Earnings release
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1 Q3 - 25 Earning Release ______________________________________________
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2 Simplification in final stages, yet temporary disturbances and macro led to tough Q3-25 results ● Brazil impacted by consumer slowdown, leading to profitability contraction amid G&A deleverage ● Natura and Avon integration rolled out in all Latam markets, with Argentina hit by temporary operational disturbances and Mexico already on a rebound trend ● Closing of Avon International (ex-Russia) sale expected in 1Q-26, while Avon CARD divestment was already completed Net revenues were BRL 5,194 million, -13.1% YoY, mainly explained by the slowdown in Brazil and issues in Argentina and Mexico integration. It was also impacted by a notable BRL appreciation against Hispanic market currencies and negative hyperinflation effect from Argentina. On a constant currency (“CC”) basis, revenues were down -3.8% year-on-year, driven by: ● Brazil -3.7% YoY performance driven by Natura brand flat top -line ( -0.2% YoY) and Avon -17.3% YoY decline. Both brands were affected by the consumer slowdown that has weighed on the beauty market since June, though Avon was also already struggling with a lack of innovative SKUs while awaiting its relaunch kick-off in the first half of next year ● Hispanic markets -3.9% YoY in CC (ex -Argentina -1.6% YoY in CC) with Natura brand up +12.3% YoY in CC and Avon and Home & Style down YoY in CC by -27.2% and -35.9%, respectively. In Argentina, all categories were severely impacted by the Natura and Avon integration (“Wave 2”) in July . Ex- Argentina, both Natura and Avon showed an improved YoY performance compared to the one posted in Q2 -25, mainly driven by Mexico, which is gradually recovering from the Wave 2 implementation held in May/25 Underlying EBITDA was BRL 577 million, implying an 11.1% margin, reflecting: ● Brazil underlying EBITDA which landed at BRL 519 million with a 16.2% margin. The -690 bps YoY decrease in profitability is mainly explained by the G&A impact reflecting higher investments in innovation and systems, as mentioned in previous earnings releases. On a QoQ basis, G&A decreased by high single digits, benefitting from tactical expense reductions . 9M -25 G&A have been higher than 2024, since most structural investments are focused on our main country. After its set-up, along with the structural acti ons to unlock organizational efficiencies, SG&A will reduce significantly as a percentage of net revenues ● Hispanic underlying profitability was 4.5%, down -100 bps YoY, mainly explained by the expenses deleverage faced during the quarter amid Wave 2 temporary headwinds. Moreover, it is worth noting that underlying EBITDA margin ex-Argentina already showed a positive evolution YoY on the back of Mexico’s early re bound path and good performance from other more mature Wave -2 countries ● Group Corporate recurring expenses were BRL -32 million, down -27.8% YoY and representing -60 bps of consolidated net revenues vs. -70 bps in the same period last year Net income from continued operations was BRL -119 million compared to BRL +3 01 million in the same period last year, on the back of pressured revenues and profitability along with higher net financials expenses mainly from worsening of FX derivatives results. These effects were partially offset by lower tax expenses reflecting lower EBT. Net debt reached BRL 4.0 billion, flattish compared to net debt position in Q2-251, reflecting neutral cash flow to firm during the quarter. 1 The merger of Natura &Co Holding and Natura Cosméticos occurred on July 1st. Thus, comparable financial figures are from Holding until Q2-25 (BRL mn, %) 1 Brazil Hispanic Latam Natura Groupa Brazil Hispanic Latam Natura Groupa Net revenues 3.210 1.984 5.194 5.194 9.650 6.375 16.024 16.024 YoY growth - CC (%) -3,7% -3,9% -3,8% -3,8% 1,8% 7,1% 4,0% 4,0% YoY growth - BRL (%) -3,7% -24,9% -13,1% -13,1% 1,8% -7,1% -1,9% -1,9% Gross margin (%) 69,2% 64,1% 67,2% 67,2% 69,6% 63,1% 67,0% 67,0% YoY change (bps) -300 bps 300 bps -10 bps -10 bps -80 bps 220 bps 60 bps 60 bps Underlying EBITDA 519 90 609 577 1.879 375 2.254 2.154 YoY growth (%) -32,4% -38,7% -33,4% -33,7% -14,4% 66,5% -6,9% -3,5% Underlying EBITDA margin (%) 16,2% 4,5% 11,7% 11,1% 19,5% 5,9% 14,1% 13,4% YoY change (bps) -690 bps -100 bps -360 bps -350 bps -370 bps 260 bps -70 bps -30 bps Net income from continued operations -119 277 Net debt 4.044 4.044 a including corporate expenses Q3-25 9M-25 1 9M-25 data is pro-forma and considers 6M-25 results published in Q2-25 Natura &Co earnings release
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3 Message from Management Natura’s simplification process is finally nearing completion, with the announcement of a binding agreement to sell Avon International (ex-Russia) and the conclusion of the divestment of Avon Central America and Dominican Republic (“CARD”). Strategic alternatives for Avon Russia continue to advance, and it remains classified as an asset held for sale. In addition, to align the corporate structure with the ongoing streamlining process, both Natura &Co Holding and Avon Industrial were successfully merged into Natura Cosméticos S.A. Simplification of continued operations also advanced, with Argentina—the final remaining country—completing the integration of Avon and Natura brands (“Wave 2”) in July. Despite the great progress in our structure, this quarter’s financial performance was clearly unsatisfactory. The beauty market slowdown in Brazil, first observed in June-25, has persisted to date, leading the Natura brand’s growth to decelerate from low double digits to flat. The Avon brand was also affected by this macro headwind, but to a lesser extent, as it was already struggling with lack of innovative SKUs while awaiting its relaunch kick-off in the first half of next year. This Brazilian market context coincided with a peak in Argentina’s operational disturbances related to the Wave 2 rollout in July. These impacts overshadowed a recovering performance in Mexico, which was integrated in Q2. Since then, our business there has showed sequential monthly operational and financial improvements throughout the third quarter, giving us confidence that the volatility stemming from the Wave 2 process will soon be behind us. Together, those three key markets (~85% of our revenues) led to a low-teens decrease in our top-line. This decline led to G&A deleverage that outweighed the healthy gross margin and selling expense efficiencies delivered during Q3. From the ESG side, COP-30 is happening now in our backyard — the Amazon. As part of the Climate Action Solutions & Engagement coalition, we joined the dialogue in Belém to help scale climate and socio-environmental solutions and strengthen regenerative business models. Looking ahead, tactical actions taken in Q3 are expected to unlock more meaningful expense efficiencies in Q4. Together with the stabilization of Mexico and the still pressured but improved performance in Argentina, they should pave the way for better profitability in the coming quarter. Thus, we continue to expect an expansion in the FY-25 underlying EBITDA margin on a year-over-year basis. Despite the tough quarter, our goals presented during Natura Day in June did not change. The rebound in Mexico after Wave 2 is also key to position the country as a driver of Natura brand’s future sustainable growth, while defending and gaining market share in Brazil and Argentina. Moreover, we plan to shift our focus from tactical to structural actions to unlock organizational and corporate efficiencies, reducing our dependence on macro improvements to achieve the sustainable EBITDA growth, profitability expansion and return to our shareholders.
