Earnings release
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1 EARNINGS CONFERENCE CALL – PORTUGUESE: October 28th, 2026, at 11am (Brasília) / 10am (New York) Webcast: click here / Phone: +55 (11) 4700-9668 ID: 840 9511 1010 Passcode: 561341 Replay: ri.hypera.com.br EARNINGS CONFERENCE CALL – ENGLISH: (Simultaneous translation): October 28th, 2026, at 11am (Brasília) / 10am (New York) Webcast: click here / Phone: +1 (720) 707-2699 ID: 840 9511 1010 Passcode: 561341 Replay: ri.hypera.com.br/en Hypera Pharma reports 9.4% Net Revenue growth and a 16.1% increase Net Income from Continuing Operations São Paulo, October 27, 2026 – Hypera S.A. (“Hypera Pharma” or “Company”; B3: HYPE3; Bloomberg: HYPE3 BZ; ISIN: BRHYPEACNOR0; Reuters: HYPE3.SA; ADR: HYPMY) announces its financial results for the 3rd 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). 3Q26 Highlights • 6.6%¹ growth in sell-out in the pharmaceutical retail market, or 1.2 percentage points above market growth in the categories in which the Company operates • Net Revenue of R$2,435.8 million, 9.4% higher than in 3Q25 • Gross Profit of R$1,493.7 million, or 9.7% higher than in the same period last year • Net Income from Continuing Operations of R$527.0 million, 16.1% higher than in 3Q25 • Reduction in working capital investments to 27% of Net Revenue², compared to 30% in 3Q25 • Net Debt of R$5,610.1 million, R$293.4 million lower than at the end of 2Q26 • Declaration of Interest on Equity totaling R$185.2 million (R$0.26/share) Table 1 (R$ million) 3Q25 % NR 3Q26 % NR Δ % 9M25 % NR 9M26 % NR ∆ % Net Revenue 2,227.2 100.0% 2,435.8 100.0% 9.4% 5,462.1 100.0% 6,790.3 100.0% 24.3% Gross Profit 1,362.0 61.2% 1,493.7 61.3% 9.7% 3,167.4 58.0% 4,148.0 61.1% 31.0% EBITDA from Continuing Operations 756.2 34.0% 782.3 32.1% 3.4% 1,333.1 24.4% 2,123.7 31.3% 59.3% Net Income from Continuing Operations 453.9 20.4% 527.0 21.6% 16.1% 741.2 13.6% 1,362.7 20.1% 83.9% Cash Flow from Operations 853.6 38.3% 762.8 31.3% -10.6% 1,866.3 34.2% 2,102.8 31.0% 12.7% Free Cash Flow 688.8 30.9% 553.7 22.7% -19.6% 1,241.7 22.7% 1,559.2 23.0% 25.6% IR contacts +55 (11) 3627-4242 ri@hypera.com.br Note: (1) Sell-out PPP (Pharmacy Purchase Price); (2) Considers the annualized Net Revenue for the quarter
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2 Operating Scenario Hypera Pharma’s Net Revenue totaled R$2,435.8 million in the quarter, 9.4%¹ higher than in 3Q25. Net Revenue growth was mainly driven by: (i) the recent increase in sell -out in the pharmaceutical retail market; and (ii) the beginning of sales of Semavy to retailers and distributors. Launched in 3Q26, Semavy marked the Company’s entry into the Brazilian GLP-1 analog market. Sell-out growth reached 6.6% in the quarter, or 1.2 percentage points above market growth in the categories in which the Company operates. Performance was mainly driven by Skincare, Gastroenterology, Cardiology, and Diabetes, categories that benefited from important recent product launches. Semavy stood out, reaching sell-out of approximately 93 thousand units in September and exceeding 11%² market share in injectable semaglutide in its first month of sales. The launch of Semavy significantly contributes to expanding access for the Brazilian population to semaglutide -based medicines, which are used to treat type 2 diabetes and obesity, as well as to expanding the Company’s portfolio of products for continuous use in the treatment of chronic conditions. Hypera Pharma recorded Semavy sales