Earnings release
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VIVARA EARNINGS 2Q26 Q & A SESSION RELEASE Thursday , August 06th , 11 a.m. ( BRT )
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HIGHLIGHTS DIGITAL DRIVES SALES • Digital sales channel rose 21.2% YoY versus 2Q25 • Continued increase in the app's share in digital sales, accounting for more than 30% of revenues • OMS sales represented 57.0% of digital sales during the period, demonstrating evolution in the integration of the customers’ journey 3 SUSTAINED PROFITABILITY • Gross margin of 71.7% (+1.9 p.p. versus 1Q26), held up despite a significant increase in precious metal prices • Highest gross margin ever recorded for a first half period at 70.9% • The multi-metal strategy, continuous innovation in product mix and collections, disciplined markup management and inventory optimization initiatives contributed to margin support 2 SOLID EBITDA TO CASH CONVERSION • EBITDA conversion into cash reached 71.7% in 2Q26, the highest level in the Company's history¹. In 1H26, cash conversion reached 86.4% • Operating cash generation² totaled R$147 million in 2Q26. In 1H26, operating cash generation reached R$261 million, surpassing 1H25 in R$333 million Ongoing progress in the inventory optimization strategy (-88 inventory days YoY) 1 1. Historical series excludes the years 2020 and 2021, which were impacted by the COVID-19 pandemic 2. Operating Cash Generation includes payments related to right-of-use lease contracts, while excluding interest paid on loans and the impact of credit card receivables factoring. This reduced 2Q25 cash generation by R$90.4 million (receivables brought forward from 3Q25) and increased 1Q26 cash generation by R$163.8 million (receivables brought forward in 4Q25)
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03 VIVARA 2Q26 | EARNINGS RELEASE São Paulo, August 5, 2026 FINANCIAL PERFORMANCE Vivara Participações presents a summary of its financial performance¹ for the second quarter of 2026. To better reflect the business drivers and facilitate the understanding of the Company's performance, this earnings release presents results on a pre -IFRS 16 basis, excluding the effects of IFRS 16 / CPC 06 (R2) through page 15. The reconciliation between pre and post IFRS 16 results is presented in the appendix to this report on page 16. (R$ million) 2Q26 2Q25 Var. (%) 1H26 1H25 Var. (%) Gross Revenue (net of returns) 1,071.5 969.7 10.5% 1,823.2 1,630.2 11.8% Revenue Deductions (excluding Subsidy Revenue) (311.8) (276.5) 12.7% (533.0) (481.5) 10.7% Subsidy Revenue 73.4 67.9 8.2% 138.4 149.4 -7.4% Net Operating Revenue 833.1 761.0 9.5% 1,428.6 1,298.1 10.1% Costs (235.4) (211.5) 11.3% (415.3) (384.6) 8.0% Gross Profit 597.7 549.5 8.8% 1,013.4 913.5 10.9% Gross Margin (%) 71.7% 72.2% (0,5 p.p.) 70.9% 70.4% 0,6 p.p. Operating Expenses² (393.0) (354.3) 10.9% (712.1) (619.8) 14.9% Net Revenue (%) -47.2% -46.6% (0,6 p.p.) -49.8% -47.7% (2,1 p.p.) Selling Expenses (326.0) (286.6) 13.8% (581.4) (498.7) 16.6% G&A Expenses (61.8) (61.2) 1.0% (118.8) (12.6) 5.5% Other Operating Revenues (Expenses) (5.2) (6.5) -21.1% (11.9) (8.5) 39.6% Depreciation (costs) 0.6 0.5 14.1% (0.8) (0.8) -7.3% EBITDA 205.4 195.7 4.9% 302.1 294.5 2.6% EBITDA Margin (%) 24.7% 25.7% (1,1 p.p.) 21.1% 22.7% (1,5 p.p.) Depreciation and Amortization (19.4) (18.7) 3.7% (38.3) (37.3) 2.7% Financial Result (15.5) (15.9) -2.3% (30.5) (18,0) 69.5% Corporate Income Tax (IRPJ) and Social Contribution (CSLL) (13.7) (5.9) 133.5% 9.4 36.1 -74.0% Net Income 156.7 155.3 0.9% 242.6 275,3 -11.9% Net Margin (%) 18.8% 20.4% (1,6 p.p.) 17.0% 21.2% (4,2 p.p.) 1. Pre-IFRS 16 balances: balances exclude the effects of IFRS 16 related to lease agreements associated with store, office and manuf acturing facility rentals for the amounts reported through page 15. 2. Balances excluding Depreciation and Amortization (D&A).
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04 VIVARA 2Q26 | EARNINGS RELEASE 2Q26 | GROSS REVENUE (Net of Returns) Revenue per channel and product 2Q26 2Q25 Var. (%) 1H26 1H25 Var. (%) Gross Revenue (net of returns) 1,071.5 969.7 10.5% 1,823.2 1,630.2 11.8% Per product Jewelry 539.8 482.2 11.9% 928.4 811.3 14.4% Life 364.2 344.7 5.6% 616.9 578.3 6.7% Watches 151.5 128.2 18.2% 249.2 211.3 18.0% Accessories and services 16.0 14.7 9.4% 28.6 29.3 -2.3% Per channel Physical Stores 916.2 839.7 9.1% 1,564.1 1,412.5 10.7% Vivara Stores 668.9 625.8 6.9% 1,152.1 1,061.2 8.6% Life Stores 242.0 209.0 15.8% 402.8 344.1 17.0% Kiosks 5.3 4.9 7.7% 9.2 8.2 12.3% Digital Sales 153.5 126.6 21.2% 251.4 210.9 19.2% Others¹ 1.7 3.4 -50.1% 7.7 5.8 31.6% SSS (physical stores)² 5.9% 11.0% na 7.5% 10.6% na SSS (physical stores + digital) 8.0% 11.4% na 9.0% 10.3% na 1. Other includes B2B sales and after-sales technical assistance services. 2. Physical store SSS considers gross revenue, net of returns, generated by stores that had been operating for at least 12 months at the beginning of the quarter, excluding stores with operating restrictions in either period. Total SSS equals the sum of physical store sales and digital channel sales. Gross revenue, net of returns, reached R$1,071.5 million in 2Q26, up 10.5% compared to 2Q25, mainly driven by the performance of Jewelry and Watches categories . 2Q26 was impacted by calendar and by World Cup effects, which affected customer traffic in shopping malls where most of our stores are located. Management estimates that the combined effect s impacted total sales growth in approximately 2.0 percentage points in 2Q26. Excluding these effects, gross revenue growth was 12.5%, in line with 1Q26 level. Jewelry category represented approximately half of total quarterly sales and posted revenue growth of 11.9% YoY in 2Q26. Excluding calendar and world cup effects, the increase was 14.0%. This performance was driven by Vivara Silver and Silver/Gold subcategories, which together represented 10.3% of sales, compared to 6.8% in 2Q25, demonstrating the Company's ability to drive portfolio innovation as a profitability lever. During the quarter, avera ge ticket rose 21.6%, while volumes declined 8.0% compared to 2Q25. As a result of the Company's markup management strategy and focus on profitability preservation, gross profit performance was in line with the level reported in 1Q26. In 1H26, Jewelry revenue jumped 14.4% compared to the same period of the previous year. Life category revenue increased 5.6% in 2Q26 compared to 2Q25. Excluding calendar and world cup effects, the growth was 7.6%, in line with the pace of 1Q26. In 2Q26, the Company's strategy prioritized profitability preservation through lower promotional activity. As a result, average ticket rose 10.7%, offsetting a 4.6% decline in volumes versus 2Q25. The decline in volume was concentrated in the Moments subcategory. Excluding Moments, the category grew 12.9% in revenue and 0.4% in volume. Among subcategories, Commercial products stood out with 22.6% revenue growth, followed by Collections, which rose 8.4%. In the first half of 2026, Life sales rose 6.7% Watches category maintained a strong performance, with revenue up 18.2% in 2Q26 compared to 2Q25, supported by growth in both volume and average ticket, which increased 17.1% and 0.9%, respectively. Category Overview
