Earnings release
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AQUI Ripida 2Q26 Results RD saúde São Paulo , August 04 , 2026. RD Saúde ( Raia Drogasil S.A. - B3 : RADL3 ) announces its results for the 2nd quarter of 2026 ( 2026 ) . The Company's parent company and consolidated financial statements for the periods ended June 30 , 2026 and 2025 have been prepared in accordance with the accounting practices adopted in Brazil , including the rules issued by the Brazilian Securities Commission ( CVM ) , the Brazilian Accounting Standards - General Technical ( NBC TG ) and the pronouncements issued by the Brazilian Accounting Pronouncements Committee ( CPC ) , and are in conformity with the International Financial Reporting Standards ( IFRS ) issued by the International Accounting Standards Board ( IASB ) , and provide all the significant information related solely to the financial statements , which is consistent with the information used by management . The financial statements were prepared in Reais and all growth rates , unless otherwise stated , relate to the same period of the previous year . IFRS 16 : Our financial statements are prepared in accordance with IFRS 16. To better reflect the economic reality of the business , the figures presented in this report consider the pre - IFRS 16 standard with a reconciliation available in a dedicated section of this document . HIGHLIGHTS : > PHARMACIES : 3.687 units in operation with 76 openings and 3 closures in the quarter ; > GROSS REVENUE : R $ 12.8 B , + 18.3 % growth and + 10.9 % MSSS , +8.1 pp above CMED ; > MARKET SHARE : 19.7 % national share , a +1.7 pp increase with gains in every region ; > DIGITAL : R $ 3.9 B , + 52.2 % growth and retail penetration of 31.0 % ; > ADJ . EBITDA : R $ 1.0 B , + 17.9 % & stable margin of 8.0 % ; > ADJ . NET INCOME ( WITH 4BIO ) * : R $ 433 MM , + 7.4 % & margin of 3.4 % ( -0.3 pp ) ; > CASH FLOW : R $ 550 MM positive free cash flow , R $ 1,190 MM total cash generation incl . 4Bio ; > FINANCIAL LEVERAGE : 0.8x ND / EBITDA , a 0.5x YoY reduction . * Includes the effects of taxation on investment subsidies , in accordance with the Law 14,789 / 2023 . New consolidated summary ( ex - 4Bio ) RADL3 In R $ thousands 2Q25 3Q25 4Q25 1Q26 2Q26 R $ 18.85 / share Closing : Aug 03 , 2026 # of pharmacies MARKET CAP R $ 33,0 billion NUMBER OF SHARES 1,752,367,344 IR TEAM : Flávio Correia André Stolfi Victor Torres Felipe Correa ir.rdsaude.com.br Organic openings Closures 3,371 70 3,453 88 3,547 3,614 3,687 97 68 76 ( 6 ) ( 3 ) ( 1 ) ( 3 ) Headcount ( EOP ) 67,114 69,860 73,388 75,190 75,594 Pharmacist count ( EOP ) 13,734 13,981 14,377 14,965 15,199 # of tickets ( thousands ) 110,733 111,543 114,731 111,849 119,305 # of active customers ( MM ) 50.3 51.0 51.7 52.3 52.8 Gross revenue Growth ( YoY ) 10,803,986 + 13.1 % 11,347,942 + 15.5 % 12,186,767 + 22.3 % 11,979,521 + 20.4 % 12,777,743 + 18.3 % Gross profit 3,133,833 % of gross revenue 29.0 % 3,257,291 28.7 % 3,508,601 28.8 % 3,392,636 28.3 % 3,696,071 28.9 % ri@rdsaude.com.br Adjusted EBITDA 862,980 % of gross revenue 8.0 % 892,592 7.9 % 924,318 7.6 % 820,786 6.9 % 1,017,348 8.0 % Adj . net income ( w / 4Bio ) 402,744 % of gross revenue 3.7 % 401,986 3.5 % 361,654 3.0 % 299,752 2.5 % 432,729 3.4 % Free cash flow ( 60,837 ) 615,609 ( 466,520 ) 284,869 549,989 RADL B3 LISTED NM IBOVESPA B3 ISE B3 ICO2 B3 IDIVERSA B3 IBBR B3 IBRA B3 IBRX50 B3 ICON B3 IGCT B3 ITAG B3 ADR RADLY U.S .: OTC 1
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2 2Q26 RESULTS We ended the 2Q26 with a total of 3,687 pharmacies in operation, opening 76 new units in 2Q26 and 329 LTM. We reiterate our guidance of 330-350 gross openings for 2026. We closed 3 units in 2Q26 totaling 13 LTM, with only 1 still in the maturation process. This equates to a low error ratio of 0.3% of the LTM openings, highlighting the precision of our expansion process. The remaining 12 LTM closures were of mature units with an average of 13 years of operation, a result of the optimization of our portfolio, transferring revenues to our remaining nearby