at more than 18 thousand points of sale across Brazil in September, contributing to 11.3%³ growth in the injectable semaglutide market in September, compared to August. In 3Q26, the Company’s sell-out performance was negatively impacted by lower sales of cold and flu medicines, mainly as a result of an approximately 23% reduction in the number of flu cases⁴ reported in Brazil in 3Q26, which led to a 15.0%⁵ decline in sales of medicines in this category in the pharmaceutical market during the quarter. Gross Profit increased 9.7% to R$1,493.7 million, with a margin of 6 1.3%, compared to 6 1.2% in 3Q25. EBITDA from Continuing Operations totaled R$7 82.3 million, with a margin of 3 2.1%, 1 .9 percentage points below 3Q25, mainly reflecting the increase in Selling and Marketing Expenses at a rate higher than Net Revenue growth, as the Company’s commercial and marketing efforts for the launch of Semavy began to be reflected in the quarter. Net Income from Continuing Operations totaled R$527.0 million, an increase of 16.1% in the period, mainly benefiting from lower financial expenses as a result of the reduction in net debt and lower interest expenses due to the lower Selic rate. Hypera Pharma also made progress in its strategy to reduce inventories of raw materials and finished products, supported by the recent improvement in its key logistics efficiency indicators. The Company ended 3Q26 with 186 Days of Inventory, compared to 194 in 2Q26 and 221 in 3Q25, contributing to a reduction in working capital investments as a percentage of annualized Net Revenue in the quarter to 27%, compared to 28% in 2Q26 and 30% in 3Q25. Lower working capital investments and the expansion of operating results contributed to a further reduction in Net Debt, which decreased from R$5,903.5 million at the end of 2Q26 to R$5,610.1 million at the end of 3Q26, equivalent to 2.0x LTM EBITDA from Continuing Operations, compared to 2.1x at the end of 2Q26. During the quarter, the Company also carried out its 22nd debenture issuance in the amount of R$1.35 billion, at a cost of CDI + 0.72%, and partially redeemed R$1.23 billion of the 16th and 17th issuances, which had costs of CDI + 1.35% and CDI + 1.30%, respectively. These transactions enabled the Company to reduce the weighted average cost of debt to the equivalent of CDI - 0.5% at the end of the quarter. It is worth noting that the reduction in Net Debt during the quarter occurred despite increased investments aimed at strengthening the innovation pipeline and expanding production capacity, particularly through the production internalization of brands acquired in recent years and investments in new manufacturing facilities to support expected growth in the Non-Retail Market. Finally, Hypera Pharma maintained its shareholder remuneration in 3Q26, with the declaration of Interest on Equity totaling R$185.2 million (R$0.26/share). The Company continues to combine sustainable sales growth, robust operating cash flow generation, and lower net debt, while advancing its strategy to expand its presence in the Brazilian pharmaceutical market through new product launches. Semavy was a key highlight in the quarter, contributing to the Company’s expansion into 61%⁶ of the Brazilian pharmaceutical market in 3Q26, compared to 58% in 2Q26. Note: (1) Sell -out PPP (Pharmacy Purchase Price), as reported by IQVIA, reflects the average purchase price paid by pharmacies and pharmacy chains; (2) according to IQVIA, in units; (3) according to IQVIA, in units; (4) according to information from the Mi nistry of Health—InfoGripe / Fiocruz; (5) Sell -out PPP (Pharmacy Purchase Price), as reported by IQVIA; (6) Sell-out PPP (Pharmacy Purchase Price) in the pharmaceutical retail sector