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VIVARA 2Q26 | EARNINGS RESULTS Life Stores 2Q26 | GROSS REVENUE BY CHANNEL Gross revenue was up 10.5% in 2Q26 driven by (i) 8.0% same-store sales growth, including digital sales, and (ii) the opening of 51 new stores over the last twelve months. Excluding the calendar and world cup effects previously mentioned, total SSS (physical stores + digital) were up 10.0% during the quarter, in line with 1Q26 levels. In the first half of the year, gross revenue totaled R$1,823.2 million, up 11.9% versus 1H25. Physical stores generated R$916.2 million in revenue during the quarter, representing a 9.1% YoY increase. With 271 stores in Brazil and 1 store in Panama, Vivara stores generated revenue of R$668.9 million in 2Q26, up 6.9%, driven by 6.5% same -store-sales growth and the opening of six new stores in the last twelve months. Adjusting for the calendar and world cup effects discussed previously, channel SSS were 8.3% in 2Q26. In 2Q26, Vivara stores located in the 191 shopping malls where both brands were present as of June 2026 recorded slightly higher revenue growth than stores located in shopping malls featuring only the Vivara brand, reinforcing th at there is a positive effect when both brands are present in the same malls. Revenue from Life stores rose 15.8% in 2Q26 compared to the same period of the previous year, reaching R$242.0 million, driven by: (i) continued store expansion pace, with 45 new stores opened in the last twelve months; and (ii) 4.3% same-store-sales growth in 2Q26. Adjusting for calendar and world cup effects, channel SSS was 6.3%, in line with 1Q26 level. Life stores accounted for 61.4% of Life category sales during the quarter, an increase of 4.6 percentage points compared to 2Q25. The Life store network continues to expand through openings both in shopping malls already served by Vivara stores and in new shopping malls, increasing the brand's geographic reach. Mature stores represented 63% of store network, and all store cohorts posted sales -per-square-meter growth during the quarter. The dilution in consolidated productivity 1 reflects the natural impact of the expansion cycle and store maturation stage. 1 The breakdown of sales per square meter is available for download in the fundamentals spreadsheet on the Investor Relations website. Vivara Stores Channel Overview
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VIVARA 2Q26 | EARNINGS RESULTS 2Q26 | GROSS REVENUE BY CHANNEL Digital sales continued to post strong momentum, totaling R$153.5 million, up 21.2% compared to 2Q25, driven by:(i) the launch of new app version in 2Q25; and (ii) ongoing expansion of OMS1 sales, which include sales initiated through digital channels and fulfilled and/or delivered by physical stores. • Sales through the app represented approximately one-third of digital sales in 2Q26, compared to 17% in 2Q25, contributing to higher digital channel conversion. • OMS sales reached 57% of digital sales, compared to 32% in 2Q25. 1 OMS sales are sales made through digital channels and invoiced by stores, including both orders picked up by customers in-store and orders shipped from store. Digital Sales
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07 VIVARA 2Q26 | EARNINGS RELEASE Subsidy income totaled R$73.4 million during the quarter, equivalent to 6.9% of gross revenue, compared to R$67.9 million and 7.0% of gross revenue in 2Q25. Gross revenue deductions increased 14.2% compared to 2Q25 and accounted for 22.2% of gross revenue. The quarter's performance reflects the effect from the operation of the new Espírito Santo distribution center, which generated R$18.0 million in tax credits during the period, partially offsetting the lower production pace. Since 3Q25, the Company has been implementing an inventory optimization plan aimed at improving invested capital. Because this strategy lowers production requirements versus prior periods, subsidy income and taxes related to manufacturing operations decreased during the quarter. The impact of lower subsidy income and related taxes on gross revenue was approximately 0.5 p.p. in 2Q26 and -0.6 p.p. in 1H26, respectively. Revenue Deductions 2Q26 2Q25 Var. (%) 1H26 1H25 Var. (%) Gross Revenue¹ 1,071.5 969.7 10.5% 1,823.2 1,630.2 11.8% Revenue Deductions (238.3) (208.7) 14.2% (394.6) (332.1) 18.8% % Gross Revenue¹ -22.2% -21.5% (0,7 p.p.) -21.6% -20.4% (1,3 p.p.) ICMS, ISS and PIS/COFINS (ex- copyright²) (295.1) (255.5) 15.5% (500.3) (435.9) 14.8% % Gross Revenue¹ -27.5% -26.3% (1,2 p.p.) -27.4% -26.7% (0,7 p.p.) Subvention Revenue (ICMS) 73.4 67.9 8.2% 138.4 149.4 -7.4% % Gross Revenue¹ 6.9% 7.0% (0,1 p.p.) 7.6% 9.2% (1,6 p.p.) Taxes on Manufacturing Operations² (16.7) (21.1) -21.0% (32.7) (45.6) -28.3% % Gross Revenue¹ -1.6% -2.2% 0,6 p.p. -1.8% -2.8% 1,0 p.p. Net Revenue 833.1 761.0 9.5% 1,428.6 1,298.1 10.1% 1. Considers gross revenue net of returns. 2. F.T.I., UEA, and PIS/COFINS taxes on royalties. 2Q26 | REVENUE DEDUCTIONS
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08 VIVARA 2Q26 | RELEASE DE RESULTADOS Gross Profit (R$ million) and Gross Margin (%) 2Q26 2Q25 Var. (%) 1H26 1H25 Var. (%) Gross Revenue¹ 1,071.5 969.7 10.5% 1,823.2 1,630.2 11.8% Net Revenue 833.1 761.0 9.5% 1,428.6 1,298.1 10.1% Costs -234.7 -210.8 11.3% -413.8 -383.2 8.0% % Net Revenue -28.2% -27.7% (0,5 p.p.) -29.0% -29.5% 0,6 p.p. COGS (producton inputs, raw materials and products -227.6 -200.9 13.3% -403.9 -366.6 10.2% % Net Revenue -27.3% -26.4% (0,9 p.p.) -28.3% -28.2% (0,0 p.p.) Factory Expenses -7.8 -10.6 -26.4% -11.3 -18 -37.1% % Net Revenue -0.9% -1.4% 0,5 p.p. -0.8% -1.4% 0,6 p.p. Gross profit 597.7 549.5 8.8% 1013.4 913.5 10.9% Gross margin (% Net Revenue) 71.7% 72.2% (0,5 p.p.) 70.9% 70.4% 0,6 p.p. Gross profit totaled R$59 7.7 million in 2Q26, up 8.8% compared to 2Q25, with a gross margin of 71. 