01.01 | Social Taxes | 89000 | 97000 |
| 2.01.01.02 | Payroll Taxes | 608000 | 585000 |
| **2.01.02** | **Trade Payables** | **10346000** | **11647000** |
| **2.01.02.01** | **National Trade Payables** | **10346000** | **11647000** |
| 2.01.02.01.01 | Trade Payables | 9775000 | 10709000 |
| 2.01.02.01.02 | Trade Payables - Agreements | 571000 | 938000 |
| **2.01.03** | **Taxes and Contributions Payable** | **321000** | **563000** |
| **2.01.04** | **Borrowings and Financing** | **1268000** | **2084000** |
| 2.01.04.01 | Borrowings and Financing | 120000 | 38000 |
| 2.01.04.02 | Debentures | 1148000 | 2046000 |
| **2.01.05** | **Other Liabilities** | **987000** | **1336000** |
| **2.01.05.02** | **Others** | **987000** | **1336000** |
| 2.01.05.02.01 | Dividends and Interest on own Capital Payable | 1000 | 129000 |
| 2.01.05.02.09 | Deferred Revenue | 266000 | 449000 |
| 2.01.05.02.17 | Lease Liability | 437000 | 412000 |
| 2.01.05.02.19 | Other Accounts Payable | 283000 | 346000 |
| **2.02** | **Non-current Liabilities** | **25085000** | **24026000** |
| **2.02.01** | **Borrowings and Financing** | **15331000** | **14481000** |
| 2.02.01.01 | Borrowings and Financing | 2990000 | 1720000 |
| 2.02.01.02 | Debentures | 12341000 | 12761000 |
| **2.02.02** | **Other Liabilities** | **9454000** | **9296000** |
| **2.02.02.02** | **Others** | **9454000** | **9296000** |
| 2.02.02.02.05 | Trade Payables |  | 12000 |
| 2.02.02.02.09 | Lease Liability | 9379000 | 9232000 |
| 2.02.02.02.11 | Other Accounts Payable | 62000 | 47000 |
| 2.02.02.02.12 | Cash-Settled Share Plan | 13000 | 5000 |
| **2.02.04** | **Provision** | **275000** | **223000** |
| **2.02.06** | **Deferred Earnings and Revenue** | **25000** | **26000** |
| 2.02.06.02 | Deferred Revenue | 25000 | 26000 |
| **2.03** | **Shareholders' Equity** | **5599000** | **5255000** |
| **2.03.01** | **Share Capital** | **1456000** | **1272000** |
| **2.03.02** | **Capital Reserves** | **73000** | **62000** |
| **2.03.04** | **Earnings Reserves** | **4085000** | **3933000** |
| **2.03.08** | **Other Comprehensive Income** | **(15000)** | **(12000)** |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) | (FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) | (FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) | (FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) | (FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) | (FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |
| Interim Financial Information - 6/30/2025 - SENDAS DISTRIBUIDORA S.A. | Interim Financial Information - 6/30/2025 - SENDAS DISTRIBUIDORA S.A. | Interim Financial Information - 6/30/2025 - SENDAS DISTRIBUIDORA S.A. | Interim Financial Information - 6/30/2025 - SENDAS DISTRIBUIDORA S.A. | Interim Financial Information - 6/30/2025 - SENDAS DISTRIBUIDORA S.A. | Interim Financial Information - 6/30/2025 - SENDAS DISTRIBUIDORA S.A. |
| **Individual Financial Statements / Statements of Operations** | **Individual Financial Statements / Statements of Operations** | **Individual Financial Statements / Statements of Operations** | **Individual Financial Statements / Statements of Operations** | **Individual Financial Statements / Statements of Operations** | **Individual Financial Statements / Statements of Operations** |
| **R$(in thousands)** | **R$(in thousands)** | **R$(in thousands)** | **R$(in thousands)** | **R$(in thousands)** | **R$(in thousands)** |
|  |  | **Current quarter** | **Year to date current year** | **Same quarter of previous year** | **Year to date prior year** |
| **Account code** | **Account description** | **4/1/2025 to 6/30/2025** | **1/1/2025 to 6/30/2025** | **4/1/2024 to 6/30/2024** | **1/1/2024 to 6/30/2024** |
| **3.01** | **Net Operating Revenue** | **19002000** | **37554000** | **17871000** | **35093000** |
| **3.02** | **Cost of Sales** | **(15823000)** | **(31309000)** | **(14923000)** | **(29343000)** |
| **3.03** | **Gross Profit** | **3179000** | **6245000** | **2948000** | **5750000** |
| **3.04** | **Operating Expense/Income** | **(2186000)** | **(4311000)** | **(2071000)** | **(4059000)** |
| 3.04.01 | Selling Expenses | (1540000) | (3048000) | (1504000) | (2920000) |
| 3.04.02 | General and Administrative Expenses | (249000) | (480000) | (194000) | (399000) |
| **3.04.05** | **Other Operating Expenses** | **(416000)** | **(819000)** | **(389000)** | **(772000)** |
| 3.04.05.01 | Depreciation/ Amortization | (410000) | (811000) | (385000) | (764000) |
| 3.04.05.03 | Other Operating Expenses, Net | (6000) | (8000) | (4000) | (8000) |
| 3.04.06 | Share of Profit of Associates | 19000 | 36000 | 16000 | 32000 |
| **3.05** | **Profit from Operations Before Net Financial Expenses and Taxes** | **993000** | **1934000** | **877000** | **1691000** |
| **3.06** | **Net Financial Result** | **(840000)** | **(1630000)** | **(719000)** | **(1479000)** |
| 3.06.01 | Financial Revenues | 118000 | 201000 | 54000 | 97000 |
| 3.06.02 | Financial Expenses | (958000) | (1831000) | (773000) | (1576000) |
| **3.07** | **Income Before Income Tax and Social Contribution** | **153000** | **304000** | **158000** | **212000** |
| **3.08** | **Income Tax and Social Contribution** | **66000** | **32000** | **(35000)** | **(29000)** |
| 3.08.01 | Current | (5000) | (66000) | (55000) | (82000) |
| 3.08.02 | Deferred | 71000 | 98000 | 20000 | 53000 |
| **3.09** | **Net Income from Continued Operations** | **219000** | **336000** | **123000** | **183000** |
| **3.11** | **Retained Earnings/Loss of the Period** | **219000** | **336000** | **123000** | **183000** |
| **3.99** | **Earnings per Share - (Reais/Share)** |  |  |  |  |
| **3.99.01** | **Basic Earnings Per Share** |  |  |  |  |
| 3.99.01.01 | Common | 0.16195 | 0.24903 | 0.09032 | 0.13507 |
| **3.99.02** | **Diluted Earnings Per Share** |  |  |  |  |
| 3.99.02.01 | Common | 0.16136 | 0.24795 | 0.09005 | 0.13472 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) | (FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) | (FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) | (FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) | (FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) | (FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |
| Interim Financial Information - 6/30/2025 - SENDAS DISTRIBUIDORA S.A. | Interim Financial Information - 6/30/2025 - SENDAS DISTRIBUIDORA S.A. | Interim Financial Information - 6/30/2025 - SENDAS DISTRIBUIDORA S.A. | Interim Financial Information - 6/30/2025 - SENDAS DISTRIBUIDORA S.A. | Interim Financial Information - 6/30/2025 - SENDAS DISTRIBUIDORA S.A. | Interim Financial Information - 6/30/2025 - SENDAS DISTRIBUIDORA S.A. |
| **Individual Financial Statements / Statements of Comprehensive Income** | **Individual Financial Statements / Statements of Comprehensive Income** | **Individual Financial Statements / Statements of Comprehensive Income** | **Individual Financial Statements / Statements of Comprehensive Income** | **Individual Financial Statements / Statements of Comprehensive Income** | **Individual Financial Statements / Statements of Comprehensive Income** |
| **R$(in thousands)** | **R$(in thousands)** | **R$(in thousands)** | **R$(in thousands)** | **R$(in thousands)** | **R$(in thousands)** |
|  |  | **Current quarter** | **Year to date current year** | **Same quarter of previous year** | **Year to date prior year** |
| **Account code** | **Account description** | **4/1/2025 to 6/30/2025** | **1/1/2025 to 6/30/2025** | **4/1/2024 to 6/30/2024** | **1/1/2024 to 6/30/2024** |
| **4.01** | **Net Income for the period** | **219000** | **336000** | **123000** | **183000** |
| **4.02** | **Other Comprehensive Income** | **(4000)** | **(3000)** | **(5000)** | **(2000)** |
| 4.02.04 | Fair value of receivables | (5000) | (4000) | (8000) | (3000) |
| 4.02.06 | Income Tax Effect | 1000 | 1000 | 3000 | 1000 |
| **4.03** | **Total Comprehensive Income for the period** | **215000** | **333000** | **118000** | **181000** |

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| | | | |
|:---|:---|:---|:---|
| (FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) | (FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) | (FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) | (FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |
| Interim Financial Information - 6/30/2025 - SENDAS DISTRIBUIDORA S.A. | Interim Financial Information - 6/30/2025 - SENDAS DISTRIBUIDORA S.A. | Interim Financial Information - 6/30/2025 - SENDAS DISTRIBUIDORA S.A. | Interim Financial Information - 6/30/2025 - SENDAS DISTRIBUIDORA S.A. |
| **Individual Financial Statements / Statements of Cash Flows - Indirect method** | **Individual Financial Statements / Statements of Cash Flows - Indirect method** | **Individual Financial Statements / Statements of Cash Flows - Indirect method** | **Individual Financial Statements / Statements of Cash Flows - Indirect method** |
| **R$(in thousands)** | **R$(in thousands)** |  |  |
|  |  | **Year to date current year** | **Year to date prior year** |
| **Account code** | **Account description** | **1/1/2025 to 6/30/2025** | **1/1/2024 to 6/30/2024** |
| **6.01** | **Net Cash Operating Activities** | **1382000** | **549000** |
| **6.01.01** | **Cash Provided by the Operations** | **3281000** | **2793000** |
| 6.01.01.01 | Net profit for the period | 336000 | 183000 |
| 6.01.01.02 | Deferred Income Tax and Social Contribution | (98000) | (44000) |
| 6.01.01.03 | Loss of Disposal of Property, Plant and Equipment and Leasing | 8000 | 9000 |
| 6.01.01.04 | Depreciation and Amortization | 866000 | 806000 |
| 6.01.01.05 | Financial Charges | 1746000 | 1536000 |
| 6.01.01.07 | Share of Profit of Associates | (36000) | (32000) |
| 6.01.01.08 | Provision for Legal Proceedings | 109000 | 34000 |
| 6.01.01.10 | Provision for Stock Option | 24000 | 16000 |
| 6.01.01.11 | Losses (Reverses) Allowance for Doubtful Accounts | 1000 | (3000) |
| 6.01.01.13 | Provision for Allowance for Inventory Losses and Damages | 325000 | 288000 |
| **6.01.02** | **Variations in Assets and Liabilities** | **(1899000)** | **(2244000)** |
| 6.01.02.01 | Trade Receivables | 639000 | (730000) |
| 6.01.02.02 | Inventories | (993000) | (866000) |
| 6.01.02.03 | Recoverable Taxes | (5000) | 49000 |
| 6.01.02.04 | Other Assets | (93000) | (98000) |
| 6.01.02.05 | Related Parties |  | 4000 |
| 6.01.02.06 | Restricted Deposits for Legal Proceedings | 2000 | 7000 |
| 6.01.02.07 | Trade Payables | (1048000) | (536000) |
| 6.01.02.08 | Payroll and Related Taxes | 15000 | 16000 |
| 6.01.02.09 | Taxes and Social Contributions Payable | (131000) | 38000 |
| 6.01.02.10 | Payment for Legal Proceedings | (77000) | (60000) |
| 6.01.02.11 | Deferred Revenue | (184000) | (135000) |
| 6.01.02.12 | Other Liabilities | (41000) | (27000) |
| 6.01.02.15 | Dividends Received | 17000 | 94000 |
| **6.02** | **Net Cash of Investing Activities** | **(489000)** | **(853000)** |
| 6.02.02 | Purchase of Property, Plant and Equipment | (477000) | (852000) |
| 6.02.03 | Purchase of Intangible Assets | (15000) | (19000) |
| 6.02.04 | Proceeds from Property, Plant and Equipment | 1000 | 2000 |
| 6.02.09 | Proceeds from Assets Held for Sale | 2000 | 16000 |
| **6.03** | **Net Cash of Financing Activities** | **(2062000)** | **(51000)** |
| 6.03.02 | Proceeds from Borrowings | 2858000 | 2300000 |
| 6.03.03 | Payment of Borrowings | (3087000) | (199000) |
| 6.03.04 | Payment of Interest on Borrowings | (938000) | (567000) |
| 6.03.05 | Payment of dividends and interest on own equity | (128000) |  |
| 6.03.06 | Buyback treasury shares | (13000) |  |
| 6.03.09 | Payment of Lease Liabilities | (161000) | (148000) |
| 6.03.10 | Payment of Interest on Lease Liabilities | (566000) | (529000) |
| 6.03.11 | Borrowing costs from borrowings | (13000) | (12000) |
| 6.03.12 | Payment Points of Sales Acquisition | (14000) | (896000) |
| **6.05** | **Increase (Decrease) in Cash and Equivalents** | **(1169000)** | **(355000)** |
| 6.05.01 | Cash and Cash Equivalents at the beginning of the period | 5628000 | 5459000 |
| 6.05.02 | Cash and Cash Equivalents at the end of the period | 4459000 | 5104000 |

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|:---|:---|:---|:---|:---|:---|:---|:---|
| (FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) | (FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) | (FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) | (FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) | (FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) | (FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) | (FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) | (FREE TRANSLATION INTO ENGLISH FROM THE ORIGINAL PREVIOUSLY ISSUED IN PORTUGUESE) |
| Interim Financial Information - 6/30/2025 - SENDAS DISTRIBUIDORA S.A. | Interim Financial Information - 6/30/2025 - SENDAS DISTRIBUIDORA S.A. | Interim Financial Information - 6/30/2025 - SENDAS DISTRIBUIDORA S.A. | Interim Financial Information - 6/30/2025 - SENDAS DISTRIBUIDORA S.A. | Interim Financial Information - 6/30/2025 - SENDAS DISTRIBUIDORA S.A. | Interim Financial Information - 6/30/2025 - SENDAS DISTRIBUIDORA S.A. | Interim Financial Information - 6/30/2025 - SENDAS DISTRIBUIDORA S.A. | Interim Financial Information - 6/30/2025 - SENDAS DISTRIBUIDORA S.A. |
| **Individual Financial Statements / Statements of Changes in Shareholders' Equity 1/1/2025 to 6/30/2025 R$(in thousands)** | **Individual Financial Statements / Statements of Changes in Shareholders' Equity 1/1/2025 to 6/30/2025 R$(in thousands)** | **Individual Financial Statements / Statements of Changes in Shareholders' Equity 1/1/2025 to 6/30/2025 R$(in thousands)** | **Individual Financial Statements / Statements of Changes in Shareholders' Equity 1/1/2025 to 6/30/2025 R$(in thousands)** | **Individual Financial Statements / Statements of Changes in Shareholders' Equity 1/1/2025 to 6/30/2025 R$(in thousands)** | **Individual Financial Statements / Statements of Changes in Shareholders' Equity 1/1/2025 to 6/30/2025 R$(in thousands)** | **Individual Financial Statements / Statements of Changes in Shareholders' Equity 1/1/2025 to 6/30/2025 R$(in thousands)** | **Individual Financial Statements / Statements of Changes in Shareholders' Equity 1/1/2025 to 6/30/2025 R$(in thousands)** |
| **Account code** | **Account description** | **Capital stock** | **Capital reserves, granted options and treasury shares** | **Profit reserves** | **Retained earnings<br> /Accumulated losses** | **Other comprehensive income** | **Shareholders' equity** |
| **5.01** | **Opening Balance** | **1272000** | **62000** | **3933000** | **-** | **(12000)** | **5255000** |
| **5.02** | **Prior Period Adjustments** | **-** | **-** | **-** | **-** | **-** | **-** |
| **5.03** | **Adjusted Opening Balance** | **1272000** | **62000** | **3933000** | **-** | **(12000)** | **5255000** |
| **5.04** | **Capital Transactions with Shareholders** | **184000** | **11000** | **(184000)** | **-** | **-** | **11000** |
| 5.04.01 | Capital Contribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(184000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| 5.04.03 | Stock Options Granted | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24000 |
| 5.04.04 | Buyback treasury shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13000) |
| **5.05** | **Total Comprehensive Income** | **-** | **-** | **-** | **336000** | **(3000)** | **333000** |
| 5.05.01 | Net Income for the Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336000 |
| **5.05.02** | **Other comprehensive income** | **-** | **-** | **-** | **-** | **(3000)** | **(3000)** |
| 5.05.02.07 | Fair Value of Receivables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4000) |
| 5.05.02.09 | Income Tax Effect | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 |
| **5.06** | **Internal Changes of Shareholders' Equity** | **-** | **-** | **-** | **-** | **-** | **-** |
| **5.07** | **Closing Balance** | **1456000** | **73000** | **3749000** | **336000** | **(15000)** | **5599000** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Individual Financial Statements / Statements of Changes in Shareholders' Equity 1/1/2024 to 6/30/2024 R$(in thousands)** | **Individual Financial Statements / Statements of Changes in Shareholders' Equity 1/1/2024 to 6/30/2024 R$(in thousands)** | **Individual Financial Statements / Statements of Changes in Shareholders' Equity 1/1/2024 to 6/30/2024 R$(in thousands)** | **Individual Financial Statements / Statements of Changes in Shareholders' Equity 1/1/2024 to 6/30/2024 R$(in thousands)** | **Individual Financial Statements / Statements of Changes in Shareholders' Equity 1/1/2024 to 6/30/2024 R$(in thousands)** | **Individual Financial Statements / Statements of Changes in Shareholders' Equity 1/1/2024 to 6/30/2024 R$(in thousands)** | **Individual Financial Statements / Statements of Changes in Shareholders' Equity 1/1/2024 to 6/30/2024 R$(in thousands)** | **Individual Financial Statements / Statements of Changes in Shareholders' Equity 1/1/2024 to 6/30/2024 R$(in thousands)** |
| **Account code** | **Account description** | **Capital stock** | **Capital reserves, granted options and treasury shares** | **Profit reserves** | **Retained earnings<br> /Accumulated losses** | **Other comprehensive income** | **Shareholders' equity** |
| **5.01** | **Opening Balance** | **1272000** | **56000** | **3309000** | **-** | **(7000)** | **4630000** |
| **5.02** | **Prior Period Adjustments** | **-** | **-** | **-** | **-** | **-** | **-** |
| **5.03** | **Adjusted Opening Balance** | **1272000** | **56000** | **3309000** | **-** | **(7000)** | **4630000** |
| **5.04** | **Capital Transactions with Shareholders** | **-** | **16000** | **-** | **-** | **-** | **16000** |
| 5.04.03 | Stock Options Granted | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000 |
| **5.05** | **Total Comprehensive Income** | **-** | **-** | **-** | **183000** | **(2000)** | **181000** |
| 5.05.01 | Net Income for the Period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183000 |
| **5.05.02** | **Other Comprehensive Income** | **-** | **-** | **-** | **-** | **(2000)** | **(2000)** |
| 5.05.02.07 | Fair Value of Receivables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3000) |
| 5.05.02.09 | Income Tax Effect | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 |
| **5.06** | **Internal Changes of Shareholders' Equity** | **-** | **-** | **183000** | **(183000)** | **-** | **-** |
| 5.06.05 | Tax Incentive Reserve | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(183000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| **5.07** | **Closing Balance** | **1272000** | **72000** | **3492000** | **-** | **(9000)** | **4827000** |

---

---

| | | | |
|:---|:---|:---|:---|
| **1** | **CORPORATE INFORMATION** | **CORPORATE INFORMATION** | **CORPORATE INFORMATION** |
|  | Sendas Distribuidora S.A. ("Company" or "Sendas") is a publicly held company listed in the Novo Mercado segment of B3 S.A. - Brasil, Bolsa, Balcão (B3), under ticker symbol "ASAI3". The Company is primarily engaged in the retail and wholesale of food products, bazaar items and other products through its chain of stores, operated under "ASSAÍ" brand, since this is the only disclosed segment. The Company's registered office is at 6.000 Avenida Ayrton Senna, Lote 2 - Anexo A, Jacarepaguá, in the State of Rio de Janeiro. As of June 30, 2025 the Company operated 302 stores (302 stores as of December 31, 2024,) and 12 distribution centers (12 distribution centers as of December 31, 2024) in the five regions of the country, with operations in 24 states and in the Federal District. | Sendas Distribuidora S.A. ("Company" or "Sendas") is a publicly held company listed in the Novo Mercado segment of B3 S.A. - Brasil, Bolsa, Balcão (B3), under ticker symbol "ASAI3". The Company is primarily engaged in the retail and wholesale of food products, bazaar items and other products through its chain of stores, operated under "ASSAÍ" brand, since this is the only disclosed segment. The Company's registered office is at 6.000 Avenida Ayrton Senna, Lote 2 - Anexo A, Jacarepaguá, in the State of Rio de Janeiro. As of June 30, 2025 the Company operated 302 stores (302 stores as of December 31, 2024,) and 12 distribution centers (12 distribution centers as of December 31, 2024) in the five regions of the country, with operations in 24 states and in the Federal District. | Sendas Distribuidora S.A. ("Company" or "Sendas") is a publicly held company listed in the Novo Mercado segment of B3 S.A. - Brasil, Bolsa, Balcão (B3), under ticker symbol "ASAI3". The Company is primarily engaged in the retail and wholesale of food products, bazaar items and other products through its chain of stores, operated under "ASSAÍ" brand, since this is the only disclosed segment. The Company's registered office is at 6.000 Avenida Ayrton Senna, Lote 2 - Anexo A, Jacarepaguá, in the State of Rio de Janeiro. As of June 30, 2025 the Company operated 302 stores (302 stores as of December 31, 2024,) and 12 distribution centers (12 distribution centers as of December 31, 2024) in the five regions of the country, with operations in 24 states and in the Federal District. |
| **1.1** | **Semester highlights** | **Semester highlights** | **Semester highlights** |
|  | The highlights for the six-month period ended June 30, 2025 were: | The highlights for the six-month period ended June 30, 2025 were: | The highlights for the six-month period ended June 30, 2025 were: |
|  | &nbsp;&nbsp;Funding of foreign currency borrowings with swap operations, see note 15.5. | &nbsp;&nbsp;Funding of foreign currency borrowings with swap operations, see note 15.5. | &nbsp;&nbsp;Funding of foreign currency borrowings with swap operations, see note 15.5. |
|  | &nbsp;&nbsp;Funding through the thirteenth issue of debentures, see note 15.6. | &nbsp;&nbsp;Funding through the thirteenth issue of debentures, see note 15.6. | &nbsp;&nbsp;Funding through the thirteenth issue of debentures, see note 15.6. |
|  | &nbsp;&nbsp;Capital contribution through expansion reserve, see note 19.1. | &nbsp;&nbsp;Capital contribution through expansion reserve, see note 19.1. | &nbsp;&nbsp;Capital contribution through expansion reserve, see note 19.1. |
|  | &nbsp;&nbsp;Payment of interest on own capital and dividends, see note 19.2. | &nbsp;&nbsp;Payment of interest on own capital and dividends, see note 19.2. | &nbsp;&nbsp;Payment of interest on own capital and dividends, see note 19.2. |
| **2** | **BASIS OF PREPARATION AND DISCLOSURE OF THE INTERIM FINANCIAL INFORMATION** | **BASIS OF PREPARATION AND DISCLOSURE OF THE INTERIM FINANCIAL INFORMATION** | **BASIS OF PREPARATION AND DISCLOSURE OF THE INTERIM FINANCIAL INFORMATION** |
|  | The interim financial information has been prepared in accordance with IAS 34 – Interim Financial Reporting issued by the International Accounting Standards Board ("IASB") and accounting standard CPC 21 (R1) – Interim Financial Report and disclosed aligned with the standards approved by the Brazilian Securities and Exchange Commission ("CVM"), applicable to the preparation of the Interim Financial Information. | The interim financial information has been prepared in accordance with IAS 34 – Interim Financial Reporting issued by the International Accounting Standards Board ("IASB") and accounting standard CPC 21 (R1) – Interim Financial Report and disclosed aligned with the standards approved by the Brazilian Securities and Exchange Commission ("CVM"), applicable to the preparation of the Interim Financial Information. | The interim financial information has been prepared in accordance with IAS 34 – Interim Financial Reporting issued by the International Accounting Standards Board ("IASB") and accounting standard CPC 21 (R1) – Interim Financial Report and disclosed aligned with the standards approved by the Brazilian Securities and Exchange Commission ("CVM"), applicable to the preparation of the Interim Financial Information. |
|  | The interin financial information have been prepared based on the historical cost basis, except for: (i) certain financial instruments; and (ii) assets and liabilities arising from business combinations measured at their fair values, when applicable. In accordance with OCPC 07 (R1) - Presentation and Disclosures in General Purpose - Financial Statements, all significant information related to the interim financial information, and only them, is being disclosed and is consistent with the information used by Management in managing of the Company's activities. | The interin financial information have been prepared based on the historical cost basis, except for: (i) certain financial instruments; and (ii) assets and liabilities arising from business combinations measured at their fair values, when applicable. In accordance with OCPC 07 (R1) - Presentation and Disclosures in General Purpose - Financial Statements, all significant information related to the interim financial information, and only them, is being disclosed and is consistent with the information used by Management in managing of the Company's activities. | The interin financial information have been prepared based on the historical cost basis, except for: (i) certain financial instruments; and (ii) assets and liabilities arising from business combinations measured at their fair values, when applicable. In accordance with OCPC 07 (R1) - Presentation and Disclosures in General Purpose - Financial Statements, all significant information related to the interim financial information, and only them, is being disclosed and is consistent with the information used by Management in managing of the Company's activities. |
|  | The interim financial information are presented in millions of Brazilian Reais (R$), which is the Company's functional currency. | The interim financial information are presented in millions of Brazilian Reais (R$), which is the Company's functional currency. | The interim financial information are presented in millions of Brazilian Reais (R$), which is the Company's functional currency. |
|  | The interim financial information for the period ended June 30, 2025 were approved by the Board of Directors on August 7, 2025. | The interim financial information for the period ended June 30, 2025 were approved by the Board of Directors on August 7, 2025. | The interim financial information for the period ended June 30, 2025 were approved by the Board of Directors on August 7, 2025. |
| **3** | **MATERIAL ACCOUNTING POLICIES** | **MATERIAL ACCOUNTING POLICIES** | **MATERIAL ACCOUNTING POLICIES** |
|  | The material accounting policies and practices applied by the Company to the preparation of the interim financial information are in accordance with those adopted and disclosed in note 3 and in each explanatory note corresponding to the financial statements for the year ended December 31, 2024, approved on February 19, 2025 and, therefore, it should be read together. | The material accounting policies and practices applied by the Company to the preparation of the interim financial information are in accordance with those adopted and disclosed in note 3 and in each explanatory note corresponding to the financial statements for the year ended December 31, 2024, approved on February 19, 2025 and, therefore, it should be read together. | The material accounting policies and practices applied by the Company to the preparation of the interim financial information are in accordance with those adopted and disclosed in note 3 and in each explanatory note corresponding to the financial statements for the year ended December 31, 2024, approved on February 19, 2025 and, therefore, it should be read together. |
| **3.1** | **Standards, amendments and interpretations** | **Standards, amendments and interpretations** | **Standards, amendments and interpretations** |
|  | In the period ended June 30, 2025, the new current standards, were evaluated and produced no effect on the interim financial information disclosed, additionally the Company did not adopt in advance the IFRS issued and not yet current. | In the period ended June 30, 2025, the new current standards, were evaluated and produced no effect on the interim financial information disclosed, additionally the Company did not adopt in advance the IFRS issued and not yet current. | In the period ended June 30, 2025, the new current standards, were evaluated and produced no effect on the interim financial information disclosed, additionally the Company did not adopt in advance the IFRS issued and not yet current. |
| **4** | **SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS** | **SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS** | **SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS** |
|  | The preparation of the interim financial information requires Management to makes judgments and estimates and adopt assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the end of the reporting period, however, the uncertainties about these assumptions and estimates may generate results that require substantial adjustments to the carrying amount of the asset or liability in future periods. | The preparation of the interim financial information requires Management to makes judgments and estimates and adopt assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the end of the reporting period, however, the uncertainties about these assumptions and estimates may generate results that require substantial adjustments to the carrying amount of the asset or liability in future periods. | The preparation of the interim financial information requires Management to makes judgments and estimates and adopt assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the end of the reporting period, however, the uncertainties about these assumptions and estimates may generate results that require substantial adjustments to the carrying amount of the asset or liability in future periods. |
|  | The significant assumptions and estimates applied on the preparation of the interim financial information for the period ended June 30, 2025, were the same as those adopted in the financial statements for the year ended December 31, 2024, approved on February 19, 2025, disclosed in note 5. | The significant assumptions and estimates applied on the preparation of the interim financial information for the period ended June 30, 2025, were the same as those adopted in the financial statements for the year ended December 31, 2024, approved on February 19, 2025, disclosed in note 5. | The significant assumptions and estimates applied on the preparation of the interim financial information for the period ended June 30, 2025, were the same as those adopted in the financial statements for the year ended December 31, 2024, approved on February 19, 2025, disclosed in note 5. |
| **5** | **CASH AND CASH EQUIVALENTS** | **CASH AND CASH EQUIVALENTS** | **CASH AND CASH EQUIVALENTS** |
|  |  | **6/30/2025** | **12/31/2024** |
|  | Cash and bank accounts | **84** | 106 |
|  | Cash and bank accounts - Abroad (i) | **25** | 28 |
|  | Financial investments (ii) | **4350** | 5494 |
|  |  | **4459** | 5628 |
|  | (i) As of June 30, 2025, the Company had funds held abroad, of which R$25 in US dollars (R$28 in US dollars as of December 31, 2024). | (i) As of June 30, 2025, the Company had funds held abroad, of which R$25 in US dollars (R$28 in US dollars as of December 31, 2024). | (i) As of June 30, 2025, the Company had funds held abroad, of which R$25 in US dollars (R$28 in US dollars as of December 31, 2024). |
|  | (ii) As of June 30, 2025, the financial investments refer to the repurchase and resale agreements and Bank Deposit Certificates - CDB, with a weighted average interest rate of 99.21% of the CDI - Interbank Deposit Certificate (98.54% of the CDI as of December 31, 2024). The Company's exposure to interest rate indexes and the sensitivity analysis for these financial assets are disclosed in note 15.3. | (ii) As of June 30, 2025, the financial investments refer to the repurchase and resale agreements and Bank Deposit Certificates - CDB, with a weighted average interest rate of 99.21% of the CDI - Interbank Deposit Certificate (98.54% of the CDI as of December 31, 2024). The Company's exposure to interest rate indexes and the sensitivity analysis for these financial assets are disclosed in note 15.3. | (ii) As of June 30, 2025, the financial investments refer to the repurchase and resale agreements and Bank Deposit Certificates - CDB, with a weighted average interest rate of 99.21% of the CDI - Interbank Deposit Certificate (98.54% of the CDI as of December 31, 2024). The Company's exposure to interest rate indexes and the sensitivity analysis for these financial assets are disclosed in note 15.3. |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **6** | **TRADE RECEIVABLES** | **TRADE RECEIVABLES** | **TRADE RECEIVABLES** | **TRADE RECEIVABLES** | **TRADE RECEIVABLES** | **TRADE RECEIVABLES** |
|  |  |  | **Note** | **Note** | **6/30/2025** | **12/31/2024** |
|  | From sales with: | From sales with: |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; Credit card | &nbsp;&nbsp;&nbsp; Credit card | 6.1 | 6.1 | **907** | 1418 |
|  | &nbsp;&nbsp;&nbsp; Credit card - related parties (FIC) | &nbsp;&nbsp;&nbsp; Credit card - related parties (FIC) | 9.1 | 9.1 | **364** | 412 |
|  | &nbsp;&nbsp;&nbsp; Tickets | &nbsp;&nbsp;&nbsp; Tickets | 6.1 | 6.1 | **92** | 113 |
|  | Total of credit card and tickets | Total of credit card and tickets |  |  | **1363** | 1943 |
|  | &nbsp;&nbsp;&nbsp; Slips | &nbsp;&nbsp;&nbsp; Slips |  |  | **175** | 177 |
|  | &nbsp;&nbsp;&nbsp; Suppliers and others | &nbsp;&nbsp;&nbsp; Suppliers and others |  |  | **31** | 93 |
|  |  |  |  |  | **1569** | 2213 |
|  | Expected credit loss for doubtful accounts | Expected credit loss for doubtful accounts | 6.2 | 6.2 | **(2)** | (3) |
|  |  |  |  |  | **1567** | 2210 |
|  | The breakdown of trade receivables by their gross amount by maturity period is presented below: | The breakdown of trade receivables by their gross amount by maturity period is presented below: | The breakdown of trade receivables by their gross amount by maturity period is presented below: | The breakdown of trade receivables by their gross amount by maturity period is presented below: | The breakdown of trade receivables by their gross amount by maturity period is presented below: | The breakdown of trade receivables by their gross amount by maturity period is presented below: |
|  |  |  |  |  | **Overdue** | **Overdue** |
|  |  | **Total** | **Due** | **Due** | **Less than 30 days** | **Over 30 days** |
|  | **June 30, 2025** | **1569** |  | **1567** | **-** | **2** |
|  | December 31, 2024 | 2213 |  | 2204 | 8 | 1 |
| **6.1** | **Assignment of receivables** | **Assignment of receivables** | **Assignment of receivables** | **Assignment of receivables** | **Assignment of receivables** | **Assignment of receivables** |
|  | The Company assigned part of its receivables referring to credit cards and tickets with operators, without any right of recourse, aiming to anticipate its cash flow. As of June 30, 2025, the amount of these operations is R$2,087 (R$1,976 as of December 31, 2024). The amount was derecognized from the balance of trade receivables, since all risks related to the receivables were substantially transferred. The cost to advance these credit card receivables as of June 30, 2025 was R$87 (R$63 as of June 30, 2024) classified as "Cost and discount of receivables" in note 23. | The Company assigned part of its receivables referring to credit cards and tickets with operators, without any right of recourse, aiming to anticipate its cash flow. As of June 30, 2025, the amount of these operations is R$2,087 (R$1,976 as of December 31, 2024). The amount was derecognized from the balance of trade receivables, since all risks related to the receivables were substantially transferred. The cost to advance these credit card receivables as of June 30, 2025 was R$87 (R$63 as of June 30, 2024) classified as "Cost and discount of receivables" in note 23. | The Company assigned part of its receivables referring to credit cards and tickets with operators, without any right of recourse, aiming to anticipate its cash flow. As of June 30, 2025, the amount of these operations is R$2,087 (R$1,976 as of December 31, 2024). The amount was derecognized from the balance of trade receivables, since all risks related to the receivables were substantially transferred. The cost to advance these credit card receivables as of June 30, 2025 was R$87 (R$63 as of June 30, 2024) classified as "Cost and discount of receivables" in note 23. | The Company assigned part of its receivables referring to credit cards and tickets with operators, without any right of recourse, aiming to anticipate its cash flow. As of June 30, 2025, the amount of these operations is R$2,087 (R$1,976 as of December 31, 2024). The amount was derecognized from the balance of trade receivables, since all risks related to the receivables were substantially transferred. The cost to advance these credit card receivables as of June 30, 2025 was R$87 (R$63 as of June 30, 2024) classified as "Cost and discount of receivables" in note 23. | The Company assigned part of its receivables referring to credit cards and tickets with operators, without any right of recourse, aiming to anticipate its cash flow. As of June 30, 2025, the amount of these operations is R$2,087 (R$1,976 as of December 31, 2024). The amount was derecognized from the balance of trade receivables, since all risks related to the receivables were substantially transferred. The cost to advance these credit card receivables as of June 30, 2025 was R$87 (R$63 as of June 30, 2024) classified as "Cost and discount of receivables" in note 23. | The Company assigned part of its receivables referring to credit cards and tickets with operators, without any right of recourse, aiming to anticipate its cash flow. As of June 30, 2025, the amount of these operations is R$2,087 (R$1,976 as of December 31, 2024). The amount was derecognized from the balance of trade receivables, since all risks related to the receivables were substantially transferred. The cost to advance these credit card receivables as of June 30, 2025 was R$87 (R$63 as of June 30, 2024) classified as "Cost and discount of receivables" in note 23. |
|  | As of June 30, 2025, the amount of receivables, currently, discountable (credit cards and tickets) is R$1,363 (R$1,943 as of December 31, 2024). | As of June 30, 2025, the amount of receivables, currently, discountable (credit cards and tickets) is R$1,363 (R$1,943 as of December 31, 2024). | As of June 30, 2025, the amount of receivables, currently, discountable (credit cards and tickets) is R$1,363 (R$1,943 as of December 31, 2024). | As of June 30, 2025, the amount of receivables, currently, discountable (credit cards and tickets) is R$1,363 (R$1,943 as of December 31, 2024). | As of June 30, 2025, the amount of receivables, currently, discountable (credit cards and tickets) is R$1,363 (R$1,943 as of December 31, 2024). | As of June 30, 2025, the amount of receivables, currently, discountable (credit cards and tickets) is R$1,363 (R$1,943 as of December 31, 2024). |
| **6.2** | **Expected credit loss for doubtful accounts** | **Expected credit loss for doubtful accounts** | **Expected credit loss for doubtful accounts** | **Expected credit loss for doubtful accounts** | **Expected credit loss for doubtful accounts** | **Expected credit loss for doubtful accounts** |
|  |  | **6/30/2025** | **6/30/2024** | **6/30/2024** |  |  |
|  | At the beginning of the period | **(3)** | (15) | (15) |  |  |
|  | Additions | **(6)** | (37) | (37) |  |  |
|  | Reversals | **6** | 40 | 40 |  |  |
|  | Write-offs | **1** | - | - |  |  |
|  | At the end of the period | **(2)** | (12) | (12) |  |  |
| **7** | **INVENTORIES** | **INVENTORIES** | **INVENTORIES** | **INVENTORIES** | **INVENTORIES** | **INVENTORIES** |
|  |  | **6/30/2025** | **12/31/2024** | **12/31/2024** |  |  |
|  | Stores | **6740** | 6498 | 6498 |  |  |
|  | Distribution centers | **1651** | 1231 | 1231 |  |  |
|  | Commercial agreements | **(544)** | (505) | (505) |  |  |
|  | Inventory losses | **(52)** | (97) | (97) |  |  |
|  |  | **7795** | 7127 | 7127 |  |  |
| **7.1** | **Commercial agreements** | **Commercial agreements** | **Commercial agreements** | **Commercial agreements** | **Commercial agreements** | **Commercial agreements** |
|  | As of June 30, 2025, the amount of unrealized commercial agreements, presented as a reduction of inventory balance, totaled R$544 (R$505 as of December 31, 2024). | As of June 30, 2025, the amount of unrealized commercial agreements, presented as a reduction of inventory balance, totaled R$544 (R$505 as of December 31, 2024). | As of June 30, 2025, the amount of unrealized commercial agreements, presented as a reduction of inventory balance, totaled R$544 (R$505 as of December 31, 2024). | As of June 30, 2025, the amount of unrealized commercial agreements, presented as a reduction of inventory balance, totaled R$544 (R$505 as of December 31, 2024). | As of June 30, 2025, the amount of unrealized commercial agreements, presented as a reduction of inventory balance, totaled R$544 (R$505 as of December 31, 2024). | As of June 30, 2025, the amount of unrealized commercial agreements, presented as a reduction of inventory balance, totaled R$544 (R$505 as of December 31, 2024). |
| **7.2** | **Inventory losses** | **Inventory losses** | **Inventory losses** | **Inventory losses** | **Inventory losses** | **Inventory losses** |
|  |  | **6/30/2025** | **6/30/2024** | **6/30/2024** |  |  |
|  | At the beginning of the period | **(97)** | (81) | (81) |  |  |
|  | &nbsp;&nbsp;&nbsp;Additions | **(339)** | (298) | (298) |  |  |
|  | &nbsp;&nbsp;&nbsp;Reversals | **14** | 10 | 10 |  |  |
|  | &nbsp;&nbsp;&nbsp;Write-offs | **370** | 322 | 322 |  |  |
|  | At the end of the period | **(52)** | (47) | (47) |  |  |
| **8** | **RECOVERABLE TAXES** | **RECOVERABLE TAXES** | **RECOVERABLE TAXES** | **RECOVERABLE TAXES** | **RECOVERABLE TAXES** | **RECOVERABLE TAXES** |
|  |  | **6/30/2025** | **6/30/2025** | **12/31/2024** | **12/31/2024** |  |
|  | ICMS | **1462** | **1462** | 1297 | 1297 |  |
|  | PIS and COFINS | **172** | **172** | 353 | 353 |  |
|  | Social Security Contribution - INSS | **106** | **106** | 144 | 144 |  |
|  | Withholding taxes to be recovered | **67** | **67** | 119 | 119 |  |
|  |  | **1807** | **1807** | 1913 | 1913 |  |
|  | Current | **997** | **997** | 1241 | 1241 |  |
|  | Non-current | **810** | **810** | 672 | 672 |  |