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3 Earnings Discussion Income Statement Table 2 (R$ million) 3Q25 % NR 3Q26 % NR Δ % 9M25 % NR 9M26 % NR ∆ % Net Revenue 2,227.2 100.0% 2,435.8 100.0% 9.4% 5,462.1 100.0% 6,790.3 100.0% 24.3% Gross Profit 1,362.0 61.2% 1,493.7 61.3% 9.7% 3,167.4 58.0% 4,148.0 61.1% 31.0% Marketing Expenses (366.6) -16.5% (414.7) -17.0% 13.1% (1,095.2) -20.1% (1,161.4) -17.1% 6.0% Selling Expenses (236.3) -10.6% (272.2) -11.2% 15.2% (727.9) -13.3% (813.9) -12.0% 11.8% General and Administrative Expenses (84.6) -3.8% (93.4) -3.8% 10.4% (243.7) -4.5% (288.9) -4.3% 18.6% Other Operating Revenues (Expenses) (5.3) -0.2% (12.9) -0.5% 143.5% (12.7) -0.2% (3.8) -0.1% -70.1% Equity in Subsidiaries 7.9 0.4% 5.9 0.2% -25.2% 10.1 0.2% (1.9) 0.0% - EBIT from Continuing Operations 677.2 30.4% 706.5 29.0% 4.3% 1,097.8 20.1% 1,878.1 27.7% 71.1% Net Financial Expenses (229.1) -10.3% (148.2) -6.1% -35.3% (637.0) -11.7% (551.4) -8.1% -13.4% Income Tax and CSLL 5.8 0.3% (31.3) -1.3% - 280.3 5.1% 36.0 0.5% -87.2% Net Income from Continuing Operations 453.9 20.4% 527.0 21.6% 16.1% 741.2 13.6% 1,362.7 20.1% 83.9% Net Income from Discontinued Operations 2.2 0.1% (3.8) -0.2% - (0.8) 0.0% (2.4) 0.0% 199.5% Net Income 456.1 20.5% 523.2 21.5% 14.7% 740.3 13.6% 1,360.2 20.0% 83.7% EBITDA from Continuing Operations 756.2 34.0% 782.3 32.1% 3.4% 1,333.1 24.4% 2,123.7 31.3% 59.3%
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4 Net Revenue Graph 1 2,654.3 2,889.7 3Q25 3Q26 Gross Revenue, net of Returns and Unconditional Discounts (R$ mm) 8.9%Δ 3Q26 vs 3Q25 Graph 2 6,588.7 8,055.3 9M25 9M26 Gross Revenue, net of Returns and Unconditional Discounts (R$ mm) 22.3%Δ 9M26 vs 9M25 Graph 3 2,227.2 2,435.8 3Q25 3Q26 Net Revenue (R$ mm) 9.4%Δ 3Q26 vs 3Q25 Graph 4 5,462.1 6,790.3 9M25 9M26 Net Revenue (R$ mm) 24.3%Δ 9M26 vs 9M25 Table 3 (R$ million) 3Q25 3Q26 Δ % 9M25 9M26 ∆ % Gross Revenue, net of Returns and Unconditional Discounts 2,654.3 2,889.7 8.9% 6,588.7 8,055.3 22.3% Promotional Discounts (236.5) (243.4) 2.9% (650.0) (677.0) 4.2% Taxes (190.6) (210.5) 10.5% (476.6) (588.0) 23.4% Net Revenue 2,227.2 2,435.8 9.4% 5,462.1 6,790.3 24.3% Hypera Pharma’s Net Revenue totaled R$2,435.8 million in the quarter, 9.4% higher than in 3Q25. Net Revenue growth was mainly driven by: (i) the recent increase in sell -out in the pharmaceutical retail market; and (ii) the beginning of sales of Semavy to retailers and distributors. Launched in 3Q26, the product marked the Compa ny’s entry into the Brazilian GLP-1 analog market.
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5 Gross Profit Graph 5 1,362.0 1,493.7 3Q25 3Q26 Gross Profit (R$ mm) Δ 3Q26 vs 3Q25 9.7% Graph 6 61.2% 61.3% 3Q25 3Q26 Gross Margin (%) Δ 3Q26 vs 3Q25 0.1 p.p. Graph 7 3,167.4 4,148.0 9M25 9M26 Gross Profit (R$ mm) Δ 9M26 vs 9M25 31.0% Graph 8 58.0% 61.1% 9M25 9M26 Gross Margin (%) Δ 9M26 vs 9M25 3.1 p.p. Table 4 (R$ million) 3Q25 % NR 3Q26 % NR Δ % Δ p.p. 9M25 % NR 9M26 % NR ∆ % ∆ p.p. Gross Profit 1,362.0 61.2% 1,493.7 61.3% 9.7% 0.1 p.p. 3,167.4 58.0% 4,148.0 61.1% 31.0% 3.1 p.p. Gross Profit increased 9.7% to R$1,493.7 million, with a margin of 61.3%, compared to 61.2% in 3Q25, mainly reflecting price increases in line with the increase in cost of goods sold during the period.
