Earnings release
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Hypera pharma Hypera Pharma reports 8.5 % Net Revenue growth , with Net Income from Continuing Operations increasing 15.0 % and Operating Cash Flow growing 85.0 % São Paulo , August 06 , 2026 - Hypera S.A. ( " Hypera Pharma " or " Company " ; B3 : HYPE3 ; Bloomberg : HYPE3 BZ ; ISIN : BRHYPEACNORO ; Reuters : HYPE3.SA ; ADR : HYPMY ) announces its financial results for the 2nd quarter of 2026. Financial data disclosed here are taken from the consolidated financial statements of Hypera S.A. , prepared in accordance with the Brazilian Accounting Pronouncement Committee ( CPC ) and the International Financial Reporting Standards ( IFRS ) issued by the International Accounting Standards Board ( IASB ) . 2Q26 Highlights • 7.6 % ¹ sell - out growth in pharma retail , 1.4 p.p. above the growth in the categories in which the Company operates Net Revenue of R $ 2,336.7 million , 8.5 % higher than in 2Q25 • • Gross Margin of 61.8 % in the quarter , 1.7 percentage point above 2Q25 • Net Income from Continuing Operations of R $ 490.0 million , 15.0 % higher than in 2Q25 • • • • Table 1 Reduction in working capital investments to 28 % of Net Revenue² , compared to 32 % in 2Q25 Cash Flow from Operations of R $ 819.2 million , or 108.5 % of EBITDA from Continuing Operations Net Debt reduced to R $ 5,903.5 million , down R $ 397.6 million versus the end of 1Q26 Interest on Equity approval of R $ 185.2 million ( R $ 0.26 / share ) ( R $ million ) Net Revenue 2Q25 % NR 2Q26 % NR A % 1H25 % NR 1H26 % NR A % 2,153.9 Gross Profit 1,295.1 100.0 % 2,336.7 60.1 % 1,443.7 100.0 % 8.5 % 61.8 % 11.5 % 3,234.8 1,805.3 100.0 % 4,354.5 55.8 % 2,654.3 100.0 % 34.6 % 61.0 % 47.0 % EBITDA from Continuing Operations 725.4 33.7 % 754.9 32.3 % Net Income from Continuing Operations 426.1 19.8 % 490.0 Cash Flow from Operations 442.8 20.6 % 819.2 4.1 % 21.0 % 15.0 % 35.1 % 85.0 % 576.9 287.3 1,012.7 Free Cash Flow 204.6 9.5 % 637.8 27.3 % 211.6 % 552.9 17.8 % 1,341.4 8.9 % 31.3 % 1,340.1 17.1 % 1,005.5 30.8 % 132.5 % 835.7 19.2 % 190.9 % 30.8 % 32.3 % 23.1 % 81.9 % EARNINGS CONFERENCE CALL - PORTUGUESE : August 7th , 2026 , at 11am ( Brasília ) / 10am ( New York ) Webcast : click here / Phone : +55 ( 11 ) 4700-9668 ID : 883 4464 1800 Passcode : 648414 Replay : ri.hypera.com.br EARNINGS CONFERENCE CALL - ENGLISH : ( Simultaneous translation ) : August 7th , 2026 , at 11am ( Brasília ) / 10am ( New York ) Webcast : click here / Phone : +1 ( 720 ) 707-2699 ID : 883 4464 1800 Passcode : 648414 Replay : ri.hypera.com.br/en 1 Note : ( 1 ) Sell - out PPP ( Pharmacy Purchase Price ) ; ( 2 ) Considers the annualized Net Revenue for the quarter IR contacts +55 ( 11 ) 3627-4206 ri@hypera.com.br
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2 Operating Scenario Hypera Pharma reported Net Revenue of R$2,336.7 million, 8.5% higher than in 2Q25. This growth was driven by a 7.6%¹ increase in sell-out in the pharmaceutical retail market compared to the same period last year, with the performance in Gastroenterology, Cardiology, and Skincare standing out. Sell-out performance was once again supported by new product launches, which added 2.2 percentage points to sell- out growth in 2Q26, contributing to the Company’s sell-out growth being 1.4 percentage point above market growth in the categories in which it operates. In 1H26, sell-out growth reached 8.8%, or 1.6 percentage point above market growth in the categories in which the Company operates. Gross Profit increased 11.5% and totaled R$1,443.7 million, with a 61.8% margin, compared to 60.1% in 2Q25 and 60.0% in 1Q26, contributing to EBITDA from Continuing Operations reaching R$754.9 million, with a 32.3% margin. Net Income from Continuing Operations totaled R$ 490.0 million and expanded 15.0% in the period, mainly benefiting from lower financial expenses due to the R$ 1.5 billion capital increase carried out at the end of 