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Earnings Presentation 2Q26 RD saúde DROGASIL | Raia
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Legal Warning The material that follows is a presentation of general background information about Raia Drogasil S.A. (the “Company”) as of the date of the presentation. It is information in summary form and does not purport to be complete. It is not intended to be relied upon as advice to potential investors. This presentation is strictly confidential and may not be disclosed to any other person. No representation or warranty, express or implied, is made concerning, and no reliance should be placed on, the accuracy, fairness, or completeness of the information presented herein. This presentation contains statements that are forward-looking within the meaning of Section 27A of the Securities Act of 1933 (the “Securities Act”) and Section 21E of the Exchange Act of 1934. Such forward-looking statements are only predictions and are not guarantees of future performance. Investors are cautioned that any such forward-looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the operations and business environments of the Company that may cause the actual results of the companies to be materially different from any future results expressed or implied in such forward-looking statements. Although the Company believes that the expectations and assumptions reflected in the forward-looking statements are reasonable based on information currently available to the Company’s management, the Company cannot guarantee future results or events. The Company expressly disclaims a duty to update any of the forward looking-statements. Our securities have not been and will not be registered under the Securities Act or under any state securities laws in the United States, and are being offered under exemptions from registration under the Securities Act. Securities may not be offered or sold in the United States unless they are registered or exempt from registration under the Securities Act. Any offering to be made in the United States will be made by means of an offering circular that may be obtained from the agents. This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any securities. Neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever.
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2Q26 Highlights PHARMACIES: 3,687 units in operation (76 openings and 3 closure); CUSTOMERS: 53 MM active customers in the last 12 months; TICKETS & NPS: 119 MM tickets in the quarter with an NPS of 91. GROSS REVENUE: R$ 12.8 B, +18.3% growth and +10.9% MSSS, +8.1 pp greater than CMED; MARKET SHARE: 19.7% national market share (+1.7 pp), with gains across all regions; DIGITAL: R$ 3.9 B, +55.2% growth and a 31.0% retail penetration. ADJUSTED EBITDA: R$ 1.0 B, +17.9% and stable margin of 8.0%; ADJUSTED EBT: R$ 543 MM, +33.4% with a margin of 4.2% (+0.4 pp); ADJ. NET INCOME*: R$ 433 MM, +7.4% with a margin of 3.4% (-0.3 pp); FREE CASH FLOW: R$ 550 MM positive free cash flow, R$ 1.190 MM total generation incl. 4Bio; FINANCIAL LEVERAGE: 0.8x ND/EBITDA, a 0.5x YoY reduction. OPERATIONALMARKETFINANCIALS * Includes 4Bio and the effects of taxation on investment subsidies, in accordance with the Law 14,789/2023.
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4 Revenue of R$ 12.8 B (+R$ 2.0 B and +18.3%). Robust growth across all categories, in addition to GLP-1 products within Branded Rx. Sales mix Retail, per product category Consolidated gross revenues R$ millions * Services. Branded Rx Generics OTC HPC * +13.0% +14.5% +24.3% 2Q26 vs. 2Q25 +13.8% 10,804 11,348 12,187 11,980 12,778 2Q25 3Q25 4Q25 1Q26 2Q26 43.2% 44.1% 45.2% 45.5% 45.4% 12.8% 12.6% 12.0% 12.2% 12.4% 20.7% 19.8% 18.5% 18.8% 19.7% 23.2% 23.3% 24.1% 23.4% 22.3% 0.2% 0.2% 0.2% 0.2% 0.2% 2Q25 3Q25 4Q25 1Q26 2Q26
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5 CMED price adjustment Real growth Revenue growth Consolidated Same-Store sales growth Retail Mature-Store sales growth Retail Mature-store growth of +10.9%, +8.1 pp above the annual CMED price increase. Robust performance across all regions of Brazil. 3.1% 3.1% 3.1% 3.1% 2.8% 10.0% 12.4% 19.3% 17.3% 15.5% 13.1% 15.5% 22.3% 20.4% 18.3% 2Q25 3Q25 4Q25 1Q26 2Q26 3.1% 3.1% 3.1% 3.1% 2.8% 4.2% 6.7% 13.2% 11.2% 9.7%7.3% 9.7% 16.3% 14.3% 12.5% 2Q25 3Q25 4Q25 1Q26 2Q26 3.1% 3.1% 3.1% 3.1% 2.8% 2.4% 4.8% 11.4% 9.7% 8.1%5.5% 7.8% 14.5% 12.8% 10.9% 2Q25 3Q25 4Q25 1Q26 2Q26
