Earnings release
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MESSAGE FROM THE MANAGEMENT São Paulo, August 12, 2025 – Grupo Multi S.A. (B3: MLAS3) announces today its results for the 2nd quarter of 2025. The accounting information was prepared in accordance with the accounting practices adopted in Brazil, which comprise the rules of the Brazilian Securities and Exchange Commission (CVM), the technical guidelines and interpretations of the Accounting Pronouncements Committee (CPC) and are in accordance with the international accounting standard IFRS ( International Financial Reporting Standards), as well as the Federal Accounting Council (CFC). 2Q25 1Q25 2Q24 Net Revenue R$ 929.7 MM +21.7% vs. 1Q25 and +5.1% vs. 2Q24 R$ 763.8 MM R$ 884.9 MM Gross Profit R$ 231.1 MM +27.5% vs. 1Q25 and +19.0% vs. 2Q24 R$ 181.2 MM R$ 194.3 MM Gross Margin 24.9% +1.2 p.p. vs. 1Q25 and +2.9 p.p. vs. 2Q24 23.7% 22.0% EBITDA R$ 30.8 MM +R$25.3MM vs. 1Q25 and +R$1.0MM vs. 2Q24 R$ 5.5 MM R$ 29.8 MM* *Includes R$ 30.2 MM of extemporaneous credits EBITDA Margin 3.3% +2.6 p.p. vs. 1Q25 and -0.1 p.p. vs. 2Q24 0.7% 3.4% Net Income R$ 19.8 MM -R$44.9MM vs. 1Q25 and +R$72.0MM vs. 2Q24 R$ 64.6 MM -R$ 52.2 MM GRUPO MULTILASER CONTINUES POSITIVE TRAJECTORY IN 2Q25 2Q25 Highlights
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MESSAGE FROM THE MANAGEMENT Just like a climber who seeks to reach the top of a great mountain — and who knows that true success lies more in focus and determination during each step of the climb than in the obsession with the final destination — we remain firm with the purpose of ge nerating value for our employees, consumers, shareholders and society. We will do this with daily attention to detail, continuous efficiency gains, consistency in actions, and the awareness that we still have much to accomplish. We present the results for the second quarter of 2025, which saw improvements in the main financial indicators : revenue growth, gross margin progression, higher operating performance, EBITDA growth, net income and operating cash generation and debt reduction. Although it is still the beginning of our recovery trajectory, the scope of the advances is encouraging. It was a quarter of intense work . We readjusted our structures, aiming at process improvements , redefined our operational segments in line with the way we manage the business — with more focus and synergies — and completed the works of the new Logistics Distribution Center in Manaus. With 8,000 m2 and capacity for 5,600 pallet positions, this new space will increase the logistics efficiency of our operations as well as allow additional expansion on the same site. We reached Net Revenue of R$ 929.7 million, an increase of 21.7% over the previous quarter and 5.1% over the same period last year. This advance reflects the commercial performance of our recurring operation and the growth of continued product lines. Gross Profit followed the performance of revenue, reaching R$ 231.1 million , an increase of 27.5% over the first quarter and 19.0% year-on-year. Gross Margin expanded to 24.9%, a gain of 1.1 percentage points compared to 1Q25 and 2.9 percentage points compared to 2Q24. This improvement is the result of portfolio optimization and sales channel mix. As we mentioned, in 2Q25 we completed the readjustment of our structures , bringing greater efficiency to our operations. We incurred R$ 6.6 million with terminations in the quarter, however, we are already reaping the savings, thus maintaining a lower level of expenses for the coming periods. EBITDA totaled R$ 30.8 million in the quarter, an increase of 3.6% compared to 2Q24 and a significant increase of R$ 25.3 million compared to 1Q25 . Year-to-date, EBITDA reached R$36.3 million, demonstrating the beginning of the recovery of our ability to generate results. We improved the Company's financial health, ending the quarter with R$498.9 million in cash, a gain of R$26.0 million vs. 1Q25, with Operating Cash generation of R$64.9 million and a reduction in debt of R$25.0 million. We continue to closely monitor these indicators and capital allocation, in search of financial architecture that best suits our operations. In a semester of good results, we ended up reporting