locations, releasing assets for efficient redeployment and eliminating fixed costs, thus increasing both the Company's EBITDA and ROIC. At the end of 2Q26, a total of 25.0% of our pharmacies were still maturing and had not yet reached their full potential both in terms of revenue and profitability. Our expansion continues to diversify our pharmacy network, both geographically and demographically. We have extended our presence to 684 cities in every state, +42 vs. the prior year, a unique capillarity in Brazilian retail under direct management. We maintained a consistent expansion pace in São Paulo, our largest market, sustaining 32% of last year’s expansion plan. Even with our broad presence in the state, we continue to identify meaningful opportunities and see solid pe rformance from newly opened stores, reinforcing the potential to grow profitably across the country. Finally, the IRR of new stores has been increasing, reflecting greater accuracy in expansion decisions, supported by recent efficiency gains in operations, by omnichannel performance, by the emerging GLP‑1 market, among other factors. Pharmacy count Pharmacy portfolio Age structure 74.7% 74.4% 74.7% 74.8% 75.0% 7.7% 7.7% 7.6% 7.6% 7.6% 8.3% 8.4% 8.4% 8.6% 8.5% 9.3% 9.5% 9.3% 8.9% 8.9% 2Q25 3Q25 4Q25 1Q26 2Q26 Mature Year 3 Year 2 Year 1 3,371 3,453 3,547 3,614 3,687 2Q25 3Q25 4Q25 1Q26 2Q26 2Q25 3Q25 4Q25 1Q26 2Q26 LTM Gross openings +70 +88 +97 +68 +76 +329 Closures - -6 -3 -1 -3 -13 - Maturing - - -1 - - -1 - Mature - -6 -2 -1 -3 -12 Net openings +70 +82 +94 +67 +73 +316 Pharmacies by formatNumber of cities with pharmacies Pharmacies by region 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 portfolio 39% 18% 18% 22% 37% 44% 68% 64% 65% 48% 17% 14% 18% 13% 15% 2Q23 2Q24 2Q25 2Q26 2Q26 Premium Hybrid Popular LTM Openings Current portfolio 554 601 642 684 2Q23 2Q24 2Q25 2Q26 STORE DEVELOPMENT
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3 2Q26 RESULTS Our 3.7 thousand pharmacies are present in every state in the country and supported by an integrated network of 16 distribution centers, including the opening of the new DC in Itupeva/SP in April . This logistics grid allows us to serve more than 80% of our locations daily with lead times of up to 24 hours. As a result, we sustain high service levels, optimize working capital, and strengthen operational efficiency, establishing a significant competitive advantage. Our national market share reached 19.7% in 2Q26, a robust gain of +1.7 pp vs. the prior year. In addition, we recorded relevant gains across all regions, demonstrating our competitive strength in diverse contexts and markets. Market shares reached 34.3% in São Paulo (+2.4 pp), 14.3% in the Southeast (+1.4 pp), 25.1% in the Midwest (+2.4 pp), 11.8% in the South (+0.7 pp), 14.4% in the Northeast (+1.4 pp), and 12.6% in the North (+1.6 pp). We also achieved significant market share gains across all regions when excluding GLP -1 items and their substantial benefit to our figures. We continued to advance our digital strategy , further strengthening our relationship with the customer . In the last 12 months, we recorded 1.1 billion visits across our digital channels, an impactful audience that enhances our role in promoting health . In addition, digitalization increases spending per customer, with digitally engaged loyal customers spending 30% more than the average loyal customer. As a result, our digital channels reached R$ 3.9 billion in gross revenue in 2Q26, an absolute increase of R$ 1.4 billion and growth of +52% vs. the prior year. The share of digital channels reached 31.0% of retail sales, an increase of +6.1 pp. We highlight the growing use of our apps, ensuring that customers enjoy the best mobile experience specialized in omnichannel health and wellness journeys. Digital sales through this channel increased +60% vs. the prior year, reaching an 83% share (+4 pp) of digital sales in the quarter. Geographic presence Retail Market Share Quarterly share, customer prices, sell-out + sell-in Source: IQVIA. Southeast excludes SP. Total: 3.687 pharmacies Raia: 