Earnings release
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Blaū FARMACÊUTICA Cotia , August 11 , 2026. Blau Farmacêutica , a multinational leader in the pharmaceutical hospital segment and a pioneer in biotechnology in Brazil , announces its consolidated results for the 2nd quarter of 2026 ( " 2Q26 " ) and the 1st half of 2026 ( " 1H26 " ) . The ITR complies with the International Accounting Standards ( IFRS ) issued by the IASB and has been audited by independent auditors in accordance with Brazilian and international auditing standards . This document was prepared based on the ITR , which was prepared in accordance with the accounting practices adopted in Brazil , which include the rules of the CVM and the pronouncements of the CPC . 2Q26 / 1H26 Results : Growth of Revenue and Recurring EBITDA , with Optimization of Working Capital and Net Debt ( BRL mi ) Net Revenues Hospital Retail + Aesthetic Gross Profit 2Q26 2Q25 A 1Q26 1Q25 A 1H26 1H25 Δ 487 465 5 % 435 373 17 % 922 838 10 % 417 406 3 % 391 330 18 % 808 736 10 % 69 59 18 % 44 43 2 % 113 102 11 % 212 187 13 % 180 149 21 % 392 337 17 % Gross Margin 43,6 % 40,3 % 330 bps 41,4 % 40,1 % 130 bps 42,6 % 40,2 % 240 bps Recurring EBITDA Recurring EBITDA Margin Recurring Net Income Adjusted Net Margin Rec . Net Inc. ex . Exchange Var . 76 126 25,9 % 26,3 % 71 63 14,5 % 13,6 % 60 122 3 % 104 83 25 % -40 bps 23,9 % 22,2 % 170 bps 12 % 36 63 -42 % 230 24,9 % 107 205 12 % 24,5 % 90 bps 8,3 % 16,9 % -860 bps 11,6 % 126 15,1 % 40 bps -15 % -350 bps 26 % Net Inc. ex . Exchange Var . Margin 15,7 % 13,0 % 270 bps Working Capital 907 % Net Revenue LTM Total CAPEX % Net Revenue 941 50,8 % 53,2 % 105 116 21,7 % 25,0 % -4 % -240 bps -9 % -330 bps 58 13,3 % 949 53,8 % 37 8,4 % 54 14,4 % 8 % 134 -110 bps 14,6 % 114 13,6 % 18 % 100 bps 851 48,1 % 56 12 % 570 bps 907 50,8 % -34 % 142 14,9 % -650 bps 15,4 % 941 53,2 % 172 20,5 % -4 % -240 bps -17 % -510 bps Operating Cash Flow 186 32 474 % 26 56 -54 % 212 88 141 % Free Cash Flow to Firm 81 -84 -11 0 70 -84 Net Debt -64 168 -15 67 -64 168 Leverage -0,2x 0,3x -0,5 × 0,0x 0,2x -0,2x -0,2x 0,3x -0,5x Highlights : • . • . Net Revenue grows 10 % in 1H26 vs. 1H25 , with the difference in growth between the 1st and 2nd quarters coming mainly from the public channel , due to the phasing of deliveries . Highlight for the growth of 34 % in launches , representing 7.4 % of Total Revenue in 1H26 ( + 130bps vs. 1H25 ) . Gross Profit up 17 % in the semester , following the growth trajectory of the last 3 years . Gross Margin reached 42.6 % in 1H26 ( + 240bps vs. 1H25 ) , with a sequential improvement in 2Q26 compared to 1Q26 , benefiting from efficiency gains , exchange rate variation , dilution of fixed costs and sales mix . Recurring EBITDA margin reaches 24.9 % in 1H26 , maintaining an improvement trend seen in the last 3 years . Sequential increase in margin on 2Q26 compared to 1Q26 . Recurring Net Income of BRL 107 million in 1H26 . Analyzing the quarters , growth of 12 % in 2Q26 reverses the decline in 1Q26 , which was impacted by the exchange rate variation . • Recurring Net Income ex . Exchange Variation grows 18 % in the semester , accumulating BRL 134 million in 1H26 , compared to BRL 114 million in 1H25 . . • • Working Capital shows sequential improvement and reaches 50.8 % of Revenue in 2Q26 , compared to 53.8 % in 1Q26 , mainly reflecting the reduction in inventories and recovery of suppliers . Operating Cash Generation of BRL 212 million in 1H26 , 2.4x higher than in 1H25 . There was a significant improvement from 1Q26 to 2Q26 . Investments of BRL 142 million in 1H26 , supported by Recurring EBITDA of BRL 230 million and cash higher than debt in the same period , with a difference in values between the quarters being only phasing . Investments in Research , Development and Innovation ( RD & I ) stand out . [ Blaū3 ] | Blaū FARMACÊUTICA 1
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2 Message from Management Blau remains strong, regardless of the macroeconomic scenario Prolonged scenario of very high interest rates is a challenge, but the Company's internal initiatives and the resilience of the pharmaceutical sector continue to support positive results. Given Blau's strong balance sheet, with a cash position higher than debt, in addition to being inserted in an essential sector that grows with recurrence, we end up suffering less from macro effects, but naturally some punctual impacts are felt. The main challenge is to be assertive in granting credit to customers, to balance risk and short-term growth, aware that the demand in the sector needs to be met and is growing, but eventually some links in the chain need breath. Usually the problem is n ot demand, nor operational, but paying a debt that was contracted at a time of very low interest rates and is being paid with very high interest rates. To mitigate these effects, we have sought to further diversify the customer base, in addition to continuing the gradual movement of direct sales to hospitals. Revenue tends to reaccelerate in the 2nd half, with the entry of new production lines and an a ccessible comparison basis. In the 1st half of 2026, Revenue grew 10% compared to the same period of the previous year, in line with the compound annual growth rate (CAGR) of the last 3 years, even with the challenging macro and without the contribution of the new production lines, w ith the difference in growth between the 1st and 2nd quarter coming mainly from the public channel, by the comparison basis. For the 2nd half, an acceleration of growth is expected, due to the entry of new production lines from the 3rd quarter, and to accelerate even more in the 4th quarter, due to an accessible comparison basis, remembering