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Institutional Presentation Blau Farmacêutica September 2026
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114 115 118 #727376 20 27 93 #141B5D 150 150 150 #969696 0 82 156 #00529c 0 143 212 #008fd4 27 177 222 #1bb1de 76 197 255 #4cc5ff 234 234 234 #eaeaea Legal Notice 2 This presentation may contain information about future events, such information would not only be historical facts, but would reflect the wishes and expectations of the company's management. The words "believes", "expects", "plans", "forecasts", "estimates", "projects", "aims" and the like are intended to identify statements that necessarily involve known and unknown risks. Known risks include uncertainties, which are not limited to the impact of competitive pricing and services, market acceptance of services, service transactions of the Company and its competitors, regulatory approval, currency fluctuation, changes in the mix of services offered and other risks described in the Company's reports. This presentation includes both accounting and non-accounting data. The non-accounting data were not subject to review by the Company's independent auditors. Certain percentages and other values included in this document have been rounded to facilitate their presentation. The scales of the results graphs can appear in different proportions, to optimize the demonstration. As such, the numbers and graphs presented may not represent the arithmetic sum and proper scale of the numbers preceding them, and may differ from those presented in the financial statements. This presentation is up to date and the Company is not obliged to update it upon new information and/or future events.
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Index 1 5 Reasons to Invest in Blau 3 Strategic Drivers 2 About Blau 4 Financials
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5 Reasons to invest in Blau 4 1 Market with Structural Growth • Dropping patents and expanding access to complex medicines • Population aging • Early diagnosis • Expansion of hospital beds 2 Differentiated Positioning in the Institutional Market • Leadership in highly complex niches • Local and verticalized production • Complete portfolio of biologics and synthetics 3 Transformational Growth Potential • Robust pipeline of launches, including mAbs and other biosimilars • Expansion of production capacity • Internationalization 4 Margin Expansion (Efficiency) • Mix with more differentiated products • Plant efficiency and cost dilution • Expense optimization • Tax optimization 5 Financial Fortress • Strong operating cash generation • High investment capacity • Low financial leverage • Creating shareholder value To access the risks, see our Reference Form.
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5 Market with Structural Growth Resilient and defensive pharmaceutical sector, with low sensitivity to economic volatility Golden Decade of Biosimilars Population Aging Early diagnosis Expansion of hospital beds → Increased consumption of injectable and highly complex drugs → +101.6% growth in the number of hospital beds in five years (ABRAHCT) → Increasing Hospital Utilization Rate and Demand for Specialized Treatments → Expected to double the elderly population by 2050 (IBGE) → Increasing number of patients treated and greater demand for specialized therapies 13 8 5 54 48 11 53 22 70 20 33 53 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 Expiration of Biological Patents (in USD bi) CAGR Total Pharmaceutical Market in Brazil 9.9% 12.2% 10.8% 11.5% 10.0% 8.7% 8.1% 2023 2024 2025 2026 2027 2028 2029
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6 Differentiated Positioning in the Institutional Focus on biological medicines and hospital products of high complexity Broad and diversified portfolio Local and verticalized production • Blau has its own biotechnological API plant • Pioneer in biotechnology in Brazil and local production of biologicals Leadership in highly complex niches • Blau market leader with 34% market share in the Top 15 products • Blau works on drugs with higher margins and entry barriers • Local production of biological medicines is a differential of the competition
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7 Transformational Growth Potential Capacity expansion and release pipeline drive growth Production Capacity • Ability to support organic growth and launches. • Increased Production Capacity: → Short Term: Expansions in current facilities → Long Term: Pernambuco Complex +48% +3x Internationalization • Presence in 9 countries in the Americas , in addition to exports • Plant in Pernambuco and Monoclonal Antibodies should boost internationalization 51 90 83 130 148 3.7% 6.4% 6.1% 7.4% 8.7% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% 0 50 100 150 200 250 300 2021 2022 2023 2024 2025 International Revenue - LATAM (BRL mi and % of Total) Robust Pipeline 2x 3x • Transformational Opportunity with Monoclonal Antibodies • +80 projects in progress at the own RD&I center Blau Addressable Market (BRL bi)² 7.1 8.3 9.6 10.3 13.1 5.0 7.9 7.1 8.3 9.6 15.3 21.0 2025 2026 2027 2028 2032 Other Drugs mAbs
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8 Margin Expansion (Efficiency) Biosimilars Drive Growth and Sustainable Margin Expansion Tax optimization • Bergamo's accumulated tax loss • Lei do Bem (Inventta ICT) • Pernambuco Project: net reduction of up to 85% of ICMS • SUDENE Incentive: 75% reduction in income tax Next Growth Lever - EBITDA Margin: Expense Dilution Gross Margin(+690 bps) EBITDA Margin(+600 bps) Drivers Gross Margin • Differentiated mix with a focus on biological products with higher added value • Development of Monoclonal Antibodies • mAbs with higher margins than the rest of the portfolio Gross Margin Growth: Last 3 years 490 659 683 392 35.7% 37.5% 40.1% 42.6% 0.0 % 10. 0% 20. 0% 30. 0% 40. 0% 50. 0% 200 300 400 500 600 700 800 900 100 0 110 0 120 0 2023 2024 2025 1H26 Gross Profit Gross Margin 259 391 389 230 18.9% 22.3% 22.8% 24.9% 0.0 % 5.0 % 10. 0% 15. 0% 20. 0% 25. 0% 30. 0% 35. 0% 40. 0% 100 300 500 700 900 110 0 130 0 2023 2024 2025 1H26 Recurring EBITDA Recurring EBITDA Margin
