Natura Cosméticos S.A.

NATU3

BRNATUACNOR6

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Natura Cosmeticos S A : 2Q 2025 Financial Statements in International Standards

Published on 08/11/2025 at 07:27 pm EDT

Publicnow

NATURA COSMÉTICOS S.A.

+5.13%

Natura &Co Holding S.A.

Interim Accounting Information ("ITR") Individual and Consolidated

For the six-month periods ended June 30, 2025 and 2024 Independent Auditor's Report

Deloitte Touche Tohmatsu Av. Dr. Chucri Zaidan, 1.240 -

4º ao 12º andares - Golden Tower 04711-130 - São Paulo - SP

Brazil

Tel.: + 55 (11) 5186-1000

Fax: + 55 (11) 5181-2911

https://www.deloitte.com.br

(Convenience Translation into English from the Original Previously Issued in Portuguese) REPORT ON REVIEW OF INDIVIDUAL AND CONSOLIDATED INTERIM FINANCIAL INFORMATION

To the Shareholders and Management of Natura CCo Holding S.A.

Introduction

We have reviewed the accompanying individual and consolidated interim financial information of Natura CCo Holding S.A. ("Company"), included in the Interim Financial Information Form, for the quarter ended June 30, 2025, which comprises the balance sheet as at June 30, 2025 and the related statements of profit and loss and of comprehensive income for the three and six-month periods then ended and of changes in equity and of cash flows for the six-month period then ended, including the explanatory notes.

Management is responsible for the preparation of the individual and consolidated interim financial information in accordance with technical pronouncement CPC 21 (R1) - Interim Financial Reporting and international standard IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board - IASB, as well as for the presentation of such information in accordance with the standards issued by the Brazilian Securities and Exchange Commission (CVM), applicable to the preparation of Interim Financial Information. Our responsibility is to express a conclusion on this interim financial information based on our review.

Scope of review

We conducted our review in accordance with Brazilian and international standards on review of interim financial information (NBC TR 2410 and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the standards on auditing and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion on the individual and consolidated interim financial information

Based on our review, nothing has come to our attention that causes us to believe that the accompanying individual and consolidated interim financial information included in the Interim Financial Information referred to above was not prepared, in all material respects, in accordance with technical pronouncement CPC 21 (R1) and international standard IAS 34, applicable to the preparation of Interim Financial Information, and presented in accordance with the standards issued by the CVM.

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Other matters

Statements of value added

The aforementioned interim financial information includes the individual and consolidated statements of value added (DVA) for the six-month period ended June 30, 2025, prepared under the responsibility of the Company's Management and disclosed as supplementary information for the purposes of international standard IAS 34.

These statements have been subject to review procedures performed in conjunction with the review of the Interim Financial Information to reach a conclusion on whether they are reconciled with the interim financial information and the accounting records, as applicable, and if their form and content are in accordance with the criteria defined in technical pronouncement CPC 09 (R1) - Statement of Value Added. Based on our review, nothing has come to our attention that causes us to believe that these statements of value added were not prepared, in all material respects, in accordance with the criteria set out in such technical pronouncement and consistently with respect to the individual and consolidated interim financial information taken as a whole.

Corresponding figures examined and reviewed by another independent auditor

The corresponding figures of the balance sheet as at December 31, 2024, presented for comparison purposes, were previously audited by other independent auditors, who issued an independent auditor's report on the financial statements, without modification, dated August 11, 2025. The corresponding figures of statements of profit and loss and of comprehensive income for the three- and six-month periods ended June 30, 2024 and of changes in equity and of cash flows, for the for the six-month period then ended, presented for comparison purposes, were reviewed by other independent auditors, who issued a report on the review of quarterly information, without modification, dated August 11, 2025.

São Paulo, August 11, 2025

DELOITTE TOUCHE TOHMATSU Vagner Ricardo Alves

Auditores Independentes Ltda. Engagement Partner

50231FTA_50183_

NATURA &CO HOLDING S.A.

STATEMENT OF FINANCIAL POSITION AS OF JUNE 30, 2025 AND DECEMBER 31, 2024

(In thousands of Brazilian reais - R$)

ASSETS	Note	Paren June 30, 2025	t December 31, 2024	Consol June 30, 2025	idated December 31, 2024	LIABILITIES AND SHAREHOLDERS' EQUITY	Note	Par June 30, 2025	ent December 31, 2024	Consoli June 30, 2025	dated December 31, 2024
CURRENT						CURRENT
Cash and cash equivalents	7	2,186	7,601	1,335,137	2,641,683	Borrowings, financing and debentures	20	-	-	88,276	55,890
Short-term investments	8	-	43,740	1,007,323	1,816,443	Lease liability	18	-	9	183,399	207,245
Trade accounts receivable	9	-	-	4,527,103	5,280,765	Trade accounts payable and reverse factoring operations	21	6,399	44,310	5,031,727	6,341,783
Trade accounts receivable - Related parties	33	158,534	274,417	-	-	Suppliers - related parties	33	441,976	227,786	-	-
Inventories	10	-	-	3,021,479	3,378,152	Dividends and interest on equity payable	24	728	1,414	728	1,414
Recoverable taxes	11	-	-	906,339	728,983	Salaries, profit sharing and social charges		33,404	54,930	650,197	1,200,874
Income tax and social contribution		36,310	50,391	234,323	305,936	Tax obligations	22	22,708	44,948	502,126	674,354
Derivative financial instruments	6	-	-	65,504	342,945	Income tax and social contribution		-	-	79,228	57,218
Other current assets	14	4,906	13,774	494,247	644,640	Derivative financial instruments	6	-	-	340,137	147,480
						Provision for tax, civil and labor risks	23	-	-	11,920	19,950
						Other current liabilities	24	2,092	18,318	317,142	901,281
Total current assets		201,936	389,923	11,591,455	15,139,547			507,307	391,715	7,204,880	9,607,489
Non-current assets held for sale	19	-	-	7,280,495	-	Liabilities related to non-current assets held for sale	19	-	-	4,015,550	-
Total current assets		201,936	389,923	18,871,950	15,139,547	Total current liabilities		507,307	391,715	11,220,430	9,607,489
NON-CURRENT Accounts receivable - sale of subsidiary	6	-	-	425,055	427,753	NON-CURRENT Borrowings, financing and debentures	20	-	-	6,270,844	6,786,795
Recoverable taxes	11	-	-	549,500	648,250	Obligations with senior quota holders in Natura Pay FIDC	37	-	-	351,763	353,489
Deferred income tax and social contribution	12	37,211	58,017	1,718,833	1,905,164	Lease liabilities	18	-	355	394,759	769,587
Judicial deposits	13	-	-	576,127	544,100	Salaries, profit sharing and social charges		1,047	3,773	22,740	118,077
Derivative financial instruments	6	-	-	86,144	46,276	Tax obligations	22	-	-	176,921	176,813
Long-term investments	8	-	-	25,285	28,692	Deferred income tax and social contribution	12	-	-	135,029	1,465,143
Other non-current assets	14	-	-	97,080	1,377,722	Income tax and social contribution		-	-	126,932	417,503
						Provision for tax, civil and labor risks	23	1,192	1,154	858,303	993,366
						Other non-current liabilities	24	129	258	263,894	881,927
Total non-current assets		37,211	58,017	3,478,024	4,977,957	Total non-current liabilities		2,368	5,540	8,601,185	11,962,700
						TOTAL LIABILITIES		509,675	397,255	19,821,615	21,570,189
						SHAREHOLDERS' EQUITY
Investments	15	15,314,218	15,893,444	-	-	Capital stock	25	12,490,035	12,484,515	12,490,035	12,484,515
Property, plant and equipment	16	-	-	2,465,904	3,898,167	Treasury shares		-	(19,991)	-	(19,991)
Intangible	17	-	-	9,364,179	12,456,185	Capital reserves		10,365,739	10,481,255	10,365,739	10,481,255
						Accumulated losses		(8,572,306)	(8,616,601)	(8,572,306)	(8,616,601)
						Equity appraisal adjustment		760,222	1,615,272	760,222	1,615,272
Total non-current assets		15,351,429	15,951,782	15,992,623	22,375,271	Shareholders' equity attributed to the Company's shareholders		15,043,690	15,944,450	15,043,690	15,944,450
						Non-controlling interest in shareholders' equity of subsidiaries		-	-	(732)	179
						Total shareholders' equity		15,043,690	15,944,450	15,042,958	15,944,629

TOTAL ASSETS		15,553,365	16,341,705	34,864,573	37,514,818	TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		15,553,365	16,341,705	34,864,573	37,514,818

*The accompanying notes are an integral part of the Interim Accounting Information.