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6 Marketing Expenses Table 5 (R$ million) 3Q25 % NR 3Q26 % NR Δ % 9M25 % NR 9M26 % NR ∆ % Marketing Expenses (366.6) -16.5% (414.7) -17.0% 13.1% (1,095.2) -20.1% (1,161.4) -17.1% 6.0% Advertisement and Consumer Promotion (120.0) -5.4% (141.1) -5.8% 17.6% (382.8) -7.0% (371.2) -5.5% -3.0% Trade Deals (71.4) -3.2% (78.0) -3.2% 9.2% (192.7) -3.5% (216.8) -3.2% 12.5% Medical Visits, Promotions and Others (175.2) -7.9% (195.6) -8.0% 11.7% (519.8) -9.5% (573.5) -8.4% 10.3% Marketing Expenses increased 13.1% in 3Q26 compared to 3Q25, totaling R$ 414.7 million. The growth in Marketing Expenses above sell-out growth resulted from: (i) increased investments in Advertising and Consumer Promotion, mainly due to recent new product launches; and (ii) the expansion of the medical sales force to support recent and upcoming launches in Prescription Products, increasing promotional coverage and strengthening demand generation among the medical community. In 9M26, Marketing Expenses increased 6.0%, slightly below sell-out growth over the same period. Selling Expenses Table 6 (R$ million) 3Q25 % NR 3Q26 % NR Δ % 9M25 % NR 9M26 % NR ∆ % Selling Expenses (236.3) -10.6% (272.2) -11.2% 15.2% (727.9) -13.3% (813.9) -12.0% 11.8% Commercial Expenses (156.4) -7.0% (168.3) -6.9% 7.6% (460.1) -8.4% (500.3) -7.4% 8.7% Freight and Logistics Expenses (73.2) -3.3% (71.7) -2.9% -2.1% (175.5) -3.2% (210.0) -3.1% 19.7% Research & Development (6.6) -0.3% (32.2) -1.3% 386.8% (92.4) -1.7% (103.6) -1.5% 12.2% Selling Expenses totaled R$272.2 million in the quarter, in line with the level recorded in 2Q26, and represented 11.2% of Net Revenue. In 3Q26, Selling Expenses increased 15.2%, mainly driven by higher Research and Development Expenses due to the lower benefit from the Lei do Bem tax incentive, which amounted to R$17.2 million in the quarter, compared to R$38.0 million recorded in 3Q25. Excluding the impact of this benefit, Selling Expenses increased 5.5% in 3Q26 compared to the same period last year. General and Administrative Expenses & Other Operating Revenues / Expenses, Net Table 7 (R$ million) 3Q25 % NR 3Q26 % NR Δ % 9M25 % NR 9M26 % NR ∆ % General & Administrative Expenses (84.6) -3.8% (93.4) -3.8% 10.4% (243.7) -4.5% (288.9) -4.3% 18.6% Other Operating Revenues (Expenses) (5.3) -0.2% (12.9) -0.5% 143.5% (12.7) -0.2% (3.8) -0.1% -70.1% General and Administrative Expenses totaled R$93.4 million, compared to R$97.4 million recorded in 2Q26, and represented 3.8% of Net Revenue in the quarter, in line with the level recorded in the same period last year. The increase in General and Administrative Expenses compared to 3Q25 mainly reflects higher technology expenses.