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| | |
|:---|:---|
| **8.1** | **State VAT tax credits - ICMS** |
|  | The Brazilian States have been substantially amending their local laws aiming at implementing and broadening the ICMS tax replacement system. This system entails the prepayment of ICMS of the whole commercial chain, upon goods outflow from an industrial establishment or importer or their inflow into each State. The expansion of this system to an increasingly wider range of products sold in the retail generates the prepayment of the tax and consequently a refund in certain operations. |
|  | **• Expected realization of ICMS credits** |
|  | For the interim financial information as of June 30, 2025, the Company's management has monitoring controls over the adherence to the annually established plan, reassessing and including new elements that contribute to the realization of the recoverable ICMS balance, as shown in the chart below: |

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![](asaifs2q256k_006.jpg)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **8.2** | **PIS and COFINS credit** | **PIS and COFINS credit** | **PIS and COFINS credit** | **PIS and COFINS credit** | **PIS and COFINS credit** | **PIS and COFINS credit** | **PIS and COFINS credit** | **PIS and COFINS credit** |
|  | On March 15, 2017, the Federal Supreme Court("STF") recognized the unconstitutionality of the inclusion of ICMS in the PIS and COFINS calculation base. On May 13, 2021, the STF judged the Declaration Embargoes in relation to the amount to be excluded from the calculation basis of the contributions, which should only be the ICMS paid, or if the entire ICMS, as shown in the respective invoices. The STF rendered a favorable decision to the taxpayers, concluding that all ICMS highlighted should be excluded from the calculation basis. | On March 15, 2017, the Federal Supreme Court("STF") recognized the unconstitutionality of the inclusion of ICMS in the PIS and COFINS calculation base. On May 13, 2021, the STF judged the Declaration Embargoes in relation to the amount to be excluded from the calculation basis of the contributions, which should only be the ICMS paid, or if the entire ICMS, as shown in the respective invoices. The STF rendered a favorable decision to the taxpayers, concluding that all ICMS highlighted should be excluded from the calculation basis. | On March 15, 2017, the Federal Supreme Court("STF") recognized the unconstitutionality of the inclusion of ICMS in the PIS and COFINS calculation base. On May 13, 2021, the STF judged the Declaration Embargoes in relation to the amount to be excluded from the calculation basis of the contributions, which should only be the ICMS paid, or if the entire ICMS, as shown in the respective invoices. The STF rendered a favorable decision to the taxpayers, concluding that all ICMS highlighted should be excluded from the calculation basis. | On March 15, 2017, the Federal Supreme Court("STF") recognized the unconstitutionality of the inclusion of ICMS in the PIS and COFINS calculation base. On May 13, 2021, the STF judged the Declaration Embargoes in relation to the amount to be excluded from the calculation basis of the contributions, which should only be the ICMS paid, or if the entire ICMS, as shown in the respective invoices. The STF rendered a favorable decision to the taxpayers, concluding that all ICMS highlighted should be excluded from the calculation basis. | On March 15, 2017, the Federal Supreme Court("STF") recognized the unconstitutionality of the inclusion of ICMS in the PIS and COFINS calculation base. On May 13, 2021, the STF judged the Declaration Embargoes in relation to the amount to be excluded from the calculation basis of the contributions, which should only be the ICMS paid, or if the entire ICMS, as shown in the respective invoices. The STF rendered a favorable decision to the taxpayers, concluding that all ICMS highlighted should be excluded from the calculation basis. | On March 15, 2017, the Federal Supreme Court("STF") recognized the unconstitutionality of the inclusion of ICMS in the PIS and COFINS calculation base. On May 13, 2021, the STF judged the Declaration Embargoes in relation to the amount to be excluded from the calculation basis of the contributions, which should only be the ICMS paid, or if the entire ICMS, as shown in the respective invoices. The STF rendered a favorable decision to the taxpayers, concluding that all ICMS highlighted should be excluded from the calculation basis. | On March 15, 2017, the Federal Supreme Court("STF") recognized the unconstitutionality of the inclusion of ICMS in the PIS and COFINS calculation base. On May 13, 2021, the STF judged the Declaration Embargoes in relation to the amount to be excluded from the calculation basis of the contributions, which should only be the ICMS paid, or if the entire ICMS, as shown in the respective invoices. The STF rendered a favorable decision to the taxpayers, concluding that all ICMS highlighted should be excluded from the calculation basis. | On March 15, 2017, the Federal Supreme Court("STF") recognized the unconstitutionality of the inclusion of ICMS in the PIS and COFINS calculation base. On May 13, 2021, the STF judged the Declaration Embargoes in relation to the amount to be excluded from the calculation basis of the contributions, which should only be the ICMS paid, or if the entire ICMS, as shown in the respective invoices. The STF rendered a favorable decision to the taxpayers, concluding that all ICMS highlighted should be excluded from the calculation basis. |
|  | Currently the Company, with the favorable judgment of the Supreme Court, has recognized the exclusion of ICMS from the PIS and COFINS calculation basis. | Currently the Company, with the favorable judgment of the Supreme Court, has recognized the exclusion of ICMS from the PIS and COFINS calculation basis. | Currently the Company, with the favorable judgment of the Supreme Court, has recognized the exclusion of ICMS from the PIS and COFINS calculation basis. | Currently the Company, with the favorable judgment of the Supreme Court, has recognized the exclusion of ICMS from the PIS and COFINS calculation basis. | Currently the Company, with the favorable judgment of the Supreme Court, has recognized the exclusion of ICMS from the PIS and COFINS calculation basis. | Currently the Company, with the favorable judgment of the Supreme Court, has recognized the exclusion of ICMS from the PIS and COFINS calculation basis. | Currently the Company, with the favorable judgment of the Supreme Court, has recognized the exclusion of ICMS from the PIS and COFINS calculation basis. | Currently the Company, with the favorable judgment of the Supreme Court, has recognized the exclusion of ICMS from the PIS and COFINS calculation basis. |
|  | **• Expected realization of PIS and COFINS credits** | **• Expected realization of PIS and COFINS credits** | **• Expected realization of PIS and COFINS credits** | **• Expected realization of PIS and COFINS credits** | **• Expected realization of PIS and COFINS credits** | **• Expected realization of PIS and COFINS credits** | **• Expected realization of PIS and COFINS credits** | **• Expected realization of PIS and COFINS credits** |
|  | For the interim financial information as of June 30, 2025, the Company's management has monitoring controls over the adherence to the annually established plan, reassessing and including new elements that contribute to the realization of the recoverable PIS and COFINS balance, in the amount of R$172, and expected realization is within one year. | For the interim financial information as of June 30, 2025, the Company's management has monitoring controls over the adherence to the annually established plan, reassessing and including new elements that contribute to the realization of the recoverable PIS and COFINS balance, in the amount of R$172, and expected realization is within one year. | For the interim financial information as of June 30, 2025, the Company's management has monitoring controls over the adherence to the annually established plan, reassessing and including new elements that contribute to the realization of the recoverable PIS and COFINS balance, in the amount of R$172, and expected realization is within one year. | For the interim financial information as of June 30, 2025, the Company's management has monitoring controls over the adherence to the annually established plan, reassessing and including new elements that contribute to the realization of the recoverable PIS and COFINS balance, in the amount of R$172, and expected realization is within one year. | For the interim financial information as of June 30, 2025, the Company's management has monitoring controls over the adherence to the annually established plan, reassessing and including new elements that contribute to the realization of the recoverable PIS and COFINS balance, in the amount of R$172, and expected realization is within one year. | For the interim financial information as of June 30, 2025, the Company's management has monitoring controls over the adherence to the annually established plan, reassessing and including new elements that contribute to the realization of the recoverable PIS and COFINS balance, in the amount of R$172, and expected realization is within one year. | For the interim financial information as of June 30, 2025, the Company's management has monitoring controls over the adherence to the annually established plan, reassessing and including new elements that contribute to the realization of the recoverable PIS and COFINS balance, in the amount of R$172, and expected realization is within one year. | For the interim financial information as of June 30, 2025, the Company's management has monitoring controls over the adherence to the annually established plan, reassessing and including new elements that contribute to the realization of the recoverable PIS and COFINS balance, in the amount of R$172, and expected realization is within one year. |
| **9** | **RELATED PARTIES** | **RELATED PARTIES** | **RELATED PARTIES** | **RELATED PARTIES** | **RELATED PARTIES** | **RELATED PARTIES** | **RELATED PARTIES** | **RELATED PARTIES** |
| **9.1** | **Balances and related party transactions** | **Balances and related party transactions** | **Balances and related party transactions** | **Balances and related party transactions** | **Balances and related party transactions** | **Balances and related party transactions** | **Balances and related party transactions** | **Balances and related party transactions** |
|  |  | **Assets** | **Assets** | **Assets** | **Liabities** | **Liabities** | **Transactions** | **Transactions** |
|  |  | **Trade receivables** | **Trade receivables** | **Other assets** | **Trade payables** | **Trade payables** | **Revenue (expenses)** | **Revenue (expenses)** |
|  |  | **6/30/2025** | **12/31/2024** | **12/31/2024** | **6/30/2025** | **12/31/2024** | **6/30/2025** | **6/30/2024** |
|  | Joint venture |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financeira Itaú CBD S.A. Crédito, Financiamento e Investimento ("FIC") | **364** | 412 | 23 | **22** | 26 | **14** | 15 |
|  |  | **364** | 412 | 23 | **22** | 26 | **14** | 15 |
|  | Current | **364** | 412 |  | **22** | 26 |  |  |
|  | Non-current | **-** |  | 23 | **-** |  |  |  |
|  | After the completion of the spin-off between the Company and Grupo Pão de Açucar ("GPA") on December 31, 2020, both undertook to put forth commercially reasonable efforts, within up to 18 months, to release, replace and/or otherwise remove the counterparty from the position of guarantor of liabilities or obligations, which after such term would be subject to the payment of a fee, net, as remuneration for the guarantees provided by both parties. If the Company and GPA cease to be submitted to common control, the parties would be required to release, replace and/or otherwise remove the guarantees until then not replaced or provided, observing the terms established in the Separation Agreement. | After the completion of the spin-off between the Company and Grupo Pão de Açucar ("GPA") on December 31, 2020, both undertook to put forth commercially reasonable efforts, within up to 18 months, to release, replace and/or otherwise remove the counterparty from the position of guarantor of liabilities or obligations, which after such term would be subject to the payment of a fee, net, as remuneration for the guarantees provided by both parties. If the Company and GPA cease to be submitted to common control, the parties would be required to release, replace and/or otherwise remove the guarantees until then not replaced or provided, observing the terms established in the Separation Agreement. | After the completion of the spin-off between the Company and Grupo Pão de Açucar ("GPA") on December 31, 2020, both undertook to put forth commercially reasonable efforts, within up to 18 months, to release, replace and/or otherwise remove the counterparty from the position of guarantor of liabilities or obligations, which after such term would be subject to the payment of a fee, net, as remuneration for the guarantees provided by both parties. If the Company and GPA cease to be submitted to common control, the parties would be required to release, replace and/or otherwise remove the guarantees until then not replaced or provided, observing the terms established in the Separation Agreement. | After the completion of the spin-off between the Company and Grupo Pão de Açucar ("GPA") on December 31, 2020, both undertook to put forth commercially reasonable efforts, within up to 18 months, to release, replace and/or otherwise remove the counterparty from the position of guarantor of liabilities or obligations, which after such term would be subject to the payment of a fee, net, as remuneration for the guarantees provided by both parties. If the Company and GPA cease to be submitted to common control, the parties would be required to release, replace and/or otherwise remove the guarantees until then not replaced or provided, observing the terms established in the Separation Agreement. | After the completion of the spin-off between the Company and Grupo Pão de Açucar ("GPA") on December 31, 2020, both undertook to put forth commercially reasonable efforts, within up to 18 months, to release, replace and/or otherwise remove the counterparty from the position of guarantor of liabilities or obligations, which after such term would be subject to the payment of a fee, net, as remuneration for the guarantees provided by both parties. If the Company and GPA cease to be submitted to common control, the parties would be required to release, replace and/or otherwise remove the guarantees until then not replaced or provided, observing the terms established in the Separation Agreement. | After the completion of the spin-off between the Company and Grupo Pão de Açucar ("GPA") on December 31, 2020, both undertook to put forth commercially reasonable efforts, within up to 18 months, to release, replace and/or otherwise remove the counterparty from the position of guarantor of liabilities or obligations, which after such term would be subject to the payment of a fee, net, as remuneration for the guarantees provided by both parties. If the Company and GPA cease to be submitted to common control, the parties would be required to release, replace and/or otherwise remove the guarantees until then not replaced or provided, observing the terms established in the Separation Agreement. | After the completion of the spin-off between the Company and Grupo Pão de Açucar ("GPA") on December 31, 2020, both undertook to put forth commercially reasonable efforts, within up to 18 months, to release, replace and/or otherwise remove the counterparty from the position of guarantor of liabilities or obligations, which after such term would be subject to the payment of a fee, net, as remuneration for the guarantees provided by both parties. If the Company and GPA cease to be submitted to common control, the parties would be required to release, replace and/or otherwise remove the guarantees until then not replaced or provided, observing the terms established in the Separation Agreement. | After the completion of the spin-off between the Company and Grupo Pão de Açucar ("GPA") on December 31, 2020, both undertook to put forth commercially reasonable efforts, within up to 18 months, to release, replace and/or otherwise remove the counterparty from the position of guarantor of liabilities or obligations, which after such term would be subject to the payment of a fee, net, as remuneration for the guarantees provided by both parties. If the Company and GPA cease to be submitted to common control, the parties would be required to release, replace and/or otherwise remove the guarantees until then not replaced or provided, observing the terms established in the Separation Agreement. |
|  | The Company and GPA ceased to be related parties in fiscal year 2023 and are taking the necessary measures to replace the cross guarantees on the contractual obligations of rental of stores. The fee paid to GPA as remuneration for the guarantees provided as of June 30, 2025 and December 31, 2024 was less than R$1. | The Company and GPA ceased to be related parties in fiscal year 2023 and are taking the necessary measures to replace the cross guarantees on the contractual obligations of rental of stores. The fee paid to GPA as remuneration for the guarantees provided as of June 30, 2025 and December 31, 2024 was less than R$1. | The Company and GPA ceased to be related parties in fiscal year 2023 and are taking the necessary measures to replace the cross guarantees on the contractual obligations of rental of stores. The fee paid to GPA as remuneration for the guarantees provided as of June 30, 2025 and December 31, 2024 was less than R$1. | The Company and GPA ceased to be related parties in fiscal year 2023 and are taking the necessary measures to replace the cross guarantees on the contractual obligations of rental of stores. The fee paid to GPA as remuneration for the guarantees provided as of June 30, 2025 and December 31, 2024 was less than R$1. | The Company and GPA ceased to be related parties in fiscal year 2023 and are taking the necessary measures to replace the cross guarantees on the contractual obligations of rental of stores. The fee paid to GPA as remuneration for the guarantees provided as of June 30, 2025 and December 31, 2024 was less than R$1. | The Company and GPA ceased to be related parties in fiscal year 2023 and are taking the necessary measures to replace the cross guarantees on the contractual obligations of rental of stores. The fee paid to GPA as remuneration for the guarantees provided as of June 30, 2025 and December 31, 2024 was less than R$1. | The Company and GPA ceased to be related parties in fiscal year 2023 and are taking the necessary measures to replace the cross guarantees on the contractual obligations of rental of stores. The fee paid to GPA as remuneration for the guarantees provided as of June 30, 2025 and December 31, 2024 was less than R$1. | The Company and GPA ceased to be related parties in fiscal year 2023 and are taking the necessary measures to replace the cross guarantees on the contractual obligations of rental of stores. The fee paid to GPA as remuneration for the guarantees provided as of June 30, 2025 and December 31, 2024 was less than R$1. |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **9.2** | **Management compensation** | **Management compensation** | **Management compensation** | **Management compensation** | **Management compensation** | **Management compensation** | **Management compensation** | **Management compensation** | **Management compensation** |
|  | Expenses referring to the executive board compensation recorded in the Company's statement of operations in the period ended June 30, 2025 and 2024 as follows (amounts expressed in thousands of reais): | Expenses referring to the executive board compensation recorded in the Company's statement of operations in the period ended June 30, 2025 and 2024 as follows (amounts expressed in thousands of reais): | Expenses referring to the executive board compensation recorded in the Company's statement of operations in the period ended June 30, 2025 and 2024 as follows (amounts expressed in thousands of reais): | Expenses referring to the executive board compensation recorded in the Company's statement of operations in the period ended June 30, 2025 and 2024 as follows (amounts expressed in thousands of reais): | Expenses referring to the executive board compensation recorded in the Company's statement of operations in the period ended June 30, 2025 and 2024 as follows (amounts expressed in thousands of reais): | Expenses referring to the executive board compensation recorded in the Company's statement of operations in the period ended June 30, 2025 and 2024 as follows (amounts expressed in thousands of reais): | Expenses referring to the executive board compensation recorded in the Company's statement of operations in the period ended June 30, 2025 and 2024 as follows (amounts expressed in thousands of reais): | Expenses referring to the executive board compensation recorded in the Company's statement of operations in the period ended June 30, 2025 and 2024 as follows (amounts expressed in thousands of reais): | Expenses referring to the executive board compensation recorded in the Company's statement of operations in the period ended June 30, 2025 and 2024 as follows (amounts expressed in thousands of reais): |
|  |  | **Base salary** | **Base salary** | **Variable compensation** | **Variable compensation** | **Stock option plan and shared-based payment plan** | **Stock option plan and shared-based payment plan** | **Total** | **Total** |
|  |  | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 | **2025** | 2024 |
|  | Board of directors | **6125** | 6124 | **-** |  | **-** |  | **6125** | 6124 |
|  | Statutory officers | **6299** | 8543 | **9727** | 10198 | **27288** | 14170 | **43314** | 32911 |
|  | Executives excluding statutory officers | **25355** | 17286 | **18692** | 23646 | **13464** | 9104 | **57511** | 50036 |
|  | Fiscal council | **325** | 282 | **-** |  | **-** |  | **325** | 282 |
|  |  | **38104** | 32235 | **28419** | 33844 | **40752** | 23274 | **107275** | 89353 |
|  | The stock option plan, fully convertible into shares, refers to the Company's and this plan has been treated in the Company's statement of operations. The corresponding expenses are allocated to the Company and recorded in the statement of operations against capital reserve - stock options in shareholders' equity. There are no other short-term benefits granted to members of the Company's management. The long-term benefit plans are disclosed in notes 19.5.4 and 19.5.5. | The stock option plan, fully convertible into shares, refers to the Company's and this plan has been treated in the Company's statement of operations. The corresponding expenses are allocated to the Company and recorded in the statement of operations against capital reserve - stock options in shareholders' equity. There are no other short-term benefits granted to members of the Company's management. The long-term benefit plans are disclosed in notes 19.5.4 and 19.5.5. | The stock option plan, fully convertible into shares, refers to the Company's and this plan has been treated in the Company's statement of operations. The corresponding expenses are allocated to the Company and recorded in the statement of operations against capital reserve - stock options in shareholders' equity. There are no other short-term benefits granted to members of the Company's management. The long-term benefit plans are disclosed in notes 19.5.4 and 19.5.5. | The stock option plan, fully convertible into shares, refers to the Company's and this plan has been treated in the Company's statement of operations. The corresponding expenses are allocated to the Company and recorded in the statement of operations against capital reserve - stock options in shareholders' equity. There are no other short-term benefits granted to members of the Company's management. The long-term benefit plans are disclosed in notes 19.5.4 and 19.5.5. | The stock option plan, fully convertible into shares, refers to the Company's and this plan has been treated in the Company's statement of operations. The corresponding expenses are allocated to the Company and recorded in the statement of operations against capital reserve - stock options in shareholders' equity. There are no other short-term benefits granted to members of the Company's management. The long-term benefit plans are disclosed in notes 19.5.4 and 19.5.5. | The stock option plan, fully convertible into shares, refers to the Company's and this plan has been treated in the Company's statement of operations. The corresponding expenses are allocated to the Company and recorded in the statement of operations against capital reserve - stock options in shareholders' equity. There are no other short-term benefits granted to members of the Company's management. The long-term benefit plans are disclosed in notes 19.5.4 and 19.5.5. | The stock option plan, fully convertible into shares, refers to the Company's and this plan has been treated in the Company's statement of operations. The corresponding expenses are allocated to the Company and recorded in the statement of operations against capital reserve - stock options in shareholders' equity. There are no other short-term benefits granted to members of the Company's management. The long-term benefit plans are disclosed in notes 19.5.4 and 19.5.5. | The stock option plan, fully convertible into shares, refers to the Company's and this plan has been treated in the Company's statement of operations. The corresponding expenses are allocated to the Company and recorded in the statement of operations against capital reserve - stock options in shareholders' equity. There are no other short-term benefits granted to members of the Company's management. The long-term benefit plans are disclosed in notes 19.5.4 and 19.5.5. | The stock option plan, fully convertible into shares, refers to the Company's and this plan has been treated in the Company's statement of operations. The corresponding expenses are allocated to the Company and recorded in the statement of operations against capital reserve - stock options in shareholders' equity. There are no other short-term benefits granted to members of the Company's management. The long-term benefit plans are disclosed in notes 19.5.4 and 19.5.5. |
| **10** | **INVESTMENTS** | **INVESTMENTS** | **INVESTMENTS** | **INVESTMENTS** | **INVESTMENTS** | **INVESTMENTS** | **INVESTMENTS** | **INVESTMENTS** | **INVESTMENTS** |
|  | The details of the Company's investments at the end of the period are as follows: | The details of the Company's investments at the end of the period are as follows: | The details of the Company's investments at the end of the period are as follows: | The details of the Company's investments at the end of the period are as follows: | The details of the Company's investments at the end of the period are as follows: | The details of the Company's investments at the end of the period are as follows: | The details of the Company's investments at the end of the period are as follows: | The details of the Company's investments at the end of the period are as follows: | The details of the Company's investments at the end of the period are as follows: |
|  |  |  |  |  |  | **Participation in investments - %** | **Participation in investments - %** | **Participation in investments - %** | **Participation in investments - %** |
|  |  |  |  |  |  | **Direct participation** | **Direct participation** | **Direct participation** | **Direct participation** |
|  | **Company** | **Company** | **Company** | **Company** | **Country** | **6/30/2025** | **6/30/2025** | **12/31/2024** | **12/31/2024** |
|  | Bellamar Empreendimento e Participações S.A. | Bellamar Empreendimento e Participações S.A. | Bellamar Empreendimento e Participações S.A. | Bellamar Empreendimento e Participações S.A. | Brazil | **50.00** | **50.00** | 50.00 | 50.00 |
|  | **Summary of financial information of Joint Venture** | **Summary of financial information of Joint Venture** | **Summary of financial information of Joint Venture** | **Summary of financial information of Joint Venture** | **Summary of financial information of Joint Venture** | **Summary of financial information of Joint Venture** | **Summary of financial information of Joint Venture** | **Summary of financial information of Joint Venture** | **Summary of financial information of Joint Venture** |
|  |  | **6/30/2025** | **6/30/2025** | **12/31/2024** | **12/31/2024** |  |  |  |  |
|  | Current assets | **1** | **1** | 1 | 1 |  |  |  |  |
|  | Non-current assets | **499** | **499** | 461 | 461 |  |  |  |  |
|  | Shareholders´ equity | **500** | **500** | 462 | 462 |  |  |  |  |
|  |  | **6/30/2025** | **6/30/2025** | **6/30/2024** | **6/30/2024** |  |  |  |  |
|  | Net income for the period | **72** | **72** | 64 | 64 |  |  |  |  |
|  | **Investments composition and breakdown** | **Investments composition and breakdown** | **Investments composition and breakdown** | **Investments composition and breakdown** | **Investments composition and breakdown** | **Investments composition and breakdown** | **Investments composition and breakdown** | **Investments composition and breakdown** | **Investments composition and breakdown** |
|  |  | **6/30/2025** | **6/30/2025** | **6/30/2024** | **6/30/2024** |  |  |  |  |
|  | At the beginning of the period | 804 | 804 | 864 | 864 |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Share of profit of associates | **36** | **36** | 32 | 32 |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Dividends received | **(17)** | **(17)** | (94) | (94) |  |  |  |  |
|  | At the end of the period | **823** | **823** | 802 | 802 |  |  |  |  |
| **10.1** | **Impairment test of investments** | **Impairment test of investments** | **Impairment test of investments** | **Impairment test of investments** | **Impairment test of investments** | **Impairment test of investments** | **Impairment test of investments** | **Impairment test of investments** | **Impairment test of investments** |
|  | The impairment test of investments uses the same practices described in note 11.1, to the financial statements as of December 31, 2024. | The impairment test of investments uses the same practices described in note 11.1, to the financial statements as of December 31, 2024. | The impairment test of investments uses the same practices described in note 11.1, to the financial statements as of December 31, 2024. | The impairment test of investments uses the same practices described in note 11.1, to the financial statements as of December 31, 2024. | The impairment test of investments uses the same practices described in note 11.1, to the financial statements as of December 31, 2024. | The impairment test of investments uses the same practices described in note 11.1, to the financial statements as of December 31, 2024. | The impairment test of investments uses the same practices described in note 11.1, to the financial statements as of December 31, 2024. | The impairment test of investments uses the same practices described in note 11.1, to the financial statements as of December 31, 2024. | The impairment test of investments uses the same practices described in note 11.1, to the financial statements as of December 31, 2024. |
|  | The Company monitored the plan used to assess impairment test as of December 31, 2024, and concluded that there is no events which could indicate losses or the need for a new evaluation for the period ended June 30, 2025. | The Company monitored the plan used to assess impairment test as of December 31, 2024, and concluded that there is no events which could indicate losses or the need for a new evaluation for the period ended June 30, 2025. | The Company monitored the plan used to assess impairment test as of December 31, 2024, and concluded that there is no events which could indicate losses or the need for a new evaluation for the period ended June 30, 2025. | The Company monitored the plan used to assess impairment test as of December 31, 2024, and concluded that there is no events which could indicate losses or the need for a new evaluation for the period ended June 30, 2025. | The Company monitored the plan used to assess impairment test as of December 31, 2024, and concluded that there is no events which could indicate losses or the need for a new evaluation for the period ended June 30, 2025. | The Company monitored the plan used to assess impairment test as of December 31, 2024, and concluded that there is no events which could indicate losses or the need for a new evaluation for the period ended June 30, 2025. | The Company monitored the plan used to assess impairment test as of December 31, 2024, and concluded that there is no events which could indicate losses or the need for a new evaluation for the period ended June 30, 2025. | The Company monitored the plan used to assess impairment test as of December 31, 2024, and concluded that there is no events which could indicate losses or the need for a new evaluation for the period ended June 30, 2025. | The Company monitored the plan used to assess impairment test as of December 31, 2024, and concluded that there is no events which could indicate losses or the need for a new evaluation for the period ended June 30, 2025. |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **11** | **PROPERTY, PLANT AND EQUIPMENT** | **PROPERTY, PLANT AND EQUIPMENT** | **PROPERTY, PLANT AND EQUIPMENT** | **PROPERTY, PLANT AND EQUIPMENT** | **PROPERTY, PLANT AND EQUIPMENT** | **PROPERTY, PLANT AND EQUIPMENT** | **PROPERTY, PLANT AND EQUIPMENT** | **PROPERTY, PLANT AND EQUIPMENT** | **PROPERTY, PLANT AND EQUIPMENT** | **PROPERTY, PLANT AND EQUIPMENT** |
| **11.1** | **Breakdown and composition of property, plant and equipment** | **Breakdown and composition of property, plant and equipment** | **Breakdown and composition of property, plant and equipment** | **Breakdown and composition of property, plant and equipment** | **Breakdown and composition of property, plant and equipment** | **Breakdown and composition of property, plant and equipment** | **Breakdown and composition of property, plant and equipment** | **Breakdown and composition of property, plant and equipment** | **Breakdown and composition of property, plant and equipment** | **Breakdown and composition of property, plant and equipment** |
|  |  |  |  |  |  |  |  |  | ![](asaifs2q256k_007.jpg) | ![](asaifs2q256k_007.jpg) |
|  |  | **As of 12/31/2024** | **Additions (i)** | **Write-offs** | **Depreciation** | **Transfers and others** | **As of <br> 6/30/2025** |  | **Historical cost** | **Accumulated depreciation** |
|  | Lands | 559 | **2** | **-** | **-** | **-** | **561** | **=** | **561** | **-** |
|  | Buildings | 894 | **2** | **-** | **(12)** | **1** | **885** | **=** | **1077** | **(192)** |
|  | Improvements | 8318 | **110** | **(3)** | **(267)** | **4** | **8162** | **=** | **10410** | **(2248)** |
|  | Machinery and equipment | 2431 | **56** | **(4)** | **(146)** | **6** | **2343** | **=** | **3720** | **(1377)** |
|  | Facilities | 245 | **8** | **-** | **(19)** | **-** | **234** | **=** | **450** | **(216)** |
|  | Furniture and appliances | 889 | **33** | **(1)** | **(83)** | **4** | **842** | **=** | **1479** | **(637)** |
|  | Constructions in progress | 123 | **13** | **-** | **-** | **(17)** | **119** | **=** | **119** | **-** |
|  | Others | 105 | **11** | **(1)** | **(24)** | **2** | **93** | **=** | **302** | **(209)** |
|  |  | 13564 | **235** | **(9)** | **(551)** | **-** | **13239** |  | **18118** | **(4879)** |
|  |  |  |  |  |  |  |  |  | ![](asaifs2q256k_007.jpg) | ![](asaifs2q256k_007.jpg) |
|  |  | **As of 12/31/2023** | **Additions (i)** | **Write-offs** | **Depreciation** | **Transfers and others** | **As of<br> 6/30/2024** |  | **Historical cost** | **Accumulated depreciation** |
|  | Lands | 559 |  |  |  |  | 559 | **=** | 559 | - |
|  | Buildings | 777 | 37 |  | (11) | 98 | 901 | **=** | 1069 | (168) |
|  | Improvements | 8099 | 287 | (4) | (248) | (82) | 8052 | **=** | 9783 | (1731) |
|  | Machinery and equipment | 2310 | 149 | (2) | (133) | 15 | 2339 | **=** | 3443 | (1104) |
|  | Facilities | 270 | 7 |  | (19) |  | 258 | **=** | 437 | (179) |
|  | Furniture and appliances | 903 | 49 | (3) | (78) | 12 | 883 | **=** | 1367 | (484) |
|  | Constructions in progress | 111 | 13 |  |  | (45) | 79 | **=** | 79 | - |
|  | Others | 119 | 14 |  | (26) | 5 | 112 | **=** | 274 | (162) |
|  |  | 13148 | 556 | (9) | (515) | 3 | 13183 |  | 17011 | (3828) |
|  | (i) Includes interest capitalization in the amount of R$9 (R$24 as of June 30, 2024), see note 11.2. | (i) Includes interest capitalization in the amount of R$9 (R$24 as of June 30, 2024), see note 11.2. | (i) Includes interest capitalization in the amount of R$9 (R$24 as of June 30, 2024), see note 11.2. | (i) Includes interest capitalization in the amount of R$9 (R$24 as of June 30, 2024), see note 11.2. | (i) Includes interest capitalization in the amount of R$9 (R$24 as of June 30, 2024), see note 11.2. | (i) Includes interest capitalization in the amount of R$9 (R$24 as of June 30, 2024), see note 11.2. | (i) Includes interest capitalization in the amount of R$9 (R$24 as of June 30, 2024), see note 11.2. | (i) Includes interest capitalization in the amount of R$9 (R$24 as of June 30, 2024), see note 11.2. | (i) Includes interest capitalization in the amount of R$9 (R$24 as of June 30, 2024), see note 11.2. | (i) Includes interest capitalization in the amount of R$9 (R$24 as of June 30, 2024), see note 11.2. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **11.2** | **Capitalized borrowing costs and lease** | **Capitalized borrowing costs and lease** | **Capitalized borrowing costs and lease** | **Capitalized borrowing costs and lease** |
|  | The value of capitalized borrowing costs and lease directly attributable to the reform, construction and acquisition of property, plant and equipment and intangible assets within the scope of CPC 20 (R1)/IAS 23 - Borrowing Costs and the amount of interest on lease liabilities incorporated into the value of the property, plant and equipment and/or intangible assets, for the period in which the assets are not yet in their intended use in accordance with CPC 06 (R2)/IFRS 16 - Leases, amounted to R$9 (R$24 as of June 30, 2024). The average rate used to calculate the borrowing costs eligible for capitalization was 109.70% (113.76% as of June 30, 2024) of CDI, corresponding to the effective interest rate of borrowings taken by the Company. | The value of capitalized borrowing costs and lease directly attributable to the reform, construction and acquisition of property, plant and equipment and intangible assets within the scope of CPC 20 (R1)/IAS 23 - Borrowing Costs and the amount of interest on lease liabilities incorporated into the value of the property, plant and equipment and/or intangible assets, for the period in which the assets are not yet in their intended use in accordance with CPC 06 (R2)/IFRS 16 - Leases, amounted to R$9 (R$24 as of June 30, 2024). The average rate used to calculate the borrowing costs eligible for capitalization was 109.70% (113.76% as of June 30, 2024) of CDI, corresponding to the effective interest rate of borrowings taken by the Company. | The value of capitalized borrowing costs and lease directly attributable to the reform, construction and acquisition of property, plant and equipment and intangible assets within the scope of CPC 20 (R1)/IAS 23 - Borrowing Costs and the amount of interest on lease liabilities incorporated into the value of the property, plant and equipment and/or intangible assets, for the period in which the assets are not yet in their intended use in accordance with CPC 06 (R2)/IFRS 16 - Leases, amounted to R$9 (R$24 as of June 30, 2024). The average rate used to calculate the borrowing costs eligible for capitalization was 109.70% (113.76% as of June 30, 2024) of CDI, corresponding to the effective interest rate of borrowings taken by the Company. | The value of capitalized borrowing costs and lease directly attributable to the reform, construction and acquisition of property, plant and equipment and intangible assets within the scope of CPC 20 (R1)/IAS 23 - Borrowing Costs and the amount of interest on lease liabilities incorporated into the value of the property, plant and equipment and/or intangible assets, for the period in which the assets are not yet in their intended use in accordance with CPC 06 (R2)/IFRS 16 - Leases, amounted to R$9 (R$24 as of June 30, 2024). The average rate used to calculate the borrowing costs eligible for capitalization was 109.70% (113.76% as of June 30, 2024) of CDI, corresponding to the effective interest rate of borrowings taken by the Company. |
| **11.3** | **Additions to property, plant and equipment for cash flow purpose** | **Additions to property, plant and equipment for cash flow purpose** | **Additions to property, plant and equipment for cash flow purpose** | **Additions to property, plant and equipment for cash flow purpose** |
|  |  | **Note** | **6/30/2025** | **6/30/2024** |
|  | Additions | 11.1 | **235** | 556 |
|  | Capitalized borrowing costs | 11.2 | **(9)** | (24) |
|  | Financing of property, plant and equipment - Additions |  | **(220)** | (531) |
|  | Financing of property, plant and equipment - Payments |  | **471** | 851 |
|  |  |  | **477** | 852 |
|  | Additions related to the purchase of operating assets, purchase of land and buildings to expansion activities, building of new stores and distribution centers, improvements of existing distribution centers and stores and investments in equipment and information technology. | Additions related to the purchase of operating assets, purchase of land and buildings to expansion activities, building of new stores and distribution centers, improvements of existing distribution centers and stores and investments in equipment and information technology. | Additions related to the purchase of operating assets, purchase of land and buildings to expansion activities, building of new stores and distribution centers, improvements of existing distribution centers and stores and investments in equipment and information technology. | Additions related to the purchase of operating assets, purchase of land and buildings to expansion activities, building of new stores and distribution centers, improvements of existing distribution centers and stores and investments in equipment and information technology. |
|  | The additions and payments of property, plant and equipment mentioned above are presented to reconcile the acquisitions during the period with the amounts presented in the statement of cash flows net of items that did not impact cash flow. | The additions and payments of property, plant and equipment mentioned above are presented to reconcile the acquisitions during the period with the amounts presented in the statement of cash flows net of items that did not impact cash flow. | The additions and payments of property, plant and equipment mentioned above are presented to reconcile the acquisitions during the period with the amounts presented in the statement of cash flows net of items that did not impact cash flow. | The additions and payments of property, plant and equipment mentioned above are presented to reconcile the acquisitions during the period with the amounts presented in the statement of cash flows net of items that did not impact cash flow. |
| **11.4** | **Other information** | **Other information** | **Other information** | **Other information** |
|  | As of June 30, 2025, the Company recorded in the cost of sales and services the amount of R$55 (R$42 as of June 30, 2024), relating to the depreciation of machinery, buildings and facilities of transformation service and distribution centers. | As of June 30, 2025, the Company recorded in the cost of sales and services the amount of R$55 (R$42 as of June 30, 2024), relating to the depreciation of machinery, buildings and facilities of transformation service and distribution centers. | As of June 30, 2025, the Company recorded in the cost of sales and services the amount of R$55 (R$42 as of June 30, 2024), relating to the depreciation of machinery, buildings and facilities of transformation service and distribution centers. | As of June 30, 2025, the Company recorded in the cost of sales and services the amount of R$55 (R$42 as of June 30, 2024), relating to the depreciation of machinery, buildings and facilities of transformation service and distribution centers. |
| **11.5** | **Impairment test of property, plant and equipment** | **Impairment test of property, plant and equipment** | **Impairment test of property, plant and equipment** | **Impairment test of property, plant and equipment** |
|  | The impairment test of property, plant and equipment uses the same practices described in note 12.1, to the financial statements as of December 31, 2024. | The impairment test of property, plant and equipment uses the same practices described in note 12.1, to the financial statements as of December 31, 2024. | The impairment test of property, plant and equipment uses the same practices described in note 12.1, to the financial statements as of December 31, 2024. | The impairment test of property, plant and equipment uses the same practices described in note 12.1, to the financial statements as of December 31, 2024. |
|  | The Company monitored the plan used to assess impairment test as of December 31, 2024, and concluded that there is no events which could indicate losses or the need for a new evaluation for the period ended June 30, 2025. | The Company monitored the plan used to assess impairment test as of December 31, 2024, and concluded that there is no events which could indicate losses or the need for a new evaluation for the period ended June 30, 2025. | The Company monitored the plan used to assess impairment test as of December 31, 2024, and concluded that there is no events which could indicate losses or the need for a new evaluation for the period ended June 30, 2025. | The Company monitored the plan used to assess impairment test as of December 31, 2024, and concluded that there is no events which could indicate losses or the need for a new evaluation for the period ended June 30, 2025. |