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9 High Investment Capacity • More than R$ 1.5 billion invested since the IPO • Focus on increasing production capacity and new products Return on Investments Financial Fortress Financial discipline coupled with strategic investments to accelerate growth Strong Cash Generation 264 284 419 142 102% 73% 108% 62% 0% 20% 40% 60% 80% 100% 120% -50 50 150 250 350 450 550 650 750 2023 2024 2025 1S26 CAPEX % EBITDA Rec. Net Cash -0.20 -0.10 0.00 0.10 0.20 0.30 0.40 0.50 -70 -20 30 80 130 180 2023 2024 2025 1H26 Net debt Net debt/EBITDA
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Index 1 5 Reasons to Invest in Blau 3 Strategic Drivers 2 About Blau 4 Financials
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Blau Purpose 11 9 Countries in America 5 Finished Drug Factories 1 API (Active Pharmaceutical Ingredient) Factory 1 RD&I Center (Research, Development and Innovation) +100 Molecules marketed 38 Years of history +2,500 Employees in America Develop and deliver innovative products and solutions for a healthier and more sustainable world
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Historical 12 Transformation from a Local to a Regional Company, with the ambition to be Global Importation of highly complex medicines 1992 Unit for the production of oncological drugs – Blau Caucaia do Alto (SP) 1995 Approval for the production of biological medicines – Blau Cotia (SP) P200 and P300 2005 Beginning of operations Blau Uruguay 2014 Inauguration of Inventta (RD&I) Acquisition of the Blau Goiás (GO) unit 2020 Inauguration of the Blau Cotia industrial complex (SP) Headquarters 2001 Brand modernization for Blau Farmacêutica 2011 Registration of the Company with the CVM and investment in Corporate Governance 2019 Production of antibiotics – Blau São Paulo (SP) 2012 IPO on the stock exchange Two API production lines (P400) 2021 Foundation of Blausiegel 1987 Expansion in Latin America – Blau Colombia, Blau Peru, Blau Chile and Blau Argentina 2016 Nova fábrica de especialidades (P210), dentro da Blau Cotia (SP) Aquisição do Bergamo 2023 Expansion of production capacity in the Factories and acquisition of the new headquarters of the RD&I center 2025
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Growth History 13 Blau grew 4.5x in 10 years, with diversification of revenue and segments CAGR 10 years: +16% 318 297 336 422 539 868 1,202 1,039 1,145 1,464 1,408 65 134 281 360 438 314 165 368 319 290 294 383 431 618 782 978 1,182 1,366 1,407 1,373 1,754 1,702 83% 69% 54% 54% 55% 73% 88% 74% 83% 83% 83% 17% 31% 46% 46% 45% 27% 12% 26% 23% 17% 17% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Privado Público % Privado % PúblicoPrivate % Private % PublicPublic Net Revenue BRL mi
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Blau Units 14 5 certified Factories + API & Biotechnology Plant + RD&I Center RD&I Center: ▪ +180 Highly qualified employees ▪ +80 Projects in progress ▪ Biological and synthetic capabilities ▪ Incremental innovation: Noxx Multidose, injectable methotrexate in pen, hydroxyurea solution. Blau Cotia (Headquarters) – Biologicals, APIs and RD&I Blau São Paulo and Goiás – Specialties Blau Caucaia and Bergamo – Oncology 21 dedicated lines in 5 production units: ▪ 2 Biologics (injectables and lyophilized solutions) ▪ 4 Cephalosporins ▪ 1 Carbapenems ▪ 2 Penicillins ▪ 2 Injectable powders ▪ 4 Injectables (solution, lyophilisate, emulsion and ampoules) ▪ 1 Semi-solids ▪ 2 Oral compression ▪ 1 Capsules ▪ 2 Oncology (solution and lyophilized) 2 lines of Biotechnological APIs: ▪ 1 Bioreactors up to 3,000 L ▪ 1 Bacterial fermentation up to 200 L
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Overview Blau 1 2 3 5 4 Pioneer in biotechnology in Brazil +30 years investing in biosimilar medicines Develops drugs without patentes Increased accessibility with safety and effectiveness Leadership in the Hospital Segment Complementary performance in Aesthetics and Retail Sector with Solid Fundamentals Pharmaceutical sector with consistent growth Good corporate governance practices Blau member of B3’s Novo Mercado Access the Sustainability Report (Click on the image) 15 Blau Farmacêutica is a regional company with a strong presence in Latin America, a leader in the pharmaceutical hospital segment and a pioneer in biotechnology in Brazil
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▪ 2001: Inauguration of the Headquarters in Cotia/SP, with a focus on injectables. ▪ 2005: Anvisa's approval for the production of finished biological medicines in Cotia. ▪ 2010: Establishment of the master working bank of epoetin alfa and filgrastim. ▪ More investments in Research, Development & Innovation (RD&I) and verticalization of production. 1) Pioneer in biotechnology in Brazil 16 History of Investment in Biotechnology and Biosimilars ▪ 2020: Inauguration of Inventta, a new dedicated RD&I center in Cotia. ▪ 2021: Inauguration of the API (active pharmaceutical ingredient) plant in Cotia, with a Certificate of Good Manufacturing Practices (CBPF) for epoetin alfa, filgrastim and pegfilgrasim. ▪ 2025: Production of the 1st mAb in Cotia, with Anvisa's CBPF. 2001-2019 2020 onwards 1987-2000 ▪ 1992: Importation of highly complex medicines, including biologics and blood products. ▪ 1999: 1st registration of Alfaepoetin from Blau, with imported product. ▪ Investments in the in-house production of medicines, including lines of biological medicines.
