Slides
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Earnings Presentation 3Q26
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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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3Q26 Highlights PHARMACIES 3,770 stores in operation (92 openings and 9 closures in the quarter); 333 openings LTM, reiterating the 2026 guidance of 330–350 openings; CUSTOMERS 53 million active customers in the last 12 months; TICKETS & NPS 119 million transactions in the quarter with an NPS of 91. GROSS REVENUE R$13.2 billion, +16.0% and an increase of R$ 1.8 billion; MSSS of +8.4%, +5.6 pp above the CMED price adjustment; MARKET SHARE 19.1% national share (+1.1 pp), with gains across all regions; DIGITAL R$ 3.8 billion, +27.2% and a 29.4% retail penetration. ADJUSTED EBITDA R$ 1.0 billion, +14.7%, with a 7.8% margin (-0.1 pp); ADJUSTED EBT R$ 548 million, +31.0%, with a 4.2% margin (+0.5 pp); ADJ. NET INCOME R$ 439 million, +9.2%, with a 3.3% margin (-0.2 pp); Ex-4Bio: +20.1%, with margin expansion of +0.1 pp; CASH GENERATION & LEVERAGE Free cashflow of R$ 160 million and total cash generation of R$ 57 million; Net debt/EBITDA of 0.8x, down 0.3x. OPERATIONALMARKETFINANCIALS
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4 Gross revenue of R$ 13.2 B, up R$ 1.8 B (+16.0%), with solid growth across all categories. Stix impact of +0.4 pp and calendar effect of -0.3 pp. Consolidated gross revenues R$ millions * Services. * +10.8% +11.7% +19.8% 3T26 vs. 3T25 +13.4% Sales mix Retail, per product category Branded Rx Generics OTC HPC 11,348 12,187 11,980 12,778 13,163 3Q25 4Q25 1Q26 2Q26 3Q26 44.1% 45.2% 45.5% 45.4% 45.8% 12.6% 12.0% 12.2% 12.4% 12.2% 19.8% 18.5% 18.8% 19.7% 18.9% 23.3% 24.1% 23.4% 22.3% 22.9% 0.2% 0.2% 0.2% 0.2% 0.2% 3Q25 4Q25 1Q26 2Q26 3Q26
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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 +8.4%, +5.6 pp above the annual CMED price adjustment, with solid performance across Brazil. 3.1% 3.1% 3.1% 2.8% 2.8% 12.4% 19.3% 17.3% 15.5% 13.2% 15.5% 22.3% 20.4% 18.3% 16.0% 3Q25 4Q25 1Q26 2Q26 3Q26 3.1% 3.1% 3.1% 2.8% 2.8% 6.7% 13.2% 11.2% 9.7% 7.3% 9.7% 16.3% 14.3% 12.5% 10.1% 3Q25 4Q25 1Q26 2Q26 3Q26 3.1% 3.1% 3.1% 2.8% 2.8% 4.8% 11.4% 9.7% 8.1% 5.6% 7.8% 14.5% 12.8% 10.9% 8.4% 3Q25 4Q25 1Q26 2Q26 3Q26
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6 Retail market share Quarterly share at customer prices, sell-in + sell-out Pharmacies per region LTM openings and current portfolio 9% 13% 8% 3% 4% 22% 21% 20% 18% 15% 10% 14% 11% 12% 10% 20% 15% 20% 17% 16% 16% 19% 17% 20% 13% 24% 18% 25% 29% 41% 2T21 2T22 2T23 2T24 2T24 Norte Nordeste Centro Oeste Sudeste Sul São Paulo Aberturas nos últimos 12 meses Rede atual 9% 13% 8% 3% 4% 22% 21% 20% 18% 15% 10% 14% 11% 12% 10% 20% 15% 20% 17% 16% 16% 19% 17% 20% 13% 24% 18% 25% 29% 41% 2T21 2T22 2T23 2T24 2T24 Norte Nordeste Centro Oeste Sudeste Sul São Paulo Aberturas nos últimos 12 meses Rede atual 9% 13% 8% 3% 4% 22% 21% 20% 18% 15% 10% 14% 11% 12% 10% 20% 15% 20% 17% 16% 16% 19% 17% 20% 13% 24% 18% 25% 29% 41% 2T21 2T22 2T23 2T24 2T24 Norte Nordeste Centro Oeste Sudeste Sul São Paulo Aberturas nos últimos 12 meses Rede atual National market share up +1.1 pp, with gains across all regions. Recurring growth, including in the most consolidated regions. Source: IQVIA. Southeast excludes SP. 6% 4% 7% 2% 4% 17% 17% 16% 16% 15% 12% 14% 15% 13% 11% 20% 15% 22% 23% 17% 17% 18% 10% 11% 13% 28% 32% 30% 35% 39% 3T23 3T24 3T25 3T26 3T26 Aberturas nos últimos 12 meses Rede atual 18.0% 31.9% 13.2% 22.9% 11.0% 12.9% 11.1% 19.1% 33.0% 14.3% 24.8% 11.5% 14.2% 12.1% Brazil SP Southeast Midwest South Northeast North 3Q25 3Q26