that there was a one-off delay in the federal bidding in the last quarter of last year. * 1H26 annualized. Gross Margin was the highlight of the semester, continuing the positive trend of the last 3 years , benefited from gains in manufacturing efficiency and greater dilution of fixed costs, in addition to a more favorable exchange rate and sales mix. Assuming a stable mix, it is feasible to maintain this level in the 2nd half. EBITDA Margin also follows a positive trend in the last 3 years, reflecting the improvement in Gross Margin. From the 2nd half of the year we should start capturing operating leverage in expenses . Recurring expenses began to stabilize in the 1st half of 2026 and reached around BRL 200 million, practically the same amount as in the 2nd half of 2025, showing a stabilization trend after we invested more in the commercial and administrative teams to support the Company's short 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 1 H26* Revenue CAGR:+1 0% 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 1 H26 Gross Profit Gross Margin +690 bps
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3 and long-term growth. Now a faster growth in revenue in relation to expenses is expected, intensifying operating leverage. This dynamic gives us confidence to maintain the trend of improving EBITDA margin, as in the last 3 years. In working capital, there was another sequential improvement in inventories, and we expect the optimization to continue in the 2nd half, especially with the start of selling products that are already in inventory of the new production lines and the search for greater efficiency in the processes. Customer receivables have a negative seasonality in the 2nd quarter, so it is natural that it will improve in the coming quarters, even if the macro situation remains challenging. Supplier financing normalized in Q2, following a strategic reduction in Q1 to take advantage of a more favorable exchange rate. Investments in the 1st half of 2026 were below the previous year, reflecting the macro scenario and prioritization of investments. In 2025, fixed assets accounted for most of the investments, reflecting the construction of new production lines in the current factories and the purchase of equipment to produce pembrolizumab. In 2026, the intangible has led investments, with the purchase of the reference drug of pembrolizumab to be used in comparative clinical studies with our biosimilar product, in addition to the advance in the development of the other three monoclonal antibodies and other drugs in the launch pipeline, with the potential to accelerate the Company's growth and margins in the future. Even with the financial capacity to invest more, the macro environment demands caution and we take advantage of it for greater selectivity, aiming at the best risk-return for long-term shareholders. Responsible investments are part of Blau's DNA , for this reason, even living with interest rates between 10 and 15% in the last four and a half years, the Company continues to have net cash position. This financial strength allows Blau to invest proportionally more than the average of national peers, which has increased the Company's competitive positioning, which can be seen in greater diversification, differentiation and growth potential, which should result in higher returns in the future. Marcelo Hahn, CEO and founder 259 391 389 230 1 8.9% 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 +600 bps
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4 About Blau Farmacêutica 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. We are a publicly traded company listed on the Brazilian Stock Exchange (B3) under the ticker "BLAU3". Our commitment is to offer innovative drugs of high complexity, ensuring efficacy, safety and quality to provide the patient with the best therapy option, as defined by the medical team and/or health professionals. We cover areas such as immunology, hematology, oncology, nephrology, infectious diseases, anesthesiology, among others. We operate in three business units: Onco-Hemato and Specialties, Pharma/Retail and Aesthetics. *Source: IQVIA 2025 Hospital Segment (88% of Net Revenue in 1H26) ▪ Onco-Hemato and Specialties Onco-Hemato consolidates drugs for the treatment of cancer and diseases related to blood and hematopoietic organs. The Specialties part, on the other hand, is composed of medicines that are used in the hospital's daily life, in most specialized treatments for infectious diseases and special treatments. It encompasses products such as antibiotics, muscle relaxants, analgesics, anesthetics, among others. Retail+Aesthetics+Plasma Segment (12% of Net Revenue in 1H26) ▪ Pharma/Retail These are medicines and products sold in the retail channel, for various types of indications, especially for chronic diseases such as rheumatoid arthritis and anemia, as well as oncological, gynecological, anticoagulant, gastroenterology, infectology, gels, complete line of male condoms, among others. We offer a wide range of medicines sold in pharmacies, both prescription and over-the-counter. ▪ Aesthetics These are innovative solutions for aesthetic procedures, in which we operate with one of the best portfolios for minimally invasive aesthetic treatments, to meet the needs of health professionals specializing in aesthetic procedures. ▪ Hemarus Since June 2021, Blau has been operating in plasma collection under the Hemarus banner, establishing a network of centers in the United States. The collection and marketing of plasma takes place in modern facilities, in compliance with the standards set by the US Food and Drug Administration (FDA), ensuring safety and quality. Plasma donation is remunerated, and donors need to meet specific criteria to be eligible.