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4 ________________________________ 01 Results Summary (BRL mn, %) 1 Q3-25 Q3-24 % YoY Q3-25 Q3-24 % YoY Q3-25 Q3-24 % YoY Q3-25 Q3-24 % YoY Q3-25 Q3-24 % YoY Gross revenues 4.370 4.619 -5,4% 2.496 3.282 -23,9% 6.867 7.901 -13,1% 6.867 7.901 -13,1% Net revenues 3.210 3.333 -3,7% 1.984 2.643 -24,9% 5.194 5.976 -13,1% 5.194 5.976 -13,1% Natura 2.666 2.670 -0,2% 1.389 1.582 -12,2% 4.054 4.253 -4,7% 4.054 4.253 -4,7% Avon 437 529 -17,3% 415 714 -41,9% 852 1.242 -31,4% 852 1.242 -31,4% Home & Style 78 85 -9,0% 170 331 -48,7% 248 417 -40,6% 248 417 -40,6% Others 30 48 -39,1% 11 16 -32,5% 40 64 40 64 COGS -990 -926 7,0% -711 -1.027 -30,8% -1.702 -1.953 -12,9% -1.702 -1.953 -12,9% Gross profit 2.220 2.407 -7,8% 1.273 1.615 -21,2% 3.492 4.023 -13,2% 3.492 4.023 -13,2% Gross margin (%) 69,2% 72,2% -300 bps 64,1% 61,1% 300 bps 67,2% 67,3% -10 bps 67,2% 67,3% -10 bps Operating expenses -1.934 -1.885 2,6% -1.301 -1.589 -18,1% -3.235 -3.474 -6,9% -32 -118 -72,6% -3.267 -3.592 -9,0% as % of net revenues -60,2% -56,5% -370 bps -65,6% -60,1% -550 bps -62,3% -58,1% -420 bps -62,9% -60,1% -280 bps Selling expenses -1.356 -1.453 -6,6% -952 -1.171 -18,7% -2.308 -2.624 -12,0% -2.308 -2.624 -12,0% G&A expenses -515 -367 40,3% -316 -366 -13,7% -831 -733 13,3% -32 -44 -26,8% -863 -777 11,1% Transformation costs -76 -82 -7,1% -32 -39 -18,9% -108 -121 -10,9% 10 -11 -189,3% -98 -132 -25,7% Other revenues / expenses 14 17 -20,2% -2 -13 -87,4% 12 5 167,9% -10 -63 -84,0% 2 -59 -103,6% EBIT 286 523 -45,3% -28 26 -208,5% 258 549 -53,1% -32 -118 -72,6% 225 431 -47,7% EBIT margin (%) 8,9% 15,7% -680 bps -1,4% 1,0% -240 bps 5,0% 9,2% -420 bps 4,3% 7,2% -290 bps D&A 153 147 3,7% 86 81 7,3% 239 228 5,0% 239 228 5,0% EBITDA 439 670 -34,5% 58 107 -45,6% 497 777 -36,0% -32 -118 -72,6% 464 659 -29,5% EBITDA margin (%) 13,7% 20,1% -640 bps 2,9% 4,0% -110 bps 9,6% 13,0% -340 bps -0,6% -2,0% 140 bps 8,9% 11,0% -210 bps EBITDA adjustments 81 98 -18,0% 32 39 -19,9% 112 138 -18,6% 0 73 -99,7% 112 211 -46,8% Underlying EBITDA 519 768 -32,4% 90 146 -38,7% 609 914 -33,4% -32 -44 -27,8% 577 870 -33,7% Underlying EBITDA margin (%) 16,2% 23,1% -690 bps 4,5% 5,5% -100 bps 11,7% 15,3% -360 bps -0,6% -0,7% 10 bps 11,1% 14,6% -350 bps Net financials -431 -170 152,7% EBT -205 261 -178,8% Taxes 87 41 111,5% as % of EBT -42,1% 15,7% -5780 bps Net income from continued operations -119 301 -139,4% Net margin (%) -2,3% 5,0% -730 bps Discontinued operations -1.807 -6.995 -74,2% Net income / loss -1.926 -6.694 -71,2% 1 Q3-24 data is pro-forma and was publisehd in Q3-24 Natura &Co Holding earnings release results (BRL mn, %) 1 9M-25 9M-24 % YoY 9M-25 9M-24 % YoY 9M-25 9M-24 % YoY 9M-25 9M-24 % YoY 9M-25 9M-24 % YoY Gross revenues 13.196 13.292 -0,7% 8.037 8.619 -6,8% 21.232 21.911 -3,1% 21.232 21.911 -3,1% Net revenues 9.650 9.477 1,8% 6.375 6.858 -7,1% 16.024 16.335 -1,9% 16.024 16.335 -1,9% Natura 7.981 7.531 6,0% 4.348 4.164 4,4% 12.329 11.694 5,4% 12.329 11.694 5,4% Avon 1.343 1.563 -14,1% 1.418 1.788 -20,7% 2.761 3.351 -17,6% 2.761 3.351 -17,6% Home & Style 229 247 -7,2% 560 849 -34,1% 789 1.096 -28,0% 789 1.096 -28,0% Others 97 136 -28,7% 48 57 -15,6% 145 193 -24,8% 145 193 -24,8% COGS -2.933 -2.810 4,4% -2.353 -2.681 -12,2% -5.286 -5.490 -3,7% -5.286 -5.490 -3,7% Gross profit 6.716 6.667 0,7% 4.022 4.178 -3,7% 10.738 10.845 -1,0% 10.738 10.845 -1,0% Gross margin (%) 69,6% 70,4% -80 bps 63,1% 60,9% 220 bps 67,0% 66,4% 60 bps 67,0% 66,4% 60 bps Operating expenses -5.469 -4.949 10,5% -4.015 -4.252 -5,6% -9.483 -9.202 3,1% -151 -308 -51,2% -9.634 -9.510 1,3% as % of net revenues -56,7% -52,2% -450 bps -63,0% -62,0% -100 bps -59,2% -56,3% -290 bps -60,1% -58,2% -190 bps Selling expenses -3.940 -3.958 -0,5% -2.957 -3.067 -3,6% -6.897 -7.025 -1,8% -6.897 -7.025 -1,8% G&A expenses -1.404 -1.024 37,2% -915 -1.087 -15,8% -2.319 -2.110 9,9% -143 -189 -24,0% -2.463 -2.299 7,1% Transformation costs -189 -166 13,3% -133 -63 109,5% -321 -230 39,9% -1 -12 -88,4% -323 -242 33,5% Other revenues / expenses 64 199 -67,6% -10 -35 -70,6% 54 164 -67,0% -6 -108 -94,6% 48 56 -14,1% EBIT 1.248 1.718 -27,4% 7 -75 -109,2% 1.255 1.643 -23,6% -151 -308 -51,2% 1.104 1.334 -17,3% EBIT margin (%) 12,9% 18,1% -520 bps 0,1% -1,1% 120 bps 7,8% 10,1% -230 bps 6,9% 8,2% -130 bps D&A 433 444 -2,5% 236 238 -1,0% 668 682 -2,0% 668 682 -2,0% EBITDA 1.680 2.161 -22,3% 242 163 48,6% 1.923 2.324 -17,3% -151 -308 -51,2% 1.772 2.016 -12,1% EBITDA margin (%) 17,4% 22,8% -540 bps 3,8% 2,4% 140 bps 12,0% 14,2% -220 bps -0,9% -1,9% 100 bps 11,1% 12,3% -120 bps EBITDA adjustments 198 33 502,6% 133 62 113,3% 331 95 248,0% 51 121 -58,1% 382 216 76,7% Underlying EBITDA 1.879 2.194 -14,4% 375 225 66,5% 2.254 2.419 -6,9% -100 -188 -46,7% 2.154 2.232 -3,5% Underlying EBITDA margin (%) 19,5% 23,2% -370 bps 5,9% 3,3% 260 bps 14,1% 14,8% -70 bps -0,6% -1,1% 50 bps 13,4% 13,7% -30 bps Net financials -758 -646 17,4% EBT 345 688 -49,8% Taxes -69 -1.125 -93,9% as % of EBT -19,8% -163,4% 14360 bps Net income from continued operations 277 -437 -163,4% Net margin (%) 1,7% -2,7% 440 bps Discontinued operations -2.158 -8.055 -73,2% Net income / loss -1.881 -8.491 -77,8% 1 9M-24 data is pro-forma and was publisehd in Q3-24 Natura &Co Holding earnings release results. 9M-25 data is also pro-forma and considers 6M-25 results published in Q2-25 Natura &Co earnings release 9M-25 Brazil Hispanic Latam Group Corporate Natura Group Q3-25 Brazil Hispanic Latam Group Corporate Natura Group
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5 ________________________________ 02 Brazil Operational and Financial Performance A. Performance by brand Natura Brazil ● Natura in Brazil posted a flat performance ( -0.2% YoY) in Q3 -25 on a tough comp base (+19.4% YoY in Q3 -24) amid a consumer slowdown that has particularly affected the beauty market since June, as noted in our Q2-25 earnings release. The decelerating trend was mainly driven by decreasing activity from less productive beauty consultants on the back of more restrictive credit availability — a trend typically observed during macro turmoil ● In 9M -25, the brand posted a +6.0% YoY top -line growth, broadly aligned with YTD Brazilian beauty market performance, according to internal estimates. The brand’s main strategy in the region remains to defend and gain market share even among softer market trends Avon Brazil ● Top-line declined -17.3% YoY, down from the -12.9% YoY decrease recorded in Q2 -25. As mentioned in the previous earnings release, the brand remains affected by a limited pipeline of innovative SKUs, with this quarter also reflecting the impacts of softening consumer demand. In addition, the plant migration from Interlagos to Cajamar caused some temporary products shortages. The migration was completed in October, and operations are expected to normalize shortly. Moreover, the brand relaunch is expected to kick off in H1-26, including a portfolio refresh aligned with Avon’s new positioning Home & Style ● Brazil declined -9.0% YoY, a similar trend to the one posted in Q1 -25, but a deterioration compared to +2.8% YoY delivered in Q2 -25, when it benefited from a particularly successful opportunistic campaign (BRL mn, %) Q3-25 Q3-24 %YoY BRLa 9M-25 9M-24 %YoY BRLa Total 3.210 3.333 -3,7% 9.650 9.477 1,8% YoY growth - CC (%) -3,7% 16,4% 1,8% 9,9% Natura 2.666 2.670 -0,2% 7.981 7.531 6,0% YoY growth - CC (%) -0,2% 19,4% 6,0% 15,3% Avon 437 529 -17,3% 1.343 1.563 -14,1% YoY growth - CC (%) -17,3% 14,4% -14,1% 0,1% Home & Style 78 85 -9,0% 229 247 -7,2% YoY growth - CC (%) -9,0% -29,8% -7,2% -38,6% Others 30 48 -39,1% 97 136 -28,7% YoY growth - CC (%) -39,1% -28,7% a YoY growth in BRL is the same of YoY growth in CC Brazil