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2) Develops complex drugs without patents 17 ▪ Produced or extracted from biological systems (living organisms, tissues, cells, etc.) or derived from human sources. ▪ Large, complex and heterogeneous molecules; ▪ Variation-sensitive manufacturing process; ▪ Extensive biological characterization; ▪ Greater Complexity (Blau): recombinant proteins such as monoclonal antibodies, growth hormone, insulin, among others. ▪ Produced by chemical synthesis; ▪ Simple and well-defined molecular structure; ▪ Less complex manufacturing process; ▪ Known structural characterization; ▪ Lower Complexity (Common on the Market): ibuprofen, omeprazole and simvastatin; ▪ Greater Complexity (Blau): oncological, antibiotic and other molecules. Synthetic Origin Biological and/or Biotechnological Origin Innovative Generic and Similar Innovative Biosimilars Development: 2-3 years Development: 7-10 years Opportunities Incremental Innovations Opportunities Incremental Innovations Notes: Biological (extraction directly from natural sources without genetic modification). Biotechnological and Recombinant ( use of organisms or living cells genetically modified to obtain the molecule).
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3) Leadership in the Hospital Segment 18 Largest Onco-Hemato portfolio in Brazil and complementary performance in Aesthetics and Retail Hospital Segment (85% of Revenue) Retail+Aesthetics+Plasma Segment (15% of Revenue) Blau Aesthetics It has a portfolio focused on aesthetic procedures, with a potential focus on bringing innovative solutions in dermocosmetics. botulinum toxin botulinum toxin Epoetin alfa Sodium heparin Enoxaparin sodium Human albumin Filgrastim Biosimilars Pharma/OTC Miscellaneous products sold in the Retail channel Hemarus Plasma Collection Centers in the USA Omeprazole sodium Sodium oxacillin Ferric oxide sacchalate Methotexed sodium Among other brands + Generics portfolio Carboplatina Hydrocortizone Human immunoglobul in Ceftriaxone Synthetics Ganciclovir
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3) Leadership in the Hospital Segment 19 Hospital portfolio leadership and transformational growth opportunity 1) Source: IQVIA, HPP Dec 2025, only molecules with sale in 2025 and excludes molecules from Aesthetics. 2) 2025 market share vs. 2021-2024 market share average. 3) TAM = Total Addressable Market. Total Market Hospital 2% 23% 34% Portfólio Hospitalar Top 15 Growth Opportunity Market Leadership Blau Market Share –Hospitalal Segment¹ Competitive differentials: ▪ High-scale, low-cost local production in the vast majority of the Top 15 ▪ High capillarity: +9,000 institutions served in Brazil alone ▪ Complete basket of products for hospitals: biological and synthetic Despite the leadership in the current portfolio, Blau has ample potential to grow: Blau's TAM³ covers only 7% of the Hospital segment 50% of the value of the Total Hospital Market are biological products
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4) Sector with Solid Fundamentals 20 Especially for companies focused on patent-free products, such as Blau Population ageing: The elderly population is expected to more than double by 2050 in Brazil¹. Patent Drop of relevant products in the coming years, which may be launched by Blau. Early diagnosis results in an increase in treatment time and life expectancy of patients. Expansion of hospital beds: growth is an opportunity for Blau. Immunotherapy is the largest market in the Hospital sector: Focus of Blau's core business. Expanding access: The best treatments for more people. Connected with Blau's purpose. 1) Source: IBGE, base 2023.
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4) Sector with Solid Fundamentals 21 Monoclonal Antibodies (mAbs) Grow Above the Market Hospital Market - Brazil (BRL bi) Monoclonal Antibodies Other Medications CAGR 14% CAGR 9% CAGR 26% ▪ 88% Innovative ▪ High-added value ▪ Growing number of indications ▪ Low access ▪ 60% No Patents ▪ Lower added value ▪ Recurrent use in hospitals ▪ High access 57 63 67 22 29 3579 91 103 2023 2024 2025 Source: IQVIA, HPP Dec 2025.