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5 Research, Development & Innovation & Partnerships Blau has two structures that support the Company's growth: (i) Research, Development & Innovation (RD&I), Blau Inventta – located in the industrial complex in Cotia and in the process of expansion – which develops highly complex products in the line of generics and biosimilars; (ii) New Business & Partnerships , which seeks to identify strategic partnerships for the expansion of the portfolio, with a focus on technology transfers and local production, both of inputs and medicines. Net Revenue from Launches reached BRL 144 million or 8.1% of Total Revenue in the last 12 months (LTM) through 2Q26, growth of 31% compared to LTM 2Q25. In the same period, investments in RD&I (intangible and expenses) accumulated BRL 230 million or 12.9% of Total Revenue, an increase of 37% compared to LTM 2Q25. The next launch cycle is focused on even more relevant and differentiated products, which results in an amount of investments even higher than the amount of Revenue contribution from launches. In the 2nd quarter of 2026, we obtained the approval of 21 medicines, 3 in Brazil and 18 in Latin America, most of them new presentations or new registrations in other countries of products already in the portfolio. In addition, we submitted 7 drugs, 1 in Brazil and 6 in Latin America. We launched Teicoplanin in the quarter to strengthen the hospital portfolio , an antibiotic used in multiple treatments, such as endocarditis, septicemia, osteoarticular, lower respiratory tract, skin and soft tissue infections, urinary tract infections, and dialysis -associated peritonitis. The Total Addressable Market (TAM) in Brazi l is approximately BRL 200 million. Considering only the products already submitted for approval by Anvisa and the first of four monoclonal antibodies (mAbs) that we are producing, it is possible to double the TAM in the next 3 years . In 2025, Blau had a TAM of approximately BRL 7 billion in the Hospital Segment. *TAM = Total Addressable Market. Hospital Segment Only (source: IQVIA). 7.1 8.3 9.6 1 0.3 1 3.1 5.0 7.9 7.1 8.3 9.6 1 5.3 21 .0 2025 2026 2027 2028 2032 Other Drugs mAbs
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6 Managerial DRE (BRL mi) 2Q26 2Q25 Δ 1 Q26 1 Q25 Δ 1 H26 1 H25 Δ Net Revenue 487 465 5% 435 373 1 7% 922 838 1 0% COGS - 275 - 278 - 1 % - 255 - 224 1 4% - 529 - 501 6% Gross Profit 21 2 1 87 1 3% 1 80 1 49 21 % 392 337 1 7% Gross Margin 43.6% 40.3% 330 bps 41 .4% 40.1 % 1 30 bps 42.6% 40.2% 240 bps Sales - 38 - 33 1 7% - 34 - 29 1 7% - 72 - 61 1 7% G&A - 45 - 35 29% - 42 - 36 1 8% - 87 - 70 24% D&A -9 -8 1 2% -9 -7 1 6% - 1 8 - 1 6 1 4% RD&I -8 -9 - 8% - 1 0 -7 57% - 1 9 - 1 6 1 9% PDA 2 -2 - -3 -1 1 77% -1 -3 - 63% Others - 30 3 - 3 40 - 93% - 27 44 - Total expenses - 1 29 - 83 54% - 95 - 39 1 44% - 224 - 1 22 83% % Net Revenue - 26.4% - 1 7.9% - 850 bps - 21 .8% - 1 0.4% - 1 ,1 40 bps - 24.3% - 1 4.6% - 970 bps Depreciation and Amortization 20 19 7% 19 14 29% 39 33 1 7% % Net Revenue 4.1 % 4.0% 1 0 bps 4.3% 3.9% 40 bps 4.2% 3.9% 30 bps EBITDA 1 03 1 22 - 1 6% 1 04 1 25 - 1 7% 207 247 - 1 6% EBITDA Margin 21 .2% 26.3% - 51 0 bps 23.9% 33.5% - 960 bps 22.5% 29.5% - 700 bps EBIT 83 1 04 - 20% 85 111 - 23% 1 69 21 4 - 21 % % Net Revenue 1 7.1 % 22.3% - 520 bps 1 9.6% 29.6% - 1 ,000 bps 1 8.3% 25.6% - 730 bps Financial Revenue 19 5 299% 22 12 89% 40 16 1 49% Financial Expenses - 37 - 1 7 111% - 55 -7 656% - 91 - 25 272% Financial Result - 1 8 - 1 3 42% - 33 4 - - 51 -8 51 2% % Net Revenue - 3.7% - 2.7% - 1 00 bps - 7.6% 1 .2% - 880 bps - 5.5% - 1 .0% - 450 bps Earnings before Taxes 65 91 - 28% 52 115 - 55% 118 206 - 43% % Net Revenue 1 3.5% 1 9.6% - 61 0 bps 1 2.0% 30.8% - 1 ,880 bps 1 2.8% 24.6% - 1 ,1 80 bps Current -4 - 1 6 - 76% -8 -8 - 5% - 1 2 - 24 - 53% Deffered -6 - 1 1 - 48% -8 - 1 6 - 49% - 1 4 - 28 - 49% Income Tax and CSLL - 1 0 - 28 - 65% - 1 6 - 24 - 34% - 26 - 52 - 50% % Effective Tax Rate - 1 5.1 % - 30.7% 1 ,560 bps - 30.5% - 21 .0% - 950 bps - 22.0% - 25.3% 330 bps Controlling shareholders 57 63 - 1 0% 36 91 - 60% 93 1 54 - 40% Non- controlling shareholders -1 0 - 0 0 - -1 0 - Net Income 56 63 - 1 2% 36 91 - 60% 92 1 54 - 40% Net Margin 1 1 .4% 1 3.6% - 220 bps 8.3% 24.3% - 1 ,600 bps 1 0.0% 1 8.4% - 840 bps (- ) Consulting and M&A Projects 23 0 - 0 0 - 23 0 - (- ) Sale of Registration 0 0 - 0 - 42 - 1 00% 0 - 42 - 1 00% Recurring EBITDA 1 26 1 22 3% 1 04 83 25% 230 205 1 2% Recurring EBITDA Margin 25.9% 26.3% - 40 bps 23.9% 22.2% 1 70 bps 24.9% 24.5% 40 bps Net Income Adjustments 15 0 - 0 - 28 - 1 00% 15 - 28 - Recurring Net Income 71 63 1 2% 36 63 - 42% 1 07 1 26 - 1 5% Recurring Net Margin 1 4.5% 1 3.6% 90 bps 8.3% 1 6.9% - 860 bps 1 1 .6% 1 5.1 % - 350 bps (- ) Exchange Variation 6 -3 - 22 -9 - 27 - 1 2 - Profit Líq. Rec. ex. Var. Change 76 60 26% 58 54 8% 1 34 114 1 8% Net Margin. Rec. e.g. Var. Foreign Exchange 1 5.7% 1 3.0% 270 bps 1 3.3% 1 4.4% - 1 1 0 bps 1 4.6% 1 3.6% 1 00 bps