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6 Accelerated market share gains across all regions of Brazil, totaling +1.7 pp nationally. Ample expansion opportunities in all regions, including São Paulo. Retail market share Quarterly share at customer prices, sell-in + sell-out Pharmacies per region LTM openings and current portfolio 13% 8% 3% 9% 4% 21% 20% 18% 14% 15% 14% 11% 12% 16% 11% 15% 20% 17% 17% 16% 19% 17% 20% 10% 13% 18% 25% 29% 34% 40% 2Q22 2Q23 2Q24 2Q25 2Q25 North Northeast Midwest Southeast South São Paulo LTM Openings Current portfolio Source: IQVIA. Southeast excludes SP. 18.0% 32.0% 12.9% 22.7% 11.1% 13.0% 11.0% 19.7% 34.3% 14.3% 25.1% 11.8% 14.4% 12.6% Brazil SP Southeast Midwest South Northeast North 2Q25 2Q26 8% 3% 9% 2% 4% 20% 18% 14% 18% 15% 11% 12% 16% 14% 11% 20% 17% 17% 24% 17% 17% 20% 10% 11% 13% 25% 29% 34% 32% 39% 2Q23 2Q24 2Q25 2Q26 2Q26 North Northeast Midwest Southeast South São Paulo LTM Openings Current
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7 Delivery channels % of quarterly digital sales Digital reached R$ 3.9 B in sales (+52%), 31.0% participation. 94% of sales through our channels and 96% of orders delivered in under 60 minutes. Digital sales R$ million, % of retail gross revenue Sales channels % of quarterly digital sales Rev. of digital channels App participation in sales Retail penetration 2,587 3,018 3,554 3,597 3,938 79% 81% 82% 83% 83% 24.1% 26.7% 29.3% 30.2% 31.0% 2Q25 3Q25 4Q25 1Q26 2Q26 +52% vs. 2Q25 81 NPS App rating R$ 14.1 B LTM digital sales 81 NPS Delivery rating 1.1 B visits Via app and website, LTM Click & Collect 68% Up to 60 min 23% >60 min 4% 3rd party 6% 96% delivered/collected in up to 60min App 83% Site 9% Others 2% 3rd party 6% 94% proprietary channels
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8 * Includes the effects of taxation on investment subsidies in accordance with Law 14,789/2023. Gross mg. of 28.9%, -0.1 pp contraction. Pressures from lower CMED price increase and NPV, offset by commercial gains and lower inventory losses. Gross profit* R$ millions, % of gross revenue 3,133.8 3,257.3 3,508.6 3,392.6 3,696.1 29.0% 28.7% 28.8% 28.3% 28.9% 2Q25 3Q25 4Q25 1Q26 2Q26
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9 Selling expenses R$ millions, % of gross revenue General and administrative expenses R$ millions, % of gross revenue Expense control and operating leverage led to a 0.1 pp dilution in SG&A, despite investments into the Employee Value Proposition (EVP). 1,982.9 2,064.8 2,258.9 2,275.2 2,370.4 18.4% 18.2% 18.5% 19.0% 18.6% 2Q25 3Q25 4Q25 1Q26 2Q26 288.0 299.9 325.4 296.6 308.3 2.7% 2.6% 2.7% 2.5% 2.4% 2Q25 3Q25 4Q25 1Q26 2Q26
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10 Adj. EBITDA of R$ 1,017.3 MM , growth of +17.9% and stable margin of 8.0%. Cash cycle improvement of 10.7 days, including ICMS-ST tax effects in SP. * Adjusted for discounted receivables & advanced payments to suppliers. Adjusted EBITDA R$ millions, % of gross revenue Cash cycle* COGS days, Gross revenue days 863.0 892.6 924.3 820.8 1,017.3 8.0% 7.9% 7.6% 6.9% 8.0% 2Q25 3Q25 4Q25 1Q26 2Q26 104.2 101.0 105.7 107.0 103.0 68.2 71.4 74.4 82.0 79.1 26.4 27.0 27.1 28.8 27.8 62.4 56.6 58.4 53.8 51.7 2Q25 3Q25 4Q25 1Q26 2Q26 Inventories Suppliers Receivables Cash Cycle
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11 -0.4 pp net financial expenses. EBT of R$ 542.7 MM, a +33.4% increase, with a margin of 4.2% (+0.4 pp). Adjusted financial expenses R$ millions, % of gross revenue 204.0 210.9 253.8 215.3 197.3 1.9% 1.9% 2.1% 1.8% 1.5% 2Q25 3Q25 4Q25 1Q26 2Q26 EBT – Earnings before taxes R$ millions, % of gross revenue 407.0 417.9 398.6 332.9 542.7 3.8% 3.7% 3.3% 2.8% 4.2% 2Q25 3Q25 4Q25 1Q26 2Q26
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12 21.8% effective tax rate (19.1% in 1H26). Net income of R$ 432.7 MM and margin of 3.4%. Earnings ex-4Bio of R$ 424.4 MM, +23.4%, and margin of 3.3% (+0.1 pp). Adjusted income tax* R$ millions, % of gross revenue Adjusted net income* R$ millions, % of gross revenue * Includes the effects of taxation on investment subsidies in accordance with Law 14,789/2023. Effective tax rate Net income ex-4Bio Discontinued operations Consolidated net margin 62.9 71.1 48.4 49.6 118.3 15.5% 17.0% 12.1% 14.9% 21.8% 0.6% 0.6% 0.4% 0.4% 0.9% 2Q25 3Q25 4Q25 1Q26 2Q26 344.0 346.8 350.2 283.3 424.4 402.7 402.0 361.7 299.8 432.7 3.7% 3.5% 3.0% 2.5% 3.4% 2Q25 3Q25 4Q25 1Q26 2Q26