---

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **12** | **INTANGIBLE** | **INTANGIBLE** | **INTANGIBLE** | **INTANGIBLE** | **INTANGIBLE** | **INTANGIBLE** | **INTANGIBLE** | **INTANGIBLE** | **INTANGIBLE** | **INTANGIBLE** |
| **12.1** | **Breakdown and composition of intangible assets** | **Breakdown and composition of intangible assets** | **Breakdown and composition of intangible assets** | **Breakdown and composition of intangible assets** | **Breakdown and composition of intangible assets** | **Breakdown and composition of intangible assets** | **Breakdown and composition of intangible assets** | **Breakdown and composition of intangible assets** | **Breakdown and composition of intangible assets** | **Breakdown and composition of intangible assets** |
|  |  |  |  |  |  |  | ![](asaifs2q256k_007.jpg) | ![](asaifs2q256k_007.jpg) | ![](asaifs2q256k_007.jpg) |  |
|  |  | **As of 12/31/2024** | **Additions** | **Amortization** | **As of 6/30/2025** |  | **Historical cost** | **Accumulated amortization** | **Accumulated amortization** |  |
|  | Goodwill | 618 | **-** | **-** | **618** | **=** | **871** | **(253)** | **(253)** |  |
|  | Software | 82 | **15** | **(13)** | **84** | **=** | **236** | **(152)** | **(152)** |  |
|  | Commercial rights | 4444 | **-** | **(4)** | **4440** | **=** | **4491** | **(51)** | **(51)** |  |
|  | Trade name | 39 | **-** | **-** | **39** | **=** | **39** | **-** | **-** |  |
|  |  | 5183 | **15** | **(17)** | **5181** |  | **5637** | **(456)** | **(456)** |  |
|  |  |  |  |  |  |  |  |  | ![](asaifs2q256k_007.jpg) | ![](asaifs2q256k_007.jpg) |
|  |  | **As of 12/31/2023** | **Additions** | **Write-offs** | **Amortization** | **As of 6/30/2024** | **As of 6/30/2024** |  | **Historical cost** | **Accumulated amortization** |
|  | Goodwill | 618 | - | - | - | 618 | 618 | **=** | 871 | (253) |
|  | Software | 63 | 19 | (1) | (11) | 70 | 70 | **=** | 198 | (128) |
|  | Commercial rights | 4452 | - | - | (4) | 4448 | 4448 | **=** | 4491 | (43) |
|  | Trade name | 39 | - | - | - | 39 | 39 | **=** | 39 | - |
|  |  | 5172 | 19 | (1) | (15) | 5175 | 5175 |  | 5599 | (424) |

---

---

| | |
|:---|:---|
| **12.2** | **Impairment test of intangible assets with indefinite useful life, including goodwill** |
|  | The impairment test of intangible assets uses the same practices described in note 12.1, to the financial statements as of December 31, 2024. |
|  | The Company monitored the plan used to assess impairment test as of December 31, 2024, and concluded that there is no events which could indicate losses or the need for a new evaluation for the period ended June 30, 2025. |
| **12.3** | **Commercial rights** |
|  | Commercial rights with defined and indefinite useful lives are tested following the assumptions described in note 12.1.1, to the financial statements as of December 31, 2024. The Company considered the discounted cash flow of the related store for the impairment test, that is, the store is the Cash Generating Unit - CGU. |
|  | The Company monitored the plan used to assess impairment test as of December 31, 2024, and concluded that there is no events which could indicate losses or the need for a new evaluation for the period ended June 30, 2025. |

---

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **13** | **LEASES** | **LEASES** | **LEASES** | **LEASES** | **LEASES** | **LEASES** | **LEASES** | **LEASES** | **LEASES** | **LEASES** | **LEASES** | **LEASES** | **LEASES** |
| **13.1** | **Right-of-use** | **Right-of-use** | **Right-of-use** | **Right-of-use** | **Right-of-use** | **Right-of-use** | **Right-of-use** | **Right-of-use** | **Right-of-use** | **Right-of-use** | **Right-of-use** | **Right-of-use** | **Right-of-use** |
| **13.1.1** | **Breakdown and composition of right-of-use assets** | **Breakdown and composition of right-of-use assets** | **Breakdown and composition of right-of-use assets** | **Breakdown and composition of right-of-use assets** | **Breakdown and composition of right-of-use assets** | **Breakdown and composition of right-of-use assets** | **Breakdown and composition of right-of-use assets** | **Breakdown and composition of right-of-use assets** | **Breakdown and composition of right-of-use assets** | **Breakdown and composition of right-of-use assets** | **Breakdown and composition of right-of-use assets** | **Breakdown and composition of right-of-use assets** | **Breakdown and composition of right-of-use assets** |
|  |  | **As of 12/31/2024** | **Additions** | **Remeasurement** | **Amortization** | **As of <br> 6/30/2025** |  | **Historical cost** | **Historical cost** | **Accumulated amortization** | **Accumulated amortization** |  |  |
|  | Buildings | 8340 | **1** | **332** | **(293)** | **8380** |  | **10869** | **10869** | **(2489)** | **(2489)** |  |  |
|  | Equipment | 43 | **-** | **-** | **(4)** | **39** | **=** | **88** | **88** | **(49)** | **(49)** |  |  |
|  | Assets and rights | 15 | **-** | **-** | **(1)** | **14** |  | **29** | **29** | **(15)** | **(15)** |  |  |
|  |  | 8398 | **1** | **332** | **(298)** | **8433** |  | **10986** | **10986** | **(2553)** | **(2553)** |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  | ![](asaifs2q256k_007.jpg) | ![](asaifs2q256k_007.jpg) |
|  |  | **As of 12/31/2023** | **Additions** | **Remeasurement** | **Write-offs** | **Amortization** | **Transfers and others** | **Transfers and others** | **As of 6/30/2024** | **As of 6/30/2024** |  | **Historical cost** | **Accumulated amortization** |
|  | Buildings | 8203 | 8 | 180 | (5) | (273) | (3) | (3) | 8110 | 8110 | **=** | 10050 | (1940) |
|  | Equipment | 3 | - | - | - | (2) | - | - | 1 | 1 | **=** | 44 | (43) |
|  | Assets and rights | 16 | - | - | - | (1) | - | - | 15 | 15 | **=** | 28 | (13) |
|  |  | 8222 | 8 | 180 | (5) | (276) | (3) | (3) | 8126 | 8126 |  | 10122 | (1996) |

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| | | | | |
|:---|:---|:---|:---|:---|
| **13.2** | **Lease liabilities** | **Lease liabilities** | **Lease liabilities** | **Lease liabilities** |
| **13.2.1** | **Minimum future payments and potential right of PIS and COFINS** | **Minimum future payments and potential right of PIS and COFINS** | **Minimum future payments and potential right of PIS and COFINS** | **Minimum future payments and potential right of PIS and COFINS** |
|  | Lease contracts totaled R$9,816 as of June 30, 2025 (R$9,644 as of December 31, 2024). The minimum future lease payments, according to lease agreements, with the present value of minimum lease payments, are as follows: | Lease contracts totaled R$9,816 as of June 30, 2025 (R$9,644 as of December 31, 2024). The minimum future lease payments, according to lease agreements, with the present value of minimum lease payments, are as follows: | Lease contracts totaled R$9,816 as of June 30, 2025 (R$9,644 as of December 31, 2024). The minimum future lease payments, according to lease agreements, with the present value of minimum lease payments, are as follows: | Lease contracts totaled R$9,816 as of June 30, 2025 (R$9,644 as of December 31, 2024). The minimum future lease payments, according to lease agreements, with the present value of minimum lease payments, are as follows: |
|  |  |  | **6/30/2025** | **12/31/2024** |
|  | &nbsp;&nbsp;&nbsp;Lease liabilities - minimum payments | &nbsp;&nbsp;&nbsp;Lease liabilities - minimum payments |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less than 1 year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less than 1 year | **437** | 412 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From 1 to 5 years | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From 1 to 5 years | **1637** | 1569 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;More than 5 years | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;More than 5 years | **7742** | 7663 |
|  | &nbsp;&nbsp;&nbsp;Present value of financial lease agreements | &nbsp;&nbsp;&nbsp;Present value of financial lease agreements | **9816** | 9644 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current | **437** | 412 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-current | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-current | **9379** | 9232 |
|  | &nbsp;&nbsp;&nbsp;Future financing charges | &nbsp;&nbsp;&nbsp;Future financing charges | **13043** | 13182 |
|  | &nbsp;&nbsp;&nbsp;Gross amount of financial lease agreements | &nbsp;&nbsp;&nbsp;Gross amount of financial lease agreements | **22859** | 22826 |
|  | &nbsp;&nbsp;&nbsp;PIS and COFINS embedded in the present value of lease agreements | &nbsp;&nbsp;&nbsp;PIS and COFINS embedded in the present value of lease agreements | **438** | 430 |
|  | &nbsp;&nbsp;&nbsp;PIS and COFINS embedded in the gross value of lease agreements | &nbsp;&nbsp;&nbsp;PIS and COFINS embedded in the gross value of lease agreements | **1020** | 1018 |
|  | Lease liabilities interest expense is stated in note 23. The Company´s average incremental interest rate at the agreement signing date was 12.32% in the period ended June 30, 2025 (12.28% as of December 31, 2024). | Lease liabilities interest expense is stated in note 23. The Company´s average incremental interest rate at the agreement signing date was 12.32% in the period ended June 30, 2025 (12.28% as of December 31, 2024). | Lease liabilities interest expense is stated in note 23. The Company´s average incremental interest rate at the agreement signing date was 12.32% in the period ended June 30, 2025 (12.28% as of December 31, 2024). | Lease liabilities interest expense is stated in note 23. The Company´s average incremental interest rate at the agreement signing date was 12.32% in the period ended June 30, 2025 (12.28% as of December 31, 2024). |
|  | In case the Companyhad adopted the calculation methodology projecting the inflation embedded in the nominal incremental rate and discounted to present value at the nominal incremental rate, the average percentage of inflation to be projected by year would be approximately 7.09% (6.55% as of December 31, 2024). The average term of the agreements analyzed as of June 30, 2025 and as of December 31, 2024 is 17 years. | In case the Companyhad adopted the calculation methodology projecting the inflation embedded in the nominal incremental rate and discounted to present value at the nominal incremental rate, the average percentage of inflation to be projected by year would be approximately 7.09% (6.55% as of December 31, 2024). The average term of the agreements analyzed as of June 30, 2025 and as of December 31, 2024 is 17 years. | In case the Companyhad adopted the calculation methodology projecting the inflation embedded in the nominal incremental rate and discounted to present value at the nominal incremental rate, the average percentage of inflation to be projected by year would be approximately 7.09% (6.55% as of December 31, 2024). The average term of the agreements analyzed as of June 30, 2025 and as of December 31, 2024 is 17 years. | In case the Companyhad adopted the calculation methodology projecting the inflation embedded in the nominal incremental rate and discounted to present value at the nominal incremental rate, the average percentage of inflation to be projected by year would be approximately 7.09% (6.55% as of December 31, 2024). The average term of the agreements analyzed as of June 30, 2025 and as of December 31, 2024 is 17 years. |
| **13.2.2** | **Lease liability roll forward** | **Lease liability roll forward** | **Lease liability roll forward** | **Lease liability roll forward** |
|  |  |  | **6/30/2025** | **6/30/2024** |
|  | At the beginning of the period | At the beginning of the period | 9644 | 9184 |
|  | &nbsp;&nbsp;&nbsp;Addition - Lease | &nbsp;&nbsp;&nbsp;Addition - Lease | **1** | 8 |
|  | &nbsp;&nbsp;&nbsp;Remeasurement | &nbsp;&nbsp;&nbsp;Remeasurement | **332** | 180 |
|  | &nbsp;&nbsp;&nbsp;Interest provision | &nbsp;&nbsp;&nbsp;Interest provision | **566** | 525 |
|  | &nbsp;&nbsp;&nbsp;Principal amortization | &nbsp;&nbsp;&nbsp;Principal amortization | **(161)** | (148) |
|  | &nbsp;&nbsp;&nbsp;Interest amortization | &nbsp;&nbsp;&nbsp;Interest amortization | **(566)** | (529) |
|  | &nbsp;&nbsp;&nbsp;Write-off due to early termination of agreement | &nbsp;&nbsp;&nbsp;Write-off due to early termination of agreement | **-** | (6) |
|  | At the end of the period | At the end of the period | **9816** | 9214 |
| **13.3** | **Result on variable rentals and subleases** | **Result on variable rentals and subleases** | **Result on variable rentals and subleases** | **Result on variable rentals and subleases** |
|  |  | **6/30/2025** | **6/30/2024** |  |
|  | (Expenses) revenues of the period: |  |  |  |
|  | Variables (1% to 2% of sales) | **(5)** | (7) |  |
|  | Subleases (i) | **60** | 52 |  |
|  | (i) Refers mainly to the revenue from lease agreements receivable from commercial galleries. | (i) Refers mainly to the revenue from lease agreements receivable from commercial galleries. | (i) Refers mainly to the revenue from lease agreements receivable from commercial galleries. | (i) Refers mainly to the revenue from lease agreements receivable from commercial galleries. |
| **13.4** | **Additional information** |  |  |  |
|  | In accordance with OFÍCIO-CIRCULAR/CVM/SNC/SEP/N°02/2019 the Company adopted as an accounting policy the requirements of CPC 06 (R2)/IFRS 16 - Leases, in the measurement and remeasurement of its right of use, using the discounted cash flow model, without considering inflation. | In accordance with OFÍCIO-CIRCULAR/CVM/SNC/SEP/N°02/2019 the Company adopted as an accounting policy the requirements of CPC 06 (R2)/IFRS 16 - Leases, in the measurement and remeasurement of its right of use, using the discounted cash flow model, without considering inflation. | In accordance with OFÍCIO-CIRCULAR/CVM/SNC/SEP/N°02/2019 the Company adopted as an accounting policy the requirements of CPC 06 (R2)/IFRS 16 - Leases, in the measurement and remeasurement of its right of use, using the discounted cash flow model, without considering inflation. | In accordance with OFÍCIO-CIRCULAR/CVM/SNC/SEP/N°02/2019 the Company adopted as an accounting policy the requirements of CPC 06 (R2)/IFRS 16 - Leases, in the measurement and remeasurement of its right of use, using the discounted cash flow model, without considering inflation. |
|  | To safeguard the faithful representation of information to meet the requirements of CPC 06 (R2)/IFRS 16 - Leases, and the guidelines of the CVM technical areas, the balances of assets and liabilities without inflation, effectively accounted for (real flow x real rate) are provided, and the estimate of inflated balances in the comparison period (nominal flow x nominal rate). | To safeguard the faithful representation of information to meet the requirements of CPC 06 (R2)/IFRS 16 - Leases, and the guidelines of the CVM technical areas, the balances of assets and liabilities without inflation, effectively accounted for (real flow x real rate) are provided, and the estimate of inflated balances in the comparison period (nominal flow x nominal rate). | To safeguard the faithful representation of information to meet the requirements of CPC 06 (R2)/IFRS 16 - Leases, and the guidelines of the CVM technical areas, the balances of assets and liabilities without inflation, effectively accounted for (real flow x real rate) are provided, and the estimate of inflated balances in the comparison period (nominal flow x nominal rate). | To safeguard the faithful representation of information to meet the requirements of CPC 06 (R2)/IFRS 16 - Leases, and the guidelines of the CVM technical areas, the balances of assets and liabilities without inflation, effectively accounted for (real flow x real rate) are provided, and the estimate of inflated balances in the comparison period (nominal flow x nominal rate). |
|  | Other assumptions, such as the maturity schedule of liabilities and the interest rates used in the calculation, are disclosed in note 13.2.1, as well as inflation indexes are observable in the market, so that the nominal flows can be prepared by the users of the interim financial information. | Other assumptions, such as the maturity schedule of liabilities and the interest rates used in the calculation, are disclosed in note 13.2.1, as well as inflation indexes are observable in the market, so that the nominal flows can be prepared by the users of the interim financial information. | Other assumptions, such as the maturity schedule of liabilities and the interest rates used in the calculation, are disclosed in note 13.2.1, as well as inflation indexes are observable in the market, so that the nominal flows can be prepared by the users of the interim financial information. | Other assumptions, such as the maturity schedule of liabilities and the interest rates used in the calculation, are disclosed in note 13.2.1, as well as inflation indexes are observable in the market, so that the nominal flows can be prepared by the users of the interim financial information. |
|  |  | **6/30/2025** | **12/31/2024** |  |
|  | Real flow |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Right-of-use assets | **8433** | 8398 |  |
|  | &nbsp;&nbsp;&nbsp;Lease liabilities | **22859** | 22826 |  |
|  | &nbsp;&nbsp;&nbsp;Embedded interest | **(13043)** | (13182) |  |
|  |  | **9816** | 9644 |  |
|  | Inflated flow |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Right-of-use assets | **11389** | 12022 |  |
|  | &nbsp;&nbsp;&nbsp;Lease liabilities | **31398** | 33236 |  |
|  | &nbsp;&nbsp;&nbsp;Embedded interest | **(17037)** | (18084) |  |
|  |  | **14361** | 15152 |  |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Below, we present the flow of payments according to the average term weighted with the respective nominal and inflation rates for each period presented: | Below, we present the flow of payments according to the average term weighted with the respective nominal and inflation rates for each period presented: | Below, we present the flow of payments according to the average term weighted with the respective nominal and inflation rates for each period presented: | Below, we present the flow of payments according to the average term weighted with the respective nominal and inflation rates for each period presented: |
|  | ![](asaifs2q256k_008.jpg) | ![](asaifs2q256k_008.jpg) | ![](asaifs2q256k_008.jpg) | ![](asaifs2q256k_008.jpg) |
| **14** | **TRADE PAYABLES AND TRADE PAYABLES - AGREEMENTS** | **TRADE PAYABLES AND TRADE PAYABLES - AGREEMENTS** | **TRADE PAYABLES AND TRADE PAYABLES - AGREEMENTS** | **TRADE PAYABLES AND TRADE PAYABLES - AGREEMENTS** |
|  |  | **Note** | **6/30/2025** | **12/31/2024** |
|  | Trade payables |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Products |  | **10024** | 11253 |
|  | &nbsp;&nbsp;&nbsp;Acquisition of property, plant and equipment |  | **51** | 156 |
|  | &nbsp;&nbsp;&nbsp;Service |  | **192** | 160 |
|  | &nbsp;&nbsp;&nbsp;Service - related parties (FIC) | 9.1 | **22** | 26 |
|  | &nbsp;&nbsp;&nbsp;Bonuses from suppliers | 14.1 | **(514)** | (874) |
|  |  |  | **9775** | 10721 |
|  | Trade payables - Agreements |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Products | 14.2 | **571** | 779 |
|  | &nbsp;&nbsp;&nbsp;Acquisition of property, plant and equipment | 14.2 | **-** | 159 |
|  |  |  | **571** | 938 |
|  |  |  | **10346** | 11659 |
|  | Current |  | **10346** | 11647 |
|  | Non-current |  | **-** | 12 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **14.1** | **Bonuses from suppliers** | **Bonuses from suppliers** | **Bonuses from suppliers** | **Bonuses from suppliers** | **Bonuses from suppliers** |
|  | These include commercial agreements and discounts obtained from suppliers. These amounts are defined in agreements and include discounts for purchase volume, joint marketing programs, freight reimbursements, and other similar programs. The receipt occurs by deducting trade notes payable to suppliers, according to conditions established in the supply agreements, so that the financial settlements occur for the net amount. | These include commercial agreements and discounts obtained from suppliers. These amounts are defined in agreements and include discounts for purchase volume, joint marketing programs, freight reimbursements, and other similar programs. The receipt occurs by deducting trade notes payable to suppliers, according to conditions established in the supply agreements, so that the financial settlements occur for the net amount. | These include commercial agreements and discounts obtained from suppliers. These amounts are defined in agreements and include discounts for purchase volume, joint marketing programs, freight reimbursements, and other similar programs. The receipt occurs by deducting trade notes payable to suppliers, according to conditions established in the supply agreements, so that the financial settlements occur for the net amount. | These include commercial agreements and discounts obtained from suppliers. These amounts are defined in agreements and include discounts for purchase volume, joint marketing programs, freight reimbursements, and other similar programs. The receipt occurs by deducting trade notes payable to suppliers, according to conditions established in the supply agreements, so that the financial settlements occur for the net amount. | These include commercial agreements and discounts obtained from suppliers. These amounts are defined in agreements and include discounts for purchase volume, joint marketing programs, freight reimbursements, and other similar programs. The receipt occurs by deducting trade notes payable to suppliers, according to conditions established in the supply agreements, so that the financial settlements occur for the net amount. |
|  | The Company assigned part of its bonuses from suppliers, without any right of recourse, with the financial institutions,aiming to anticipate its cash flow. As of June 30, 2025, the amount of bonuses from suppliers due to corresponding to these operations is R$246 (R$234 as of December 31, 2024). The amount was derecognized from receivables from bonuses from suppliers, since all risks related to the bonuses from suppliers were substantially transferred. The cost to advance these bonuses from suppliers for the period ended June 30, 2025 was R$5 (R$2 as of June 30, 2024), classified as "Cost and discount of receivables" in note 23. | The Company assigned part of its bonuses from suppliers, without any right of recourse, with the financial institutions,aiming to anticipate its cash flow. As of June 30, 2025, the amount of bonuses from suppliers due to corresponding to these operations is R$246 (R$234 as of December 31, 2024). The amount was derecognized from receivables from bonuses from suppliers, since all risks related to the bonuses from suppliers were substantially transferred. The cost to advance these bonuses from suppliers for the period ended June 30, 2025 was R$5 (R$2 as of June 30, 2024), classified as "Cost and discount of receivables" in note 23. | The Company assigned part of its bonuses from suppliers, without any right of recourse, with the financial institutions,aiming to anticipate its cash flow. As of June 30, 2025, the amount of bonuses from suppliers due to corresponding to these operations is R$246 (R$234 as of December 31, 2024). The amount was derecognized from receivables from bonuses from suppliers, since all risks related to the bonuses from suppliers were substantially transferred. The cost to advance these bonuses from suppliers for the period ended June 30, 2025 was R$5 (R$2 as of June 30, 2024), classified as "Cost and discount of receivables" in note 23. | The Company assigned part of its bonuses from suppliers, without any right of recourse, with the financial institutions,aiming to anticipate its cash flow. As of June 30, 2025, the amount of bonuses from suppliers due to corresponding to these operations is R$246 (R$234 as of December 31, 2024). The amount was derecognized from receivables from bonuses from suppliers, since all risks related to the bonuses from suppliers were substantially transferred. The cost to advance these bonuses from suppliers for the period ended June 30, 2025 was R$5 (R$2 as of June 30, 2024), classified as "Cost and discount of receivables" in note 23. | The Company assigned part of its bonuses from suppliers, without any right of recourse, with the financial institutions,aiming to anticipate its cash flow. As of June 30, 2025, the amount of bonuses from suppliers due to corresponding to these operations is R$246 (R$234 as of December 31, 2024). The amount was derecognized from receivables from bonuses from suppliers, since all risks related to the bonuses from suppliers were substantially transferred. The cost to advance these bonuses from suppliers for the period ended June 30, 2025 was R$5 (R$2 as of June 30, 2024), classified as "Cost and discount of receivables" in note 23. |
| **14.2** | **Agreements among suppliers, the Company and banks** | **Agreements among suppliers, the Company and banks** | **Agreements among suppliers, the Company and banks** | **Agreements among suppliers, the Company and banks** | **Agreements among suppliers, the Company and banks** |
|  | The Company has agreements signed with financial institutions, through which suppliers of products, capital goods and services have the possibility of receiving in advance their amounts receivable,also named "forfait" / "confirming".The financial institutions become creditors of the operation and the Company settles the payments under the same conditions as those originally agreed with the supplier. | The Company has agreements signed with financial institutions, through which suppliers of products, capital goods and services have the possibility of receiving in advance their amounts receivable,also named "forfait" / "confirming".The financial institutions become creditors of the operation and the Company settles the payments under the same conditions as those originally agreed with the supplier. | The Company has agreements signed with financial institutions, through which suppliers of products, capital goods and services have the possibility of receiving in advance their amounts receivable,also named "forfait" / "confirming".The financial institutions become creditors of the operation and the Company settles the payments under the same conditions as those originally agreed with the supplier. | The Company has agreements signed with financial institutions, through which suppliers of products, capital goods and services have the possibility of receiving in advance their amounts receivable,also named "forfait" / "confirming".The financial institutions become creditors of the operation and the Company settles the payments under the same conditions as those originally agreed with the supplier. | The Company has agreements signed with financial institutions, through which suppliers of products, capital goods and services have the possibility of receiving in advance their amounts receivable,also named "forfait" / "confirming".The financial institutions become creditors of the operation and the Company settles the payments under the same conditions as those originally agreed with the supplier. |
|  | Management, based on CPC 3 (R2)/IAS 7 and CPC 40 (R1)/IFRS 7, assessed that the economic substance of the transaction is operational, considering that receiving in advance is an exclusive decision of the supplier and, for the Company, there are no changes in the original term negotiated with the supplier, nor changes in the originally contracted amounts. These transactions aim at facilitating the cash flow of its suppliers without the Company having to advancing payments. Management evaluated the potential effects of adjusting these operations to present value and concluded that the effects are immaterial for measurement and disclosure. | Management, based on CPC 3 (R2)/IAS 7 and CPC 40 (R1)/IFRS 7, assessed that the economic substance of the transaction is operational, considering that receiving in advance is an exclusive decision of the supplier and, for the Company, there are no changes in the original term negotiated with the supplier, nor changes in the originally contracted amounts. These transactions aim at facilitating the cash flow of its suppliers without the Company having to advancing payments. Management evaluated the potential effects of adjusting these operations to present value and concluded that the effects are immaterial for measurement and disclosure. | Management, based on CPC 3 (R2)/IAS 7 and CPC 40 (R1)/IFRS 7, assessed that the economic substance of the transaction is operational, considering that receiving in advance is an exclusive decision of the supplier and, for the Company, there are no changes in the original term negotiated with the supplier, nor changes in the originally contracted amounts. These transactions aim at facilitating the cash flow of its suppliers without the Company having to advancing payments. Management evaluated the potential effects of adjusting these operations to present value and concluded that the effects are immaterial for measurement and disclosure. | Management, based on CPC 3 (R2)/IAS 7 and CPC 40 (R1)/IFRS 7, assessed that the economic substance of the transaction is operational, considering that receiving in advance is an exclusive decision of the supplier and, for the Company, there are no changes in the original term negotiated with the supplier, nor changes in the originally contracted amounts. These transactions aim at facilitating the cash flow of its suppliers without the Company having to advancing payments. Management evaluated the potential effects of adjusting these operations to present value and concluded that the effects are immaterial for measurement and disclosure. | Management, based on CPC 3 (R2)/IAS 7 and CPC 40 (R1)/IFRS 7, assessed that the economic substance of the transaction is operational, considering that receiving in advance is an exclusive decision of the supplier and, for the Company, there are no changes in the original term negotiated with the supplier, nor changes in the originally contracted amounts. These transactions aim at facilitating the cash flow of its suppliers without the Company having to advancing payments. Management evaluated the potential effects of adjusting these operations to present value and concluded that the effects are immaterial for measurement and disclosure. |
|  | These balances are classified as "Trade payables - Agreements" and the cash flow from these operations are presented as operating in the statement of cash flows. | These balances are classified as "Trade payables - Agreements" and the cash flow from these operations are presented as operating in the statement of cash flows. | These balances are classified as "Trade payables - Agreements" and the cash flow from these operations are presented as operating in the statement of cash flows. | These balances are classified as "Trade payables - Agreements" and the cash flow from these operations are presented as operating in the statement of cash flows. | These balances are classified as "Trade payables - Agreements" and the cash flow from these operations are presented as operating in the statement of cash flows. |
|  | Additionally, there is no exposure to any financial institution individually related to these operations and these liabilities are not considered net debt and do not have restrictive covenants (financial or non-financial). In these transactions, the Company earns income referring to the premium for referring suppliers to the operations of advance of receivables, recognized in the financial result, note 23 in the line "Revenue from anticipation of payables", in the amount of R$25 as of June 30, 2025 (R$28 as of June 30, 2024), representing 1.59% of the volume of anticipation transactions that occurred during 2025 (1.64% in period ended June 30, 2024). | Additionally, there is no exposure to any financial institution individually related to these operations and these liabilities are not considered net debt and do not have restrictive covenants (financial or non-financial). In these transactions, the Company earns income referring to the premium for referring suppliers to the operations of advance of receivables, recognized in the financial result, note 23 in the line "Revenue from anticipation of payables", in the amount of R$25 as of June 30, 2025 (R$28 as of June 30, 2024), representing 1.59% of the volume of anticipation transactions that occurred during 2025 (1.64% in period ended June 30, 2024). | Additionally, there is no exposure to any financial institution individually related to these operations and these liabilities are not considered net debt and do not have restrictive covenants (financial or non-financial). In these transactions, the Company earns income referring to the premium for referring suppliers to the operations of advance of receivables, recognized in the financial result, note 23 in the line "Revenue from anticipation of payables", in the amount of R$25 as of June 30, 2025 (R$28 as of June 30, 2024), representing 1.59% of the volume of anticipation transactions that occurred during 2025 (1.64% in period ended June 30, 2024). | Additionally, there is no exposure to any financial institution individually related to these operations and these liabilities are not considered net debt and do not have restrictive covenants (financial or non-financial). In these transactions, the Company earns income referring to the premium for referring suppliers to the operations of advance of receivables, recognized in the financial result, note 23 in the line "Revenue from anticipation of payables", in the amount of R$25 as of June 30, 2025 (R$28 as of June 30, 2024), representing 1.59% of the volume of anticipation transactions that occurred during 2025 (1.64% in period ended June 30, 2024). | Additionally, there is no exposure to any financial institution individually related to these operations and these liabilities are not considered net debt and do not have restrictive covenants (financial or non-financial). In these transactions, the Company earns income referring to the premium for referring suppliers to the operations of advance of receivables, recognized in the financial result, note 23 in the line "Revenue from anticipation of payables", in the amount of R$25 as of June 30, 2025 (R$28 as of June 30, 2024), representing 1.59% of the volume of anticipation transactions that occurred during 2025 (1.64% in period ended June 30, 2024). |
|  | As of June 30, 2025, the balance payable related to these operations is R$571 (R$938 as of December 31, 2024). | As of June 30, 2025, the balance payable related to these operations is R$571 (R$938 as of December 31, 2024). | As of June 30, 2025, the balance payable related to these operations is R$571 (R$938 as of December 31, 2024). | As of June 30, 2025, the balance payable related to these operations is R$571 (R$938 as of December 31, 2024). | As of June 30, 2025, the balance payable related to these operations is R$571 (R$938 as of December 31, 2024). |
|  | The transactions of trade payables and trade payables – agreement are similar and do not exceed the expiration date of 120 days as of June 30, 2025. | The transactions of trade payables and trade payables – agreement are similar and do not exceed the expiration date of 120 days as of June 30, 2025. | The transactions of trade payables and trade payables – agreement are similar and do not exceed the expiration date of 120 days as of June 30, 2025. | The transactions of trade payables and trade payables – agreement are similar and do not exceed the expiration date of 120 days as of June 30, 2025. | The transactions of trade payables and trade payables – agreement are similar and do not exceed the expiration date of 120 days as of June 30, 2025. |
| **15** | **FINANCIAL INSTRUMENTS** | **FINANCIAL INSTRUMENTS** | **FINANCIAL INSTRUMENTS** | **FINANCIAL INSTRUMENTS** | **FINANCIAL INSTRUMENTS** |
|  | The main financial instruments and their amounts recorded in the interim financial information, by category, are as follows: | The main financial instruments and their amounts recorded in the interim financial information, by category, are as follows: | The main financial instruments and their amounts recorded in the interim financial information, by category, are as follows: | The main financial instruments and their amounts recorded in the interim financial information, by category, are as follows: | The main financial instruments and their amounts recorded in the interim financial information, by category, are as follows: |
|  |  | **Note** | **Amortized cost** | **Fair value** | **As of 6/30/2025** |
|  | Financial assets |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 5 | **4459** | **-** | **4459** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Related parties | 9.1 | **23** | **-** | **23** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade receivables and other accounts receivables |  | **292** | **-** | **292** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial instruments at fair value | 15.5.1 | **-** | **432** | **432** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade receivables with credit card and tickets | 6 | **-** | **-** | **1363** |
|  | Financial liabilities |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accounts payable |  | **(145)** | **-** | **(145)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade payables and trade payables - agreements | 14 | **(10346)** | **-** | **(10346)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings in domestic currency | 15.5.1 | **(930)** | **(23)** | **(953)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings in foreign currency | 15.5.1 | **-** | **(1964)** | **(1964)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debentures and promissory notes | 15.5.1 | **(10101)** | **(3326)** | **(13427)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 13.2 | **(9816)** | **-** | **(9816)** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial instruments at fair value | 15.5.1 | **-** | **(255)** | **(255)** |
|  | Net exposure |  | **(26564)** | **(5136)** | **(30337)** |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Note** | | | | |
|  | Financial assets |  | | | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 5 | | | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Related parties | 9.1 | | | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade receivables and other accounts receivables |  | | | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial instruments at fair value | 15.5.1 | | | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade receivables with credit card and tickets | 6 | | | | |
|  | Financial liabilities |  | | | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other accounts payable |  | | | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade payables and trade payables - agreements | 14 | | | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings in domestic currency | 15.5.1 | | | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings in foreign currency | 15.5.1 | | | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debentures and promissory notes | 15.5.1 | | | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 13.2 | | | | |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial instruments at fair value | 15.5.1 | | | | |
|  | Net exposure |  | **Amortized cost**<br>5628<br>23<br>348<br>-<br>-<br>(169)<br>(11659)<br>(918)<br>-<br>(11542)<br>(9644)<br>-<br>(27933) | **Fair value**<br>390<br>(29)<br>(801)<br>(3257)<br>(18)<br>(3715) | **FVTOCI (i)**<br>1943<br>1943 | **As of 12/31/2024**<br>5628<br>23<br>348<br>390<br>1943<br>(169)<br>(11659)<br>(947)<br>(801)<br>(14799)<br>(9644)<br>(18)<br>(29705) |
|  | (i) Fair Value Through Other Comprehensive Income - FVTOCI. | (i) Fair Value Through Other Comprehensive Income - FVTOCI. | (i) Fair Value Through Other Comprehensive Income - FVTOCI. | (i) Fair Value Through Other Comprehensive Income - FVTOCI. | (i) Fair Value Through Other Comprehensive Income - FVTOCI. | (i) Fair Value Through Other Comprehensive Income - FVTOCI. |
|  | The fair value of other financial instruments detailed in the table above approximates the carrying amount based on the existing payment terms and conditions. The financial instruments measured at amortized cost, the fair values of wich differ from the carrying amounts, are disclosed in note 15.4. | The fair value of other financial instruments detailed in the table above approximates the carrying amount based on the existing payment terms and conditions. The financial instruments measured at amortized cost, the fair values of wich differ from the carrying amounts, are disclosed in note 15.4. | The fair value of other financial instruments detailed in the table above approximates the carrying amount based on the existing payment terms and conditions. The financial instruments measured at amortized cost, the fair values of wich differ from the carrying amounts, are disclosed in note 15.4. | The fair value of other financial instruments detailed in the table above approximates the carrying amount based on the existing payment terms and conditions. The financial instruments measured at amortized cost, the fair values of wich differ from the carrying amounts, are disclosed in note 15.4. | The fair value of other financial instruments detailed in the table above approximates the carrying amount based on the existing payment terms and conditions. The financial instruments measured at amortized cost, the fair values of wich differ from the carrying amounts, are disclosed in note 15.4. | The fair value of other financial instruments detailed in the table above approximates the carrying amount based on the existing payment terms and conditions. The financial instruments measured at amortized cost, the fair values of wich differ from the carrying amounts, are disclosed in note 15.4. |
| **15.1** | **Considerations on risk factors that may affect the business of the Company** | **Considerations on risk factors that may affect the business of the Company** | **Considerations on risk factors that may affect the business of the Company** | **Considerations on risk factors that may affect the business of the Company** |  |  |
| **15.1.1** | **Credit risk** | **Credit risk** | **Credit risk** | **Credit risk** | **Credit risk** | **Credit risk** |
|  | **• Cash and cash equivalents** | **• Cash and cash equivalents** | **• Cash and cash equivalents** | **• Cash and cash equivalents** | **• Cash and cash equivalents** | **• Cash and cash equivalents** |
|  | In order to minimize the credit risk, the investment policies adopted establish investments in financial institutions approved by the Company's Financial Committee, considering the monetary limits and evaluations of financial institutions, which are regularly updated. | In order to minimize the credit risk, the investment policies adopted establish investments in financial institutions approved by the Company's Financial Committee, considering the monetary limits and evaluations of financial institutions, which are regularly updated. | In order to minimize the credit risk, the investment policies adopted establish investments in financial institutions approved by the Company's Financial Committee, considering the monetary limits and evaluations of financial institutions, which are regularly updated. | In order to minimize the credit risk, the investment policies adopted establish investments in financial institutions approved by the Company's Financial Committee, considering the monetary limits and evaluations of financial institutions, which are regularly updated. | In order to minimize the credit risk, the investment policies adopted establish investments in financial institutions approved by the Company's Financial Committee, considering the monetary limits and evaluations of financial institutions, which are regularly updated. | In order to minimize the credit risk, the investment policies adopted establish investments in financial institutions approved by the Company's Financial Committee, considering the monetary limits and evaluations of financial institutions, which are regularly updated. |
|  | The Company's financial investments, according to the rating on the national scale of financial institutions are, in the majority, represented by brAAA as of June 30, 2025 and December 31, 2024. | The Company's financial investments, according to the rating on the national scale of financial institutions are, in the majority, represented by brAAA as of June 30, 2025 and December 31, 2024. | The Company's financial investments, according to the rating on the national scale of financial institutions are, in the majority, represented by brAAA as of June 30, 2025 and December 31, 2024. | The Company's financial investments, according to the rating on the national scale of financial institutions are, in the majority, represented by brAAA as of June 30, 2025 and December 31, 2024. | The Company's financial investments, according to the rating on the national scale of financial institutions are, in the majority, represented by brAAA as of June 30, 2025 and December 31, 2024. | The Company's financial investments, according to the rating on the national scale of financial institutions are, in the majority, represented by brAAA as of June 30, 2025 and December 31, 2024. |
|  | **• Trade receivables** | **• Trade receivables** | **• Trade receivables** | **• Trade receivables** | **• Trade receivables** | **• Trade receivables** |
|  | The credit risk related to trade receivables is minimized by the fact that a large part of installment sales are made with credit cards and tickets. These receivables may be advanced at any time, without right of recourse, with banks or credit card companies, for the purpose of providing working capital, generating the derecognition of the accounts receivable. In addition, the main acquirers used by the Company are related to first-tier financial institutions with low credit risk. Additionally, for trade receivables collected in installments, the Company monitors the risk for the granting of credit and for the periodic analysis of the expected credit loss balances. | The credit risk related to trade receivables is minimized by the fact that a large part of installment sales are made with credit cards and tickets. These receivables may be advanced at any time, without right of recourse, with banks or credit card companies, for the purpose of providing working capital, generating the derecognition of the accounts receivable. In addition, the main acquirers used by the Company are related to first-tier financial institutions with low credit risk. Additionally, for trade receivables collected in installments, the Company monitors the risk for the granting of credit and for the periodic analysis of the expected credit loss balances. | The credit risk related to trade receivables is minimized by the fact that a large part of installment sales are made with credit cards and tickets. These receivables may be advanced at any time, without right of recourse, with banks or credit card companies, for the purpose of providing working capital, generating the derecognition of the accounts receivable. In addition, the main acquirers used by the Company are related to first-tier financial institutions with low credit risk. Additionally, for trade receivables collected in installments, the Company monitors the risk for the granting of credit and for the periodic analysis of the expected credit loss balances. | The credit risk related to trade receivables is minimized by the fact that a large part of installment sales are made with credit cards and tickets. These receivables may be advanced at any time, without right of recourse, with banks or credit card companies, for the purpose of providing working capital, generating the derecognition of the accounts receivable. In addition, the main acquirers used by the Company are related to first-tier financial institutions with low credit risk. Additionally, for trade receivables collected in installments, the Company monitors the risk for the granting of credit and for the periodic analysis of the expected credit loss balances. | The credit risk related to trade receivables is minimized by the fact that a large part of installment sales are made with credit cards and tickets. These receivables may be advanced at any time, without right of recourse, with banks or credit card companies, for the purpose of providing working capital, generating the derecognition of the accounts receivable. In addition, the main acquirers used by the Company are related to first-tier financial institutions with low credit risk. Additionally, for trade receivables collected in installments, the Company monitors the risk for the granting of credit and for the periodic analysis of the expected credit loss balances. | The credit risk related to trade receivables is minimized by the fact that a large part of installment sales are made with credit cards and tickets. These receivables may be advanced at any time, without right of recourse, with banks or credit card companies, for the purpose of providing working capital, generating the derecognition of the accounts receivable. In addition, the main acquirers used by the Company are related to first-tier financial institutions with low credit risk. Additionally, for trade receivables collected in installments, the Company monitors the risk for the granting of credit and for the periodic analysis of the expected credit loss balances. |
|  | The Company also incurs counterparty risk related to derivative instruments. This risk is mitigated by carrying out transactions, according to policies approved by governance bodies. | The Company also incurs counterparty risk related to derivative instruments. This risk is mitigated by carrying out transactions, according to policies approved by governance bodies. | The Company also incurs counterparty risk related to derivative instruments. This risk is mitigated by carrying out transactions, according to policies approved by governance bodies. | The Company also incurs counterparty risk related to derivative instruments. This risk is mitigated by carrying out transactions, according to policies approved by governance bodies. | The Company also incurs counterparty risk related to derivative instruments. This risk is mitigated by carrying out transactions, according to policies approved by governance bodies. | The Company also incurs counterparty risk related to derivative instruments. This risk is mitigated by carrying out transactions, according to policies approved by governance bodies. |
|  | Except the balances related to credit cards and tickets, there are no receivables or sale to customers that are, individually, more than 5% of accounts receivable or revenues. | Except the balances related to credit cards and tickets, there are no receivables or sale to customers that are, individually, more than 5% of accounts receivable or revenues. | Except the balances related to credit cards and tickets, there are no receivables or sale to customers that are, individually, more than 5% of accounts receivable or revenues. | Except the balances related to credit cards and tickets, there are no receivables or sale to customers that are, individually, more than 5% of accounts receivable or revenues. | Except the balances related to credit cards and tickets, there are no receivables or sale to customers that are, individually, more than 5% of accounts receivable or revenues. | Except the balances related to credit cards and tickets, there are no receivables or sale to customers that are, individually, more than 5% of accounts receivable or revenues. |
| **15.1.2** | **Interest rate risk** | **Interest rate risk** | **Interest rate risk** | **Interest rate risk** | **Interest rate risk** | **Interest rate risk** |
|  | The Company obtains borrowings with major financial institutions to meet cash requirements for investments. Accordingly, the Company is mainly exposed to the risk of significant fluctuations in the interest rate, especially the rate related to derivative liabilities (foreign currency exposure hedge) and debts indexed to CDI. The balance of cash and cash equivalents, indexed to CDI, partially offsets the risk of fluctuations in the interest rates. | The Company obtains borrowings with major financial institutions to meet cash requirements for investments. Accordingly, the Company is mainly exposed to the risk of significant fluctuations in the interest rate, especially the rate related to derivative liabilities (foreign currency exposure hedge) and debts indexed to CDI. The balance of cash and cash equivalents, indexed to CDI, partially offsets the risk of fluctuations in the interest rates. | The Company obtains borrowings with major financial institutions to meet cash requirements for investments. Accordingly, the Company is mainly exposed to the risk of significant fluctuations in the interest rate, especially the rate related to derivative liabilities (foreign currency exposure hedge) and debts indexed to CDI. The balance of cash and cash equivalents, indexed to CDI, partially offsets the risk of fluctuations in the interest rates. | The Company obtains borrowings with major financial institutions to meet cash requirements for investments. Accordingly, the Company is mainly exposed to the risk of significant fluctuations in the interest rate, especially the rate related to derivative liabilities (foreign currency exposure hedge) and debts indexed to CDI. The balance of cash and cash equivalents, indexed to CDI, partially offsets the risk of fluctuations in the interest rates. | The Company obtains borrowings with major financial institutions to meet cash requirements for investments. Accordingly, the Company is mainly exposed to the risk of significant fluctuations in the interest rate, especially the rate related to derivative liabilities (foreign currency exposure hedge) and debts indexed to CDI. The balance of cash and cash equivalents, indexed to CDI, partially offsets the risk of fluctuations in the interest rates. | The Company obtains borrowings with major financial institutions to meet cash requirements for investments. Accordingly, the Company is mainly exposed to the risk of significant fluctuations in the interest rate, especially the rate related to derivative liabilities (foreign currency exposure hedge) and debts indexed to CDI. The balance of cash and cash equivalents, indexed to CDI, partially offsets the risk of fluctuations in the interest rates. |
| **15.1.3** | **Foreign currency exchange rate risk** | **Foreign currency exchange rate risk** | **Foreign currency exchange rate risk** | **Foreign currency exchange rate risk** | **Foreign currency exchange rate risk** | **Foreign currency exchange rate risk** |
|  | The fluctuations in the exchange rates may increase the balances of borrowings in foreign currency, and for this reason the Company uses derivative financial instruments, such as swaps, to mitigate the foreign exchange rate risk, converting the cost of debt into domestic currency and interest rates. | The fluctuations in the exchange rates may increase the balances of borrowings in foreign currency, and for this reason the Company uses derivative financial instruments, such as swaps, to mitigate the foreign exchange rate risk, converting the cost of debt into domestic currency and interest rates. | The fluctuations in the exchange rates may increase the balances of borrowings in foreign currency, and for this reason the Company uses derivative financial instruments, such as swaps, to mitigate the foreign exchange rate risk, converting the cost of debt into domestic currency and interest rates. | The fluctuations in the exchange rates may increase the balances of borrowings in foreign currency, and for this reason the Company uses derivative financial instruments, such as swaps, to mitigate the foreign exchange rate risk, converting the cost of debt into domestic currency and interest rates. | The fluctuations in the exchange rates may increase the balances of borrowings in foreign currency, and for this reason the Company uses derivative financial instruments, such as swaps, to mitigate the foreign exchange rate risk, converting the cost of debt into domestic currency and interest rates. | The fluctuations in the exchange rates may increase the balances of borrowings in foreign currency, and for this reason the Company uses derivative financial instruments, such as swaps, to mitigate the foreign exchange rate risk, converting the cost of debt into domestic currency and interest rates. |

