Assaí Rules Out New Investment Wave

Why Is Assaí Holding Back on New Investments?

Assaí's CEO Belmiro Gomes told analysts on the earnings call that any return to heavy capital spending will depend on three factors: the household deleveraging curve, the assertiveness of its projects, and the company's capital structure. The wholesale chain spent R$ 190 million in capex from January to June 2026, down from R$ 241 million in the same period of 2025 — a deliberate financial discipline move.

How Is Assaí Performing Despite the Caution?

The company posted net profit of R$ 537 million in Q2 2026, a 103% jump year-on-year, boosted by R$ 193 million in PIS/Cofins tax credits. Even stripping out those credits, results improved. Leverage reached its lowest level since Q3 2021, which is what sparked investor questions about whether an investment wave is coming back.

What Is Driving Sales Growth?

Same-store sales grew 0.9% in Q2 and 0.5% in July 2026. CEO Gomes pointed to the "trade-down" effect as a key dynamic: shoppers are swapping premium brands for cheaper ones, keeping purchase frequency stable while compressing the average basket value. He also noted that El Niño could push commodity prices higher, which would have a positive effect on Assaí's pricing environment.

What About Private Label and New Products?

Assaí plans to launch 250 private-label items in 2026. In Q2, about 30 products under the Assaí Chef, Assaí, and Econobom brands were introduced. Coming soon: potato sticks, wheat flour, salt, dairy drinks, and laundry detergent, plus the new cleaning brand Assaí Bloom.