1Q26, which contributed to the reduction in net debt in the last quarter. In addition to the expansion in Net Revenue, EBITDA from Continuing Operations, and Net Income from Continuing Operations, the Company made significant progress in its strategy to reduce inventories of raw materials and finished products, supported by the recent improvement in its key logistics efficiency indicators resulting from the optimization of the product mix at points of sale and greater agility in c lient order deliveries, following the new sell -out monitoring methodology implemented last year. The Company ended the quarter with R$ 1,927,0 million in Inventories, compared to R$ 2,066.0 million in 1Q26 and R$2,108.3 million in 2Q25. This reduction in Inventories contributed to reducing working capital investments as a percentage of annualized Net Revenue in the quarter to 28%, compared to 32% in 2Q25 and 30% in 4Q25, allowing the Company to increase its operating cash flow generation to R$819.2 million in 2Q26, corresponding to 108.5% of EBITDA from Continuing Operations. The combination of operating results growth and lower working capital investments in 2Q26 also contributed to the reduction in Net Debt, which ended the quarter at R$5,903.5 million, compared to R$6,301.1 million at the end of 1Q26, or 2.1x the LTM EBITDA from Continuing Operations. Hypera Pharma strengthened its portfolio expansion strategy through the announcement of a strategic partnership with Astellas for the commercialization of treatments for vasomotor symptoms associated with menopause, as well as the approval of Semavy at the beginning of 3Q26, which marked the beginning of the Company’s operations in the Brazilian GLP-1 analog market, primarily used for the treatment of type 2 diabetes and obesity. The strategic partnership with Astellas, a Japanese -origin global pharmaceutical company, will enable the launch of a new brand based on fezolinetant, a molecule protected by patent until 2034, for the innovative non-hormonal treatment of vasomotor symptoms associated with menopause. According to estimates, these symptoms may affect up to 80%³ of the 30 million Brazilian women currently living through peri or post menopause. Through this partnership, the Company will accelerate the population access to one of the most relevant innovations in women’s health in recent decades, expanding its portfolio in this category following the launch of its new brand, expected in the first half of 2027. Semavy, approved by ANVISA – Brazil’s Health Regulatory Agency – at the beginning of 3Q26 following a rigorous assessment of quality, safety, and efficacy evidence, reinforces the Company’s growth strategy in the Brazilian pharmaceutical market through the launch of innovative therapies in relevant markets with attractive growth potential. The GLP-1 analog market has already exceeded R$13.1 billion¹ in sales over the last twelve months in Brazil, and Hypera Pharma’s participation in this market through Mantecorp , its umbrella brand for Prescription Products widely recommended by the Brazilian medical community, will significantly contribute to expanding access for the Brazilian population to semaglutide-based treatments. Hypera Pharma once again demonstrated this quarter its ability to combine sustainable sell -out growth with robust operating cash flow generation, key attributes to maintain its commitment to shareholder remuneration, evidenced by the approval of Interest on Equity of R$ 185.2 million (R$0. 26/share), while continuing to advance innovation and portfolio expansion through both the launch of innovative therapies in the Brazilian pharmaceutical market and line extensions of its leading brands. Notes: (1) Sell-out PPP (Pharmacy Purchase Price), as reported by IQVIA, considers the average purchase price paid by pharmacies and pharmacy chains; (2) considers launches from the last 12 months; (3) according to estimates from IBGE and Climateric.