1,515 Drogasil: 2,172 DCs: 16 PE: 121 SC: 116 DF: 127 GO: 163 PR: 211 RS: 140 MG: 259 MT: 57 SP: 1.455 MS: 70 BA: 143 ES: 80 RJ: 284 AL: 26 SE: 32 PB: 30 RN: 34 CE: 113 PI: 24 MA: 44 TO: 29 PA: 61 RO: 20 AM: 31 AC: 7 RR: 5 AP: 5 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 Click & Collect 68% up to 60 min 23% >60 min 4% 3rd party 6% App 83% Site 9% Others 2% 3rd party 6% Digital sales and penetration R$ millions, % of retail gross revenue Delivery mixDigital channel mix % of quarterly digital sales % of quarterly digital sales Revenue of digital channels App participation in sales Retail penetration 81 de NPS App rating R$ 14.1 B LTM digital sales 81 NPS Delivery rating 1.1 B visits Via apps and website LTM 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 94% proprietary channels 96% delivered/collected in up to 60min DIGITAL, HEALTH AND CUSTOMER ENGAGEMENT
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4 2Q26 RESULTS This evolution in customer digitalization, leveraging our modern and proprietary channels, reflects the ongoing improvement of our mobile experience and a more complete, fully omnichannel health journey. It capitalizes on the capillarity of our store network, which has 95% of the A-Class population within a 1.5 km radius. This growing proximity, strengthened by our profitable organic expansion, constitutes another important competitive advantage by enabling 9 6% of digital orders to be delivered or picked up in less than 60 minutes with high economic efficiency. Stix is another important source of differentiation through its customer loyalty ecosystem. We concluded on July 02, 2026 the acquisition of the remaining 67% of the company for R$ 23 million, with the first installment of R$ 2.3 million paid on the signing of the deal (May 20, 2026) and the remaining R$ 20.7 million on the closing of the deal (July 02, 2026). RD Saúde now holds 100% of Stix, ending its joint venture with GPA , but retain ing them as a partner in the program. Founded in 2018, Stix has included RD Saúde as a minority shareholder with a 33.33% stake since 2019. Stix operates in the structuring, development, operation and management of a loyalty program that brings together multiple partners and enables the accumulation, management and redemption of loyalty points. Stix is Brazil’s largest customer loyalty ecosystem, ending 2Q26 with over 9.000 partner points of sale and a presence in every state. The coalition benefitted 15.0 million active customers in the last 12 months, with 6.7 million of them navigating within 2 or more partners. The acquisition of the company is aligned with RD Saúde’s strategy to strengthen customer loyalty and engagement initiatives, while a lso simplifying Stix’s corporate structure. Finally, we continued to strengthen the role of our pharmacies in customers' integral health journey, positioning them as health hubs within the communities we serve and expanding engagement through pharmaceutical services. We now have 3.1 thousand units with Mais Saúde hubs and their expanded services portfolio, in addition to 442 units enabled for vaccination. In 2Q26, more than 1.9 million pharmaceutical services were performed, including CATs ( clinical analysis tests), vaccinations, and other services, recording an NPS superior to the pharmacy average of 91. In a quarter without calendar effects, we ended 2Q26 with R$ 12,778 million in gross revenue, an 18.3% growth vs. the prior year. We sustained a robust performance a cross all categories. Branded Rx grew +24.3% in the quarter, mainly driven by GLP ‑1 products. We highlight that the recent launching of new products in this category improves customer accessibility with volumes offsetting the reduction in average prices. Meanwhile, the other categories displayed a balanced performance among themselves: Generics grew +14.5%, OTC +13.0% and HPC +13.8% with a sequential acceleration of +2.1 pp vs. 1Q26. Consolidated gross revenues Retail sales mix *Branded Rx Generics OTC HPC +13.0% +14.5% +24.3% 2Q26 vs. 2Q25 +13.8% * Services. 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 Mature-Store sales growth – RetailConsolidated revenue growth Same-Store sales growth – Retail CMED price adjustment Real growth 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 GROSS REVENUES
