Slides
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CONFERENCE CALL Earnings 3Q26
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This document may contain certain forward-looking statements and information related to the Company reflecting current views and/or expectations of the Company and its Management concerning its performance, businesses and future events. Forward-looking statements include, without limitation, any statement that has a forecast, indication or estimates and projections of future results, performance or objectives, as well as words such as“we believe”,“we anticipate”,“weexpect”, “weestimate”, “weproject”, among other words with similar meaning. Although the Company and its management believe that such forward-looking estimates and statements are based on reasonable assumptions, they are subject to risks, uncertainties and future events and are issued in the light of information that is currently available. Any forward-looking statements refer only to the date on which they were issued, and the Company is not responsible for updating or revising them publicly after the distribution of this document due to new information, future events or other factors. Investors should be aware that a number of important factors cause actual results to differ materially from such plans, objectives, expectations, projections and intentions as expressed in this document. In view of the aforementioned risks and uncertainties, the prospective circumstances and events discussed in this document may not occur, and the Company's future results may differ significantly from those expressed or suggested in these forward-looking statements. Forward- looking statements involve risks and uncertainties and are not guarantees of future events. Therefore, investors should not make any investment decision based on the forward-looking statements that may be contained herein. Market and certain competitive position information, including market projections mentioned herein, was obtained from in-house surveys, market research, public information and business publications. Although we have no reason to believe that any of this information or these reports are inaccurate in any material respect, we do not independently verify competitive position, market position, growth rate or any other data provided by third parties or other industry publications. The Company is not responsible for the accuracy of such information. Certain percentages and other amounts included in this document have been rounded to facilitate their presentation. The scales of the results graphs may appear in different proportions to optimize their display. Accordingly, the numbers and graphs presented may not represent the arithmetic sum and the appropriate scale of the numbers that precede them, and may differ from those presented in the financial statements. Since 2019 our financial statements have been prepared in accordance with IFRS 16, which changed the criteria for the recognition of lease contracts. To better represent the economic reality of the business, the numbers in this presentation are presented under the previous standard, IAS 17 / CPC 06. Reconciliation to IFRS 16 can be found in the earnings release. Disclaimer
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3Q26 Highlights Jonas Marques, CEO
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01 ROBUST CASH GENERATION R$ 165MM Operating cash flow (+3x vs. 3Q25) 68% EBITDA to cash conversion (LTM) 1.8x Net Debt / EBITDA (-0.7x vs. 3Q25) 02 INCREASED PROFITABILITY 6.3% EBITDA margin (stable vs. 3Q25) 2.2% Net margin (+0.3 p.p. vs. 3Q25) R$ 96MM Net Income (+19.5% vs. 3Q25) 03 STRATEGIC ADVANCES Continuous Care Clients Growth in the base and average spend Digital Channels App-driven growth Private Label Roll-out of structuring initiatives Key Messages 3Q26 0 0 190 180 197 228 255 35 66 60 55 68 153 15 45 61 82 213 0 0 100 249 216 66
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YTD Result Relevant evolution in key financial metrics 0 0 190 180 197 228 255 35 66 60 55 68 153 15 45 61 82 213 0 0 100 249 216 66 5 11,743 9M25 12,916 9M26 +10.0% GROSS REVENUE (R$ million) ADJ. EBITDA (R$ million) NET INCOME (R$ million) OPERATING CASH FLOW (R$ million) 654 765 9M25 9M26 +16.9% 154 225 9M25 9M26 +46.5% 74 290 9M25 9M26 +3.9x Earnings 3Q26