7%. This was the second-highest gross margin ever recorded for a second quarter, demonstrating the Company's ability to sustain profitability throughout different commodity price cycles. In 1H26, gross margin reached 70.9%, the highest level ever recorded in the first half. The gross margin trajectory remains anchored in (i ) the continuous management of multi -metal strategies, with particular emphasis on mix innovation as a profitability lever, and (ii) the natural hedge provided by current inventory dynamics combined with the Company's metal recycling capabilities, mitigating cost pressures. The Company presents below the main year -over-year margin variations, excluding the fluctuation in subsidy revenue between the periods. 1. Subsidy Revenue (Factory + Distribution Center): Under a stable subsidy assumption, comparable gross margin reached 72. 4% in 2Q26, versus 72. 4% in 2Q25 and 70. 2% in 1H26, versus 70. 4% in 1H25. For comparability purposes, the stable subsidy 1 concept equalizes subsidy income and manufacturing taxes in Manaus between periods, eliminating possible distortions caused by fluctuations in these accounts. 2. COGS: The 1.1 p.p. negative variation in 2Q26 reflects the allocation effect of manufacturing overhead expenses recognized in 2Q25, which positively impacted that quarter's gross margin by approximately 1.6 p.p. Excluding this effect, operating performance remai ned solid, supported by the Company's multi -metal strategy. The gross margin performance of Vivara Jewelry deserves particular attention, driven by higher participation of higher -markup subcategories such as Vivara Silver and Silver/Gold and price repositioning initiatives implemented during the first half of 2026.The high level of gold inventory coverage, combined with the melting and recycling of defective and slow-moving products, continues to protect the average gold cost of finished goods. In 1H26, the initiatives described above positively impacted COGS by 0.2 p.p. versus the same period last year. 3. Manufacturing Expenses: Both cost lines reflect manufacturing efficiency gains resulting from lower rework rates, which enabled reductions in factory headcount and overtime expenses during both the quarter and the first half. 1 For comparability purposes, the stable subsidy concept is presented to align the level of subsidy revenue and taxes levied on production in Manaus from the prior comparative period with the level of the current period, eliminating any positive or negative variations that these items may generate in the Company's results. 2Q26 | GROSS PROFIT
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09 VIVARA 2Q26 | EARNINGS RELEASE 2Q26 | OPERATING EXPENSES 2Q26 2Q25 Var. (%) 1H26 1H25 Var. (%) Operating Expenses¹ (R$ million) (393.0) (354.3) 10.9% (712.1) (619.8) 14.9% % of Net Revenue -47.2% -46.6% (0.6 p.p.) -49.8% -47.7% (2.1 p.p.) 1 Selling, General and Administrative Expenses and Other Operating Income and Expenses, excluding Depreciation and Amortization (D&A) In 2Q26, Operating Expenses totaled R$393 million, up 10.9% YoY and represented 47.2% of net revenue, 0.6 pp above the year ago period. Excluding the recognition of the new long -term incentive plan amounting to R$ 1.4 million in the quarter, operating expenses increased 10.5% in 2Q26 compared to 2Q25, in line with gross revenue growth. In 1H26, operating expenses were up 14.9% YoY and accounted for 49.8% of revenues. Below we comment on the performance of selling expenses in 2Q26, where the increase registered was partially compensated for better dilution of G&A expenses and other revenues/ expenses in the quarter. 2 Excluding Depreciation and Amortization (D&A). In 2Q26, Selling Expenses totaled R$326.0 million, up 13.8% compared to 2Q25, representing 39.1% of net revenue, 3.8 percentage points lower than in 1Q26 and 1.5 percentage points higher than in the same period of the previous year. In the first half of the year, this line increased 16.6%, representing 40.7% of revenue. The 1.5 p.p. increase in 2Q26 versus 2Q25 was primarily concentrated in Personnel, Marketing, and Freight expenses, which combined accounted for 2.2 p.p. This impact was partially offset by the dilution of Other Selling Expenses, as a result of lower promotional activity and reduced distribution of gifts during seasonal and commemorative dates, generating a 0.8 p.p. efficiency gain in this line . Store personnel expenses account for 0.9 percentage points, due to the acceleration in the pace of new store openings, with 22 openings in 1H26 versus 12 in 1H25. This creates a temporary mismatch between revenue generation, and the dilution of expenses associated with new stores. In addition, personnel expenses were impacted by 0.4 percentage points of non -recurring effects resulting from the reclassification of a R$2.2 million provision to Other Operating Income and Expenses in 2Q25, following its conversion into a legal lawsuit, as well as severance payments of roughly R$1.0 million in 2Q26. Marketing expenses account for 0.6 percentage points, reflecting increased performance marketing spen t during seasonal calendar events, particularly Mother’s Day and Valentine’s Day, in line with the growth of digital sales, as well as higher investments in events and branding. Freight expenses account for 0.3 percentage points, driven by the strategy of transferring merchandise between stores, initiated in 3Q25 to optimize inventories, and by the opening of the Espírito Santo distribution center in June 2025. Beginning in 3Q26, these transfers are expected to decline significantly, as opportunities for inventory reallocation have diminished after 12 months of the strategy implement ation, and the comparison base will begin to include the new logistics phase associated with the distribution center. Excluding these effects, freight expenses rose 6.6% in 2Q26, compared to a reported increase of 30.2%. Operating Expenses (R$ million) 2Q26 2Q25 Var. (%) 1H26 1H25 Var. (%) Selling Expenses¹ (326.0) (286.6) 13.8% (581.4) (498.7) 16.6% % of Net Revenue -39.1% -37.7% (1.5 p.p.) -40.7% -38.4% (2.3 p.p.) Personnel (157.8) (131.3) 20.2% (276.1) (234.4) 17.8% % of Net Revenue -18.9% -17.3% (1.7 p.p.) -19.3% -18.1% (1.3 p.p.) Rent and Condominium Fees (64.7) (57.3) 12.9% (121.0) (106.4) 13.7% % of Net Revenue -7.8% -7.5% (0.2 p.p.) -8.5% -8.2% (0.3 p.p.) Freight (15.5) (11.9) 30.2% (28.8) (19.1) 51.0% % of Net Revenue -1.9% -1.6% (0.3 p.p.) -2.0% -1.5% (0.5 p.p.) Card Fees (19.1) (17.5) 9.1% (32.2) (29.3) 10.1% % of Net Revenue -2.3% -2.3% 0.0 p.p. -2.3% -2.3% (0.0 p.p.) Professional Services (8.8) (11.8) -25.1% (17.7) (20.0) -11.9% % of Net Revenue -1.1% -1.5% 0.5 p.p. -1.2% -1.5% 0.3 p.p. Marketing Expenses (39.2) (31.5) 24.5% (66.9) (51.4) 30.2% % of Net Revenue -4.7% -4.1% (0.6 p.p.) -4.7% -4.0% (0.7 p.p.) Other Selling Expenses (20.8) (25.2) -17.4% (38.7) (38.0) 1.7% % of Net Revenue -2.5% -3.3% 0.8 p.p. -2.7% -2.9% 0.2 p.p.