Net Income of R$ 19.8 million in 2Q25, reversing the loss of R$ 52.2 million in 2Q24. Year-to-date, we achieved a profit of R$84.4 million, a result driven by increased sales, improved gross margin, greater operational efficiency and a positive net financial result due to exchange rate variation. Finally, we have announced a new way of presenting our information by segment, which will now be divided into 3 (three): Corporate, Tech Retail and Specialized Retail. This change, implemented in 2Q25, reflects the way the Company starts to manage its business, providing a clearer view of the organization of activities. The families of products sold remain the same. To facilitate comparative analysis, the Annex to this release include a history of results since 1Q24, covering the old and current segment structure. This quarter's numbers give us confidence that we are on the right track in our value creation trajectory. It is in this context that we announce the evolution of our corporate brand: Grupo Multi is now called Grupo Multilaser , consolidating a new institutional moment and valuing a legacy that continues to evolve. From now on, the Multilaser Group becomes our corporate brand, officially representing all the activities of the business group before investors, partners and society. We thank everyone for their trust and reiterate our commitment to continue working to generate value and strengthen our market position. André Poroger CEO MESSAGE FROM THE MANAGEMENT
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Consolidated Results
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R$ Million 2Q25 1Q25 ∆% 2Q24 ∆% 6M25 6M24 ∆% Net Revenue 929.7 763.8 21.7% 884.9 5.1% 1,693.5 1,615.7 4.8% Gross profit 231.1 181.2 27.5% 194.3 19.0% 412.3 359.2 14.8% Gross Margin (%) 24.9% 23.7% 1.1 p.p. 22.0% 2.9 p.p. 24.3% 22.2% 2.1 p.p. EBITDA 30.8 5.5 460.2% 29.8 3.6% 36.3 2.5 1,353.2% EBITDA Margin (%) 3.3% 0.7% 2.6 p.p. 3.4% 0.0 p.p. 2.1% 0.2% 2.0 p.p. Net Income 19.8 64.6 -69.4% (52.2) - 84.4 (121.2) - Net Margin (%) 2.1% 8.5% -6.3 p.p. -5.9% 8.0 p.p. 5.0% -7.5% 12.5 p.p. In 2Q25, Net Revenue was R$ 929.7 million, an increase of 21.7% vs. 1Q25 and an increase of 5.1% vs. 2Q24. The increase in the 2Q25 vs. 1Q25 comparison shows the improvement in the Company's commercial efficiency in its recurring operation and the growth of the continued prod uct lines. In the growth of sales in 2Q25, important contributions were made by Specialized Retail (+36.5% vs. 1Q25) and Corporate (+55.9% vs. 1Q25 and +20.4% vs. 1Q24). Retail Tech dropped 8.2% vs. 1Q25 and 11.4% vs. 2Q24, due to the reduction in inventory coverage at retailers seeking to adapt to the high interest rate scenario. Sell-out in this segment, which is the most important indicator, grew compared to 1Q25. In the half -year comparison, the increase was 4.8% in June 2025 vs. the same period of the previous year. R$ Million 2Q25 1Q25 ∆% 2Q24 ∆% 6M25 6M24 ∆% Net Revenue 929.7 763.8 21.7% 884.9 5.1% 1,693.5 1,615.7 4.8% Cost of Goods Sold (698.6) (582.6) 19.9% (690.7) 1.1% (1,281.2) (1,256.5) 2.0% COGS % of LR -75.1% -76.3% 1.2 p.p. -78.0% 2.9 p.p. -75.7% -77.8% 2.1 p.p. Gross profit 231.1 181.2 27.5% 194.3 19.0% 412.3 359.2 14.8% Gross Margin (%) 24.9% 23.7% 1.2 p.p. 22.0% 2.9 p.p. 24.3% 22.2% 2.1 p.p. Following the growth of Net Revenue, the Cost of Goods Sold (COGS) in 2Q25 was R$698.6 million, which represented a decrease of 1.2 p.p. vs. 1Q25 and a reduction of 2.9 p.p. vs. 1Q24 in percentage of Net Revenue. In the half-year comparison, there was a reduction of 5.1 p.p. in 6M25 compared to 6M24. Consequently, the Gross profit in 2Q25 was R$ 231.1 million, an increase of 27.5% vs. 1Q25, and an increase of 19.0% vs. 2Q24. Due to the higher operational efficiency of the quarter, we expanded Gross Margin to 24.9% (+1.2 p.p. vs. 1.2 vs. 1Q25 and +2.9 p.p. vs. 2Q24) . In the half -year comparison, Gross Profit increased by 33.2%, leading to an increase of 5.2 p.p. in Gross Margin. CONSOLIDATED RESULTS 2Q25 Key Financial Indicators Gross profit Net Revenue