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| **15.1.4** | **Capital risk management** | **Capital risk management** | **Capital risk management** | **Capital risk management** | **Capital risk management** | **Capital risk management** | **Capital risk management** |
|  | The main objective of the Company's capital management is to ensure that the Company maintains its credit rating and a well-balanced equity ratio, in order to support businesses and maximize shareholder value. The Company manages the capital structure and makes adjustments considering the changes in the economic conditions. | The main objective of the Company's capital management is to ensure that the Company maintains its credit rating and a well-balanced equity ratio, in order to support businesses and maximize shareholder value. The Company manages the capital structure and makes adjustments considering the changes in the economic conditions. | The main objective of the Company's capital management is to ensure that the Company maintains its credit rating and a well-balanced equity ratio, in order to support businesses and maximize shareholder value. The Company manages the capital structure and makes adjustments considering the changes in the economic conditions. | The main objective of the Company's capital management is to ensure that the Company maintains its credit rating and a well-balanced equity ratio, in order to support businesses and maximize shareholder value. The Company manages the capital structure and makes adjustments considering the changes in the economic conditions. | The main objective of the Company's capital management is to ensure that the Company maintains its credit rating and a well-balanced equity ratio, in order to support businesses and maximize shareholder value. The Company manages the capital structure and makes adjustments considering the changes in the economic conditions. | The main objective of the Company's capital management is to ensure that the Company maintains its credit rating and a well-balanced equity ratio, in order to support businesses and maximize shareholder value. The Company manages the capital structure and makes adjustments considering the changes in the economic conditions. | The main objective of the Company's capital management is to ensure that the Company maintains its credit rating and a well-balanced equity ratio, in order to support businesses and maximize shareholder value. The Company manages the capital structure and makes adjustments considering the changes in the economic conditions. |
|  | The capital structure is as follows: | The capital structure is as follows: | The capital structure is as follows: | The capital structure is as follows: | The capital structure is as follows: | The capital structure is as follows: | The capital structure is as follows: |
|  |  |  | **6/30/2025** | **6/30/2025** | **12/31/2024** | **12/31/2024** |  |
|  | Borrowings, debentures and promissory notes | Borrowings, debentures and promissory notes | **16599** | **16599** | 16565 | 16565 |  |
|  | (-) Cash and cash equivalents | (-) Cash and cash equivalents | **(4459)** | **(4459)** | (5628) | (5628) |  |
|  | (-) Derivative financial instruments | (-) Derivative financial instruments | **(432)** | **(432)** | (390) | (390) |  |
|  | Net debt | Net debt | **11708** | **11708** | 10547 | 10547 |  |
|  | Shareholders' equity | Shareholders' equity | **5599** | **5599** | 5255 | 5255 |  |
|  | % Net debt to shareholders' equity | % Net debt to shareholders' equity | **209%** | **209%** | 201% | 201% |  |
| **15.1.5** | **Liquidity risk management** | **Liquidity risk management** | **Liquidity risk management** | **Liquidity risk management** | **Liquidity risk management** | **Liquidity risk management** | **Liquidity risk management** |
|  | The Company manages liquidity risk through daily monitoring of cash flows and control of maturities of financial assets and liabilities. | The Company manages liquidity risk through daily monitoring of cash flows and control of maturities of financial assets and liabilities. | The Company manages liquidity risk through daily monitoring of cash flows and control of maturities of financial assets and liabilities. | The Company manages liquidity risk through daily monitoring of cash flows and control of maturities of financial assets and liabilities. | The Company manages liquidity risk through daily monitoring of cash flows and control of maturities of financial assets and liabilities. | The Company manages liquidity risk through daily monitoring of cash flows and control of maturities of financial assets and liabilities. | The Company manages liquidity risk through daily monitoring of cash flows and control of maturities of financial assets and liabilities. |
|  | The table below summarizes the aging profile of the Company's financial liabilities as of June 30, 2025. | The table below summarizes the aging profile of the Company's financial liabilities as of June 30, 2025. | The table below summarizes the aging profile of the Company's financial liabilities as of June 30, 2025. | The table below summarizes the aging profile of the Company's financial liabilities as of June 30, 2025. | The table below summarizes the aging profile of the Company's financial liabilities as of June 30, 2025. | The table below summarizes the aging profile of the Company's financial liabilities as of June 30, 2025. | The table below summarizes the aging profile of the Company's financial liabilities as of June 30, 2025. |
|  |  | **Less than 1 year** | **Less than 1 year** | **From 1 to 5 years** | **From 1 to 5 years** | **More than 5 years** | **Total** |
|  | Borrowings | **246** | **246** | **3119** | **3119** | **-** | **3365** |
|  | Debenture and promissory notes | **2597** | **2597** | **16164** | **16164** | **645** | **19406** |
|  | Derivative financial instruments | **411** | **411** | **(68)** | **(68)** | **(278)** | **65** |
|  | Lease liabilities | **1565** | **1565** | **5669** | **5669** | **15625** | **22859** |
|  | Trade payables | **9775** | **9775** | **-** | **-** | **-** | **9775** |
|  | Trade payables - Agreements | **571** | **571** | **-** | **-** | **-** | **571** |
|  | Other accounts payable | **118** | **118** | **27** | **27** | **-** | **145** |
|  |  | **15283** | **15283** | **24911** | **24911** | **15992** | **56187** |
|  | The information was prepared considering the undiscounted cash flows of financial liabilities based on the earliest date the Company may be required to make the payment or be eligible to receive the payment. To the extent that interest rates are floating, the undiscounted amount is obtained based on interest rate curves for the year ended June 30, 2025. Therefore, certain balances presented do not agree with the balances presented in the balance sheets. | The information was prepared considering the undiscounted cash flows of financial liabilities based on the earliest date the Company may be required to make the payment or be eligible to receive the payment. To the extent that interest rates are floating, the undiscounted amount is obtained based on interest rate curves for the year ended June 30, 2025. Therefore, certain balances presented do not agree with the balances presented in the balance sheets. | The information was prepared considering the undiscounted cash flows of financial liabilities based on the earliest date the Company may be required to make the payment or be eligible to receive the payment. To the extent that interest rates are floating, the undiscounted amount is obtained based on interest rate curves for the year ended June 30, 2025. Therefore, certain balances presented do not agree with the balances presented in the balance sheets. | The information was prepared considering the undiscounted cash flows of financial liabilities based on the earliest date the Company may be required to make the payment or be eligible to receive the payment. To the extent that interest rates are floating, the undiscounted amount is obtained based on interest rate curves for the year ended June 30, 2025. Therefore, certain balances presented do not agree with the balances presented in the balance sheets. | The information was prepared considering the undiscounted cash flows of financial liabilities based on the earliest date the Company may be required to make the payment or be eligible to receive the payment. To the extent that interest rates are floating, the undiscounted amount is obtained based on interest rate curves for the year ended June 30, 2025. Therefore, certain balances presented do not agree with the balances presented in the balance sheets. | The information was prepared considering the undiscounted cash flows of financial liabilities based on the earliest date the Company may be required to make the payment or be eligible to receive the payment. To the extent that interest rates are floating, the undiscounted amount is obtained based on interest rate curves for the year ended June 30, 2025. Therefore, certain balances presented do not agree with the balances presented in the balance sheets. | The information was prepared considering the undiscounted cash flows of financial liabilities based on the earliest date the Company may be required to make the payment or be eligible to receive the payment. To the extent that interest rates are floating, the undiscounted amount is obtained based on interest rate curves for the year ended June 30, 2025. Therefore, certain balances presented do not agree with the balances presented in the balance sheets. |
| **15.2** | **Derivative financial instruments** | **Derivative financial instruments** | **Derivative financial instruments** | **Derivative financial instruments** | **Derivative financial instruments** | **Derivative financial instruments** | **Derivative financial instruments** |
|  | The consolidated position of outstanding derivative financial instrument transactions is presented in the table below: | The consolidated position of outstanding derivative financial instrument transactions is presented in the table below: | The consolidated position of outstanding derivative financial instrument transactions is presented in the table below: | The consolidated position of outstanding derivative financial instrument transactions is presented in the table below: | The consolidated position of outstanding derivative financial instrument transactions is presented in the table below: | The consolidated position of outstanding derivative financial instrument transactions is presented in the table below: | The consolidated position of outstanding derivative financial instrument transactions is presented in the table below: |
|  | **Description** | **Reference value** | **Reference value** | **Maturity** | **Maturity** | **6/30/2025** | **12/31/2024** |
|  | Debt |  |  |  |  |  |  |
|  | USD - BRL | USD18 | USD18 | 2026 | 2026 | **(10)** | 7 |
|  | USD - BRL | USD109 | USD109 | 2027 | 2027 | **(18)** | 59 |
|  | USD - BRL | USD100 | USD100 | 2028 | 2028 | **(78)** | - |
|  | USD - BRL |  |  | 2028 | 2028 |  |  |
|  | USD - BRL |  |  | 2027 | 2027 |  |  |
|  | Debt |  |  |  |  |  |  |
|  | IPCA - BRL | R$2.410 | R$2.410 | 2028, 2029 and 2031 | 2028, 2029 and 2031 | **361** | 314 |
|  | Interest rate swaps registered at CETIP |  |  |  |  |  |  |
|  | Pre-fixed rate x CDI | R$923 | R$923 | 2027 | 2027 | **(13)** | (10) |
|  | Pre-fixed rate x CDI | R$11 | R$11 | 2027 | 2027 | **1** | 1 |
|  | Pre-fixed rate x CDI | R$12 | R$12 | 2027 | 2027 | **1** | 1 |
|  | Derivatives - Fair value hedge - Brazil |  |  |  |  | **177** | 372 |
|  | Realized and unrealized gains and losses on these contracts during the period ended June 30, 2025 are recorded as net financial results and the balance receivable at fair value is R$177 (balance receivable of R$372 as of December 31, 2024), the assets are recorded as "Derivative Financial Instruments" and the liabilities as "Borrowingsand Debentures". | Realized and unrealized gains and losses on these contracts during the period ended June 30, 2025 are recorded as net financial results and the balance receivable at fair value is R$177 (balance receivable of R$372 as of December 31, 2024), the assets are recorded as "Derivative Financial Instruments" and the liabilities as "Borrowingsand Debentures". | Realized and unrealized gains and losses on these contracts during the period ended June 30, 2025 are recorded as net financial results and the balance receivable at fair value is R$177 (balance receivable of R$372 as of December 31, 2024), the assets are recorded as "Derivative Financial Instruments" and the liabilities as "Borrowingsand Debentures". | Realized and unrealized gains and losses on these contracts during the period ended June 30, 2025 are recorded as net financial results and the balance receivable at fair value is R$177 (balance receivable of R$372 as of December 31, 2024), the assets are recorded as "Derivative Financial Instruments" and the liabilities as "Borrowingsand Debentures". | Realized and unrealized gains and losses on these contracts during the period ended June 30, 2025 are recorded as net financial results and the balance receivable at fair value is R$177 (balance receivable of R$372 as of December 31, 2024), the assets are recorded as "Derivative Financial Instruments" and the liabilities as "Borrowingsand Debentures". | Realized and unrealized gains and losses on these contracts during the period ended June 30, 2025 are recorded as net financial results and the balance receivable at fair value is R$177 (balance receivable of R$372 as of December 31, 2024), the assets are recorded as "Derivative Financial Instruments" and the liabilities as "Borrowingsand Debentures". | Realized and unrealized gains and losses on these contracts during the period ended June 30, 2025 are recorded as net financial results and the balance receivable at fair value is R$177 (balance receivable of R$372 as of December 31, 2024), the assets are recorded as "Derivative Financial Instruments" and the liabilities as "Borrowingsand Debentures". |
|  | The effects of the hedge at fair value through income for the period ended June 30, 2025, resulted in a loss of R$276 (loss of R$83 as of June 30, 2024), recorded under "cost of debt" and "Mark-to-market gain (loss)", see note 23. | The effects of the hedge at fair value through income for the period ended June 30, 2025, resulted in a loss of R$276 (loss of R$83 as of June 30, 2024), recorded under "cost of debt" and "Mark-to-market gain (loss)", see note 23. | The effects of the hedge at fair value through income for the period ended June 30, 2025, resulted in a loss of R$276 (loss of R$83 as of June 30, 2024), recorded under "cost of debt" and "Mark-to-market gain (loss)", see note 23. | The effects of the hedge at fair value through income for the period ended June 30, 2025, resulted in a loss of R$276 (loss of R$83 as of June 30, 2024), recorded under "cost of debt" and "Mark-to-market gain (loss)", see note 23. | The effects of the hedge at fair value through income for the period ended June 30, 2025, resulted in a loss of R$276 (loss of R$83 as of June 30, 2024), recorded under "cost of debt" and "Mark-to-market gain (loss)", see note 23. | The effects of the hedge at fair value through income for the period ended June 30, 2025, resulted in a loss of R$276 (loss of R$83 as of June 30, 2024), recorded under "cost of debt" and "Mark-to-market gain (loss)", see note 23. | The effects of the hedge at fair value through income for the period ended June 30, 2025, resulted in a loss of R$276 (loss of R$83 as of June 30, 2024), recorded under "cost of debt" and "Mark-to-market gain (loss)", see note 23. |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **15.3** | **Sensitivity analysis of financial instruments** | **Sensitivity analysis of financial instruments** | **Sensitivity analysis of financial instruments** | **Sensitivity analysis of financial instruments** | **Sensitivity analysis of financial instruments** | **Sensitivity analysis of financial instruments** | **Sensitivity analysis of financial instruments** | **Sensitivity analysis of financial instruments** | **Sensitivity analysis of financial instruments** |
|  | According to Management's assessment, the possible reasonable changesscenario considered was, on the maturity date of each transaction, themarket curves (interest) of B3. | According to Management's assessment, the possible reasonable changesscenario considered was, on the maturity date of each transaction, themarket curves (interest) of B3. | According to Management's assessment, the possible reasonable changesscenario considered was, on the maturity date of each transaction, themarket curves (interest) of B3. | According to Management's assessment, the possible reasonable changesscenario considered was, on the maturity date of each transaction, themarket curves (interest) of B3. | According to Management's assessment, the possible reasonable changesscenario considered was, on the maturity date of each transaction, themarket curves (interest) of B3. | According to Management's assessment, the possible reasonable changesscenario considered was, on the maturity date of each transaction, themarket curves (interest) of B3. | According to Management's assessment, the possible reasonable changesscenario considered was, on the maturity date of each transaction, themarket curves (interest) of B3. | According to Management's assessment, the possible reasonable changesscenario considered was, on the maturity date of each transaction, themarket curves (interest) of B3. | According to Management's assessment, the possible reasonable changesscenario considered was, on the maturity date of each transaction, themarket curves (interest) of B3. |
|  | To determine the possible relevant change in the relevant risk variable, Management considered the economic environment in which it operates. Therefore, in scenario(I) there is no impact on the fair value of financial instruments and the weighted interest rate (CDI) was 14.68% per year. For scenarios (II) and (III), for the exclusive purpose of sensitivity analysis, Management considered a deterioration of 5% and 10%, respectively, in the risk variables, up to one year of the financial instruments, with the aim of demonstrating the sensitivity of the Company's results in an adverse scenario. | To determine the possible relevant change in the relevant risk variable, Management considered the economic environment in which it operates. Therefore, in scenario(I) there is no impact on the fair value of financial instruments and the weighted interest rate (CDI) was 14.68% per year. For scenarios (II) and (III), for the exclusive purpose of sensitivity analysis, Management considered a deterioration of 5% and 10%, respectively, in the risk variables, up to one year of the financial instruments, with the aim of demonstrating the sensitivity of the Company's results in an adverse scenario. | To determine the possible relevant change in the relevant risk variable, Management considered the economic environment in which it operates. Therefore, in scenario(I) there is no impact on the fair value of financial instruments and the weighted interest rate (CDI) was 14.68% per year. For scenarios (II) and (III), for the exclusive purpose of sensitivity analysis, Management considered a deterioration of 5% and 10%, respectively, in the risk variables, up to one year of the financial instruments, with the aim of demonstrating the sensitivity of the Company's results in an adverse scenario. | To determine the possible relevant change in the relevant risk variable, Management considered the economic environment in which it operates. Therefore, in scenario(I) there is no impact on the fair value of financial instruments and the weighted interest rate (CDI) was 14.68% per year. For scenarios (II) and (III), for the exclusive purpose of sensitivity analysis, Management considered a deterioration of 5% and 10%, respectively, in the risk variables, up to one year of the financial instruments, with the aim of demonstrating the sensitivity of the Company's results in an adverse scenario. | To determine the possible relevant change in the relevant risk variable, Management considered the economic environment in which it operates. Therefore, in scenario(I) there is no impact on the fair value of financial instruments and the weighted interest rate (CDI) was 14.68% per year. For scenarios (II) and (III), for the exclusive purpose of sensitivity analysis, Management considered a deterioration of 5% and 10%, respectively, in the risk variables, up to one year of the financial instruments, with the aim of demonstrating the sensitivity of the Company's results in an adverse scenario. | To determine the possible relevant change in the relevant risk variable, Management considered the economic environment in which it operates. Therefore, in scenario(I) there is no impact on the fair value of financial instruments and the weighted interest rate (CDI) was 14.68% per year. For scenarios (II) and (III), for the exclusive purpose of sensitivity analysis, Management considered a deterioration of 5% and 10%, respectively, in the risk variables, up to one year of the financial instruments, with the aim of demonstrating the sensitivity of the Company's results in an adverse scenario. | To determine the possible relevant change in the relevant risk variable, Management considered the economic environment in which it operates. Therefore, in scenario(I) there is no impact on the fair value of financial instruments and the weighted interest rate (CDI) was 14.68% per year. For scenarios (II) and (III), for the exclusive purpose of sensitivity analysis, Management considered a deterioration of 5% and 10%, respectively, in the risk variables, up to one year of the financial instruments, with the aim of demonstrating the sensitivity of the Company's results in an adverse scenario. | To determine the possible relevant change in the relevant risk variable, Management considered the economic environment in which it operates. Therefore, in scenario(I) there is no impact on the fair value of financial instruments and the weighted interest rate (CDI) was 14.68% per year. For scenarios (II) and (III), for the exclusive purpose of sensitivity analysis, Management considered a deterioration of 5% and 10%, respectively, in the risk variables, up to one year of the financial instruments, with the aim of demonstrating the sensitivity of the Company's results in an adverse scenario. | To determine the possible relevant change in the relevant risk variable, Management considered the economic environment in which it operates. Therefore, in scenario(I) there is no impact on the fair value of financial instruments and the weighted interest rate (CDI) was 14.68% per year. For scenarios (II) and (III), for the exclusive purpose of sensitivity analysis, Management considered a deterioration of 5% and 10%, respectively, in the risk variables, up to one year of the financial instruments, with the aim of demonstrating the sensitivity of the Company's results in an adverse scenario. |
|  | In the case of derivative financial instruments (aiming at hedging the financial debt), the variations of the scenarios are accompanied by the respective hedges, indicating that the effects are not significant. | In the case of derivative financial instruments (aiming at hedging the financial debt), the variations of the scenarios are accompanied by the respective hedges, indicating that the effects are not significant. | In the case of derivative financial instruments (aiming at hedging the financial debt), the variations of the scenarios are accompanied by the respective hedges, indicating that the effects are not significant. | In the case of derivative financial instruments (aiming at hedging the financial debt), the variations of the scenarios are accompanied by the respective hedges, indicating that the effects are not significant. | In the case of derivative financial instruments (aiming at hedging the financial debt), the variations of the scenarios are accompanied by the respective hedges, indicating that the effects are not significant. | In the case of derivative financial instruments (aiming at hedging the financial debt), the variations of the scenarios are accompanied by the respective hedges, indicating that the effects are not significant. | In the case of derivative financial instruments (aiming at hedging the financial debt), the variations of the scenarios are accompanied by the respective hedges, indicating that the effects are not significant. | In the case of derivative financial instruments (aiming at hedging the financial debt), the variations of the scenarios are accompanied by the respective hedges, indicating that the effects are not significant. | In the case of derivative financial instruments (aiming at hedging the financial debt), the variations of the scenarios are accompanied by the respective hedges, indicating that the effects are not significant. |
|  | The Company disclosed the net exposure of the derivative financial instruments, the corresponding financial instruments and certain financial instruments in the sensitivity analysis table below, for each of the mentioned scenarios: | The Company disclosed the net exposure of the derivative financial instruments, the corresponding financial instruments and certain financial instruments in the sensitivity analysis table below, for each of the mentioned scenarios: | The Company disclosed the net exposure of the derivative financial instruments, the corresponding financial instruments and certain financial instruments in the sensitivity analysis table below, for each of the mentioned scenarios: | The Company disclosed the net exposure of the derivative financial instruments, the corresponding financial instruments and certain financial instruments in the sensitivity analysis table below, for each of the mentioned scenarios: | The Company disclosed the net exposure of the derivative financial instruments, the corresponding financial instruments and certain financial instruments in the sensitivity analysis table below, for each of the mentioned scenarios: | The Company disclosed the net exposure of the derivative financial instruments, the corresponding financial instruments and certain financial instruments in the sensitivity analysis table below, for each of the mentioned scenarios: | The Company disclosed the net exposure of the derivative financial instruments, the corresponding financial instruments and certain financial instruments in the sensitivity analysis table below, for each of the mentioned scenarios: | The Company disclosed the net exposure of the derivative financial instruments, the corresponding financial instruments and certain financial instruments in the sensitivity analysis table below, for each of the mentioned scenarios: | The Company disclosed the net exposure of the derivative financial instruments, the corresponding financial instruments and certain financial instruments in the sensitivity analysis table below, for each of the mentioned scenarios: |
|  |  |  |  |  |  |  | **Market projections** | **Market projections** | **Market projections** |
|  | **Transactions** | **Note** | **Risk<br> (Rate Increase)** | **Risk<br> (Rate Increase)** | **As of 6/30/2025** | **As of 6/30/2025** | **Scenario <br> (I)** | **Scenario <br> (II)** | **Scenario <br> (III)** |
|  | Borrowings | 15.5.1 | CDI + 1.62% per year | CDI + 1.62% per year | **(934)** | **(934)** | **(136)** | **(143)** | **(150)** |
|  | Borrowings (fixed rate) | 15.5.1 | CDI + 0.20% per year | CDI + 0.20% per year | **(23)** | **(23)** | **(4)** | **(4)** | **(4)** |
|  | Derivative financial instruments (pre-fixed rate) | 15.5.1 | CDI + 0.20% per year | CDI + 0.20% per year | **2** | **2** | **-** | **-** | **-** |
|  | Borrowings (foreign currency) | 15.5.1 | CDI + 1.29% per year | CDI + 1.29% per year | **(1964)** | **(1964)** | **(288)** | **(302)** | **(317)** |
|  | Derivative financial instruments (foreign currency) | 15.5.1 | CDI + 1.29% per year | CDI + 1.29% per year | **(173)** | **(173)** | **(26)** | **(27)** | **(29)** |
|  | Debentures and promissory notes | 15.5.1 | CDI + 1.25% per year | CDI + 1.25% per year | **(13581)** | **(13581)** | **(1996)** | **(2096)** | **(2195)** |
|  | Derivative financial instruments (debentures and promissory notes) | 15.5.1 | CDI + 0.94% per year | CDI + 0.94% per year | **348** | **348** | **52** | **54** | **57** |
|  | Total net effect (loss) |  |  |  | **(16325)** | **(16325)** | **(2398)** | **(2518)** | **(2638)** |
|  | Cash equivalents | 5 | 99.21% of the CDI | 99.21% of the CDI | **4350** | **4350** | **639** | **671** | **702** |
|  | Net exposure loss |  |  |  | **(11975)** | **(11975)** | **(1759)** | **(1847)** | **(1936)** |
| **15.4** | **Fair value measurement** | **Fair value measurement** | **Fair value measurement** | **Fair value measurement** | **Fair value measurement** | **Fair value measurement** | **Fair value measurement** | **Fair value measurement** | **Fair value measurement** |
|  | The Company discloses the fair value of financial instruments measured at fair value and of financial instruments measured at amortized cost, the fair value of which differ from the carrying amounts, pursuant to CPC 46/IFRS 13, which address the concepts of measurement and disclosure requirements. The fair value hierarchy levels are defined below: | The Company discloses the fair value of financial instruments measured at fair value and of financial instruments measured at amortized cost, the fair value of which differ from the carrying amounts, pursuant to CPC 46/IFRS 13, which address the concepts of measurement and disclosure requirements. The fair value hierarchy levels are defined below: | The Company discloses the fair value of financial instruments measured at fair value and of financial instruments measured at amortized cost, the fair value of which differ from the carrying amounts, pursuant to CPC 46/IFRS 13, which address the concepts of measurement and disclosure requirements. The fair value hierarchy levels are defined below: | The Company discloses the fair value of financial instruments measured at fair value and of financial instruments measured at amortized cost, the fair value of which differ from the carrying amounts, pursuant to CPC 46/IFRS 13, which address the concepts of measurement and disclosure requirements. The fair value hierarchy levels are defined below: | The Company discloses the fair value of financial instruments measured at fair value and of financial instruments measured at amortized cost, the fair value of which differ from the carrying amounts, pursuant to CPC 46/IFRS 13, which address the concepts of measurement and disclosure requirements. The fair value hierarchy levels are defined below: | The Company discloses the fair value of financial instruments measured at fair value and of financial instruments measured at amortized cost, the fair value of which differ from the carrying amounts, pursuant to CPC 46/IFRS 13, which address the concepts of measurement and disclosure requirements. The fair value hierarchy levels are defined below: | The Company discloses the fair value of financial instruments measured at fair value and of financial instruments measured at amortized cost, the fair value of which differ from the carrying amounts, pursuant to CPC 46/IFRS 13, which address the concepts of measurement and disclosure requirements. The fair value hierarchy levels are defined below: | The Company discloses the fair value of financial instruments measured at fair value and of financial instruments measured at amortized cost, the fair value of which differ from the carrying amounts, pursuant to CPC 46/IFRS 13, which address the concepts of measurement and disclosure requirements. The fair value hierarchy levels are defined below: | The Company discloses the fair value of financial instruments measured at fair value and of financial instruments measured at amortized cost, the fair value of which differ from the carrying amounts, pursuant to CPC 46/IFRS 13, which address the concepts of measurement and disclosure requirements. The fair value hierarchy levels are defined below: |
|  | Level 1: fair value measurement at the balance sheet date using quoted prices (unadjusted) in active markets for identical assets or liabilities to which the entity may have access at the measurement date. | Level 1: fair value measurement at the balance sheet date using quoted prices (unadjusted) in active markets for identical assets or liabilities to which the entity may have access at the measurement date. | Level 1: fair value measurement at the balance sheet date using quoted prices (unadjusted) in active markets for identical assets or liabilities to which the entity may have access at the measurement date. | Level 1: fair value measurement at the balance sheet date using quoted prices (unadjusted) in active markets for identical assets or liabilities to which the entity may have access at the measurement date. | Level 1: fair value measurement at the balance sheet date using quoted prices (unadjusted) in active markets for identical assets or liabilities to which the entity may have access at the measurement date. | Level 1: fair value measurement at the balance sheet date using quoted prices (unadjusted) in active markets for identical assets or liabilities to which the entity may have access at the measurement date. | Level 1: fair value measurement at the balance sheet date using quoted prices (unadjusted) in active markets for identical assets or liabilities to which the entity may have access at the measurement date. | Level 1: fair value measurement at the balance sheet date using quoted prices (unadjusted) in active markets for identical assets or liabilities to which the entity may have access at the measurement date. | Level 1: fair value measurement at the balance sheet date using quoted prices (unadjusted) in active markets for identical assets or liabilities to which the entity may have access at the measurement date. |
|  | Level 2: fair value measurement at the balance sheet date using other significant observable assumptions for the asset or liability, either directly or indirectly, except quoted prices included in Level 1. | Level 2: fair value measurement at the balance sheet date using other significant observable assumptions for the asset or liability, either directly or indirectly, except quoted prices included in Level 1. | Level 2: fair value measurement at the balance sheet date using other significant observable assumptions for the asset or liability, either directly or indirectly, except quoted prices included in Level 1. | Level 2: fair value measurement at the balance sheet date using other significant observable assumptions for the asset or liability, either directly or indirectly, except quoted prices included in Level 1. | Level 2: fair value measurement at the balance sheet date using other significant observable assumptions for the asset or liability, either directly or indirectly, except quoted prices included in Level 1. | Level 2: fair value measurement at the balance sheet date using other significant observable assumptions for the asset or liability, either directly or indirectly, except quoted prices included in Level 1. | Level 2: fair value measurement at the balance sheet date using other significant observable assumptions for the asset or liability, either directly or indirectly, except quoted prices included in Level 1. | Level 2: fair value measurement at the balance sheet date using other significant observable assumptions for the asset or liability, either directly or indirectly, except quoted prices included in Level 1. | Level 2: fair value measurement at the balance sheet date using other significant observable assumptions for the asset or liability, either directly or indirectly, except quoted prices included in Level 1. |
|  | Level 3: fair value measurement at the balance sheet date using non-observable data for the asset or liability. | Level 3: fair value measurement at the balance sheet date using non-observable data for the asset or liability. | Level 3: fair value measurement at the balance sheet date using non-observable data for the asset or liability. | Level 3: fair value measurement at the balance sheet date using non-observable data for the asset or liability. | Level 3: fair value measurement at the balance sheet date using non-observable data for the asset or liability. | Level 3: fair value measurement at the balance sheet date using non-observable data for the asset or liability. | Level 3: fair value measurement at the balance sheet date using non-observable data for the asset or liability. | Level 3: fair value measurement at the balance sheet date using non-observable data for the asset or liability. | Level 3: fair value measurement at the balance sheet date using non-observable data for the asset or liability. |
|  | The fair values of cash and cash equivalents, trade receivables and trade payables approximate their carrying amounts. | The fair values of cash and cash equivalents, trade receivables and trade payables approximate their carrying amounts. | The fair values of cash and cash equivalents, trade receivables and trade payables approximate their carrying amounts. | The fair values of cash and cash equivalents, trade receivables and trade payables approximate their carrying amounts. | The fair values of cash and cash equivalents, trade receivables and trade payables approximate their carrying amounts. | The fair values of cash and cash equivalents, trade receivables and trade payables approximate their carrying amounts. | The fair values of cash and cash equivalents, trade receivables and trade payables approximate their carrying amounts. | The fair values of cash and cash equivalents, trade receivables and trade payables approximate their carrying amounts. | The fair values of cash and cash equivalents, trade receivables and trade payables approximate their carrying amounts. |
|  | The table below sets forth the fair value hierarchy of financial assets and liabilities measured at fair value and of financial instruments measured at amortized cost, all classified as level 2, for which the fair value has been disclosed in the interim financial information: | The table below sets forth the fair value hierarchy of financial assets and liabilities measured at fair value and of financial instruments measured at amortized cost, all classified as level 2, for which the fair value has been disclosed in the interim financial information: | The table below sets forth the fair value hierarchy of financial assets and liabilities measured at fair value and of financial instruments measured at amortized cost, all classified as level 2, for which the fair value has been disclosed in the interim financial information: | The table below sets forth the fair value hierarchy of financial assets and liabilities measured at fair value and of financial instruments measured at amortized cost, all classified as level 2, for which the fair value has been disclosed in the interim financial information: | The table below sets forth the fair value hierarchy of financial assets and liabilities measured at fair value and of financial instruments measured at amortized cost, all classified as level 2, for which the fair value has been disclosed in the interim financial information: | The table below sets forth the fair value hierarchy of financial assets and liabilities measured at fair value and of financial instruments measured at amortized cost, all classified as level 2, for which the fair value has been disclosed in the interim financial information: | The table below sets forth the fair value hierarchy of financial assets and liabilities measured at fair value and of financial instruments measured at amortized cost, all classified as level 2, for which the fair value has been disclosed in the interim financial information: | The table below sets forth the fair value hierarchy of financial assets and liabilities measured at fair value and of financial instruments measured at amortized cost, all classified as level 2, for which the fair value has been disclosed in the interim financial information: | The table below sets forth the fair value hierarchy of financial assets and liabilities measured at fair value and of financial instruments measured at amortized cost, all classified as level 2, for which the fair value has been disclosed in the interim financial information: |
|  |  |  | **Carrying amount** | **Carrying amount** | **Carrying amount** | **Fair value** | **Fair value** | **Fair value** | **Fair value** |
|  |  |  | **6/30/2025** | **12/31/2024** | **12/31/2024** | **6/30/2025** | **6/30/2025** | **12/31/2024** | **12/31/2024** |
|  | Trade receivables with credit card and tickets | Trade receivables with credit card and tickets | **1363** | 1943 | 1943 | **1363** | **1363** | 1943 | 1943 |
|  | Interest rate swaps between currencies | Interest rate swaps between currencies | **(173)** | 66 | 66 | **(173)** | **(173)** | 66 | 66 |
|  | Interest rate swaps | Interest rate swaps | **2** | (8) | (8) | **2** | **2** | (8) | (8) |
|  | Interest rate swaps - CRI | Interest rate swaps - CRI | **348** | 314 | 314 | **348** | **348** | 314 | 314 |
|  | Borrowings and debentures (fair value) | Borrowings and debentures (fair value) | **(5313)** | (4087) | (4087) | **(5313)** | **(5313)** | (4087) | (4087) |
|  | Borrowings, debentures and promissory notes (amortized cost) | Borrowings, debentures and promissory notes (amortized cost) | **(11031)** | (12460) | (12460) | **(11324)** | **(11324)** | (12188) | (12188) |
|  |  |  | **(14804)** | (14232) | (14232) | **(15097)** | **(15097)** | (13960) | (13960) |
|  | There were no change between fair value measurement hierarchy levels during the period ended June 30, 2025. | There were no change between fair value measurement hierarchy levels during the period ended June 30, 2025. | There were no change between fair value measurement hierarchy levels during the period ended June 30, 2025. | There were no change between fair value measurement hierarchy levels during the period ended June 30, 2025. | There were no change between fair value measurement hierarchy levels during the period ended June 30, 2025. | There were no change between fair value measurement hierarchy levels during the period ended June 30, 2025. | There were no change between fair value measurement hierarchy levels during the period ended June 30, 2025. | There were no change between fair value measurement hierarchy levels during the period ended June 30, 2025. | There were no change between fair value measurement hierarchy levels during the period ended June 30, 2025. |
|  | Interest rate swaps, cross-currency, borrowings and debentures are classified in Level 2 since the fair value of such financial instruments was determined based on readily observable inputs, such as expected interest rate and current and future foreign exchange rate. | Interest rate swaps, cross-currency, borrowings and debentures are classified in Level 2 since the fair value of such financial instruments was determined based on readily observable inputs, such as expected interest rate and current and future foreign exchange rate. | Interest rate swaps, cross-currency, borrowings and debentures are classified in Level 2 since the fair value of such financial instruments was determined based on readily observable inputs, such as expected interest rate and current and future foreign exchange rate. | Interest rate swaps, cross-currency, borrowings and debentures are classified in Level 2 since the fair value of such financial instruments was determined based on readily observable inputs, such as expected interest rate and current and future foreign exchange rate. | Interest rate swaps, cross-currency, borrowings and debentures are classified in Level 2 since the fair value of such financial instruments was determined based on readily observable inputs, such as expected interest rate and current and future foreign exchange rate. | Interest rate swaps, cross-currency, borrowings and debentures are classified in Level 2 since the fair value of such financial instruments was determined based on readily observable inputs, such as expected interest rate and current and future foreign exchange rate. | Interest rate swaps, cross-currency, borrowings and debentures are classified in Level 2 since the fair value of such financial instruments was determined based on readily observable inputs, such as expected interest rate and current and future foreign exchange rate. | Interest rate swaps, cross-currency, borrowings and debentures are classified in Level 2 since the fair value of such financial instruments was determined based on readily observable inputs, such as expected interest rate and current and future foreign exchange rate. | Interest rate swaps, cross-currency, borrowings and debentures are classified in Level 2 since the fair value of such financial instruments was determined based on readily observable inputs, such as expected interest rate and current and future foreign exchange rate. |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **15.5** | **Borrowings** | **Borrowings** | **Borrowings** | **Borrowings** | **Borrowings** | **Borrowings** |
| **15.5.1** | **Debt breakdown** | **Debt breakdown** | **Debt breakdown** | **Debt breakdown** | **Debt breakdown** | **Debt breakdown** |
|  |  |  | **Average rate** | **Average rate** | **6/30/2025** | **12/31/2024** |
|  | &nbsp;&nbsp;&nbsp;Debentures and promissory notes | &nbsp;&nbsp;&nbsp;Debentures and promissory notes | CDI + 1.25% per year | CDI + 1.25% per year | **13581** | 14975 |
|  | &nbsp;&nbsp;&nbsp;Borrowing costs | &nbsp;&nbsp;&nbsp;Borrowing costs |  |  | **(154)** | (176) |
|  |  |  |  |  | **13427** | 14799 |
|  | Derivative financial instruments - Debentures and promissory notes | Derivative financial instruments - Debentures and promissory notes |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;Swap contracts | CDI + 0.94% per year | CDI + 0.94% per year | **(348)** | (304) |
|  |  |  |  |  | **(348)** | (304) |
|  | Borrowings in domestic currency | Borrowings in domestic currency |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Working capital | &nbsp;&nbsp;&nbsp;Working capital | CDI + 0.20% per year | CDI + 0.20% per year | **23** | 29 |
|  | &nbsp;&nbsp;&nbsp;Working capital | &nbsp;&nbsp;&nbsp;Working capital | CDI + 1.62% per year | CDI + 1.62% per year | **934** | 923 |
|  | &nbsp;&nbsp;&nbsp;Borrowing costs | &nbsp;&nbsp;&nbsp;Borrowing costs |  |  | **(4)** | (5) |
|  |  |  |  |  | **953** | 947 |
|  | Derivative financial instruments - Domestic currency | Derivative financial instruments - Domestic currency |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;Swap contracts | CDI + 0.20% per year | CDI + 0.20% per year | **(2)** | (2) |
|  |  |  |  |  | **(2)** | (2) |
|  | Borrowings in foreign currency | Borrowings in foreign currency |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Working capital | &nbsp;&nbsp;&nbsp;Working capital | CDI + 1.29% per year | CDI + 1.29% per year | **1964** | 801 |
|  |  |  |  |  | **1964** | 801 |
|  | Derivative financial instruments - Foreign currency | Derivative financial instruments - Foreign currency |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Swap contracts | &nbsp;&nbsp;&nbsp;Swap contracts | CDI + 1.29% per year | CDI + 1.29% per year | **173** | (66) |
|  |  |  |  |  | **173** | (66) |
|  | Total of borrowings, debentures and promissory notes | Total of borrowings, debentures and promissory notes | Total of borrowings, debentures and promissory notes |  | **16167** | 16175 |
|  | Current asset - Derivative financial instruments | Current asset - Derivative financial instruments |  |  | **(8)** | (93) |
|  | Non-current asset - Derivative financial instruments | Non-current asset - Derivative financial instruments |  |  | **(424)** | (297) |
|  | Current liabilities - Borrowings | Current liabilities - Borrowings |  |  | **120** | 38 |
|  | Current liabilities - Debentures and promissory notes | Current liabilities - Debentures and promissory notes | Current liabilities - Debentures and promissory notes |  | **1148** | 2046 |
|  | Non-current liabilities - Borrowings | Non-current liabilities - Borrowings |  |  | **2990** | 1720 |
|  | Non-current liabilities - Debentures and promissory notes | Non-current liabilities - Debentures and promissory notes | Non-current liabilities - Debentures and promissory notes |  | **12341** | 12761 |
| **15.5.2** | **Roll forward of borrowings** | **Roll forward of borrowings** | **Roll forward of borrowings** | **Roll forward of borrowings** | **Roll forward of borrowings** | **Roll forward of borrowings** |
|  |  | **6/30/2025** | **6/30/2025** | **6/30/2024** |  |  |
|  | At the beginning of the period | 16175 | 16175 | 14910 |  |  |
|  | &nbsp;&nbsp;&nbsp;Funding | **2858** | **2858** | 2300 |  |  |
|  | &nbsp;&nbsp;&nbsp;Borrowing costs | **(13)** | **(13)** | (12) |  |  |
|  | &nbsp;&nbsp;&nbsp;Interest provision | **1076** | **1076** | 912 |  |  |
|  | &nbsp;&nbsp;&nbsp;Swap contracts | **299** | **299** | (8) |  |  |
|  | &nbsp;&nbsp;&nbsp;Mark-to-market | **(23)** | **(23)** | 91 |  |  |
|  | &nbsp;&nbsp;&nbsp;Exchange rate and monetary variation | **(216)** | **(216)** | 1 |  |  |
|  | &nbsp;&nbsp;&nbsp;Borrowing costs amortization | **36** | **36** | 32 |  |  |
|  | &nbsp;&nbsp;&nbsp;Interest amortization | **(938)** | **(938)** | (567) |  |  |
|  | &nbsp;&nbsp;&nbsp;Principal amortization | **(3005)** | **(3005)** | (131) |  |  |
|  | &nbsp;&nbsp;&nbsp;Swap amortization | **(82)** | **(82)** | (68) |  |  |
|  | At the end of the period | **16167** | **16167** | 17460 |  |  |
| **15.5.3** | **Schedule of non-current maturities** | **Schedule of non-current maturities** | **Schedule of non-current maturities** | **Schedule of non-current maturities** | **Schedule of non-current maturities** | **Schedule of non-current maturities** |