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3Q26 Results Luiz Novais, CFO
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0 0 190 180 197 228 255 35 66 60 55 68 153 15 45 61 82 213 0 0 100 249 216 66 GROSS REVENUE (R$ million) 4,145 3Q25 4,306 4Q25 4,143 1Q26 4,343 2Q26 4,429 3Q26 +6.9% 7 GROSS REVENUE (R$ million) 3Q23 3Q24 3Q25 3Q26 3,082 3,511 4,145 4,429 +13.9% +18.0% +12.9% CAGR +6.9% Earnings 3Q26 Gross Revenue 6.9% growth in the quarter, against progressively tougher comparison bases
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0 0 190 180 197 228 255 35 66 60 55 68 153 15 45 61 82 213 0 0 100 249 216 66 GLP-1 CONTRIBUTION TO GROWTH (annual % change) 5.5% 12.6% 3Q25 7.6% 12.2% 4Q25 6.5% 7.9% 1Q26 3.2% 6.1% 2Q26 2.0% 4.8% 3Q26 18.0% 19.8% 14.4% 9.3% 6.9% 8 GLP-1 contribution Other categories GLP-1 SHARE OF SALES (% of gross revenue) 2% 3% 4% 5% 6% 7% 8% 9% 10% 3.9% 1Q25 5.8% 2Q25 7.1% 3Q25 9.2% 4Q25 1Q26 8.2% 2Q26 8.5% 3Q26 8.6% Oct/26 9.1% Earnings 3Q26 Growth Evolution GLP-1 continues to gain relevance in the mix, but contributes less to total growth
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0 0 190 180 197 228 255 35 66 60 55 68 153 15 45 61 82 213 0 0 100 249 216 66 9 SEMAGLUTIDE ELASTICITY (1Q26 = base 100) 66 50 45 43 42 100 261 296 341 1Q26 82 116 apr/26 73 172 may/26 173 jun/26 jul/26 aug/26 sep/26 367 oct/26 Avg. Price Sales (units per day) Earnings 3Q26 +267% volume Semaglutide Trend Strong volume elasticity evidenced month after month launch Semavy launch Ozivy price reduction Poviztra -58% price
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0 0 190 180 197 228 255 35 66 60 55 68 153 15 45 61 82 213 0 0 100 249 216 66 10 Source: IQVIA. ¹ Consumer Purchase Price: prices normalized by IQVIA CW SE SBR NE 6.6 6.6 N 19.8 15.9 15.9 4.9 20.1 1.9 2.0 1.0 1.1 5.2 +3bps -30bps -6bps +22bps +7bps +5bps 3Q25 3Q26 MARKET SHARE BY REGION (% of total market) Earning s 3Q 26 Market Share Another quarter with growth above the market sustained by productivity gains
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0 0 190 180 197 228 255 35 66 60 55 68 153 15 45 61 82 213 0 0 100 249 216 66 11 Source: IQVIA. ¹ methodology: IQVIA normalizes selling prices among players, which may cause growth in CPP R$ to differ from actual performance. New stores include locations opened in the last 24 months Earnings 3Q 26 Growth Composition Loss of market share in the Northeast is explained by the strong contribution of competitors' new stores Brazil Northeast North Central-West Southeast (1.1%) South 9.1% 9.9% 10.6% 7.0% 9.2% 8.6% 4.8% 5.7% (1.3%) 5.7% 5.5% (1.3%) 5.2% 7.0% (1.6%) 5.3% 3.6% (1.9%) 4.6% 5.9% (1.3%) 3.9% 5.8% (0.3%) Brazil (0.3%) Northeast (0.3%) North 0.0% Central-West 0.2% 0.0% Southeast 0.0% 0.0% South 9.6% 8.2% 10.2% 12.0% 13.6% 13.8% 1.9% 8.0% 1.6% 7.0% 3.1% 7.5% 6.3% 5.7% 13.4% 13.8% PAGUE MENOS GROWTH¹ BY REGION (% change 3Q26 vs. 3Q25) MARKET GROWTH¹ BY REGION (% change 3Q26 vs. 3Q25) New Stores Mature Stores Closed Stores New Stores Mature Stores Closed Stores
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0 0 190 180 197 228 255 35 66 60 55 68 153 15 45 61 82 213 0 0 100 249 216 66 12 Source: IQVIA. ¹ Consumer Purchase Price: IQVIA normalized prices AVERAGE SALES PER STORE EVOLUTION (R$ thousand – CPP¹) Earnings 3Q26 Average Sales per Store Productivity growth well above the market 700 600 800 650 550 850 200 250 900 150 750 100 9M22 9M23 9M24 9M269M25 Pague Menos Abrafarma Total Market CAGR (26 vs. 22) +11.6% +4.2% +9.1%
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0 0 190 180 197 228 255 35 66 60 55 68 153 15 45 61 82 213 0 0 100 249 216 66 13 GROSS PROFIT (R$ million and % of gross revenue) 3Q25 29.4% 4Q25 29.5% 1Q26 30.6% 2Q26 30.0% 3Q26 1,238 1,264 1,220 1,328 1,327 29.9% ▪ (+) Commercial terms (generics and GLP-1); ▪ (+) Tax efficiencies at the Paraíba DC; ▪ (=) Inventory losses at a low level; ▪ (-) Channel and category mix; Earnings 3Q26 Gross Profit and Margin Gross margin expansion, even against a record comparison base