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5 2Q26 RESULTS Finally, we recorded average same‑store sales growth of +12.5% in 2Q26. Among mature stores, which completed the full 3-year ramp-up, we posted an average growth of +10.9%, a pace 8.1 pp above the 2.8% CMED price adjustment authorized in 2026 and 6.3 pp above the LTM CPI. We highlight that, aligned with the market share gains, mature-store performance was robust in all regions, underscoring the elevated competitiveness of our brands within the different market environments. Gross profit totaled R$ 3,696.1 million in the quarter, equivalent to a gross margin of 28.9%. We recorded a 0.1 pp contraction vs. the prior year, driven by the higher penetration of GLP-1 products that carry a structurally lower gross margin, by the non-cash NPV adjustment, and by the lower annual inflationary gains on inventories , stemming from the lower average price adjustment authorized by CMED in 2026 (2.8%) vs. 2025 (3.1%). These pressures were almost entirely offset by commercial gains and by momentarily higher inventory losses in the 2Q25 comp base. Selling expenses totaled R$ 2,370.4 million in 2Q26, equivalent to 18.6% of gross revenue, a 0.2 pp pressure vs. the prior year. We recorded pressures in personnel expenses, stemming from investments into our employee value proposition (EVP ) since 4Q25, in last -mile deliveries and in other services. These were almost entirely offset by dilutions in rentals, payment methods and software licenses, in addition to operating leverage resulting from the strong mature-store sales growth above inflation. * Includes the effects of taxation on investment subsidies, in accordance with the Law 14,789/2023. 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 Selling expenses R$ millions, % of gross revenue 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 GROSS PROFIT SELLING EXPENSES
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6 2Q26 RESULTS General and administrative expenses totaled R$ 308.3 million in 2Q26, corresponding to 2. 4% of gross revenue and a 0.3 pp dilution vs. the prior year. We recorded dilutions in personnel expenses, in addition to operating leverage resulting from the strong mature-store sales growth above inflation. We recorded an adjusted EBITDA of R$ 1,017.3 million in 2Q26 with a stable EBITDA margin of 8.0% of gross revenue. The 17.9% increase vs. the prior year underscores the resilient nature of the Company, despite the challenging macro backdrop. General and administrative expenses R$ millions, % of gross revenue 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 Adjusted EBITDA R$ millions, % of gross revenue 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 GENERAL & ADMINISTRATIVE EXPENSES EBITDA
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7 2Q26 RESULTS Adjusted depreciation expenses totaled R$ 277.1 million in 2Q26, equivalent to 2.2% of gross revenue, a dilution of 0.1 pp. Adjusted net financial expenses totaled R$ 197.3 million in 2Q26, representing 1.5% of gross revenue, a dilution of 0.4 pp vs. the prior year. Of the total amount, R$ 131.8 million refer to the net financial interest accrued on financial liabilities, equivalent to 1.0% of gross revenue with a 0. 3 pp reduction, driven by a lower average Selic rate and by R$ 15.8 million in financial revenue from the sale of 4Bio . Additionally, R$ 65.5 million refer to the non -cash NPV adjustment, equivalent to 0. 