---

![](asaifs2q256k_009.jpg)

\* The net value of non-current is R$14,907.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **15.6** | **Debentures and promissory notes** | **Debentures and promissory notes** | **Debentures and promissory notes** | **Debentures and promissory notes** | **Debentures and promissory notes** | **Debentures and promissory notes** | **Debentures and promissory notes** | **Debentures and promissory notes** |
|  |  |  | **Date** | **Date** |  |  |  |  |
|  |  | **Outstanding debentures (units)** | **Beginning** | **Maturity** | **Annual financial charges** | **Unit price (in Reais)** | **6/30/2025** | **12/31/2024** |
|  | First Issue of Promissory Notes - 6<sup>th</sup> series | 4 | 7/4/2019 | 7/4/2025 | CDI + 0.72% per year | 86182238 | **346** | 322 |
|  | Second Issue of Debentures - 2<sup>nd</sup> series | 660000 | 6/1/2021 | 5/22/2028 | CDI + 1.95% per year | 1018 | **673** | 669 |
|  | Third Issue of Debentures - 1<sup>st</sup> series - CRI | 982526 | 10/15/2021 | 10/16/2028 | IPCA + 5.15% per year | 1235 | **1214** | 1178 |
|  | Third Issue of Debentures - 2<sup>nd</sup> series - CRI | 517474 | 10/15/2021 | 10/15/2031 | IPCA + 5.27% per year | 1236 | **639** | 620 |
|  | Fourth Issue of Debentures - single series | 2000000 | 1/7/2022 | 11/26/2027 | CDI + 1.75% per year |  | **-** | 2024 |
|  | First Issue of Commercial Paper Notes - single series | 750000 | 2/10/2022 | 2/9/2025 | CDI + 1.70% per year |  | **-** | 786 |
|  | Fifth Issue of Debentures - single series - CRI | 250000 | 4/5/2022 | 3/28/2025 | CDI + 0.75% per year |  | **-** | 258 |
|  | Sixth Issue of Debentures - 1<sup>st</sup> series - CRI | 72962 | 9/28/2022 | 9/11/2026 | CDI + 0.60% per year | 1040 | **76** | 75 |
|  | Sixth Issue of Debentures - 2<sup>nd</sup> series - CRI | 55245 | 9/28/2022 | 9/13/2027 | CDI + 0.70% per year | 1040 | **57** | 58 |
|  | Sixth Issue of Debentures - 3<sup>rd</sup> series - CRI | 471793 | 9/28/2022 | 9/13/2029 | IPCA + 6.70% per year | 1165 | **550** | 534 |
|  | Second Issue of Commercial Paper Notes - single series | 400000 | 12/26/2022 | 12/26/2025 | CDI + 0.93% per year | 1368 | **547** | 513 |
|  | Seventh Issue of Debentures - 1<sup>st</sup> series - CRI | 145721 | 7/25/2023 | 7/15/2026 | CDI + 1.00% per year | 1064 | **155** | 154 |
|  | Seventh Issue of Debentures - 2<sup>nd</sup> series - CRI | 878503 | 7/25/2023 | 7/15/2027 | Pré 11.75% per year | 1051 | **923** | 925 |
|  | Seventh Issue of Debentures - 3<sup>rd</sup> series - CRI | 46622 | 7/25/2023 | 7/17/2028 | CDI + 1.15% per year | 1064 | **50** | 50 |
|  | Eighth Issue of Debentures - 1<sup>st</sup> series | 400000 | 12/22/2023 | 12/22/2027 | CDI + 1.85% per year | 1003 | **401** | 401 |
|  | Eighth Issue of Debentures - 2<sup>nd</sup> series | 400000 | 12/22/2023 | 12/22/2028 | CDI + 1.95% per year | 1003 | **401** | 401 |
|  | Ninth Issue of Debentures - single series | 500000 | 3/28/2024 | 3/26/2029 | CDI + 1.25% per year | 1039 | **519** | 516 |
|  | Tenth Issue of Debentures - single series | 1800000 | 6/25/2024 | 6/20/2029 | CDI + 1.25% per year | 1004 | **1806** | 1805 |
|  | Eleventh Issue of Debentures - single series | 2800000 | 10/1/2024 | 9/25/2029 | CDI + 1.25% per year | 1039 | **2908** | 2882 |
|  | Twelfth Issue of Debentures - single series | 800000 | 12/13/2024 | 12/10/2029 | CDI + 1.25% per year | 1008 | **807** | 804 |
|  | Thirteenth Issue of Debentures - single series | 1500000 | 6/13/2025 | 6/5/2029 | CDI + 1.20% per year | 1006 | **1509** |  |
|  | Borrowing costs |  |  |  |  |  | **(154)** | (176) |
|  |  |  |  |  |  |  | **13427** | 14799 |
|  | The Company issues debentures to strengthen its working capital, maintain its cash strategy, and lengthen its debt and investment profile. The debentures issued are non-preemptive, non-convertible into shares, do not have renegotiation clauses and do not have guarantees. | The Company issues debentures to strengthen its working capital, maintain its cash strategy, and lengthen its debt and investment profile. The debentures issued are non-preemptive, non-convertible into shares, do not have renegotiation clauses and do not have guarantees. | The Company issues debentures to strengthen its working capital, maintain its cash strategy, and lengthen its debt and investment profile. The debentures issued are non-preemptive, non-convertible into shares, do not have renegotiation clauses and do not have guarantees. | The Company issues debentures to strengthen its working capital, maintain its cash strategy, and lengthen its debt and investment profile. The debentures issued are non-preemptive, non-convertible into shares, do not have renegotiation clauses and do not have guarantees. | The Company issues debentures to strengthen its working capital, maintain its cash strategy, and lengthen its debt and investment profile. The debentures issued are non-preemptive, non-convertible into shares, do not have renegotiation clauses and do not have guarantees. | The Company issues debentures to strengthen its working capital, maintain its cash strategy, and lengthen its debt and investment profile. The debentures issued are non-preemptive, non-convertible into shares, do not have renegotiation clauses and do not have guarantees. | The Company issues debentures to strengthen its working capital, maintain its cash strategy, and lengthen its debt and investment profile. The debentures issued are non-preemptive, non-convertible into shares, do not have renegotiation clauses and do not have guarantees. | The Company issues debentures to strengthen its working capital, maintain its cash strategy, and lengthen its debt and investment profile. The debentures issued are non-preemptive, non-convertible into shares, do not have renegotiation clauses and do not have guarantees. |
| **15.7** | **Borrowings in foreign currencies** | **Borrowings in foreign currencies** | **Borrowings in foreign currencies** | **Borrowings in foreign currencies** | **Borrowings in foreign currencies** | **Borrowings in foreign currencies** | **Borrowings in foreign currencies** | **Borrowings in foreign currencies** |
|  | As of June 30, 2025, the Company has borrowings in foreign currency to strengthen its working capital, maintain its cash strategy, lengthen its debt and investment profile. | As of June 30, 2025, the Company has borrowings in foreign currency to strengthen its working capital, maintain its cash strategy, lengthen its debt and investment profile. | As of June 30, 2025, the Company has borrowings in foreign currency to strengthen its working capital, maintain its cash strategy, lengthen its debt and investment profile. | As of June 30, 2025, the Company has borrowings in foreign currency to strengthen its working capital, maintain its cash strategy, lengthen its debt and investment profile. | As of June 30, 2025, the Company has borrowings in foreign currency to strengthen its working capital, maintain its cash strategy, lengthen its debt and investment profile. | As of June 30, 2025, the Company has borrowings in foreign currency to strengthen its working capital, maintain its cash strategy, lengthen its debt and investment profile. | As of June 30, 2025, the Company has borrowings in foreign currency to strengthen its working capital, maintain its cash strategy, lengthen its debt and investment profile. | As of June 30, 2025, the Company has borrowings in foreign currency to strengthen its working capital, maintain its cash strategy, lengthen its debt and investment profile. |
| **15.8** | **Guarantees** | **Guarantees** | **Guarantees** | **Guarantees** | **Guarantees** | **Guarantees** | **Guarantees** | **Guarantees** |
|  | As of June 30, 2025, the Company has no guarantees related to its borrowing agreement. | As of June 30, 2025, the Company has no guarantees related to its borrowing agreement. | As of June 30, 2025, the Company has no guarantees related to its borrowing agreement. | As of June 30, 2025, the Company has no guarantees related to its borrowing agreement. | As of June 30, 2025, the Company has no guarantees related to its borrowing agreement. | As of June 30, 2025, the Company has no guarantees related to its borrowing agreement. | As of June 30, 2025, the Company has no guarantees related to its borrowing agreement. | As of June 30, 2025, the Company has no guarantees related to its borrowing agreement. |
| **15.9** | **Swap contracts** | **Swap contracts** | **Swap contracts** | **Swap contracts** | **Swap contracts** | **Swap contracts** | **Swap contracts** | **Swap contracts** |
|  | The Company uses swap operations for 100% of its borrowings denominated in US dollars, in fixed interest rates and IPCA, exchanging these liabilities linked to real to the CDI (floating) interest rates. The annual average rate at CDI as of June 30, 2025 was 12.08% (10.83% as of December 31, 2024). | The Company uses swap operations for 100% of its borrowings denominated in US dollars, in fixed interest rates and IPCA, exchanging these liabilities linked to real to the CDI (floating) interest rates. The annual average rate at CDI as of June 30, 2025 was 12.08% (10.83% as of December 31, 2024). | The Company uses swap operations for 100% of its borrowings denominated in US dollars, in fixed interest rates and IPCA, exchanging these liabilities linked to real to the CDI (floating) interest rates. The annual average rate at CDI as of June 30, 2025 was 12.08% (10.83% as of December 31, 2024). | The Company uses swap operations for 100% of its borrowings denominated in US dollars, in fixed interest rates and IPCA, exchanging these liabilities linked to real to the CDI (floating) interest rates. The annual average rate at CDI as of June 30, 2025 was 12.08% (10.83% as of December 31, 2024). | The Company uses swap operations for 100% of its borrowings denominated in US dollars, in fixed interest rates and IPCA, exchanging these liabilities linked to real to the CDI (floating) interest rates. The annual average rate at CDI as of June 30, 2025 was 12.08% (10.83% as of December 31, 2024). | The Company uses swap operations for 100% of its borrowings denominated in US dollars, in fixed interest rates and IPCA, exchanging these liabilities linked to real to the CDI (floating) interest rates. The annual average rate at CDI as of June 30, 2025 was 12.08% (10.83% as of December 31, 2024). | The Company uses swap operations for 100% of its borrowings denominated in US dollars, in fixed interest rates and IPCA, exchanging these liabilities linked to real to the CDI (floating) interest rates. The annual average rate at CDI as of June 30, 2025 was 12.08% (10.83% as of December 31, 2024). | The Company uses swap operations for 100% of its borrowings denominated in US dollars, in fixed interest rates and IPCA, exchanging these liabilities linked to real to the CDI (floating) interest rates. The annual average rate at CDI as of June 30, 2025 was 12.08% (10.83% as of December 31, 2024). |
| **15.10** | **Financial covenants** | **Financial covenants** | **Financial covenants** | **Financial covenants** | **Financial covenants** | **Financial covenants** | **Financial covenants** | **Financial covenants** |
|  | In connection with the debentures and promissory notes issued, the Company is required to maintain certain financial ratios. These ratios are calculated quarterly based on the Company's interim financial information prepared in accordance with accounting practices adopted in Brazil, as follows: (i) consolidated net debt / equity less than or equal to 3.00; and (ii) consolidated net debt/EBITDA Last Twelve Months ("LTM") ratio should be lower than or equal to 3.00. | In connection with the debentures and promissory notes issued, the Company is required to maintain certain financial ratios. These ratios are calculated quarterly based on the Company's interim financial information prepared in accordance with accounting practices adopted in Brazil, as follows: (i) consolidated net debt / equity less than or equal to 3.00; and (ii) consolidated net debt/EBITDA Last Twelve Months ("LTM") ratio should be lower than or equal to 3.00. | In connection with the debentures and promissory notes issued, the Company is required to maintain certain financial ratios. These ratios are calculated quarterly based on the Company's interim financial information prepared in accordance with accounting practices adopted in Brazil, as follows: (i) consolidated net debt / equity less than or equal to 3.00; and (ii) consolidated net debt/EBITDA Last Twelve Months ("LTM") ratio should be lower than or equal to 3.00. | In connection with the debentures and promissory notes issued, the Company is required to maintain certain financial ratios. These ratios are calculated quarterly based on the Company's interim financial information prepared in accordance with accounting practices adopted in Brazil, as follows: (i) consolidated net debt / equity less than or equal to 3.00; and (ii) consolidated net debt/EBITDA Last Twelve Months ("LTM") ratio should be lower than or equal to 3.00. | In connection with the debentures and promissory notes issued, the Company is required to maintain certain financial ratios. These ratios are calculated quarterly based on the Company's interim financial information prepared in accordance with accounting practices adopted in Brazil, as follows: (i) consolidated net debt / equity less than or equal to 3.00; and (ii) consolidated net debt/EBITDA Last Twelve Months ("LTM") ratio should be lower than or equal to 3.00. | In connection with the debentures and promissory notes issued, the Company is required to maintain certain financial ratios. These ratios are calculated quarterly based on the Company's interim financial information prepared in accordance with accounting practices adopted in Brazil, as follows: (i) consolidated net debt / equity less than or equal to 3.00; and (ii) consolidated net debt/EBITDA Last Twelve Months ("LTM") ratio should be lower than or equal to 3.00. | In connection with the debentures and promissory notes issued, the Company is required to maintain certain financial ratios. These ratios are calculated quarterly based on the Company's interim financial information prepared in accordance with accounting practices adopted in Brazil, as follows: (i) consolidated net debt / equity less than or equal to 3.00; and (ii) consolidated net debt/EBITDA Last Twelve Months ("LTM") ratio should be lower than or equal to 3.00. | In connection with the debentures and promissory notes issued, the Company is required to maintain certain financial ratios. These ratios are calculated quarterly based on the Company's interim financial information prepared in accordance with accounting practices adopted in Brazil, as follows: (i) consolidated net debt / equity less than or equal to 3.00; and (ii) consolidated net debt/EBITDA Last Twelve Months ("LTM") ratio should be lower than or equal to 3.00. |
|  | As of June 30, 2025, the Company had fulfilled all contractual obligations and was compliant with these ratios. | As of June 30, 2025, the Company had fulfilled all contractual obligations and was compliant with these ratios. | As of June 30, 2025, the Company had fulfilled all contractual obligations and was compliant with these ratios. | As of June 30, 2025, the Company had fulfilled all contractual obligations and was compliant with these ratios. | As of June 30, 2025, the Company had fulfilled all contractual obligations and was compliant with these ratios. | As of June 30, 2025, the Company had fulfilled all contractual obligations and was compliant with these ratios. | As of June 30, 2025, the Company had fulfilled all contractual obligations and was compliant with these ratios. | As of June 30, 2025, the Company had fulfilled all contractual obligations and was compliant with these ratios. |

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|:---|:---|:---|:---|:---|:---|
| **16** | **PROVISION FOR LEGAL PROCEEDINGS** | **PROVISION FOR LEGAL PROCEEDINGS** | **PROVISION FOR LEGAL PROCEEDINGS** | **PROVISION FOR LEGAL PROCEEDINGS** | **PROVISION FOR LEGAL PROCEEDINGS** |
|  | The provision for legal proceedings is estimated by the Company and supported by its legal counsel and was established in an amount considered sufficient to cover the considered probable losses. | The provision for legal proceedings is estimated by the Company and supported by its legal counsel and was established in an amount considered sufficient to cover the considered probable losses. | The provision for legal proceedings is estimated by the Company and supported by its legal counsel and was established in an amount considered sufficient to cover the considered probable losses. | The provision for legal proceedings is estimated by the Company and supported by its legal counsel and was established in an amount considered sufficient to cover the considered probable losses. | The provision for legal proceedings is estimated by the Company and supported by its legal counsel and was established in an amount considered sufficient to cover the considered probable losses. |
|  |  | **Tax claims** | **Social security and labor** | **Civil** | **Total** |
|  | Balance as of December 31, 2023 | 62 | 163 | 38 | 263 |
|  | &nbsp;&nbsp;&nbsp;Additions | 6 | 102 | 8 | 116 |
|  | &nbsp;&nbsp;&nbsp;Reversals | (32) | (45) | (5) | (82) |
|  | &nbsp;&nbsp;&nbsp;Payments | (9) | (46) | (5) | (60) |
|  | &nbsp;&nbsp;&nbsp;Monetary correction | (8) | 9 | 4 | 5 |
|  | Balance as of June 30, 2024 | 19 | 183 | 40 | 242 |
|  | Restricted deposits for legal proceedings | (1) | (6) | (10) | (17) |
|  | Net provision for restricted deposits | 18 | 177 | 30 | 225 |
|  |  | **Tax claims** | **Social security and labor** | **Civil** | **Total** |
|  | Balance as of December 31, 2024 | 16 | 174 | 33 | 223 |
|  | &nbsp;&nbsp;&nbsp;Additions | **4** | **149** | **11** | **164** |
|  | &nbsp;&nbsp;&nbsp;Reversals | **-** | **(49)** | **(6)** | **(55)** |
|  | &nbsp;&nbsp;&nbsp;Payments | **-** | **(74)** | **(3)** | **(77)** |
|  | &nbsp;&nbsp;&nbsp;Monetary correction | **5** | **12** | **3** | **20** |
|  | Balance as of June 30, 2025 | **25** | **212** | **38** | **275** |
|  | Restricted deposits for legal proceedings | **(4)** | **(1)** | **(3)** | **(8)** |
|  | Net provision for restricted deposits | **21** | **211** | **35** | **267** |
|  | Of the total amount of the table above, R$36 (R$26 as of December 31, 2024) is the responsibility of GPA arising from contingencies up to 2016, pursuant to contractual provisions, namely: R$4 tax claims, R$15 labor claims and R$17 civil claims (R$4 tax claims, R$7 labor claims and R$15 civil claims as of December 31, 2024). | Of the total amount of the table above, R$36 (R$26 as of December 31, 2024) is the responsibility of GPA arising from contingencies up to 2016, pursuant to contractual provisions, namely: R$4 tax claims, R$15 labor claims and R$17 civil claims (R$4 tax claims, R$7 labor claims and R$15 civil claims as of December 31, 2024). | Of the total amount of the table above, R$36 (R$26 as of December 31, 2024) is the responsibility of GPA arising from contingencies up to 2016, pursuant to contractual provisions, namely: R$4 tax claims, R$15 labor claims and R$17 civil claims (R$4 tax claims, R$7 labor claims and R$15 civil claims as of December 31, 2024). | Of the total amount of the table above, R$36 (R$26 as of December 31, 2024) is the responsibility of GPA arising from contingencies up to 2016, pursuant to contractual provisions, namely: R$4 tax claims, R$15 labor claims and R$17 civil claims (R$4 tax claims, R$7 labor claims and R$15 civil claims as of December 31, 2024). | Of the total amount of the table above, R$36 (R$26 as of December 31, 2024) is the responsibility of GPA arising from contingencies up to 2016, pursuant to contractual provisions, namely: R$4 tax claims, R$15 labor claims and R$17 civil claims (R$4 tax claims, R$7 labor claims and R$15 civil claims as of December 31, 2024). |
| **16.1** | **Tax claims** | **Tax claims** | **Tax claims** | **Tax claims** | **Tax claims** |
|  | Tax claims are subject by law to monthly monetary adjustment, which refers to an adjustment to the provision based on indexing rates adopted by each tax jurisdiction. Both interest charges and fines, where applicable, were calculated and provisioned with respect to unpaid amounts. | Tax claims are subject by law to monthly monetary adjustment, which refers to an adjustment to the provision based on indexing rates adopted by each tax jurisdiction. Both interest charges and fines, where applicable, were calculated and provisioned with respect to unpaid amounts. | Tax claims are subject by law to monthly monetary adjustment, which refers to an adjustment to the provision based on indexing rates adopted by each tax jurisdiction. Both interest charges and fines, where applicable, were calculated and provisioned with respect to unpaid amounts. | Tax claims are subject by law to monthly monetary adjustment, which refers to an adjustment to the provision based on indexing rates adopted by each tax jurisdiction. Both interest charges and fines, where applicable, were calculated and provisioned with respect to unpaid amounts. | Tax claims are subject by law to monthly monetary adjustment, which refers to an adjustment to the provision based on indexing rates adopted by each tax jurisdiction. Both interest charges and fines, where applicable, were calculated and provisioned with respect to unpaid amounts. |
|  | The Company has other tax claims, which according to its legal counsel's analysis, were provisioned, namely: (i) discussions on the non-application of the Accident Prevention Factor (FAP); (ii) IPI in the resale of imported products; and (iii) other matters. | The Company has other tax claims, which according to its legal counsel's analysis, were provisioned, namely: (i) discussions on the non-application of the Accident Prevention Factor (FAP); (ii) IPI in the resale of imported products; and (iii) other matters. | The Company has other tax claims, which according to its legal counsel's analysis, were provisioned, namely: (i) discussions on the non-application of the Accident Prevention Factor (FAP); (ii) IPI in the resale of imported products; and (iii) other matters. | The Company has other tax claims, which according to its legal counsel's analysis, were provisioned, namely: (i) discussions on the non-application of the Accident Prevention Factor (FAP); (ii) IPI in the resale of imported products; and (iii) other matters. | The Company has other tax claims, which according to its legal counsel's analysis, were provisioned, namely: (i) discussions on the non-application of the Accident Prevention Factor (FAP); (ii) IPI in the resale of imported products; and (iii) other matters. |
|  | The amount provisioned for these matters as of June 30, 2025 is R$25 (R$16 as of December 31, 2024). | The amount provisioned for these matters as of June 30, 2025 is R$25 (R$16 as of December 31, 2024). | The amount provisioned for these matters as of June 30, 2025 is R$25 (R$16 as of December 31, 2024). | The amount provisioned for these matters as of June 30, 2025 is R$25 (R$16 as of December 31, 2024). | The amount provisioned for these matters as of June 30, 2025 is R$25 (R$16 as of December 31, 2024). |
| **16.2** | **Social security and labor** | **Social security and labor** | **Social security and labor** | **Social security and labor** | **Social security and labor** |
|  | The Company is a party to various labor proceedings, especially due to dismissals in the regular course of business. As of June 30, 2025, the Company recorded a provision of R$212 (R$174 as of December 31, 2024), referring to a potential risk of loss relating to labor claims. Management, with the assistance of its legal counsel, assesses these claims and records provisions for losses when reasonably estimated, considering previous experiences in relation to amounts claimed. | The Company is a party to various labor proceedings, especially due to dismissals in the regular course of business. As of June 30, 2025, the Company recorded a provision of R$212 (R$174 as of December 31, 2024), referring to a potential risk of loss relating to labor claims. Management, with the assistance of its legal counsel, assesses these claims and records provisions for losses when reasonably estimated, considering previous experiences in relation to amounts claimed. | The Company is a party to various labor proceedings, especially due to dismissals in the regular course of business. As of June 30, 2025, the Company recorded a provision of R$212 (R$174 as of December 31, 2024), referring to a potential risk of loss relating to labor claims. Management, with the assistance of its legal counsel, assesses these claims and records provisions for losses when reasonably estimated, considering previous experiences in relation to amounts claimed. | The Company is a party to various labor proceedings, especially due to dismissals in the regular course of business. As of June 30, 2025, the Company recorded a provision of R$212 (R$174 as of December 31, 2024), referring to a potential risk of loss relating to labor claims. Management, with the assistance of its legal counsel, assesses these claims and records provisions for losses when reasonably estimated, considering previous experiences in relation to amounts claimed. | The Company is a party to various labor proceedings, especially due to dismissals in the regular course of business. As of June 30, 2025, the Company recorded a provision of R$212 (R$174 as of December 31, 2024), referring to a potential risk of loss relating to labor claims. Management, with the assistance of its legal counsel, assesses these claims and records provisions for losses when reasonably estimated, considering previous experiences in relation to amounts claimed. |
| **16.3** | **Civil** | **Civil** | **Civil** | **Civil** | **Civil** |
|  | The Company is a party to civil proceedings (indemnifications, collections, among others) that are in different procedural phases and at various courts. Management records provisions in amounts considered sufficient to cover unfavorable court decisions when its internal and external legal counsel assess the losses to be probable. | The Company is a party to civil proceedings (indemnifications, collections, among others) that are in different procedural phases and at various courts. Management records provisions in amounts considered sufficient to cover unfavorable court decisions when its internal and external legal counsel assess the losses to be probable. | The Company is a party to civil proceedings (indemnifications, collections, among others) that are in different procedural phases and at various courts. Management records provisions in amounts considered sufficient to cover unfavorable court decisions when its internal and external legal counsel assess the losses to be probable. | The Company is a party to civil proceedings (indemnifications, collections, among others) that are in different procedural phases and at various courts. Management records provisions in amounts considered sufficient to cover unfavorable court decisions when its internal and external legal counsel assess the losses to be probable. | The Company is a party to civil proceedings (indemnifications, collections, among others) that are in different procedural phases and at various courts. Management records provisions in amounts considered sufficient to cover unfavorable court decisions when its internal and external legal counsel assess the losses to be probable. |
|  | Among these proceedings, we highlight the following: | Among these proceedings, we highlight the following: | Among these proceedings, we highlight the following: | Among these proceedings, we highlight the following: | Among these proceedings, we highlight the following: |
|  | The Company is a party to various lawsuits requesting the renewal of rental agreements and the review of the current rent paid. The Company records a provision for the difference between the monthly rental amounts originally paid by stores and the rental amounts calculated by the legal experts considering that it is the expert report amount that will be used as the basis for the decision that will change the rental amount paid by the Company. As of June 30, 2025, the amount of the provision for these lawsuits is R$28 (R$26 as of December 31, 2024), for which there are no restricted deposits for legal proceedings. | The Company is a party to various lawsuits requesting the renewal of rental agreements and the review of the current rent paid. The Company records a provision for the difference between the monthly rental amounts originally paid by stores and the rental amounts calculated by the legal experts considering that it is the expert report amount that will be used as the basis for the decision that will change the rental amount paid by the Company. As of June 30, 2025, the amount of the provision for these lawsuits is R$28 (R$26 as of December 31, 2024), for which there are no restricted deposits for legal proceedings. | The Company is a party to various lawsuits requesting the renewal of rental agreements and the review of the current rent paid. The Company records a provision for the difference between the monthly rental amounts originally paid by stores and the rental amounts calculated by the legal experts considering that it is the expert report amount that will be used as the basis for the decision that will change the rental amount paid by the Company. As of June 30, 2025, the amount of the provision for these lawsuits is R$28 (R$26 as of December 31, 2024), for which there are no restricted deposits for legal proceedings. | The Company is a party to various lawsuits requesting the renewal of rental agreements and the review of the current rent paid. The Company records a provision for the difference between the monthly rental amounts originally paid by stores and the rental amounts calculated by the legal experts considering that it is the expert report amount that will be used as the basis for the decision that will change the rental amount paid by the Company. As of June 30, 2025, the amount of the provision for these lawsuits is R$28 (R$26 as of December 31, 2024), for which there are no restricted deposits for legal proceedings. | The Company is a party to various lawsuits requesting the renewal of rental agreements and the review of the current rent paid. The Company records a provision for the difference between the monthly rental amounts originally paid by stores and the rental amounts calculated by the legal experts considering that it is the expert report amount that will be used as the basis for the decision that will change the rental amount paid by the Company. As of June 30, 2025, the amount of the provision for these lawsuits is R$28 (R$26 as of December 31, 2024), for which there are no restricted deposits for legal proceedings. |
|  | The Company is a party to certain lawsuits relating to the fines applied by inspection bodies of direct and indirect administration of the federal government, states, and municipalities, including consumer defense bodies (PROCONs, INMETRO, and local governments). The Company, with the assistance of its legal counsel, assesses these claims recording provisions for probable cash disbursements according to the estimate of loss. As of June 30, 2025, the amount of provision for these lawsuits is R$10 (R$7 as of December 31, 2024). | The Company is a party to certain lawsuits relating to the fines applied by inspection bodies of direct and indirect administration of the federal government, states, and municipalities, including consumer defense bodies (PROCONs, INMETRO, and local governments). The Company, with the assistance of its legal counsel, assesses these claims recording provisions for probable cash disbursements according to the estimate of loss. As of June 30, 2025, the amount of provision for these lawsuits is R$10 (R$7 as of December 31, 2024). | The Company is a party to certain lawsuits relating to the fines applied by inspection bodies of direct and indirect administration of the federal government, states, and municipalities, including consumer defense bodies (PROCONs, INMETRO, and local governments). The Company, with the assistance of its legal counsel, assesses these claims recording provisions for probable cash disbursements according to the estimate of loss. As of June 30, 2025, the amount of provision for these lawsuits is R$10 (R$7 as of December 31, 2024). | The Company is a party to certain lawsuits relating to the fines applied by inspection bodies of direct and indirect administration of the federal government, states, and municipalities, including consumer defense bodies (PROCONs, INMETRO, and local governments). The Company, with the assistance of its legal counsel, assesses these claims recording provisions for probable cash disbursements according to the estimate of loss. As of June 30, 2025, the amount of provision for these lawsuits is R$10 (R$7 as of December 31, 2024). | The Company is a party to certain lawsuits relating to the fines applied by inspection bodies of direct and indirect administration of the federal government, states, and municipalities, including consumer defense bodies (PROCONs, INMETRO, and local governments). The Company, with the assistance of its legal counsel, assesses these claims recording provisions for probable cash disbursements according to the estimate of loss. As of June 30, 2025, the amount of provision for these lawsuits is R$10 (R$7 as of December 31, 2024). |
|  | The Company's total civil, regulatory and property claims as of June 30, 2025, is R$38 (R$33 as of December 31, 2024). | The Company's total civil, regulatory and property claims as of June 30, 2025, is R$38 (R$33 as of December 31, 2024). | The Company's total civil, regulatory and property claims as of June 30, 2025, is R$38 (R$33 as of December 31, 2024). | The Company's total civil, regulatory and property claims as of June 30, 2025, is R$38 (R$33 as of December 31, 2024). | The Company's total civil, regulatory and property claims as of June 30, 2025, is R$38 (R$33 as of December 31, 2024). |

