As filed with the Securities and Exchange Commission on March 31, 2025. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSU ...

Core Insights - The article emphasizes the importance of in-depth research and insights for informed investment decisions in the Latin American equity market [1] Group 1 - The company has over 5 years of experience in equity analysis specifically focused on Latin America [1] - The research provided aims to assist clients in making informed investment decisions [1]

Core Viewpoint - The Company intends to voluntarily delist its American Depositary Shares (ADSs) from the New York Stock Exchange (NYSE) and transition its ADR program to Level 1, allowing investors to trade ADSs over-the-counter after the delisting [1][4]. Group 1: Delisting Details - The Board of Directors approved the delisting of ADSs, which represent five common shares of the Company, from the NYSE [1]. - The Company plans to file a Form 25 with the SEC to make the delisting effective by January 9, 2025, and expects ADSs to trade over-the-counter immediately after the delisting [4]. - The Company reserves the right to postpone or cancel the filings related to the delisting at any time [4]. Group 2: Market Strategy - The Company believes that maintaining a secondary listing on the NYSE is not beneficial, as approximately 87% of trading occurs on the Novo Mercado in Brazil [3]. - The delisting aligns with the Company's long-term strategy of maintaining efficient operations as a low-cost company [3]. Group 3: Governance and Compliance - The Company's common shares will continue to be listed on the Novo Mercado, which is its primary trading market, and it will maintain all required disclosures under Brazilian regulations [4]. - The Company is committed to high standards of governance and will continue its current corporate governance practices post-delisting and deregistration with the SEC [4]. Group 4: Communication with Stakeholders - The Company will keep shareholders and the market informed of any material updates regarding the delisting and related matters [5].

Financial Data and Key Metrics Changes - The company reported a revenue exceeding R$20 billion, an increase of R$1.714 billion compared to the same quarter last year, with a total store base growth of 9.3% [14] - The EBITDA pre-IFRS reached R$1.21 billion, reflecting a 12% increase, and a 21% increase year-to-date compared to the previous year [30] - Net income in the pre-IFRS vision grew by 10%, driven by an increase in profits before income tax, which rose from R$142 million to R$260 million, an 83% increase [35][36] Business Line Data and Key Metrics Changes - The company operates a mixed business model with 60% of sales from B2C and 40% from B2B customers, with same-store sales advancing by 2.7% despite lower performance in the reseller segment [15][16] - The gross profit increased from R$1.1 billion in 2019 to over R$3 billion in Q3 2024, demonstrating a stable gross margin despite the opening of 117 stores in three years [24] Market Data and Key Metrics Changes - The company has a significant presence in Brazil, serving over 40 million customers monthly, with a cash and carry model that is well-known across various social levels [26] - The company has seen a shift in consumer behavior, with a noted increase in ticket size, indicating new customer acquisition rather than increased volume per customer [83] Company Strategy and Development Direction - The company is focused on reducing leverage, aiming for a net debt to EBITDA ratio below 3.2 times by the end of 2025, with a current ratio of 3.52 times [40] - The management emphasizes cash generation and disciplined working capital management, with 90% of investments funded by internal cash generation [37][39] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the inflationary pressures in food prices and expects a higher inflation movement in Q4 compared to Q3, influenced by currency fluctuations and climate events [63][64] - The company is optimistic about maintaining margins and expects an increase in margins for 2025, despite the current challenges [67] Other Important Information - The company has implemented sustainability initiatives, including animal welfare standards and social impact actions, such as donating over 3.5 million meals [50][51] - The company has received multiple awards for its ethical and sustainable practices, including recognition as the Best Retail and Wholesale Company [54] Q&A Session Summary Question: How is the company viewing food inflation and its impact? - Management noted an inflationary trend in food prices, with expectations of higher inflation in Q4 compared to Q3, influenced by various factors including currency and climate events [63][64] Question: What competitive advantages does Assai have? - The company highlighted its cash and carry model, which serves both B2C and B2B customers, providing a competitive edge in sales per square meter and store performance [72][73] Question: What is the company's strategy regarding store openings in 2025? - Management confirmed that most store openings for 2025 are already planned, with a focus on maintaining cash generation and evaluating the macroeconomic environment [80] Question: How is the company managing working capital? - The company is focused on maintaining a balanced working capital approach, negotiating longer payment terms while managing stock levels effectively [90] Question: What is the outlook for new services and their impact on revenue? - Management indicated that new services are being rolled out across stores, with significant potential for revenue and margin growth as these services mature [92]

| --- | --- | --- | --- | --- | |-------|-------|----------------------------------------------------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ATACADISTA ano | | | | | | EARNINGS RESULTS 3″ QUARTER 2024 November 8™, 2024 | | | EBITDA Growth: commercial strategy, maturation of new stores and improvements in the shopping experience Increased profitability: operational efficiency, expenses control and improvement of financial results ...