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R$ Million 2Q25 1Q25 ∆% 2Q24 ∆% 6M25 6M24 ∆% Selling Expenses (196.3) (173.7) 13.0% (200.0) -1,8% (370.1) (402.4) -8.0% % of Net Revenue -21.1% -22.7% -1.6 p.p. -22.6% -1.5 p.p. -21.9% -24.9% -3.1 p.p. General and Administrative Expenses (34.6) (34.9) -0.9% (34.3) 0.8% (69.4) (61.0) 13.9% % of Net Revenue -3.7% -4.6% -0.8 p.p. -3.9% -0.2 p.p. -4.1% -3.8% 0.3 p.p. Other Operating Income/Expenses 17.4 18.9 -8.1% 54.9 -68.3% 36.3 75.8 -52.1% % of Net Revenue 1.9% 2.5% -0.6 p.p. 6.2% -4.3 p.p. 2.1% 4.7% -2.5 p.p. Operating Expenses (213.5) (189.7) 12.6% (179.4) 19.0% (403.2) (387.5) 4.0% % of Net Revenue 23.0% 24.8% -1.8 p.p. 20.3% 2.7 p.p. 23.8% 24.0% -0.2 p.p. Operating Result 17.6 (8.5) - 14.9 18.2% 9.1 (77.9) - In the period, Operating Expenses totaled R$ 213.5 million, which as a percentage of Net Revenue, represents 23.0% of the result, an improvement of 1.8 p.p. vs. 1Q25 and an increase of 2.7 p.p. vs. 2Q24 (which was impacted by extemporaneous credits of R$ 30.2 million). The numbers reflect the improvement in expense management and operational efficiency at levels more appropriate for the size of the current operation. In the half -year comparison, Operating Expenses as a percentage of Net Revenue decreased by 0.2 p.p. In particular, Selling Expenses totaled R$ 196.3 million in 2Q25, a reduction of 1.6 p.p. vs. 1Q25 and a reduction of 1.5 p.p. vs. 2Q24 as a percentage of Net Revenue. In the half-yearly comparison, Selling Expenses decreased by 3.1 p.p. General and Administrative Expenses in 2Q25 were R$ 34.6 million, down 0.9% vs. 1Q25, and up 0.8% vs. 2Q24. In the quarter, there was a one-off impact due to the administrative readjustment in the order of R$3.3 million. Excluding this one -off expense, General and Administrative Expenses fo r the period would be R$31.3 million, a significant decrease of 10.3% vs. 1Q25 and a decrease of 8.7% vs. 2Q24. In the half-year comparison, there was an increase of 13.9% vs. 6M24. Other Operating Revenues and Expenses in 2Q25 totaled R$17.4 million, a reduction of 8.1% vs. 1Q25 and 68.3% vs. 2Q24. The sharp drop in the line in 2Q25 is explained by the record of R$30.2 million in extemporaneous credits in 2Q24, a one-off effect that was not repeated in the current period. In the half-year comparison, the reduction was 52.1%. R$ Million 2Q25 1Q25 ∆% 2Q24 ∆% 6M25 6M24 ∆% Net Income 19.8 64.6 -69.4% (52.2) - 84.4 (121.2) - Net Financial Result (9.9) (75.1) -86.8% 54.5 - (85.0) 83.7 - Current and Deferred Income Taxes 7.6 2.0 284.1% 12.6 -38.7% 9.7 9.2 5.9% Depreciation and Amortization 13.3 14.0 -5.2% 14.9 -11.1% 27.2 30.8 -11.6% EBITDA 30.8 5.5 460.2% 29.8 3.6% 36.3 2.5 1,353.2% EBITDA margin (%) 3.3% 0.7% 2.6 p.p. 3.4% -0.1 p.p. 2.1% 0.2% 1.9 p.p. EBITDA in the period was R$ 30.8 million, an increase of 460.2% vs. 1Q25, reflecting the increase in sales, improvement in Gross Margin and reduction in expenses. In the half-year comparison, EBITDA reached R$ 36.3 MM, a significant increase vs. 6M24. Excluding the one-off effects of extemporaneous credits of R$30.2 million in 2Q24, the Company's EBITDA gained R$31.2 million in 2Q25 vs. 2Q24. Operating Expenses EBITDA
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R$ Million 2Q25 1Q25 ∆% 2Q24 ∆% 6M25 6M24 ∆% Financial Revenues 51.8 34.2 51.4% 97.0 -46.6% 85.9 176.7 -51.4% Financial Expenses (115.3) (98,0) 17.7% (9.3) 1,145.0% (213.3) (72.5) 194.0% Exchange Variation 73.5 139.0 -47.1% (142.2) - 212.4 (187.9) - Net Financial Result 9.9 81.6 -86.8% (54.5) - 85.0 (83.7) - In 2Q25, Net Financial Income was positive at R$ 9.9 million, a reduction of R$ 71.7 million vs. 1Q25 and a gain of R$ 64.4 million vs. 2Q24. In this quarter, the Company earned R$ 51.8 million in Financial Revenues, an increase of 51.4% vs. 1Q25 and -46.6% vs. 2Q24. Another gain in the period was due to the Exchange Variation, which contributed positively with R$ 73.5 million. This gain was driven by the appreciation of the Real against the Dollar in the period, mainly impacting the markdown of obligations with suppliers and generating a cash effect of R$ 50.7 million. The amount is 47.1% lower than that recorded in 1Q25 but reverses the exchange loss of R$ 142.2 million observed in 2Q24. Financial Expenses totaled R$115.3 million, +17.7% vs. 1Q25 and +1,145.0% vs. 2Q24, mainly influenced by the negative variation in the Mark-to-Market (MTM) of the Company's