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6 B. Performance by distribution channel Relationship selling ● Top-line declined -6.8% YoY impacted by the -4.3% YoY decrease in beauty consultants coupled with diminished productivity, largely reflecting the Avon brand’s performance, as mentioned in the “Performance by brand” section. Moreover, productivity was mainly affected by the less productive consultants, which are more severely hit by credit constrictions, while the more productive ones continued to show YoY improvement Omni/Digital ● Revenues were up +25.9% YoY , benefited by increased traffic on our digital platforms, particularly boosted by dedicated initiatives such as live commerce streaming, aligned with what was mentioned in the Q2-25 earnings release. Furthermore, during this quarter, “Minha Loja” (My Own Store) tool was launched for our beauty consultants to push social selling and further advance the digitalization of relationship selling Retail ● The store base maintained a strong growth pace, with 89 new stores added YoY. Combined with a +13.3% SSS, this resulted in a +11.7% YoY revenue growth. The mismatch between SSS and YoY revenue growth is explained by 13 own stores which are currently under refurbishment and will reopen for the holiday season Despite the consumer slowdown, omni/digital and retail channels continued to deliver healthy double-digit revenue growth, given their still -low penetration in total revenues , positioning them as key top-line growth levers even amid challenging consumer conditions. Q3-25 Q3-24 % YoY 9M-25 9M-24 % YoY Operational KPIs # of consultantsa ('000) 1.514 1.583 -4,3% 1.515 1.580 -4,1% # Identified Clients (mn) 8,2 6,9 18,1% 8,2 6,9 18,1% Total Stores 1.032 943 9,4% 1.032 943 9,4% Own stores 160 128 25,0% 160 128 25,0% Franchise stores 872 815 7,0% 872 815 7,0% SSS growth (%) 13,3% 19,7% -640 bps 16,4% 22,5% -610 bps Revenue per channel (BRL mn) Relationship selling (non-digital) 2.751 2.951 -6,8% 8.363 8.446 -1,0% Omni / Digital 273 217 25,9% 710 553 28,3% Retail 186 167 11,7% 576 480 20,0% a Considers the Average Available Beauty Consultants Brazil
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7 C. Emana Pay Emana Pay is a key lever to boost the beauty consultants’ productivity by improving their access to working capital through more assertive and data-driven credit, supported by our CRM insights. At the same time, it plays an important role in digitalizing our distribution channel, enabling multiple payment options at the point of sale to the final consumer. Active users ● Number of active users increased by 49% YoY reaching 36% of total consultants, compared to a 23% penetration in Q3-24 Total payment volume ● During the quarter, TPV was down -2% YoY and decelerated when compared to the pace of growth seen in previous quarters (9M25 at +7%), due to the steep deceleration of the industry in Brazil Credit penetration ● Emana Pay adoption continued to increase quickly, aligned with the company’s strategy, and its credit outstanding reached nearly 32% of sell-in sales and almost ~40% by the end of the quarter ● Moreover, as a result of the continued increase in credit penetration on the Emana Pay platform, another BRL 250 million tranche of the FIDC was issued in October/25, generating an inflow of BRL 200 million. After this operation, FIDC totaled BRL 750 million, of which BRL 550 million corresponds to senior investors and the remainder to the subordinated tranche NPL – 90 days ● The overall level of NPL-90 days of the whole company (Emana + non-Emana) remained broadly flat YoY (from 5.3% in Q3 -24 to 5.4% in Q3-25) . It is worth noting that, a s credit penetration on Emana Pay increases, less productive consultants, which are already more prone to missing payments, migrate to the financial platform ● The increase in Emana Pay penetration (to 32% in Q3 -25 vs. 10% in the same period last year) explains most of the YoY movement in the delinquency ratio to 4.7% ● Importantly, delinquency levels within Emana Pay remain below those of the non-Emana portfolio, reflecting better risk selection, monitoring, and engagement ● To a lesser extent, the still -restrictive interest rate environment and the overall deterioration of the Brazilian credit market also impacted NPL levels. Even under these conditions, Emana maintains a disciplined and more selective credit policy (as mentioned in the “Performance by brand” section ), supporting portfolio quality and the sustainability of future growth Q3-25 Q3-24 % YoY 9M-25 9M-24 % YoY # active users (k) 543 363 49% 543 363 49% Total payment volume (BRL mn) 15.846 16.161 -2% 46.092 43.025 7% Credit penetration - % sell-in 31,7% 9,9% 2180 bps 24,4% 6,3% 1810 bps NPL - 90 days (%) 4,7% 1,1% 360 bps 4,7% 1,1% 360 bps Brazil