Tax Liabilities - The Company received a Notice of Listing of Assets from the Brazilian Federal Revenue Service, totaling R$1.265 billion related to tax liabilities in dispute with Companhia Brasileira de Distribuição (GPA) [2] - GPA is responsible for R$11.654 billion (90%) of the total R$12.913 billion in tax contingencies incurred prior to the Spin-Off, with the remaining amount under Assaí's responsibility [5] - The Company intends to appeal the Notice of Listing of Assets and will take necessary measures to defend against the tax liabilities [6] - Assaí's operations have always been segregated from GPA's operations, and the Company reaffirms GPA's responsibility for its own contingencies [6][7] - The management will keep shareholders and the market informed about material developments regarding the tax liabilities [7] - The Company emphasizes that the listing of assets does not prevent the transfer or disposal of the listed assets, subject to notification to the RFB [3] - The Spin-Off on December 31, 2020, established that Assaí and GPA are not jointly responsible for liabilities incurred prior to the Spin-Off [4] - Brazilian tax authorities may demand payment of tax debts jointly and severally from the entities involved, regardless of agreements made [4] - The Company is closely monitoring the situation in collaboration with GPA [5] Forward-Looking Statements - Forward-looking statements in the report indicate that future performance is subject to various risks and uncertainties [8]

Smile/DigitalVision via Getty Images Investment Thesis I recommend holding Sendas Distribuidora (NYSE:ASAI) shares after its Q2 results. The company reported mixed results, with a healthy 11.8% revenue growth and margin gains. However, there was a slowdown in same-store sales growth and profitability was negatively impacted by higher financial expenses, which makes me cautious and reiterate the recommendation from my last report. The period after the results also saw rumors of a possible merger between S ...

Financial Data and Key Metrics Changes - The company reported an EBITDA of R$965 million, an 18% increase compared to the previous year, driven by sales growth and margin expansion [14][23][24] - Net income for the semester increased to R$258 million, reflecting a significant growth compared to the previous year [26] - The leverage ratio improved to 4.25x, a reduction of 0.6x compared to the previous year [29] Business Line Data and Key Metrics Changes - Same-store sales growth was close to 3%, with overall growth of 11% year-over-year [13] - The company opened 80 new services in existing stores, contributing to customer attraction [12] - The gross profit margin remained stable at 16.5% for the second quarter [19] Market Data and Key Metrics Changes - The company welcomed over 2 million new monthly customers, reaching a total of 79 million customers [8] - The company experienced a significant increase in customer traffic, being the most present in Brazilian households [9] - The competitive environment remains challenging, with pressure on consumer purchasing power due to high debt levels and interest rates [9][10] Company Strategy and Development Direction - The company aims to preserve cash positions while focusing on store maturity and maintaining competitiveness [10] - Expansion plans include opening 15 new stores in 2024 and 20 in 2025, with a focus on organic growth [46] - The company is committed to enhancing customer loyalty through strong marketing campaigns, including a significant 50th-anniversary campaign [37][39] Management's Comments on Operating Environment and Future Outlook - Management noted that the second quarter was slightly below expectations but anticipates a more positive second half of the year [45] - The company is closely monitoring inflation and its impact on consumer behavior, with expectations of stability in the market [58] - Management emphasized the importance of maintaining a balance between sales growth and margin recovery [44] Other Important Information - The company generated R$7.6 billion in operational cash over the past two years, funding 88% of its investments through cash generation [27][28] - The sustainability strategy focuses on efficient operations, community development, and ethical practices, with recognition for diversity and leadership initiatives [34][35] Q&A Session Summary Question: Competitive environment and growth dynamics - Management acknowledged shifts in the market and the need for tailored services in different regions, with expectations for a more positive second semester [42][45] Question: Same-store sales performance - Management indicated that while the second quarter was slightly below expectations, they expect improvements in the third quarter [48][62] Question: Food inflation dynamics - Management noted that while there are month-to-month variations, overall stability is expected, with attention to external factors like currency fluctuations [58][59] Question: Working capital dynamics - Management clarified that working capital behavior is expected to remain consistent, with a cash cycle of about five days [52][53]

Core Viewpoint - The article emphasizes the importance of value investing and highlights Sendas Distribuidora (ASAI) as a strong candidate for value investors due to its favorable metrics and Zacks Rank [1][2][3] Company Metrics - Sendas Distribuidora (ASAI) has a Zacks Rank of 2 (Buy) and a Value grade of A, indicating strong potential for value investors [2] - ASAI's PEG ratio is 0.31, which is lower than the industry's average PEG of 0.39, suggesting it may be undervalued [2] - The stock's P/B ratio is 2.91, significantly lower than the industry's average P/B of 6.17, further indicating attractiveness [2] Historical Performance - Over the past year, ASAI's PEG ratio has fluctuated between a high of 1.49 and a low of 0.27, with a median of 0.63 [2] - ASAI's P/B ratio has ranged from a high of 4.68 to a low of 2.50, with a median of 3.97 over the past 52 weeks [2]

Core Insights - Investors are evaluating Sendas Distribuidora S.A. Sponsored ADR (ASAI) and VIZIO Holding Corp. (VZIO) for potential undervalued stock opportunities [1] - ASAI has a Zacks Rank of 2 (Buy), indicating a positive earnings outlook, while VZIO has a Zacks Rank of 5 (Strong Sell) [1] Valuation Metrics - ASAI has a forward P/E ratio of 17.62, significantly lower than VZIO's forward P/E of 111.05 [2] - ASAI's PEG ratio is 0.44, while VZIO's PEG ratio is 4.44, indicating ASAI's better valuation relative to its expected earnings growth [2] - ASAI's P/B ratio is 2.91 compared to VZIO's P/B of 4.80, further supporting ASAI's valuation advantage [2] Value Grades - ASAI has a Value grade of A, while VIZIO has a Value grade of F, highlighting ASAI's superior valuation metrics and earnings outlook [3]