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3 Earnings Discussion Income Statement Table 2 (R$ million) 2Q25 % NR 2Q26 % NR Δ % 1H25 % NR 1H26 % NR ∆ % Net Revenue 2,153.9 100.0% 2,336.7 100.0% 8.5% 3,234.8 100.0% 4,354.5 100.0% 34.6% Gross Profit 1,295.1 60.1% 1,443.7 61.8% 11.5% 1,805.3 55.8% 2,654.3 61.0% 47.0% Marketing Expenses (361.4) -16.8% (410.9) -17.6% 13.7% (728.6) -22.5% (746.7) -17.1% 2.5% Selling Expenses (229.5) -10.7% (272.3) -11.7% 18.7% (491.7) -15.2% (541.7) -12.4% 10.2% General and Administrative Expenses (72.9) -3.4% (97.4) -4.2% 33.6% (159.1) -4.9% (195.6) -4.5% 22.9% Other Operating Revenues (Expenses) 12.1 0.6% 10.5 0.4% -13.4% (7.5) -0.2% 9.1 0.2% - Equity in Subsidiaries 3.3 0.2% (4.5) -0.2% - 2.1 0.1% (7.8) -0.2% - EBIT from Continuing Operations 646.7 30.0% 669.0 28.6% 3.5% 420.6 13.0% 1,171.6 26.9% 178.5% Net Financial Expenses (212.7) -9.9% (176.7) -7.6% -16.9% (407.9) -12.6% (403.1) -9.3% -1.2% Income Tax and CSLL (7.9) -0.4% (2.3) -0.1% -71.2% 274.5 8.5% 67.3 1.5% -75.5% Net Income from Continuing Operations 426.1 19.8% 490.0 21.0% 15.0% 287.3 8.9% 835.7 19.2% 190.9% Net Income from Discontinued Operations (0.7) 0.0% 0.2 0.0% - (3.0) -0.1% 1.4 0.0% - Net Income 425.4 19.8% 490.2 21.0% 15.2% 284.3 8.8% 837.1 19.2% 194.5% EBITDA from Continuing Operations 725.4 33.7% 754.9 32.3% 4.1% 576.9 17.8% 1,341.4 30.8% 132.5%
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4 Net Revenue Graph 1 2,538.4 2,768.3 2Q25 2Q26 Gross Revenue, net of Returns and Unconditional Discounts (R$ mm) 9.1%Δ 2Q26 vs 2Q25 Graph 2 3,934.4 5,165.6 1H25 1H26 Gross Revenue, net of Returns and Unconditional Discounts (R$ mm) 31.3%Δ 1H26 vs 1H25 Graph 3 2,153.9 2,336.7 2Q25 2Q26 Net Revenue (R$ mm) 8.5%Δ 2Q26 vs 2Q25 Graph 4 3,234.8 4,354.5 1H25 1H26 Net Revenue (R$ mm) 34.6%Δ 1H26 vs 1H25 Table 3 (R$ million) 2Q25 2Q26 Δ % 1H25 1H26 ∆ % Gross Revenue, net of Returns and Unconditional Discounts 2,538.4 2,768.3 9.1% 3,934.4 5,165.6 31.3% Promotional Discounts (206.4) (230.2) 11.5% (413.5) (433.6) 4.9% Taxes (178.0) (201.4) 13.1% (286.0) (377.5) 32.0% Net Revenue 2,153.9 2,336.7 8.5% 3,234.8 4,354.5 34.6% Net Revenue totaled R$2,336.7 million in the quarter, 8.5% higher than in 2Q25. The growth in Net Revenue was mainly driven by the recent increase in sell-out in the pharmaceutical retail market.
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5 Gross Profit Graph 5 1,295.1 1,443.7 2Q25 2Q26 Gross Profit (R$ mm) Δ 2Q26 vs 2Q25 11.5% Graph 6 60.1% 61.8% 2Q25 2Q26 Gross Margin (%) Δ 2Q26 vs 2Q25 1.7 p.p. Graph 7 1,805.3 2,654.3 1H25 1H26 Gross Profit (R$ mm) Δ 1H26 vs 1H25 47.0% Graph 8 55.8% 61.0% 1H25 1H26 Gross Margin (%) Δ 1H26 vs 1H25 5.2 p.p. Table 4 (R$ million) 2Q25 % NR 2Q26 % NR Δ % Δ p.p. 1H25 % NR 1H26 % NR ∆ % ∆ p.p. Gross Profit 1,295.1 60.1% 1,443.7 61.8% 11.5% 1.7 p.p. 1,805.3 55.8% 2,654.3 61.0% 47.0% 5.2 p.p. Gross Profit increased 11.5% and totaled R$1,443.7 million, with a 61.8% margin, 1.7 percentage point above the level recorded in 2Q25. The expansion in Gross Margin during the period was mainly driven by price increases across the Company’s product portfolio at a level above the increase in costs.
