Americanas S.A., traded on B3 under ticker AMER3, is one of Brazil’s most traditional retailers, originating in 1929, when it opened its first store in Niterói (RJ) with a low-price concept summed up in the slogan “Nada além de 2000 réis” (“Nothing over 2,000 réis”). Over the decades, the company expanded its brick-and-mortar store base and, in 1940, went public, consolidating itself as a corporation (sociedade anônima). In 1982, Jorge Paulo Lemann, Marcel Telles and Carlos Alberto Sicupira, then associated with Banco Garantia, became its key reference shareholders, marking a phase of professionalization and accelerated growth. From the late 1990s onward, with the launch of americanas.com, the company entered e-commerce and gradually built a multichannel model combining physical stores, e-commerce and, later, a marketplace. In 2006, it acquired Submarino, a transaction that resulted in the creation of B2W, the digital platform that became the group’s e-commerce arm.

On the corporate and strategic front, Americanas went through successive stages of expansion and restructuring. The company implemented major store-opening plans, such as “Sempre Mais Brasil – 80 anos em 4!” and “85 anos em 5 – Somos Mais Brasil,” which significantly expanded its physical presence throughout Brazil. In 2013, B2W was renamed B2W – Companhia Digital, reinforcing its focus on online retail. Starting in 2017, it began transforming its business model, shifting from an operation concentrated in direct sales (1P) to a hybrid digital platform integrating own sales, marketplace (3P) and digital services. In 2021, the business combination between B2W and Lojas Americanas was approved, culminating in the adoption of the name Americanas S.A. and in the consolidation of LAME3, LAME4 and AMER3 shares in the Novo Mercado, with the former controlling shareholder becoming a reference shareholder holding around 30% of the capital.

From January 2023 onward, the company’s trajectory was profoundly marked by the identification of accounting inconsistencies in entries that reduced supplier balances, subsequently characterized as fraud in the financial statements. Americanas AMER3 underwent a management change, a forensic investigation and a reconstruction of financial statements for fiscal years 2021 and 2022. In January 2023, it filed for judicial recovery (recuperação judicial), processed by the 4th Business Court of the Capital District of the State of Rio de Janeiro, aiming to preserve operational continuity, jobs and the ability to pay taxes. The judicial recovery plan was approved at a General Creditors’ Meeting in December 2023, and the company has been carrying out the planned steps, including a capital increase of approximately R$ 24.5 billion, with cash contributions from reference shareholders, debt reprofiling and payment of creditors through different modalities, combining financial resources, shares and debentures.

From an operational standpoint, Americanas operates across multiple retail segments, integrating physical and digital platforms as well as complementary businesses. The physical network consists of around 1,600 stores across all regions of Brazil, in different formats: conventional Americanas stores, with an average sales area of 900 m² and thousands of items in dozens of categories; Americanas Express stores, a neighborhood format with smaller area and a more streamlined assortment; and Hortifruti and Natural da Terra stores, focused on fresh foods, especially fruit, vegetables and greens, including organic products, in both larger and more compact formats. The company also operates franchises through its subsidiary Grupo Uni.co, which brings together brands such as Imaginarium, Puket and LoveBrands, focused on gifts, home décor, intimate apparel and children’s fashion, with a strong design appeal.

On the digital platform, Americanas combines direct merchandise sales with marketplace operations, offering millions of items in categories ranging from home appliances and electronics to grocery, stationery, sports, toys and household goods. In addition to the Americanas brand, the digital ecosystem includes specific online channels such as the virtual stores of Hortifruti and Natural da Terra, which serve cities in Minas Gerais, Rio de Janeiro, Espírito Santo and São Paulo, and the digital platforms of Grupo Uni.co brands such as Imaginarium, Puket and MinD, which focuses on home and décor. The hybrid 1P and 3P model enables the company to broaden its assortment through partner sellers, who use Americanas’ technology, payments, advertising and logistics infrastructure. In 2024, the company is focusing efforts on structuring the Customer and Partners Platform (Plataforma de Clientes e Parceiros – PCP), centered on an integrated consumer journey and on consolidating a high-frequency variety retail model.

Logistics is a central pillar of Americanas AMER3’s business model. The company operates distribution centers in several states and operational centers (transit points) in strategic locations, as well as a network of thousands of stores that also function as pickup points and, in some cases, as shipping points for orders. This network supports models such as cross-docking, ship from store (SFS) and omnichannel solutions, including infinite-shelf kiosks in physical stores and “Pick Up In Store” (Click and Collect) operations. The back office is anchored in an SAP ERP system connected to a proprietary WMS, integrating billing, inventory management, collections and warehousing processes. The company complements this setup with front-office technology, data analytics and functionalities in its own app, which has become a relevant sales and customer-relationship channel.

In terms of markets and competition, Americanas generates all of its net revenue in Brazil, operating in a highly competitive retail environment marked by the presence of large national chains, hypermarkets, supermarkets, cash-and-carry formats, digital e-commerce platforms and specialized marketplaces. The company competes with traditional retailers that combine brick-and-mortar stores and online channels, as well as with pure-play e-commerce operators, in a context of structural growth in online sales, increased internet and mobile device penetration, and changes in consumer habits. The company’s portfolio ranges from typical discretionary retail categories such as electronics, gifts and décor to recurring consumer goods such as fresh foods, candy and snacks, personal care and grocery items, including the fresh food vertical represented by Hortifruti and Natural da Terra.

Americanas’ operations are subject to a set of regulatory requirements, especially regarding sanitary surveillance and licensing of stores and distribution centers. Products such as cosmetics, personal hygiene, perfumes, over-the-counter health items and cleaning agents must comply with ANVISA rules and local sanitary authorities, even though retailing these products does not necessarily require a federal operating license. Each unit in the network depends on municipal operating permits, sanitary licenses, fire department inspections and compliance with urban zoning rules. Non-compliance may result in fines, suspension of activities and other sanctions. The company also maintains property, inventory and operational insurance coverage aligned with standard market practices, in order to mitigate risks of losses and operational disruptions.

In the environmental, social and governance (ESG) field, Americanas has been developing a structured agenda for more than a decade. The company has been a signatory to the UN Global Compact since 2013 and, since 2015, has aligned its strategy with the 2030 Agenda, focusing on Sustainable Development Goals related to education, gender equality, decent work, reduced inequalities and climate action. The company maintains an environmental management system, reverse logistics initiatives, energy and water efficiency measures and decarbonization plans, with a commitment to set targets based on the Science Based Targets initiative (SBTi) methodology. Since 2010, it has published its greenhouse gas emissions inventory in the Brazilian GHG Protocol Program, holding the Gold Seal for verification since 2016, and in 2024 it obtained a B score in the CDP questionnaire. In supply chain governance, it conducts systematic supplier due diligence, requires adherence to the Supplier Policy and Code of Ethics, includes social-environmental and anti-corruption clauses in 100% of contracts and, for critical suppliers, demands compliance with audit protocols such as ABVTEX and DNV GL. Additionally, it has specific policies on sustainability, diversity, inclusion and human rights, as well as guidelines for donations and support for incentivized projects, seeking to integrate ESG criteria into business conduct and relationships with partners and society.

Americanas S.A. shares remain traded on B3 under ticker AMER3, reflecting the performance of a company that combines brick-and-mortar retail, e-commerce, marketplace, franchises and digital advertising, in the midst of financial and operational restructuring following approval of the judicial recovery plan. Revenue is segmented into retail, fresh foods and premium retail, with operations concentrated in the Brazilian market and significant exposure to trends such as consumption digitalization, channel integration and logistics efficiency, in one of the most intensely competitive environments in Brazilian retail.