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|:---|:---|:---|:---|:---|:---|
| **16.4** | **Contingent liabilities not accrued** | **Contingent liabilities not accrued** | **Contingent liabilities not accrued** | **Contingent liabilities not accrued** | **Contingent liabilities not accrued** |
|  | The Company is a party to other litigations for which the risk of loss was classified by its legal counsel to be possible, therefore, not accrued, to the following subjects: | The Company is a party to other litigations for which the risk of loss was classified by its legal counsel to be possible, therefore, not accrued, to the following subjects: | The Company is a party to other litigations for which the risk of loss was classified by its legal counsel to be possible, therefore, not accrued, to the following subjects: | The Company is a party to other litigations for which the risk of loss was classified by its legal counsel to be possible, therefore, not accrued, to the following subjects: | The Company is a party to other litigations for which the risk of loss was classified by its legal counsel to be possible, therefore, not accrued, to the following subjects: |
|  |  |  |  | **6/30/2025** | **12/31/2024** |
|  | Tax on Financial Transactions (IOF) – payment differences. | Tax on Financial Transactions (IOF) – payment differences. | Tax on Financial Transactions (IOF) – payment differences. | **15** | 14 |
|  | PIS, COFINS – payment discrepancies and overpayments, fine for non-compliance with ancillary obligations, disallowance of PIS and COFINS credits, among other matters pending judgment at the administrative and judicial levels. | PIS, COFINS – payment discrepancies and overpayments, fine for non-compliance with ancillary obligations, disallowance of PIS and COFINS credits, among other matters pending judgment at the administrative and judicial levels. | PIS, COFINS – payment discrepancies and overpayments, fine for non-compliance with ancillary obligations, disallowance of PIS and COFINS credits, among other matters pending judgment at the administrative and judicial levels. | **942** | 1008 |
|  | ICMS – allocation of credits from purchases from suppliers considered unqualified by the registry of the State Revenue Service, among other matters, which are pending judgment at the administrative and judicial levels. | ICMS – allocation of credits from purchases from suppliers considered unqualified by the registry of the State Revenue Service, among other matters, which are pending judgment at the administrative and judicial levels. | ICMS – allocation of credits from purchases from suppliers considered unqualified by the registry of the State Revenue Service, among other matters, which are pending judgment at the administrative and judicial levels. | **1275** | 1210 |
|  | ISS (services tax), IPTU (urban property tax), Fees and other – discrepancies in payments of IPTU, fines for non-compliance with ancillary obligations, ISS – refund of advertising expenses and various fees, which are pending judgment at the administrative and judicial levels. | ISS (services tax), IPTU (urban property tax), Fees and other – discrepancies in payments of IPTU, fines for non-compliance with ancillary obligations, ISS – refund of advertising expenses and various fees, which are pending judgment at the administrative and judicial levels. | ISS (services tax), IPTU (urban property tax), Fees and other – discrepancies in payments of IPTU, fines for non-compliance with ancillary obligations, ISS – refund of advertising expenses and various fees, which are pending judgment at the administrative and judicial levels. | **14** | 20 |
|  | INSS (national institute of social security) – divergences in the FGTS and Social Security form (GFIP), offsets not approved, among other matters, which are pending judgment at the administrative and judicial levels. | INSS (national institute of social security) – divergences in the FGTS and Social Security form (GFIP), offsets not approved, among other matters, which are pending judgment at the administrative and judicial levels. | INSS (national institute of social security) – divergences in the FGTS and Social Security form (GFIP), offsets not approved, among other matters, which are pending judgment at the administrative and judicial levels. | **24** | 25 |
|  | Other litigation – real estate lawsuits in which the Company claims the renewal and maintenance of lease agreements according to market prices. These lawsuits involve proceedings in civil court, as well as administrative proceedings filed by inspection bodies, among others. | Other litigation – real estate lawsuits in which the Company claims the renewal and maintenance of lease agreements according to market prices. These lawsuits involve proceedings in civil court, as well as administrative proceedings filed by inspection bodies, among others. | Other litigation – real estate lawsuits in which the Company claims the renewal and maintenance of lease agreements according to market prices. These lawsuits involve proceedings in civil court, as well as administrative proceedings filed by inspection bodies, among others. | **2** | 2 |
|  | Compensation linked to the external legal counsel's success fee if all the proceedings were concluded in favor of the Company. | Compensation linked to the external legal counsel's success fee if all the proceedings were concluded in favor of the Company. | Compensation linked to the external legal counsel's success fee if all the proceedings were concluded in favor of the Company. | **33** | 27 |
|  |  |  |  | **2305** | 2306 |
|  | Of the total amount in the table above, R$1,100 (R$1,097 as of December 31, 2024) is the responsibility of GPA arising from contingencies up to 2016, pursuant to contractual provisions, namely: R$1,099 tax claims and R$1 civil claims (R$1,096 tax claims and R$1 civil claims as of December 31, 2024). | Of the total amount in the table above, R$1,100 (R$1,097 as of December 31, 2024) is the responsibility of GPA arising from contingencies up to 2016, pursuant to contractual provisions, namely: R$1,099 tax claims and R$1 civil claims (R$1,096 tax claims and R$1 civil claims as of December 31, 2024). | Of the total amount in the table above, R$1,100 (R$1,097 as of December 31, 2024) is the responsibility of GPA arising from contingencies up to 2016, pursuant to contractual provisions, namely: R$1,099 tax claims and R$1 civil claims (R$1,096 tax claims and R$1 civil claims as of December 31, 2024). | Of the total amount in the table above, R$1,100 (R$1,097 as of December 31, 2024) is the responsibility of GPA arising from contingencies up to 2016, pursuant to contractual provisions, namely: R$1,099 tax claims and R$1 civil claims (R$1,096 tax claims and R$1 civil claims as of December 31, 2024). | Of the total amount in the table above, R$1,100 (R$1,097 as of December 31, 2024) is the responsibility of GPA arising from contingencies up to 2016, pursuant to contractual provisions, namely: R$1,099 tax claims and R$1 civil claims (R$1,096 tax claims and R$1 civil claims as of December 31, 2024). |
|  | Three collective proceedings were filed by institutions related to black people's movements due to an approach to a customer, in August 2021 at the store in Limeira - SP, which claim supposed racial issues. All were duly answered. One of them has already been extinguished by the judiciary without major effects. As of June 30, 2025, there are still two lawsuits in progress and, given the subjectivity of the matter, it is still not possible to reasonably estimate the amounts involved. A significant impact is not expected, upon completion the lawsuits on the Company's financial statements. | Three collective proceedings were filed by institutions related to black people's movements due to an approach to a customer, in August 2021 at the store in Limeira - SP, which claim supposed racial issues. All were duly answered. One of them has already been extinguished by the judiciary without major effects. As of June 30, 2025, there are still two lawsuits in progress and, given the subjectivity of the matter, it is still not possible to reasonably estimate the amounts involved. A significant impact is not expected, upon completion the lawsuits on the Company's financial statements. | Three collective proceedings were filed by institutions related to black people's movements due to an approach to a customer, in August 2021 at the store in Limeira - SP, which claim supposed racial issues. All were duly answered. One of them has already been extinguished by the judiciary without major effects. As of June 30, 2025, there are still two lawsuits in progress and, given the subjectivity of the matter, it is still not possible to reasonably estimate the amounts involved. A significant impact is not expected, upon completion the lawsuits on the Company's financial statements. | Three collective proceedings were filed by institutions related to black people's movements due to an approach to a customer, in August 2021 at the store in Limeira - SP, which claim supposed racial issues. All were duly answered. One of them has already been extinguished by the judiciary without major effects. As of June 30, 2025, there are still two lawsuits in progress and, given the subjectivity of the matter, it is still not possible to reasonably estimate the amounts involved. A significant impact is not expected, upon completion the lawsuits on the Company's financial statements. | Three collective proceedings were filed by institutions related to black people's movements due to an approach to a customer, in August 2021 at the store in Limeira - SP, which claim supposed racial issues. All were duly answered. One of them has already been extinguished by the judiciary without major effects. As of June 30, 2025, there are still two lawsuits in progress and, given the subjectivity of the matter, it is still not possible to reasonably estimate the amounts involved. A significant impact is not expected, upon completion the lawsuits on the Company's financial statements. |
| **16.4.1** | **Uncertainty over IRPJ and CSLL treatments** | **Uncertainty over IRPJ and CSLL treatments** | **Uncertainty over IRPJ and CSLL treatments** | **Uncertainty over IRPJ and CSLL treatments** | **Uncertainty over IRPJ and CSLL treatments** |
|  | In compliance with ICPC 22/IFRIC 23 – Uncertainty over Income Tax Treatment, the Company has proceedings, at the judicial and administrative levels, with Government's regulatory agencies, which are related to uncertain tax treatments adopted for the recording of income tax and social contribution. Based on the assessment of internal and external legal counsel, the Company considers the tax treatment adopted is adequate, therefore, these proceedings were classified as possible losses. As of June 30, 2025, the amount involved was R$1,171 (R$1,025 as of December 31, 2024). | In compliance with ICPC 22/IFRIC 23 – Uncertainty over Income Tax Treatment, the Company has proceedings, at the judicial and administrative levels, with Government's regulatory agencies, which are related to uncertain tax treatments adopted for the recording of income tax and social contribution. Based on the assessment of internal and external legal counsel, the Company considers the tax treatment adopted is adequate, therefore, these proceedings were classified as possible losses. As of June 30, 2025, the amount involved was R$1,171 (R$1,025 as of December 31, 2024). | In compliance with ICPC 22/IFRIC 23 – Uncertainty over Income Tax Treatment, the Company has proceedings, at the judicial and administrative levels, with Government's regulatory agencies, which are related to uncertain tax treatments adopted for the recording of income tax and social contribution. Based on the assessment of internal and external legal counsel, the Company considers the tax treatment adopted is adequate, therefore, these proceedings were classified as possible losses. As of June 30, 2025, the amount involved was R$1,171 (R$1,025 as of December 31, 2024). | In compliance with ICPC 22/IFRIC 23 – Uncertainty over Income Tax Treatment, the Company has proceedings, at the judicial and administrative levels, with Government's regulatory agencies, which are related to uncertain tax treatments adopted for the recording of income tax and social contribution. Based on the assessment of internal and external legal counsel, the Company considers the tax treatment adopted is adequate, therefore, these proceedings were classified as possible losses. As of June 30, 2025, the amount involved was R$1,171 (R$1,025 as of December 31, 2024). | In compliance with ICPC 22/IFRIC 23 – Uncertainty over Income Tax Treatment, the Company has proceedings, at the judicial and administrative levels, with Government's regulatory agencies, which are related to uncertain tax treatments adopted for the recording of income tax and social contribution. Based on the assessment of internal and external legal counsel, the Company considers the tax treatment adopted is adequate, therefore, these proceedings were classified as possible losses. As of June 30, 2025, the amount involved was R$1,171 (R$1,025 as of December 31, 2024). |
|  | Of the total amount above, R$300 is the responsibility of GPA arising from contingencies up to 2016, pursuant to contractual provisions (R$293 as of December 31, 2024). | Of the total amount above, R$300 is the responsibility of GPA arising from contingencies up to 2016, pursuant to contractual provisions (R$293 as of December 31, 2024). | Of the total amount above, R$300 is the responsibility of GPA arising from contingencies up to 2016, pursuant to contractual provisions (R$293 as of December 31, 2024). | Of the total amount above, R$300 is the responsibility of GPA arising from contingencies up to 2016, pursuant to contractual provisions (R$293 as of December 31, 2024). | Of the total amount above, R$300 is the responsibility of GPA arising from contingencies up to 2016, pursuant to contractual provisions (R$293 as of December 31, 2024). |
| **16.5** | **Guarantees** | **Guarantees** | **Guarantees** | **Guarantees** | **Guarantees** |
|  | The Company provided bank guarantees and insurance guarantees for judicial proceedings of a civil, tax and labor nature, described below: | The Company provided bank guarantees and insurance guarantees for judicial proceedings of a civil, tax and labor nature, described below: | The Company provided bank guarantees and insurance guarantees for judicial proceedings of a civil, tax and labor nature, described below: | The Company provided bank guarantees and insurance guarantees for judicial proceedings of a civil, tax and labor nature, described below: | The Company provided bank guarantees and insurance guarantees for judicial proceedings of a civil, tax and labor nature, described below: |
|  | **Lawsuits** | **6/30/2025** | **6/30/2024** |  |  |
|  | Tax | **1794** | 1461 |  |  |
|  | Labor | **93** | 84 |  |  |
|  | Civil and others | **46** | 49 |  |  |
|  |  | **1933** | 1594 |  |  |
|  | The cost of guarantees as of June 30, 2025 is approximately 0.15% per year of the amount of the lawsuits (0.16% as of June 30, 2024) and is recorded as a financial expense. | The cost of guarantees as of June 30, 2025 is approximately 0.15% per year of the amount of the lawsuits (0.16% as of June 30, 2024) and is recorded as a financial expense. | The cost of guarantees as of June 30, 2025 is approximately 0.15% per year of the amount of the lawsuits (0.16% as of June 30, 2024) and is recorded as a financial expense. | The cost of guarantees as of June 30, 2025 is approximately 0.15% per year of the amount of the lawsuits (0.16% as of June 30, 2024) and is recorded as a financial expense. | The cost of guarantees as of June 30, 2025 is approximately 0.15% per year of the amount of the lawsuits (0.16% as of June 30, 2024) and is recorded as a financial expense. |
| **16.6** | **Restricted deposits for legal proceedings** | **Restricted deposits for legal proceedings** | **Restricted deposits for legal proceedings** | **Restricted deposits for legal proceedings** | **Restricted deposits for legal proceedings** |
|  | The Company has recorded in its assets amounts relating to judicial deposits: | The Company has recorded in its assets amounts relating to judicial deposits: | The Company has recorded in its assets amounts relating to judicial deposits: | The Company has recorded in its assets amounts relating to judicial deposits: | The Company has recorded in its assets amounts relating to judicial deposits: |
|  | **Lawsuits** | **6/30/2025** | **12/31/2024** |  |  |
|  | Tax | **16** | 16 |  |  |
|  | Labor | **3** | 4 |  |  |
|  | Civil and others | **4** | 4 |  |  |
|  |  | **23** | 24 |  |  |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **17** | **DEFERRED REVENUES** | **DEFERRED REVENUES** | **DEFERRED REVENUES** | **DEFERRED REVENUES** | **DEFERRED REVENUES** | **DEFERRED REVENUES** | **DEFERRED REVENUES** | **DEFERRED REVENUES** |
|  |  | **6/30/2025** | **6/30/2025** | **12/31/2024** | **12/31/2024** |  |  |  |
|  | Commercial agreement with suppliers (i) | **228** | **228** | 418 | 418 |  |  |  |
|  | Commercial agreement - payroll (ii) | **38** | **38** | 37 | 37 |  |  |  |
|  | Marketing | **25** | **25** | 20 | 20 |  |  |  |
|  |  |  | **291** | 475 | 475 |  |  |  |
|  | Current | **266** | **266** | 449 | 449 |  |  |  |
|  | Non-current | **25** | **25** | 26 | 26 |  |  |  |
|  | (i) Refers to rental of supplier product exhibition modules "checkstand", point of sale displays and backlight panels. | (i) Refers to rental of supplier product exhibition modules "checkstand", point of sale displays and backlight panels. | (i) Refers to rental of supplier product exhibition modules "checkstand", point of sale displays and backlight panels. | (i) Refers to rental of supplier product exhibition modules "checkstand", point of sale displays and backlight panels. | (i) Refers to rental of supplier product exhibition modules "checkstand", point of sale displays and backlight panels. | (i) Refers to rental of supplier product exhibition modules "checkstand", point of sale displays and backlight panels. | (i) Refers to rental of supplier product exhibition modules "checkstand", point of sale displays and backlight panels. | (i) Refers to rental of supplier product exhibition modules "checkstand", point of sale displays and backlight panels. |
|  | (ii) Commercial agreement with a financial institution for exclusivity in payroll processing. | (ii) Commercial agreement with a financial institution for exclusivity in payroll processing. | (ii) Commercial agreement with a financial institution for exclusivity in payroll processing. | (ii) Commercial agreement with a financial institution for exclusivity in payroll processing. | (ii) Commercial agreement with a financial institution for exclusivity in payroll processing. | (ii) Commercial agreement with a financial institution for exclusivity in payroll processing. | (ii) Commercial agreement with a financial institution for exclusivity in payroll processing. | (ii) Commercial agreement with a financial institution for exclusivity in payroll processing. |
| **18** | **INCOME TAX AND SOCIAL CONTRIBUTION** | **INCOME TAX AND SOCIAL CONTRIBUTION** | **INCOME TAX AND SOCIAL CONTRIBUTION** | **INCOME TAX AND SOCIAL CONTRIBUTION** | **INCOME TAX AND SOCIAL CONTRIBUTION** | **INCOME TAX AND SOCIAL CONTRIBUTION** | **INCOME TAX AND SOCIAL CONTRIBUTION** | **INCOME TAX AND SOCIAL CONTRIBUTION** |
| **18.1** | **Reconciliation of income tax and social contribution expense** | **Reconciliation of income tax and social contribution expense** | **Reconciliation of income tax and social contribution expense** | **Reconciliation of income tax and social contribution expense** | **Reconciliation of income tax and social contribution expense** | **Reconciliation of income tax and social contribution expense** | **Reconciliation of income tax and social contribution expense** | **Reconciliation of income tax and social contribution expense** |
|  |  |  |  | **6/30/2025** | **6/30/2025** | **6/30/2024** | **6/30/2024** |  |
|  | Income before income tax and social contribution | Income before income tax and social contribution | Income before income tax and social contribution | **304** | **304** | 212 | 212 |  |
|  | Expense of income tax and social contribution, for nominal rate (34%) | Expense of income tax and social contribution, for nominal rate (34%) | Expense of income tax and social contribution, for nominal rate (34%) | **(103)** | **(103)** | (72) | (72) |  |
|  | Adjustments to reflect the effective rate | Adjustments to reflect the effective rate | Adjustments to reflect the effective rate |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Tax fines | &nbsp;&nbsp;&nbsp;Tax fines | &nbsp;&nbsp;&nbsp;Tax fines | **(3)** | **(3)** | (3) | (3) |  |
|  | &nbsp;&nbsp;&nbsp;Share of profits | &nbsp;&nbsp;&nbsp;Share of profits | &nbsp;&nbsp;&nbsp;Share of profits | **12** | **12** | 11 | 11 |  |
|  | &nbsp;&nbsp;&nbsp;ICMS subsidy - tax incentives (i) | &nbsp;&nbsp;&nbsp;ICMS subsidy - tax incentives (i) | &nbsp;&nbsp;&nbsp;ICMS subsidy - tax incentives (i) | **108** | **108** | 21 | 21 |  |
|  | &nbsp;&nbsp;&nbsp;Monetary correction credits | &nbsp;&nbsp;&nbsp;Monetary correction credits | &nbsp;&nbsp;&nbsp;Monetary correction credits | **16** | **16** | 13 | 13 |  |
|  | &nbsp;&nbsp;&nbsp;Other permanent differences | &nbsp;&nbsp;&nbsp;Other permanent differences | &nbsp;&nbsp;&nbsp;Other permanent differences | **2** | **2** | 1 | 1 |  |
|  | Effective income tax and social contribution | Effective income tax and social contribution | Effective income tax and social contribution | **32** | **32** | (29) | (29) |  |
|  | Income tax and social contribution for the period | Income tax and social contribution for the period | Income tax and social contribution for the period |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Current | &nbsp;&nbsp;&nbsp;Current | &nbsp;&nbsp;&nbsp;Current | **(66)** | **(66)** | (82) | (82) |  |
|  | &nbsp;&nbsp;&nbsp;Deferred | &nbsp;&nbsp;&nbsp;Deferred | &nbsp;&nbsp;&nbsp;Deferred | **98** | **98** | 53 | 53 |  |
|  | Benefits (expenses) of income tax and social contribution | Benefits (expenses) of income tax and social contribution | Benefits (expenses) of income tax and social contribution | **32** | **32** | (29) | (29) |  |
|  | Effective rate | Effective rate | Effective rate | **-10.5%** | **-10.5%** | 13.7% | 13.7% |  |
|  | (i) The Company calculated tax credits for subsidies that, according to legal forecast, do not comprise the basis for calculating income tax and social contribution. | (i) The Company calculated tax credits for subsidies that, according to legal forecast, do not comprise the basis for calculating income tax and social contribution. | (i) The Company calculated tax credits for subsidies that, according to legal forecast, do not comprise the basis for calculating income tax and social contribution. | (i) The Company calculated tax credits for subsidies that, according to legal forecast, do not comprise the basis for calculating income tax and social contribution. | (i) The Company calculated tax credits for subsidies that, according to legal forecast, do not comprise the basis for calculating income tax and social contribution. | (i) The Company calculated tax credits for subsidies that, according to legal forecast, do not comprise the basis for calculating income tax and social contribution. | (i) The Company calculated tax credits for subsidies that, according to legal forecast, do not comprise the basis for calculating income tax and social contribution. | (i) The Company calculated tax credits for subsidies that, according to legal forecast, do not comprise the basis for calculating income tax and social contribution. |
| **18.2** | **Breakdown of deferred income tax and social contribution** | **Breakdown of deferred income tax and social contribution** | **Breakdown of deferred income tax and social contribution** | **Breakdown of deferred income tax and social contribution** | **Breakdown of deferred income tax and social contribution** | **Breakdown of deferred income tax and social contribution** | **Breakdown of deferred income tax and social contribution** | **Breakdown of deferred income tax and social contribution** |
|  | The main components of deferred income tax and social contribution in the balance sheets are the following: | The main components of deferred income tax and social contribution in the balance sheets are the following: | The main components of deferred income tax and social contribution in the balance sheets are the following: | The main components of deferred income tax and social contribution in the balance sheets are the following: | The main components of deferred income tax and social contribution in the balance sheets are the following: | The main components of deferred income tax and social contribution in the balance sheets are the following: | The main components of deferred income tax and social contribution in the balance sheets are the following: | The main components of deferred income tax and social contribution in the balance sheets are the following: |
|  |  |  | **6/30/2025** | **6/30/2025** | **6/30/2025** | **12/31/2024** | **12/31/2024** | **12/31/2024** |
|  |  |  | **Assets** | **Liabilities** | **Net** | **Assets** | **Liabilities** | **Net** |
|  | &nbsp;&nbsp;&nbsp;Deferred income tax and social contribution | &nbsp;&nbsp;&nbsp;Deferred income tax and social contribution |  |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax losses | **331** | **-** | **331** | 314 |  | 314 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for legal proceedings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for legal proceedings | **85** | **-** | **85** | 67 |  | 67 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swap | **-** | **(58)** | **(58)** |  | (132) | (132) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill tax amortization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill tax amortization | **-** | **(317)** | **(317)** |  | (317) | (317) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mark-to-market | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mark-to-market | **-** | **(2)** | **(2)** | 2 |  | 2 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment and intangible assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment and intangible assets | **10** | **-** | **10** | 10 |  | 10 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized losses with tax credits | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized losses with tax credits | **-** | **(71)** | **(71)** |  | (71) | (71) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision of inventory | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision of inventory | **21** | **-** | **21** | 35 |  | 35 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowing costs | **-** | **(54)** | **(54)** |  | (62) | (62) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease net of right of use | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease net of right of use | **3313** | **(3027)** | **286** | 3249 | (3016) | 233 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation program | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation program | **54** | **-** | **54** | 21 |  | 21 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange rate | **-** | **(41)** | **(41)** | 33 |  | 33 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others | **-** | **(5)** | **(5)** | 7 |  | 7 |
|  | &nbsp;&nbsp;&nbsp;Gross deferred income tax and social contribution assets (liabilities) | &nbsp;&nbsp;&nbsp;Gross deferred income tax and social contribution assets (liabilities) | **3814** | **(3575)** | **239** | 3738 | (3598) | 140 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation | **(3575)** | **3575** | **-** | (3598) | 3598 | - |
|  | &nbsp;&nbsp;&nbsp;Deferred income tax and social contribution assets (liabilities), net | &nbsp;&nbsp;&nbsp;Deferred income tax and social contribution assets (liabilities), net | **239** | **-** | **239** | 140 | - | 140 |
|  | Management has assessed the future realization of deferred tax assets, considering the projections of future taxable income, in the context of the main variables of its businesses. This assessment was based on information from the strategic planning report previously approved by the Company´s Board of Directors. | Management has assessed the future realization of deferred tax assets, considering the projections of future taxable income, in the context of the main variables of its businesses. This assessment was based on information from the strategic planning report previously approved by the Company´s Board of Directors. | Management has assessed the future realization of deferred tax assets, considering the projections of future taxable income, in the context of the main variables of its businesses. This assessment was based on information from the strategic planning report previously approved by the Company´s Board of Directors. | Management has assessed the future realization of deferred tax assets, considering the projections of future taxable income, in the context of the main variables of its businesses. This assessment was based on information from the strategic planning report previously approved by the Company´s Board of Directors. | Management has assessed the future realization of deferred tax assets, considering the projections of future taxable income, in the context of the main variables of its businesses. This assessment was based on information from the strategic planning report previously approved by the Company´s Board of Directors. | Management has assessed the future realization of deferred tax assets, considering the projections of future taxable income, in the context of the main variables of its businesses. This assessment was based on information from the strategic planning report previously approved by the Company´s Board of Directors. | Management has assessed the future realization of deferred tax assets, considering the projections of future taxable income, in the context of the main variables of its businesses. This assessment was based on information from the strategic planning report previously approved by the Company´s Board of Directors. | Management has assessed the future realization of deferred tax assets, considering the projections of future taxable income, in the context of the main variables of its businesses. This assessment was based on information from the strategic planning report previously approved by the Company´s Board of Directors. |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | The Company estimates the recovery of these credits as follows: | The Company estimates the recovery of these credits as follows: | The Company estimates the recovery of these credits as follows: | The Company estimates the recovery of these credits as follows: | The Company estimates the recovery of these credits as follows: | The Company estimates the recovery of these credits as follows: | The Company estimates the recovery of these credits as follows: |
|  | ![](asaifs2q256k_010.jpg) | ![](asaifs2q256k_010.jpg) | ![](asaifs2q256k_010.jpg) | ![](asaifs2q256k_010.jpg) | ![](asaifs2q256k_010.jpg) | ![](asaifs2q256k_010.jpg) | ![](asaifs2q256k_010.jpg) |
| **18.3** | **Roll forward of deferred income tax and social contribution** | **Roll forward of deferred income tax and social contribution** | **Roll forward of deferred income tax and social contribution** | **Roll forward of deferred income tax and social contribution** | **Roll forward of deferred income tax and social contribution** | **Roll forward of deferred income tax and social contribution** | **Roll forward of deferred income tax and social contribution** |
|  |  | **6/30/2025** | **6/30/2024** | **6/30/2024** |  |  |  |
|  | &nbsp;&nbsp;&nbsp;At the beginning of the period | **140** | 171 | 171 |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefits in the period | **98** | 53 | 53 |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax effect | **1** | 1 | 1 |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others | **-** | (9) | (9) |  |  |  |
|  | &nbsp;&nbsp;&nbsp;At the end of the period | **239** | 216 | 216 |  |  |  |
| **19** | **SHAREHOLDERS' EQUITY** | **SHAREHOLDERS' EQUITY** | **SHAREHOLDERS' EQUITY** | **SHAREHOLDERS' EQUITY** | **SHAREHOLDERS' EQUITY** | **SHAREHOLDERS' EQUITY** | **SHAREHOLDERS' EQUITY** |
| **19.1** | **Capital stock and stock rights** | **Capital stock and stock rights** | **Capital stock and stock rights** | **Capital stock and stock rights** | **Capital stock and stock rights** | **Capital stock and stock rights** | **Capital stock and stock rights** |
|  | According to the Company's bylaws, the Company's authorized capital may be increased up to 2 billion common shares. Below, the subscribed and fully paid-in share capital, represented by common shares, all nominative and with no par value: | According to the Company's bylaws, the Company's authorized capital may be increased up to 2 billion common shares. Below, the subscribed and fully paid-in share capital, represented by common shares, all nominative and with no par value: | According to the Company's bylaws, the Company's authorized capital may be increased up to 2 billion common shares. Below, the subscribed and fully paid-in share capital, represented by common shares, all nominative and with no par value: | According to the Company's bylaws, the Company's authorized capital may be increased up to 2 billion common shares. Below, the subscribed and fully paid-in share capital, represented by common shares, all nominative and with no par value: | According to the Company's bylaws, the Company's authorized capital may be increased up to 2 billion common shares. Below, the subscribed and fully paid-in share capital, represented by common shares, all nominative and with no par value: | According to the Company's bylaws, the Company's authorized capital may be increased up to 2 billion common shares. Below, the subscribed and fully paid-in share capital, represented by common shares, all nominative and with no par value: | According to the Company's bylaws, the Company's authorized capital may be increased up to 2 billion common shares. Below, the subscribed and fully paid-in share capital, represented by common shares, all nominative and with no par value: |
|  |  |  |  | **Number of shares** | **Number of shares** | **Amount<br> (in reais)** | **Amount<br> (in reais)** |
|  | As of December 31, 2023 and June 30, 2024 | As of December 31, 2023 and June 30, 2024 | As of December 31, 2023 and June 30, 2024 | 1351833200 | 1351833200 | 1271691249 | 1271691249 |
|  | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 | 1352215647 | 1352215647 | 1271695074 | 1271695074 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Capital contribution - Board of Directors' Meeting on 3/18/2025 (i) | &nbsp;&nbsp;&nbsp;&nbsp;Capital contribution - Board of Directors' Meeting on 3/18/2025 (i) | &nbsp;&nbsp;&nbsp;&nbsp;Capital contribution - Board of Directors' Meeting on 3/18/2025 (i) | **-** | **-** | **184074731** | **184074731** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Capital contribution - Board of Directors' Meeting on 3/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;Capital contribution - Board of Directors' Meeting on 3/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;Capital contribution - Board of Directors' Meeting on 3/18/2025 |  | **29538** | **295** | **295** |
|  | As of June 30, 2025 | As of June 30, 2025 | As of June 30, 2025 | **1352245185** | **1352245185** | **1455770100** | **1455770100** |
|  | (i) Capital contribution through expansion reserve, without issuing new shares. | (i) Capital contribution through expansion reserve, without issuing new shares. | (i) Capital contribution through expansion reserve, without issuing new shares. | (i) Capital contribution through expansion reserve, without issuing new shares. | (i) Capital contribution through expansion reserve, without issuing new shares. |  |  |
|  | Below, the shareholding structure of the Company: | Below, the shareholding structure of the Company: |  |  |  |  |  |
|  | **Note** | **6/30/2025** | **Participation** | **Participation** | **12/31/2024** | **12/31/2024** | **Participation** |
|  |  | **1347137085** | **99.62%** | **99.62%** | 1348415647 | 1348415647 | 99.72% |
|  | 19.4 | **5108100** | **0.38%** | **0.38%** | 3800000 | 3800000 | 0.28% |
|  |  | **1352245185** | **100.00%** | **100.00%** | 1352215647 | 1352215647 | 100.00% |
| **19.2** | **Distribution of dividends and interest on own capital** | **Distribution of dividends and interest on own capital** | **Distribution of dividends and interest on own capital** | **Distribution of dividends and interest on own capital** | **Distribution of dividends and interest on own capital** | **Distribution of dividends and interest on own capital** | **Distribution of dividends and interest on own capital** |
|  | At a meeting of the Board of Directors held on December 30, 2024, the advance payment of interest on own capital in the gross amount of R$125 was approved, on which the withholding tax was deducted in the amount of R$16, corresponding to the net amount of R$109. The effective payment occurred on February 28, 2025. | At a meeting of the Board of Directors held on December 30, 2024, the advance payment of interest on own capital in the gross amount of R$125 was approved, on which the withholding tax was deducted in the amount of R$16, corresponding to the net amount of R$109. The effective payment occurred on February 28, 2025. | At a meeting of the Board of Directors held on December 30, 2024, the advance payment of interest on own capital in the gross amount of R$125 was approved, on which the withholding tax was deducted in the amount of R$16, corresponding to the net amount of R$109. The effective payment occurred on February 28, 2025. | At a meeting of the Board of Directors held on December 30, 2024, the advance payment of interest on own capital in the gross amount of R$125 was approved, on which the withholding tax was deducted in the amount of R$16, corresponding to the net amount of R$109. The effective payment occurred on February 28, 2025. | At a meeting of the Board of Directors held on December 30, 2024, the advance payment of interest on own capital in the gross amount of R$125 was approved, on which the withholding tax was deducted in the amount of R$16, corresponding to the net amount of R$109. The effective payment occurred on February 28, 2025. | At a meeting of the Board of Directors held on December 30, 2024, the advance payment of interest on own capital in the gross amount of R$125 was approved, on which the withholding tax was deducted in the amount of R$16, corresponding to the net amount of R$109. The effective payment occurred on February 28, 2025. | At a meeting of the Board of Directors held on December 30, 2024, the advance payment of interest on own capital in the gross amount of R$125 was approved, on which the withholding tax was deducted in the amount of R$16, corresponding to the net amount of R$109. The effective payment occurred on February 28, 2025. |
|  | On March 26, 2025, the Management's proposal was disclosed to the market, including the dividend amounts and the allocation of the Company's profits as of December 31, 2024. | On March 26, 2025, the Management's proposal was disclosed to the market, including the dividend amounts and the allocation of the Company's profits as of December 31, 2024. | On March 26, 2025, the Management's proposal was disclosed to the market, including the dividend amounts and the allocation of the Company's profits as of December 31, 2024. | On March 26, 2025, the Management's proposal was disclosed to the market, including the dividend amounts and the allocation of the Company's profits as of December 31, 2024. | On March 26, 2025, the Management's proposal was disclosed to the market, including the dividend amounts and the allocation of the Company's profits as of December 31, 2024. | On March 26, 2025, the Management's proposal was disclosed to the market, including the dividend amounts and the allocation of the Company's profits as of December 31, 2024. | On March 26, 2025, the Management's proposal was disclosed to the market, including the dividend amounts and the allocation of the Company's profits as of December 31, 2024. |
|  | At the Annual General Meeting of Shareholders held on April 25, 2025, the Shareholders voted to approve the mandatory minimum dividend of R$20, calculated in accordance with the Corporations Legislation and the Company's bylaws, for the year ended December 31, 2024. The total amount of dividends corresponds to R$0.014541232193963 per common share. The effective payment occurred on June 23, 2025. | At the Annual General Meeting of Shareholders held on April 25, 2025, the Shareholders voted to approve the mandatory minimum dividend of R$20, calculated in accordance with the Corporations Legislation and the Company's bylaws, for the year ended December 31, 2024. The total amount of dividends corresponds to R$0.014541232193963 per common share. The effective payment occurred on June 23, 2025. | At the Annual General Meeting of Shareholders held on April 25, 2025, the Shareholders voted to approve the mandatory minimum dividend of R$20, calculated in accordance with the Corporations Legislation and the Company's bylaws, for the year ended December 31, 2024. The total amount of dividends corresponds to R$0.014541232193963 per common share. The effective payment occurred on June 23, 2025. | At the Annual General Meeting of Shareholders held on April 25, 2025, the Shareholders voted to approve the mandatory minimum dividend of R$20, calculated in accordance with the Corporations Legislation and the Company's bylaws, for the year ended December 31, 2024. The total amount of dividends corresponds to R$0.014541232193963 per common share. The effective payment occurred on June 23, 2025. | At the Annual General Meeting of Shareholders held on April 25, 2025, the Shareholders voted to approve the mandatory minimum dividend of R$20, calculated in accordance with the Corporations Legislation and the Company's bylaws, for the year ended December 31, 2024. The total amount of dividends corresponds to R$0.014541232193963 per common share. The effective payment occurred on June 23, 2025. | At the Annual General Meeting of Shareholders held on April 25, 2025, the Shareholders voted to approve the mandatory minimum dividend of R$20, calculated in accordance with the Corporations Legislation and the Company's bylaws, for the year ended December 31, 2024. The total amount of dividends corresponds to R$0.014541232193963 per common share. The effective payment occurred on June 23, 2025. | At the Annual General Meeting of Shareholders held on April 25, 2025, the Shareholders voted to approve the mandatory minimum dividend of R$20, calculated in accordance with the Corporations Legislation and the Company's bylaws, for the year ended December 31, 2024. The total amount of dividends corresponds to R$0.014541232193963 per common share. The effective payment occurred on June 23, 2025. |
| **19.3** | **Expansion reserve** | **Expansion reserve** | **Expansion reserve** | **Expansion reserve** | **Expansion reserve** | **Expansion reserve** | **Expansion reserve** |
|  | On March 26, 2025, the Management's proposal was disclosed to the market, including the amount allocated to the expansion reserve based on the result for the year 2024, totaling R$368. The Management's proposal was approved at the Annual General Meeting of Shareholders held on April 25, 2025. | On March 26, 2025, the Management's proposal was disclosed to the market, including the amount allocated to the expansion reserve based on the result for the year 2024, totaling R$368. The Management's proposal was approved at the Annual General Meeting of Shareholders held on April 25, 2025. | On March 26, 2025, the Management's proposal was disclosed to the market, including the amount allocated to the expansion reserve based on the result for the year 2024, totaling R$368. The Management's proposal was approved at the Annual General Meeting of Shareholders held on April 25, 2025. | On March 26, 2025, the Management's proposal was disclosed to the market, including the amount allocated to the expansion reserve based on the result for the year 2024, totaling R$368. The Management's proposal was approved at the Annual General Meeting of Shareholders held on April 25, 2025. | On March 26, 2025, the Management's proposal was disclosed to the market, including the amount allocated to the expansion reserve based on the result for the year 2024, totaling R$368. The Management's proposal was approved at the Annual General Meeting of Shareholders held on April 25, 2025. | On March 26, 2025, the Management's proposal was disclosed to the market, including the amount allocated to the expansion reserve based on the result for the year 2024, totaling R$368. The Management's proposal was approved at the Annual General Meeting of Shareholders held on April 25, 2025. | On March 26, 2025, the Management's proposal was disclosed to the market, including the amount allocated to the expansion reserve based on the result for the year 2024, totaling R$368. The Management's proposal was approved at the Annual General Meeting of Shareholders held on April 25, 2025. |