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6 Marketing Expenses Table 5 (R$ million) 2Q25 % NR 2Q26 % NR Δ % 1H25 % NR 1H26 % NR ∆ % Marketing Expenses (361.4) -16.8% (410.9) -17.6% 13.7% (728.6) -22.5% (746.7) -17.1% 2.5% Advertisement and Consumer Promotion (121.2) -5.6% (125.7) -5.4% 3.6% (262.8) -8.1% (230.0) -5.3% -12.5% Trade Deals (57.5) -2.7% (77.6) -3.3% 35.1% (121.3) -3.7% (138.8) -3.2% 14.4% Medical Visits, Promotions and Others (182.7) -8.5% (207.6) -8.9% 13.6% (344.6) -10.7% (377.9) -8.7% 9.7% Marketing Expenses increased 13.7% in 2Q26 compared to 2Q25, totaling R$410.9 million. The increase in Marketing Expenses above the sell-out growth was mainly driven by: (i) the expansion of point-of-sale initiatives to increase the visibility of the Company’s leading brands; and (ii) the expansion of medical representatives to support recent and upcoming Prescription Products launches, increasing promotional coverage and strengthening demand generation among the medical community. In 1H26, Marketing Expenses increased 2.5%, below the sell-out growth in the same period, mainly due to the reduction in Advertising and Consumer Promotion expenses during the semester, following the strategic rescheduling of the 2026 campaign calendar in Consumer Health, aimed at greater alignment with the n ew product launches schedule and the year’s key events. Selling Expenses Table 6 (R$ million) 2Q25 % NR 2Q26 % NR Δ % 1H25 % NR 1H26 % NR ∆ % Selling Expenses (229.5) -10.7% (272.3) -11.7% 18.7% (491.7) -15.2% (541.7) -12.4% 10.2% Commercial Expenses (140.7) -6.5% (168.8) -7.2% 20.0% (303.7) -9.4% (331.9) -7.6% 9.3% Freight and Logistics Expenses (49.3) -2.3% (69.6) -3.0% 41.2% (102.2) -3.2% (138.3) -3.2% 35.2% Research & Development (39.5) -1.8% (33.9) -1.4% -14.2% (85.7) -2.7% (71.5) -1.6% -16.7% Selling Expenses totaled R$272.3 million in 2Q26, in line with the level recorded in 1Q26, and represented 11.7% of Net Revenue in the quarter. Compared to 2Q25, Selling Expenses increased 18.7%, mainly driven by: (i) the increase in Commercial Expenses, primarily as a result of the 10.5% reduction in these expenses in 2Q25 compared to 2Q24; and (ii) the increase in Freight and Logistics Expenses, related to the Company’s operational strategy of increasing delivery frequency, aimed at optimizing service levels and client supply. The 14.2% reduction in Research and Development Expenses was mainly due to the R$12.0 million benefit from the Lei do Bem tax incentive booked in the quarter. Excluding the impact of this benefit, which was not booked in 2Q25, Research and Development Expenses in 2Q26 increased 16.2% compared to the same period last year. General and Administrative Expenses & Other Operating Revenues / Expenses, Net Table 7 (R$ million) 2Q25 % NR 2Q26 % NR Δ % 1H25 % NR 1H26 % NR ∆ % General & Administrative Expenses (72.9) -3.4% (97.4) -4.2% 33.6% (159.1) -4.9% (195.6) -4.5% 22.9% Other Operating Revenues (Expenses) 12.1 0.6% 10.5 0.4% -13.4% (7.5) -0.2% 9.1 0.2% - General and Administrative Expenses totaled R$97.4 million in 2Q26, in line with the level recorded in 1Q26. The increase in General and Administrative Expenses compared to 2Q25 mainly reflects the lower level of expenses with administrative teams and advisory and consulting services recorded in that quar ter, as well as the higher level of technology investments in 2Q26.
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7 EBITDA from Continuing Operations Graph 9 725.4 754.9 2Q25 2Q26 EBITDA (R$ mm) 4.1%Δ 2Q26 vs 2Q25 Graph 10 33.7% 32.3% 2Q25 2Q26 EBITDA Margin (%) Δ 2Q26 vs 2Q25 -1.4 p.p. Graph 11 576.9 1,341.4 1H25 1H26 EBITDA (R$ mm) 132.5%Δ 1H26 vs 1H25 Graph 12 17.8% 30.8% 1H25 1H26 EBITDA Margin (%) Δ 1H26 vs 1H25 13.0 p.p. Table 8 – EBITDA from Continuing Operations (R$ million) 2Q25 % NR 2Q26 % NR ∆ % 1H25 % NR 1H26 % NR ∆ % EBITDA from Continuing Operations 725.4 33.7% 754.9 32.3% 4.1% 576.9 17.8% 1,341.4 30.8% 132.5% EBITDA from Continuing Operations (excl. Others) 713.3 33.1% 744.5 31.9% 4.4% 584.3 18.1% 1,332.3 30.6% 128.0% EBITDA from Continuing Operations totaled R$754.9 million, with a 32.3% margin. The growth in EBITDA from Continuing Operations was below the growth in Net Revenue mainly due to the increase in Marketing, Selling, and General and Administrative Expenses as a percentage of Net Revenue in the period.