STATEMENT OF PROFIT OR LOSS

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2025 AND 2024

Consolidated

April 01, 2025 to

June 30, 2025

April 01, 2024 to

June 30 2024

(In thousands of Brazilian reais - R$, except for earnings per share)

		Parent Parent				Consolidated
	Note	April 01, 2025 to	April 01, 2024 to	January 01, 2025	January 01, 2024			January 01, 2025 to	January 01, 2024 to
		June 30, 2025	June 30 2024	to June 30, 2025	to June 30, 2024			June 30, 2025	June 30, 2024
NET REVENUE	27	-	-	-	-	4,150,831	5,784,019	10,830,264	10,366,818
Cost of sales	28	-	-	-	-	(1,331,463)	(1,992,258)	(3,584,803)	(3,544,714)
GROSS PROFIT		-	-	-	-	2,819,368	3,791,761	7,245,461	6,822,104
OPERATING (EXPENSES) INCOME
Selling, marketing and logistics expenses	28	-	-	-	-	(1,510,139)	(2,319,249)	(4,301,607)	(4,143,954)
Administrative, R&D, IT and project expenses	28	(83,882)	(52,423)	(103,364)	(91,473)	(550,102)	(833,950)	(1,599,613)	(1,522,128)
Impairment loss on trade receivables	9	-	-	-	-	(123,411)	(127,943)	(288,068)	(257,536)
Equity income result	15	304,867	(696,710)	165,756	(790,926)	-	-	-	-
Other operating income (expenses), net	31	(931)	4	36,462	(469)	(16,524)	(42,503)	(177,989)	4,463
OPERATING (LOSS) PROFIT BEFORE FINANCIAL RESULTS		220,054	(749,129)	98,854	(882,868)	619,192	468,116	878,184	902,949
Financial results	30	(20,899)	(8,654)	(33,903)	(3,617)	(76,876)	(390,754)	(327,812)	(475,137)
PROFIT (LOSS) BEFORE INCOME TAX AND
SOCIAL CONTRIBUTION		199,155	(757,783)	64,951	(886,485)	542,316	77,362	550,372	427,812
Income tax and social contribution	12	(4,235)	(79,164)	(20,656)	(115,872)	4,560	(950,225)	(154,943)	(1,166,184)
PROFIT (LOSS) FOR THE PERIODS FROM CONTINUING OPERATIONS		194,920	(836,947)	44,295	(1,002,357)	546,876	(872,863)	395,429	(738,372)
DISCONTINUED OPERATIONS
PROFIT (LOSS) FROM DISCONTINUED OPERATIONS		-	(21,967)	-	(791,373)	(352,045)	13,773	(352,045)	(1,055,844)
PROFIT (LOSS) FOR THE PERIODS		194,920	(858,914)	44,295	(1,793,730)	194,831	(859,090)	43,384	(1,794,216)
ATTRIBUTABLE TO
The Company´s shareholders		194,920	(858,914)	44,295	(1,793,730)	194,920	(858,914)	44,295	(1,793,730)
Non-controlling shareholders		-	-	-	-	(89)	(176)	(911)	(486)
NET INCOME (LOSS) FOR THE PERIODS PER SHARE - R$
Basic	32	0.1409	(0.6209)	0.0321	(1.2974)	0.1409	(0.6209)	0.0321	(1.2974)
Diluted	32	0.1408	(0.6209)	0.0320	(1.2974)	0.1408	(0.6209)	0.0320	(1.2974)
*The accompanying notes are an integral part of the Interim Accounting Information.

STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX-MONTH PERIODS ENDED JUNE 30 2025 AND 2024

(In thousands of Brazilian reais - R$)

Parent Parent Consolidated													Consolidated
Note	April 01, 2025 to	01 April, 2024 to		January 01, 2025		January 01,		April 01, 2025		01 April, 2024			January 01,	January 01, 2024
	June 30, 2025	June 30, 2024		to June 30, 2025		2024 to June		to June 30,		to June 30,			2025 to June 30,	to June 30, 2024
(LOSS) PROFIT FOR THE PERIODS Other comprehensive income (loss) to be reclassified to income statement in subsequent periods:		194,920	(858,914)	44,295		(1,793,730)		194,831		(859,090)		43,384		(1,794,216)
Conversion of financial statements of controlled companies abroad	15	(530,578)	851,802	(960,877)		1,226,865		(530,578)		853,189		(960,877)		1,228,050
Exchange rate effect on the conversion from hyperinflationary economy	15	98,118	87,388	180,570		387,502		98,118		87,388		180,570		387,502
Earnings (losses) from cash flow hedge operations	6.1	-	-	-		-		(45,586)		31,068		(101,719)		57,029
Tax effects on earnings (losses) from cash flow hedge operations	12	-	-	-		-		10,459		(12,100)		26,976		(17,850)
Equity in earnings (losses) from cash flow hedge operations	6.1	(45,586)	31,068	(101,719)		57,029		-		-		-		-
Equity in tax effects on earnings (losses) from cash flow hedge operations	12	10,459	(12,100)	26,976		(17,850)		-		-		-		-
Other comprehensive income (loss) not reclassified for the income (loss) of the periods in subsequent periods:
Actuarial earnings (losses)	-	-		- -				-		-		- (1,892)
Tax effects on earnings (losses) from actuarial	-	-		- -				-		-		- (4,815)
Equity on actuarial earnings (losses)	-	-		- (1,892)				-		-		- -
Equivalence on the tax effects of actuarial losses	-	-		- (4,815)				-		-		- -
Comprehensive loss for the periods, net of tax effects	(272,667)		99,244		(810,755)		(146,891)		(272,756)		100,455		(811,666)		(146,192)

ATTRIBUTABLE TO
The Company´s shareholders	(272,667)	99,244	(810,755)	(146,891)	(272,667)	99,244	(810,755)	(146,891)
Noncontrolling shareholders	-	-	-	-	(89)	1,211	(911)	699
	(272,667)	99,244	(810,755)	(146,891)	(272,756)	100,455	(811,666)	(146,192)

*The accompanying notes are an integral part of the Interim Accounting Information.

NATURA &CO HOLDING S.A.

STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2025 AND 2024

(In thousands of Brazilian reais - R$)

Note

Capital Reserves

Equity appraisal adjustment

Capital stock

Treasury shares

Share premium

Special reserve

Additional paid-in capital

Loss from transactions with non-controlling shareholders

Legal profit reserve

Retained earnings

Accumulated losses

Capital transactions

Other comprehensive income (loss)

Shareholders' equity attributed to controlling shareholders

Non-controlling shareholders

Total shareholders' equity

BALANCES AS OF DECEMBER 31, 2023		12,484,515	(164,236)	9,894,936	362,059	301,572	-	780,308	-	616,475	(1,172,390)	23,103,239	17,226	23,120,465
Loss for the period		-	-	-	-	-	-	-	(1,793,730)	-	-	(1,793,730)	(486)	(1,794,216)
Exchange rate effect on the conversion from hyperinflationary economy		-	-	-	-	-	-	-	-	-	387,502	387,502	-	387,502
Other comprehensive income (loss)		-	-	-	-	-	-	-	-	-	1,259,337	1,259,337	1,185	1,260,522
Total comprehensive income (loss) for the periods		-	-	-	-	-	-	-	(1,793,730)	-	1,646,839	(146,891)	699	(146,192)
Transactions in stock and restricted shares option plans:
Provision for stock and restricted shares option plans		-	-	-	-	15,122	-	-	-	-	-	15,122	-	15,122
Exercise of stock and restricted shares option plans		-	109,324	-	-	(118,930)	-	-	-	-	-	(9,606)	-	(9,606)
Income tax on shares option plans		-	-	-	-	26,992	-	-	-	-	-	26,992	-	26,992
Transfer of grant plans to labor obligations due to the conversion of ADRs into Phantom shares		-	-	-	-	(21,138)	-	-	-	-	-	(21,138)	-	(21,138)
Distribution of additional dividends for the 2023 financial year		-	-	-	-	-	-	(685,190)	-	-	-	(685,190)	-	(685,190)
Distribution of Interest on Equity		-	-	-	-	-	-	(44,853)	-	-	-	(44,853)	-	(44,853)
BALANCES AS OF JUNE 30, 2024		12,484,515	(54,912)	9,894,936	362,059	203,618	-	50,265	(1,793,730)	616,475	474,449	22,237,675	17,925	22,255,600

BALANCES AS OF DECEMBER 31, 2024 (originally presented)		12,484,515	(19,991)	9,894,936	362,059	224,260	-	-	(8,879,594)	616,475	988,748	15,671,408	179	15,671,587
Restatement adjustments:
Fair value adjustments in the business combination with ACL at the acquisition date		-	-	-	-	-	-	-	262,993	-	-	262,993	-	262,993
Other comprehensive income		-	-	-	-	-	-	-	-	-	10,049	10,049	-	10,049
BALANCES AS OF DECEMBER 31, 2024 (restated)		12,484,515	(19,991)	9,894,936	362,059	224,260	-	-	(8,616,601)	616,475	998,797	15,944,450	179	15,944,629
Profit for the period		-	-	-	-	-	-	-	44,295	-	-	44,295	(911)	43,384
Other comprehensive income		-	-	-	-	-	-	-	-	-	(855,050)	(855,050)	-	(855,050)
Total result for the period		-	-	-	-	-	-	-	44,295	-	(855,050)	(810,755)	(911)	(811,666)
Movement of stock option plans and restricted shares:
Provision for stock and restricted shares option plans		-	-	-	-	37,532	-	-	-	-	-	37,532	-	37,532
Exercise of stock and restricted shares option plans		-	19,991	-	-	(11,728)	-	-	-	-	-	8,263	-	8,263
Capital increase	25.1	5,520	-	-	-	-	-	-	-	-	-	5,520	-	5,520
Share buyback	25.2	-	(141,320)	-	-	-	-	-	-	-	-	(141,320)	-	(141,320)
Early cancellation of the treasury stock program	25.2	-	141,320	-	-	(141,320)	-	-	-	-	-	-	-	-
BALANCES AS OF JUNE 30, 2025		12,490,035	-	9,894,936	362,059	108,744	-	-	(8,572,306)	616,475	143,747	15,043,690	(732)	15,042,958

*The accompanying notes are an integral part of the Interim Accounting Information.