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7 Net Revenue Net Revenue reached BRL 922 million in 1H26, an increase of 10% compared to 1H25, in line with the growth of the last 3 years. The performance of the semester was mainly driven by the public channel, reflecting not only the bidding of epoetin alfa, but also a positive performance in several other drugs sold in the channel. The higher volume of deliveries in 1Q26 compared to 2Q26 and the respective bases of comparison explain the difference in growth between the quarters, while the private channel presented a better sequential performance. Despite the acceleration of growth compared to 2025, the half-year's performance could have been even more positive, were it not for a more restrictive credit environment and the absence of contribution from the new production lines, which are still in the process of regulatory approval. At the same time, the Company made progress in diversifying its customer base and ex panding direct sales to strategic accounts, strengthening the portfolio's credit risk profile and prioritizing more profitable sales. In the Hospital segment, launches remain an important growth vector, with an expansion of 34% in the semester and in the quarter. The Retail and Aesthetics segment grew 11% in 1H26 and 18% in 2Q26, mainly driven by the performance of Retail, benefiting from the comparison basis of 2Q25, while Aesthetics remained practically stable in the period. For the 2nd half, an acceleration of growth is expected, due to the entry of new production lines and an accessible basis of comparison in the 4th quarter, remembering that there was a punctual delay in the federal bidding in the last quarter of last year. * 1H26 annualized. (BRL mi) 2Q26 2Q25 Δ % 1 Q26 1 Q25 Δ % 1 H26 1 H25 Δ % Hospital 41 7 406 3% 391 330 1 8% 808 736 1 0% Mature Portfolio 379 377 0% 361 308 1 7% 740 685 8% Launches 38 29 34% 29 22 33% 68 51 34% Retail+Aesthetics 69 59 1 8% 44 43 2% 113 1 02 11% Total Net Revenue 487 465 5% 435 373 1 7% 922 838 1 0% 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 1 H26* Revenue CAGR:+1 0%
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8 Gross Profit Gross Profit totaled BRL 392 million in 1H26, up 17% from 1H25. The performance reflects gains in manufacturing efficiency and higher dilution of fixed costs. As a result, Gross Margin expanded 240 bps in the half-year to 42.6%. The sequential improvement from 1Q26 to 2Q26 is mainly explained by more favorable exchange rate variation and sales mix. Gross Margin was the highlight of the semester, continuing the positive trend of the last 3 years , accumulating a high of 690bps. Assuming a stable mix, it is feasible to maintain this level in the 2nd half. Looking ahead, we still have many levers to continue expanding the margin: • Operating leverage due to revenue growth and consequent dilution of fixed costs; • Reduction of losses and optimization of processes; • Optimization of new production lines in current factories, adding revenue and sharing the same fixed structure; • Hemarus operates with negative margin, optimization and/or divestments could contribute; • Latin American operations still carry recent expansions; • Launch pipeline focused on biologics with greater differentiation/less competition than the current portfolio, with the possibility of margin gains per mix. (BRL mi) 2Q26 2Q25 Δ % 1 Q26 1 Q25 Δ % 1 H26 1 H25 Δ % Net Revenue 487 465 5% 435 373 1 7% 922 838 1 0% Raw materials and packaging - 21 4 - 207 3% - 1 93 - 1 61 20% - 407 - 368 11% Other manufacturing costs - 50 - 61 - 1 7% - 51 - 55 - 7% - 1 02 - 1 1 6 - 1 2% Depreciation and Amortization - 1 1 - 1 0 3% - 1 0 -7 43% - 21 - 1 7 1 9% Cost of Goods Sold - 275 - 278 - 1 % - 255 - 224 1 4% - 529 - 501 6% Gross Profit 21 2 1 87 1 3% 1 80 1 49 21 % 392 337 1 7% Gross Margin 43.6% 40.3% 330 bps 41 .4% 40.1 % 1 30 bps 42.6% 40.2% 240 bps 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 1 H26 Gross Profit Gross Margin +690 bps
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9 Operating Expenses In the first half of the year, Total Recurring Expenses reached BRL 201 million, an increase of 22% compared to 1H25, but practically stable compared to 2H25 , showing a stabilization trend in the sequential comparison, after the investments made in the commercial and administrative structure to support the Company's short and long-term growth. • In 1H26, S ales Expenses grew 17% , reaching BRL 72 million, reflecting the strengthening of the commercial structure to support business expansion, in addition to more expensive freight and higher investments in marketing. • General and Administrative (G&A) expenses grew 24%, reaching BRL 87 million in the first half, in line with the continuity of the Company's transformational projects. • Depreciation and Amortization (D&A) of BRL 18 million in 1H26, 14% growth compared to 1H25. • Research, Development and Innovation (RD&I) expenses reached BRL 19 million, 19% increase versus 1H25, in line with increased investments in innovation and new products. • PDA and Other Recurring posted expenses of BRL 6 million in 1H26 , compared to expenditure of BRL 2 million in 1H25, with growth explained by contingency reversal in 1H25. Recurring amounts exclude an expense of BRL 23 million in 1H26, related to the provision of an earnout of the M&A of Blau Goiás that is in legal disput e, in addition to revenue of BRL 42 million in 1H25, due to the sale of one of our botulinum toxin records. (BRL mi) 2Q26 2Q25 Δ % 1 Q26 1 Q25 Δ % 1 H26 1 H25 Δ % Sales - 38 - 33 1 7% - 34 - 29 1 7% - 72 - 61 1 7% G&A - 45 - 35 29% - 42 - 36 1 8% - 87 - 70 24% D&A -9 -8 1 2% -9 -7 1 6% - 1 8 - 1 6 1 4% RD&I -8 -9 - 8% - 1 0 -7 57% - 1 9 - 1 6 1 9% PDA and Other Recurring - 28 1 - 0 39 - - 29 40 - Total Expenses (A) - 1 29 - 83 54% - 95 - 39 1 44% - 224 - 1 22 83% (- ) M&A Projects 23 0 - 0 0 - 23 0 - (- ) Sale of Registration 0 0 - 0 - 42 - 1 00% 0 - 42 - 1 00% (- ) Non- Recurring Expenses (B) 23 0 - 0 - 42 - 1 00% 23 - 42 - 1 54% Sales - 38 - 33 1 7% - 34 - 29 1 7% - 72 - 61 1 7% G&A - 45 - 35 29% - 42 - 36 1 8% - 87 - 70 24% D&A -9 -8 1 2% -9 -7 1 6% - 1 8 - 1 6 1 4% RD&I -8 -9 - 8% - 1 0 -7 57% - 1 9 - 1 6 1 9% PDA and Other Recurring -5 1 - 0 -3 - 83% -6 -2 275% Total Recurring Expenses (A+B) - 1 06 - 83 27% - 95 - 81 1 7% - 201 - 1 64 22% 1 56 1 63 1 64 1 99 201 1 8.9% 1 7.5% 1 9.6% 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 1 H24 2H24 1 H25 2H25 1 H26 Recurring Expenses % Net Revenue +290 bps