5% of gross revenue with a 0.1 pp dilution. Lastly, we recorded an adjusted EBT of R$ 542.7 million in 2Q26, a 33.4% increase vs. the prior year . This was equivalent to a margin of 4.2% of gross revenue with a 0.4 pp expansion. We provisioned a total of R$ 118.3 million in adjusted income tax in 2Q26, 0.9% of gross revenue, an increase of 0.3 pp vs. the prior year . The effective tax rate for 2Q26 was 21.8% of EBT, a n increase of 6.3 pp. This increase was driven by the lower proportion of interest on equity provisioned in the quarter and by the retroactive one-off gain of R$ 11.5 million in the previous year from tax subventions in the state of Goiás. We estimate the recurring effective tax rate for 1H26 to be 19.1% of EBT. Lastly, the 2Q26 adjusted consolidated net income, which only includes 1 month of 4Bio’s discontinued operations, was of R$ 432.7 million, with a net margin of 3.4% of gross revenue. This equates to a 0.3 pp contraction vs. the prior year, which still included 3 months of 4Bio results. Excluding discontinued operations, adjusted net income was of R$ 424.4 million, a 23. 4% growth vs. the prior year, with a net margin of 3.3% and a 0.1 pp expansion. R$ millions, % of gross revenue Adj. depreciation & amortization Adj. earnings before taxes* R$ millions, % of gross revenue Adj. net financial expenses R$ millions, % of gross revenue * Includes the effects of taxation on investment subsidies, in accordance with the Law 14,789/2023. 251.5 264.8 274.7 272.5 277.1 2.3% 2.3% 2.3% 2.3% 2.2% 2Q25 3Q25 4Q25 1Q26 2Q26 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 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 * Includes the effects of taxation on investment subsidies, in accordance with the Law 14,789/2023. ** Effective tax rate. Adj. income tax and effective tax rate* R$ millions, % of earnings before taxes Adjusted net income* R$ millions, % of gross revenue Consolidated net margin Net income ex-4Bio Discontinued operations 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 DEPRECIATION, NET FINANCIAL EXPENSES AND EBT INCOME TAXES AND NET INCOME
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8 2Q26 RESULTS Within our EBITDA, we recorded R$ 8.9 million in net non‑recurring revenues in the 2Q26. This includes expenses of R$ 7.0 million in asset write -offs and R$ 5.0 million in social investments & donations, as well as revenues of R$ 6.8 million in gains related to tax effects of previous years and R$ 14.1 million in other non-recurring effects, primarily related to investees. In net income, we recorded R$ 2.2 million non-recurring financial revenues and R$ 3.7 million in income taxes from the non-recurring effects. We recorded a cash cycle of 51.7 days in 2Q26, a reduction of 10.7 days compared to the same period of last year, adjusted for discounted receivables and advanced payments to suppliers and including the positive effects derived from the end of the ICMS-ST tax regime in the state of São Paulo. This improvement was driven primarily by an increase of 10.9 days in suppliers and a decrease of 1.2 days in inventories, more than offsetting an increase of 1.4 days in receivables. Adjusted EBITDA & Net Income Reconciliation (R$ millions) 2Q25 2Q26 Net income 400.9 440.0 Results of discontinued operations (4Bio) (58.7) (8.3) Income tax 62.0 122.0 Equity equivalence 0.5 0.2 Financial result 204.0 195.2 EBIT (ex-4Bio) 608.6 749.1 Depreciation and amortization 251.5 277.1 EBITDA (ex-4Bio) 860.2 1,026.2 Asset write-offs (0.9) 7.0 Social investments and donations 11.2 5.0 Tax effects from previous years (2.3) (6.8) Other non-recurring/non-operating effects (5.2) (14.1) Adjusted EBITDA (ex-4Bio) 863.0 1,017.3 Net income 400.9 440.0 Net non-rec. effects of discont. operations (4Bio) 0.0 0.0 Non-recurring EBITDA effects 2.8 (8.9) Non-recurring financial revenues - (2.2) Non-rec. effects of cont. op. on income taxes (34%) (1.0) 3.7 Adjusted net income 402.7 432.7 * Adjusted for discounted receivables & advanced payments to suppliers. Cash cycle* COGS days, Gross revenue days 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 EBITDA & NET INCOME RECONCILIATION AND NON-RECURRING RESULTS CASH CYCLE