NATURA &CO HOLDING S.A.

STATEMENT OF CASH FLOWS

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2025 AND 2024

(In thousands of Brazilian reais - R$)

Note

Parent June 30, 2025 June 30, 2024

Consolidated June 30, 2025 June 30, 2024

CASH FLOW FROM OPERATING ACTIVITIES

Loss (profit) for the periods 44,295 (1,793,730) 43,384 (1,794,216)

Adjustments to reconcile the loss for the year with the net cash (used in) generated by operating activities:

Depreciation and amortization 16, 17 and 18 172 206 429,045 445,458

Gains from interest and exchange rate variations on securities (620) (9,404) (6,356) (219,113) Losses arising from transactions with swap and forward derivatives 6 - 8,563 391,596 70,782

Increase in provision for tax, civil and labor risks 23 - - 54,025 17,990

Monetary update of judicial deposits 13 - - (19,525) (13,486)

Monetary adjustment of the provision for tax, civil and labor risks 23 38 35 21,678 27,527

Income tax and social contribution 20,656 115,872 154,943 1,156,806

Result on sale and write-off of fixed and intangible assets 16, 17 and 18 - - 35,085 15,566 Equity income result 15 (165,756) 790,926 - -

Interest and exchange rate variations on leases 18 16 50 52,267 47,320 Interest, exchange rate variation on loans, financing and debentures, net of funding costs 20 - - 281,545 224,378 Provision (reversal) for losses on property, plant and equipment, intangible assets and leases - - - (1,771) Increase (provision) for reversal of stock option grant plans (10,779) (4,253) 13,097 16,346 Expected credit losses, net of reversals 9 - - 286,503 257,388

Losses on realization of inventories, net of reversals 10 - - 111,989 118,668 Effect of hyperinflationary economy - - 21,480 387,502

Tax credits - - (61,712) -

Gain from interest and exchange rate variation on receivables from related parties 17,637 - - -Adjustment to the fair value of receivables associated with loss of control of an associated company (36,462) - - -FIDC Remuneration - - (1,726) -

Loss of profits CD Canoas - - (15,000) -

(130,803)			(891,735)		1,758,291	755,698
(INCREASE) REDUCTION IN ASSETS
Accounts receivable from customers and related parties		22,909	(204,447)	(169,776)		(1,349,672)
Stocks		-	-	(632,912)		(848,561)
Taxes to be recovered		-	52,367	(135,716)		114,239
Other assets		8,868	8,624	(198,661)		(183,452)
Subtotal		31,777	(143,456)	(1,137,065)		(2,267,446)
INCREASE (REDUCTION) IN LIABILITIES
Suppliers, reverse factoring operations and related parties		176,279	(180,635)		310,811	411,523
Salaries, profit sharing and social charges, net		(24,252)	(16,340)		(251,386)	(16,079)
Tax obligations		(8,159)	(59,326)		(55,963)	4,810
Other liabilities		(16,408)	(56,866)		(107,978)	(192,798)
Subtotal		127,460	(313,167)		(104,516)	207,456
CASH GENERATED BY (USED IN) OPERATING ACTIVITIES		28,434	(1,348,358)		516,710	(1,304,292)
OTHER CASH FLOWS FROM OPERATIONAL ACTIVITIES
Income tax and social contribution payments		-	(21,299)		(134,167)	(370,918)
Judicial deposits made, net of withdrawals	13 and 23	-	(3)		(17,895)	11,441
Payments related to tax, civil and labor proceedings	23	-	-		(78,628)	(84,731)
Payment of funds for settlement of derivative transactions		-	-		(9,313)	(120,228)
Payment of interest on leases	18	(16)	(50)		(51,661)	(46,632)
Payment of interest on loans, financing and debentures	20	-	-		(233,449)	(307,463)
Operating activities - discontinued operations		-	781,068		(1,410,431)	(360,898)
CASH GENERATED (USED) IN OPERATIONAL ACTIVITIES		28,418	(588,642)		(1,418,834)	(2,583,721)
CASH FLOW FROM INVESTMENT ACTIVITIES
Additions of fixed assets and intangible assets		-	-		(165,419)	(198,299)
Receipt from the sale of fixed and intangible assets		-	-		-	9,380
Application in securities		(136,750)	(1,392,421)		(9,697,823)	(14,966,465)
Redemption of securities		180,128	2,968,776		10,250,584	17,158,799
Redemption of interest on securities		982	12,948		44,467	176,383
Receipt of dividends from subsidiaries	15	111,799	1,333,023		-	-
Capital increase in subsidiaries Investment activities - discontinued operations		(73,335) -	(1,347,077) -		- -	-(37,678)
CASH (GENERATED BY) USED IN INVESTING ACTIVITIES		82,824	1,575,249		431,809	2,142,120
CASH FLOW FROM FINANCING ACTIVITIES
Payment of lease liabilities - principal	18	(162)	(203)		(131,648)	(109,264)
Payment of loans, financing and debentures - principal	20	-	-		-	(949,914)
Obtaining loans, financing and debentures	20	-	-		2,263	131,492
Purchase of treasury shares, net of receipt of option exercise price		(121,329)	-		(121,329)	-
Payment of dividends and interest on equity		(686)	(982,832)		(686)	(982,832)
Payment of resources for settlement of operations with financial derivatives		-	-		(17,390)	(5,200)
Capital increase Financing activities - discontinued operations		5,520 -	- -		5,520 -	-(79,034)
CASH GENERATED (USED) IN FINANCING ACTIVITIES		(116,657)	(983,035)		(263,270)	(1,994,752)
Effect of exchange rate variation on cash and cash equivalents		-	-		(56,251)	281,747

(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		(5,415)	3,572		(1,306,546)	(2,154,606)
Opening balance of cash and cash equivalents		7,601	1,079		2,641,683	3,750,944
Closing balance of cash and cash equivalents		2,186	4,651		1,335,137	1,596,338

(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		(5,415)	3,572		(1,306,546)	(2,154,606)
*The accompanying notes are an integral part of the Interim Accounting Information.

Other moves to reconcile profit - - (34,027) (1,447)

NATURA &CO HOLDING S.A.

STATEMENT OF VALUE ADDED

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2025 AND 2024

(In thousands of Brazilian reais - R$)

	Note		Parent June 30, 2025 June 30, 2024			Consolidated June 30, 2025 June 30, 2024
INCOME		36,462	(469)		13,673,361		13,419,123
Sale of goods, products and services		-		-		14,201,129		13,789,707
Loss due to impairment of accounts receivable from customers	9	-	-		(288,068)		(257,537)
Other operating income (expenses), net		36,462	(469)		(239,700)		(113,047)
GOODS ACQUIRED FROM THIRD PARTIES		(78,563)	(54,266)		(9,320,585)		(8,828,323)
Cost of products sold and services rendered		-		-		(5,396,474)		(5,174,380)
Materials, electricity, outsourced services and other		(78,563)	(54,266)		(3,924,111)		(3,653,943)
GROSS VALUE ADDED		(42,101)	(54,735)		4,352,776		4,590,800
RETENTIONS		(172)	(206)		(429,114)		(455,607)
Depreciation and amortization	16, 17 and 18	(172)		(206)		(429,114)		(455,607)
ADDED VALUE PRODUCED BY SOCIETY		(42,273)	(54,941)		3,923,662		4,135,193
TRANSFERRED VALUE ADDED		165,756	(758,473)		490,188		217,958
Equity in subsidiaries	15	165,756		(790,926)		-		-
Financial income	29	-	32,453		490,188		217,958
ADDED VALUE TO DISTRIBUTE		123,483		(813,414)		4,413,850		4,353,151
DISCONTINUED OPERATIONS		-	(791,373)		1,287,991		318,840
Revenues		-		-		3,466,217		3,393,464
Inputs purchased from third parties		-	-		(2,473,623)		(2,870,435)
Retentions		-	-		(242,801)		(339,396)
Added value received in transfer		-	(791,373)		538,198		135,207
TOTAL ADDED VALUE TO BE DISTRIBUTED		123,483		(1,604,787)		5,701,842		4,671,991

TOTAL DISTRIBUTION OF ADDED VALUE		123,483		(1,604,787)		5,701,842		4,671,991
PERSONNEL AND SOCIAL CHARGES	28	20,683	32,421		1,678,121		1,675,556
Direct remuneration		18,656		31,417		1,238,139		1,280,394
Benefit		825	512		282,101		276,812
FGTS		1,202	492		157,881		118,350
TAXES, FEES AND CONTRIBUTIONS Federal		24,602 24,602	120,452 120,452		1,522,300 (455,036)		2,722,872 596,298
State		-	-		1,977,336		2,126,573
REMUNERATION OF THIRD PARTY CAPITAL		33,903	36,070		818,000		693,095
Financial expenses	29	33,903		36,070		818,000		693,095
REMUNERATION OF EQUITY		44,295	(1,002,357)		395,429		(738,372)
Loss (profit) for the periods		44,295		(1,002,357)		395,429		(738,372)
Discontinued Operations		-	(791,373)		1,287,992		318,840
Personnel and Social Charges		-		-		636,235		625,893
Taxes, Fees and Contributions		-	-		742,028		592,181
Remuneration of third-party capital		-	-		261,774		156,610
Equity remuneration		-	(791,373)		(352,045)		(1,055,844)
*The accompanying notes are an integral part of the Interim Accounting Information.