foreign exchange hedging instruments (NDFs and debt swaps). In 6M25, the company reversed the financial loss of 6M24 into revenues of R$ 85.0 million. R$ Million 2Q25 1Q25 ∆% 2Q24 ∆% 6M25 6M24 ∆% Net Revenue 929.7 763.8 21.7% 884.9 5.1% 1,693.5 1,615.7 4.8% Gross profit 231.1 181.2 27.5% 194.3 19.0% 412.3 359.2 14.8% Gross Margin (%) 24.9% 23.7% 1.2 p.p. 22.0% 2.9 p.p. 24.3% 22.2% 2.1 p.p. Net Income 19.8 64.6 -69.4% (52.2) - 84.4 (121.2) - Net Margin (%) 2.1% 8.5% -6.3 p.p. -5.9% 8.0 p.p. 5.0% -7.5% 12.5 p.p. In 2Q25, Net Income was R$19.8 million, a reduction of R$44.8 million vs. 1Q25 due to the positive exchange rate variation of R$139 million last quarter, but an increase of R$72.0 million vs. 2Q24. The improvement in Gross Margin added to the positive Net Financial Result led to positive profitability of R$ 84.4 million in the year. Financial Result Net Profit (Loss)
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R$ Million 2Q25 1Q25 ∆% 2Q24 ∆% Cash and Cash Equivalents at Beginning of Period 472.9 744.6 -36.5% 950.1 -50.2% Earnings before Income Tax and Social Contribution 27.5 66.6 -58.8% (39.7) - Net cash generated (applied) in operating activities 64.9 (330.3) - 124.2 -47.7% Net cash applied in investing activities (11.9) (15.2) -21.3% (8.7) 37.3% Net cash generated (applied) in financing activities (25.0) 76.8 - (47.2) -47.0% Exchange rate change on cash and cash equivalents (2.0) (3.0) -32.7% 4.2 - Cash and Cash Equivalents at End of Period 498.9 472.9 5.5% 1,022.6 -51.2% Change in Cash and Cash Equivalents 26.0 (271.7) - 72.5 -64.2% The Company ended 2Q25 with an increase of R$26.0 million in its Cash and Cash Equivalents , reversing the cash burn trend observed in the previous quarter. This positive variation reflects the resilience of our operating performance and the actions taken in the face of the cash burn scenario of the previous quarter. The main factor for this res ult was net cash generation of R$64.9 million in Operating Activities, a substantial improvement compared to the cash of R$330.3 million invested in 1Q25. This performance demonstrates a focus on optimizing working capital management and the efficiency of our operations. In 2Q25, net cash invested in Investment Activities totaled R$11.9 million, a reduction of 21.3% compared to the previous quarter, indicating a more cautious approach in the period. In addition, we reduced our Debt by R$ 25.0 million . This amount, in contrast to the raising of R$76.8 million in 1Q25, signals that operating cash generation was sufficient to cover investments and honor financial commitments, strengthening the Company's capital structure. As a result of this financial and operational management, the final position of Cash and Cash Equivalents reached R$498.9 million at the end of 2Q25, an increase of 5.5% compared to the end of the previous quarter. Although the year-on-year comparison reveals a higher cash position in 2Q24, the 2Q25 result marks a positive inflection point. Cash Flow
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INDEBTEDNESS R$ Million 2Q25 1Q25 ∆% 2Q24 ∆% Gross Debt 656.8 689.2 -4.7% 708.9 -7.4% Loans and Financing (Short Term) 439.6 448.5 -2.0% 334.5 31.4% % on Gross Debt 66.9% 65.1% 47.2% Loans and Financing (Long Term) 217.1 240.7 -9.8% 374.4 -42.0% % on Gross Debt 33.1% 34.9% 52.8% (-) Cash and cash equivalents (498.9) (472.9) 5.5% (1,022.6) -51.2% Net Debt (Cash) 157.9 216.3 -27.0% (313.7) - Grupo Multi ended 2Q25 with R$656.8 million in gross debt and R$498.9 million in cash, resulting in a Net Debt position of R$157.9 million. With rigor applied in financial management, we reduced our Net Debt by R$58.4 million. As can be seen in the Debt Amortization Schedule , the cash balance is sufficient to cover the Company's short-term Loans and Financing, which represent 66.9% of the total amount due. As detailed in the previous period, most of the debt is composed of working capital in foreign currency with an active end in reais, reducing exposure to the fluctuating exchange rate variation of recent periods. Net Debt Debt Amortization Schedule