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4) Sector with Solid Fundamentals 22 Patents Expiration incentives Biossimilares Among mAbs Patent Expiration Several blockbuster biologics will have their patents expired by 2030, including pembrolizumab (Keytruda®). Increased Access Biosimilars can generate savings of 20 -30% compared to reference products, expanding access to treatments. Market Expansion Annual growth of 15-20% in the global biosimilars market, projected to reach USD 85 billion by 2030. Favorable Regulation Regulatory agencies (Anvisa, EMA, FDA) have established clear guidelines for the approval of biosimilars. Brazil Monoclonal Antibodies Market (BRL bi) CAGR 26% Oportunidades nos Biossimilares: CAGR 24% CAGR 37% Fonte: IQVIA, HPP Dez 2025. 20 26 31 2 3 4 22 29 35 2023 2024 2025 Inovador Biossimilar Biosimilar Journey Reduces Development Risks Molecule and dosage are already known, reducing the chances of development failure compared to the innovator. 68 74 83 16 18 21 Innovative Biosimilar 2023 2024 2025 Number of Molecules – Monoclonal Antibodies
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5) Good corporate governance practices 23 Blau on B3's Novo Mercado, the highest standard of corporate governance in Brazil 82.5%16.5% Free-float Shares in free circulation on the Market 1.0% Treasury Shares Ownership of the Company Board of Directors: Advisory Committees: ▪ Strategy and M&A ▪ Human Resources, Compensation and ESG ▪ Auditing and Ethics Executive Board: Rodolfo Hahn President Marcelo Hahn Vice-President Roberto Moraes Effective Member Miguel Neto Independent Antonio Buzaid Independent Simone Agra Independent Marcelo Hahn CEO Marcelo Hahn Controlling Shareholder / Founder / CEO Douglas Rodrigues CFO e DRI Roberto Altieri Jurídico Ana Luiza Ivanov Gente, Gestão e ESG Vanderlei Schiavo Tecnologia Eliana Tibana Médica Amaro de Souza Jr Comercial Roque Ocantos Novos Negócios e LATAM Roberto Morais M&A/EUA e EUR Carlos Pessoa Operações Laura Azevedo Qualidade Mariana Alegre Regulatório Marco Bianchini PD&I
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Index 1 5 Reasons to Invest in Blau 3 Strategic Drivers 2 About Blau 4 Financials
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Thesis: Golden Decade of Biosimilars 25 Unprecedented patent decline cycle for the Hospital Segment Top 20 – Monoclonal Antibodies in the World USD +150 Bi +USD 100 billion of global sales of the top 20 mAbs still have exclusivity, with patents expiring in the next 10 years. Sources: PharmaShots for top 20 ranking and AI (Gemini) for patent drop. ▪ Safety and Efficacy ▪ Increased Access ▪ Attractive Market ▪ Biosimilar Journey Reduces Development Risks ▪ Favorable Regulation ▪ National Technological Development Advantages of Biosimilars Legenda: In a period of exclusivity Biosimilar available
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2) Increase in Production Capacity ▪ Expansions in current Factories ▪ Construction of the new facility in Pernambuco 1) New Product Development ▪ Focus on biosimilars, especially monoclonal antibodies ▪ Incremental innovations 3) International Expansion ▪ Accelerating Latin America's growth ▪ Reach new markets, including developed countries Growth ambition on 3 main fronts Strategic drivers to capture this opportunity 26
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1) New product development 27 The effective launch of a drug usually takes 3-10 years, maturation 3-5 years 1) TAM = Total Addressable Market of the Hospital Market in Brazil. Source: IQVIA December 2025, Hospital market only. 2 - 6 years 1 - 3 years 3 - 6 months Development ANVISA Submission and Approval Registration, Production and Marketing 3 - 5 years Product Maturation 33 68 108 1272.4% 5.0% 6.2% 7.5% 5.4% 10.8% 9.6% 11.0% 2022 2023 2024 2025 Receita Lançamentos % Receita Lançamentos 2025: Revenue from Launches grows 18% 200 700 600 1,200 1,500 2023 2024 2025 2026 2027+ Next years: BRL 2.7 billion of TAM¹ of launches already submitted to Anvisa's analysis queue BRL 1,5 Bi BRL 2,7 Bi TAM¹ - BRL mi
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1) New product development 28 TAM¹ has the potential to double by 2028 and triple by 2032 Blau with highly competitive positioning in the Hospital Segment 3.4 7.1 10.5 2025 Estética Hospitalar Blau Addressable Market (BRL bi)² 7.1 8.3 9.6 10.3 13.1 5.0 7.9 7.1 8.3 9.6 15.3 21.0 2025 2026 2027 2028 2032 Outros Medicamentos mAbs 2x 3x ▪ Transformational opportunity with mAbs. ▪ Other medicines consider those already submitted to Anvisa until 2027 and BRL 700 million per year from 2028-2032. ▪ It only includes Brazil, an opportunity for exports. 1) TAM = Total Addressable Market. 2) Source: IQVIA, HPP Dec 2025, only molecules for sale in 2025. It does not include Retail due to the low representation in the Company. 34% Top 15 Market Share 23% Total Market Share +80 Molecules +9,00 0 Institution s served in Brazil Complete basket: Biologic and Synthetic Local production of Biologics Potential growth in Aesthetics and Retail Aesthetics Hospital Other medicines
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1) New product development 29 Monoclonal antibodies (mAbs) as the main opportunity Project Reference Product Therapeutic Area TAM¹ Brazil Loss of exclusivity² AMDB-12 (pembrolizumab) Keytruda® (Merck) Immunotherapy/ Oncology BRL 5 bi From 2028 AMDB-13 To be revealed Oncology BRL 2.9 bi By 2030 AMDB-14 To be revealed Immunotherapy By 2034 AMDB-15 To be revealed Blood disorders By 2033 Monoclonal antibodies under development by Blau 1) TAM = Total Addressable Market. Source: IQVIA, HPP, Dec 2025. 2) Markets in Brazil, Europe and the United States.