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7 EBITDA from Continuing Operations Graph 9 756.2 782.3 3Q25 3Q26 EBITDA (R$ mm) 3.4%Δ 3Q26 vs 3Q25 Graph 10 34.0% 32.1% 3Q25 3Q26 EBITDA Margin (%) Δ 3Q26 vs 3Q25 -1.9 p.p. Graph 11 1,333.1 2,123.7 9M25 9M26 EBITDA (R$ mm) 59.3%Δ 9M26 vs 9M25 Graph 12 24.4% 31.3% 9M25 9M26 EBITDA Margin (%) Δ 9M26 vs 9M25 6.9 p.p. Table 8 – EBITDA from Continuing Operations (R$ million) 3Q25 % NR 3Q26 % NR ∆ % 9M25 % NR 9M26 % NR ∆ % EBITDA from Continuing Operations 756.2 34.0% 782.3 32.1% 3.4% 1,333.1 24.4% 2,123.7 31.3% 59.3% EBITDA from Continuing Operations (excl. Others) 761.5 34.2% 795.1 32.6% 4.4% 1,345.8 24.6% 2,127.5 31.3% 58.1% EBITDA from Continuing Operations reached R$782.3 million, with a margin of 32.1%. The lower growth in EBITDA from Continuing Operations compared to Net Revenue growth was due to the increase in Marketing and Selling Expenses as a percentage of Net Revenue in the period.
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8 Net Financial Expenses Table 9 (R$ million) 3Q25 % NR 3Q26 % NR Δ R$ 9M25 % NR 9M26 % NR ∆ R$ Financial Result (229.1) -10.3% (148.2) -6.1% 80.8 (637.0) -11.7% (551.4) -8.1% 85.6 Net Interest Expenses (214.4) -9.6% (123.7) -5.1% 90.7 (606.8) -11.1% (487.9) -7.2% 118.8 Cost of Hedge and FX Gains (Losses) 6.2 0.3% 0.3 0.0% (5.8) 33.7 0.6% 18.4 0.3% (15.4) Other (20.8) -0.9% (24.8) -1.0% (4.0) (63.9) -1.2% (81.8) -1.2% (17.9) Financial Result was negative by R$148.2 million in 3Q26, R$80.8 million lower than in 3Q25. This variation was mainly driven by the 42.3% reduction in Net Interest Expenses, primarily resulting from the reduction in Net Debt and lower interest expenses due to the lower Selic rate. Net Income Table 10 (R$ million) 3Q25 % NR 3Q26 % NR Δ % 9M25 % NR 9M26 % NR ∆ % EBIT from Continuing Operations 677.2 30.4% 706.5 29.0% 4.3% 1,097.8 20.1% 1,878.1 27.7% 71.1% (-) Financial Result (229.1) -10.3% (148.2) -6.1% -35.3% (637.0) -11.7% (551.4) -8.1% -13.4% (-) Income Tax and Social Contribution 5.8 0.3% (31.3) -1.3% - 280.3 5.1% 36.0 0.5% -87.2% Net Income from Continuing Operations 453.9 20.4% 527.0 21.6% 16.1% 741.2 13.6% 1,362.7 20.0% 83.9% (+) Net Income from Discontinued Operations 2.2 0.1% (3.8) -0.2% - (0.8) 0.0% (2.4) 0.0% 199.5% Net Income 456.1 20.5% 523.2 21.5% 14.7% 740.3 13.6% 1,360.2 20.0% 83.7% EPS 0.72 - 0.75 - 3.2% 1.18 - 2.00 - 69.8% EPS from Continuing Operations 0.72 - 0.75 - 3.9% 1.18 - 2.00 - 69.9% Net Income from Continuing Operations increased 16.1% and totaled R$527.0 million. The growth in Net Income from Continuing Operations above the growth in EBIT from Continuing Operations was mainly driven by the 35.3% reduction in Financial Result due to the decrease in Net Debt during the period.