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8 Net Financial Expenses Table 9 (R$ million) 2Q25 % NR 2Q26 % NR Δ R$ 1H25 % NR 1H26 % NR ∆ R$ Financial Result (212.7) -9.9% (176.7) -7.6% 35.9 (407.9) -12.6% (403.1) -9.3% 4.7 Net Interest Expenses (204.0) -9.5% (146.6) -6.3% 57.4 (392.4) -12.1% (364.2) -8.4% 28.1 Cost of Hedge and FX Gains (Losses) 10.9 0.5% 2.6 0.1% (8.2) 27.5 0.9% 18.0 0.4% (9.5) Other (19.5) -0.9% (32.8) -1.4% (13.3) (43.1) -1.3% (56.9) -1.3% (13.9) Financial Result was negative by R$176.7 million in 2Q26, R$35.9 million lower than in 2Q25. This variation was mainly driven by the 28.1% reduction in Net Interest Expenses, primarily resulting from the reduction in Net Debt following the R$1.5 billion private capital increase approved by the Board of Directors at the end of 1Q26. Net Income Table 10 (R$ million) 2Q25 % NR 2Q26 % NR Δ % 1H25 % NR 1H26 % NR ∆ % EBIT from Continuing Operations 646.7 30.0% 669.0 28.6% 3.5% 420.6 13.0% 1,171.6 26.9% 178.5% (-) Financial Result (212.7) -9.9% (176.7) -7.6% -16.9% (407.9) -12.6% (403.1) -9.3% -1.2% (-) Income Tax and Social Contribution (7.9) -0.4% (2.3) -0.1% -71.2% 274.5 8.5% 67.3 1.5% -75.5% Net Income from Continuing Operations 426.1 19.8% 490.0 21.0% 15.0% 287.3 8.9% 835.7 19.2% 190.9% (+) Net Income from Discontinued Operations (0.7) 0.0% 0.2 0.0% - (3.0) -0.1% 1.4 0.0% - Net Income 425.4 19.8% 490.2 21.0% 15.2% 284.3 8.8% 837.1 19.2% 194.5% EPS 0.68 - 0.70 - 4.3% 0.45 - 1.25 - 176.1% EPS from Continuing Operations 0.67 - 0.70 - 4.7% 0.45 - 1.25 - 175.1% Net Income from Continuing Operations increased 15.0% and totaled R$490.0 million. The growth in Net Income from Continuing Operations above the growth in EBIT from Continuing Operations was mainly driven by the 16.9% reduction in Financial Result.
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9 Cash Flow (Continuing and Discontinued Operations) Graph 13 442.8 819.2 2Q25 2Q26 Cash Flow from Operations (R$ mm) Δ 2Q26 vs 2Q25 376.4 Graph 14 1,012.7 1,340.1 1H25 1H26 Cash Flow from Operations (R$ mm) Δ 1H26 vs 1H25 327.3 Graph 15 204.6 637.8 2Q25 2Q26 Free Cash Flow (R$ mm) Δ 2Q26 vs 2Q25 433.1 Graph 16 552.9 1,005.5 1H25 1H26 Free Cash Flow (R$ mm) Δ 1H26 vs 1H25 452.7 Table 11 (R$ million) 2Q25 2Q26 1H25 1H26 Cash Flow from Operations 442.8 819.2 1,012.7 1,340.1 Purchase of Property, Plant and Equipment (158.2) (75.7) (305.5) (154.6) Purchase of Intangible Assets (67.3) (56.1) (129.6) (115.6) Others (12.7) (49.7) (24.7) (64.4) (=) Free Cash Flow 204.6 637.8 552.9 1,005.5 Cash Flow from Operations totaled R$819.2 million in 2Q26, representing 108.5% of EBITDA from Continuing Operations. In 1H26, Cash Flow from Operations reached the same level as EBITDA from Continuing Operations, reflecting the Company’s disciplined working capital management and its strong ability to convert operating results into cash. In 2Q26, Cash Flow from Operations was benefited by the reduction in Inventories, which ended the quarter at R$1,927.0 million, compared to R$2,066.0 million in 1Q26. This reduction is also part of the strategy to gradually reduce internal inventories of raw materials and finished products, mainly supported by the recent improvement in the Company’s key logistics efficiency indicators. The increase in Cash Flow from Operations , combined with the lower level of Purchases of Property, Plant and Equipment and Intangible Assets during the period, contributed to the Company achieving Free Cash Flow of R$637.8 million in the quarter.