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1) New product development 30 Sensitivity analysis shows transformational potential of mAbs 20% 25% 30% 35% 40% 80% 1.3 1.6 1.9 2.2 2.5 75% 1.2 1.5 1.8 2.1 2.4 70% 1.1 1.4 1.7 1.9 2.2 65% 1.0 1.3 1.5 1.8 2.0 60% 0.9 1.2 1.4 1.7 1.9 Market Share Conversion of TAM into Net Revenue 20% 25% 30% 35% 40% 70% 48% 49% 50% 52% 53% 65% 47% 48% 49% 50% 51% 60% 46% 47% 47% 48% 49% 55% 45% 45% 46% 47% 47% 50% 44% 44% 44% 45% 45% Share of mAbs in Net Revenue mAbs Gross Margin Potential mAbs Net Revenue – BRL bi Potential Consolidated Gross Margin Considering Total Addressable Market (TAM) of BRL 7.9 billion of Blau's mAbs in Brazil Considering Gross Margin of 42% in the rest of the Portfolio
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1) New product development 31 Blau is prepared to capture the opportunity M Projects AMDB12 (Pembrolizumab) AMDB13 AMDB14 AMDB15 Monoclonal Antibody Line P400 Plant Anvisa Certification First company in Brazil with GMP of Pembrolizumab
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1) New product development 32 Why we believe we will succeed in the mAbs project Blau has the technology, ownership, infrastructure, team and investment capacity necessary for the complete production of mAbs. mAbs lead the growth of the Hospital Segment, and the trend should continue due to clinical results and the growing number of indications. Among the 4 mAbs projects presented, Blau is the only company to produce them entirely in Brazil, which provides competitive advantages. Blau is a leader in the main molecules in its portfolio, and mAbs have great potential to be relevant to the Company. In the mab market, biosimilar drugs are growing more, driven by the drop in patents and expanded access.
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1) New product development 33 Technical-Scientific Partner Proprietary Technologies for APIs and High Complexity Drugs Our Purpose To promote innovation through applied science, contributing to the technological, economic and social development of Brazil 94 Highly Qualified Employees PhDs Graduates Masters 19 18 90 www.inventtaict.com/ Biotechnology and Proteomics Artificial Intelligence Radical and Incremental Innovations Pharmaceutical Technology Pharmaceutical Chemistry Intellectual Property Non-Clinical and Clinical Studies Regulatory Science Lines of Research and Innovation Headquarters Inventta ICT +100 Projects in the pipeline, including mAbs
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2) Increased Production Capacity 34 Expansion of production volume in line with addressable market growth Bottlenec ks Identification of restrictions of productive capacity Capex ~BRL 100 mi New equipment New production areas New production distribution Normalized Occupancy Adjustment of production journeys Blau Pernambuco Capex ~BRL 1.2 bi: 2024 2025 2026 2027 2028 2029 2030 2031 2032 Current Factories Blau Pernambuco +48% +16% +75% 3x 1% 7% 10% 12% 15% 20% 15% 10% 10% 2024 2025 2026 2027 2028 2029 2030 2031 2032
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2) Increased Production Capacity 35 Blau Pernambuco is more than just an expansion of production capacity We invoiced for the 1st time in Pernambuco, to accelerate the capture of incentives and increase competitiveness Net reduction of 76.5% of ICMS 2025 Até 2027 A partir de 2029 – Entrega faseada das Linhas de Produção Packaging Line 75% reduction of income tax (SUDENE) Net reduction of 85% of ICMS ▪ Greater efficiency by centralizing production; ▪ Phased capacity increase in line with market growth; ▪ Assistance to the main regulatory agencies in the world for access to new markets; ▪ Increased competitiveness in exports; ▪ Production of new classes of medicines. Blau Pernambuco Cabo de Santo Agostinho (near the Port of Suape) 10 buildings and 44 production lines Injectables, biological, penicillain, cephalosporins, carbapenems, allopathic, oncological and hormonal. Compliance with global regulatory agencies:
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3) International Expansion 36 First step is expansion in Latin America, then new global markets LATAM logistics center in Uruguay. International growth strategy: ▪ Production continues only in Brazil, with part destined for export. ▪ Commercial presence in these countries. ▪ Uruguay functions as a logistics center in Latin America (LATAM). ▪ Blau is replicating Brazil's portfolio in LATAM. ▪ Increased capacity in Brazil will boost growth in LATAM. ▪ After the Pernambuco plant, an increase in scale and tax incentives should increase Blau's competitiveness in exports. ▪ Especially with Monoclonal Antibodies, Blau should seek partnerships for new markets, including developed ones. 51 90 83 130 148 3.7% 6.4% 6.1% 7.4% 8.7% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% 0 50 100 150 200 250 300 2021 2022 2023 2024 2025 International Revenue – LATAM (BRL mi and % of Total)
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Perspectives 37 Growth Efficiency Capital Structure ▪ Expansion of production capacity. ▪ Pipeline acceleration. ▪ Return of growth in the public channel. ▪ International expansion and partnerships. ▪ Greater differentiation and average ticket. ▪ Greater automation of plants and efficiency gains. ▪ Improvement of operations in Latin America. ▪ Dilution of expenses and optimization of processes and resources. ▪ Tax optimization. ▪ Investments in new products, expansion of production capacity and internationalization. ▪ Best risk-reward investments, with focus in the core hospital segment. ▪ The company should continue with conservative leverage. To exceed historical margins, in a sustainable way and with a much more relevant scale
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1 5 Reasons to Invest in Blau 3 Strategic Drivers 2 About Blau 4 Financials
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Highlights (1/2) 39 Solid operational performance in challenging macro 1H26 1Q26 2Q26 Net Revenue • Difference in growth between Q1 and Q2 coming mainly from the public channel, by the phasing of deliveries and comparison base. +10% BRL 922 mi +5% BRL 487 mi +17% BRL 435 mi Gross Margin • Sequential improvement in 2Q26 compared to 1Q26 , benefited from efficiency gains, foreign exchange, fixed cost dilution and sales mix. 43.2% +240 bps 43.6% +330 bps 41.4% +170 bps EBITDA Margin Rec. • Sequential increase in margin in 2Q26 compared to 1Q26; difficult comparison basis for 2Q25 (highest quarterly margin last year). 24.9% +40 bps 25.9% -40bps 23.9% +170 bps Net Income Rec. Ex. Exchange Rate Var. • 12% growth in 2Q26 reverses the decline in 1Q26 , which was impacted by the exchange rate variation . • 18% growth in 1H26 excluding exchange rate variation, reflecting better operational performance. BRL 107 mi -15% BRL 36 mi -42% BRL 71 mi +12% BRL 134 mi +18% BRL 58 mi +8% BRL 76 mi +26%
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Highlights (2/2) 40 Operational improvement results in increased cash generation 1H26 1Q26 2Q26 • Sequential optimization reflects reduction of inventories and recomposition of suppliers, despite negative seasonality in receivables. Working Capital 50.8% BRL 922 mi 50.8% BRL 922 mi 53.8% BRL 949 mi Leverage (Net Debt) -0.2x -BRL 64 mi -0.2x -BRL 64 mi 0.0x -BRL 15 mi • BRL 49 million reduction in Net Debt , with cash generation supporting investments, debt service and shareholder remuneration. • Cash generation in 2Q26 reverses consumption in 1Q26, even with increased investments.Free Cash Gen. BRL70 mi -BRL11 mi BRL81 mi • Recurring EBITDA supported the investments of the semester, with difference in values between the quarters being only phasing. CAPEX (% Rec. EBITDA) BRL142 mi 62% BRL 37 mi 36% BRL105 mi 84% Operating Cash Gen. (% Rec. EBITDA) BRL212 mi 92% BRL26 mi 25% BRL186 mi 148% • Operating cash generation 2.4x higher in 1H26 and above Recurring EBITDA.