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10 EBITDA EBITDA in accordance with CVM Resolution No. 156/22 totaled BRL 207 million in 1H26, a decrease of 16% compared to 1H25. The performance of both 1H26 and 1H25 were impacted by non-recurring expenses or revenues. In 1H26, there were expenses related to the provision of an earnout of the M&A of Blau Goiás carried out in 2020, in the amount of BRL 23 million, which is under legal dispute. In 1H25, there was revenue of BRL 42 million from the sale of the botulinum toxin registration. Recurring EBITDA reached BRL 230 million in 1H26, an increase of 12% compared to 1H25, 40 bps expansion in the Recurring EBITDA Margin to 24.9%, with an increase in the Gross Margin more than offsetting the increase in expenses. The improvement in the sequential margin from 1Q26 to 2Q26 is also due to the Gross Margin, while expenses over revenue remained st able, showing a stabilizing trend, after greater investments in the commercial and administrative teams to support the Company's short and long-term growth. Consistent execution resulted in an improvement in the Recurring EBITDA Margin in the last 3 years, accumulating an increase of 600 bps, with all the positive contribution coming from the Gross Margin. For the second half of the year, the Company expects to capture greater dilution of expenses, to continue supporting margin expansion. (BRL mi) 2Q26 2Q25 Δ % 1 Q26 1 Q25 Δ % 1 H26 1 H25 Δ % Net Income 56 63 - 1 2% 36 91 - 60% 92 1 54 - 40% (- ) Income Tax and CSLL 10 28 - 65% 16 24 - 34% 26 52 - 50% (- ) Financial Result 18 13 42% 33 -4 - 51 8 51 2% (- ) Depreciation and Amortization 20 19 7% 19 14 29% 39 33 1 7% EBITDA 1 03 1 22 - 1 6% 1 04 1 25 - 1 7% 207 247 - 1 6% EBITDA Margin 21 .2% 26.3% - 51 0 bps 23.9% 33.5% - 960 bps 22.5% 29.5% - 700 bps (- ) M&A Projects 23 0 - 0 0 - 23 0 - (- ) Sale of Registration 0 0 - 0 - 42 - 1 00% 0 - 42 - 1 00% Recurring EBITDA 1 26 1 22 3% 1 04 83 25% 230 205 1 2% Recurring EBITDA Margin 25.9% 26.3% - 40 bps 23.9% 22.2% 1 70 bps 24.9% 24.5% 40 bps 2.5% - 1 .5% - 0.1 % - 0.4% 24.9%24.5% 1 H25 Rec. EBITDA … Gross Margin ex. D&A SG&A ex. D&A RD&I Expenses PDA and Other 1 H26 Rec. EBITDA … 259 391 389 230 1 8.9% 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 +600 bps
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11 Financial Result Financial Result was negative BRL 51 million in 1H26, mainly impacted by the exchange rate variation. There was an improvement in performance from 1Q26 to 2Q26, due to a less negative effect of the mark-to-market of the cash position in foreign currency, which represented most of the Company's cash since the divestment of Prothya in October 2025. Excluding the effects of exchange rate variation, the Financial Result would have been negative BRL 23 million in 1H26, compared to negative BRL 20 million in 1H25, with similar performance between the quarters (negative BRL 12 million in 2Q26 and negative BRL 11 million in 1Q26). In June 2026, the Company reinforced cash in local currency with the raising of BRL 350 million via private commercial notes, in addition to contracting another private commercial note of BRL 250 million, which should be accounted for in 3Q26. With these movements, in addition to a lower weighted average cost of debt (from CDI+1.30% in 1Q26 to CDI+1.21% in 2Q26), the cash position in local and foreign currency was once again more balanced. (BRL mi) 2Q26 2Q25 Δ % 1 Q26 1 Q25 Δ % 1 H26 1 H25 Δ % Financial Revenue 19 5 299% 22 12 89% 40 16 1 49% Interest received and discounts obtained 13 5 1 73% 13 12 1 3% 26 16 59% Foreign exchange gains 5 0 - 9 0 - 14 0 - Financial Expense - 37 - 1 7 111% - 55 -7 656% - 91 - 25 272% Interest incurred - 21 - 1 5 45% - 21 - 1 5 46% - 43 - 29 46% Exchange variation - 1 1 3 - - 30 9 - - 42 12 - Others -4 -6 - 26% -3 -2 65% -7 -7 - 3% Financial Result - 1 8 - 1 3 42% - 33 4 - - 51 -8 51 3% % Net Revenue - 3.7% - 2.7% - 1 00 bps - 7.6% 1 .2% - 880 bps - 5.5% - 1 .0% - 450 bps Financial Result ex. Exchange Var. - 1 2 - 1 5 - 22% - 1 1 -5 1 33% - 23 - 20 1 5% % Net Revenue - 2.5% - 3.3% 80 bps - 2.6% - 1 .3% - 1 30 bps - 2.5% - 2.4% - 1 0 bps - 11 - 7 - 20 - 28 - 23- 6 - 13 12 10 - 27 60 - 16 - 21 - 8 42 - 51 -70 -50 -30 -10 10 30 50 70 1 H24 2H24 1 H25 2H25 1 H26 Recurring Financial Result Exchange Rate Variation Interest Prothya
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12 Net Income Recurring Net Income reached BRL 107 million in 1H26, a decrease of 15% compared to 1H26 due to exchange rate variation. Analyzing the quarters, growth of 12% in 2Q26 reverses the 42% decrease in 1Q26, which was strongly impacted by the exchange rate variation, which was negative in BRL 27 million in 1H26 and positive in BRL 12 million in 1H25. Recurring Net Income ex. Exchange Rate Variation totaled BRL 134 million in 1H26, an increase of 18% compared to 1H25, reflecting the Company's operational and tax improvements in the period. The Recurring Net Margin advanced 100 bps in the semester excluding the exchange rate variation, and fell -350 bps including the exchange rate variation. The Recurring Net Margin reached 11.6% in 1H26, or 14.6% excluding exchange rate variation, while in 1H25 it was 15.1%, or 13.6% excluding exchange rate variation. * Excluding exchange rate variation. Net Income reached BRL 92 million in 1H26, a decrease of 40% compared to 1H25, mainly due to the effects of exchange rate variation and non-recurring expenses and revenues: In 1H26, there were expenses related to the provision of an earnout of the M&A of Blau Goiás in 2020, in the amount of BRL 23 million, which is in legal