INDEX OF EXPLANATORY NOTES

GENERAL INFORMATION 11
MANAGEMENT STATEMENT AND BASIS OF PRESENTATION OF THE INTERIM ACCOUNTING INFORMATION 14
SUMMARY OF MATERIAL ACCOUNTING POLICIES 19
CRITICAL ACCOUNTING ESTIMATES AND ASSUMPTIONS 19
BUSINESS COMBINATION 20
FINANCIAL RISK MANAGEMENT 23
CASH AND CASH EQUIVALENTS 27
SHORT-TERM INVESTMENTS 27
TRADE ACCOUNTS RECEIVABLE 28
INVENTORIES 29
RECOVERABLE TAXES 30
INCOME TAX AND SOCIAL CONTRIBUTION 30
JUDICIAL DEPOSITS 31
OTHER CURRENT AND NON-CURRENT ASSETS 32
INVESTMENTS 33
PROPERTY, PLANT AND EQUIPMENT 35
INTANGIBLE ASSETS 37
RIGHT OF USE AND LEASE LIABILITIES 39
NON-CURRENT ASSETS HELD FOR SALE 42
BORROWING, FINANCING AND DEBENTURES 44
TRADE ACCOUNTS PAYABLE AND REVERSE FACTORING OPERATIONS 45
TAX LIABILITES 46
PROVISION FOR TAX, CIVIL AND LABOR RISKS 47

SHAREHOLDERS' EQUITY 49
INFORMATION ON SEGMENTS 50
REVENUE 52
OPERATING EXPENSES AND COST OF SALES 52
EMPLOYEE BENEFITS 53
FINANCIAL RESULTS 53
OTHER OPERATING INCOME (EXPENSE), NET 54
EARNINGS PER SHARE 54
RELATED PARTY TRANSACTIONS 55
COMMITMENTS 56
INSURANCE 57
ADDITIONAL INFORMATION RELATING TO THE STATEMENT OF CASH FLOWS 57
OBLIGATIONS TO NATURA PAY FIDC SENIOR QUOTA HOLDERS 57
DISCONTINUED OPERATIONS 58
SUBSEQUENT EVENTS 59