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10 Net Debt Table 12 Loans and Financing (8,543.7) (7,462.8) Notes Payable (68.3) (19.2) Gross Debt (8,612.0) (7,482.0) Cash and Cash Equivalents 2,310.9 1,578.5 Net Cash / (Debt) (6,301.1) (5,903.5) 06/30/202603/31/2026(R$ million) The Company ended 2Q26 with Net Debt of R$5,903.5 million, compared to R$6,301.1 million at the end of 1Q26, representing 2.1x the LTM EBITDA from Continuing Operations. The R$397.6 million reduction in Net Debt was mainly driven by the free cash flow generation in the quarter.
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11 Other Information Cash Conversion Cycle – Continuing Operations Table 13 (Days) 2Q25 3Q25 4Q25 1Q26 2Q26 Receivables (1) 60 58 61 66 60 Inventories (2) 221 221 218 230 194 Payables (2) (3) (94) (110) (112) (108) (101) Cash Conversion Cycle 187 169 167 188 153 (R$ million) 2Q25 3Q25 4Q25 1Q26 2Q26 Receivables 1,588 1,593 1,688 1,648 1,705 Inventories 2,108 2,129 2,079 2,066 1,927 Payables (3) (897) (1,056) (1,065) (970) (1,006) Working Capital 2,799 2,667 2,702 2,744 2,626 % of Annualized Net Revenue (4) 32% 30% 30% 34% 28% (1) Calculated based on Continuing Operations Gross Revenue, Net of Discounts (2) Calculated based on Continuing Operations COGS (3) Includes Suppliers’ Assignment of Receivables (4) Annualized Net Revenue for the last 3 months Tax Credits that offset Income Tax cash payment i) Federal Tax Credits: R$346.8 million (see Note 13 to the Quarterly Financial Information) ii) Cash Effect of Tax Losses and Negative CSLL Bases: R$5,666.9 million (see Note 21(a) to the Quarterly Financial Information) iii) Goodwill: the Company has R$156.8 million in goodwill to be amortized for tax purposes through 2030, which will result in a reduction in cash outflows for Income Tax payments of R$53.3 million. Reconciliation of Adjusted EBITDA, or EBITDA from Continuing Operations Calculation Table 14 (R$ million) 2Q25 % NR 2Q26 % NR Δ % 1H25 % NR 1H26 % NR ∆ % Net Income 425.4 19.8% 490.2 21.0% 15.2% 284.3 8.8% 837.1 19.2% 194.5% (+) Income Tax and CSLL 7.5 0.4% 2.4 0.1% -68.3% (276.1) -8.5% (66.6) -1.5% -75.9% (+) Net Interest Expenses 212.7 9.9% 176.7 7.6% -16.9% 407.9 12.6% 403.1 9.3% -1.2% (+) Depreciations / Amortizations 78.7 3.7% 85.9 3.7% 9.1% 156.3 4.8% 169.9 3.9% 8.7% EBITDA 724.4 33.6% 755.3 32.3% 4.3% 572.3 17.7% 1,343.5 30.9% 134.7% (-) EBITDA from Discontinued Operations 1.0 0.0% (0.3) 0.0% - 4.5 0.1% (2.1) 0.0% - Adjusted EBITDA (EBITDA from Continuing Operations) 725.4 33.7% 754.9 32.3% 4.1% 576.9 17.8% 1,341.4 30.8% 132.5% EBITDA is a non -accounting measure prepared by the Company and it is calculated based on net income, added by income taxes, financial expenses net of financial income, depreciation and amortization. The Adjusted EBITDA, or EBITDA from Continuing Operations, represents EBITDA, excluding the effects related to discontinued operations that affected the Company's EBITDA. The Company uses Adjusted EBITDA, or EBITDA from Continuing Operations, as a non-accounting measure, to present its performance in a way that better translates the operating cash generation potential of its business.