dispute, while in 1H25, there was revenue of BRL 42 million from the sale of the botulinum toxin registration. (BRL mi) 2Q26 2Q25 Δ % 1 Q26 1 Q25 Δ % 1 H26 1 H25 Δ % Earnings before Taxes 65 91 - 28% 52 115 - 55% 118 206 - 43% Income Tax and CSLL - 1 0 - 28 - 65% - 1 6 - 24 - 34% - 26 - 52 - 50% Effective Rate - 1 5.1 % - 30.7% 1 ,560 bps - 30.5% - 21 .0% - 950 bps - 22.0% - 25.3% 330 bps Net Income 56 63 - 1 2% 36 91 - 60% 92 1 54 - 40% Net Margin 1 1 .4% 1 3.6% - 220 bps 8.3% 24.3% - 1 ,600 bps 1 0.0% 1 8.4% - 840 bps Net Income Adjustments 15 0 - 0 - 28 - 1 00% 15 - 28 - 1 54% Recurring Net Income 71 63 1 2% 36 63 - 42% 1 07 1 26 - 1 5% Recurring Net Margin 1 4.5% 1 3.6% 90 bps 8.3% 1 6.9% - 860 bps 1 1 .6% 1 5.1 % - 350 bps (- ) Exchange Variation 6 -3 - 22 -9 - 27 - 1 2 - Rec. Net Income ex. Exchange Var. 76 60 26% 58 54 8% 1 34 114 1 8% Rec. Net Margin ex. Exchange Var. 1 5.7% 1 3.0% 270 bps 1 3.3% 1 4.4% - 1 1 0 bps 1 4.6% 1 3.6% 1 00 bps 1 .4% 1 5.1 % 0.4% - 0.2% - 4.5% 0.9% 1 1 .6% 3.0% 1 4.6% 1 3.6% +1 00 bps - 350 bps
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13 Working Capital Working Capital ended 2Q26 at BRL 907 million, an improvement compared to both 1Q26 and 2Q25. As a percentage of Net Revenue in the last 12 months, it reached 50.8%, a reduction of 300 bps in the sequential comparison and 240 bps compared to 2Q25. • Accounts receivable totaled BRL 515 million at the end of 2Q26, an increase of 9% compared to 1Q26, reflecting the typical seasonality of the second quarter. In the annual comparison, the balance decreased by -4% compared to 2Q25, mainly due to the anticipation of receivables in the amount of BRL 50 million carried out in 2Q26, as part of the Company's receivables management. • Inventories totaled BRL 649 million, registering the third consecutive quarterly decrease. Despite the sequential improvement, the 223-day level is still considerably above the Company's 180-day target. Blau expects further progress as it sells products from the new production lines that are already in stock and is able to sell Hemarus' accumulated stocks. In addition, process optimization initiatives are underway. • Supplier Financing recomposed in 2Q26, reaching BRL 257 million, up from BRL 200 million in 1Q26. In days, suppliers reached 88 days, resuming the historical level, after a strategic reduction in the 1st quarter to take advantage of a more favorable exchange rate. As a result, the cash cycle ended the quarter at 239 days, an improvement of 21 days compared to 260 days in 1Q26 and slightly below the 247 days recorded in 2Q25. The evolution of working capital throughout the quarter contributed to the Company's cash generation. (BRL mi) 2Q26 1 Q26 Δ % 4Q25 3Q25 2Q25 Δ % Account receivables 51 5 473 9% 458 522 536 - 4% Inventories 649 676 - 4% 694 71 0 678 - 4% Suppliers - 257 - 200 29% - 266 - 269 - 273 - 6% Working Capital 907 949 - 4% 886 964 941 - 4% % LTM Net Revenue 50.8% 53.8% - 300 bps 52.1 % 54.5% 53.2% - 240 bps (Days) 2Q26 1 Q26 Δ % 4Q25 3Q25 2Q25 Δ % Account receivables 1 04 96 8% 97 1 06 1 09 - 5% Inventories 223 232 - 4% 245 242 230 - 3% Suppliers - 88 - 68 29% - 94 - 91 - 93 - 5% Cash Cycle 239 260 - 8% 248 257 247 - 3%
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14 CAPEX In 1H26, CAPEX totaled BRL 142 million, supported by Recurring EBITDA of BRL 230 million and cash higher than debt in the same period, with the difference in values between the quarters being only phasing. Fixed assets represented BRL 45 million in 1H26 ( -60% vs. 1H25), a reduction justified by investments in capacity expansion made in 1H25, while intangible assets totaled BRL 97 million (+65% vs. 1H25), driven by the increase in investments in biological medicines, especially in monoclonal antibodies. The Company maintains discipline in capital allocation, prioritizing projects with high potential return and strategic relevance, supporting its long-term growth prospects. Capex was once again below Recurring EBITDA in the semester, favoring cash generation. An acceleration in investments is expected in the 2nd half, but they should remain below the Company's operating results. (BRL mi) 2Q26 2Q25 Δ % 1 Q26 1 Q25 Δ % 1 H26 1 H25 Δ Fixed 30 80 - 62% 15 33 - 54.5% 45 113 - 60% % Net Revenue 6.2% 1 7.2% - 1 1 00 bps 3.4% 8.8% - 540 bps 4.9% 1 3.5% - 860 bps Intangible 75 36 1 09% 22 23 - 5.0% 97 59 65% % Net Revenue 1 5.5% 7.7% 780 bps 5.0% 6.1 % - 1 1 0 bps 1 0.5% 7.0% 350 bps CAPEX Total 1 05 116 - 9% 37 56 - 34.2% 1 42 1 72 - 1 7% % Net Revenue 21 .7% 25.0% - 330 bps 8.4% 1 4.9% - 650 bps 1 5.4% 20.5% - 51 0 bps 1 49 1 43 262 45 115 1 41 1 57 97 264 284 41 9 1 42 1 02% 73% 1 08% 62% 0% 20% 40% 60% 80% 100 % 120 % 0 100 200 300 400 500 600 700 2023 2024 2025 1 H26 Fixed Intangible % Rec. EBITDA
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15 Cash Flow Operating Cash Flow was 2.4x higher in 1H26 compared to 1H25, mainly due to lower working capital needs. There was a significant improvement from 1Q26 to 2Q26, which reached an operating cash generation almost 6x higher than in 2Q25. In 1H26, the Company's Free Cash Flow was positive at BRL 70 million, reversing the consumption of BRL 84 million in 1H25, mainly driven by the improvement in Working Capital and reduction in CAPEX. After interest and lease payments, Shareholder Free Cash Flow reached BRL 28 million in 1H26, considerably improving from consumption of BRL 123 million in 1H25. Cash position increased BRL 270 million in 1H26, compared to a reduction of BRL 195 million in 1H25, benefiting from operational improvement and the issuance of BRL 350 million in private commercial notes, which more than offset debt amortizations and dividend and interest on equity payments. (BRL mi) 2Q26 2Q25 Δ % 1Q26 1Q25 Δ % 1H26 1H25 Δ % Adjusted Operational Results 157 157 0% 82 154 -47% 239 311 -23% Working Capital and Others 34 -125 - -49 -88 -45% -15 -213 -93% Income Tax and CSLL paid -5 0 - -7 -10 -28% -12 -10 15% Operating Cash Flow 186 32 474% 26 56 -54% 212 88 141% CAPEX -105 -116 -9% -37 -56 -34% -142 -172 -17% Free Cash Flow to Firm 81 -84 - -11 0 - 70 -84 - Interest Payment -5 -10 -49% -31 -25 26% -36 -34 5% Leases -3 -3 -6% -3 -2 20% -6 -5 4% Free Cash Flow to Equity 73 -97 - -45 -27 66% 28 -123 - Debt Amortization -67 -50 34% -24 0 - -91 -50 81% Debt Raising 350 0 - 0 0 - 350 0 - Dividends and IoC -17 0 - -3 -22 -86% -20 -22 -9% Exchange variation 4 2 71% -1 -2 -16% 3 1 252% Cash and Financial Investments Chg. 343 -144 - -73 -51 44% 270 -195 -238%