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0 0 190 180 197 228 255 35 66 60 55 68 153 15 45 61 82 213 0 0 100 249 216 66 14 OPERATING EXPENSES (R$ million and % of gross revenue) ▪ Higher selling expenses due to severance (one-off), new DC, new stores, inflation and sales effect; ▪ Lower G&A due to the normalization of consulting and contingency expenses, as well as reversals of variable compensation provisions 872 904 906 924 946 106 110 110 122 103 23.6% 3Q25 23.5% 4Q25 24.5% 1Q26 24.1% 2Q26 23.7% 3Q26 978 1,014 1,016 1,046 1,048 G&A Expenses Selling Expenses % GR Earnings 3Q26 Operating Expenses Lower administrative expenses offset one-off pressure on selling expenses
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0 0 190 180 197 228 255 35 66 60 55 68 153 15 45 61 82 213 0 0 100 249 216 66 15 ADJUSTED EBITDA (R$ million) 260.1 3Q25 250.3 4Q25 204.7 1Q26 281.7 2Q26 278.8 3Q26 +7.2% 4.5 5.0 5.5 6.0 6.5 5.3% 3Q25 5.6% 4Q25 5.8% 1Q26 5.9% 2Q26 5.9% 3Q26 EBITDA MARGIN EVOLUTION (LTM) (% of gross revenue) Earnings 3Q26 EBITDA 6.3% EBITDA margin in the quarter, maintaining record profitability for a third quarter
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0 0 190 180 197 228 255 35 66 60 55 68 153 15 45 61 82 213 0 0 100 249 216 66 16 ADJ. NET INCOME (R$ million and % of gross revenue) 80.6 1.9% 3Q25 131.0 3.0% 4Q25 55.6 1.3% 1Q26 73.6 1.7% 2Q26 96.3 2.2% 3Q26 EARNINGS PER SHARE¹ (LTM) (R$ per share) Note: Ex-IFRS 16 metrics. ¹ Earnings per share calculated by dividing the sum of net income over the last 12 months by the company's average number of outstanding shares 0.25 0.30 0.35 0.40 0.45 0.50 0.55 0.38 3Q25 0.46 4Q25 0.50 1Q26 0.51 2Q26 0.52 3Q26 Earnings 3Q26 Net Income Healthy combination of operating profit growth and lower financial expenses
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0 0 190 180 197 228 255 35 66 60 55 68 153 15 45 61 82 213 0 0 100 249 216 66 17 OPERATING CASH CYCLE¹ (in days) 101 103 109 104 103 33 32 34 33 32 (67) (74) (70) (68) (63) 3Q25 4Q25 1Q26 2Q26 3Q26 68 62 72 69 72 Receivables Inventory Suppliers ▪ Receivables: -1 day vs. 3Q25 and 2Q26, reflecting the lower average ticket of GLP-1; ▪ Inventory: -1 day vs. 2Q26, with the normalization of the Paraíba DC and tactical GLP-1 inventory for 4Q26; ▪ Suppliers: 63 days, the lowest level since 2019, with a recovery expected in 4Q26; Earnings 3Q26 Cash Cycle Lower supplier days due to the payment of purchases made for the Paraíba DC in 2Q26 ¹ The calculation of average inventory days and average supplier days excludes the effects of present value adjustment (PVA),commercial agreements and recoverable taxes. Average receivables days considers normalized accounts receivable (before anticipation of receivables).
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0 0 190 180 197 228 255 35 66 60 55 68 153 15 45 61 82 213 0 0 100 249 216 66 18 OPERATING CASH FLOW (R$ million and % of EBITDA) 210 455 474 690 44.1% 2023 72.5% 2024 52.3% 2025 68.0% 3Q26 (LTM) FREE CASH FLOW (R$ million and % of EBITDA) (111) 132 212 342(23.3%) 2023 20.9% 2024 23.4% 2025 33.6% 3Q26 (LTM) Earnings 3Q26 Cash Flow Operating cash generation totaling R$ 690 million over twelve months
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0 0 190 180 197 228 255 35 66 60 55 68 153 15 45 61 82 213 0 0 100 249 216 66 19 NET DEBT (R$ million and EBITDA multiple) Earnings 3Q26 ▪ 13th consecutive quarter of deleveraging ▪ 3.8x reduction vs. the peak recorded in 1Q23 DEBT MATURITY SCHEDULE¹ (R$ million, principal) 4Q26 2027 2028 2029 2030 2031 35 685 580 36235 230 350 R$ 350 MM extended to 2030 Rollover of R$ 350 MM Before · 6th issuance After · 9th issuance Cost of debt CDI + 2.20% CDI + 1.35% Maturities 2027 and 2028 2030 Average spread on total debt CDI + 1.6% CDI + 1.4% 428 290 400 316 316 3Q25 4Q25 1Q26 2Q26 2,064 1,827 1,820 1,803 1,823 2.5x 1,636 2.0x 1,538 1.9x 1,420 1.8x 1,488 1.8x 1,507 3Q26 Net Debt + Anticipated Receivables / EBITDA Anticipated Receivables Net Debt Note: 4Q26 covers the Oct-Dec/26 period. Principal schedule of gross bank debt as of 09/30/2026. ¹ Considers principal only; excludes accrued interest, swap mark-to-market and transaction costs. Indebtedness 13th consecutive quarter of deleveraging, with lower cost and extended debt maturities