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8 D. Financial Performance ● Net revenues went down 3.7% YoY on the back of flat performance from the Natura brand and the still-impacted top line of the Avon brand, whose relaunch is scheduled to kick off in the first semester of 2026 ● Gross margin landed at a sound level of 69.2% in Q3 -25 but implying a -300 bps YoY contraction on the back of a very tough comparison base. During 9M-25, gross margin was 69.6%, indicating broad stability during the year and healthy promotional levels despite the challenging macro scenario ● Selling expenses given its more variable nature, accompanied the decrease in revenues and went down 6.6% YoY, landing at 42.3% of net revenues, compared to 4 3.6% in the same period last year ● G&A expenses reached BRL 515 million during the quarter and represented 16.0% of net revenues vs. 11.0% in Q3-24. On a YoY basis, G&A increased 40.3% mainly explained by higher investments in innovation and systems, as mentioned in previous earnings release s. However, on a QoQ basis , Brazil’s G&A decreased by high single digits, benefitting from tactical expense reductions. 9M-25 Brazil’s G&A have been higher than the same period last year because most structural investments are focused on our main country ● Transformation costs were BRL 76 million ( -7.1% YoY) with ~70% related to system investments, ~10% industry plant investments and the remaining mostly related to severance expenses ● Underlying EBITDA and margin landed at BRL 519 million and 16.2%, respectively. The -690 bps YoY decrease in profitability is mainly explained by the G&A impact as mentioned above. Given the time lag between the tactical actions implemented and the actual results, the effect was not as meaningful in Q3-25. Thus, the benefits of such initiatives should be more relevant in the next quarter. Furthermore, once the structural investments along with the structural actions aimed at unlocking organizational and corporate efficiencies are fully implemented, SG&A should become more efficient and thus, decrease significantly as a percentage of net revenues (BRL mn, %) Q3-25 Q3-24 % YoY 9M-25 9M-24 % YoY Net revenues 3.210 3.333 -3,7% 9.650 9.477 1,8% COGS -990 -926 7,0% -2.933 -2.810 4,4% Gross profit 2.220 2.407 -7,8% 6.716 6.667 0,7% % gross margin 69,2% 72,2% -300 bps 69,6% 70,4% -80 bps Selling expenses -1.356 -1.453 -6,6% -3.940 -3.958 -0,5% % net revenues -42,3% -43,6% 130 bps -40,8% -41,8% 100 bps G&A -515 -367 40,3% -1.404 -1.024 37,2% % net revenues -16,0% -11,0% -500 bps -14,6% -10,8% -380 bps Transformation costs -76 -82 -7,1% -189 -166 13,3% % net revenues -2,4% -2,5% 10 bps -2,0% -1,8% -20 bps Other revenues / expenses 14 17 -20,2% 64 199 -67,6% % net revenues 0,4% 0,5% -10 bps 0,7% 2,1% -140 bps EBIT 286 523 -45,3% 1.248 1.718 -27,4% % EBIT margin 8,9% 15,7% -680 bps 12,9% 18,1% -520 bps D&A 153 147 3,7% 433 444 -2,5% % net revenues 4,8% 4,4% 40 bps 4,5% 4,7% -20 bps EBITDA 439 670 -34,5% 1.680 2.161 -22,3% % EBITDA margin 13,7% 20,1% -640 bps 17,4% 22,8% -540 bps EBITDA adjustments 81 98 -18,0% 198 33 502,6% % net revenues 2,5% 3,0% -50 bps 2,1% 0,3% 180 bps Transformation costs 76 82 -7,1% 189 166 13,3% Other adjustments 4 16 -73,4% 10 -133 -107,3% Underlying EBITDA 519 768 -32,4% 1.879 2.194 -14,4% % Underlying EBITDA margin 16,2% 23,1% -690 bps 19,5% 23,2% -370 bps Brazil P&L
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9 ________________________________ 03 Hispanic Operational and Financial Performance A. Performance by brand Natura Hispanic ● Top-line was up +12.3% in CC or down -12.2% in BRL, mainly driven by the performance in Argentina and FX headwinds. During Q3 -25, our operation s in Argentina were severely impacted by temporary operational disturbances that rose from the Natura and Avon integration after the roll-out in July, as well as the macro slowdown in the country ● Ex-Argentina, CC growth was at a high single-digit level, implying a rebound from the low single-digit rate posted in Q2-25. The QoQ improvement on the ex-Argentina performance was mainly driven by Natura Mexico, which is gradually recovering from the Wave 2 implementation held in May/25. Although the brand is not yet at its full running rate, each month of the third quarter showed sequential improvement, giving us confidence that the Wave 2 volatility faced in the region is temporary and positioning 2026 as an important year for the brand’s growth Avon Hispanic ● Revenues shrank -27.2% in CC and -41.9% in BRL. Just like Natura, Avon was impacted in Q3-25 by FX headwinds and the brand’s performance in Argentina, amid the Wave 2 implementation. Avon was also hit by the full -quarter effect of the transition to a digital-only magazine in the country, which marked the discontinuation of the physical brochure distribution in June/25. However, similarly to Natura, the brand showed some recovery in its ex-Argentina performance, posting -15.4% as compared to -20.5% in Q2-25 Home & Style Hispanic ● Revenues slumped -35.9% on CC and -48.7% in BRL, as result of Wave 2 implementation in Argentina in July and in Mexico in May. The category was particularly impacted by the reduction in the consultant base and by commercial model adjustments implemented during the integration process (BRL mn, %) Q3-25 Q3-24 %YoY BRL 9M-25 9M-24 %YoY BRL Total 1.984 2.643 -24,9% 6.375 6.858 -7,1% YoY growth - CC (%) -3,9% 22,6% 7,1% 13,2% Natura 1.389 1.582 -12,2% 4.348 4.164 4,4% YoY growth - CC (%) 12,3% 34,7% 21,5% 28,3% Avon 415 714 -41,9% 1.418 1.788 -20,7% YoY growth - CC (%) -27,2% 19,8% -10,5% 4,7% Home & Style 170 331 -48,7% 560 849 -34,1% YoY growth - CC (%) -35,9% -13,5% -25,9% -19,5% Others 11 16 -32,5% 48 57 -15,6% YoY growth - CC (%) -6,2% -4,0% Hispanic
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10 B. Performance by distribution channel Relationship selling ● Revenues were down -25.8%, mainly driven by the -15.8% YoY decline in beauty consultants, reflecting the Wave 2 process in Argentina. In addition, the revenue decline was also impacted by FX headwinds Omni/Digital ● Revenues decreased -14.6% YoY mainly explained by Argentina’s top -line performance amid Wave 2 integration as mentioned in the “Performance by brand” section Retail ● The solid expansion of own stores continued, with 32 new stores added during the period, which combined with +3.5% SSS led to a growth of +17.4% YoY in retail revenues . Revenues in BRL were also impacted by FX headwinds, but since penetration of retail in Argentina revenues is lower, impact was not as harsh compared to Digital and Relationship Selling Revenues per channel are published in BRL and in accordance to IAS 29 hyperinflatio n accounting effecting . Thus, YoY change of revenu es by channel are mostly a reflex of the hyperinflation accounting and FX headwinds. Q3-25 Q3-24 % YoY 9M-25 9M-24 % YoY Operational KPIs # of consultantsa ('000) 1.253 1.489 -15,8% 1.336 1.498 -10,8% # Identified Clients (mn) 1,2 0,8 39,1% 1,2 0,8 39,1% Total Stores 90 58 55,2% 90 58 55,2% Own stores 90 58 55,2% 90 58 55,2% Franchise stores 0 0 n.a. 0 0 n.a. SSS growth (%) 3,5% 7,1% -360 bps 4,9% 11,5% -660 bps Net Revenue per channel (BRL mn) Relationship selling (non-digital) 1.885 2.541 -25,8% 6.060 6.605 -8,3% Omni / Digital 50 58 -14,6% 167 144 16,1% Retail 50 42 17,4% 148 108 37,1% a Considers the Average Available Beauty Consultants Hispanic
