BRAZIL · BUSINESS
Key Facts
- The company Assaí Atacadista is a Brazilian cash-and-carry grocery chain with more than 310 stores.
- What happened Recurring net income, which excludes one-off items, rose 55.2% to R$248 million (about US$45 million).
- The reported profit Reported net income was R$427 million (about US$78 million), up 119%, with tax credits.
- The debt Its debt ratio, debt over adjusted yearly operating profit, fell to 2.15 from 3.03.
- The sales Gross revenue rose 2.7% to R$21.3 billion (about US$3.9 billion), while same-store sales grew 0.1%.
- Power Index Brazil ranks 1st of 14 in The Rio Times Latin America Power Index, with 74.2 points (November 2026 edition).
- Prediction markets Polymarket, a prediction market, gives 88.5% to no change in the central bank’s December rate decision (7 November, 2:44 a.m. Eastern Time).
Assaí Atacadista, a Brazilian cash-and-carry grocery chain, grew its recurring profit, which leaves out one-off items, by 55.2% in the third quarter of 2026 and cut its debt ratio to 2.15 times from 3.03 times a year earlier. It announced the results on Thursday 5 November 2026, while shoppers kept spending carefully.
For US readers, Assaí is a window on the budgets of lower-income Brazilians, who are heavily in debt and trading down to cheaper baskets. Its shares trade on the B3 exchange in São Paulo under the ticker ASAI3.
What Happened
Assaí reported recurring net income of R$248 million (about US$45 million), up 55.2% from R$160 million (about US$29 million) a year earlier. Recurring income leaves out R$179 million (about US$33 million) of federal sales-tax credits, called PIS/COFINS, that the company booked for earlier periods.
With those credits, reported net income was R$427 million (about US$78 million), up 119% from R$195 million (about US$35 million). Both figures use the company’s pre-IFRS 16 basis, which leaves out an international lease-accounting rule, and all conversions use the 6 November 2026 market close of R$5.5053 per US dollar.
Sales Barely Moved
Gross revenue, sales before taxes, reached R$21.3 billion (about US$3.9 billion), up 2.7%. Net revenue was R$19.0 billion (about US$3.5 billion), up 0.2%.
Same-store sales, which compare shops open in both periods, rose only 0.1%. Customer traffic grew 2.1%, and the company counts more than 40 million customers a month.
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How Profit Grew Anyway
Gross margin, the share of sales left after buying the goods, rose 0.45 percentage points to 17.2%. Expenses grew 4.2%, just below the 4.4% inflation of the past 12 months.
Adjusted EBITDA, a measure of operating profit before interest, taxes and depreciation, was R$1.1 billion (about US$200 million), a steady 5.7% of net revenue. The net financial result, mainly interest, was a cost of R$551 million (about US$100 million), or 2.9% of net revenue against 3.2% a year earlier.
The Debt Falls
Assaí measures leverage as net debt plus discounted receivables, which are card payments that banks advance to the company, divided by adjusted EBITDA. That ratio fell to 2.15 times from 3.03 times in the third quarter of 2025 and 2.37 times in the second quarter of 2026.
Net debt including discounted receivables fell by R$1.3 billion (about US$240 million) in 12 months. Operating cash generation was R$3.3 billion (about US$600 million) over the same 12 months.
The Shopper Under Pressure
The company says lower-income consumers face record-high debt and high interest rates. They still shop as often but are changing what goes in the basket.
Assaí says October was its best month for same-store sales in 15 months. It credits its anniversary campaign for October and says spending per visit and traffic have improved since the federal ban on online sports betting, a trend it says must last several months to be judged.
New Businesses Beyond Groceries
Assaí announced the purchase of 18 fuel stations at its stores in the state of São Paulo, with its own operation expected to begin in August 2027. Its Assaí Farma pharmacies will number 25 this year, the company says.
The company says it also expanded private-label products and online sales, and it is awaiting approval from Brazil’s Central Bank for a financial-services spin-off. It has about 90,000 employees and stores in 24 states and the Federal District.
What It Means for You
If you own Brazilian stocks through a US fund, the quarter shows a lower debt ratio and rising core profit, but almost no sales growth. Interest rates remain the main risk because they weigh on both shoppers and the company’s own borrowing.
If you shop or travel in Brazil, expect food chains to keep competing on price and promotions. At R$5.5053 per dollar, R$100 is worth about US$18.16; this article reports facts and is not investment advice.
What Is Not Known
It is not known whether the October improvement will last through the Christmas season. The company itself says the trend must continue for several months before it can judge.
The effect of high household debt on spending in 2027 is also unclear. So is the timing of the Central Bank approval for the financial-services spin-off.
What Prediction Markets Say
On Polymarket, a prediction market, traders put an 88.5% chance on no change in Brazil’s central bank rate decision in December. The December market had US$64,046 traded across all outcomes at 2:44 a.m. Eastern Time on Saturday 7 November 2026, and it gives between 5% and 6% to a quarter-point cut.
Why we show this: prediction markets turn real-money bets into a live probability that moves within minutes of the news, which is why investors, campaigns and newsrooms in the United States now follow them closely. We show them next to polls and official results, never instead of them.
More: Brazil news in English, every day from The Rio Times.
Frequently Asked Questions
How Much Profit Did Assaí Make?
Recurring net income was R$248 million (about US$45 million), up 55.2%. Reported net income was R$427 million (about US$78 million), up 119%.
Why Is Reported Profit Higher Than Recurring Profit?
Reported profit includes R$179 million (about US$33 million) of sales-tax credits from earlier periods. Recurring profit leaves them out.
How Much Debt Does Assaí Have?
Its leverage ratio, net debt plus discounted receivables over adjusted EBITDA, fell to 2.15 times from 3.03 times a year earlier. Net debt including those receivables fell by R$1.3 billion (about US$240 million).
Are Assaí Sales Growing?
Gross revenue rose 2.7% to R$21.3 billion (about US$3.9 billion). Same-store sales grew only 0.1%.
Sources: Assaí Atacadista, 3Q26 Earnings Release (investor relations), 5 November 2026; Brazilian real market close, 6 November 2026 (R$5.5053 per US$); Polymarket market “Bank of Brazil decision in December?”, 7 November 2026.
Editorial responsibility: Matthias Camenzind, Editor-in-Chief · Editorial standards · Report an error
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