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OPERATING SEGMENTS R$ Million 2Q25 1Q25 ∆% 2Q24 ∆% 6M25 6M24 ∆% Net Revenue 469.4 301.4 55.7% 387.6 21.1% 770.8 655.2 17.6% Gross profit 84.8 41.7 103.3% 47.6 78.1% 126.6 84.9 49.2% Gross Margin 18.1% 13.8% 4.2 p.p. 12.3% 5.8 p.p. 16.4% 13.0% 3.5 p.p. The Corporate segment , which operates with a dedicated sales team, represents 50.2% of the Company's Net Revenue and encompasses Telecommunications Devices for Operators and Providers (Networks), PC & Tablets for Government, Memory and Components (OEM) for the consumer electronics industries, Mobility solutions including the start of manufacturing for the Royal Enfield brand, Gym Equipment for Gyms (Wellness and ZiYou) and Manufacturing Projects (Hisense and Oppo). In 2Q25, the Corporate segment earned R$ 469.4 million in net revenue, a significant gain of 55.7% vs. 1Q25 and 21.1% vs. 1Q24. In the quarter, there was growth in sales in all families, with emphasis on the performance of PCs for Government, Mobility, Fitness Equipment and Manufacturing Projects. In addition to the growth in revenue, there was also an improvement in profitability in 2Q25, due to a better product mix, sales performance to the Government and gain in scale. The segment posted a gross margin of 18.1%, an increase of 4.2 p.p. vs. 1Q25 and 5.8 p.p. vs. 2Q24. Tech Retail 37.8% Product families: Screens & Video, PC Accessories, Drones & Cameras, Home Appliances, Gamer, Memories & Pen Drives, PCs & Tablets for Retail, Audio & Mobile Accessories e Tephony Specialized Retail 11.7% Product families: Health Care, Toys, Baby and Pet Corporate 50.5% Product families: Telecommunications Devices for Operators and Providers (Networks), PCs & Tablets for Government, Memory and Components (OEM), Electric Mobility, Fitness Equipment (Wellness and ZiYou), and Manufacturing Projects Share of Net Revenue 2Q25 Corporate
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R$ Million 2Q25 1Q25 ∆% 2Q24 ∆% 6M25 6M24 ∆% Net Revenue 351.7 382.9 -8.2% 396.7 -11.4% 734.6 759.1 -3.2% Gross profit 97.9 106.7 -8.3% 108.3 -9.7% 204.6 200.1 2.2% Gross Margin 27.8% 27.9% -0.1 p.p. 27.3% 0.5 p.p. 27.8% 26.4% 1.5 p.p. The Retail Tech segment represents 37.8% of the Company's Net Revenue and includes technology products for retail in general. With a wide range of product families, such as screens, audio, computers, portable appliances, drones and computer accessories, it serves various retail modalities, including large national chains, regional retailers and online channels, such as its own e-commerce and marketplaces. For the segment, net revenue in 2Q25 was R$351.7 million, a decrease of 8.2% vs. 1Q25 and 11.4% vs. 2Q24, due to the reduction in inventory coverage in retailers seeking to adapt to the high interest rate scenario. Sell-out in this segment, which is the most important indicator, grew compared to 1Q25. With regard to profitability, the Company maintained commercial efficiency and posted a stable gross margin of 27.8% in 2Q25, a slight decrease of 0.1 p.p. vs. 1Q25 and a gain of 0.5 p.p. vs. 2Q24. In the half-year comparison, the margin increase was around 1.5 p.p. vs. 2Q24. R$ Million 2Q25 1Q25 ∆% 2Q24 ∆% 6M25 6M24 ∆% Net Revenue 108.6 79.5 36.6% 100.6 8.0% 188.1 201.5 -6.6% Gross profit 48.4 32.8 47.6% 38.3 26.4% 81.2 74.3 9.3% Gross Margin 44.5% 41.2% 3.3 p.p. 38.1% 6.5 p.p. 43.1% 36.9% 6.3 p.p. The Specialized Retail segment represents 11.7% of the Company's Net Revenue and brings together the operations of selling products to specific markets, such as baby supply stores, pet shops, toy stores and pharmacy chains. This segment stands out for having dedicated and specialized sales teams to meet the particularities of each of these retail channels, thus consolidating the company's operation in these specific markets. In the quarter, the Company reported net revenue of R$ 108.6 million, an increase of 36.6% vs. 1Q25 and 8.0% vs. 2Q24. In 2Q25, the highlight was the growth in sales and margin of Health Care and Toys. In addition to the increase in revenue in the period, the segment also posted a gain in profitability in 2Q25 with a gross margin of 44.5%, an increase of 3.3 p.p. vs. 1Q25 and 6.5 p.p. vs. 2Q24. Specialized Retail Tech Retail
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Annex