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12 Disclaimer This release contains forward -looking statements that are exclusively related to the prospects of the business, its operating and financial results, and prospects for growth. These data are merely projections and, as such, based exclusively on our management's expectations for the future of the business and its continued access to capital to fund its business plan. These forward-looking statements substantially depend on changing market conditions, government regulations, competitive pressures, the performance of the Brazilian economy and the industry, among other factors, as well as the risks shown in our filed disclosure documents, and are therefore subject to change without prior notice. Additional unaudited information herein reflects management's interpretation of information taken from its financial information and their respective adjustments, which were prepared in accordance with market practices and for the sole purpose of a more detailed and specific analysis of our results. Therefore, this additional data must also be analyzed and interpreted independently by shareholders and market agents, who should carry out their own analysis and draw their own conclusions from the results reported herein. No data or interpretative analysis provided by our management should be treated as a guarantee of future performance or results and are merely illustrative of our directors' vision of our results. Our management is not responsible for compliance or accuracy of the management financial data discussed in this report, which must be considered for informational purposes only, and should not override the analysis of our audited consolidated financial statements or our reviewed quarterly information for purposes of a decision to invest in our stock, or for any other purpose.
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13 Consolidated Income Statement (R$ thousand) Table 15 2Q25 2Q26 1H25 1H26 Net Revenue 2,153,937 2,336,699 3,234,843 4,354,477 Cost of Goods Sold (858,851) (892,990) (1,429,494) (1,700,205) Gross Profit 1,295,086 1,443,709 1,805,349 2,654,272 Selling and Marketing Expenses (590,891) (683,246) (1,220,320) (1,288,397) General and Administrative Expenses (72,944) (97,440) (159,100) (195,564) Other Operating Revenues (Expenses) 12,098 10,473 (7,459) 9,075 Equity in Subsidiaries 3,307 (4,488) 2,147 (7,833) Operating Income Before Equity Income and Financial Result 646,656 669,008 420,617 1,171,553 Net Financial Expenses (212,662) (176,717) (407,864) (403,125) Financial Expenses (262,045) (239,733) (507,102) (530,802) Financial Income 49,383 63,016 99,238 127,677 Profit Before Income Tax and Social Contribution 433,994 492,291 12,753 768,428 Income Tax and Social Contribution (7,898) (2,276) 274,520 67,268 Net Income from Contining Operations 426,096 490,015 287,273 835,696 Net Income from Discontinued Operations (682) 221 (3,001) 1,381 Income for the Period 425,414 490,236 284,272 837,077 Earnings per Share – R$ 0.68 0.70 0.45 1.25
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14 Consolidated Balance Sheet (R$ thousand) Table 16 Assets 12/31/2025 06/30/2026 Liabilities and Shareholders' Equity 12/31/2025 06/30/2026 Current Assets 6,048,363 5,941,916 Current Liabilities 4,110,967 3,198,278 Cash and Cash Equivalents 1,645,541 1,578,512 Suppliers 575,703 548,904 Accounts Receivables 1,688,362 1,705,036 Assignment of Receivables 489,543 457,318 Inventories 2,079,176 1,927,036 Loans, Financing and Debentures 1,311,422 280,364 Recoverable Taxes 387,963 541,252 Salaries Payable 329,490 341,723 Financial Derivatives 26,790 2,383 Income Tax and Social Contribution 2,325 4,924 Other Assets 214,302 187,697 Taxes Payable 164,639 148,308 Dividends and IOC receivables 6,229 - Accounts Payable 432,385 418,860 Dividends and IOC Payable 760,917 983,890 Notes Payable 18,486 13,987 Financial Derivatives 26,057 - Non-Current Assets 19,109,641 19,411,021 Non-Current Liabilites 8,522,663 7,723,530 Long Term Assets 2,632,429 2,660,245 Loans, Financing and Debentures 8,000,041 7,182,428 