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11 C. Financial Performance ● Net revenues went down -24.9% YoY amid temporary disturbances from Wave 2 in Argentina coupled with FX headwinds and severe hyperinflation impact. These combined effects more than offset the rebound in Hispanic ex-Argentina CC YoY performance across both brands, driven by Mexico’s ongoing recovery ● Gross margin landed at 64.1%, improving +300 bps YoY mainly due to the hyperinflation accounting in Argentina which, while negatively impacting the country’s revenues, had a more meaningful benefit on the region’s COGS, thereby improving the accounting gross margin on a YoY basis . Excluding such effect, YoY margins were pressured by the Wave 2 implementation in both Argentina and Mexico, although the latter is already showing QoQ improvement ● Selling expenses went down -18.7% YoY, following the reduction in revenues. However, such reduction was not enough to completely offset the deleverage impact, which led selling expenses to land at 48.0% of net revenues compared to 44.3% in the same period last year ● G&A expenses were impacted by severance focused on further streamlining the business unit structure. Excluding such effect, G&A would have shown a YoY decrease similar to the revenues. In addition, G&A was also hit by central allocation expenses that are mainly BRL - linked. Thus, FX headwinds on the top line d id not translate in to the same benefit for expenses ● Transformation costs were BRL 32 million ( -18.9% YoY) with ~ 70% related to severanc e expenses and ~25% linked to logistics investments ● Underlying EBITDA landed at BRL 90 million, implying a 4.5% profitability. The -100 bps YoY drop was mainly explained by the expense deleverage faced during the quarter amid Wave 2 temporary headwinds. Moreover, it is worth noting that underlying EBITDA margin ex - Argentina already showed a positive evolution YoY on the back of Mexico’s e arly rebound path and good performance from other more mature Wave-2 countries (BRL mn, %) Q3-25 Q3-24 % YoY 9M-25 9M-24 % YoY Net revenues 1.984 2.643 -24,9% 6.375 6.858 -7,1% COGS -711 -1.027 -30,8% -2.353 -2.681 -12,2% Gross profit 1.273 1.615 -21,2% 4.022 4.178 -3,7% % gross margin 64,1% 61,1% 300 bps 63,1% 60,9% 220 bps Selling expenses -952 -1.171 -18,7% -2.957 -3.067 -3,6% % net revenues -48,0% -44,3% -370 bps -46,4% -44,7% -170 bps G&A -316 -366 -13,7% -915 -1.087 -15,8% % net revenues -15,9% -13,9% -200 bps -14,4% -15,8% 140 bps Transformation costs -32 -39 -18,9% -133 -63 109,5% % net revenues -1,6% -1,5% -10 bps -2,1% -0,9% -120 bps Other revenues / expenses -2 -13 -87,4% -10 -35 -70,6% % net revenues -0,1% -0,5% 40 bps -0,2% -0,5% 30 bps EBIT -28 26 -208,5% 7 -75 -109,2% % EBIT margin -1,4% 1,0% -240 bps 0,1% -1,1% 120 bps D&A 86 81 7,3% 236 238 -1,0% % net revenues 4,4% 3,0% 140 bps 3,7% 3,5% 20 bps EBITDA 58 107 -45,6% 242 163 48,6% % EBITDA margin 2,9% 4,0% -110 bps 3,8% 2,4% 140 bps EBITDA adjustments 32 39 -19,9% 133 62 113,3% % net revenues 1,6% 1,5% 10 bps 2,1% 0,9% 120 bps Transformation costs 32 39 -18,9% 133 63 109,5% Other adjustments 0 0 -100,0% 0 -1 -91,4% Underlying EBITDA 90 146 -38,7% 375 225 66,5% % Underlying EBITDA margin 4,5% 5,5% -100 bps 5,9% 3,3% 260 bps Hispanic P&L
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12 ________________________________ 04 Financial Performance Natura ● Net revenues went down -13.1% YoY reflecting a deceleration in Brazil and poor performance from the Hispanic region, along with FX and hyperinflation headwinds ● Gross margin landed at 67.2%, down 10 bps YoY on the back of a tough comparison base but improving on a QoQ basis from 66.4% in Q2-25 ● Selling expenses went down -12.0% YoY, following the reduction in revenues. However, such reduction was not enough to completely offset the deleverage impact felt on Hispanic markets, and led selling expenses up 50 bps YoY to 44.4% of net revenues ● G&A expenses were up 11.1% YoY, mainly driven by higher investments in innovation and systems (as mentioned in “Brazil operational and financial performance section”), along with severance and related provisions from Hispanic markets. These effects together more than offset group corporate recurring expenses, which landed at BRL -32 million, down -27.7% YoY and represent ing -60 bps of consolidated net revenues vs. -70 bps in the same period last year ● 9M-25 Brazil’s G&A were higher than in the same period last year, as most structural investments are concentrated in our main country. Similar investments will also be made in the Hispanic region, but with much lower set-up expenses expected ● Underlying EBITDA landed at BRL 577 million and margin was 11.1%. The -350 bps YoY drop was mainly explained by the -360 bps YoY G&A expense deleverage, as mentioned above. Tactical actions taken in Q3 are expected to unlock more meaningful expense efficiencies in Q4. Together with the stabilization of Mexico and the still-pressured but improved performance in Argentina, these measures should pave the way for better profitability in the coming quarter. Thus, we remain confident on expanding the FY-25 underlying EBITDA margin on a year-over- year basis. Furthermore, after the set-up of the structural investments along with the structural actions to unlock organizational and corporate efficiencies, SG&A will be more efficient and thus, decrease significantly as a percentage of net revenues (BRL mn, %) 1 Q3-25 Q3-24 % YoY 9M-25 9M-24 % YoY Net revenues 5.194 5.976 -13,1% 16.024 16.335 -1,9% COGS -1.702 -1.953 -12,9% -5.286 -5.490 -3,7% Gross profit 3.492 4.023 -13,2% 10.738 10.845 -1,0% % gross margin 67,2% 67,3% -10 bps 67,0% 66,4% 60 bps Selling expenses -2.308 -2.624 -12,0% -6.897 -7.025 -1,8% % net revenues -44,4% -43,9% -50 bps -43,0% -43,0% 0 bps G&A -863 -777 11,1% -2.463 -2.299 7,1% % net revenues -16,6% -13,0% -360 bps -15,4% -14,1% -130 bps Transformation costs -98 -132 -25,7% -323 -242 33,5% % net revenues -1,9% -2,2% 30 bps -2,0% -1,5% -50 bps Other revenues / expenses 2 -59 -103,6% 48 56 -14,1% % net revenues 0,0% -1,0% 100 bps 0,3% 0,3% 0 bps EBIT 225 431 -47,7% 1.104 1.334 -17,3% % EBIT margin 4,3% 7,2% -290 bps 6,9% 8,2% -130 bps D&A 239 228 5,0% 668 682 -2,0% % net revenues 4,6% 3,8% 80 bps 4,2% 4,2% 0 bps EBITDA 464 659 -29,5% 1.772 2.016 -12,1% % EBITDA margin 8,9% 11,0% -210 bps 11,1% 12,3% -120 bps EBITDA adjustments 112 211 -46,8% 382 216 76,7% % net revenues 2,2% 3,5% -130 bps 2,4% 1,3% 110 bps Transformation costs 98 132 -25,7% 323 242 33,5% Other adjustments 14 79 -81,9% 59 -26 -327,8% Underlying EBITDA 577 870 -33,7% 2.154 2.232 -3,5% % Underlying EBITDA margin 11,1% 14,6% -350 bps 13,4% 13,7% -30 bps Natura Group 1 Q3-24 data is pro-forma and was publisehd in Q3-24 Natura &Co Holding earnings release results 9M-24 data is pro-forma and was publisehd in Q3-24 Natura &Co Holding earnings release results. 9M-25 data is also pro-forma and considers 6M-25 results published in Q2-25 Natura &Co earnings release