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41 Research, Development and Innovation (RD&I) Revenue from launches and investments in RD&I accelerate TAM¹ Blau Hospital Segment (BRL bi)Revenue Launches (BRL mi) and Investments in RD&I 51 85 111 144 3.8% 5.4% 6.3% 8.1%8.6% 9.4% 9.5% 12.9% LTM 2Q23 LTM 2Q24 LTM 2Q25 LTM 2Q26 Revenue Launches % Revenue Launches % Total RD&I 7.1 8.3 9.6 10.3 13.1 5.0 7.9 7.1 8.3 9.6 15.3 21.0 2025 2026 2027 2028 2032 Other Drugs mAbs
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Net Revenue (BRL mi) Semester grows in line with the CAGR of the last 3 years 42 +10% +17% +5%+11% +10% +2% +18% +18% +3% • Highlight for the public channel. • Launches +34%. • Difference in growth between quarters mainly by the public channel (different delivery volumes and comparison basis). • Private sector accelerated growth from 1Q26 to 2Q26. • Growth should accelerate with new production lines and affordable base. 736 808 102 113 838 922 1H25 1H26 Hospital Retail+Aesthetics 330 391 43 44 373 435 1Q25 1Q26 406 417 59 69 465 487 2Q25 2Q26
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Gross Profit (BRL mi) and Margin Gross Margin continues to rise, as in the last 3 years 43 +240 bps +130 bps +330 bps • Gains in manufacturing efficiency and greater dilution of fixed costs. • Sequential improvement from 1Q26 to 2Q26 is mainly explained by more favorable exchange rate variation and sales mix. • Assuming a stable mix, it is feasible to maintain this level in the 2nd half. We still have many levers to improve the margin in the medium/long term. +17% +21% +13%337 392 40.2% 42.6% 20. 0% 25. 0% 30. 0% 35. 0% 40. 0% 45. 0% 0 50 100 150 200 250 300 350 400 450 500 1H25 1H26 Gross Profit Gross Margin 149 180 40.1% 41.4% 20. 0% 25. 0% 30. 0% 35. 0% 40. 0% 45. 0% 0 50 100 150 200 250 300 1Q25 1Q26 187 212 40.3% 43.6% 20. 0% 25. 0% 30. 0% 35. 0% 40. 0% 45. 0% 0 50 100 150 200 250 300 2Q25 2Q26
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Recurring EBITDA (BRL mi) and Margin Margin growth, maintaining an improvement trend seen in the last 3 years 44 +40 bps +170 bps -40 bps • Increased Gross Margin more than compensates for increased expenses. Non-Recurring: • In 1H26, it does not consider the negative impact of BRL 23 million from the earnout provision for Blau Goiás' M&A in 2020, which is in legal dispute. • In 1H25, it does not consider the positive impact of BRL 42 million from the sale of the botulinum toxin registration. +12% +25% +3%205 230 24.5% 24.9% 20.0% 21.0% 22.0% 23.0% 24.0% 25.0% 26.0% -20 30 80 130 180 230 280 330 1H25 1H26 Recurring EBITDA Recurring Mg. EBITDA 83 104 22.2% 23.9% 15.0% 16.0% 17.0% 18.0% 19.0% 20.0% 21.0% 22.0% 23.0% 24.0% 25.0% -10 10 30 50 70 90 110 130 150 1Q25 1Q26 122 126 26.3% 25.9% 20.0% 21.0% 22.0% 23.0% 24.0% 25.0% 26.0% 27.0% 0 20 40 60 80 100 120 140 160 180 200 2Q25 2Q26
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Recurring Expenses (BRL mi) After costs, dilution of expenses could be the next margin lever 45 • Investments in SG&A to support short- and long- term growth. • Revenue did not grow. • Revenue grows again in 1H26 , tends to accelerate with new production lines. • Expenses practically stable in 1H26 compared to 2H25. • Current SG&A supports much higher revenue than current ones, optimization opportunities: • New centralized procurement system. • Consultancies for review of processes and organizational structure. • Greater dilution as the pipeline and international expansion materialize. 156 163 164 199 201 18.9% 17.5% 19.6% 23.1% 21.8% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% 22.0% 24.0% 0 50 100 150 200 250 300 350 400 1H24 2H24 1H25 2H25 1H26 Recurring Expenses % Net Revenue
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63 7160 76 13.6% 14.5% 13.0% 15.7% 0.0% 2.0 % 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% -10 10 30 50 70 90 110 130 150 2Q25 2Q26 126 107114 134 15.1% 11.6% 13.6% 14.6% -16.0% -11.0 % -6.0% -1.0% 4.0% 9.0% 14.0% 19.0% 0 50 100 150 200 250 1H25 1H26 Recurring Net Income Net Income ex-Exchange Rate Var. Recurring Net Income Mg. Net Income Mg. ex-Exchange Rate Var. Net Income (BRL mi) and Margin 1H26 vs. 1H25: -15% including Exchange Rate Variation and +18% excluding 46 • Analyzing the quarters, growth of 12% in 2Q26 reverses the 42% decline in 1Q26, which was strongly impacted by the exchange rate variation. • The exchange rate variation changes the trend of Recurring Net Income, as it was negative in BRL 27 million in 1H26 and positive in BRL 12 in 1H25. +18% -15% +8% -42% +26%+12% 63 36 54 58 16.9% 8.3% 14.4% 13.3% -16.0% -11.0 % -6.0% -1.0% 4.0% 9.0% 14.0% 19.0% 0 20 40 60 80 100 120 1Q25 1Q26