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9 Cash Flow (Continuing and Discontinued Operations) Graph 13 853.6 762.8 3Q25 3Q26 Cash Flow from Operations (R$ mm) Δ 3Q26 vs 3Q25 -90.8 Graph 14 1,866.3 2,102.8 9M25 9M26 Cash Flow from Operations (R$ mm) Δ 9M26 vs 9M25 236.5 Graph 15 688.8 553.7 3Q25 3Q26 Free Cash Flow (R$ mm) Δ 3Q26 vs 3Q25 -135.2 Graph 16 1,241.7 1,559.2 9M25 9M26 Free Cash Flow (R$ mm) Δ 9M26 vs 9M25 317.5 Table 11 (R$ million) 3Q25 3Q26 9M25 9M26 Cash Flow from Operations 853.6 762.8 1,866.3 2,102.8 Purchase of Property, Plant and Equipment (111.4) (139.8) (416.9) (294.4) Purchase of Intangible Assets (55.0) (70.4) (184.6) (185.9) Others 1.6 1.1 (23.1) (63.3) (=) Free Cash Flow 688.8 553.7 1,241.7 1,559.2 Cash Flow from Operations totaled R$762.8 million in 3Q26, representing 97.5% of EBITDA from Continuing Operations. In the first nine months of the year, Cash Flow from Operations totaled R$2,102.8 million, equivalent to 99.0% of EBITDA from Continuing Operations for the period, reflecting the Company’s disciplined working capital management and its strong ability to convert operating results into cash. Free Cash Flow totaled R$553.7 million in the quarter and was impacted by Purchases of Property, Plant and Equipment of R$139.8 million and Intangible Assets of R$70.4 million, mainly reflecting investments to expand production capacity, particularly the internalization of production of brands acquired in recent years and investments in new manufacturing facilities to support expected growth in the Non-Retail Market, as well as to strengthen the innovation pipeline.
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10 Net Debt Table 12 Loans and Financing (7,462.8) (7,638.6) Notes Payable (19.2) (19.0) Gross Debt (7,482.0) (7,657.6) Cash and Cash Equivalents 1,578.5 2,047.6 Net Cash / (Debt) (5,903.5) (5,610.1) 09/30/202606/30/2026(R$ million) The Company ended 3Q26 with Net Debt of R$ 5,610.1 million, compared to R$5,903.5 million at the end of 2Q26, representing 2.0x the LTM EBITDA from Continuing Operations. The R$293.4 million reduction in Net Debt was mainly driven by the free cash flow generation in the quarter.
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11 Other Information Cash Conversion Cycle – Continuing Operations Table 13 (Days) 3Q25 4Q25 1Q26 2Q26 3Q26 Receivables (1) 58 61 66 60 64 Inventories (2) 221 218 230 194 186 Payables (2) (3) (110) (112) (108) (101) (115) Cash Conversion Cycle 169 167 188 153 135 (R$ million) 3Q25 4Q25 1Q26 2Q26 3Q26 Receivables 1,593 1,688 1,648 1,705 1,909 Inventories 2,129 2,079 2,066 1,927 1,947 Payables (3) (1,056) (1,065) (970) (1,006) (1,204) Working Capital 2,667 2,702 2,744 2,626 2,652 % of Annualized Net Revenue (4) 30% 30% 34% 28% 27% (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$361.9 million (see Note 13 to the Quarterly Financial Information) ii) Cash Effect of Tax Losses and Negative CSLL Bases: R$5,723.4 million (see Note 21(a) to the Quarterly Financial Information) iii) Goodwill: the Company has R$51.2 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$17.4 million. Reconciliation of Adjusted EBITDA, or EBITDA from Continuing Operations Calculation Table 14 (R$ million) 3Q25 % NR 3Q26 % NR Δ % 9M25 % NR 9M26 % NR ∆ % Net Income 456.1 20.5% 523.2 21.5% 14.7% 740.3 13.6% 1,360.2 20.0% 83.7% (+) Income Tax and CSLL (4.4) -0.2% 29.3 1.2% - (280.5) -5.1% (37.2) -0.5% -86.7% (+) Net