Deferred Income Tax and Social Contribution 2,250,427 2,452,727 Deferred Income Tax and Social Contribution 166,709 210,201 Recoverable Taxes 88,266 85,670 Taxes Payable 21,164 14,740 Other Assets 293,736 121,848 Accounts Payable 173,264 165,997 Provisions for Contingencies 153,985 144,973 Notes Payable 7,500 5,191 Fixed Assets and Investments 16,477,212 16,750,776 Shareholders' Equity 12,524,374 14,431,129 Investments 194,182 175,472 Capital 9,705,886 11,205,886 Biological Assets 2,801 2,994 Capital Reserve 1,169,176 1,155,645 Property, Plants and Equipments 4,223,259 4,386,563 Equity Valuation Adjustments (305,354) (362,093) Intangible Assets 12,056,970 12,185,747 Profit Reserves 1,964,709 1,964,709 Treasury Stock (12,388) (405) Income for the Period - 467,387 Attributed to non-controlling shareholders 2,345 - Total Assets 25,158,004 25,352,937 Total Liabilities and Shareholders' Equity 25,158,004 25,352,937
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15 Consolidated Cash Flow Statement (R$ thousand) Table 17 2Q25 2Q26 1H25 1H26 Cash Flows from Operating Activities Income (Loss) Before Income Taxes including Discontinued Operations 432,960 492,626 8,208 770,521 Depreciation and Amortization 78,744 85,920 156,262 169,864 Asset Impairment - - 40,098 - Gain on Permanent Asset Disposals (1,541) (698) (2,174) (3,903) Equity Method (3,307) 4,488 (2,141) 7,833 Foreign Exchange (Gains) Losses (10,862) (2,615) (27,548) (18,038) Net Interest and Related Revenue/Expenses 223,524 179,332 435,412 421,163 Expenses Related to Share Based Remuneration (731) (4,278) 11,234 183 Provisions and Others 27,060 (74,243) 106,617 32,563 Adjusted Results 745,847 680,532 725,968 1,380,186 Decrease (Increase) in Assets (322,028) 91,847 333,650 24,632 Trade Accounts Receivable (351,158) (56,504) 647,825 (14,558) Inventories (21,222) 106,446 (286,130) 37,361 Recoverable Taxes 45,821 (33,783) 9,121 (65,512) Judicial Deposits and Others (11,470) (8,007) (22,478) (12,106) Other Accounts Receivable 16,001 83,695 (14,688) 79,447 Increase (Decrease) in Liabilities 18,956 46,820 (46,889) (64,740) Suppliers 60,828 24,673 13,218 (39,405) Assignment of Receivables (16,886) (1,589) (58,927) (32,224) Financial Derivatives - - 865 - Income Tax and Social Contribution Paid (1,599) (10,675) (1,983) (14,165) Taxes Payable 29,769 (12,832) 30,404 (22,756) Salaries and Payroll Charges (55,068) 48,355 (56,143) 56,741 Accounts Payable 3,604 (6,544) 38,085 (24,886) Operations Interest Paid (7,617) 5,945 (23,752) 13,572 Other Accounts Payable 5,925 (513) 11,344 (1,617) Net Cash Provided by Operating Activities 442,775 819,199 1,012,729 1,340,078 Cash Flows from Investing Activities Capital Increase/Decrease in Subsidiaries/Affiliates (311) (61) (311) (185) Acquisitions of Subsidiaries, Net of Cash Acquired (13,397) (49,523) (13,397) (64,323) Acquisitions of Property, Plant and Equipment (158,162) (75,690) (305,549) (154,560) Intangible Assets (67,257) (56,051) (129,630) (115,579) Proceeds from the Sale of Assets with Permanent Nature 997 (115) (10,968) 95 Interest and Others 28,909 40,773 59,173 76,858 Net Cash From Investing Activities (209,221) (140,667) (400,682) (257,694) Cash Flows from Financing Activities Capital Integralization - - - 1,500,000 Inflow from Loans and Financing 110,000 81,203 740,000 81,203 Treasury Stock Purchase / Sale 10,549 - (12,539) (8,317) Repayment of Loans - Principal (521,756) (1,049,174) (1,350,520) (1,810,033) Repayment of Loans - Interest (381,580) (415,499) (549,218) (735,613) Dividends and IOC Paid (24,646) (27,456) (24,646) (147,254) Loan Derivatives 37,380 - 49,164 (29,399) Net Cash From Financing Activities (770,053) (1,410,926) (1,147,759) (1,149,413) Net Increase (Decrease) in Cash and Cash Equivalents (536,499) (732,394) (535,712) (67,029) Statement of Increase in Cash and Cash Equivalents, Net Cash and Cash Equivalents at the Beginning of the Period 1,740,114 2,310,906 1,739,327 1,645,541 Cash and Cash Equivalents at the End of the Period 1,203,615 1,578,512 1,203,615 1,578,512 Change in Cash and Cash Equivalent (536,499) (732,394) (535,712) (67,029)