‌GENERAL INFORMATION
Natura &Co Holding S.A. ("Natura &Co") was established on January 21, 2019 with the objective of participating in other entities, as a partner or shareholder, that develop their main activities in the cosmetics, innovations and personal hygiene sector, through the development of manufacturing, distribution and marketing of their products, headquartered in Brazil, in the city of São Paulo, State of São Paulo, at Avenida Alexandre Colares, No. 1,188, Vila Jaguará, CEP 05106-000. Natura &Co and its subsidiaries are referred to as the "Company".
The brands under the Company's management include "Natura" and "Avon". In addition to using the retail, e-commerce, business-to-business and franchise markets as product sales channels, the Company's subsidiaries stand out for their direct sales channel, conducted mainly by consultants.
1. Corporate reorganization through reverse incorporation
  On March 25, 2025, the Company executed the "Protocol and Justification" for the Merger of Natura &Co Holding S.A. into its subsidiary, Natura Cosméticos S.A. On April 25, 2025, an Extraordinary General Meeting of Shareholders of Natura &Co Holding S.A. was held, during which the reverse merger involving the Company and its subsidiary, Natura Cosméticos S.A., was approved.
  At the meeting held on June 23, 2025, the Boards of Directors of the Company and its subsidiary, Natura Cosméticos S.A., after the fulfillment of the conditions precedent set forth in the Merger "Protocol and Justification", approved and established July 1, 2025 as the date of consummation of the Reverse Merger, including the relevant corporate and legal registrations, within the context of a corporate reorganization between entities under common control, under the terms and conditions of the Merger Protocol and Justification, which became effective on July 1, 2025.
  Following the consummation of the transaction and the resulting dissolution of the Company having occurred after the reporting date of these interim financial statements, the event had no accounting impact for the six-month period ended June 30, 2025. Further information is disclosed in Note 39 - Subsequent Events.
  The proposed merger does not interfere with the business units' strategies. In the case of Latin America, the brand integration plan (Wave 2 of Project ELO) remains in place, with its conclusion expected in the third quarter of 2025.
2. Classification of the indirect subsidiary Avon Cosmetics Ltda ("ACL") as a non-current asset held for sale
  On June 30, 2025, the Company assessed the sale of its indirect subsidiary ACL as highly probable. This sale is part of a single coordinated plan for the disposal of a significant line of business, represented by the Avon International operating segment and a portion of the Natura &Co Latam-operating segment (Avon entities in Central America and the Dominican Republic - CARD). The asset group comprises the ACL entities, Avon Russia, and Avon CARD, the latter two being subsidiaries of ACL, which will be divested in transactions separate from ACL.
  The aforementioned asset group (ACL) collectively met the criteria for classification as "asset held for sale" and "discontinued operations" simultaneously, in connection with
  Management's strategic plan, approved by the Company's governance bodies. Therefore, this constitutes a single coordinated plan, with different buyers whose transactions may occur in a chronologically non-sequential order.
  As part of the classification of a group of assets as held for sale, the Company measures this asset group at the lower of its carrying amount and fair value less costs to sell.
  Considering the business combination with ACL, which occurred on December 04, 2024, when the preliminary fair value measurement of the acquired assets and liabilities was performed, with the subsequent conclusion of this measurement on June 30, 2025 (as disclosed in explanatory note No. 5), the Company understands that the fair value attributed in the business combination remains substantially aligned with the carrying amount then recorded. Therefore, no indication of impairment loss was identified at the time of initial recognition of the classification of the indirect subsidiary ACL as a non-current asset held for sale (see explanatory note No. 19 - Non-current assets held for sale).
  As a result of this assessment, the accounting balances represented by ACL (including recognized intangibles and goodwill balances on net assets identified in the business combination) and its subsidiaries were classified in the consolidated statement of financial position as a non-current asset held for sale and measured based on the existing carrying amounts, which substantially approximate their respective fair values. The comparative balances in the statement of financial position as of December 31, 2024, were not reclassified and restated in accordance with applicable accounting standards. In the statements of profit or loss and cash flows, the effects associated with these operations were classified as discontinued operations for the three and six-month periods ended June 30, 2025.
  Restatement in the statements of profit or loss for the comparative three and six-month periods ended June 30, 2024, was not necessary, as ACL was reacquired by the Company on December 04, 2024, in the context of the conclusion of the Chapter 11 process. Therefore, the comparative balances as of June 30, 2024, presented in the explanatory note on Discontinued Operations, substantially correspond to the values of the former subsidiary API which was deconsolidated on August 12, 2024, due to the commencement of the Chapter 11 process (see explanatory notes No. 1.3 and No. 38).
3. Chapter 11 process of Avon Products Inc ("API") former subsidiary in the United States
  As disclosed in the financial statements for the fiscal year ended December 31, 2024, on August 12, 2024, the Company's former non-operating subsidiary and holding company for the Avon beauty brand, API, announced that it has commenced a voluntary Chapter 11 proceeding in the U.S. Bankruptcy Court for the District of Delaware. The filing aimed to facilitate the management of pre-existing debts and liabilities. API elected to sell its assets pursuant to Section 363 of the U.S. Bankruptcy Code.
  As a result, on August 12, 2024, the Company ceased to have control over the operations of API and its subsidiaries, the date of Chapter 11 filing. Therefore, on August 12, 2024, the assets and liabilities associated with that transaction, including the goodwill balances recognized upon the acquisition of API, were derecognized from the Company's equity and financial position. The respective accounting effects associated with the loss of control over the operations of API and its subsidiaries were recognized in the interim financial information for the three- and nine-month periods ended September 30, 2024. The results of the operations of API and its subsidiaries, up to August 12, 2024, were reclassified to
  discontinued operations in the income statement for the three- and nine-month periods ended September 30, 2024.
  Consequently, the Company restated the balances of the discontinued operations of API and its subsidiaries in the income statement, statement of cash flows, statement of value added, and the notes to income for the three- and six-month periods ended June 30, 2024. Further information is disclosed in Note 2.1, "Restatement of Comparative Balances for the three- and six-month periods ended June 30, 2024".
4. Repurchase of Avon's non-U.S. operating assets under the Chapter 11 proceedings
  As disclosed in the financial statements for the fiscal year ended December 31, 2024, on December 4, 2024, the court overseeing the Chapter 11 process approved (i) the global settlement agreement between the Company and the Avon Unsecured Creditors' Committee and (ii) the sale of Avon's assets outside the United States to the Company through a credit bid in the amount of $125 million, as mentioned in explanatory note No. 1.1 in the financial statements for the fiscal year ended December 31, 2024. This approval was formalized through the issuance of court orders recorded in the bankruptcy court docket on December 6, 2024.
  As a result of the approval and implementation of the plan, the Company reacquired Avon's operating assets outside the United States as part of the Chapter 11 process initiated by API on August 12, 2024, through its indirect subsidiary, Natura &Co UK Holding Limited ("Natura &Co UK"). The net assets acquired were determined to constitute a business combination, as disclosed in note No.5 to the financial statements for the fiscal year ended December 31, 2024.
  Under the terms of the offer to repurchase the subsidiaries, the Company agreed to disburse the full amount of the debtor-in-possession (DIP) financing, totaling $43 million, and to waive all its secured and unsecured claims against API, except for the $125 million, which was used as consideration for the purchase of operations outside the United States. The effects of the waiver of secured and unsecured claims against the Avon's debtors were included in the note on discontinued operations in the financial statements for the fiscal year ended December 31, 2024, and did not impact the results for the six-month periods ended June 30, 2025, and 2024.
  On December 31, 2024, the Company presented a preliminary measurement of the business combination effects, as disclosed in explanatory note No. 5 to the financial statements of that date. The presentation was preliminary due to the late acquisition, which occurred on December 4, 2024, and the need for timely access to relevant and appropriate evidence for the fair value measurement of the net assets acquired. The assets and liabilities in the measurement process included property, plant, and equipment, intangibles (sales representatives), right-of-use assets, inventories, lease liabilities, and deferred taxes related to the fair value of these items. As of December 31, 2024, the Company had the prerogative of a 1-year period from the acquisition date to conclude the measurement of the business combination effects, as provided by CPC 15 (R1) - Business Combinations.
  On June 30, 2025, the Company concluded the fair value measurement and allocation of the business combination and recognized the adjustments to the preliminary fair values as if the accounting for the business combination had been completed on the acquisition date, December 4, 2024, as part of the requirements of applicable IFRS and CPC Accounting Standards. This represents an update to reflect new information obtained regarding Property, Plant, and Equipment and Intangibles, as well as the impacts on Deferred Tax
  Liabilities after the publication of December 31, 2024, financial statements, and does not represent a correction of an error or a change in accounting policy.
  Consequently, the Company recognized the adjustments to the fair values of the business combination with ACL retrospectively to the business combination date. As these adjustments were made within the measurement period, the comparative balances of the Statement of Financial Position and the loss for the year ended December 31, 2024 -presented in the Statement of Changes in Equity in these interim financial information -originally disclosed in the financial statements for the year ended December 31, 2024, were restated to reflect such adjustments as if they had been recorded on the business combination date. Further information on the restatement is disclosed in explanatory note No. 2.2 - Restatement of comparative balances for the year ended December 31, 2024.
  The final effects of the fair value measurement of the net assets assumed in the business combination are disclosed in explanatory note No. 5 - Business Combination.
‌MANAGEMENT STATEMENT AND BASIS OF PRESENTATION OF THE INTERIM ACCOUNTING INFORMATION
The Company's interim accounting information, contained in the Quarterly Information Form - ITR for the six-month period ended June 30, 2025, comprises the individual and consolidated interim accounting information, prepared in accordance with Technical Pronouncement CPC 21 (R1) - Interim Financial Statements, issued by the Accounting Pronouncements Committee ("CPC"), equivalent to "IAS 34 - Interim Financial Reporting".
The individual and consolidated interim accounting information shows all relevant information specific to the interim accounting information, and only this information, which is consistent with that used by Management in its management.
The individual and consolidated interim financial information were approved by the Board of Directors and authorized for issuance at a meeting held on August 07, 2025.
The individual and consolidated interim financial information was prepared based on historical cost, except for items measured at fair value against profit or loss, which include
(i) derivative financial instruments; (ii) contingent consideration arising from the sale of the former subsidiary The Body Shop; (iii) certain financial assets referred to in note No. 6.2; (iv) measurement of the fair value of the assets and liabilities acquired and assumed in the acquisition of Avon Cosmetics Limited ('ACL') on December 4, 2024; (v) liabilities related to cash-settled share-based payment plans ('phantom shares' of B3) that were previously backed by ADRs; and (vi) financial liabilities designated as fair value hedging.
The individual and consolidated interim financial information are expressed in thousands of Reais ("R$"), rounded to the nearest thousand, and the disclosures of amounts in other currencies, when necessary, were also made in thousands. Items disclosed in other currencies are duly identified when applicable.
1. Restatement of comparative balances for the three- and six-month periods ended June 30, 2024
  As mentioned in Note 1.1 to the financial statements for the fiscal year ended December 31, 2024, on August 12, 2024, the Company's former subsidiary and holding company for the Avon beauty brand, API, announced that it had initiated a voluntary Chapter 11 process. This
  event resulted in the loss of control over the operations of the former subsidiary API in the quarter ended September 30, 2024, and the subsequent allocation of the effects related to the loss of control, as well as the results earned from January 1, 2024, to August 12, 2024, to discontinued operations.
  Such reclassification to discontinued operations is performed retrospectively for prior periods, as required by applicable IFRS and CPC Accounting Standards. As a result, the interim financial information for the six-month period ended June 30, 2024, originally disclosed, was restated due to the reclassifications to discontinued operations made in the statement of income for the period, the cash flows, the statement of value added, and the corresponding explanatory notes.
  The effects on the Parent Company's income statement, in the amount of R$(19,056) for the quarter and R$(781,068) for the six-month period, were reclassified from the Equity Income line item in the Operating Loss before Financial Result group to Discontinued Operations.
  The tables below summarize the reclassification adjustments made to the consolidated income statement for the three- and six-month periods ended June 30, 2024.
  Restated June 30, 2024
  Reclassification to Discontinued Operations
  ne 30, 2024
  disclosed
  Ju
  Originally
  Consolidated (April 01, 2024 to June 30, 2024)

Gross profit	4,741,660	(949,899)	3,791,761
Operating expenses	(4,477,834)	1,154,189	(3,323,645)
Operating profit before financial result	263,826	204,290	468,116
Financial result	(135,325)	(255,429)	(390,754)
Profit (loss) before income tax and social contribution	128,501	(51,139)	77,362
Income tax and social contribution	(976,764)	26,539	(950,225)
Profit (loss) before discontinued operations	(848,263)	(24,600)	(872,863)
(Loss) / Profit from discontinued operations	(10,827)	24,600	13,773
Loss for the period	(859,090)	-	(859,090)
ATTRIBUTABLE TO:
Company Shareholders	(858,914)	-	(858,914)
Non-controlling Shareholders	(176)	-	(176)

Restated June 30, 2024

Reclassification to Discontinued Operations

Originally disclosed June 30, 2024

Consolidated (April 01, 2024 to June 30, 2024)

Gross profit	8,719,833	(1,897,729)	6,822,104
Operating expenses	(8,300,772)	2,381,617	(5,919,155)
Operating profit before financial result	419,061	483,888	902,949
Financial result	(496,540)	21,403	(475,137)
Profit (loss) before income tax and social contribution Income tax and social contribution	(77,479) (1,213,837)	505,291 47,653	427,812 (1,166,184)
Profit (loss) before discontinued operations	(1,291,316)	552,944	(738,372)
Loss from discontinued operations	(502,900)	(552,944)	(1,055,844)

Restated June 30, 2024

Reclassification to Discontinued Operations

Originally disclosed June 30, 2024

Consolidated (April 01, 2024 to June 30, 2024)

Loss for the period

(1,794,216)

ATTRIBUTABLE TO:

Company Shareholders

(1,793,730)

Non-controlling Shareholders

(486)

The reclassifications made to the consolidated statement of income for the six-month period ended June 30, 2024, described above, were also reflected in the accompanying notes to the income statement balances, presented below in this interim financial information.

The effects on the Parent Company's statement of cash flows, in the amount of R$(781,068) for the six-month period ended June 30, 2024, were reclassified from the Equity Income line to the Discontinued Operations line in the Operating Activities group.

The table below summarizes the reclassification adjustments made between the activities presented in the consolidated statement of cash flows for the six-month period ended June 30, 2024.

Restated

Reclassification

Originally disclosed

Consolidated

Operating activities	(528,820)	167,922	(360,898)
Investing activities	-	(37,678)	(37,678)
Financing activities	-	(79,034)	(79,034)

The Company voluntarily amended its accounting policy related to the presentation of discontinued operations in the Statement of Value Added (SVA). This change was motivated by the need to ensure consistency in the presentation of financial statements, considering that, although CPC 09 (R1) - Statement of Value Added does not expressly address the segregation between continuing and discontinued operations, such separation is required by CPC 31 - Non-Current Asset Held for Sale and Discontinued Operations for the Income Statement and the Statement of Cash Flows.