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Balance Sheet (R$ million) Balance Sheet (R$ million) Active 2Q25 1Q25 ∆% 2Q24 ∆% Current Assets Cash and Cash Equivalents 498.9 472.9 5.5% 1,022.6 -51.2% Accounts Receivable 1.205.8 1.084.7 11.2% 994.1 21.3% Stocks 1.609.4 1.695.3 -5.1% 1,324.2 21.5% Derivatives 2.1 10.5 -80.3% 12.5 -83.4% Taxes to Recover 276.4 259.9 6.4% 402.2 -31.3% Anticipated Expenses 14.3 18.4 -22.3% 9.2 55.2% Other Assets 13.8 2.9 376.0% 2.1 551.9% Total Current Assets 3,620.7 3,544.6 2.1% 3,767.0 -3.9% Noncurrent Assets Deferred Taxes 132.8 132.8 0.0% 181.2 -26.7% Taxes to Recover 749.6 742.2 1.0% 368.4 103.5% Accounts Receivable 96.8 99.0 -2.2% 96.6 0.2% Judicial Deposits 32.0 30.7 4.4% 32.7 -2.0% Related Parts 29.5 29.5 0.0% 0.0 - Other Assets 21.2 24.2 -12.6% 38.0 -44.2% Investment Properties 5.0 5.0 0.0% 5.0 0.0% Investments 71.5 71.5 0.0% 9.2 677.2% Derivatives 2.0 11.5 -82.9% 9.0 -78.2% Asset 372.0 373.0 -0.3% 382.9 -2.8% Intangible 51.4 51.6 -0.5% 131.6 -61.0% Investment funds 139.0 137.6 1.0% 125.0 11.2% Right-of-Use Assets 22.9 24.9 -8.2% 23.2 -1.4% Total Noncurrent Assets 1,725.7 1,733.6 -0.5% 1,402.8 23.0% Total Assets 5,346.4 5,278.2 1.3% 5,169.7 3.4% Passive 2Q25 1Q25 ∆% 2Q24 ∆% Current liabilities Loans and Financing 439.6 448.5 -2.0% 334.5 31.4% Suppliers 1,039.1 984.9 5.5% 703.2 47.8% Labor and Social Obligations 56.5 43.5 29.7% 52.6 7.4% Tax Installments 65.1 63.3 2.8% 0.0 - Tax Obligations 26.7 23.6 13.0% 77.2 -65.5% Derivatives 46.7 19.6 137.8% 2.6 1,731.5% Secured Bonds 32.9 32.9 0.0% 37.1 -11.3% Lease Liabilities 10.5 10.8 -2.6% 9.2 13.9% Other Liabilities 24.9 27.5 -9.5% 34.7 -28.5% Liabilities of contracts with customers 28.7 26.2 9.6% 30.5 -5.8% Total Current Liabilities 1,770.6 1,680.9 5.3% 1,281.5 38.2% Noncurrent Liabilities Loans and Financing 217.1 240.7 -9.8% 374.4 -42.0% Tax Obligations 218.1 220.0 -0.9% 363.1 -39.9% Tax Installments 118.6 130.0 -8.8% 0.0 - Labor and Social Obligations 23.0 22.5 2.6% 21.0 9.5% Provision for Procedural, Civil and Tax Risks 13.1 14.6 -10.2% 21.6 -39.2% Lease Liabilities 14.5 16.2 -10.1% 14.6 -0.1% Total Noncurrent Liabilities 604.5 643.9 -6.1% 794.7 -23.9% Equity Share capital 1,713.4 1,713.4 0.0% 1,713.4 0.0% Cumulative Conversion Adjustment 1.4 3.4 -58.6% 4.4 -68.0% Expenses with Issuance of Shares (58.3) (58.3) 0.0% (58.3) 0.0% Capital Reserves 975.4 975.4 0.0% 975.4 0.0% Legal Reserve 88.7 88.7 0.0% 88.7 0.0% Tax Incentive Reserve 163.5 163.5 0.0% 951.2 -82.8% Reserve for the Purchase of Treasury Shares 22.7 22.7 0.0% 22.7 0.0% Investment Reserve 0.0 0.0 - 369.7 - Treasury Shares (20.0) (20.0) 0,0% (16.3) 22.3% Accumulated Profit (Loss) 84.4 0.0 - (836.2) - Accumulated losses for the year 0.0 64.6 - (121.2) - Total Stockholders' Equity 2,971.2 2,953.4 0.6% 3,093.4 -4.0% Total Liabilities and Net Income 5,346.4 5,278.2 1.3% 5,169.7 3.4%
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Income Statement (R$ million) Income Statement (R$ Million) 2Q25 1Q25 ∆% 2Q24 ∆% 6M25 6M24 ∆% Net Revenue 929.7 763.8 21.7% 884.9 5.1% 1,693.5 1,615.7 4.8% Cost of Goods Sold (698.6) (582.6) 19.9% (690.7) 1.1% (1,281.2) (1,256.5) 2.0% Cost of Materials (636.2) (500.3) 27.2% (666.0) -4.5% (1,136.5) (1,220.4) -6.9% With Staff (45.7) (45.5) 0.4% (35.4) 29.1% (91.3) (66.6) 37.1% Depreciation/Amortization (7.1) (7.1) 0.0% (6.9) 3.4% (14.2) (11.9) 19.3% Other (9.5) (29.7) -68.1% 17.6 - (39.1) 42.4 - Gross profit 231.1 181.2 27.5% 194.3 19.0% 412.3 359.2 14.8% Operating Revenues (Expenses) Selling Expenses (196.3) (173.7) 13.0% (200.0) -1.8% (370.1) (402.4) -8.0% Commercial (78.8) (72.8) 8.3% (86.1) -8.4% (151.7) (160.5) -5.5% Distribution (56.6) (44.9) 26.0% (51.5) 9.7% (101.4) (118.7) -14.5% Promotions and Marketing (28.3) (27.2) 4.2% (32.3) -12.2% (55.5) (59.6) -6.9% Aftermarket (23.8) (22.6) 5.2% (25.1) -5.0% (46.4) (51.7) -10.2% Doubtful Accounts (8.8) (6.2) 41.8% (5.1) 73.5% (15.0) (12.0) 25.8% General and Administrative (34.6) (34.9) -0.9% (34.3) 0.8% (69.4) (61.0) 13.9% With Staff (14.7) (10.8) 36.0% (8.4) 74.4% (25.5) (16.5) 54.2% Professional Services (2.7) (5.6) -51.3% (7.9) -65.7% (8.3) (12.2) -32.1% Technology and Communication (9.7) (11.8) -17.6% (12.2) -20.6% (21.5) (20.7) 4.0% Rentals, Insurance, Travel, Other (7.5) (6.7) 10.6% (5.7) 30.2% (14.2) (11.6) 