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10 VIVARA 2Q26 | EARNINGS RELEASE 2Q26 | OPERATING EXPENSES 1. Excluding Depreciation and Amortization (D&A). 2. Other General and Administrative Expenses comprise: (i) Rent and condominium fees; (ii) Electricity, water and telephone expenses; (iii) Taxes and fees; and (iv) Other expenses by nature. General and Administrative Expenses totaled R$61.8 million in the quarter, up 1.0% versus 2Q25, representing 7.4% of net revenue for the period, 0.6 percentage points lower than in the same period of the previous year. In the first half of the year, the li ne increased 5.5%, equivalent to 8.3% of revenue for the period , reduction of 0.4 p.p. compared to 1H25. i. Personnel: the line grew below the pace of revenue growth, even with the recognition of the new long- term incentive plans beginning in June, amounting to R$1.4 million, which were offset by lower incentives in the quarter . Quarterly expenses related to the long -term incentive plan are expected to reach R$4.2 million starting in 3Q26, reflecting the recognition of three months of expenses, compared to only one month in 2Q26. ii. Professional services: the reduction in this line was driven by efficiency gains in technology contracts aiming to support the digital infrastructure. iii. Other expenses: the increase was primarily attributable to higher investments in store supplies and uniforms. 2Q26 2Q25 Var. (%) 1H26 1H25 Var. (%) Other Operating Income (Expenses) (R$ million) (5.2) (6.5) -21.1% (11.9) (8.5) 39.6% % of Net Revenue -0.6% -0.9% 0.2 p.p. -0.8% -0.7% (0.2 p.p.) Other Operating Income (Expenses) recorded an expense of R$5.2 million in 2Q26, compared with an expense of R$6.5 million in 2Q25. The change is primarily explained by two factors: (i ) the write -off of three lease contracts, including the relocation of two stores and the closure of a small logistics warehouse; and (ii) the reclassification, in 2Q25, of a R$2.2 million expense provision that had previously been recorded under store personnel expenses and was subsequently transferred to Other Operating Income (Expenses) following its conversion into a legal proceeding. For the first half of the year, the change is mainly explained by the increase in labor contingencies and settlement agreements during the period, reflecting a revision in the provisioning methodology and updated forecasts, totaling R$3.1 million. 2Q26 2Q25 Var. (%) 1H26 1H25 Var. (%) General and Administrative Expenses (R$ million) (61.8) (61.2) 1.0% (118.8) (112.6) 5.5% % of Net Revenue -7.4% -8.0% 0.6 p.p. -8.3% -8.7% 0.4 p.p. Personnel (26.6) (24.9) 6.5% (49.1) (47.1) 4.2% % of Net Revenue -3.2% -3.3% 0.1 p.p. -3.4% -3.6% 0.2 p.p. Professional Services (21.7) (25.2) -13.9% (41.4) (44.0) -5.9% % of Net Revenue -2.6% -3.3% 0.7 p.p. -2.9% -3.4% 0.5 p.p. Other General and Administrative Expenses¹ (13.5) (11.0) 22.6% (28.3) (21.5) 31.6% % of Net Revenue -1.6% -1.4% (0.2 p.p.) -2.0% -1.7% (0.3 p.p.)
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11 VIVARA 2Q26 | EARNINGS RELEASE 2Q26 | EBITDA AND EBITDA MARGIN EBITDA Reconciliation (R$ million) 2Q26 2Q25 Var. (%) 1H26 1H25 Var. (%) Net Income 157.5 157.6 -0.1% 245.7 280.0 -12.2% Net margin (%) 18.9% 20.7% (1.8 p.p.) 17.2% 21.6% (4.4 p.p.) (+) Income and Social Contribution Taxes 13.7 5.9 133.5% (9.4) (36.1) -74.0% (+) Financial Result 15.5 15.9 -2.3% 30.5 18.0 69.5% (+) Depreciation and Amortization 18.6 16.4 13.8% 35.2 32.6 8.0% Total EBITDA 205.4 195.7 4.9% 302.1 294.5 2.6% EBITDA Margin (%) 24.7% 25.7% (1.1 p.p.) 21.1% 22.7% (1.5 p.p.) In 2Q26, EBITDA totaled R$205.4 million, with an EBITDA margin of 24.7%. For 1H26, EBITDA reached R$302.1 million, with a margin of 21.1%. As discussed in the Gross Profit section, the EBITDA comparison between periods was affected by lower subsidy revenue and taxes levied on production in Manaus, in line with the Company's working capital optimization strategy. On a comparable basis, excludi ng the effects of subsidies and one -off or non - recurring1 items discussed in the previous sections, EBITDA increased 7.5% in 2Q26 and 9.1% in 1H26 with margins of 24,8% in the quarter compared to 25,1% in 2Q25, and 21,5% in the 1H26 versus 1H25. 1 Comparable basis 2Q25: (i) subsidy income of BRL 4.6 million and (ii) GGF allocation of BRL (7.9) million. Comparable basis 2Q26: (iii) LTIP expenses of BRL (1.4) million. Comparable basis 1H25: (i) subsidy income of BRL (9.3) million and (ii) GGF allocation of BRL (4.3) million. Comparable basis 1H26: (iii) LTIP expenses of BRL (1.4) million and (iv) labor contingencies of BRL (3.1) million.