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9 2Q26 RESULTS We generated R$ 816.7 million in resources from operations in 2Q26 (6.4% of gross revenue ) with an operating cash flow of R$ 877.7 million. We generated R$ 61.1 million in working capital and invested R$ 329.4 million in CAPEX, with R$ 144.3 million allocated to the opening of new pharmacies , R$ 85.3 million to maintenance and renovation of existing units, R$ 74.1 million to technology, R$ 18.1 million to logistics, and R$ 7.8 million to other projects. In investees, we recorded R$ 144.5 million from the incorporated cash position of Stix and of R$ 100.0 million from the first installment for the sale of 4Bio, as well as R$ 716,4 million for the remainder of the deal. Net financial expenses resulted in a cash outflow of R$ 131.8 million in 2Q26. These expenses were partially offset by a tax deduction of R$ 97.4 million related to financial expenses and interest on equity ( IoE). Finally, we announced R$ 154.5 million in IoE and R$ 47.6 million in dividends in 2Q26, compared with R$ 131.8 million in IoE and R$ 104.0 million in dividends in 2Q25. We ended the 2Q26 with adjusted net debt of R$ 2,999.6 million, corresponding to a financial leverage ratio of 0.8x the adjusted EBITDA for the last 12 months, a 0.5x leverage reduction vs. the prior year. This reduction is comprised of 0.3x from the regular cash generation of operations and 0.2x from the sale of 4Bio. Our adjusted net debt considers a balance of R$ 808.9 million in discounted receivables, of R$ 25.7 million in forward payments to suppliers, R$ 716.4 million in pending receivables related to the sale of 4Bio and R$ 16.6 million in obligations related to put/call options for remaining equity interests in investee companies. Gross debt totaled R$ 3, 452.6 million, fully comprised by the issuance of Debentures and Real Estate Receivables Certificates (CRIs), all with a reaffirmed AAA.br rating from Moody’s. Of total indebtedness, 8 9% is long ‑term and 1 1% is short ‑term. We ended the quarter with a total cash and equivalents position of R$ 536.5 million. Despite a low leverage of 0.8x, we highlight that we expect additional cash generation over time from the sale of 4Bio and from the recovery of ICMS-ST taxes from inventories in the state of São Paulo. 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 *Includes adjustments to discounted receivables. **Incl. NPV. ***Excl. NPV. Net debt (R$ millions) 2Q25 3Q25 4Q25 1Q26 2Q26 Short-term debt 849.7 522.5 508.1 425.5 365.3 Long-term debt 2,758.6 2,760.1 3,359.6 3,236.1 3,087.4 Total gross debt 3,608.3 3,282.6 3,867.8 3,661.5 3,452.6 (-) Cash and equivalents 376.3 339.6 358.6 441.8 536.5 Net debt 3,232.0 2,943.0 3,509.1 3,219.7 2,916.1 Discounted receivables 761.2 514.7 800.3 953.6 808.9 Advances to suppliers (13.2) (3.7) - - (25.7) Sale of 4Bio - Pending receivables - - - - (716.4) Investment put/call options (estimated) 14.4 22.8 15.5 15.9 16.6 Adjusted net debt 3,994.4 3,476.7 4,324.9 4,189.2 2,999.6 LTM adjusted EBITDA 2,974.4 3,056.3 3,303.1 3,500.7 3,655.0 Adjusted net debt/LTM EBITDA 1.3x 1.1x 1.3x 1.2x 0.8x CASH FLOW INDEBTEDNESS
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10 2Q26 RESULTS Our share price decreased 26.1% in 2Q26, while the IBOVESPA decreased by 8.5%. During the period, the average daily trading volume (ADTV) was R$ 220 million. Since the IPO of Drogasil in June 2007, we achieved a cumulative share appreciation of 2,023%, compared to only 216% for the IBOVESPA. Including the payment of interest on equity and dividends, we generated an average annual total return to shareholders of 18.3%. Considering the IPO of Raia in December 2010, the cumulative return amounted to 512%, compared to 153% for the IBOVESPA. Including shareholder distributions, this equates to an average annual return of 13.4%. Since 2019, the financial statements have been prepared in accordance with IFRS 16. However, for historical comparability purposes, the figures presented in this report exclude the effects of this standard, as we believe the previous accounting approach better reflects the economic reality of our business. On RD Saúde’s Investor Relations website (ir.rdsaude.com.br), the financial statements can be found in the 'Results Spreadsheets' section. Stock price appreciation 2Q26 Change Income Statement (R$ millions) Pre IFRS 16 IFRS 16 ∆ 2Q26 Gross Revenue 12,777.7 