Interest Expenses 229.1 10.3% 148.2 6.1% -35.3% 637.0 11.7% 551.4 8.1% -13.4% (+) Depreciations / Amortizations 79.0 3.5% 75.7 3.1% -4.1% 235.2 4.3% 245.6 3.6% 4.4% EBITDA 759.7 34.1% 776.5 31.9% 2.2% 1,332.0 24.4% 2,120.0 31.2% 59.2% (-) EBITDA from Discontinued Operations (3.5) -0.2% 5.8 0.2% - 1.0 0.0% 3.7 0.1% 263.8% Adjusted EBITDA (EBITDA from Continuing Operations) 756.2 34.0% 782.3 32.1% 3.4% 1,333.1 24.4% 2,123.7 31.3% 59.3% 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 3Q25 3Q26 9M25 9M26 Net Revenue 2,227,247 2,435,816 5,462,090 6,790,293 Cost of Goods Sold (865,211) (942,076) (2,294,705) (2,642,281) Gross Profit 1,362,036 1,493,740 3,167,385 4,148,012 Selling and Marketing Expenses (602,867) (686,882) (1,823,187) (1,975,279) General and Administrative Expenses (84,594) (93,384) (243,694) (288,948) Other Operating Revenues (Expenses) (5,289) (12,881) (12,748) (3,806) Equity in Subsidiaries 7,919 5,923 10,066 (1,910) Operating Income Before Equity Income and Financial Result 677,205 706,516 1,097,822 1,878,069 Net Financial Expenses (229,092) (148,246) (636,956) (551,371) Financial Expenses (298,322) (217,271) (805,424) (748,073) Financial Income 69,230 69,025 168,468 196,702 Profit Before Income Tax and Social Contribution 448,113 558,270 460,866 1,326,698 Income Tax and Social Contribution 5,774 (31,306) 280,294 35,962 Net Income from Contining Operations 453,887 526,964 741,160 1,362,660 Net Income from Discontinued Operations 2,189 (3,814) (812) (2,433) Income for the Period 456,076 523,150 740,348 1,360,227 Earnings per Share – R$ 0.72 0.75 1.18 2.00
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14 Consolidated Balance Sheet (R$ thousand) Table 16 Assets 12/31/2025 09/30/2026 Liabilities and Shareholders' Equity 12/31/2025 09/30/2026 Current Assets 6,048,363 6,681,875 Current Liabilities 4,110,967 3,857,881 Cash and Cash Equivalents 1,645,541 2,047,563 Suppliers 575,703 754,542 Accounts Receivables 1,688,362 1,908,657 Assignment of Receivables 489,543 449,607 Inventories 2,079,176 1,947,303 Loans, Financing and Debentures 1,311,422 498,473 Recoverable Taxes 387,963 563,323 Salaries Payable 329,490 413,363 Financial Derivatives 26,790 92 Income Tax and Social Contribution 2,325 11,266 Other Assets 214,302 214,937 Taxes Payable 164,639 148,614 Dividends and IOC receivables 6,229 - Accounts Payable 432,385 426,310 Dividends and IOC Payable 760,917 1,141,856 Notes Payable 18,486 13,850 Financial Derivatives 26,057 - Non-Current Assets 19,109,641 19,640,906 Non-Current Liabilites 8,522,663 7,695,465 Long Term Assets 2,632,429 2,709,816 Loans, Financing and Debentures 8,000,041 7,140,150 Deferred Income Tax and Social Contribution 2,250,427 2,483,992 Deferred Income Tax and Social Contribution 166,709 227,665 Recoverable Taxes 88,266 88,626 Taxes Payable 21,164 10,890 Other Assets 293,736 137,198 Accounts Payable 173,264 147,213 Provisions for Contingencies 153,985 164,377 Notes Payable 7,500 5,170 Fixed Assets and Investments 16,477,212 16,931,090 Shareholders' Equity 12,524,374 14,769,435 Investments 194,182 180,459 Capital 9,705,886 11,205,886 Biological Assets 2,801 3,609 Capital Reserve 1,169,176 1,158,798 Property, Plants and Equipments 4,223,259 4,485,846 Equity Valuation Adjustments (305,354) (365,000) Intangible Assets 12,056,970 12,261,176 Profit Reserves 1,964,709 1,964,709 Treasury Stock (12,388) (316) Income for the Period - 805,358 Attributed to non-controlling shareholders 2,345 - Total Assets 25,158,004 26,322,781 Total Liabilities and Shareholders' Equity 25,158,004 26,322,781