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **19.4** | **Treasury shares** | **Treasury shares** | **Treasury shares** | **Treasury shares** | **Treasury shares** | **Treasury shares** | **Treasury shares** | **Treasury shares** | **Treasury shares** | **Treasury shares** | **Treasury shares** | **Treasury shares** |
|  | On June 25, 2024, the Board of Directors approved the first share buyback program for the Company's issued shares. The program aims to acquire, within up to 12 months from the approval date, up to 3,800,000 common shares, representing 0.28% of the total shares outstanding, for treasury stock and delivery of these shares to participants in the Executive Partner Program, see note 19.5.4, and the Long-Term Incentive Plan through the Granting of the Right to Receive Shares, see note 19.5.5. The shares were acquired in the stock market based on normal trading conditions. | On June 25, 2024, the Board of Directors approved the first share buyback program for the Company's issued shares. The program aims to acquire, within up to 12 months from the approval date, up to 3,800,000 common shares, representing 0.28% of the total shares outstanding, for treasury stock and delivery of these shares to participants in the Executive Partner Program, see note 19.5.4, and the Long-Term Incentive Plan through the Granting of the Right to Receive Shares, see note 19.5.5. The shares were acquired in the stock market based on normal trading conditions. | On June 25, 2024, the Board of Directors approved the first share buyback program for the Company's issued shares. The program aims to acquire, within up to 12 months from the approval date, up to 3,800,000 common shares, representing 0.28% of the total shares outstanding, for treasury stock and delivery of these shares to participants in the Executive Partner Program, see note 19.5.4, and the Long-Term Incentive Plan through the Granting of the Right to Receive Shares, see note 19.5.5. The shares were acquired in the stock market based on normal trading conditions. | On June 25, 2024, the Board of Directors approved the first share buyback program for the Company's issued shares. The program aims to acquire, within up to 12 months from the approval date, up to 3,800,000 common shares, representing 0.28% of the total shares outstanding, for treasury stock and delivery of these shares to participants in the Executive Partner Program, see note 19.5.4, and the Long-Term Incentive Plan through the Granting of the Right to Receive Shares, see note 19.5.5. The shares were acquired in the stock market based on normal trading conditions. | On June 25, 2024, the Board of Directors approved the first share buyback program for the Company's issued shares. The program aims to acquire, within up to 12 months from the approval date, up to 3,800,000 common shares, representing 0.28% of the total shares outstanding, for treasury stock and delivery of these shares to participants in the Executive Partner Program, see note 19.5.4, and the Long-Term Incentive Plan through the Granting of the Right to Receive Shares, see note 19.5.5. The shares were acquired in the stock market based on normal trading conditions. | On June 25, 2024, the Board of Directors approved the first share buyback program for the Company's issued shares. The program aims to acquire, within up to 12 months from the approval date, up to 3,800,000 common shares, representing 0.28% of the total shares outstanding, for treasury stock and delivery of these shares to participants in the Executive Partner Program, see note 19.5.4, and the Long-Term Incentive Plan through the Granting of the Right to Receive Shares, see note 19.5.5. The shares were acquired in the stock market based on normal trading conditions. | On June 25, 2024, the Board of Directors approved the first share buyback program for the Company's issued shares. The program aims to acquire, within up to 12 months from the approval date, up to 3,800,000 common shares, representing 0.28% of the total shares outstanding, for treasury stock and delivery of these shares to participants in the Executive Partner Program, see note 19.5.4, and the Long-Term Incentive Plan through the Granting of the Right to Receive Shares, see note 19.5.5. The shares were acquired in the stock market based on normal trading conditions. | On June 25, 2024, the Board of Directors approved the first share buyback program for the Company's issued shares. The program aims to acquire, within up to 12 months from the approval date, up to 3,800,000 common shares, representing 0.28% of the total shares outstanding, for treasury stock and delivery of these shares to participants in the Executive Partner Program, see note 19.5.4, and the Long-Term Incentive Plan through the Granting of the Right to Receive Shares, see note 19.5.5. The shares were acquired in the stock market based on normal trading conditions. | On June 25, 2024, the Board of Directors approved the first share buyback program for the Company's issued shares. The program aims to acquire, within up to 12 months from the approval date, up to 3,800,000 common shares, representing 0.28% of the total shares outstanding, for treasury stock and delivery of these shares to participants in the Executive Partner Program, see note 19.5.4, and the Long-Term Incentive Plan through the Granting of the Right to Receive Shares, see note 19.5.5. The shares were acquired in the stock market based on normal trading conditions. | On June 25, 2024, the Board of Directors approved the first share buyback program for the Company's issued shares. The program aims to acquire, within up to 12 months from the approval date, up to 3,800,000 common shares, representing 0.28% of the total shares outstanding, for treasury stock and delivery of these shares to participants in the Executive Partner Program, see note 19.5.4, and the Long-Term Incentive Plan through the Granting of the Right to Receive Shares, see note 19.5.5. The shares were acquired in the stock market based on normal trading conditions. | On June 25, 2024, the Board of Directors approved the first share buyback program for the Company's issued shares. The program aims to acquire, within up to 12 months from the approval date, up to 3,800,000 common shares, representing 0.28% of the total shares outstanding, for treasury stock and delivery of these shares to participants in the Executive Partner Program, see note 19.5.4, and the Long-Term Incentive Plan through the Granting of the Right to Receive Shares, see note 19.5.5. The shares were acquired in the stock market based on normal trading conditions. | On June 25, 2024, the Board of Directors approved the first share buyback program for the Company's issued shares. The program aims to acquire, within up to 12 months from the approval date, up to 3,800,000 common shares, representing 0.28% of the total shares outstanding, for treasury stock and delivery of these shares to participants in the Executive Partner Program, see note 19.5.4, and the Long-Term Incentive Plan through the Granting of the Right to Receive Shares, see note 19.5.5. The shares were acquired in the stock market based on normal trading conditions. |
|  | On March 18, 2025, the Board of Directors approved the second share buyback program for the Company's issued shares. The program aims to acquire, within up to 12 months from the date April 1, 2025 up to 8,000,100 common shares, representing 0.59% of the total shares outstanding, for the same purpose as described above. The shares will be acquired in the stock market based on normal trading conditions. Until August 7, 2025, date of issue of this interim financial information, the Company repurchased shares in the amount of R$25, representing 2,594,200 common shares. | On March 18, 2025, the Board of Directors approved the second share buyback program for the Company's issued shares. The program aims to acquire, within up to 12 months from the date April 1, 2025 up to 8,000,100 common shares, representing 0.59% of the total shares outstanding, for the same purpose as described above. The shares will be acquired in the stock market based on normal trading conditions. Until August 7, 2025, date of issue of this interim financial information, the Company repurchased shares in the amount of R$25, representing 2,594,200 common shares. | On March 18, 2025, the Board of Directors approved the second share buyback program for the Company's issued shares. The program aims to acquire, within up to 12 months from the date April 1, 2025 up to 8,000,100 common shares, representing 0.59% of the total shares outstanding, for the same purpose as described above. The shares will be acquired in the stock market based on normal trading conditions. Until August 7, 2025, date of issue of this interim financial information, the Company repurchased shares in the amount of R$25, representing 2,594,200 common shares. | On March 18, 2025, the Board of Directors approved the second share buyback program for the Company's issued shares. The program aims to acquire, within up to 12 months from the date April 1, 2025 up to 8,000,100 common shares, representing 0.59% of the total shares outstanding, for the same purpose as described above. The shares will be acquired in the stock market based on normal trading conditions. Until August 7, 2025, date of issue of this interim financial information, the Company repurchased shares in the amount of R$25, representing 2,594,200 common shares. | On March 18, 2025, the Board of Directors approved the second share buyback program for the Company's issued shares. The program aims to acquire, within up to 12 months from the date April 1, 2025 up to 8,000,100 common shares, representing 0.59% of the total shares outstanding, for the same purpose as described above. The shares will be acquired in the stock market based on normal trading conditions. Until August 7, 2025, date of issue of this interim financial information, the Company repurchased shares in the amount of R$25, representing 2,594,200 common shares. | On March 18, 2025, the Board of Directors approved the second share buyback program for the Company's issued shares. The program aims to acquire, within up to 12 months from the date April 1, 2025 up to 8,000,100 common shares, representing 0.59% of the total shares outstanding, for the same purpose as described above. The shares will be acquired in the stock market based on normal trading conditions. Until August 7, 2025, date of issue of this interim financial information, the Company repurchased shares in the amount of R$25, representing 2,594,200 common shares. | On March 18, 2025, the Board of Directors approved the second share buyback program for the Company's issued shares. The program aims to acquire, within up to 12 months from the date April 1, 2025 up to 8,000,100 common shares, representing 0.59% of the total shares outstanding, for the same purpose as described above. The shares will be acquired in the stock market based on normal trading conditions. Until August 7, 2025, date of issue of this interim financial information, the Company repurchased shares in the amount of R$25, representing 2,594,200 common shares. | On March 18, 2025, the Board of Directors approved the second share buyback program for the Company's issued shares. The program aims to acquire, within up to 12 months from the date April 1, 2025 up to 8,000,100 common shares, representing 0.59% of the total shares outstanding, for the same purpose as described above. The shares will be acquired in the stock market based on normal trading conditions. Until August 7, 2025, date of issue of this interim financial information, the Company repurchased shares in the amount of R$25, representing 2,594,200 common shares. | On March 18, 2025, the Board of Directors approved the second share buyback program for the Company's issued shares. The program aims to acquire, within up to 12 months from the date April 1, 2025 up to 8,000,100 common shares, representing 0.59% of the total shares outstanding, for the same purpose as described above. The shares will be acquired in the stock market based on normal trading conditions. Until August 7, 2025, date of issue of this interim financial information, the Company repurchased shares in the amount of R$25, representing 2,594,200 common shares. | On March 18, 2025, the Board of Directors approved the second share buyback program for the Company's issued shares. The program aims to acquire, within up to 12 months from the date April 1, 2025 up to 8,000,100 common shares, representing 0.59% of the total shares outstanding, for the same purpose as described above. The shares will be acquired in the stock market based on normal trading conditions. Until August 7, 2025, date of issue of this interim financial information, the Company repurchased shares in the amount of R$25, representing 2,594,200 common shares. | On March 18, 2025, the Board of Directors approved the second share buyback program for the Company's issued shares. The program aims to acquire, within up to 12 months from the date April 1, 2025 up to 8,000,100 common shares, representing 0.59% of the total shares outstanding, for the same purpose as described above. The shares will be acquired in the stock market based on normal trading conditions. Until August 7, 2025, date of issue of this interim financial information, the Company repurchased shares in the amount of R$25, representing 2,594,200 common shares. | On March 18, 2025, the Board of Directors approved the second share buyback program for the Company's issued shares. The program aims to acquire, within up to 12 months from the date April 1, 2025 up to 8,000,100 common shares, representing 0.59% of the total shares outstanding, for the same purpose as described above. The shares will be acquired in the stock market based on normal trading conditions. Until August 7, 2025, date of issue of this interim financial information, the Company repurchased shares in the amount of R$25, representing 2,594,200 common shares. |
|  | The table below represents the movement of treasury shares: | The table below represents the movement of treasury shares: | The table below represents the movement of treasury shares: | The table below represents the movement of treasury shares: | The table below represents the movement of treasury shares: | The table below represents the movement of treasury shares: | The table below represents the movement of treasury shares: | The table below represents the movement of treasury shares: | The table below represents the movement of treasury shares: | The table below represents the movement of treasury shares: | The table below represents the movement of treasury shares: | The table below represents the movement of treasury shares: |
|  |  |  |  |  | **Number of shares** | **Number of shares** | **Amount<br> (in reais)** | **Amount<br> (in reais)** | **Average purchase price** | **Average purchase price** |  |  |
|  | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 | 3800000 | 3800000 | 26390274 | 26390274 | 6.94 | 6.94 |  |  |
|  | &nbsp;&nbsp;&nbsp;Share buyback | &nbsp;&nbsp;&nbsp;Share buyback | &nbsp;&nbsp;&nbsp;Share buyback | &nbsp;&nbsp;&nbsp;Share buyback | **1308100** | **1308100** | **12261257** | **12261257** |  | **-** |  |  |
|  | &nbsp;&nbsp;&nbsp;Additional costs of the period | &nbsp;&nbsp;&nbsp;Additional costs of the period | &nbsp;&nbsp;&nbsp;Additional costs of the period | &nbsp;&nbsp;&nbsp;Additional costs of the period | **-** | **-** | **20985** | **20985** | **-** | **-** |  |  |
|  | As of June 30, 2025 | As of June 30, 2025 | As of June 30, 2025 | As of June 30, 2025 | **5108100** | **5108100** | **38672516** | **38672516** | **7.57** | **7.57** |  |  |
| **19.5** | **Share-based payment** | **Share-based payment** | **Share-based payment** | **Share-based payment** | **Share-based payment** | **Share-based payment** | **Share-based payment** | **Share-based payment** | **Share-based payment** | **Share-based payment** | **Share-based payment** | **Share-based payment** |
| **19.5.1** | **Recognized options granted** | **Recognized options granted** | **Recognized options granted** | **Recognized options granted** | **Recognized options granted** | **Recognized options granted** | **Recognized options granted** | **Recognized options granted** | **Recognized options granted** | **Recognized options granted** | **Recognized options granted** | **Recognized options granted** |
|  | Information relating to the Company's Option Plan and Compensation Plan is summarized below: | Information relating to the Company's Option Plan and Compensation Plan is summarized below: | Information relating to the Company's Option Plan and Compensation Plan is summarized below: | Information relating to the Company's Option Plan and Compensation Plan is summarized below: | Information relating to the Company's Option Plan and Compensation Plan is summarized below: | Information relating to the Company's Option Plan and Compensation Plan is summarized below: | Information relating to the Company's Option Plan and Compensation Plan is summarized below: | Information relating to the Company's Option Plan and Compensation Plan is summarized below: | Information relating to the Company's Option Plan and Compensation Plan is summarized below: | Information relating to the Company's Option Plan and Compensation Plan is summarized below: | Information relating to the Company's Option Plan and Compensation Plan is summarized below: | Information relating to the Company's Option Plan and Compensation Plan is summarized below: |
|  |  |  |  |  |  |  |  |  | **6/30/2025** | **6/30/2025** | **6/30/2025** | **6/30/2025** |
|  |  |  |  |  |  |  |  |  | **Number of shares<br> (in thousands)** | **Number of shares<br> (in thousands)** | **Number of shares<br> (in thousands)** | **Number of shares<br> (in thousands)** |
|  | **Series granted** | **Series granted** | **Grant date** | **Grant date** | **1st exercise date** | **1st exercise date** | **Exercise price on the grant date<br> (in reais)** | **Exercise price on the grant date<br> (in reais)** | **Gran-<br> ted** | **Exer-<br> cised** | **Cance-<br> lled** | **Current** |
|  | B9 | B9 | 5/31/2022 | 5/31/2022 | 6/1/2025 | 6/1/2025 | 0.01 | 0.01 | **2163** | **(405)** | **(116)** | **1642** |
|  | C9 | C9 | 5/31/2022 | 5/31/2022 | 6/1/2025 | 6/1/2025 | 12.53 | 12.53 | **1924** | **(119)** | **(162)** | **1643** |
|  | B10 (i) | B10 (i) | 5/31/2023 | 5/31/2023 | 6/1/2026 | 6/1/2026 | 0.01 | 0.01 | **1390** | **(57)** | **(65)** | **1268** |
|  | C10 (i) | C10 (i) | 5/31/2023 | 5/31/2023 | 6/1/2026 | 6/1/2026 | 11.82 | 11.82 | **1390** | **-** | **(122)** | **1268** |
|  | B11 (i) | B11 (i) | 5/31/2024 | 5/31/2024 | 6/1/2027 | 6/1/2027 | 0.01 | 0.01 | **1294** | **(35)** | **(56)** | **1203** |
|  | C11 (i) | C11 (i) | 5/31/2024 | 5/31/2024 | 6/1/2027 | 6/1/2027 | 10.62 | 10.62 | **1294** | **-** | **(91)** | **1203** |
|  |  |  |  |  |  |  |  |  | **9455** | **(616)** | **(612)** | **8227** |
|  | (i) Shares granted to executives excluding statutory officers. | (i) Shares granted to executives excluding statutory officers. | (i) Shares granted to executives excluding statutory officers. | (i) Shares granted to executives excluding statutory officers. | (i) Shares granted to executives excluding statutory officers. | (i) Shares granted to executives excluding statutory officers. | (i) Shares granted to executives excluding statutory officers. | (i) Shares granted to executives excluding statutory officers. | (i) Shares granted to executives excluding statutory officers. | (i) Shares granted to executives excluding statutory officers. | (i) Shares granted to executives excluding statutory officers. | (i) Shares granted to executives excluding statutory officers. |
| **19.5.2** | **Consolidated information of Company's share-based payment plans** | **Consolidated information of Company's share-based payment plans** | **Consolidated information of Company's share-based payment plans** | **Consolidated information of Company's share-based payment plans** | **Consolidated information of Company's share-based payment plans** | **Consolidated information of Company's share-based payment plans** | **Consolidated information of Company's share-based payment plans** | **Consolidated information of Company's share-based payment plans** | **Consolidated information of Company's share-based payment plans** | **Consolidated information of Company's share-based payment plans** | **Consolidated information of Company's share-based payment plans** | **Consolidated information of Company's share-based payment plans** |
|  | According to the plans, the options granted in each of the series can represent a maximum of 2% of the total shares issued by the Company. | According to the plans, the options granted in each of the series can represent a maximum of 2% of the total shares issued by the Company. | According to the plans, the options granted in each of the series can represent a maximum of 2% of the total shares issued by the Company. | According to the plans, the options granted in each of the series can represent a maximum of 2% of the total shares issued by the Company. | According to the plans, the options granted in each of the series can represent a maximum of 2% of the total shares issued by the Company. | According to the plans, the options granted in each of the series can represent a maximum of 2% of the total shares issued by the Company. | According to the plans, the options granted in each of the series can represent a maximum of 2% of the total shares issued by the Company. | According to the plans, the options granted in each of the series can represent a maximum of 2% of the total shares issued by the Company. | According to the plans, the options granted in each of the series can represent a maximum of 2% of the total shares issued by the Company. | According to the plans, the options granted in each of the series can represent a maximum of 2% of the total shares issued by the Company. | According to the plans, the options granted in each of the series can represent a maximum of 2% of the total shares issued by the Company. | According to the plans, the options granted in each of the series can represent a maximum of 2% of the total shares issued by the Company. |
|  | The table below shows the maximum percentage of dilution to which current shareholders could eventually be subject to in the event that all options granted are exercised until June 30, 2025: | The table below shows the maximum percentage of dilution to which current shareholders could eventually be subject to in the event that all options granted are exercised until June 30, 2025: | The table below shows the maximum percentage of dilution to which current shareholders could eventually be subject to in the event that all options granted are exercised until June 30, 2025: | The table below shows the maximum percentage of dilution to which current shareholders could eventually be subject to in the event that all options granted are exercised until June 30, 2025: | The table below shows the maximum percentage of dilution to which current shareholders could eventually be subject to in the event that all options granted are exercised until June 30, 2025: | The table below shows the maximum percentage of dilution to which current shareholders could eventually be subject to in the event that all options granted are exercised until June 30, 2025: | The table below shows the maximum percentage of dilution to which current shareholders could eventually be subject to in the event that all options granted are exercised until June 30, 2025: | The table below shows the maximum percentage of dilution to which current shareholders could eventually be subject to in the event that all options granted are exercised until June 30, 2025: | The table below shows the maximum percentage of dilution to which current shareholders could eventually be subject to in the event that all options granted are exercised until June 30, 2025: | The table below shows the maximum percentage of dilution to which current shareholders could eventually be subject to in the event that all options granted are exercised until June 30, 2025: | The table below shows the maximum percentage of dilution to which current shareholders could eventually be subject to in the event that all options granted are exercised until June 30, 2025: | The table below shows the maximum percentage of dilution to which current shareholders could eventually be subject to in the event that all options granted are exercised until June 30, 2025: |
|  |  |  |  |  |  | **6/30/2025** | **6/30/2025** |  |  |  |  |  |
|  |  |  |  |  |  | **(in thousands)** | **(in thousands)** |  |  |  |  |  |
|  | Number of outstanding shares | Number of outstanding shares | Number of outstanding shares | Number of outstanding shares | Number of outstanding shares | **1347137** | **1347137** |  |  |  |  |  |
|  | Balance of effective series granted | Balance of effective series granted | Balance of effective series granted | Balance of effective series granted | Balance of effective series granted | **8227** | **8227** |  |  |  |  |  |
|  | Maximum percentage of dilution | Maximum percentage of dilution | Maximum percentage of dilution | Maximum percentage of dilution | Maximum percentage of dilution | **0.61%** | **0.61%** |  |  |  |  |  |
|  | The fair value of each option granted is estimated on the grant date, using the options pricing model "Black-Scholes" taking into account the following assumptions: | The fair value of each option granted is estimated on the grant date, using the options pricing model "Black-Scholes" taking into account the following assumptions: | The fair value of each option granted is estimated on the grant date, using the options pricing model "Black-Scholes" taking into account the following assumptions: | The fair value of each option granted is estimated on the grant date, using the options pricing model "Black-Scholes" taking into account the following assumptions: | The fair value of each option granted is estimated on the grant date, using the options pricing model "Black-Scholes" taking into account the following assumptions: | The fair value of each option granted is estimated on the grant date, using the options pricing model "Black-Scholes" taking into account the following assumptions: | The fair value of each option granted is estimated on the grant date, using the options pricing model "Black-Scholes" taking into account the following assumptions: | The fair value of each option granted is estimated on the grant date, using the options pricing model "Black-Scholes" taking into account the following assumptions: | The fair value of each option granted is estimated on the grant date, using the options pricing model "Black-Scholes" taking into account the following assumptions: | The fair value of each option granted is estimated on the grant date, using the options pricing model "Black-Scholes" taking into account the following assumptions: | The fair value of each option granted is estimated on the grant date, using the options pricing model "Black-Scholes" taking into account the following assumptions: | The fair value of each option granted is estimated on the grant date, using the options pricing model "Black-Scholes" taking into account the following assumptions: |
|  | **Series granted** | **Weighted average fair value of option's granted (in reais)** | **Weighted average fair value of option's granted (in reais)** | **Estimated dividends** | **Estimated dividends** | **Approximate estimated volatility** | **Approximate estimated volatility** | **Risk-free weighted average interest rate** | **Risk-free weighted average interest rate** | **Exit rate** | **Average remaining life expectancy** | **Average remaining life expectancy** |
|  | B9 | 15.27 | 15.27 | 1.20% | 1.20% | 37.29% | 37.29% | 12.18% | 12.18% | 8.00% | - | - |
|  | C9 | 7.35 | 7.35 | 1.20% | 1.20% | 37.29% | 37.29% | 12.18% | 12.18% | 8.00% | - | - |
|  | B10 | 10.33 | 10.33 | 1.31% | 1.31% | 35.32% | 35.32% | 10.87% | 10.87% | 8.00% | 11 months | 11 months |
|  | C10 | 3.28 | 3.28 | 1.31% | 1.31% | 35.32% | 35.32% | 10.87% | 10.87% | 8.00% | 11 months | 11 months |
|  | B11 | 11.89 | 11.89 | 0.77% | 0.77% | 37.32% | 37.32% | 11.28% | 11.28% | 8.00% | 23 months | 23 months |
|  | C11 | 5.18 | 5.18 | 0.77% | 0.77% | 37.32% | 37.32% | 11.28% | 11.28% | 8.00% | 23 months | 23 months |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | As of December 31, 2024 | As of December 31, 2024 | | | |
|  | &nbsp;&nbsp;&nbsp;Cancelled during the period | &nbsp;&nbsp;&nbsp;Cancelled during the period | | | |
|  | &nbsp;&nbsp;&nbsp;Exercised during the period | &nbsp;&nbsp;&nbsp;Exercised during the period | | | |
|  | &nbsp;&nbsp;&nbsp;Outstanding at the end of the period | &nbsp;&nbsp;&nbsp;Outstanding at the end of the period | | | |
|  | Total to be exercised as of June 30, 2025 | Total to be exercised as of June 30, 2025 | **Shares<br> (in thousands)**<br>8362<br>**(94)**<br>**(41)**<br> **8227**<br> **8227** | **Weighted average exercise price<br> (in reais)**<br>5.88<br> **8.28**<br> **0.01**<br> **5.88**<br> **5.88** | **Weighted average of the remaining contractual term**<br>1.31<br><br> **0.84**<br> **0.84** |
|  | The amount recorded in the statement of operations for the period ended June 30, 2025 was R$13 (R$13 as of June 30, 2024). | The amount recorded in the statement of operations for the period ended June 30, 2025 was R$13 (R$13 as of June 30, 2024). | The amount recorded in the statement of operations for the period ended June 30, 2025 was R$13 (R$13 as of June 30, 2024). | The amount recorded in the statement of operations for the period ended June 30, 2025 was R$13 (R$13 as of June 30, 2024). | The amount recorded in the statement of operations for the period ended June 30, 2025 was R$13 (R$13 as of June 30, 2024). |
| **19.5.3** | **Cash-settled share-based payment plan** | **Cash-settled share-based payment plan** | **Cash-settled share-based payment plan** | **Cash-settled share-based payment plan** | **Cash-settled share-based payment plan** |
|  | At the Extraordinary General Meeting held on July 14, 2023, the cash-settled share-based payment plan was approved, only for the Company's Statutory Officers, this plan does not make officers a partner of the Company, they only acquire the right to receive a cash compensation corresponding to the average price of the Company's shares traded on B3 under the ticker ASAI3. | At the Extraordinary General Meeting held on July 14, 2023, the cash-settled share-based payment plan was approved, only for the Company's Statutory Officers, this plan does not make officers a partner of the Company, they only acquire the right to receive a cash compensation corresponding to the average price of the Company's shares traded on B3 under the ticker ASAI3. | At the Extraordinary General Meeting held on July 14, 2023, the cash-settled share-based payment plan was approved, only for the Company's Statutory Officers, this plan does not make officers a partner of the Company, they only acquire the right to receive a cash compensation corresponding to the average price of the Company's shares traded on B3 under the ticker ASAI3. | At the Extraordinary General Meeting held on July 14, 2023, the cash-settled share-based payment plan was approved, only for the Company's Statutory Officers, this plan does not make officers a partner of the Company, they only acquire the right to receive a cash compensation corresponding to the average price of the Company's shares traded on B3 under the ticker ASAI3. | At the Extraordinary General Meeting held on July 14, 2023, the cash-settled share-based payment plan was approved, only for the Company's Statutory Officers, this plan does not make officers a partner of the Company, they only acquire the right to receive a cash compensation corresponding to the average price of the Company's shares traded on B3 under the ticker ASAI3. |
|  | The calculation methodology is the linear average of the share price considering the last 20 trading sessions, including the base date of August 1, 2023 (grant date), until the end of the plan on July 31, 2028. The payment will be made in local currency, considering the vesting periods of the shares. | The calculation methodology is the linear average of the share price considering the last 20 trading sessions, including the base date of August 1, 2023 (grant date), until the end of the plan on July 31, 2028. The payment will be made in local currency, considering the vesting periods of the shares. | The calculation methodology is the linear average of the share price considering the last 20 trading sessions, including the base date of August 1, 2023 (grant date), until the end of the plan on July 31, 2028. The payment will be made in local currency, considering the vesting periods of the shares. | The calculation methodology is the linear average of the share price considering the last 20 trading sessions, including the base date of August 1, 2023 (grant date), until the end of the plan on July 31, 2028. The payment will be made in local currency, considering the vesting periods of the shares. | The calculation methodology is the linear average of the share price considering the last 20 trading sessions, including the base date of August 1, 2023 (grant date), until the end of the plan on July 31, 2028. The payment will be made in local currency, considering the vesting periods of the shares. |
|  | Shares were granted to the Company's executives and receipt of the award in relation to 50% of these shares will be subject to compliance with the service condition (time-conditioned shares) and the other 50% will be subject to compliance, cumulatively, with the service condition and the performance condition (time-and performance-conditioned shares). Below, the movement for the period: | Shares were granted to the Company's executives and receipt of the award in relation to 50% of these shares will be subject to compliance with the service condition (time-conditioned shares) and the other 50% will be subject to compliance, cumulatively, with the service condition and the performance condition (time-and performance-conditioned shares). Below, the movement for the period: | Shares were granted to the Company's executives and receipt of the award in relation to 50% of these shares will be subject to compliance with the service condition (time-conditioned shares) and the other 50% will be subject to compliance, cumulatively, with the service condition and the performance condition (time-and performance-conditioned shares). Below, the movement for the period: | Shares were granted to the Company's executives and receipt of the award in relation to 50% of these shares will be subject to compliance with the service condition (time-conditioned shares) and the other 50% will be subject to compliance, cumulatively, with the service condition and the performance condition (time-and performance-conditioned shares). Below, the movement for the period: | Shares were granted to the Company's executives and receipt of the award in relation to 50% of these shares will be subject to compliance with the service condition (time-conditioned shares) and the other 50% will be subject to compliance, cumulatively, with the service condition and the performance condition (time-and performance-conditioned shares). Below, the movement for the period: |
|  |  | **Number of shares granted (in thousands)** | **Number of shares granted (in thousands)** | **Number of shares granted (in thousands)** |  |
|  |  | **6/30/2025** | **12/31/2024** | **12/31/2024** |  |
|  | At the beginning of the period | **1911** | 1989 | 1989 |  |
|  | &nbsp;&nbsp;&nbsp;Cancelled | **-** | (78) | (78) |  |
|  | At the end of the period | **1911** | 1911 | 1911 |  |
|  | For shares conditioned on time to become vested, Offices must remain with the Company from the grant date to the dates below (vesting period): | For shares conditioned on time to become vested, Offices must remain with the Company from the grant date to the dates below (vesting period): | For shares conditioned on time to become vested, Offices must remain with the Company from the grant date to the dates below (vesting period): | For shares conditioned on time to become vested, Offices must remain with the Company from the grant date to the dates below (vesting period): | For shares conditioned on time to become vested, Offices must remain with the Company from the grant date to the dates below (vesting period): |
|  | a) 20% (twenty percent) on the 3-year anniversary from the grant date;<br> b) 20% (twenty percent) on the 4-year anniversary from the grant date; and<br> c) 60% (sixty percent) on the 5-year anniversary from the grant date. | a) 20% (twenty percent) on the 3-year anniversary from the grant date;<br> b) 20% (twenty percent) on the 4-year anniversary from the grant date; and<br> c) 60% (sixty percent) on the 5-year anniversary from the grant date. | a) 20% (twenty percent) on the 3-year anniversary from the grant date;<br> b) 20% (twenty percent) on the 4-year anniversary from the grant date; and<br> c) 60% (sixty percent) on the 5-year anniversary from the grant date. | a) 20% (twenty percent) on the 3-year anniversary from the grant date;<br> b) 20% (twenty percent) on the 4-year anniversary from the grant date; and<br> c) 60% (sixty percent) on the 5-year anniversary from the grant date. | a) 20% (twenty percent) on the 3-year anniversary from the grant date;<br> b) 20% (twenty percent) on the 4-year anniversary from the grant date; and<br> c) 60% (sixty percent) on the 5-year anniversary from the grant date. |
|  | For shares conditioned on time and performance to become vested, the Executive must comply with the vesting periods above, in addition to meeting the goals, being segregated between: a) Environmental, Social and Governance ("ESG") goal with a weight of 30%: i) hiring people with disabilities; ii) women in leadership, in managerial positions or higher; and iii) total carbon emissions – Scope 1 and 2; and b) Operating target with a weight of 70%: i) operating cash flow. | For shares conditioned on time and performance to become vested, the Executive must comply with the vesting periods above, in addition to meeting the goals, being segregated between: a) Environmental, Social and Governance ("ESG") goal with a weight of 30%: i) hiring people with disabilities; ii) women in leadership, in managerial positions or higher; and iii) total carbon emissions – Scope 1 and 2; and b) Operating target with a weight of 70%: i) operating cash flow. | For shares conditioned on time and performance to become vested, the Executive must comply with the vesting periods above, in addition to meeting the goals, being segregated between: a) Environmental, Social and Governance ("ESG") goal with a weight of 30%: i) hiring people with disabilities; ii) women in leadership, in managerial positions or higher; and iii) total carbon emissions – Scope 1 and 2; and b) Operating target with a weight of 70%: i) operating cash flow. | For shares conditioned on time and performance to become vested, the Executive must comply with the vesting periods above, in addition to meeting the goals, being segregated between: a) Environmental, Social and Governance ("ESG") goal with a weight of 30%: i) hiring people with disabilities; ii) women in leadership, in managerial positions or higher; and iii) total carbon emissions – Scope 1 and 2; and b) Operating target with a weight of 70%: i) operating cash flow. | For shares conditioned on time and performance to become vested, the Executive must comply with the vesting periods above, in addition to meeting the goals, being segregated between: a) Environmental, Social and Governance ("ESG") goal with a weight of 30%: i) hiring people with disabilities; ii) women in leadership, in managerial positions or higher; and iii) total carbon emissions – Scope 1 and 2; and b) Operating target with a weight of 70%: i) operating cash flow. |
|  | The targets above will be reviewed annually by the Board of Directors and non-achievement of them, on December 31, 2026 and 2027, may be compensated by achievement on subsequent measurement dates. | The targets above will be reviewed annually by the Board of Directors and non-achievement of them, on December 31, 2026 and 2027, may be compensated by achievement on subsequent measurement dates. | The targets above will be reviewed annually by the Board of Directors and non-achievement of them, on December 31, 2026 and 2027, may be compensated by achievement on subsequent measurement dates. | The targets above will be reviewed annually by the Board of Directors and non-achievement of them, on December 31, 2026 and 2027, may be compensated by achievement on subsequent measurement dates. | The targets above will be reviewed annually by the Board of Directors and non-achievement of them, on December 31, 2026 and 2027, may be compensated by achievement on subsequent measurement dates. |
|  | At the end of each vesting period, virtual shares conditioned on time that have become vested virtual shares will be automatically settled, for virtual shares conditioned on time and performance the goals listed above must be achieved. | At the end of each vesting period, virtual shares conditioned on time that have become vested virtual shares will be automatically settled, for virtual shares conditioned on time and performance the goals listed above must be achieved. | At the end of each vesting period, virtual shares conditioned on time that have become vested virtual shares will be automatically settled, for virtual shares conditioned on time and performance the goals listed above must be achieved. | At the end of each vesting period, virtual shares conditioned on time that have become vested virtual shares will be automatically settled, for virtual shares conditioned on time and performance the goals listed above must be achieved. | At the end of each vesting period, virtual shares conditioned on time that have become vested virtual shares will be automatically settled, for virtual shares conditioned on time and performance the goals listed above must be achieved. |
|  | If the Officer is terminated on his/her own initiative, the Officer will lose the right to receive unvested shares, which will be immediately canceled and extinguished, without any compensation and/or indemnity, regardless of prior notice or notice. If the Officer is terminated at the initiative of the Company, through dismissal and removal from office due to serious misconduct, all his/her shares will be extinguished, without any compensation and/or indemnity, regardless of prior notice or notice. If the Officer is terminated due to mutual agreement between the Company and the Officer or on the Company's initiative, through dismissal and removal from office without serious misconduct, the Officer will have the right, subject to compliance with restrictive obligations, to settlement of all vested shares at the termination date and to maintain a portion of the unvested shares as agreed between the parties. | If the Officer is terminated on his/her own initiative, the Officer will lose the right to receive unvested shares, which will be immediately canceled and extinguished, without any compensation and/or indemnity, regardless of prior notice or notice. If the Officer is terminated at the initiative of the Company, through dismissal and removal from office due to serious misconduct, all his/her shares will be extinguished, without any compensation and/or indemnity, regardless of prior notice or notice. If the Officer is terminated due to mutual agreement between the Company and the Officer or on the Company's initiative, through dismissal and removal from office without serious misconduct, the Officer will have the right, subject to compliance with restrictive obligations, to settlement of all vested shares at the termination date and to maintain a portion of the unvested shares as agreed between the parties. | If the Officer is terminated on his/her own initiative, the Officer will lose the right to receive unvested shares, which will be immediately canceled and extinguished, without any compensation and/or indemnity, regardless of prior notice or notice. If the Officer is terminated at the initiative of the Company, through dismissal and removal from office due to serious misconduct, all his/her shares will be extinguished, without any compensation and/or indemnity, regardless of prior notice or notice. If the Officer is terminated due to mutual agreement between the Company and the Officer or on the Company's initiative, through dismissal and removal from office without serious misconduct, the Officer will have the right, subject to compliance with restrictive obligations, to settlement of all vested shares at the termination date and to maintain a portion of the unvested shares as agreed between the parties. | If the Officer is terminated on his/her own initiative, the Officer will lose the right to receive unvested shares, which will be immediately canceled and extinguished, without any compensation and/or indemnity, regardless of prior notice or notice. If the Officer is terminated at the initiative of the Company, through dismissal and removal from office due to serious misconduct, all his/her shares will be extinguished, without any compensation and/or indemnity, regardless of prior notice or notice. If the Officer is terminated due to mutual agreement between the Company and the Officer or on the Company's initiative, through dismissal and removal from office without serious misconduct, the Officer will have the right, subject to compliance with restrictive obligations, to settlement of all vested shares at the termination date and to maintain a portion of the unvested shares as agreed between the parties. | If the Officer is terminated on his/her own initiative, the Officer will lose the right to receive unvested shares, which will be immediately canceled and extinguished, without any compensation and/or indemnity, regardless of prior notice or notice. If the Officer is terminated at the initiative of the Company, through dismissal and removal from office due to serious misconduct, all his/her shares will be extinguished, without any compensation and/or indemnity, regardless of prior notice or notice. If the Officer is terminated due to mutual agreement between the Company and the Officer or on the Company's initiative, through dismissal and removal from office without serious misconduct, the Officer will have the right, subject to compliance with restrictive obligations, to settlement of all vested shares at the termination date and to maintain a portion of the unvested shares as agreed between the parties. |
|  | As of June 30, 2025, the amount of the liability corresponding to the plan, including payroll charges, in recorded is "Cash-settled share plan" in non-current liabilities in the amount of R$13 (R$5 as of December 31, 2024) and the total expense recognized, was R$8 (R$3 as of June 30, 2024) and the fair value of the total of this plan in this date was R$29. | As of June 30, 2025, the amount of the liability corresponding to the plan, including payroll charges, in recorded is "Cash-settled share plan" in non-current liabilities in the amount of R$13 (R$5 as of December 31, 2024) and the total expense recognized, was R$8 (R$3 as of June 30, 2024) and the fair value of the total of this plan in this date was R$29. | As of June 30, 2025, the amount of the liability corresponding to the plan, including payroll charges, in recorded is "Cash-settled share plan" in non-current liabilities in the amount of R$13 (R$5 as of December 31, 2024) and the total expense recognized, was R$8 (R$3 as of June 30, 2024) and the fair value of the total of this plan in this date was R$29. | As of June 30, 2025, the amount of the liability corresponding to the plan, including payroll charges, in recorded is "Cash-settled share plan" in non-current liabilities in the amount of R$13 (R$5 as of December 31, 2024) and the total expense recognized, was R$8 (R$3 as of June 30, 2024) and the fair value of the total of this plan in this date was R$29. | As of June 30, 2025, the amount of the liability corresponding to the plan, including payroll charges, in recorded is "Cash-settled share plan" in non-current liabilities in the amount of R$13 (R$5 as of December 31, 2024) and the total expense recognized, was R$8 (R$3 as of June 30, 2024) and the fair value of the total of this plan in this date was R$29. |
| **19.5.4** | **Executive Partner Program** | **Executive Partner Program** | **Executive Partner Program** | **Executive Partner Program** | **Executive Partner Program** |
|  | At the Ordinary and Extraordinary General Meeting held on April 26, 2024, the shareholders approved the Company's Executive Partner Program, intended to create a unique and extraordinary long-term program, which is not to be confused with the standard Long-Term Incentive, composed of a single grant of share rights to the Chief Executive Officer, the Commercial and Logistics Vice President, and the Operations Vice President ("Participants"), in a substantial amount and contingent on the Participants staying at the company and their achievement of certain performance targets, aiming at: (i) the long-term retention of the Participants; and (ii) the strengthening ofthe sense of ownership in the Participants, transforming key officers into relevant, long-term shareholders. | At the Ordinary and Extraordinary General Meeting held on April 26, 2024, the shareholders approved the Company's Executive Partner Program, intended to create a unique and extraordinary long-term program, which is not to be confused with the standard Long-Term Incentive, composed of a single grant of share rights to the Chief Executive Officer, the Commercial and Logistics Vice President, and the Operations Vice President ("Participants"), in a substantial amount and contingent on the Participants staying at the company and their achievement of certain performance targets, aiming at: (i) the long-term retention of the Participants; and (ii) the strengthening ofthe sense of ownership in the Participants, transforming key officers into relevant, long-term shareholders. | At the Ordinary and Extraordinary General Meeting held on April 26, 2024, the shareholders approved the Company's Executive Partner Program, intended to create a unique and extraordinary long-term program, which is not to be confused with the standard Long-Term Incentive, composed of a single grant of share rights to the Chief Executive Officer, the Commercial and Logistics Vice President, and the Operations Vice President ("Participants"), in a substantial amount and contingent on the Participants staying at the company and their achievement of certain performance targets, aiming at: (i) the long-term retention of the Participants; and (ii) the strengthening ofthe sense of ownership in the Participants, transforming key officers into relevant, long-term shareholders. | At the Ordinary and Extraordinary General Meeting held on April 26, 2024, the shareholders approved the Company's Executive Partner Program, intended to create a unique and extraordinary long-term program, which is not to be confused with the standard Long-Term Incentive, composed of a single grant of share rights to the Chief Executive Officer, the Commercial and Logistics Vice President, and the Operations Vice President ("Participants"), in a substantial amount and contingent on the Participants staying at the company and their achievement of certain performance targets, aiming at: (i) the long-term retention of the Participants; and (ii) the strengthening ofthe sense of ownership in the Participants, transforming key officers into relevant, long-term shareholders. | At the Ordinary and Extraordinary General Meeting held on April 26, 2024, the shareholders approved the Company's Executive Partner Program, intended to create a unique and extraordinary long-term program, which is not to be confused with the standard Long-Term Incentive, composed of a single grant of share rights to the Chief Executive Officer, the Commercial and Logistics Vice President, and the Operations Vice President ("Participants"), in a substantial amount and contingent on the Participants staying at the company and their achievement of certain performance targets, aiming at: (i) the long-term retention of the Participants; and (ii) the strengthening ofthe sense of ownership in the Participants, transforming key officers into relevant, long-term shareholders. |