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12 VIVARA 2Q26 | EARNINGS RELEASE 2Q26 | NET INCOME AND NET MARGIN Net Income (R$ million) 2Q26 2Q25 Var. (%) 1H26 1H25 Var. (%) EBITDA Total 205.4 195.7 4.9% 302.1 294.5 2.6% (+)Income Tax and Social Contribution (IR/CSLL) (13.7) (5.9) 133.5% 9.4 36.1 -74.0% (+) Financial Result (15.5) (15.9) -2.3% (30.5) (18.0) 69.5% (+)Depreciation and Amortization (18.6) (16.4) 13.8% (35.2) (32.6) 8.0% Net Income 156.7 155.3 0.9% 242.6 275.3 -11.9% Net Margin (%) 18.8% 20.4% (1.6 p.p.) 17.0% 21.2% (4.2 p.p.) In 2Q26 net income was R$156.7 million, for a net margin of 18.8%. In 1H26, net income was R$242.6 million. On a comparable basi s1, net income increased by 25.8% in 2Q26 compared to 2Q25 and 2 5.4% in 1H26 compared to 1H25. The income tax and social contribution (IR/CSLL) line was impacted by the lower production volume at the Company’s manufacturing facility during the period, resulting in reduced intercompany sales between the manufacturing and r etail operations, in line with the inventory optimization strategy. This led to a lower amount of deferred income tax recognized on these transactions. 2Q26 | DEBT Net Debt2 (R$ million) 2Q26 1Q26 4Q25 2Q25 Net Debt 557.5 555.0 558.6 513.7 Loans and Financing (Short Term)3 256.4 255.8 255.7 159.5 Loans and Financing (Long Term)³ 298.5 298.4 298.3 341.8 Forfait (Convened Suppliers) 2.6 0.8 4.6 12.4 Cash and cash equivalents and Securities 416.7 308.5 398.6 186.1 Net Cash (including Forfait) 140.9 246.6 160.0 327.6 LTM Adjusted EBITDA (Last Twelve Months) 762.7 761.9 766.3 733.7 Net Debt / Adjusted EBITDA 0.18x 0.32x 0.21x 0.45x At the end of 2Q26, net debt totaled R$140.9 million, a reduction of R$105.7 million compared to 1Q26 and R$186.7 million compared to 2Q25. The Net Debt/EBITDA ratio continued its improving trajectory, reaching 0.2x in 2Q26, compared to 0.3x in 1Q26 and 0. 4x in 2Q25. Consistent operating cash generation, combined with the Company’s low indebtedness, reinforces a solid financial position and allows for low leverage levels, in line with the historical profile. 1 Comparable basis 2Q25: (i) subsidy income of BRL 3.0 million, (ii) GGF allocation of BRL (5.2) million, and (iii) deferred income tax normalization of BRL (27.8) million. Comparable basis 2Q26: (iv) LTIP expenses of BRL (0.9) million (all applicable items already adjusted for a 34% income tax rate). Comparable basis 1H25: (i) subsidy income of BRL (6.1) million, (ii) GGF allocation of BRL (2.8) million, and (iii) deferred income tax normalization of BRL (70.5) million. Comparable basis 1H26: (iv) LTIP expenses of BRL (0.9) million And (v) labor contingencies of BRL (2.1) million (all applicable items already adjusted for a 34% income tax rate). 2 The debt presented is based on the pre-IFRS 16 metric and does not include lease liabilities related to right-of-use assets. 3 The Loans and Financing balance include the balance of the swap contract associated with loan 4131 – Derivative Instruments.
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13 VIVARA 2Q26 | EARNINGS RELEASE 2Q26 | CASH GENERATION Cash Flow Generation (R$ million) 2Q26 2Q25 Var. (R$ M) 1H26 1H25 Var. (R$ M) Net Income 156.7 155.3 1.5 232.5 266.1 (33.7) (-) Non-cash Effects on Net Income¹ 84.3 81.8 2.4 152.8 111.7 41.1 (-) Income Tax Paid (31.4) (23.8) (7.6) (60.8) (45.7) (15.1) (-)Right-of-Use Lease Payments² (33.3) (31.3) (2.0) (75.9) (70.7) (5.2) (+/-) Working Capital (29.0) 3.0 (32.1) (151.4) (243.8) 92.4 Accounts Receivable (116.4) (34.3) (82.2) (25.6) 16.9 (195.5) Inventories 13.6 9.5 4.1 (56.8) (162.0) 105.2 Suppliers 9.0 9.4 (0.3) (58.7) (202.0) 143.2 Recoverable Taxes 5.5 (6.2) 11.7 10.9 18.9 (7.9) Tax Liabilities 27.5 52.2 (24.7) (11.1) (18.7) 7.6 Other Assets and Liabilities 31.8 (27.5) 59.3 (10.0) (49.9) 39.9 Cash from Management Operating Activities³ 147.3 185.0 (37.8) 97.2 17.7 79.6 Capex (23.8) (16.7) (7.2) (42.4) (36.3) (6.1) Free Cash Flow Generation (Consumption) 123.4 168.4 (44.9) 54.8 (18.7) 73.5 1. Non-cash effects on net income refer to the effects of depreciation and amortization; interest expenses and foreign exchange vari ation on loans and financing; lease expenses related to right-of-use assets; current and deferred income tax and social contrib ution; inventory loss provisions; provisions for civil, labor and tax contingencies; write -offs of property, plant and equipment and intangible assets; tax credits; monetary adjustments and investment income; expected credit losses; foreign exchange variation on suppliers; expenses related to receivables anticipation; long-term incentive plans; and lease contract terminations. 2. Includes interest and amortization balances related to right-of-use lease liabilities. 3. Includes interest and amortization related to right-of-use lease contracts and excludes interest paid on loans and financing. In 2Q26, cash generated from operating activities totaled R$1 47.3 million, equivalent to 71.7% of quarterly EBITDA. Considering the R$163.8 million in receivables from January 2026 that were advanced in December 2025, operating cash generation reached R$261.0 million in 1H26, representing an 86.4% cash conversion rate. In 2Q25, operating cash generation totaled R$185.0 million, driven by the R$90.4 million advance of credit card receivables. Excluding these receivables advance transaction, operating cash generation in the comparable period amounted to R$94.6 million, equivalent to an EBITDA conversion rate of 48.3%. The main working capital drivers are highlighted below: i. Accounts Receivables : as mentioned above, excluding the R$90.4 million advance of credit card receivables in 2Q25, the line consumed R$8.2 million less cash than in 2Q25. ii. Other assets and liabilities: generated R$31.8 million in 2Q26, compared to a cash consumption of R$27.5 million in 2Q25, reflecting the reduction in supplier prepayments in 2026 due to lower purchasing volumes, in line with the Company’s inventory reduction strategy. iii. Inventory: generated R$13.6 million during the period, reflecting the ongoing inventory optimization strategy. 2Q26 | CAPEX Investments (R$ million) 2Q26 2Q25 Var. (%) 1H26 1H25 Var. (%) Total Capex 23.8 17.0 40.3% 42.4 36.1 17.4% New Stores 14.4 5.8 148.1% 24.0 10.5 128.6% Reforms and Maintenance 6.7 2.8 141.7% 12.5 5.1 147.0% Factory 2.6 3.9 -34.4% 5.4 11.5 -52.8% Systems/TI 0.2 1.6 -85.2% 0.5 5.8 -91.1% Other 0.0 2,9 N/A 0.0 3.3 -98.9% CAPEX/Net Revenue (%) 2.9% 2.2% 0.6 p.p. 3.0% 2.8% 0.2 p.p. In 2Q26, CAPEX totaled R$23.8 million, representing an increase of 40.3% compared to 2Q25, driven by a higher number of store openings and remodelings during the period, partially offset by a lower level of investment in technology. In 1H26, the R$13.5 million increase in investments in new stores was primarily attributable to the higher number of openings, with 22 stores opening in 1H26 compared to 12 in 1H25. This included four Vivara store openings, compared to none in 1H25, as investments in Vivara stores tend to be higher than those required for Life stores.