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13 ________________________________ 05 Net Financials During the quarter, net financials were BRL -431 million compared to BRL -170 million in Q3- 24. The BRL - 261 million YoY worsening is mainly explained by BRL -246 million deterioration of net results from financing activities, reflecting: ● Financial expenses were BRL 145 million on the back of a total debt of BRL 6,634 million, implying a 2.2% quarter interest rate. The 34.7% YoY increase is mainly driven by the CDI hike in the same period ● Financial income was BRL 37 million, implying a 1.6% quarterly cash yield on the BRL 2,253 million total cash and equivalents position. The low cash yield is mainly explained by the BRL 303 million position held in USD and lower average cash in the quarter compared to the one at the end of Q3-25 ● Results from FX derivatives were BRL -170 million on the back of another quarter of BRL appreciation against USD and higher FX derivative notional – from USD 420 million in Q4-24 (as mentioned in Q4 earnings release) to USD 720 million in Q3-25 (BRL mn, %) 1 Q3-25 Q3-24 % YoY 9M-25 9M-24 % YoY Net results from financing activities -278 -32 774,1% -859 -162 430,0% Financial expenses -145 -108 34,7% -412 -453 -9,0% Financial income 37 55 -32,0% 101 273 -62,9% Results from FX derivatives -170 21 -918,9% -548 18 -3176,6% Judicial contingencies -9 -10 -5,8% -31 -19 64,5% Other financial results -144 -129 11,4% 131 -465 -128,3% Lease expenses -35 -22 59,2% -87 -76 13,9% Net exchange rate variation -203 -18 1054,7% 223 -53 -520,8% Hyperinflation effect -8 -33 -75,1% -30 -192 -84,5% Others 102 -57 -280,3% 25 -144 -117,3% Net financials -431 -170 152,7% -758 -646 17,5% 1 Q3-24 data is pro-forma and was publisehd in Q3-24 Natura &Co Holding earnings release results 9M-24 data is pro-forma and was publisehd in Q3-24 Natura &Co Holding earnings release results. 9M-25 data is also pro-forma and considers 6M-25 results published in Q2-25 Natura &Co earnings release
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14 ________________________________ 06 Net Income In Q3-25, net income was BRL -1,926 million compared to BRL -6,694 million in the same period last year. Discontinued operations ● This quarter, discontinued operations were impacted by BRL -1,807 million from Avon International’s non-cash non-recurring impairment. The entity was valued at £ 1,00 (according to the material fact published on September 18th) and its book value was BRL 2,793 million1. The BRL 2.8 billion impairment was partially offset by the ~BRL 1.0 billion gain from the recognition of the Avon Latam brand rights, as mentioned in the same material fact. The Avon brand for the Latin American region, including related economic rights and intellectual property infrastructure, was not part of the Avon International Sale perimeter and will remain with Natura ● Q3-24 had been impacted by a BRL -6,995 million non-cash non-operating effect from Avon Products Inc. deconsolidation, as mentioned in the Q3-24 earnings release Continued operations In Q3-25, continued operations net loss was BRL -119 million compared to net income of BRL +301 million in the same period last year, reflecting: ● EBIT lower by BRL -206 million on a year -over-year comparison base , driven by pressured revenues and profitability amid macro slowdown, Wave 2 temporary volatility and G&A deleverage ● Net financials deterioration of BRL -260 million YoY on the back of the CDI hike compared to Q3-24 and worsening results from FX derivatives ● Taxes BRL +46 million improvement versus same period last year explained by lower EBT 1. From Natura &Co Holding Q2-25 financial statements – explanatory note 19 -6.694 301 -119 -1.926 -1.807 Net Income 3Q-24 6.995 Discontinued Operations. Net Income Cont. Op. 3Q-24 -206 YoY EBIT -260 YoY Net Fanancials 46 YoY Taxes Net Income Cont. Op. 3Q-25 Discontinued Operations. . Net Income 3Q-25
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15 ________________________________ 07 Cash Flow In Q3-25, free cash flow from continuing operations represented an outflow of BRL -101 million compared to a positive inflow of BRL 1,300 million in the same period last year, implying a deterioration of BRL -1,401 million YoY. From a cash flow to firm perspective, the YoY comparison is broadly similar, with Q3-25 landing at BRL +11 million from BRL 1,256 million in the previous year. That said, it is worth noting that Q3-24 was particularly benefited by the reversion of a meaningful working capital consumption during 1H-24. In turn, the YTD results, which exclude the particularly tough 1H -24 cash flow profile compared to the strong 1H -25, points toward a different analysis. Free cash flow from continuing operations represented an outflow of BRL -112 million in 9M-25 compared to a positive one of BRL 60 million in the same period last year. Moreover, free cash flow to firm from continuing operations released BRL +300 million vs. BRL +381 million last year, implying a BRL -81 million reduction YoY, reflecting: ● BRL -218 million YoY decrease in YTD adjusted net income, impacted by the worse Q3 -25 operational results when compared to Q3 -24. However, such reduction was more than offset by more efficient income tax and social contribution during 9M-25, which improved by BRL 241 million YoY ● BRL -94 million in accounts receivable in 9M -25 vs. BRL -1,093 million in 9M -24. The BRL +999 million YoY improvement from receivables was almost entirely offset by BRL -971 million higher YoY cash consumption from “payables” and “other assets and liabilities” combined ● Finally, a BRL -65 million YoY worsening of cash consumption related to inventories (to BRL -1,172m in 9M-25 from BRL -1,107 million in 9M-24), mainly related to lower-than-expected sales during Q3-25 Cosméticos Holdinga Pro-formab Holdinga (BRL mn, %) Q3-25 Q3-24 % YoY 9M-25 9M-24 % YoY Net income (loss) -1.926 -6.693 (71,2) -1.883 -8.491 (77,8) Depreciation and amortization 240 228 5,5 669 682 (1,8) Non-cash adjustments to net income 513 567 (9,5) 1.798 2.698 (33,3) Discountinued Operations Results 1.807 6.995 (74,2) 2.158 8.074 (73,3) Adjusted net income 634 1.097 (42,2) 2.744 2.962 (7,4) Decrease / (increase) in working capital -315 380 (182,8) -1.557 -1.520 2,4 Inventories -539 -227 137,9 -1.172 -1.107 5,9 Accounts receivable 76 272 (72,1) -94 -1.093 (91,4) Accounts payable 72 165 (56,4) 383 792 (51,6) Other assets and liabilities 76 170 (55,2) -674 -112 503,6 Income tax and social contribution -42 -46 (9,1) -176 -417 (57,8) Interest on debt and derivative settlement -93 28 (437,9) -336 -373 (9,9) Lease