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| | |
|:---|:---|
|  | Through the Executive Partner Program, on May 1, 2024 the Company granted to Participants the right to receive up to 27,044,904 Company shares, corresponding to up to 2% of the total number of Company shares on the date of approval of the Executive Partner Program, subject to the adjustments provided for in the Program, as follows: |
|  | i) 0.40% will consist of restricted shares, the right to which will only be acquired if the Participants remain as Officers of the Company, as follows: i) 30% on the first vesting date (5 years from granted date) and 70% on the second vesting date (7 years from granted date); and |
|  | ii) up to 1.60% will consist of shares with performance assumptions, the right to which will only be acquired if the following conditions are cumulatively met: i) the Participants remain as Officers of the Company until the second vesting date; and ii) the performance targets are achieved on the second vesting date, determined and calculated in accordance with the terms and conditions set out below. |
|  | **Shares with performance assumptions** |
|  | • The final number of shares with performance assumptions to which the Participants will be entitled will depend on the degree of achievement of the Earnings Per Share ("EPS") target, according to the increase in the accumulated Compound Annual Growth Rate ("CAGR") of the EPS during the calculation period, based on the achievement curve. |
|  | • The EPS target achievement curve will begin at the minimum trigger corresponding to an accumulated EPS equal to or greater than IPCA (Extended Consumer Price Index) + 20% per year Starting from the minimum trigger of IPCA + 20% per year, the percentage of the total number of Company shares to which the Participants will be entitled will increase proportionally to the increase in the accumulated CAGR of the EPS up to the limit of 1.60% of the total number of Company shares. If the minimum trigger of the EPS target curve is not reached, it will be considered that the condition of performance was not reached. |
|  | • The achievement curve of the EPS accumulated performance target will be calculated considering the period between December 31, 2023 and December 31, 2030, except in the following cases in which the proportional period will be considered, as provided for in the Program: Involuntary Termination between the First and the Second Vesting Date; Disposal of Control and Relevant Acquisition; and Delisting and Withdrawal from Novo Mercado. The Financial Committee, the Audit Committee and the People, Culture and Remuneration Committee will calculate and verify the compliance with the performance targets. |
|  | • The shares (both the restricted shares and the shares with performance assumptions) will be transferred to the Participants through the delivery of shares held in treasury by the Company. |
|  | **Additional shares** |
|  | • The Participants will be entitled to receive the value per share of dividends, interest on equity or other amounts paid by the Company to its shareholders between the grant date and the date of receipt of these shares, which will be paid in shares ("additional shares"). The calculation of the additional shares will be made by multiplying the value per share distributed as earnings by the number of shares to which the Participants will be entitled to receive, on each payment date of the earnings, divided by the share price at the end of the trading session on B3 on the day immediately preceding the date on which the Company shares started being traded ex-dividends. |
|  | • The additional shares will be added to the target number granted (whether of restricted shares or shares with performance assumptions) and will be subject to the same terms and conditions applicable to restricted shares and shares with performance assumptions and will be transferred to the Participants under the same terms and conditions upon compliance with the applicable conditions. |
|  | All shares received by the Participants under the Executive Partner Program will be subject to a lock-up of three years from the date of receipt of the shares, unless otherwise provided for by the Board of Directors in cases of termination of the Participants. |
|  | The fair value of each share granted in the amount of R$13.12 was measured based on the share price on the granted date, reduced by the estimated discount of 13.50% due to the transfer restriction after the vesting period. The Company has determined the estimated number of shares that will be considered the right of the Participants in relation to the variable portion of the plan based on the result projections in line with the business assumptions and that at the end of each period the estimate will be adjusted according to these projections. |
|  | 9,952,525 shares were granted, with a fair value of R$11.35. |
|  | As of June 30, 2025, the amount recognized in the statement of operations for the period was R$13 (R$6 as of June 30, 2024) and the fair value of the total of this plan in this date was R$152, including charges. |
| **19.5.5** | **Long-term incentive plan through grant of the right to receive Company shares** |
|  | At the Ordinary and Extraordinary General Meeting held on April 26, 2024, the shareholders approved the Long-Term Incentive Plan ("ILP"), intended to grant restricted shares and shares with performance assumptions to statutory and non-statutory directors of the Company ("Participants"), as well as to any other employees who are selected to participate in the plan. |

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| By granting the right to receive Company shares to the Participants, the ILP Plan aims at: (i) aligning the interests of the Participants with the interests of the Company's shareholders; (ii) encouraging the Participants to stay at the Company or at the companies under its control; and (iii) maximizing the results and generating sustainable value for the Company and its shareholders. | By granting the right to receive Company shares to the Participants, the ILP Plan aims at: (i) aligning the interests of the Participants with the interests of the Company's shareholders; (ii) encouraging the Participants to stay at the Company or at the companies under its control; and (iii) maximizing the results and generating sustainable value for the Company and its shareholders. | By granting the right to receive Company shares to the Participants, the ILP Plan aims at: (i) aligning the interests of the Participants with the interests of the Company's shareholders; (ii) encouraging the Participants to stay at the Company or at the companies under its control; and (iii) maximizing the results and generating sustainable value for the Company and its shareholders. | By granting the right to receive Company shares to the Participants, the ILP Plan aims at: (i) aligning the interests of the Participants with the interests of the Company's shareholders; (ii) encouraging the Participants to stay at the Company or at the companies under its control; and (iii) maximizing the results and generating sustainable value for the Company and its shareholders. | By granting the right to receive Company shares to the Participants, the ILP Plan aims at: (i) aligning the interests of the Participants with the interests of the Company's shareholders; (ii) encouraging the Participants to stay at the Company or at the companies under its control; and (iii) maximizing the results and generating sustainable value for the Company and its shareholders. | By granting the right to receive Company shares to the Participants, the ILP Plan aims at: (i) aligning the interests of the Participants with the interests of the Company's shareholders; (ii) encouraging the Participants to stay at the Company or at the companies under its control; and (iii) maximizing the results and generating sustainable value for the Company and its shareholders. | By granting the right to receive Company shares to the Participants, the ILP Plan aims at: (i) aligning the interests of the Participants with the interests of the Company's shareholders; (ii) encouraging the Participants to stay at the Company or at the companies under its control; and (iii) maximizing the results and generating sustainable value for the Company and its shareholders. | By granting the right to receive Company shares to the Participants, the ILP Plan aims at: (i) aligning the interests of the Participants with the interests of the Company's shareholders; (ii) encouraging the Participants to stay at the Company or at the companies under its control; and (iii) maximizing the results and generating sustainable value for the Company and its shareholders. | By granting the right to receive Company shares to the Participants, the ILP Plan aims at: (i) aligning the interests of the Participants with the interests of the Company's shareholders; (ii) encouraging the Participants to stay at the Company or at the companies under its control; and (iii) maximizing the results and generating sustainable value for the Company and its shareholders. | By granting the right to receive Company shares to the Participants, the ILP Plan aims at: (i) aligning the interests of the Participants with the interests of the Company's shareholders; (ii) encouraging the Participants to stay at the Company or at the companies under its control; and (iii) maximizing the results and generating sustainable value for the Company and its shareholders. |
| The grants under the ILP Plan will be made in the following proportion: (i) 30% of the right granted will consist of restricted shares, and the transfer of the shares to the Participants will occur only upon compliance with a single vesting period of 3 years (except for the grant to the Chief Executive Officer, which will have a vesting period of up to 5 years, with partial vesting of 33% in the 3rd year, 33% in the 4th year and 34% in the 5th year); and (ii) 70% of the right granted will consist of shares with performance assumptions, and the transfer of the shares to the Participants will occur only upon compliance with a single vesting period of 3 years (5 years for the Chief Executive Officer) contingent on the achievement of the performance targets established by the Board of Directors, and the final number of shares with performance assumptions to which the Participants will be entitled will depend on the degree of achievement of these targets at the end of the single vesting period of 3 years (5 years for the Chief Executive Officer), and may vary from 90% to 110% of the target number of shares (and the target number of shares will assume the achievement of 100% of the targets). | The grants under the ILP Plan will be made in the following proportion: (i) 30% of the right granted will consist of restricted shares, and the transfer of the shares to the Participants will occur only upon compliance with a single vesting period of 3 years (except for the grant to the Chief Executive Officer, which will have a vesting period of up to 5 years, with partial vesting of 33% in the 3rd year, 33% in the 4th year and 34% in the 5th year); and (ii) 70% of the right granted will consist of shares with performance assumptions, and the transfer of the shares to the Participants will occur only upon compliance with a single vesting period of 3 years (5 years for the Chief Executive Officer) contingent on the achievement of the performance targets established by the Board of Directors, and the final number of shares with performance assumptions to which the Participants will be entitled will depend on the degree of achievement of these targets at the end of the single vesting period of 3 years (5 years for the Chief Executive Officer), and may vary from 90% to 110% of the target number of shares (and the target number of shares will assume the achievement of 100% of the targets). | The grants under the ILP Plan will be made in the following proportion: (i) 30% of the right granted will consist of restricted shares, and the transfer of the shares to the Participants will occur only upon compliance with a single vesting period of 3 years (except for the grant to the Chief Executive Officer, which will have a vesting period of up to 5 years, with partial vesting of 33% in the 3rd year, 33% in the 4th year and 34% in the 5th year); and (ii) 70% of the right granted will consist of shares with performance assumptions, and the transfer of the shares to the Participants will occur only upon compliance with a single vesting period of 3 years (5 years for the Chief Executive Officer) contingent on the achievement of the performance targets established by the Board of Directors, and the final number of shares with performance assumptions to which the Participants will be entitled will depend on the degree of achievement of these targets at the end of the single vesting period of 3 years (5 years for the Chief Executive Officer), and may vary from 90% to 110% of the target number of shares (and the target number of shares will assume the achievement of 100% of the targets). | The grants under the ILP Plan will be made in the following proportion: (i) 30% of the right granted will consist of restricted shares, and the transfer of the shares to the Participants will occur only upon compliance with a single vesting period of 3 years (except for the grant to the Chief Executive Officer, which will have a vesting period of up to 5 years, with partial vesting of 33% in the 3rd year, 33% in the 4th year and 34% in the 5th year); and (ii) 70% of the right granted will consist of shares with performance assumptions, and the transfer of the shares to the Participants will occur only upon compliance with a single vesting period of 3 years (5 years for the Chief Executive Officer) contingent on the achievement of the performance targets established by the Board of Directors, and the final number of shares with performance assumptions to which the Participants will be entitled will depend on the degree of achievement of these targets at the end of the single vesting period of 3 years (5 years for the Chief Executive Officer), and may vary from 90% to 110% of the target number of shares (and the target number of shares will assume the achievement of 100% of the targets). | The grants under the ILP Plan will be made in the following proportion: (i) 30% of the right granted will consist of restricted shares, and the transfer of the shares to the Participants will occur only upon compliance with a single vesting period of 3 years (except for the grant to the Chief Executive Officer, which will have a vesting period of up to 5 years, with partial vesting of 33% in the 3rd year, 33% in the 4th year and 34% in the 5th year); and (ii) 70% of the right granted will consist of shares with performance assumptions, and the transfer of the shares to the Participants will occur only upon compliance with a single vesting period of 3 years (5 years for the Chief Executive Officer) contingent on the achievement of the performance targets established by the Board of Directors, and the final number of shares with performance assumptions to which the Participants will be entitled will depend on the degree of achievement of these targets at the end of the single vesting period of 3 years (5 years for the Chief Executive Officer), and may vary from 90% to 110% of the target number of shares (and the target number of shares will assume the achievement of 100% of the targets). | The grants under the ILP Plan will be made in the following proportion: (i) 30% of the right granted will consist of restricted shares, and the transfer of the shares to the Participants will occur only upon compliance with a single vesting period of 3 years (except for the grant to the Chief Executive Officer, which will have a vesting period of up to 5 years, with partial vesting of 33% in the 3rd year, 33% in the 4th year and 34% in the 5th year); and (ii) 70% of the right granted will consist of shares with performance assumptions, and the transfer of the shares to the Participants will occur only upon compliance with a single vesting period of 3 years (5 years for the Chief Executive Officer) contingent on the achievement of the performance targets established by the Board of Directors, and the final number of shares with performance assumptions to which the Participants will be entitled will depend on the degree of achievement of these targets at the end of the single vesting period of 3 years (5 years for the Chief Executive Officer), and may vary from 90% to 110% of the target number of shares (and the target number of shares will assume the achievement of 100% of the targets). | The grants under the ILP Plan will be made in the following proportion: (i) 30% of the right granted will consist of restricted shares, and the transfer of the shares to the Participants will occur only upon compliance with a single vesting period of 3 years (except for the grant to the Chief Executive Officer, which will have a vesting period of up to 5 years, with partial vesting of 33% in the 3rd year, 33% in the 4th year and 34% in the 5th year); and (ii) 70% of the right granted will consist of shares with performance assumptions, and the transfer of the shares to the Participants will occur only upon compliance with a single vesting period of 3 years (5 years for the Chief Executive Officer) contingent on the achievement of the performance targets established by the Board of Directors, and the final number of shares with performance assumptions to which the Participants will be entitled will depend on the degree of achievement of these targets at the end of the single vesting period of 3 years (5 years for the Chief Executive Officer), and may vary from 90% to 110% of the target number of shares (and the target number of shares will assume the achievement of 100% of the targets). | The grants under the ILP Plan will be made in the following proportion: (i) 30% of the right granted will consist of restricted shares, and the transfer of the shares to the Participants will occur only upon compliance with a single vesting period of 3 years (except for the grant to the Chief Executive Officer, which will have a vesting period of up to 5 years, with partial vesting of 33% in the 3rd year, 33% in the 4th year and 34% in the 5th year); and (ii) 70% of the right granted will consist of shares with performance assumptions, and the transfer of the shares to the Participants will occur only upon compliance with a single vesting period of 3 years (5 years for the Chief Executive Officer) contingent on the achievement of the performance targets established by the Board of Directors, and the final number of shares with performance assumptions to which the Participants will be entitled will depend on the degree of achievement of these targets at the end of the single vesting period of 3 years (5 years for the Chief Executive Officer), and may vary from 90% to 110% of the target number of shares (and the target number of shares will assume the achievement of 100% of the targets). | The grants under the ILP Plan will be made in the following proportion: (i) 30% of the right granted will consist of restricted shares, and the transfer of the shares to the Participants will occur only upon compliance with a single vesting period of 3 years (except for the grant to the Chief Executive Officer, which will have a vesting period of up to 5 years, with partial vesting of 33% in the 3rd year, 33% in the 4th year and 34% in the 5th year); and (ii) 70% of the right granted will consist of shares with performance assumptions, and the transfer of the shares to the Participants will occur only upon compliance with a single vesting period of 3 years (5 years for the Chief Executive Officer) contingent on the achievement of the performance targets established by the Board of Directors, and the final number of shares with performance assumptions to which the Participants will be entitled will depend on the degree of achievement of these targets at the end of the single vesting period of 3 years (5 years for the Chief Executive Officer), and may vary from 90% to 110% of the target number of shares (and the target number of shares will assume the achievement of 100% of the targets). | The grants under the ILP Plan will be made in the following proportion: (i) 30% of the right granted will consist of restricted shares, and the transfer of the shares to the Participants will occur only upon compliance with a single vesting period of 3 years (except for the grant to the Chief Executive Officer, which will have a vesting period of up to 5 years, with partial vesting of 33% in the 3rd year, 33% in the 4th year and 34% in the 5th year); and (ii) 70% of the right granted will consist of shares with performance assumptions, and the transfer of the shares to the Participants will occur only upon compliance with a single vesting period of 3 years (5 years for the Chief Executive Officer) contingent on the achievement of the performance targets established by the Board of Directors, and the final number of shares with performance assumptions to which the Participants will be entitled will depend on the degree of achievement of these targets at the end of the single vesting period of 3 years (5 years for the Chief Executive Officer), and may vary from 90% to 110% of the target number of shares (and the target number of shares will assume the achievement of 100% of the targets). |
| **Shares with performance assumptions** | **Shares with performance assumptions** | **Shares with performance assumptions** | **Shares with performance assumptions** | **Shares with performance assumptions** | **Shares with performance assumptions** | **Shares with performance assumptions** | **Shares with performance assumptions** | **Shares with performance assumptions** | **Shares with performance assumptions** |
| Regarding the grant of shares with performance assumptions, the indicators will be defined considering the following main objectives: | Regarding the grant of shares with performance assumptions, the indicators will be defined considering the following main objectives: | Regarding the grant of shares with performance assumptions, the indicators will be defined considering the following main objectives: | Regarding the grant of shares with performance assumptions, the indicators will be defined considering the following main objectives: | Regarding the grant of shares with performance assumptions, the indicators will be defined considering the following main objectives: | Regarding the grant of shares with performance assumptions, the indicators will be defined considering the following main objectives: | Regarding the grant of shares with performance assumptions, the indicators will be defined considering the following main objectives: | Regarding the grant of shares with performance assumptions, the indicators will be defined considering the following main objectives: | Regarding the grant of shares with performance assumptions, the indicators will be defined considering the following main objectives: | Regarding the grant of shares with performance assumptions, the indicators will be defined considering the following main objectives: |
| • preserve the Company's relevance and positioning in relation to its peers in the cash & carry sector; | • preserve the Company's relevance and positioning in relation to its peers in the cash & carry sector; | • preserve the Company's relevance and positioning in relation to its peers in the cash & carry sector; | • preserve the Company's relevance and positioning in relation to its peers in the cash & carry sector; | • preserve the Company's relevance and positioning in relation to its peers in the cash & carry sector; | • preserve the Company's relevance and positioning in relation to its peers in the cash & carry sector; | • preserve the Company's relevance and positioning in relation to its peers in the cash & carry sector; | • preserve the Company's relevance and positioning in relation to its peers in the cash & carry sector; | • preserve the Company's relevance and positioning in relation to its peers in the cash & carry sector; | • preserve the Company's relevance and positioning in relation to its peers in the cash & carry sector; |
| • ensure the generation of sustainable business value; | • ensure the generation of sustainable business value; | • ensure the generation of sustainable business value; | • ensure the generation of sustainable business value; | • ensure the generation of sustainable business value; | • ensure the generation of sustainable business value; | • ensure the generation of sustainable business value; | • ensure the generation of sustainable business value; | • ensure the generation of sustainable business value; | • ensure the generation of sustainable business value; |
| • guarantee the profitability of the Company's business in the long term; and | • guarantee the profitability of the Company's business in the long term; and | • guarantee the profitability of the Company's business in the long term; and | • guarantee the profitability of the Company's business in the long term; and | • guarantee the profitability of the Company's business in the long term; and | • guarantee the profitability of the Company's business in the long term; and | • guarantee the profitability of the Company's business in the long term; and | • guarantee the profitability of the Company's business in the long term; and | • guarantee the profitability of the Company's business in the long term; and | • guarantee the profitability of the Company's business in the long term; and |
| • ensure an adequate level of profitability of operations, preserving healthy profit margin levels in relation to the Company's history. | • ensure an adequate level of profitability of operations, preserving healthy profit margin levels in relation to the Company's history. | • ensure an adequate level of profitability of operations, preserving healthy profit margin levels in relation to the Company's history. | • ensure an adequate level of profitability of operations, preserving healthy profit margin levels in relation to the Company's history. | • ensure an adequate level of profitability of operations, preserving healthy profit margin levels in relation to the Company's history. | • ensure an adequate level of profitability of operations, preserving healthy profit margin levels in relation to the Company's history. | • ensure an adequate level of profitability of operations, preserving healthy profit margin levels in relation to the Company's history. | • ensure an adequate level of profitability of operations, preserving healthy profit margin levels in relation to the Company's history. | • ensure an adequate level of profitability of operations, preserving healthy profit margin levels in relation to the Company's history. | • ensure an adequate level of profitability of operations, preserving healthy profit margin levels in relation to the Company's history. |
| The number of restricted shares and shares with performance assumptions granted will be determined based on: (i) a salary multiple, according to the grade occupied by the Participant; and (ii) the average share price in the 20 trading sessions prior to the grant. | The number of restricted shares and shares with performance assumptions granted will be determined based on: (i) a salary multiple, according to the grade occupied by the Participant; and (ii) the average share price in the 20 trading sessions prior to the grant. | The number of restricted shares and shares with performance assumptions granted will be determined based on: (i) a salary multiple, according to the grade occupied by the Participant; and (ii) the average share price in the 20 trading sessions prior to the grant. | The number of restricted shares and shares with performance assumptions granted will be determined based on: (i) a salary multiple, according to the grade occupied by the Participant; and (ii) the average share price in the 20 trading sessions prior to the grant. | The number of restricted shares and shares with performance assumptions granted will be determined based on: (i) a salary multiple, according to the grade occupied by the Participant; and (ii) the average share price in the 20 trading sessions prior to the grant. | The number of restricted shares and shares with performance assumptions granted will be determined based on: (i) a salary multiple, according to the grade occupied by the Participant; and (ii) the average share price in the 20 trading sessions prior to the grant. | The number of restricted shares and shares with performance assumptions granted will be determined based on: (i) a salary multiple, according to the grade occupied by the Participant; and (ii) the average share price in the 20 trading sessions prior to the grant. | The number of restricted shares and shares with performance assumptions granted will be determined based on: (i) a salary multiple, according to the grade occupied by the Participant; and (ii) the average share price in the 20 trading sessions prior to the grant. | The number of restricted shares and shares with performance assumptions granted will be determined based on: (i) a salary multiple, according to the grade occupied by the Participant; and (ii) the average share price in the 20 trading sessions prior to the grant. | The number of restricted shares and shares with performance assumptions granted will be determined based on: (i) a salary multiple, according to the grade occupied by the Participant; and (ii) the average share price in the 20 trading sessions prior to the grant. |
| The shares (both restricted shares and shares with performance assumptions) will be transferred to the Participants upon compliance with the conditions described in the plan, and the transfer of shares will be made through the delivery of shares held in treasury by the Company. | The shares (both restricted shares and shares with performance assumptions) will be transferred to the Participants upon compliance with the conditions described in the plan, and the transfer of shares will be made through the delivery of shares held in treasury by the Company. | The shares (both restricted shares and shares with performance assumptions) will be transferred to the Participants upon compliance with the conditions described in the plan, and the transfer of shares will be made through the delivery of shares held in treasury by the Company. | The shares (both restricted shares and shares with performance assumptions) will be transferred to the Participants upon compliance with the conditions described in the plan, and the transfer of shares will be made through the delivery of shares held in treasury by the Company. | The shares (both restricted shares and shares with performance assumptions) will be transferred to the Participants upon compliance with the conditions described in the plan, and the transfer of shares will be made through the delivery of shares held in treasury by the Company. | The shares (both restricted shares and shares with performance assumptions) will be transferred to the Participants upon compliance with the conditions described in the plan, and the transfer of shares will be made through the delivery of shares held in treasury by the Company. | The shares (both restricted shares and shares with performance assumptions) will be transferred to the Participants upon compliance with the conditions described in the plan, and the transfer of shares will be made through the delivery of shares held in treasury by the Company. | The shares (both restricted shares and shares with performance assumptions) will be transferred to the Participants upon compliance with the conditions described in the plan, and the transfer of shares will be made through the delivery of shares held in treasury by the Company. | The shares (both restricted shares and shares with performance assumptions) will be transferred to the Participants upon compliance with the conditions described in the plan, and the transfer of shares will be made through the delivery of shares held in treasury by the Company. | The shares (both restricted shares and shares with performance assumptions) will be transferred to the Participants upon compliance with the conditions described in the plan, and the transfer of shares will be made through the delivery of shares held in treasury by the Company. |
| Through the ILP Plan, the Company will grant to the Participants the right to receive a certain number of shares corresponding to up to 1.5% of the total number of Company shares on the date of approval of the respective plan, subject to the specified adjustments. | Through the ILP Plan, the Company will grant to the Participants the right to receive a certain number of shares corresponding to up to 1.5% of the total number of Company shares on the date of approval of the respective plan, subject to the specified adjustments. | Through the ILP Plan, the Company will grant to the Participants the right to receive a certain number of shares corresponding to up to 1.5% of the total number of Company shares on the date of approval of the respective plan, subject to the specified adjustments. | Through the ILP Plan, the Company will grant to the Participants the right to receive a certain number of shares corresponding to up to 1.5% of the total number of Company shares on the date of approval of the respective plan, subject to the specified adjustments. | Through the ILP Plan, the Company will grant to the Participants the right to receive a certain number of shares corresponding to up to 1.5% of the total number of Company shares on the date of approval of the respective plan, subject to the specified adjustments. | Through the ILP Plan, the Company will grant to the Participants the right to receive a certain number of shares corresponding to up to 1.5% of the total number of Company shares on the date of approval of the respective plan, subject to the specified adjustments. | Through the ILP Plan, the Company will grant to the Participants the right to receive a certain number of shares corresponding to up to 1.5% of the total number of Company shares on the date of approval of the respective plan, subject to the specified adjustments. | Through the ILP Plan, the Company will grant to the Participants the right to receive a certain number of shares corresponding to up to 1.5% of the total number of Company shares on the date of approval of the respective plan, subject to the specified adjustments. | Through the ILP Plan, the Company will grant to the Participants the right to receive a certain number of shares corresponding to up to 1.5% of the total number of Company shares on the date of approval of the respective plan, subject to the specified adjustments. | Through the ILP Plan, the Company will grant to the Participants the right to receive a certain number of shares corresponding to up to 1.5% of the total number of Company shares on the date of approval of the respective plan, subject to the specified adjustments. |
| The information related to the plan is summarized below: | The information related to the plan is summarized below: | The information related to the plan is summarized below: | The information related to the plan is summarized below: | The information related to the plan is summarized below: | The information related to the plan is summarized below: | The information related to the plan is summarized below: | The information related to the plan is summarized below: | The information related to the plan is summarized below: | The information related to the plan is summarized below: |
|  |  |  |  |  | **6/30/2025** | **6/30/2025** | **6/30/2025** | **6/30/2025** |  |
|  |  |  |  |  | **Number of shares<br> (in thousands)** | **Number of shares<br> (in thousands)** | **Number of shares<br> (in thousands)** | **Number of shares<br> (in thousands)** |  |
| **Series granted** | **Date of grant** | **Date of grant** | **1<sup>st</sup> exercise date** | **1<sup>st</sup> exercise date** | **Grant** | **Grant** | **Cancelled** | **Cancelled** | **Effective** |
| ILP - 2024 | 5/31/2024 | 5/31/2024 | 5/31/2027 | 5/31/2027 | **649** | **649** | **(128)** | **(128)** | **521** |
| ILP - 2024 | 5/31/2024 | 5/31/2024 | 5/31/2028 | 5/31/2028 | **50** | **50** | **-** | **-** | **50** |
| ILP - 2024 | 5/31/2024 | 5/31/2024 | 5/31/2029 | 5/31/2029 | **396** | **396** | **-** | **-** | **396** |
| ILP - 2025 | 3/31/2025 | 3/31/2025 | 3/31/2028 | 3/31/2028 | **5085** | **5085** | **(326)** | **(326)** | **4759** |
| ILP - 2025 | 3/31/2025 | 3/31/2025 | 3/31/2029 | 3/31/2029 | **97** | **97** | **-** | **-** | **97** |
| ILP - 2025 | 3/31/2025 | 3/31/2025 | 3/31/2030 | 3/31/2030 | **777** | **777** | **-** | **-** | **777** |
|  |  |  |  |  | **7054** | **7054** | **(454)** | **(454)** | **6600** |
| The fair value of each share granted is estimated on the grant date using the Black-Scholes pricing model, considering the following assumptions: | The fair value of each share granted is estimated on the grant date using the Black-Scholes pricing model, considering the following assumptions: | The fair value of each share granted is estimated on the grant date using the Black-Scholes pricing model, considering the following assumptions: | The fair value of each share granted is estimated on the grant date using the Black-Scholes pricing model, considering the following assumptions: | The fair value of each share granted is estimated on the grant date using the Black-Scholes pricing model, considering the following assumptions: | The fair value of each share granted is estimated on the grant date using the Black-Scholes pricing model, considering the following assumptions: | The fair value of each share granted is estimated on the grant date using the Black-Scholes pricing model, considering the following assumptions: | The fair value of each share granted is estimated on the grant date using the Black-Scholes pricing model, considering the following assumptions: | The fair value of each share granted is estimated on the grant date using the Black-Scholes pricing model, considering the following assumptions: | The fair value of each share granted is estimated on the grant date using the Black-Scholes pricing model, considering the following assumptions: |
| **Fair value granted<br> (in reais)** | **Fair value granted<br> (in reais)** | **Estimated dividends** | **Estimated dividends** | **Approximate estimated volatility** | **Approximate estimated volatility** | **Risk-free weighted average interest rate** | **Risk-free weighted average interest rate** | **Average remaining life expectancy** | **Average remaining life expectancy** |
| 11.90 (3<sup>rd</sup> year) | 11.90 (3<sup>rd</sup> year) | 0.77% | 0.77% | 37.32% | 37.32% | 11.28% | 11.28% | 23 months | 23 months |
| 11.81 (4<sup>th</sup> year) | 11.81 (4<sup>th</sup> year) | 0.77% | 0.77% | 36.94% | 36.94% | 11.54% | 11.54% | 35 months | 35 months |
| 11.72 (5<sup>th</sup> year) | 11.72 (5<sup>th</sup> year) | 0.77% | 0.77% | 38.27% | 38.27% | 11.68% | 11.68% | 47 months | 47 months |
| 6.98 (3<sup>rd</sup> year) | 6.98 (3<sup>rd</sup> year) | 2.57% | 2.57% | 41.69% | 41.69% | 14.71% | 14.71% | 33 months | 33 months |
| 6.80 (4<sup>th</sup> year) | 6.80 (4<sup>th</sup> year) | 2.57% | 2.57% | 39.51% | 39.51% | 14.73% | 14.73% | 45 months | 45 months |
| 6.63 (5<sup>th</sup> year) | 6.63 (5<sup>th</sup> year) | 2.57% | 2.57% | 39.50% | 39.50% | 14.81% | 14.81% | 57 months | 57 months |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Shares<br> (in thousands)** | **Shares<br> (in thousands)** | **Weighted average of the remaining contract term** | **Weighted average of the remaining contract term** |
|  | As of December 31, 2024 | 1095 | 1095 | 3.19 | 3.19 |
|  | &nbsp;&nbsp;&nbsp;Granted during the period | **5959** | **5959** |  |  |
|  | &nbsp;&nbsp;&nbsp;Cancelled during the period | **(454)** | **(454)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Outstanding at end of the period | **6600** | **6600** | **3.01** | **3.01** |
|  | Total to be exercised as of June 30, 2025 | **6600** | **6600** | **3.01** | **3.01** |
|  | As of June 30, 2025, the amount recognized in the statement of operations for the period was R$7 (R$391 thousand as of June 30, 2024) and the fair value of the total of this plan in this date was R$76, including charges. | As of June 30, 2025, the amount recognized in the statement of operations for the period was R$7 (R$391 thousand as of June 30, 2024) and the fair value of the total of this plan in this date was R$76, including charges. | As of June 30, 2025, the amount recognized in the statement of operations for the period was R$7 (R$391 thousand as of June 30, 2024) and the fair value of the total of this plan in this date was R$76, including charges. | As of June 30, 2025, the amount recognized in the statement of operations for the period was R$7 (R$391 thousand as of June 30, 2024) and the fair value of the total of this plan in this date was R$76, including charges. | As of June 30, 2025, the amount recognized in the statement of operations for the period was R$7 (R$391 thousand as of June 30, 2024) and the fair value of the total of this plan in this date was R$76, including charges. |
| **20** | **NET OPERATING REVENUE** | **NET OPERATING REVENUE** | **NET OPERATING REVENUE** | **NET OPERATING REVENUE** | **NET OPERATING REVENUE** |
|  |  | **6/30/2025** | **6/30/2025** | **6/30/2024** | **6/30/2024** |
|  | Gross operating revenue |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Goods | **41025** | **41025** | 38161 | 38161 |
|  | &nbsp;&nbsp;&nbsp;Services rendered and others | **145** | **145** | 134 | 134 |
|  |  | **41170** | **41170** | 38295 | 38295 |
|  | (-) Revenue deductions |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Returns and sales cancellation | **(100)** | **(100)** | (81) | (81) |
|  | &nbsp;&nbsp;&nbsp;Taxes | **(3516)** | **(3516)** | (3121) | (3121) |
|  |  | **(3616)** | **(3616)** | (3202) | (3202) |
|  | Net operating revenue | **37554** | **37554** | 35093 | 35093 |
| **21** | **EXPENSES BY NATURE** | **EXPENSES BY NATURE** | **EXPENSES BY NATURE** | **EXPENSES BY NATURE** | **EXPENSES BY NATURE** |
|  |  | **6/30/2025** | **6/30/2025** | **6/30/2024** | **6/30/2024** |
|  | Inventory cost | **(30603)** | **(30603)** | (28818) | (28818) |
|  | Personnel expenses | **(2435)** | **(2435)** | (2154) | (2154) |
|  | Outsourced services | **(234)** | **(234)** | (196) | (196) |
|  | Selling expenses | **(558)** | **(558)** | (553) | (553) |
|  | Functional expenses | **(713)** | **(713)** | (670) | (670) |
|  | Other expenses | **(294)** | **(294)** | (271) | (271) |
|  |  | **(34837)** | **(34837)** | (32662) | (32662) |
|  | Cost of sales | **(31309)** | **(31309)** | (29343) | (29343) |
|  | Selling expenses | **(3048)** | **(3048)** | (2920) | (2920) |
|  | General and administrative expenses | **(480)** | **(480)** | (399) | (399) |
|  |  | **(34837)** | **(34837)** | (32662) | (32662) |
| **22** | **OTHER OPERATING EXPENSES, NET** | **OTHER OPERATING EXPENSES, NET** | **OTHER OPERATING EXPENSES, NET** | **OTHER OPERATING EXPENSES, NET** | **OTHER OPERATING EXPENSES, NET** |
|  |  |  | **6/30/2025** | **6/30/2025** | **6/30/2024** |
|  | Result with property, plant and equipment and leases | Result with property, plant and equipment and leases | **(8)** | **(8)** | (9) |
|  | Revenues related to legal proceedings | Revenues related to legal proceedings | **1** | **1** | 1 |
|  | Others | Others | **(1)** | **(1)** | - |
|  |  |  | **(8)** | **(8)** | (8) |
| **23** | **NET FINANCIAL RESULT** | **NET FINANCIAL RESULT** | **NET FINANCIAL RESULT** | **NET FINANCIAL RESULT** | **NET FINANCIAL RESULT** |
|  |  |  | **6/30/2025** | **6/30/2025** | **6/30/2024** |
|  | Financial revenues | Financial revenues |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Cash and cash equivalents interest | &nbsp;&nbsp;&nbsp;Cash and cash equivalents interest | **106** | **106** | 35 |
|  | &nbsp;&nbsp;&nbsp;Monetary correction assets | &nbsp;&nbsp;&nbsp;Monetary correction assets | **63** | **63** | 29 |
|  | &nbsp;&nbsp;&nbsp;Revenue from anticipation of payables | &nbsp;&nbsp;&nbsp;Revenue from anticipation of payables | **25** | **25** | 28 |
|  | &nbsp;&nbsp;&nbsp;Other financial revenues | &nbsp;&nbsp;&nbsp;Other financial revenues | **7** | **7** | 5 |
|  | Total financial revenues | Total financial revenues | **201** | **201** | 97 |
|  | Financial expenses | Financial expenses |  |  |  |
|  | &nbsp;&nbsp;&nbsp;Cost of debt | &nbsp;&nbsp;&nbsp;Cost of debt | **(1188)** | **(1188)** | (921) |
|  | &nbsp;&nbsp;&nbsp;Mark-to-market gain (loss) | &nbsp;&nbsp;&nbsp;Mark-to-market gain (loss) | **23** | **23** | (91) |
|  | &nbsp;&nbsp;&nbsp;Cost and discount of receivables | &nbsp;&nbsp;&nbsp;Cost and discount of receivables | **(92)** | **(92)** | (65) |
|  | &nbsp;&nbsp;&nbsp;Monetary correction liabilities | &nbsp;&nbsp;&nbsp;Monetary correction liabilities | **(6)** | **(6)** | 6 |
|  | &nbsp;&nbsp;&nbsp;Interest on lease liabilities | &nbsp;&nbsp;&nbsp;Interest on lease liabilities | **(553)** | **(553)** | (501) |
|  | &nbsp;&nbsp;&nbsp;Other financial expenses | &nbsp;&nbsp;&nbsp;Other financial expenses | **(15)** | **(15)** | (4) |
|  | Total financial expenses | Total financial expenses | **(1831)** | **(1831)** | (1576) |
|  |  |  | **(1630)** | **(1630)** | (1479) |

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| | | | | |
|:---|:---|:---|:---|:---|
| **24** | **EARNINGS PER SHARE** | **EARNINGS PER SHARE** | **EARNINGS PER SHARE** | **EARNINGS PER SHARE** |
|  | The Company calculates earnings per share by dividing the net income for the period, relating to each class of shares, by the total number of common shares outstanding in the period. | The Company calculates earnings per share by dividing the net income for the period, relating to each class of shares, by the total number of common shares outstanding in the period. | The Company calculates earnings per share by dividing the net income for the period, relating to each class of shares, by the total number of common shares outstanding in the period. | The Company calculates earnings per share by dividing the net income for the period, relating to each class of shares, by the total number of common shares outstanding in the period. |
|  | The table below presents the determination of the net income for the period available to holders of outstanding common shares to calculate the basic earnings and diluted earnings per share in each year presented: | The table below presents the determination of the net income for the period available to holders of outstanding common shares to calculate the basic earnings and diluted earnings per share in each year presented: | The table below presents the determination of the net income for the period available to holders of outstanding common shares to calculate the basic earnings and diluted earnings per share in each year presented: | The table below presents the determination of the net income for the period available to holders of outstanding common shares to calculate the basic earnings and diluted earnings per share in each year presented: |
|  |  | **6/30/2025** | **6/30/2024** | **6/30/2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income allocated available to holders of common shares (a) | **336** | 183 | 183 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average of number of shares, excluding treasury shares | **1348** | 1352 | 1352 |
|  | **Basic denominator (million of shares) (b)** | **1348** | 1352 | 1352 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted average of stock option | **6** | 3 | 3 |
|  | **Diluted denominator (million of shares) (c)** | **1354** | 1355 | 1355 |
|  | **Basic earnings per million shares (R$) (a ÷ b)** | **0.249030** | 0.135067 | 0.135067 |
|  | **Diluted earnings per million shares (R$) (a ÷ c)** | **0.247953** | 0.134722 | 0.134722 |
| **25** | **NON-CASH TRANSACTIONS** | **NON-CASH TRANSACTIONS** | **NON-CASH TRANSACTIONS** | **NON-CASH TRANSACTIONS** |
|  | The Company had transactions that did not represent cash disbursements, and, therefore, these were not presented in the Statement of Cash Flows, as follows: | The Company had transactions that did not represent cash disbursements, and, therefore, these were not presented in the Statement of Cash Flows, as follows: | The Company had transactions that did not represent cash disbursements, and, therefore, these were not presented in the Statement of Cash Flows, as follows: | The Company had transactions that did not represent cash disbursements, and, therefore, these were not presented in the Statement of Cash Flows, as follows: |
|  | **Transactions** | **Transactions** | **Transactions** | **Note** |
|  | Acquisition of property, plant and equipment not yet paid | Acquisition of property, plant and equipment not yet paid | Acquisition of property, plant and equipment not yet paid | 11.3 |
| **26** | **SUBSEQUENT EVENTS** | **SUBSEQUENT EVENTS** | **SUBSEQUENT EVENTS** | **SUBSEQUENT EVENTS** |
| **26.1** | **Borrowings in domestic currency** | **Borrowings in domestic currency** | **Borrowings in domestic currency** | **Borrowings in domestic currency** |
|  | On July 10, 2025, the Company raised funds of R$450 with a maturity date of 3 years, semiannual interest payments and principal repayment at the end of the term, with interest indexed at CDI + 0.95% per year. The funds obtained from this issuance were exclusively allocated for liability management, including the prepayment in full of the second issue of commercial paper notes, single series, which was settled on July 11, 2025, in the amount of R$550. | On July 10, 2025, the Company raised funds of R$450 with a maturity date of 3 years, semiannual interest payments and principal repayment at the end of the term, with interest indexed at CDI + 0.95% per year. The funds obtained from this issuance were exclusively allocated for liability management, including the prepayment in full of the second issue of commercial paper notes, single series, which was settled on July 11, 2025, in the amount of R$550. | On July 10, 2025, the Company raised funds of R$450 with a maturity date of 3 years, semiannual interest payments and principal repayment at the end of the term, with interest indexed at CDI + 0.95% per year. The funds obtained from this issuance were exclusively allocated for liability management, including the prepayment in full of the second issue of commercial paper notes, single series, which was settled on July 11, 2025, in the amount of R$550. | On July 10, 2025, the Company raised funds of R$450 with a maturity date of 3 years, semiannual interest payments and principal repayment at the end of the term, with interest indexed at CDI + 0.95% per year. The funds obtained from this issuance were exclusively allocated for liability management, including the prepayment in full of the second issue of commercial paper notes, single series, which was settled on July 11, 2025, in the amount of R$550. |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: August 7, 2025

Sendas Distribuidora S.A.

By: <u>/s/ Aymar Giglio Junior</u> 

Name: Aymar Giglio Junior

Title: Vice President of Finance

By: <u>/s/ Gabrielle Helú</u> 

Name: Gabrielle Helú

Title: Investor Relations Officer

**FORWARD-LOOKING STATEMENTS**

This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.