It is important to highlight that the amendment does not result from an error or a change in accounting estimate, but from a management decision, with the objective of aligning the SVA presentation with the structure of other financial statements, providing more relevant and comparable information to users.

The new accounting policy was applied by restating the comparative balances of the SVA, including the column that shows the proportional reclassification, by activity, of the amounts related to the former subsidiary API, from continuing operations to discontinued operations, as demonstrated in the table below.

The amendment is merely reclassification in nature, not impacting on the total distributable and distributed balances of the originally disclosed SVA, nor affecting the Company's other financial statements.

The effects on the Parent Company's statement of value added, amounting to R$(781,068) for the six-month period, were reclassified from the line of Equity income from the group of Value added received in transfer to Discontinued Operations.

The table below summarizes the reclassification adjustments made to the consolidated statement of value added for the six-month period ended June 30, 2024.

Restated

Reclassification

Originally disclosed

Consolidated

Income	16,812,587	(3,393,464)	13,419,123
Sales of goods, products, and services	17,425,301	(3,635,594)	13,789,707
Loss due to impairment of accounts receivable from customers	(373,168)	115,631	(257,537)
Other operating income (expenses), net	(239,546)	126,499	(113,047)
Goods acquired from third parties	(11,195,858)	2,367,535	(8,828,323)
Cost of goods sold, and services rendered	(6,269,440)	1,095,060	(5,174,380)
Materials, electricity, outsourced services and others	(4,881,525)	1,227,582	(3,653,943)
Loss/Recovery of assets	(44,893)	44,893	-
Gross value added	5,616,729	(1,025,929)	4,590,800
Retentions	(795,003)	339,396	(455,607)
Depreciation and amortization	(795,003)	339,396	(455,607)
Added Value Produced by Society	4,821,726	(686,533)	4,135,193
Transferred value added	353,165	(135,207)	217,958
Financial income	353,165	(135,207)	217,958
Added value to distribute	5,174,891	(821,740)	4,353,151
Discontinued operations	(502,900)	821,740	318,840
Retentions	-	3,393,464	3,393,464
Goods acquired from third parties	(502,900)	(2,367,535)	(2,870,435)
Retentions	-	(339,396)	(339,396)
Transferred value added	-	135,207	135,207
Total added value to be distributed	4,671,991	-	4,671,991

Total distribution of added value	4,671,991	-	4,671,991
Personnel and social charges	2,301,449	(625,893)	1,675,556
Direct Compensation	1,777,657	(497,263)	1,280,394
Benefits	337,435	(60,623)	276,812
FGTS	186,357	(68,007)	118,350
Taxes, fees and contributions	3,315,053	(592,181)	2,722,872
Federal	643,951	(47,653)	596,298
State	2,671,101	(544,528)	2,126,573
Remuneration of third-party capital	849,705	(156,610)	603,095
Financial expenses	849,705	(156,610)	693,095
Equity Remuneration	(1,794,216)	1,055,844	(738,372)
Losses for the period	(1,794,216)	1,055,844	(738,372)
Discontinued Operations	-	318,840	318,840
Personnel and social charges	-	625,893	625,893
Taxes, fees, and contributions	-	592,181	592,181
Third-party capital remuneration	-	156,610	156,610
Equity Remuneration	-	(1,055,844)	(1,055,844)

Restatement of comparative balances for the year ended December 31, 2024 -Recognition of adjustments for the measurement period of the business combination with ACL

The amounts related to the identification of assets and liabilities associated with the acquisition, as well as the measurement of their fair values, were adjusted in these interim financial statements. Such effects were recognized as part of the business combination accounting on the acquisition date, December 04, 2024. The retrospective presentation of the adjustments made within the measurement period is required by Accounting Pronouncement CPC 15(R1) - Business Combinations (IFRS 3) and does not represent a correction of error or a change in accounting policy.

The measurement of identifiable assets and liabilities at fair values on the acquisition date is presented in explanatory note no. 5, along with the nature of the adjustments associated with the restatement.

The effects, presented in the table below, recognized during the measurement period resulted in an increase in the bargain purchase gain initially recognized on December 31, 2024, in the amount of R$286,085 (considering the exchange rate prevailing on the acquisition date, December 04, 2024). This gain, as well as the foreign subsidiary balance sheet conversion adjustments related to the adjusted assets and liabilities, and the depreciation/amortization for December 2024, were retrospectively adjusted on December 31, 2024, with a corresponding entry to Accumulated Losses and Other Comprehensive Income, in the Statement of Changes in Equity.

The total net effect on the equity position resulting from the adjustments was R$273,042, composed of: R$262,993 which comprises: i) measurement period adjustments, R$286,085, ii) depreciation and amortization for December 2024 R$(16,940) and iii) reclassifications and eliminations in consolidation R$(6,152), presented as a reduction in Accumulated Losses; and R$10,049, referring to foreign subsidiary balance sheet conversion adjustments, presented in Other Comprehensive Income, in the Statement of Comprehensive Income and in the Statement of Changes in Equity.

Originally disclosed December 31, 2024

Measurement period adjustments

Depreciation and Amortization

Reclassification and Elimination

Conversion adjustments

Restated December 31,

2024

Inventories	3,378,152	581	(581)	-	-	3,378,152
Fixed Assets	3,493,953	448,361	(8,889)	(36,993)	1,735	3,898,167
Intangible Assets	12,479,004	(43,699)	(11,551)	36,993	(4,562)	12,456,185
Right of Use	1,042,962	(1,109)	1,109	-	-	1,042,962
Other Assets	2,022,362	11,803	-	(11,803)	-	2,022,362
Total Assets	37,133,423	415,937	(19,912)	(11,803)	(2,827)	37,514,818

Accounts payable from related -		(5,778)	-	5,778	-	-
Salaries, profit sharing, and 1,318,951		12,103	-	(12,103)	-	1,318,951
Deferred income tax and social
security contributions	1,356,206	124,201	(2,971)	-	(12,293)	1,465,143
Other liabilities	1,783,208	(674)	-	674	-	1,783,208
Provision for tax, civil, and labor risks	1,013,900	-	-	-	(584)	1,013,316
Total liabilities	21,461,836	129,852	(2,971)	(5,651)	(12,877)	21,570,189
Accumulated Losses	(8,879,594)	286,085	(16,940)	(6,152)	-	(8,616,601)
Other comprehensive income adjustments	1,605,223	-	-	-	10,049	1,615,272
Total Equity	15,671,587	286,085	(16,940)	(6,152)	10,049	15,944,629

parties

social security contributions

Net effect on equity position 262,993 10,049 273,042

The impact on the Parent Company, reflected in the Balance Sheet and Income Statement for the fiscal year ended December 31, 2024, amounted to R$273,042, affecting the lines of Equity Pick-up Result and Net Loss for the year, in the Income Statement, and the Investments balance, in the Balance Sheet. The effects on the consolidated statements impacted the lines of Other Operating Income and Selling, Marketing, and Logistics Expenses, totaling R$262,993.

The restatement adjustments described above were also reflected in the explanatory notes related to the opening balances of the Investment, Property, Plant, and Equipment, Intangible Assets, Contingencies, Deferred Income Tax and Social Contribution Liabilities, and Operating Segments notes, presented sequentially in these interim financial statements.

‌SUMMARY OF MATERIAL ACCOUNTING POLICIES
The material accounting policies applied in the preparation of this individual and consolidated interim financial information are consistent with those applied and disclosed in explanatory note No. 3 to the Company's audited individual and consolidated financial statements for the year ended December 31, 2024, issued on March 14, 2025, as well as with those applied for the comparative six-month period ended June 30, 2024, except for the standards and amendments effective January 1, 2025 and for the voluntary change in accounting policy regarding the presentation of discontinued operations in the Statement of Value Added (DVA).
The Company also considered the requirements of Technical Guidance OCPC 10 - Carbon Credits (tCO2e), Emission Allowances, and Decarbonization Credits (CBIO), effective for periods beginning on January 1, 2025, which were considered in the preparation of this interim individual and consolidated financial information, with no effects on the respective account balances.
This interim financial information, individual and consolidated, should be read in conjunction with the financial statements, individual and consolidated, for the year ended December 31, 2024.
‌CRITICAL ACCOUNTING ESTIMATES AND ASSUMPTIONS
The areas that require a higher level of judgment and are more complex, as well as the areas in which assumptions and estimates are material to the interim accounting information, were presented in the Company's individual and consolidated financial statements for the year ended December 31, 2024, in explanatory note no. 4.
The other estimates and assumptions used in the preparation of the individual and consolidated interim financial information for the six-month period ended June 30, 2025, did not undergo significant changes in relation to those in effect on December 31, 2024.

‌BUSINESS COMBINATION

Acquisition of Avon ("ACL")

As disclosed in the financial projections as of December 31, 2024, and in Note 1.4, on December 4, 2024, the Company divested Avon's operating assets outside the United States ("ACL") as part of the Chapter 11 proceedings initiated by API on August 12, 2024.