12,777.7 0.0 Gross Profit 3,696.1 3,697.7 1.7 Gross Margin 28.9% 28.9% 0.0 pp Selling Expenses (2,370.4) (2,013.0) 357.4 G&A (308.3) (307.6) 0.7 Total Expenses (2,678.7) (2,320.6) 358.1 as % of Gross Revenue 21.0% 18.2% (2.8 pp) Adjusted EBITDA 1,017.3 1,377.1 359.8 as % of Gross Revenue 8.0% 10.8% 2.8 pp Non-Recurring Expenses / Revenues 8.9 9.6 0.8 Depreciation and Amortization (277.1) (532.5) (255.4) Financial Results (195.2) (323.7) (128.5) Income Tax (122.0) (114.1) 8.0 Net income ex-4Bio 431.7 416.3 (15.4) as % of Gross Revenue 3.4% 3.3% (0.1 pp) Net Income 440.0 424.5 (15.4) as % of Gross Revenue 3.4% 3.3% (0.1 pp) TOTAL SHAREHOLDER RETURNS IFRS-16
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11 2Q26 RESULTS August 05th 2026, 10:00 AM (BRT), with simultaneous translation to English. Access link https://www.resultadosrdsaude.com.br/ For more information, please contact our Investor Relations department: ri@rdsaude.com.br 2Q26 Change Balance Sheet (R$ millions) Pre IFRS 16 IFRS 16 ∆ 2Q26 Assets 20,154.5 24,822.6 4,668.1 Current Assets 14,251.7 14,251.7 (0.0) Non-Current Assets 5,902.7 10,570.9 4,668.1 Income Tax and Social Charges deferred 51.0 255.7 204.7 Other Credits 541.6 541.1 (0.4) Investments 0.2 0.0 (0.2) Right of use 0.0 4,464.1 4,464.1 Liabilities and Shareholder's Equity 20,154.5 24,822.6 4,668.1 Current Liabilities 9,116.2 10,135.7 1,019.6 Financial Leases 0.0 1,025.3 1,025.3 Other Accounts Payable 593.7 588.0 (5.7) Non-Current Liabilities 3,304.4 7,396.1 4,091.7 Financial Leases 0.0 4,115.1 4,115.1 Income Tax and Social Charges Deferred 23.4 0.0 (23.4) Shareholder's Equity 7,733.9 7,290.8 (443.1) Income Reserves 2,489.1 2,075.7 (413.4) Accrued Income 261.0 231.4 (29.7) Equity Adjustments 63.0 63.0 (0.1) 2Q26 Change Cash Flow (R$ millions) Pre IFRS 16 IFRS 16 ∆ 2Q26 Adjusted EBIT 740.2 844.6 104.4 Non-Recurring Effects 11.0 9.6 (1.4) Income Tax (34%) (236.2) (271.2) (35.0) Depreciation 277.2 532.5 255.3 Rental Expenses 0.0 (358.9) (358.9) Others 67.5 109.8 42.3 Resources from Operations 809.9 816.6 6.7 Operating Cash Flow 879.4 879.4 0.0 Investments (329.4) (329.4) 0.0 Free Cash Flow 550.0 550.0 0.0 Total cash flow (ex-4Bio) 473.2 473.2 0.0 Total cash flow (with 4Bio) 1,189.7 1,189.7 0.0 RESULTS CONFERENCE CALL
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12 2Q26 RESULTS Consolidated adjusted income statement 2Q25 2Q26 (R$ thousands) Resubmitted Gross revenue 10,803,986 12,777,743 Taxes, deductions and returns (729,303) (1,715,344) Net revenue 10,074,683 11,062,399 Cost of goods sold (6,940,850) (7,366,328) Gross profit 3,133,833 3,696,071 Selling expenses (1,982,851) (2,370,424) General and administrative expenses (288,002) (308,299) Operational expenses (2,270,853) (2,678,723) Adjusted EBITDA 862,980 1,017,348 Depreciation and amortization (251,535) (277,134) Operational earnings before financial results 611,445 740,214 Financial expenses (310,428) (336,869) Financial revenue 106,401 139,545 Financial results (204,027) (197,324) Equity equivalence (467) (180) Earnings before income tax and social charges 406,951 542,709 Income tax and social charges (62,941) (118,284) Adjusted net income ex-4Bio 344,011 424,425 Results of discontinued operations (4Bio) 58,734 8,304 Adjusted net income 402,744 432,729
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13 2Q26 RESULTS Consolidated income statement 2Q25 2Q26 (R$ thousands) Resubmitted Gross revenue 10,803,986 12,777,743 Taxes, deductions and returns (729,303) (1,715,344) Net revenue 10,074,683 11,062,399 Cost of goods sold (6,940,850) (7,366,328) Gross profit 3,133,833 3,696,071 Selling expenses (1,982,851) (2,370,424) General and administrative expenses (288,002) (308,299) Other operational expenses, net (2,796) 8,850 Operational expenses (2,273,649) (2,669,873) EBITDA 860,184 1,026,198 Depreciation and amortization (251,535) (277,134) Operational earnings before financial results 608,649 749,064 Financial expenses (310,428) (336,869) Financial revenue 106,401 141,705 Financial results (204,027) (195,165) Equity equivalence (467) (180) Earnings before income tax and social charges 404,156 553,719 Income tax and social charges (61,990) (122,028) Net income ex-4Bio 342,166 431,691 Results of discontinued operations (4Bio) 58,689 8,287 Net income 400,855 439,978