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15 Consolidated Cash Flow Statement (R$ thousand) Table 17 3Q25 3Q26 9M25 9M26 Cash Flows from Operating Activities Income (Loss) Before Income Taxes including Discontinued Operations 451,644 552,491 459,852 1,323,012 Depreciation and Amortization 78,975 75,736 235,237 245,600 Asset Impairment - 7,940 40,098 7,940 Gain on Permanent Asset Disposals (11) (117) (2,185) (4,020) Equity Method (7,504) (5,923) (9,645) 1,910 Foreign Exchange (Gains) Losses (6,160) (316) (33,708) (18,354) Net Interest and Related Revenue/Expenses 235,252 148,562 670,664 569,725 Expenses Related to Share Based Remuneration 5,691 3,240 16,925 3,423 Provisions and Others 12,993 78,640 119,610 111,203 Adjusted Results 770,880 860,253 1,496,848 2,240,439 Decrease (Increase) in Assets (124,944) (328,448) 208,706 (303,816) Trade Accounts Receivable (7,791) (207,914) 640,034 (222,472) Inventories (73,514) (65,857) (359,644) (28,496) Recoverable Taxes (24,109) (8,129) (14,988) (73,641) Judicial Deposits and Others (6,986) (14,568) (29,464) (26,674) Other Accounts Receivable (12,544) (31,980) (27,232) 47,467 Increase (Decrease) in Liabilities 207,643 230,957 160,754 166,217 Suppliers 136,233 210,348 149,451 170,943 Assignment of Receivables 25,111 (7,712) (33,816) (39,936) Financial Derivatives - - 865 - Income Tax and Social Contribution Paid (4,138) (3,298) (6,121) (17,463) Taxes Payable 16,328 (3,287) 46,732 (26,043) Salaries and Payroll Charges 42,386 37,686 (13,757) 94,427 Accounts Payable (16,270) (1,761) 21,815 (26,647) Operations Interest Paid 1,531 70 (22,221) 13,642 Other Accounts Payable 6,462 (1,089) 17,806 (2,706) Net Cash Provided by Operating Activities 853,579 762,762 1,866,308 2,102,840 Cash Flows from Investing Activities Capital Increase/Decrease in Subsidiaries/Affiliates - - (311) (185) Acquisitions of Subsidiaries, Net of Cash Acquired (2) 13 (13,399) (64,310) Acquisitions of Property, Plant and Equipment (111,383) (139,834) (416,932) (294,394) Intangible Assets (54,979) (70,351) (184,609) (185,930) Proceeds from the Sale of Assets with Permanent Nature 1,610 1,075 (9,358) 1,170 Interest and Others 43,049 45,397 102,222 122,255 Net Cash From Investing Activities (121,705) (163,700) (522,387) (421,394) Cash Flows from Financing Activities Capital Integralization - - - 1,500,000 Inflow from Loans and Financing 1,125,000 1,350,000 1,865,000 1,431,203 Treasury Stock Purchase / Sale - - (12,539) (8,317) Repayment of Loans - Principal (1,001,406) (1,208,981) (2,351,926) (3,019,014) Repayment of Loans - Interest (171,013) (243,019) (720,231) (978,632) Dividends and IOC Paid (24,308) (28,011) (48,954) (175,265) Loan Derivatives - - 49,164 (29,399) Net Cash From Financing Activities (71,727) (130,011) (1,219,486) (1,279,424) Net Increase (Decrease) in Cash and Cash Equivalents 660,147 469,051 124,435 402,022 Statement of Increase in Cash and Cash Equivalents, Net Cash and Cash Equivalents at the Beginning of the Period 1,203,615 1,578,512 1,739,327 1,645,541 Cash and Cash Equivalents at the End of the Period 1,863,762 2,047,563 1,863,762 2,047,563 Change in Cash and Cash Equivalent 660,147 469,051 124,435 402,022 Non-cash transactions (1,248) 11,056 24,995 37,582