The consideration paid for obtaining control of ACL was equivalent to the credit offering made in the amount of US$125 million (R$756,688 on the acquisition date). Acquisition costs and other costs not incurred for the purpose of acquiring control of a business were not considered part of the exclusive consideration for the transfer of control and, therefore, did not affect the consideration paid and were used to determine the effects of the business combination.

The following table summarizes the variation between the preliminary fair value measurement disclosed in the financial projections as of December 31, 2024, and the final fair value measurement of the acquisition consideration, as well as the identifiable assets and liabilities in the acquisition data.

The effects, presented in the following table, were recognized in the measurement period and resulted in an increase in the bargain purchase gain initially identified as of December 31, 2024, of R$286,085 (considering the exchange rate in effect on the acquisition date, December 4, 2024). This gain, as well as the adjusted assets and liabilities that generated it and the depreciation/amortization for December 2024, were adjusted retrospectively as of December 31, 2024, against Accumulated Losses in the Statement of Changes in Equity; and the balance sheet translation adjustments of a foreign subsidiary were recorded against Other Comprehensive Income, as demonstrated in Note 2.2 - Representation of comparative balances for the year ended December 31, 2024.

The amounts of assets and liabilities indicated in the business combination listed below were also reclassified in the consolidated balance sheet as a non-current asset held for sale, in the context of the Company's assessment of the sale of the indirect subsidiary ACL as highly probable, as disclosed in Notes 1.2 and 19.

Preliminary measurement released on

December 4, 2024

Measurement period adjustments

Final measurement retrospectively recognized as of

December 4, 2024

Consideration transferred:
Credit offering (US$125,000)	756,688	-	756,688
Effective settlement of pre-existing relationships	1,225,679	-	1,225,679
	1,982,367	-	1,982,367
Fair value of acquired assets: Cash and cash equivalents	747,144	-	747,144
Accounts receivable from customers	548,264	-	548,264
Accounts receivable from related parties	453,500	-	453,500
Inventories	849,769	581	850,350
Fixed assets (a)	892,370	448,361	1,340,731
Rights of use	256,229	(1,109)	255,120
Intangible assets (b)	2,661,406	(43,699)	2,617,707
Other assets	2,010,963	11,803	2,022,766
Fair value of assumed liabilities: Account payables	1,324,925	-	1,324,925
Accounts payable to related parties	570,226	(5,778)	564,448
Lease liabilities	287,285	-	287,285
Provisions, including restructurings	513,921	-	513,921
Salaries, profit sharing, and social security contributions	330,050	12,103	342,153
Tax obligations	97,480	-	97,480

Income tax and social security contributions

240,387 - 240,387

Provision for tax, civil, and labor risks Deferred income tax and social security	114,110	-	114,110
contributions (c)	1,178,918	124,201	1,303,119
Other liabilities	792,517	(674)	791,843
Total identifiable net assets at fair value	2,969,826	286,085	3,255,911

Gain from bargain purchase recognized in the acquisition

987,459 286,085 1,273,544

Property, plant and equipment primarily consist of properties used for manufacturing, warehousing, research and development, as well as administrative purposes. The assets were measured at fair value based on recognized valuation methodologies, taking into account the nature of the assets and the availability of market data. For each asset or asset class, the valuation methodology considered the specific characteristics in order to reflect the true assessment of the asset and its fair value, as well as valuation assumptions that reflect market conditions applicable to each jurisdiction where the assets are located and the availability of relevant data. The following valuation methods were adopted:

Cost Method: primarily applied to buildings and improvements. This method consists of estimating the replacement cost of the assets, adjusted for accumulated depreciation (physical, functional, and economic), reflecting the current value of the asset's remaining economic benefit; and

Market Method: used for land and, when applicable, for completed properties. This method is based on comparable transactions carried out in active markets or on estimates supported by objective evidence of prices for similar assets under market conditions.

The fair value of property, plant and equipment includes the assets acquired and recognized by ACL prior to fair value allocation, in the amount of R$786,706, combined with the effects of the fair value allocation totaling R$554,025, resulting in a total of R$1,340,731. The fair value adjustments recognized relate to the completion of assessments based on the available evidence regarding such assets, as well as the indirect effects of the measurement of intangible assets disclosed in item (b) below.

Preliminary Measurement Final measurement measurement on period adjustments on December 4, December 4, 2024 2024
ACL Accounting Balance	929,363	-	929,363
Reclassifications	(36,993)	(105,664)	(142,657)
	892,370	105,664	786,706
Identified fair value adjustments: Land	-	295,394	295,394
Buildings	-	114,070	114,070
Improvements	-	32,551	32,551
Machinery and Equipment	-	107,450	107,450
Others	-	4,560	4,560
	-	554,025	554,025
Total 892,370		448,361	1,340,731

The balances presented as reclassifications represent reclassifications between property, plant and equipment and intangible assets identified during the measurement period.

The fair value of intangible assets includes the intangible assets acquired and recognized by ACL prior to fair value allocation, amounting to R$ 496,034, combined with the effects of the fair value allocation totaling R$ 2,121,673, resulting in a total of R$ 2,617,707. The fair value adjustments recognized relate to the completion of assessments based on the available evidence regarding such assets, as well as the indirect effects of the measurement of property, plant and equipment disclosed above.

Preliminary Measurement Final measurement measurement on period adjustments on December 4, December 4, 2024 2024
ACL - carrying amounts	739,497	-	739,497
Legacy Goodwill	(386,120)	-	(386,120)
Reclassifications	36,993	105,664	142,657
	390,370	105,664	496,034
Identified fair value adjustments: Tradename "Avon"	1,400,358	(8,021)	1,392,337
Sales processes and systems	55,378	373	55,750
Developed technology	177,200	1,287	178,487

Avon Latam intellectual property licensing agreement

190,560 582 191,143

Sales representatives	447,540	(143,584)	303,956
	2,271,036	(149,363)	2,121,673
Total	2,661,406	(43,699)	2,617,707

The balances presented as reclassifications represent reclassifications between property, plant and equipment and intangible assets identified during the measurement period.

Adjustments to sales representatives' balances are substantially associated with the effect of recognizing the property, plant and equipment disclosed above and their impact on the measurement of intangible assets through their use as "contributory assets," which represent the required return or economic return attributable to the tangible and intangible assets used to generate future revenues.

This consists of the effect of deferred tax liabilities related to the adjustments made during the measurement period, substantially represented by the recognition of fair value adjustments to property, plant and equipment and the consequential adjustments to the intangible asset balances of sales representatives.

‌FINANCIAL RISK MANAGEMENT

The information regarding general and political considerations was presented in the Company's individual and consolidated financial statements for the year ended December 31, 2024, in explanatory note 6.1., and did not undergo any changes for the six-month period ended June 30, 2025.

Market risks and hedge accounting

The Company classifies derivative financial instruments as financial derivatives and operational derivatives. Financial derivatives include swaps or forwards used to hedge foreign exchange or interest rate risks related to loans, financing, debt securities and loans between related parties. Operational derivatives include forward contracts used to hedge foreign exchange risk from the Company's operating activities (such as import and export transactions).

As of June 30, 2025, and December 31, 2024, derivative contracts are held directly with financial institutions and not through stock exchanges and are not subject to margin deposits to guarantee these transactions.

Consolidated

Fair

value

Fair value adjustment gain (loss)

Description

June 30,

2025

December 31, 2024

June 30,

2025

December 31, 2024

Swap contracts: (a) Asset portion:
IPCA long position	856,340	817,529	(69,933)	(82,454)
Liability portion:
Post-fixed overnight rate for interbank deposits ("CDI"):
Short position on CDI	(828,539)	(822,395)	-	-
Non-deliverable forward contracts: Natura Cosméticos	-	(25,118)	-	(25,118)
Indústria e Comércio de Cosméticos Natura	(25,631)	11,539	(25,631)	11,539
Natura Dist. MXN (Latam)	-	(1,131)	-	(1,131)
Avon Industrial	(4,677)	6,574	(4,677)	6,574
ACL	-	3,209	-	(10,900)
Avon Mexico	3,713	-	(3,712)	-
Natura &Co Luxembourg	(189,695)	251,534	17,500	8,478
Total derivative financial instruments, net:	(188,489)	241,741	(86,453)	(93,012)

(a) Swap transactions consist of the exchange of liability indexers (IPCA or Pre-fixed rate) for an adjustment related to a percentage of the Interbank Deposit Certificate (CDI post-fixed) variation and/or exchange rate variation, in the case of Brazil.