payments -83 -79 4,6 -266 -237 12,2 Other operating activities -103 -43 137,9 -199 -116 71,0 Cash from continuing operations -1 1.336 (100,1) 210 298 (29,6) Capex -81 -43 88,7 -246 -290 (15,1) Sale of assets 0 -9 - 0 0 - Exchange rate variation on cash balance -20 16 (220,4) -76 51 (248,3) Free cash flow - continuing operations -101 1.300 (107,8) -112 60 (288,4) Other financing and investing activities 62 723 (91,4) 527 1.207 (56,3) Operating activities - discontinued operations 20 -2.361 (100,8) -1.742 -3.800 (54,2) Cash balance variations -20 -338 (94,1) -1.327 -2.533 (47,6) Free cash flow - continuing operations -101 1.300 (107,8) -112 60 (288,4) (-) Interest on debt and derivative settlement -93 28 (437,9) -336 -373 (9,9) (-) Exchange rate variation on cash balance -20 16 (220,4) -76 51 (248,3) (=) Free cash flow to firm - continuing operations 11 1.256 (99,1) 300 381 (21,4) a Pro-forma as published in Q3-24 earnings release b Pro-forma: 6M-25 Holding results (as published in Q2-25 earnings release) + Q3-25 actual results
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16 ________________________________ 08 Leverage and Net Debt In Q3-25, Net Debt / EBITDA landed at 2. 53x, while net debt was BRL 4. 0 billion, flattish on a QoQ basis. The BRL 90 million QoQ decrease in cash and equivalents is the reflex of a BRL flat cash flow to firm and BRL -93 million cash outflow from interest on debt during the quarter. Leverage ratio increased by 0. 35x on a QoQ basis and was mainly affected by the lower YoY EBITDA of BRL -194 million in Q3-25, impacting LTM EBITDA in the same magnitude. Finally, it is worth mentioning that Q4 -24, which influences LTM EBITDA, was impacted by BRL -564 million of Holding strategic projects, mainly related to API’s Chapter 11. Excluding such effect, Net Debt / EBITDA in Q3-25 would be 1.87x. Cosméticos Holding Holding (BRL mn, %) Q3-25 Q2-25 Q3-24 Short-Term 177 88 814 Long-Term 6.157 6.271 6.251 Obligations with senior shareholders Natura Pay FIDC 366 352 0 (=) Total funding liabilities 6.700 6.711 7.065 (-) Obligations with senior shareholders Natura Pay FIDC -366 -352 0 Gross Debta 6.334 6.359 7.065 Foreign currency and/or Interest hedging (Swaps) -36 -28 -33 Total Gross Debt 6.298 6.331 7.032 (-) Cash, Cash Equivalents and Short-Term Investment b 2.253 2.343 3.300 (=) Net Debt 4.044 3.989 3.733 Indebtedness ratio including IFRS 16 effects Net Debt/EBITDA 2,53x 2,18x 1,73x Total Debt/EBITDA 3,93x 3,46x 3,27x Indebtedness ratio excluding IFRS 16 effects Net Debt/EBITDA 2,89x 2,54x 1,50x Total Debt/EBITDA 4,50x 4,03x 2,83x a Gross debt excludes exclude lease agreements b Short-Term Investments excludes non current balances
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17 ________________________________ 09 ESG During the quarter, Natura informed the market that it will voluntarily anticipate the disclosure of its Sustainability-Related Financial Information Report. The first Sustainability -Related Financial Information Report from Natura, referring to the fiscal year beginning on January 1, 2025, will be presented in 2026 and will observe the provisions of Technica l Statements CBPS nº 01 and nº 02, which originated from the international standards IFRS S1 and S2 of the International Sustainability Standards Board ("ISSB"). Also during Q3-25, at the New York Climate Week, Natura signed a R$ 50 million agreement with Banco do Brasil to finance agroforestry systems (SAF). The arrangement calls for restoring up to 12,000 hectares and expanding the partnership with the CAMTA cooperative in Tomé -Açu, Pará, integrating oil palm with other crops. This combination is expected to raise participating families’ incomes by around 40%. In the same regenerative innovation vein, the company was highlighted in the 2025 Valor Innovation Awards for its Amazonia 5.0 Platform, which uses artificial intelligence, drones and bioinformatics to map the forest. The platform has already produced 46 bioingredients and helped preserve 2.2 million hectares. Natura’s performance in diversity and inclusion earned it a place in the 2025 IDIVERSA B3 portfolio, an index that highlights companies with the best diversity practices. The company scored 41.43%, standing 21.5 points above the sector average of 19.9%, underscoring that inclusion is a business strategy. Internationally, Natura & Co was the highest -ranked Brazilian company on the 2025 Forbes/Statista World’s Top Companies for Women list, placing 57th overall. These achievements complement our climate leadership initiatives. Natura will participate in COP‑30 in Belém, Pará, and is part of the C.A.S.E. – Climate Action Solutions & Engagement coalition, formed alongside Bradesco, Itaúsa, Itaú Unibanco, Nestlé and Vale to scale climate and socio-environmental solutions. The coalition took part in the Climate Weeks held in São Paulo and Rio de Janeiro and will have a dedicated space at the COP, further expanding the dialogue on regenerative business models. Marking 25 years of operations in the Amazon, we inaugurated our 21 st agro-industrial unit in Beruri, Amazonas, in partnership with ASSOAB – Beruri’s Farmers and Ranchers Association . Focused on extracting oils from Brazil nuts and other species, the facility benefits more than 190 families and can boost their income by up to 60%. On the financial front, the Global Environment Facility (GEF) approved an additional US$ 6.2 million investment in the Amazônia Viva Mechanism, developed by Natura in partnership with VERT and FUNBIO. This is the first FUNBIO project to use the GEF’s Non‑Grant Instrument and provides for the resources to be repaid over up to eight years. The credit will support future harvests for associations and cooperatives engaged in sociobiodiversity. Our regenerative commitment also extends to operations and products. In energy, we partnered to replace fossil fuels with biomethane at our factory in Cajamar, São Paulo; the project includes building a storage and distribution center to supply boilers and truck fleets, and the overall initiative is expected to reduce the industrial complex’s carbon emissions by 20%. On the innovation front, the Ekos Andiroba line combines science with the traditional knowledge, using predominantly natural formulas and circular packaging, reinforcing local income generation and the bioeconomy model. ESG 9M-25 9M-24 % YoY Absolute carbon emissions 407.275 489.511 -16,8% Scope 1 and 2 11.929 16.256 -26,6% Scope 3 395.346 473.255 -16,5% % of plastic recycled post-consumption 21% 18% 280 bps