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14 VIVARA 2Q26 | EARNINGS RELEASE INVENTORY DINAMICS The Company continues to execute its growth plan through new store openings and sustained same -store sales (SSS) performance, while simultaneously pursuing greater efficiency in its raw material and finished goods inventories. The 2Q26 results once again s howed a significant reduction in inventory days, ending the quarter at 582 days of inventory, a decrease of 88 days compared to 2Q25 (greater than the reductions of 77 days in 1Q26 and 48 days in 4Q25). In the comparison between 2Q26 and 2Q25, there was an increase in the raw materials line, mainly reflecting the rise in the average cost and volumes of silver at the plant. The average cost of silver continues to be updated as purchases are made regularly to supply production. Gold inventory also increased year over year due to the higher average cost, partially offset by lower volumes. Analyzing the dynamics of finished goods inventory, the average cost of gold products at the end of the quarter increased 9.5% year over year, a variation that was lower than the increase in the commodity price over the same period Inventory (R$ million) 2Q26 1Q26 4Q25 2Q25 Var. (%) QoQ Var. (%) YoY Finished goods 1.087,6 1.040,8 979,4 1.098,6 4,5% -1,0% Raw materials 397,7 457,0 443,0 337,7 -13,0% 17,8% Packaging 52,7 52,5 56,5 60,4 0,3% -12,7% Inventories 1.538,0 1.550,3 1.478,9 1.496,6 -0,8% -1,2% COGS LTM -952,1 -928,2 -921,5 -804,1 2,6% 18,4% Inventory Days¹ 582 601 578 670 -20 -88 1 Inventory days calculated based on inventory balance divided by the cost of goods sold of the last twelve months, multiplied by 360 days.
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15 VIVARA 2Q26 | EARNINGS RELEASE 2Q26 | EXPANSION The Company ended the quarter with 520 points of sale in operation, compared to 469 points of sale at the end of 2Q25, comprising 272 Vivara stores (271 in Brazil and 1 in Panama), 237 Life stores, and 11 kiosks, versus 266 Vivara stores, 192 Life stores, and 11 kiosks in 2Q25. Total selling area reached 43,273 square meters, compared to 39,382 square meters in the same period of the previous year. During 2Q26, the Company opened 17 new stores, consisting of 4 Vivara stores and 13 Life stores, compared to 8 openings in 2Q25, all of which were Life stores, adding 1,311.0 square meters of selling area, versus 740.9 square meters added in the same perio d of 2025. Since the beginning of 2026, the Company has opened 22 stores, comprising 4 Vivara stores and 18 Life stores, compared to 12 openings in the same period of 2025, all of which were Life stores. Currently, the Company is present with both brands in 191 shopping malls. Store Count Evolution 2Q25 3Q25 4Q25 1Q26 2Q26 Var. YoY Var. QoQ Nº of stores 469 474 498 503 520 51 17 Vivara 266 266 268 268 272 6 4 Life 192 197 219 224 237 45 13 Kiosks 11 11 11 11 11 - - Selling Area (m²) 39,382 39,787 41,571 41,962 43,273 3,890 1,311 Vivara 24,767 24,767 24,937 24,937 25,308 541 371 Life 14,548 14,952 16,560 16,951 17,891 3,343 940 Kiosks 68 68 74 74 74 6 - Store Distribution by Geography | 2Q26 Type North Midwest South Southwest North Panamá Total Vivara Store 14 27 46 142 42 1 272 Life Store 14 23 34 128 38 0 237 Kiosks 1 0 1 8 1 0 11 TOTAL 29 50 81 278 81 1 520 Shopping Mall Stores1 Penetration | 2Q26 Nº of Shopping Malls 316 100% Only Vivara Stores 80 25% Only Life Stores 45 14% Both Brands Present (Vivara and Life) 191 60% Market Share2: The Company ended 2Q26 with a 25.4% share of the Brazilian jewelry market ¹, an increase of 2.7 percentage points compared to 2Q25, comprising 13.9% from the Vivara brand, 7.4% from Life, and 4.1% from other categories (Watches and Accessories). This market share gain reflects the success of product launches, supported by efficient assortment management and a solid, gradual expansion strategy. The Company remains confident in its ability to maintain and further strengthen its leadership position in the Brazilian jewelry market. 1 Excludes the 11 kiosks and one street store (Vivara Oscar Freire) from the calculation, which together result in 520 points of sale as of June 2026 (272 Vivara stores, 237 Life stores, and 11 kiosks). 2 The Company used the Euromonitor study (2021) as a basis, updated with ICVA indicators and the Company’s internal information. Considers the Company’s total revenue
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16 VIVARA 2Q26 | EARNINGS RELEASE 2Q26 | INCOME STATEMENT RECONCILIATION With the objective of better explaining the business drivers and enhancing the understanding of the business, the Company discloses, in this document, results excluding the effects of IFRS 16 / CPC 06 (R2). Below is the reconciliation between the pre- and post-IFRS 16 figures. Financial Statements (R$ million) 2Q26 2Q25 Post IFRS 16 Adjustments Pre IFRS 16 Post IFRS 16 Adjustments Pre IFRS 16 Gross Revenue (net of returns) 1,071.5 1,071.5 969.7 969.7 (-) Revenue Deductions (excluding Subsidy Revenue) (311.8) (311.8) (276.5) (276.5) (+)Subsidy Revenue 73.4 73.4 67.9 67.9 (=) Net Operating Revenue 833.1 833.1 761.0 761.0 (-) Costs (234.7) (0.7) (235.4) (210.8) (0.7) (211.5) (=) Gross Profit 598.5 597.7 550.2 549.5 Gross Margin (%) 71.8% 71.7% 72.3% 72.2% (=) Operating Expenses¹ (359.8) (393.0) (323.7) (354.3) % of Net Revenue. -43.2% -47.2% -42.5% -46.6% (-) Selling Expenses (294.0) (32.1) (326.0) (257.0) (29.6) (286.6) (-)G&A Expenses (60.7) (1.1) (61.8) (60.1) (1.0) (61.2) (+/-) Other Operating Revenues (Expenses) (5.2) (5.2) (6.5) (6.5) (+) Depreciation (costs) 0.6 0.6 0.5 0.5 (=) EBITDA 