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Working Capital Working capital shows sequential improvement and reaches 50.8% of Revenue in 2Q26 47 Cash Cycle (days)Working Capital (BRL mi) • Accounts receivable grows sequentially, reflecting the typical seasonality of the second quarter. • Inventories recorded the third consecutive quarterly reduction; We expect further progress. • Suppliers return to historical level, after strategic reduction in 1Q26 to take advantage of favorable exchange rate. -300 bps -21 days 1049697106109 223232245242230 -88-68-94-91-93 239260248257247 2Q261Q264Q253Q252Q25 Account receivables Inventories Suppliers 907 949 886 964941 50.8%53.8%52.1%54.5%53.2% 0.0 % 10. 0% 20. 0% 30. 0% 40. 0% 50. 0% 710 760 810 860 910 960 1,0 10 1,0 60 2Q261Q264Q253Q252Q25 Working Capital % LTM Net Revenue
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CAPEX (BRL mi) Investments return to become below Recurring EBITDA 48 • In 2025, CAPEX was concentrated in fixed assets, with investments in expanding production capacity and equipment for the production of monoclonal antibodies. • In 2026, the intangible leads investments, especially for the development of new biological and synthetic drugs, especially monoclonal antibodies. • The Company maintains discipline in capital allocation, prioritizing projects with high potential return and strategic relevance, sustaining its long-term growth prospects. 149 143 262 45 115 141 157 97 264 284 419 142 102% 73% 108% 62% 0% 20% 40% 60% 80% 100% 120% 0 100 200 300 400 500 600 700 800 2023 2024 2025 1H26 Fixed Intangible % Rec. EBITDA
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Indebtness Blau records Cash and Financial Investments position higher than Gross Debt 49 • Raised BRL 350 million in Private Commercial Note (CDI+0.97%), reducing debt costs and supporting strategic investments. • Net debt reduction of BRL 49 million, with operating cash generation supporting investments, debt service and shareholder remuneration. 2Q26 1.21% 1Q26 1.30% 2Q25 1.55%Average Spread Debt Schedule (BRL mi) Short Term Long Term Gross Debt Cash and Invest. Net Debt EBITDA LTM Leverage 2Q25 66 400 466 298 168 482 0.3x 2Q26 238 583 821 885 -64 384 -0.2x 1Q26 244 283 527 542 -15 403 0.0x Indebtness (BRL mi) 885 117 117 117 505219 350188 167 467 0 200 400 600 800 100 0 Cash 2026 2027 2028 BLAU 16 BLAU 13 FINAME Prov. Interest Commercial Note
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1,373 1,754 1,702 1,843 - 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2023 2024 2025 1H26* Revenue Performance in the Last 3 Years 50 • Completed Bergamo Turnaround: acquisition, integration and synergies capture (2023-2025); • Ramp-up of the occupation of production lines, including expansion of P210, reaching the record volume produced (2023-2025); • Geographic expansion, operating in 9 countries and exporting to +20 countries. (2023-2025); • +BRL 1.5 billion expansion of TAM (Total Addressable Market 2023-1H26); • Expansion of the Biotech APIs plant, to produce monoclonal antibodies (2023-1H26); • Advances in the development and production of monoclonal antibodies, including factory certification for pembrolizumab (2023-1H26). • Optimization of investments with a focus on the pipeline and expansions in the current plants, including Prothya divestment and greater phasing of the Pernambuco plant (2025-1H26). Revenue (CAGR +10%) Gross Margin (+690 bps) EBITDA Margin (+600 bps) Main Achievements: LATAM Distribution Center in Uruguay Biotech APIs plant: upstream Bergamo Factory *Annualized 490 659 683 392 35.7% 37.5% 40.1% 42.6% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 200 300 400 500 600 700 800 900 1000 1100 1200 2023 2024 2025 1H26 Gross Profit Gross Margin 259 391 389 230 18.9% 22.3% 22.8% 24.9% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 100 300 500 700 900 1100 1300 2023 2024 2025 1H26 Recurring EBITDA Recurring EBITDA Margin
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Medium-Term (2028-2029) • Launch of the 1st monoclonal antibody (pembrolizumab); • New expansion of the Biotechnological APIs plant; • New line of finished biological medicines at Blau Cotia. • Partnerships and international expansion. Strategic Plan Commitments 51 Investments focused on portfolio differentiation, production capacity and RD&I • +BRL 2 billion growth in the Addressable Market (TAM); • New production lines for finished synthetic drugs in the current factories; • New RD&I headquarters (Inventta ICT) • New packaging line in Pernambuco; • Operational efficiency and leverage. Short-Term (2026-2027) Long-Term (2030+) • Launch of the other 3 monoclonal antibodies; • Production plant in Pernambuco; • Blau with a more differentiated portfolio; • Possibility of increasing shareholder remuneration. Inventta ICT HQ New production line of antibiotics Blau SP Blau Pernambuco Biotech API Plant: downstream
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114 115 118 #727376 20 27 93 #141B5D 150 150 150 #969696 0 82 156 #00529c 0 143 212 #008fd4 27 177 222 #1bb1de 76 197 255 #4cc5ff 234 234 234 #eaeaea Blau Farmacêutica (B3: BLAU3) Investor Relations ___________ Douglas Rodrigues | CFO & IRO Matheus Fujisawa | IR Gabriela Hawat | IR Lorena Pudo | IR ___________ ri@blau.com ri.blau.com/en/