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7 Digital sales reached R$ 3.8 B, with a 29.4% penetration. New unified omni commercial policy for GLP-1 highlights the relevance of physical pharmacies. Digital sales R$ million, % of retail gross revenue Sales channels % of quarterly digital sales Delivery channels % of quarterly digital sales Rev. of digital channels App penetration in sales Retail penetration 80 NPS App rating R$ 14.9 billion LTM digital sales 83 NPS Delivery rating >1 billion visits Via app and website, LTM +27% vs. 3Q25 App 83% Site 9% Outros 3% Terceiros 5% 95% proprietary channels Coleta 66% Até 60 min 24% >60 min 4% Terceiros 5% 96% delivered/collected in up to 60min 3,018 3,554 3,597 3,938 3,838 81% 82% 83% 83% 83% 26.7% 29.3% 30.2% 31.0% 29.4% 3Q25 4Q25 1Q26 2Q26 3Q26
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8 Gross margin of 28.8%, up +0.1 pp, supported by Stix, lower inventory losses and commercial gains, offsetting NPV and the GLP-1/digital mix. Gross profit R$ millions, % of gross revenue 3,257.3 3,508.6 3,392.6 3,696.1 3,795.6 28.7% 28.8% 28.3% 28.9% 28.8% 3Q25 4Q25 1Q26 2Q26 3Q26
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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 diluted the 0.5 pp pressure from EVP investments made in 4Q25. Stix increased G&A by +0.2 pp. 299.9 325.4 296.6 308.3 342.9 2.6% 2.7% 2.5% 2.4% 2.6% 3Q25 4Q25 1Q26 2Q26 3Q26 2,064.8 2,258.9 2,275.2 2,370.4 2,429.0 18.2% 18.5% 19.0% 18.6% 18.5% 3Q25 4Q25 1Q26 2Q26 3Q26
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10 Adjusted EBITDA of R$1,023.7 MM, +14.7% and a 7.8% margin (-0.1 pp). Cash cycle improved by 2.4 days, including ICMS-ST effects in São Paulo. * Adjusted for discounted receivables & advanced payments to suppliers. Adjusted EBITDA R$ millions, % of gross revenue Cash cycle* COGS days, Gross revenue days 892.6 924.3 820.8 1,017.3 1,023.7 7.9% 7.6% 6.9% 8.0% 7.8% 3Q25 4Q25 1Q26 2Q26 3Q26 101.0 105.7 107.0 103.0 102.4 71.4 74.4 82.0 79.1 75.8 27.0 27.1 28.8 27.8 27.6 56.6 58.4 53.8 51.7 54.2 3Q25 4Q25 1Q26 2Q26 3Q26 Inventories Suppliers Receivables Cash Cycle
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11 -0.6 pp improvement in financial expenses due to a lower Selic rate, to NPV and to the 4Bio sale. EBT increased +31.0% to R$ 547.6 MM with a 4.2% mg. (+0.5 pp). Adjusted financial expenses R$ millions, % of gross revenue EBT – Earnings before taxes R$ millions, % of gross revenue 417.9 398.6 332.9 542.7 547.6 3.7% 3.3% 2.8% 4.2% 4.2% 3Q25 4Q25 1Q26 2Q26 3Q26 210.9 253.8 215.3 197.3 174.9 1.9% 2.1% 1.8% 1.5% 1.3% 3Q25 4Q25 1Q26 2Q26 3Q26