239.3 205.4 227.1 195.7 EBITDA Margin (%) 28.7% 24.7% 29.8% 25.7% (-) Depreciation and Amortization (39.4) 20.0 (19.4) (38.5) 19.8 (18.7) (-) Financial Result (36.7) 21.2 (15.5) (33.4) 17.6 (15.9) (+/-)Corporate Income Tax (IRPJ) and Social Contribution (CSLL) (11.5) (2.2) (13.7) (4.1) (1.8) (5.9) (=) Lucro Líquido 151.7 156.7 151.1 155.3 Net Margin (%) 18.2% 18.8% 19.9% 20.4% 0 0 1H26 1H25 Post IFRS 16 Adjustments Pre IFRS 16 Post IFRS 16 Adjustments Pre IFRS 16 Gross Revenue (net of returns) 1,823.2 1,823.2 1,630.2 1,630.2 (-) Revenue Deductions (excluding Subsidy Revenue) (533.0) (533.0) (481.5) (481.5) (+)Subsidy Revenue 138.4 138.4 149.4 149.4 (=) Net Operating Revenue 1,428.6 1,428.6 1,298.1 1,298.1 (-) Costs (413.8) (1.4) (415.3) (383.2) (1,4) (384.6) (=) Gross Profit 1,014.8 1,013.4 914.9 913.5 Gross Margin (%) 71,0% 70.9% 70.5% 70.4% (=) Operating Expenses¹ (647.2) (712.1) (559.8) (619.8) % of Net Revenue. -45.3% -49.8% -43.1% -47.7% (-) Selling Expenses (518.7) (62.7) (581.4) (440.7) (57,9) (498.7) (-)G&A Expenses (116.6) (2.2) (118.8) (110.5) (2,1) (112.6) (+/-) Other Operating Revenues (Expenses) (11.9) (11.9) (8.5) (8.5) (+) Depreciation (costs) 0.8 0.8 0.8 0.8 (=) EBITDA 368.4 302.1 355.9 294.5 EBITDA Margin (%) 25.8% 21.1% 27.4% 22.7% (-) Depreciation and Amortization (78.1) 39.8 (38.3) (76.9) 39,6 (37.3) (-) Financial Result (72.5) 42.0 (30.5) (53.2) 35,2 (18.0) (+/-)Corporate Income Tax (IRPJ) and Social Contribution (CSLL) 14.8 (5.4) 9.4 40.3 (4,3) 36.1 (=) Lucro Líquido 232.5 242.6 266.1 275.3 Net Margin (%) 16.3% 17.0% 20.5% 21.2%
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17 VIVARA 2Q26 | EARNINGS RELEASE 2Q26 | INCOME STATEMENT Income Statement (R$ million) | Post IFRS 16 2Q26 2Q25 Var. (%) 1H26 1H25 Var. (%) Sales Gross Revenue 1,072.3 967.8 10.8% 1,827.0 1,796.4 1.7% Service Gross Revenue 2.0 2.1 -5.1% 4.0 4.5 -10.9% Gross Revenue Deductions (2.8) (0.2) 1524.3% (7.8) (170.7) -95.4% Gross Revenue (net of return) 1,071.5 969.7 10.5% 1,823.2 1,630.2 11.8% Returns (238.3) (208.7) 14.2% (394.6) (332.1) 18.8% Net Revenue 833.1 761.0 9.5% 1,428.6 1,298.1 10.1% (-) Cost of Sold Goods (234.1) (210.3) 11.3% (413.1) (382.4) 8.0% (-) Depreciation and Amortization (0.6) (0.5) 13.9% (0.8) (0.8) -7.3% (=) Gross Profit 598.5 550.2 8.8% 1,014.8 914.9 10.9% (-) Operating Expenses (398.6) (361.6) 10.2% (724.6) (635.8) 14.0% Sales (294.0) (257.0) 14.4% (518.7) (440.7) 17.7% Personal (157.8) (131.3) 20.2% (276.1) (234.4) 17.8% Rentals and common area maintenance fees (32.6) (27.7) 17.8% (58.3) (48.5) 20.2% Lease discounts (15.5) (11.9) 30.2% (28.8) (19.1) 51.0% Freight (19.1) (17.5) 9.1% (32.2) (29.3) 10.1% Commission on credit cards (8.8) (11.8) -25.1% (17.7) (20.0) -11.9% Outsourced services (39.2) (31.5) 24.5% (66.9) (51.4) 30.2% Marketing/selling expenses (20.8) (25.2) -17.4% (38.7) (38.0) 1.7% Other selling expenses (60.7) (60.1) 1.0% (116.6) (110.5) 5.5% General and Administratives (26.6) (24.9) 6.5% (49.1) (47.1) 4.2% Personal (0.5) (0.4) 8.6% (0.9) (0.7) 27.8% Rentals and common area maintenance fees (21.7) (25.2) -13.9% (41.4) (44.0) -5.9% Outsourced services (11.9) (9.5) 25.4% (25.2) (18.7) 34.8% Other General and Administrative expenses (38.8) (37.9) 2.2% (77.4) (76.0) 1.7% Depreciation and Amortization (5.2) (6.5) -21.1% (11.9) (8.5) 39.6% Share of profit (loss) of subsidiaries 199.9 18.,6 6.0% 29.,2 279.0 4.0% Other Operating Expenses (Revenues) (36.7) (33.4) 9.8% (72.5) (53.2) 36.3% (=) Profit (Losses) Before Financial Results 16.8 12.3 37.5% 31.1 26.1 19.1% (=) Financial Result (53.5) (45.7) 17.2% (103.6) (79.3) 30.6% Financial Income (Expenses), net 163.2 155.2 5.1% 217.7 225.8 -3.6% Finance costs, net (11.5) (4.1) 179.2% 14.8 40.3 -63.4% (=) Operating Income 151.7 151.1 0.4% 232.5 266.1 -12.6%
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18 VIVARA 2Q26 | EARNINGS RELEASE 2Q26 | BALANCE SHEET Balance Sheet (R$ million) 1H26 2025 ∆% CURRENT ASSETS Cash and cash equivalents 416.7 398.6 4.5% Trade receivables 1,015.5 989.6 2.6% Receivables from Related Parties (0.0) 0.0 na Inventories 1,538.0 1,478.9 4.0% Recoverable taxes 143.6 168.5 -14.7% Prepaid expenses and other receivables 37.0 29.0 27.9% Total current assets 3,150.8 3,064.6 2.8% NONCURRENT ASSETS Escrow deposits 29.5 28.2 4.3% Deferred income tax and social contribution 625.9 568.6 10.1% Prepaid expenses and other credits 3.6 5.2 -30.8% Recoverable taxes 52.7 40.8 29.1% Property, plant and equipment 966.3 955.3 1.1% Intangible assets 51.6 59.9 -14.0% Total noncurrent assets 1,729.5 1,658.1 4.3% TOTAL ASSETS 4,880.3 4,722.7 3.3% CURRENT LIABILITIES Suppliers 130.6 189.5 -31.1% Suppliers Agreement 2.6 4.6 -42.9% Borrowings and financing 219.8 233.0 -5.6% Payroll and related taxes 136.9 143.6 -4.7% Taxes payable 91.3 123.9 -26.3% Leases payable 15.2 14.5 5.2% Derivatives 36.6 22.7 60.9% Leasing liabilities 83.7 83.2 0.6% Dividends payable 0.0 0.0 0.0% Other payables 35.3 29.0 21.9% Total current liabilities 752.2 843.9 -10.9% NONCURRENT LIABILITIES Borrowings and financing 298.5 298.3 0.1% Provision for civil, labor and tax risks 30.6 26.9 13.5% Leasing liabilities 608.5 599.5 1.5% Other payables 6.3 4.4 42.9% Total noncurrent liabilities 943.9 929.2 1.6% EQUITY Capital 2.572.0 2,572.0 0.0% Retained earnings (accumulated losses) (52.6) (53.0) -0.8% Treasury Stocks (25.1) (26.8) -6.2% Options Granted 2.3 2.0 17.9% Legal reserve 455.5 (164.0) -377.7% Earnings reserves 232.5 619.5 -62.5% Others Results (0.3) (0.1) 237.9% Total equity 3,184.3 2,949.6 8.0% TOTAL LIABILITIES AND EQUITY 4,880.3 4,722.7 3.3%