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0 0 190 180 197 228 255 35 66 60 55 68 153 15 45 61 82 213 0 0 100 249 216 66 20 ROIC¹ (LTM) (%) 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 13.7 14.4 14.8 15.9 16.8 17.9 19.4 20.2 21.0 21.2 21.2 20.7 ¹ Calculation methodology considers NOPAT (excluding general and administrative expenses) accumulated over the last 12 months, after taxes (income tax = 34%), divided by the average invested capital over the last four quarters (normalized working capital + fixed assets). Earnings 3Q26 ROIC ROIC maintained at a high level, despite the mismatch in the cash cycle
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Strategic Update Jonas Marques, CEO
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Continuous Care Client Good execution of the strategic plan continues to support base growth and higher engagement 0 0 190 180 197 228 255 35 66 60 55 68 153 15 45 61 82 213 0 0 100 249 216 66 22 Earnings 3Q26 CCC CLIENT BASE (millions and % of total base) 27.0% 1Q25 27.3% 2Q25 27.7% 3Q25 28.2% 4Q25 28.2% 1Q26 28.3% 2Q26 28.6% 3Q26 5.9 6.0 6.1 6.3 6.3 6.4 6.5 +10.8% TOTAL BASE CCC +5.5% Others +0.8% AVERAGE SPEND CCC +8.5% Others +6.1% CCC vs. OTHER CLIENTS (3Q26 vs. 3Q25) CCC avg. spend 7x higher than other clients KEY INITIATIVES 3Q26 Higher adherence and frequency at Clinic Farma Expansion of vaccination rooms and app integration Home delivery of controlled medications Recovery of lost clients Lower out-of-stock in chronic- use medications
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Digital Channels Growing focus on app journey improvements has driven digital channels 0 0 190 180 197 228 255 35 66 60 55 68 153 15 45 61 82 213 0 0 100 249 216 66 23 Earnings 3Q26 DIGITAL CHANNELS SHARE (% of total sales) 21% 22% 23% 24% 25% 26% Jan/26 Mar/26 May/26 Jul/26 Sep/26 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% Jan/26 Mar/26 May/26 Jul/26 Sep/26 10% 11% 12% 13% Jan/26 Mar/26 May/26 Jul/26 Sep/26 30% 35% 40% 45% 50% 55% 60% 65% 70% Jan/26 Mar/26 May/26 Jul/26 Sep/26 DIGITAL GROWTH EX-GLP-1 (YoY % change) DIGITAL MARKET SHARE (% of market) APP RATING (avg. app store rating) APP CONVERSION (Jan/26 = base 100) APP SHARE (% of e-commerce sales) 4.50 4.55 4.60 4.65 4.70 4.75 4.80 4.85 Jan/26 Mar/26 May/26 Jul/26 Sep/26 80 90 100 110 120 130 140 150 160 Jan/26 Mar/26 May/26 Jul/26 Sep/26 CONTINUOUS ACCELERATION THROUGHOUT THE YEAR SUPPORTED BY APP IMPROVEMENTS
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Private Label A quarter of important progress in our structural plan 0 0 190 180 197 228 255 35 66 60 55 68 153 15 45 61 82 213 0 0 100 249 216 66 24 Earnings 3Q26 01 · BRAND ARCHITECTURE 04 · AWARENESS 360º brand reinforcement plan for Dauf with store activation, media investment, influencers, CRM and digital channel experience. 03 · LAUNCH PIPELINE Oil control Anti-aging Even tone Body serum Portfolio simplification, reducing from 13 to 4 brands, optimizing communication, trade and commercial positioning. Care Baby Beauty Prevention Performance Health Convenience Diagnostics Health devices Before After 02 · REBRANDING DAUF
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ESG Agenda Important recognitions highlight our positive impact 0 0 190 180 197 228 255 35 66 60 55 68 153 15 45 61 82 213 0 0 100 249 216 66 25 Earnings 3Q26 We earned the Greenhouse gas emissions inventory verified and recognized with the highest rating in the Brazilian GHG Protocol Program. g old seal in the Brazilian GHG Protocol Program For the 3rd consecutive year in B3's Diversity Index portfolio TOP 10 in the index 74% 66% For the first time, among the 10 top- ranked companies! of our employees are Black. of leadership positions are held by Black people Reinforcing our commitment to building a more diverse, inclusive and representative environment!
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Q&A
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INVESTOR RELATIONS http://ri.paguemenos.com.br ri@pmenos.com.br