22.4% Other Operating Income (Expenses) 17.4 18.9 -8.1% 54.9 -68.3% 36.3 75.8 -52.1% Financial Credit (Law 13,969) 42.6 40.8 4.5% 45.0 -5.2% 83.4 70.5 18.3% Research & Development (25.5) (23.6) 7.9% (22.1) 15.3% (49.1) (37.9) 29.7% Extemporaneous Credits 0.9 1.2 -25.4% 30.2 -97.0% 2.1 35.1 -93.9% Indemnities, intermediation, sales of imob. and other revenues 1.7 6.4 -73.5% 1.0 67.4% 8.1 8.5 -4.4% Tax infraction notices (3.0) (2.6) 14.5% (1.4) 109.3% (5.6) (1.4) 291.1% Tax, labor and other provisions 2.2 0.0 - 4.7 -52.8% 2.2 3.4 -35.9% Reversal of provisions for contingencies 0,0 (1.4) - 0.0 - (1.4) 0.0 - Indemnities and contractual fines, losses of imob. and other expenses (1.6) (1.9) -18.0% (2.5) -36.0% (3.5) (2.5) 42.1% Operating Result 17.6 (8.5) - 14.9 18.2% 9.1 (28.3) - Financial Revenues 51.8 34.2 51.4% 97.0 -46.6% 85.9 176.7 -51.4% Financial Expenses (115.3) (98.0) 17.7% (9.3) 1145.0% (213.3) (72.5) 194.0% Net Exchange Change 73.5 139.0 -47.1% (142.2) - 212.4 (187.9) - Profit before income tax 27.5 66.6 -58.8% (39.7) - 94.1 (112.2) - Current Income Taxes -6.9 -2.0 246.2% - - (9.0) (0.7) 1,169.5% Deferred Income Taxes -0.8 0.0 - -12.6 -93.9% (0.8) (8.5) -91.0% Net Income 19.8 64.6 -69.4% (52.2) - 84.4 (121.2) -
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Cash Flow Statement (R$ Million) R$ Million 2Q25 1Q25 ∆% 2Q24 ∆% Cash flow from operating activities Earnings before Income Tax and Social Contribution 27.5 66.6 -58.8% (39.7) - Adjustments by: Exchange rate variation not realized (22.8) (95.4) -76.2% 136.5 - Net interest expense 13.2 13.1 0.8% 10.3 28.3% Depreciation and amortization 13.3 14.0 -5.2% 14.91 -11.1% (Profit) loss on the disposal of fixed and intangible assets 3.2 1.5 113.1% 3.3 -1.7% Adjustment to Present Value of Accounts Receivable 4.9 1.1 331.3% 0.6 736.7% Adjustment to Present Value of Inventory (9.6) (13.1) -26.6% 0.0 - Adjustment to Supplier Present Value 10.7 6.5 63.5% 0.0 - Estimate for Doubtful Losses 8.8 5.6 58.3% 7.5 17.9% Estimated loss for adjustment to the realizable value of inventory 2.8 9.1 -69.7% (69.0) - Provision for procedural, civil and tax risks (1.9) (1.6) 20.6% 115.9 - Provisions for guarantees 0.0 (1.5) - (5.6) - Financial Credit (42.6) (40.8) 4.5% (45.0) -5.2% Financial result with Precatórios (4.2) (1.5) 182.1% (0.4) 844.9% Fair Value Investment Funds and Loan Agreement (1.4) (4.5) -69.4% 69.2 - Income from derivative financial instruments without cash effect 49.2 50.0 -1.5% (50.3) - Adjusted cash profit 51.0 9.2 457.3% 148.2 -65.6% Equity variations Accounts Receivable (132.6) 41.3 - (65.5) 102.4% Stocks 92.7 (194.0) - 221.7 -58.2% Tax credits 14.2 (82.9) - 52.9 -73.2% Other assets (0.9) 7.1 - (60.0) -98.5% Suppliers 52.7 (75.2) - 5.6 845.6% Tax obligations (8.5) (1.2) 605.5% (159.9) -94.7% Accounts Payable 13.4 (15.8) - (12.1) - Paid/Received Derivatives (4.2) 3.0 - (3.7) 11.9% Interest paid on loans and financing (9.8) (18.3) -46.6% (3.0) 224.0% Income tax and social contribution paid (3.2) (3.4) -8.1% 0.0 - Total changes in equity 13.9 (339.4) - (24.0) - Net cash generated (applied) in operating activities 64.9 (330.3) - 124.2 -47.7% Cash flow from investing activities Acquisition of fixed assets (11.4) (13.2) -13.5% (4.9) 133.4% Acquisition of intangible assets (0.6) (0.2) 158.1% (0.4) 38.8% Expet Business Combination 0.0 0.0 - (1.6) - Investments in Investment Funds 0.0 (1.8) - (1.8) - Net cash applied in investing activities (11.9) (15.2) -21.3% (8.7) 37.3% Cash flow from financing activities Treasury shares 0.0 0.0 - (7.1) - Resources from loans and financing 98.5 173.2 -43.1% 0.0 - Repayment of loans and financing (119.5) (92.5) 29.2% (35.9) 232.9% Lease Liability Payments (4.0) (4.0) 0.2% (4.2) -3.8% Net cash generated by (applied to) financing activities (25.0) 76.8 - (47.2) -47.0% Exchange rate change on cash and cash equivalents (2.0) (3.0) -32.7% 4.2 - Increase (decrease) in Cash and Cash Equivalents 26.0 (271.7) - 72.5 -64.2% Cash and Cash Equivalents at Beginning of Period 472.9 744.6 -36.5% 950.1 -50.2% Cash and Cash Equivalents at End of Period 498.9 472.9 5.5% 1,022.6 -51.2%