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14 2Q26 RESULTS Assets (R$ thousands) 2Q25 2Q26 Cash and cash equivalents 376,334 536,500 Financial investments 78,278 116,449 Accounts receivable 2,373,076 3,095,748 Inventories 7,948,264 8,333,897 Taxes receivable 436,987 1,066,713 Anticipated expenses 151,808 156,290 Judicial deposits 4,060 3,782 Assets of investment for sale (4Bio) 1,658,025 - Other accounts receivable 609,794 942,368 Current assets 13,636,626 14,251,747 Deposit in court 32,718 64,898 Taxes receivable 225,666 236,634 Income tax and social charges deferred 48,182 51,012 Other credits 14,928 541,551 Investments 13,447 186 Property, plant and equipment 2,737,578 2,970,046 Intangible 2,036,972 2,038,393 Non-current assets 5,109,491 5,902,720 TOTAL ASSETS 18,746,118 20,154,467 Liabilities and shareholder equity (R$ thousands) 2Q25 2Q26 Suppliers 5,192,141 6,375,302 Loans and financing 849,691 365,266 Salaries and social charges payable 777,866 925,554 Taxes payable 384,088 508,068 Dividends and interest on equity 217,181 306,115 Provision for lawsuits 77,279 42,116 Liabilities of investment for sale (4Bio) 796,567 - Other accounts payable 415,224 593,734 Current liabilities 8,710,038 9,116,156 Loans and financing 2,758,638 3,087,383 Provision for lawsuits 102,133 145,181 Income tax and social charges deferred 25,503 23,417 Other accounts payable 77,625 48,458 Non-current liabilities 2,963,899 3,304,440 Common stock 4,000,000 4,750,000 Capital reserves 131,107 159,823 Revaluation reserve 11,022 10,895 Income reserves 2,529,320 2,489,084 Accrued income 322,824 261,046 Equity adjustments 62,969 63,023 Non controller interest 14,939 - Shareholder equity 7,072,180 7,733,871 TOTAL LIABILITIES & SHAREHOLDER EQUITY 18,746,118 20,154,467
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15 2Q26 RESULTS Cash Flow (with 4Bio) 2Q25 2Q26 (R$ thousands) Earnings before Income Tax and Social Charges 427,170 553,718 Adjustments Depreciation and Amortization 252,432 277,204 Compensation plan with restricted shares, net 13,213 10,819 Interest over additional stock option 467 723 PP&E and Intangible Assets residual value 1,016 54,020 Provisioned Lawsuits (10,330) 20,579 Provisioned Inventory Loss (19,142) (5,535) Provision for Doubtful Accounts 9,063 2,709 Provisioned Store Closures (310) 4,492 Interest Expenses 125,090 125,301 Debt Issuance Costs Amortization 2,444 1,917 Equity Equivalence Result 434 180 Gains from business combination - (19,568) Provision for realization of recoverable investment - 6,698 801,547 1,033,257 Assets and Liabilities variation Clients and Other Accounts Receivable (208,850) (263,318) Inventories 296,920 112,545 Other Short Term Assets (116,409) (144,793) Suppliers (403,675) (90,789) Salaries and Social Charges 133,527 177,082 Taxes Payable (13,557) 52,356 Other Liabilities (99,620) (84,754) Rents Payable 6,032 27,094 Cash from Operations 395,915 818,679 Interest Paid (94,936) (186,025) Income Tax and Social Charges Paid (26,165) - Paid lawsuits (8,020) (33,918) Net Cash from (invested) Operational Activities 266,794 598,736 Investment Activities Cash Flow Cash acquired from business combination - 144,517 PP&E and Intangible Acquisitions (323,410) (324,281) PP&E Sale Payments - 533 Restricted Investments (12,484) (20,515) Acquisitions and capital contributions in investments, net - (2,300) Cash from divestments - 100,000 Net Cash from Investment Activities (335,894) (102,046) Financing Activities Cash Flow Funding 500,000 - Payments - (150,000) Interest on Equity and Dividends Paid (308,261) (246,301) Senior Quota Redemptions - (5,691) Net Cash from Funding Activities 191,739 (401,992) Cash and equivalents in the beggining of the period (with 4Bio) 404,381 441,801 Cash and equivalents net increase (with 4Bio) 122,639 94,698 Cash and equivalents in the end of the period (with 4Bio) 527,020 536,500