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19 VIVARA 2Q26 | EARNINGS RELEASE 2Q26 | CASH FLOW Cash Flow (R$ million) 2Q26 2Q25 Var. (%) 1H26 1H25 Var. (%) Net Income 151.7 151.1 0.4% 232.5 266.1 -12.7% Adjust of Net Income 89.3 86.0 3.9% 152.8 111.7 36.8% Adjusted profit for the year 241.0 237.1 1.6% 385.3 377.8 2.0% Increase (decrease) in operating assets and liabilities: Trade receivables (116.4) (34.3) -239.7% (25.6) 169.9 -115.1% Related Parties (0.0) - n.a. 0.0 0.0 n.a. Inventories 13.6 9.5 43.3% (56.8) (162.0) 64.9% Trade payables 9.0 9.4 -3.5% (58.7) (202.0) 70.9% Recoverable taxes 5.5 (6.2) 188.5% 10.9 18.9 -42.0% Taxes payable 27.5 52.2 -47.3% (11.1) (18.7) 40.4% Other assets and liabilities 31.8 (27.5) 215.7% (10.0) (49.9) 79.9% Cash provided by operating activities 212.0 240.1 -11.7% 233.9 134.0 74.5% - - Income tax and social contribution paid (31.4) (23.8) -32.1% (60.8) (45.7) -33.0% Paid interest on borrowing and financing (17.1) (15.9) -7.7% (38.7) (22.2) 74.6% Interest paid on leasing liabilities (31.4) (7.8) -302.3% (42.0) (17.5) -140.6% Net cash provided by operating activities 132.1 192.7 -31.4% 92.4 48.7 89.8% Treasury stocks (2.2) - n.a. (2.2) (7.0) 68,5% Property, plant and equipment (23.5) (14.9) -57.6% (41.5) (29.6) -40.5% Intangible assets (0.3) (1.8) 81.5% (0.9) (6.8) 86.9% Others 4.1 27.8 -85.4% 4.1 5.5 -25.9% Cash Flow from Investments (22.0) 11.2 -296.9% (40.5) (37.8) -7.2% Interest on capital / Dividends paid - (155.2) 100.0% - (155.2) 100.0% Borrowings and financings - 11.0 n.a. - 98.5 n.a. Righ-of-use leases (1.9) (23.5) 91.8% (33.9) (53.2) 36.3% Others - (0.0) 100.0% - - - Cash flow from financing activities (1.9) (167.7) 98.8% (33.9) (109.9) 69.2% Increase (decrease) in cash and cash equiv. 108.2 36.1 199.3% 18.0 (99.0) 118.2%
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20 VIVARA 2Q26 | EARNINGS RELEASE NON-ACCOUNTING MEASURES • Pre-IFRS 16 balances: this document presents tables and balances under the pre-IFRS 16 view up to page 15, excluding the effects of IFRS 16 / CPC 06 (R2). The reconciliation between pre- and post-IFRS 16 balances is presented in the appendix to this document (page 16). • Adjusted EBITDA and Adjusted EBITDA Margin - Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) is a non-accounting measurement disclosed by the Company in compliance with CVM Instruction 527/12. The above calculation is adjusted to eliminate non-recurring effects from the result and, to improve comparison, the effects from the adoption of CPC 06/IFRS 16, which came into effect on January 1, 2019, are also excluded, resulting in Adjusted EBITDA. Non-recurring effects are characterized by one-time effects on the Company's result. Since these amounts are not a recurring portion of the result, the Company chooses to make the adjustment so that Adjusted EBITDA considers only recurring numbers. The Company uses Adjusted EBITDA as a measure of performance for managerial purposes and for comparisons with peers. • Net Debt - The Net Debt shown here is the result of the sum of short- and long-term loans in Current Liabilities and Non- Current Liabilities of the Company, subtracted from the sum of Cash and Cash Equivalents and Securities under the Current Assets and Non-Current Assets of the Company. • The Company believes that the Net Debt/Adjusted EBITDA ratio helps in assessing its leverage and liquidity. LTM Adjusted EBITDA is the sum of EBITDA in the last 12 months and is also an alternative to operating cash flow. • Adjusted EBITDA, Net Debt, Net Debt/LTM Adjusted EBITDA, Operating Cash Flow, and Adjusted Net Income presented in this release are not profitability measures as per the accounting practices adopted in Brazil and do not represent the cash flow during the periods and, hence, should not be considered alternative measures to results or cash flows. • Operating Cash Flow shown here is a managerial measurement, resulting from the cash flow from operating activities presented in the Statement of Cash Flow (adjusted by “Lease of Right-of-Use Assets,” which, after the adoption of CPC 06 / IFRS 16, is booked in the Statement of Cash Flow under financing activities. • Same-store sales (SSS) is the metric that measures the performance of physical stores opened up to the beginning of the previous year. Therefore, for the 2026 SSS calculation, only stores opened up to December 31, 2024 are considered (no stores opened throughout 2025 and 2026 are included in the calculation). DISCLAIMER The statements contained in this release related to the business outlook, operating and financial projections and growth prospects of Vivara S.A. are merely projections and as such are based exclusively on the expectations of the Company’s management conce rning the future of the business. Such forward -looking statements depend substantially on changes in market conditions, the performance of the Brazilian economy, the industry and international markets and are, therefore, subject to change without prior not ice. All variations shown here are calculated based on numbers in thousands of reais, as well as rounded figures. This report includes accounting and non -accounting data, such as pro forma operating and financial information and projections based on expectations of the Company's Management. Note that the non - accounting figures have not been reviewed by the Company’s independent auditors. INVESTOR RELATIONS Thiago Borges – Chief Executive Officer Elias Leal – Chief Finance and Investor Relations Officer Caio Barbuto – Investor Relations Manager Gabriela Luz – Investor Relations Analyst E-mail: ri@vivara.com.br
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