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Cash Flow (R$ million) Comparative Segments (R$ million) Revenue (R$ million) Previous Segment 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 Mobile Devices 246.512 178.707 263.512 173.327 117.096 129.479 Office & IT Supplies 220.117 188.234 225.459 216.411 355.430 256.329 Home Electric Products 322.911 273.597 325.937 278.913 295.824 221.167 Kids & Mobility 140.120 123.271 147.990 141.257 116.565 123.802 Total 929.659 763.810 962.899 809.909 884.915 730.777 Revenue (R$ million) Current Segment 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 Corporate 469.366 301.390 463.985 303.411 387.597 267.564 Tech Retail 351.655 382.912 397.603 372.530 396.733 362.317 Specialized Retail 108.638 79.508 101.311 133.967 100.585 100.896 Total 929.659 763.810 962.899 809.909 884.915 730.777 Gross Profit (R$ million) Previous Segment 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 Mobile Devices 56.534 28.241 49.044 31.172 23.549 23.772 Office & IT Supplies 33.319 29.451 50.363 46.013 39.929 32.128 Home Electric Products 85.479 76.121 75.722 75.136 85.441 63.287 Kids & Mobility 55.756 47.394 52.645 46.954 45.344 45.779 Total 231.088 181.207 227.774 199.276 194.263 164.966 Gross Profit (R$ million) Current Segment 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 Corporate 84.840 41.732 88,855 59.419 47.642 37.213 Tech Retail 97.859 106.701 102.308 98.956 108.348 91.741 Specialized Retail 48.389 32.774 36.611 40.901 38.273 36.012 Total 231.088 181.207 227.774 199.276 194.263 164.966 Gross Margin (%) Previous Segment 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 Mobile Devices 22.9% 15.8% 18.6% 18.0% 20.1% 18.4% Office & IT Supplies 15.1% 15.6% 22.3% 21.3% 11.2% 12.5% Home Electric Products 26.5% 27.8% 23.2% 26.9% 28.9% 28.6% Kids & Mobility 39.8% 38.4% 35.6% 33.2% 38.9% 37.0% Total 24.9% 23.7% 23.7% 24.6% 22.0% 22.6% Gross Margin (%) Current Segment 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 Corporate 18.1% 13.8% 19.2% 19.6% 12.3% 13.9% Tech Retail 27.8% 27.9% 25.7% 26.6% 27.3% 25.3% Specialized Retail 44.5% 41.2% 36.1% 30.5% 38.1% 35.7% Total 24.9% 23.7% 23.7% 24.6% 22.0% 22.6%
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Cash Flow (R$ million) Comparative Segments (%) Revenue Share (%) Previous Segment 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 Mobile Devices 26.5% 23.4% 27.4% 21.4% 13.2% 17.7% Office & IT Supplies 23.7% 24.6% 23.4% 26.7% 40.2% 35.1% Home Electric Products 34.7% 35.8% 33.8% 34.4% 33.4% 30.3% Kids & Mobility 15.1% 16.1% 15.4% 17.4% 13.2% 16.9% Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Revenue Share (%) Current Segment 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 Corporate 50.5% 39.5% 48.2% 37.5% 43.8% 36.6% Tech Retail 37.8% 50.1% 41.3% 46.0% 44.8% 49.6% Specialized Retail 11.7% 10.4% 10.5% 16.5% 11.4% 13.8% Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Gross Profit Share (%) Previous Segment 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 Mobile Devices 24.5% 15.6% 21.5% 15.6% 12.1% 14.4% Office & IT Supplies 14.4% 16.3% 22.1% 23.1% 20.6% 19.5% Home Electric Products 37.0% 42.0% 33.2% 37.7% 44.0% 38.4% Kids & Mobility 24.1% 26.2% 23.1% 23.6% 23.3% 27.8% Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Gross Profit Share (%) Current Segment 2Q25 1Q25 4Q24 3Q24 2Q24 1Q24 Corporate 36.7% 23.0% 39.0% 29.8% 24.5% 22.6% Tech Retail 42.3% 58.9% 44.9% 49.7% 55.8% 55.6% Specialized Retail 20.9% 18.1% 16.1% 20.5% 19.7% 21.8% Total 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%
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DISCLAIMER DISCLAIMER DISCLAIMER The statements contained in this report regarding th e business prospects of Grupo Multilaser, projections and its growth potential are mere forecasts and were based on our expectations, beliefs and assumptions regarding the Company's future. Such expectations are subject to risks and uncertainties, since they are dependent on changes in the market and in the general economic performance of the country, the sector and the international market, the price and competitiveness of products, the acce ptance of products by the market, exchange rate fluctuations, supply and production difficulties, among other risks, and are therefore subject to significant changes. They do not constitute guarantees of performance.