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12 71.1 48.4 49.6 118.3 108.5 17.0% 12.1% 14.9% 21.8% 19.8% 0.6% 0.4% 0.4% 0.9% 0.8% 3Q25 4Q25 1Q26 2Q26 3Q26 Effective tax rate of 19.8% (+2.8 pp) in 4Q26 and 19.4% YTD. Net income of R$ 439.1 MM, +9.2% with a 3.3% mg. (-0.2 pp). Ex-4Bio: +20.1% and +0.1 pp in mg. Adj. income tax and effective rate R$ millions, % of gross revenue Effective tax rate Adjusted net income R$ millions, % of gross revenue Continued operations Discontinued operations Consol. net margin 346.8 350.2 283.3 424.4 439.1 402.0 361.7 299.8 432.7 439.1 3.5% 3.0% 2.5% 3.4% 3.3% 3Q25 4Q25 1Q26 2Q26 3Q26
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13 Free cash flow of +R$ 160.2 MM, with total cash generation of R$ 56.8 MM including 4Bio. Financial leverage of 0.8x EBITDA, down 0.3x. * Includes adjustments to discounted receivables. ** Includes NPV adjustments. *** Excludes NPV adjustments. Net debt and financial leverage R$ millions, as a ratio of LTM adjusted EBITDA Adjusted net debtAdj. net debt/EBITDA Cash Generation and Net Debt Reconciliation (R$ millions) 3Q25 3Q26 Ex-4Bio Adjusted EBIT 627.8 723.7 NPV adjustment (71.1) (59.8) Non-recurring effects 56.2 (18.6) Income tax (34%) (208.4) (219.4) Depreciation 255.2 298.5 Impairment provision (4Bio) - 0.2 Others 125.2 46.5 Resources from operations 784.9 771.1 Cash cycle* 123.5 (394.8) Other assets (liabilities)** 74.4 202.1 Operating cash flow 982.7 578.5 Investments (367.1) (418.3) Free cash flow 615.6 160.2 Investment activities in investees (31.5) (31.7) Interest on equity and dividends (0.1) (0.1) Income tax paid over interest on equity (18.4) (27.6) Net financial expenses*** (145.1) (119.9) Tax benefit (fin. exp., IoE, dividends) 97.2 95.1 Total cash flow (ex-4Bio) 517.7 75.9 Effects from discontinued operations (4Bio) 40.6 (19.0) Total (including 4Bio effects) 558.3 56.8 3,476.7 4,324.9 4,189.2 2,999.6 2,942.7 1.1x 1.3x 1.2x 0.8x 0.8x 3Q25 4Q25 1Q26 2Q26 3Q26 Adjusted net debt Adjusted net debt/LTM EBITDA
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14 Structural growth, market share gains and operating leverage drive stronger results and greater reinvestment capacity. Four engines that reinforce each other Structurally growing market +11% Pharma market LTM Sep/26 Consistent market share gains Organic growth and scale Results growing even faster 01 02 03 04 +13% CAGR 2000–25 pharma. retail +1.1 pp Market share YoY gain Avg. YoY gain since the merger +/- 0.5 pp +16% Gross Revenue YoY CAGR, since the merger ~17% ~20% EBITDA CAGR since the merger Avg. expansion IRR ~25% Diversification Not dependent on a single growth pool Branded Rx, Generics, OTC & HPC diversify growth across multiple drivers. Pharma market share ~20% Execution Expertise leads to an overshare in new market trends GLP-1, Digital, Vaccines, etc. market shares ~2x Customer centricity, agility and capillarity allow for value creation. Balance Sheet Resilience to continue investing Net Debt / EBITDA 0.8x Low leverage preserves the flexibility to fund growth. CAPABILITIES THAT SUPPORT THE CYCLE
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Q&A
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16 We will host our Investor Day on December 7th at our Campus. 07 DEC Campus RD Saúde Av. Corifeu de Azevedo Marques, 3.097, Butantã - São Paulo / SP We recommend the use of transportation apps. RD Saúde Day Save the date to keep up with our next steps in a journey towards a healthier society. 2pm 2:30 – 6pm Welcome Coffee Event Duration We hope to see you!
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Thank you!