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18 ________________________________ 10 Fixed Income The table below details all public debt instruments outstanding per issuer as of September 30, 2025: Agency Global Scale National Scale Outlook Fitch Ratings BB+ AAA Stable Moody's Ba2 - Stable Standard & Poor's BB AAA Stable Principal Nominal Cost (million) (per year) 10/06/2022 09/15/2027 BRL 255.9 million DI + 0.8 per year Natura Cosméticos S.A. Debenture - 12th issue 10/06/2022 09/15/2029 BRL 487.2 million IPCA + 6.80% 10/06/2022 09/15/2032 - Equal installments between 2030 and 2032 BRL 306.9 million IPCA + 6.90% Natura Cosméticos S.A. Debenture - 13th issue 06/15/2024 06/15/2029 BRL 1.326 million DI + 1.20 per year Natura &Co Luxemburg Holding (Natura Lux) Bond - 2nd issue (Sustainability Linked Bond) 05/03/2021 05/03/2028 US$ 450.0 million 4.125% per year Natura &Co Luxemburg Holding (Natura Lux) Bonds 04/19/2022 04/19/2029 US$ 270.0 million 6,00% Natura Cosméticos S.A. Issuer Type Issuance Maturity
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19 ________________________________ 11 Appendix A. Hyperinflation effects Latam Q3-25 (ex-hyperinflation) Hyperinflation FX impact Q3-25 (as reported) Net revenues 5.367 75 -248 5.194 Underlying EBITDA 632 27 -50 609 % Underlying EBITDA margin 11,8% 11,7% Latam Q3-24 (ex-hyperinflation) Hyperinflation FX impact Q3-24 (as reported) Net revenues 5.912 173 -109 5.976 Underlying EBITDA 1.017 -65 -38 914 % Underlying EBITDA margin 17,2% 15,3%
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20 B. Balance Sheet
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21 ________________________________ 12 Conference call details Tuesday, November 11, 2025 07:00 am | New York 09:00 am | Brasília 12:00 pm | London The broadcast will be in Portuguese with simultaneous translation into English.
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22 ________________________________ 13 Glossary ARS: the foreign exchange market symbol for the Argentine peso BRL: Brazilian Reais CDI: The overnight rate for interbank deposits CFT: Cosmetics, Fragrances and Toiletries Market (CFT = Fragrances, Body Care and Oil Moisture, Make-up (without Nails), Face Care, Hair Care (without Colorants), Soaps, Deodorants, Men’s Grooming (without Razors) and Sun Protection Constant currency (“CC”) or constant exchange rates: when exchange rates used to convert financial figures into a reporting currency are the same for the years under comparison, excluding foreign currency fluctuation effects CO2e: Carbon dioxide equivalent; for any quantity and type of greenhouse gas, CO2e signifies the amount of CO2 which would have the equivalent global warming impact. Credit penetration - % sell-in: penetration of credit given by Emana pay tools in total net revenues Emana Pay active users: users that were active at least once in the last four months. Criteria aligned with the average available consultant from relationship selling FX: foreign exchange G&A expenses: including general and administrative expenses, R&D, IT and projects expenses Group Corporate: remaining structure previously called Holding until Q2-25 Hispanic Latam: Often used to refer to the countries in Latin America, excluding Brazil IAS 29: “Financial Reporting in Hyperinflationary Economies' requires the financial statements of any entity whose functional currency is the currency of a hyperinflationary economy to be restated for changes in the general purchasing power of that currency so that the financial information provided is more meaningful Latam Central Allocation Costs: expenses incurred by a specific Latin American country, which benefits the entire Latam region. For example, C-level executive expenses or investments in systems used by different regions. These expenses are allocated according to their share of net revenue. Omni / Digital: revenues including proprietary e-commerce platform, marketplace revenues and consultant digital sales (tracked from consultants’ website and trackable digital brochure) PPA: Purchase Price Allocation - effects of the fair market value assessment as a result of a business combination Selling expenses: includes selling, marketing and logistics expenses Task Force on Climate-Related Financial Disclosures (“TCFD”): climate-related disclosure recommendations enable stakeholders to understand carbon-related assets and their exposures to climate-related risks Task force on Nature-related Financial Disclosures (“TNFD”): The TNFD Framework seeks to provide organizations and financial institutions with a risk management and disclosure framework to identify, assess, manage and report on nature-related dependencies, impacts, risks and opportunities ("nature- related issues"), encouraging organizations to integrate nature into strategic and capital allocation decision making TPV: Total Payment Volume Underlying EBITDA: Excludes effects that are not considered usual, recurring or not comparable between the periods under analysis
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23 ________________________________ 14 Disclaimer EBITDA is not a measure under IFRS and does not represent cash flow for the periods presented. EBITDA should not be considered an alternative to net income as an indicator of operating performance or an alternative to cash flow as an indicator of liquidity . EBITDA does not have a standardized meaning and the definition of EBITDA used by Natura may not be comparable with that used by other companies. Although EBITDA does not provide under IFRS a measure of cash flow, Management has adopted its use to measure the Company’s operating performance. Natura also believes that certain investors and financial analysts use EBITDA as an indicator of performance of its operations and/or its cash flow. This report contains forward -looking statements. These forward -looking statements are not historical facts but rather reflect the wishes and expectations of Natura’s management. Words such as “anticipate,” “wish,” “expect,” “foresee,” “intend,” “plan,” “pr edict,” “project,” “desire” and similar terms identify statements that necessarily involve known and unknown risks. Known risks include uncertainties that are not limited to the impact of price and product competitiveness, the acceptance of products by the market, the transitions of the Company’s products and those of its competitors, regulatory approval, currency fluctuations, supply and production difficulties and changes in product sales, among other risks. This report also contains certain pro forma dat a, which are prepared by the Company exclusively for informational and reference purposes and as such are unaudited. This report is updated up to the present date and Natura does not undertake to update it in the event of new information and/or future events. Investor Relations Team ri@natura.net