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13 * Includes adjustments to discounted receivables. ** Includes NPV adjustments. *** Excludes NPV adjustments. Free cash flow of R$ 550 MM, with R$ 1,190 MM in total generation including 4Bio. Financial leverage of 0.8x LTM EBITDA, a 0.5x YoY reduction. Net debt and financial leverage R$ millions, as a ratio of LTM adjusted EBITDA Adjusted net debtAdj. net debt/EBITDA 3,994.4 3,476.7 4,324.9 4,189.2 2,999.6 1.3x 1.1x 1.3x 1.2x 0.8x 2Q25 3Q25 4Q25 1Q26 2Q26 Adjusted net debt Adjusted net debt/LTM EBITDA Cash flow (R$ millions) 2Q25 2Q26 Ex-4Bio Adjusted EBIT 611.4 740.2 NPV adjustment (65.5) (56.6) Non-recurring effects (2.8) 11.0 Income tax (34%) (184.7) (236.2) Depreciation 251.3 277.2 Impairment provision (4Bio) - 6.7 Others (14.6) 67.5 Resources from operations 595.2 809.9 Cash cycle* (333.5) (71.2) Other assets (liabilities)** (6.9) 140.7 Operating cash flow 254.8 879.4 Investments (315.6) (329.4) Free cash flow (60.8) 550.0 Investment activities in investees (17.9) 227.4 Interest on equity and dividends (308.3) (246.3) Income tax paid over interest on equity (15.4) (23.3) Net financial expenses*** (143.8) (131.8) Tax benefit (fin. exp., IoE, dividends) 93.7 97.4 Total cash flow (ex-4Bio) (452.6) 473.2 Effects from discontinued operations (4Bio) 95.3 716.4 Total (including 4Bio effects) (357.2) 1,189.7
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14 TirzepatideSemaglutideGLP-1 total 100 93 100 78 100 99100 108 100 100 100 112 1Q26 2Q26 1Q26 2Q26 1Q26 2Q26 GLP-1 elasticity - Price x Gross revenue Base 100 = 1Q26 Avg. price Gross revenue We are well positioned to capture the emerging GLP-1 opportunity, driven by improving accessibility and a robust development pipeline. ...and there is a robust pipeline ahead: Treatment modalities ✓ GLP-1 agonists ✓ Dual agonists Triple agonists Amylin therapies siRNA Antibodies Combinations GLP-1 active ingredients ✓ Dulaglutide ✓ Liraglutide ✓ Semaglutide ✓ Tirzepatide Retatrutide Orforglipron Others... Innovation and accessibility ✓ Patented ✓ Biosimilars Generics Dosage forms ✓ Injectable pens Oral formulas Long-acting Semaglutide medications Recently approved by ANVISA (July 29, 2026) Ozempic Wegovy Extensior Poviztra Ozivy Owozy Seemasun Zempneo Semavy Orsema Rybelsus +13 additional products awaiting regulatory approval Access to GLP-1 is still in its early stages... ...while the GLP-1 market is still only 1 MM units/month... Sources: IBGE (Portal Cidades e Estados 2025, PNS 2019) & IQVIA (monthly avg. June/26 YTD). 213.4 MM Total population Age 18+: 95.9 MM Obesity/Overweight 38.1 MM Hypertension 8.4 MM Heart disease 7.9 MM Diabetes Tirzepatide 70% Semaglutide 30% Gross revenue 2Q26
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15 27% 41% 73% 59% 2Q24 2Q26 Sales by customer type 8.2 11.8 40.6 41.0 48.8 52.8 2Q24 2Q26 Active customers (MM) 7.2x 11.0x 7.3x 13.0x Purchases per year Digital is an extension of pharmacy care, reinforced by other integrated structural moats that were built over a century and are difficult to replicate. 3.7k pharmacies serving as omnichannel hubs In 684 cities with 79% of the pharma market 95% of the A-class within 1.5 km 15k pharmacists providing healthcare support 94% of sales through proprietary channels 96% delivered in <60 min (44 min average) Fast delivery for temperature-controlled SKUs Intelligent order allocation across pharmacies Physical Omni Physical Omni 91 Pharmacy NPS 457 MM Tickets LTM 68% Digital sales collected (C&C) 81 App NPS (+10 vs. 2Q24) 1.1 billion Digital visits LTM 83% Digital app penetration +43% +14 pp Physical customers Omni customers 2Q24 2Q26 2Q24 2Q26
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We are opening our first Raia conceito with a sophisticated assortment in beauty and wellness, reasserting ourselves in this customer journey. 65% of space dedicated to Beauty 50 new brands 364 m² (double the average store) 4,000+ Beauty SKUs A place for you to feel beautyful. Products that illuminate your rotine.
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Q&A
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Thank you!