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16 Indebtness In 2Q26, Blau recorded a Cash and Financial Investments position higher than Gross Debt at BRL 64 million, an improvement of BRL 49 million compared to 1Q26. The Company issued a commercial note in 2Q26 in the amount of BRL 350 million, which led to the increase in cash and financial investments to BRL 885 million and gross debt to BRL 821 million. Gross Debt of BRL 821 million in 2Q26 is scheduled for payment until 2028, with a weighted average cost of CDI+1.21% (vs. CDI+1.30% in 1Q26 and CDI+1.55% in 2Q25), and is composed of: • BRL 51 million of the BLAU13 debenture (CDI+1.10% p.a.), with last amortization in April 2027. • BRL 364 million of the BLAU16 debenture (CDI+1.68% p.a.), with three amortizations scheduled for September 2026, 2027 and 2028. • BRL 54 million of FINAME (average of CDI-0.28% p.a.), with amortization during 2026. • BRL 352 million of private commercial note (CDI+0.97% p.a.), with full amortization in June 2028. (BRL mi) 2Q26 1 Q26 Δ % 4Q25 3Q25 2Q25 Δ % Short Term 238 244 - 2% 279 224 66 259% Long Term 583 283 1 06% 283 283 400 46% Gross Debt 821 527 56% 562 508 466 76% Cash and Financial Investments 885 542 63% 61 5 31 1 298 1 97% Net Debt - 64 - 1 5 31 8% - 53 1 97 1 68 - EBITDA LTM 384 403 - 5% 424 472 482 - 20% Leverage - 0.2x 0.0x - 0.2x - 0.1 x 0.4x 0.3x - 0.5x 885 117 117 117 505219 3501 88 1 67 467 0 1 00 200 300 400 500 600 700 800 900 1 00 0 Cash 2026 2027 2028 Debt Schedule (BRL mi) BLAU 1 6 BLAU 1 3 FINAME Prov. Interest Commercial Note
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17 Annex 1 - Balance Sheet (in thousands of Reais) Balance Sheet - Assets (BRL thousands) 06/ 30/ 2026 06/ 30/ 2025 Balance Sheet - Liabilities (BRL thousands) 06/ 30/ 2026 06/ 30/ 2025 Current Assets Current liabilities Cash and cash equivalents 46,773 45,601 Suppliers 256,663 266,258 Financial investments 838,097 569,485 Suppliers related parties 1 20 1 1 9 Accounts receivable from customers 51 5,328 458,472 Loans and financing 56,086 94,494 Accounts receivable related parties - - Debentures 1 81 ,651 1 84,027 Stocks 648,676 694,1 33 Tax obligations 23,71 1 20,822 Taxes to be recovered 71 ,21 2 54,773 Income taxes and social contribution to be collected 1 1 ,787 33 Derivative financial instruments 70 - Labor obligations 80,487 68,384 Other credits 24,835 74,770 Dividends and interest on equity payable 1 4,720 1 00,000 Other Claims Related Parties 8,060 - Rents payable 6,724 7,072 Total current assets 2,1 53,051 1 ,897,234 Derivative financial instruments 36 1 ,41 0 Other current liabilities 35,426 25,829 Noncurrent assets Total current liabilities 667,41 1 768,448 Taxes to be recovered 606 654 Judicial deposits 31 ,386 26,704 Noncurrent liabilities Deferred income tax and social contribution 73,229 77,797 Loans and financing 350,000 - Financial asset at fair value - - Debentures 233,333 283,333 Other credits 5,360 4,562 Tax obligations 341 862 Other Claims Related Parties 47,768 - Provisions for tax, civil and labor risks 43,887 1 7,364 Total long- term realizable 1 58,349 1 09,71 7 Rents payable 25,299 30,208 Deferred income tax and social contribution 232,490 221 ,981 Investments - - Dividends and interest on equity payable 1 00,000 - Fixed Assets 980,226 980,479 Other labor obligations 3,1 74 3,970 Intangible 708,41 2 61 7,1 07 Other non- current liabilities 54,235 53,1 1 9 Right of use 26,479 30,490 Total noncurrent liabilities 1 ,042,759 61 0,837 Total noncurrent assets 1 ,873,466 1 ,737,793 Total Liabilities 1 ,71 0,1 70 1 ,379,285 Net Worth - - Share capital 1 ,71 6,609 1 ,71 6,609 Capital Reserve - - Treasury shares (42,891 ) (42,891 ) Profit Reserves 670,439 61 2,278 Retained earnings - - Equity valuation adjustment (1 0,205) (1 4,232) - - SE attributed to controlling shareholders 2,333,952 2,271 ,764 Participation of non- controlling shareholders (1 7,605) (1 6,022) Total shareholders' equity 2,31 6,347 2,255,742 Total assets 4,026,51 7 3,635,027 Total liabilities and shareholders' equity 4,026,51 7 3,635,027
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18 Annex 2 - Income Statements (in thousands of Reais) Income Statement (BRL thousands) Six months ended on 06/ 30/ 2026 Three months ended on 06/ 30/ 2026 Six months ended on 06/ 30/ 2025 Three months ended on 06/ 30/ 2025 Net Operating Income 921 ,569 486,599 837,823 464,826 Cost of Goods and Goods Sold (529,31 4) (274,597) (501 ,1 89) (277,682) Gross Profit 392,255 21 2,002 336,634 1 87,1 44 Commercial expenses (90,564) (46,594) (77,040) (41 ,724) Administrative expenses (1 04,566) (53,984) (85,71 5) (42,81 2) Other operating income and expenses, net (28,540) (28,079) 40,385 1 ,1 38 Total operating expenses, net (223,670) (1 28,657) (1 22,370) (83,398) Earnings before financial results and taxes 1 68,585 83,345 21 4,264 1 03,746 Financial revenues 40,487 1 8,652 1 6,239 4,670 Financial expenses (91 ,41 5) (36,544) (24,553) (1 7,292) Financial result (50,928) (1 7,892) (8,31 4) (1 2,622) Pre- tax profit 1 1 7,657 65,453 205,950 91 ,1 24 Current income tax and social contribution (1 1 ,625) (3,991 ) (24,480) (1 6,476) Deferred income tax and social contribution (1 4,207) (5,922) (27,597) (1 1 ,464) Income tax and social contribution (25,832) (9,91 3) (52,077) (27,940) Net income for the period 91 ,825 55,540 1 53,873 63,1 84 Results attributed to: Controlling Shareholders 93,1 60 53,392 1 54,284 63,350 Non- controlling shareholders (1 ,335) 2,1 48 (41 1 ) (1 66) Earnings per share (in R$) Basic 0.40 0.23 0.67 0.27 Diluted 0.40 0.23 0.67 0.27
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19 Annex 3 - Cash Flow Statements (in thousands of Reais) Cash Flow Statement (BRL thousands) 06/ 30/ 2026 06/ 30/ 2025 Cash flow from operating activities Pre- tax income 1 1 7,657 205,950 Adjustments to reconcile profit for the year to cash from operating activities: Depreciation and amortization 38,626 33,032 Write- offs in fixed and intangible assets 7,238 8,331 Write- off of the right of use and lease - (41 ) Interest on lease 1 ,456 81 9 Charges on loans, financing 6,632 - Charges on debentures 29,270 33,508 Financial charges on consortium 39 278 Yield Applications, Net (21 ,720) (1 5,304) Unrealized exchange variation of financial investments 21 ,474 5,329 Unrealized gains and losses on the change in the fair value of assets (1 ,374) 499 Exchange variation not realized in suppliers and customers 2,1 1 7 (3,732) Provision for expected loss of accounts receivable from customers 3,960 1 2,81 9 Provision (reversal) for inventory losses, net 3,398 1 1 ,904 Provision for tax, civil and labor risks, net 34,882 6,503 Provision of long- term incentives 3,372 2,1 31 Monetary update judicial deposits (8,699) (81 4) 238,328 301 ,21 2 (Increase) decrease in asset accounts Accounts receivable from customers (63,208) (85,824) Accounts receivable from customers 61 ,1 81 (83,873) Taxes to be recovered (5,1 77) 7,320 Related Parties (55,828) - Other credits 48,823 (934) Judicial deposits (3,574) 1 ,506 Accrual (decrement) in liability accounts Suppliers (1 3,556) (5,388) Labor obligations 7,935 (3,756) Tax obligations 7,929 5,385 Other accounts payable 590 (47,277) Cash generated from operating activities 223,443 88,371 Income tax and social contribution paid (1 1 ,085) (8,042) Paid contingencies (768) (2,271 ) Net cash from operating activities 21 1 ,590 78,058 Cash flows from investing activities Financial investments (268,366) 230,405 Asset Additions (45,049) (1 1 2,906) Additions to the intangible (97,001 ) (58,809) Net cash from (applied to) investing activities (41 0,41 6) 58,690 Cash flows from financing activities Dividends and interest on equity (20,280) (22,343) Payment of Leases Payable - Principal (4,21 4) (4,61 3) Payment of Leases Payable - Interest (1 ,456) (81 9) Borrowing 350,000 - Revolving bank credit - (1 ,871 ) Loan and financing payments - main (40,607) - Loan and financing payments - interest (4,433) - Payment of debentures - principal (50,000) (50,000) Payment of debentures - Interest (31 ,645) (32,434) Net cash from (applied to) financing activities 1 97,365 (1 1 2,080) Net increase (decrease) in cash and cash equivalents (1 ,461 ) 24,668 Cash and cash equivalents as of January 1 45,601 33,31 7 Effect of exchange rate variation on cash balance and cash equivalents 2,633 81 2 Cash and cash equivalent as of 30 June 46,773 58,797 Net increase (decrease) in cash and cash equivalents (1 ,461 ) 24,668
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20 Legal Notice Future considerations, if contained in this document, are exclusively related to the business prospects, estimates of operating and financial results and the Company's growth prospects, and therefore do not constitute a guarantee of the Company's performance or future results. These considerations are only projections and, as such, are based exclusively on the expectations of the Company's management regarding the future of the business and its continued access to capital to finance its business plan. Such forward-looking considerations depend substantially on changes in market conditions, government rules, competitive pressures, the performance of the industry and the Brazilian economy, among other factors, in addition to the risks presented in the disclosu re documents filed by the Company and are, therefore, subject to change without notice. In addition, additional information not audited or reviewed by the audit contained herein reflects the interpretation of the Company's Management of information derived from its financial information and its respective adjustments, which were prepared in accordance with market practices and for the sole purpose of a more detailed and specific analysis of the Company's results. Thus, such considerations and additional data must also be analyzed and interpreted independently by shareholders and market agents, who must make their own analyses and conclusions about the results disclosed herein. No data or interpretative analysis carried out by the Company's Management should be treated as a guarantee of performance or future results and are merely illustrative of the Company's Management's view of its results. The Company's management is not responsible for the compliance and accuracy of the management financial information discussed in this report. Such management financial information should be considered for informational purposes only and not in a way that i s a substitute for the analysis of our revised individual and consolidated quarterly information or annual financial statements audited by independent auditors for the purposes of deciding to invest in our shares, or for any other purpose.