Below are the changes in net derivatives balances for the six-month period ended June 30, 2025, and for the year ended December 31, 2024:

Consolidated

Balance as of December 31, 2023 (51,226)

Losses arising from swap and forward derivatives operations contracts (not realized) - financial result	(70,782)
Payment of funds by settlement with derivatives - operational activity	120,228
Payment of resources by settlement with derivatives - financing activity	5,200
Losses in cash flow hedge operations (other comprehensive income)	57,029
Other movements	5,446
Balance as of June 30, 2024	65,895
Balance as at December 31, 2024	241,741
Losses from swap and forward derivative contracts in the result (unrealized) - financial results	(378,040)
Receipt of funds from settlement with derivatives - operating activity	9,313
Receipt of funds from settlement with derivatives - financing activity	17,390
Loss on cash flow hedge operations (other comprehensive income)	(74,743)
Other movements	(4,150)
Balance as of June 30, 2025	(188,489)

The Company conducts the formal designation for hedge accounting of certain financial and operational derivatives described above in accordance with the Company's risk management policy. The fair value of derivatives designated for cash flow and fair value hedge accounting, as well as gains and losses for the six-month period ended June 30, 2025, are presented below (consolidated interim accounting information):

			Other comprehensive income
Subject to hedging	Notional currency	Fair value	Accumulated gains (losses)	Gains (losses) for the six-month period

Currency swap - US$/R$

BRL	-	-	(738)
BRL	(4,677)	(4,677)	(11,251)
BRL	(33,709)	(33,709)	(78,604)
BRL	(9,497)	(19,215)	(11,126)
	(47,883)	(57,601)	(101,719)

Natura Cosméticos Currency and interest rate

Swap and forward (Avon industrial Ltda)

Forward (Indústria e Comércio de Cosméticos Natura Ltda)

Currency

Forward (Luxemburgo) Currency Total

The movement in hedge reserves recorded in other comprehensive income is shown below:

	Consolidated
Balance as of December 31, 2023	(3,880)
Change in fair value recognized in other comprehensive income	57,029
Tax effects on the fair value of the hedging instrument	(17,850)
Cash flow hedge balance on June 30, 2024	35,299

Balance as at December 31, 2024	49,165
Change in fair value recognized in other comprehensive income	(101,719)
Tax effects on the fair value of the hedging instrument	26,976
Cash flow hedge balance on June 30, 2025	(25,578)

Fair value estimate
The Company's financial assets and liabilities substantially comprise assets and liabilities classified at level 2 of the fair value measurement hierarchy, whose assessment is based on techniques that, in addition to the quoted prices included at level 1, use other information adopted by the direct market (such as prices) or indirectly (such as driven by prices). When measuring, the carrying value represents a reasonable approximation of the fair value, as described below:
1. The balances of cash and cash equivalents, trade accounts receivable, accounts payable to suppliers (including supplier financing arrangements), and other current liabilities are equivalent to their carrying amounts, mainly due to the short-term maturities of these instruments;
2. The balances of the short-term investments: a) measured at amortized cost approximate their fair values as a result of the transactions to be conducted at floating interest rates; and b) measured at fair value through profit or loss are based on the rates agreed with the financial institutions considering the agreed rates among the parties, including market information that allows for such calculation;
3. Except for the real estate receivables certificates, which are measured at fair value due to the designation as fair value hedge accounting, the carrying amounts of borrowing, financing and debentures are measured at their amortized cost and disclosed at fair value, which does not differ materially from the carrying amounts as the agreed interest rates are consistent with current market rates; and
4. The fair value of exchange rate derivatives (swap and forwards) is determined based on the future exchange rates at the dates of the balance sheets, with the resulting amount being discounted at present value.
There were no transfers between the measurement levels in the fair value hierarchy during the six-month periods ended June 30, 2025, and 2024 for these assets and liabilities.
Additionally, there were no material effects on the fair value of financial assets and liabilities for the six-month periods ended June 30, 2025 and 2024 as a result of increased price volatility in markets affected by the conflict between Russia and Ukraine, counterparty risk in financial assets, or market inactivity considered in the assessment.
For items classified at Level 3 of the fair value measurement hierarchy, please refer to subitems (a), (b), and (c) below (except for the deferred fixed consideration, which is classified at Level 2, as described in subitem (b)):
Dynamo Beauty Ventures Ltda Fund
The fair value of the investment in the Dynamo Beauty Ventures Ltda. Fund ("DBV Fund"), classified at level 3 of the fair value hierarchy, is calculated based on information on the net value of the investment in the Fund calculated by the Fund manager based on valuation assumptions consistent with accounting practices adopted in Brazil and IFRS, adjusted to reflect the fair value assumptions applicable to the nature of the Company's investment. The Company's valuation takes into account unobservable inputs in the model, in order to reflect the contractual restrictions on this investment for early redemption and trading of the security in the market. The significant unobservable input used in the fair value measurements reflects a discount due to the lack of liquidity of the security, which represents the values that the Company determined that market agents would take into account for these discounts when setting the price of the investment.
Receivables associated with the sale of former subsidiary The Body Shop
As part of the sale agreement with the purchaser of the former subsidiary The Body Shop, a contingent consideration was agreed, stipulating additional cash payments to the subsidiary Natura Cosméticos of up to £30,000 thousand in 2025 and £60,000 thousand in 2026, if certain performance measures are achieved by The Body Shop's operation in the fiscal years 2024 and 2025.
In April 2024, when the judicial administrator's proposals were filed, additional information was made available that prospectively affected the assessment of the fair value of the receivable.
Based on these facts and circumstances, the Company's Management assessed that the information that supported the measurement of the fair value of these receivables on December 31, 2023 could no longer be considered reliable for purposes of determining the current fair value of the receivable, thus generating an adjustment to the fair value of the receivable in the six-month period ended on June 30, 2024, with the respective impact affecting the income statement, in the line of discontinued operations in the amount of approximately R$ 485,000 (R$ 330,000, net of income tax).
Regarding the deferred fixed consideration, due on December 29, 2028, from the acquirer of the former subsidiary The Body Shop, the Aurelius Group, in the amount of R$425,055 (R$427,753 as of December 31, 2024), the Company did not identify any indicators that the counterparty's credit risk had increased significantly to the point of requiring the recognition of expected credit losses as of June 30, 2025, and as of December 31, 2024. These receivables related to the deferred fixed consideration have a measurement classified within level 2 of the fair value measurement hierarchy.
Receivables associated with the indirect subsidiary ACL (Parent Company)
As disclosed in Note 4.10 in the financial statements for the fiscal year ended December 31, 2024, the Parent Company has receivables from the subsidiary ACL, eliminated on a consolidated basis, primarily related to intercompany financing provided in 2024 and in previous periods, in the original amounts of R$235,878. Considering the deterioration of the credit risk of the subsidiary ACL, the Parent Company assessed that the credit risk increased significantly during that fiscal year and estimated the predictable cash flows for its recoverability, taking into account all the contractual terms of the financial instrument, including cash flows associated with collateral held or other credit enhancements that are an integral part of the contractual terms.
The guarantees consist primarily of rights over the intellectual property of the Avon brand and shares of the Company, which are assessed from the perspective of revenue generation of operations within the "relief from royalty" methodology, imputing a royalty percentage on such revenues in order to compensate the brand holder for the assignment. In addition to the royalty itself (which is derived from market studies supported by external appraisers), the unobservable inputs involved include the revenue and cash flow projections approved by the appropriate governance levels of the Subsidiary and used in conducting the business, as well as the discount rate, which reflects the applicable market risks.
As of December 31, 2024, as a result of the fair value assessment of the collateral associated with the receivables, the Parent Company recognized an amount of R$ 108,886 as an adjustment to the recoverable amount of the receivables, recorded under Other Operating Expenses in the financial statements as of December 31, 2024.
For the six-month period ended June 30, 2025, the Company did not identify any significant increase in the credit risk of these receivables. Therefore, as of June 30, 2025, the net receivables after the allowance for losses amount to R$133,972 (R$126,992 as of December 31, 2024), as detailed in Note 33 - Related Party Transactions.

‌CASH AND CASH EQUIVALENTS

	Par	ent	Consol	idated
	June 30,	December	June 30,	December
	2025	31, 2024	2025	31, 2024
Cash and bank deposits	2,186	7,601	659,303	1,876,354
Certificate of bank deposits	-	-	34,913	74,661
Repurchase operations (a)	-	-	640,921	690,668
	2,186	7,601	1,335,137	2,641,683

With the classification of the indirect subsidiary ACL as a non-current asset held for sale, the consolidated balances as of June 30, 2025, do not include the amounts related to this transaction, which are presented as of December 31, 2024.

a) Repurchase agreements are securities issued by banks with a commitment to repurchase the securities by the issuing banks themselves and resell them by the client, at defined rates and predetermined terms, backed by private or public securities depending on the banks' availability. They are registered with the Central Securities Custody and Financial Settlement Center ("CETIP") and are highly liquid investments with a redemption period of up to 90 days. As of June 30, 2025, repurchase agreements bear an average rate of 100.1% of the CDI (100.0% of the CDI as of December 31, 2024).

‌SECURITIES

	Parent Consolidated June 30, December June 30, December
	2025	31, 2024	2025	31, 2024
Exclusive Investment fund (a)		- 43,740	-	-
Mutual investment funds (b)		- -	95,209	579,022
Treasury bills (c)		- -	304,652	296,993
Government securities ("LFTs") (d)		- -	214,866	419,267
Dynamo and Amazônia Viva Funds		- -	25,285	28,692
Foreign currency investment funds (e)		- -	392,596	518,111
Restricted cash		- -	-	3,050
		- 43,740	1,032,608	1,845,134
Current		- 43,740	1,007,323	1,816,443
Non-current		- -	25,285	28,692

The Company concentrates part of its investments in an exclusive investment fund, which holds shares in the Essential Investment Fund. The values of the shares held by the Company are presented under the heading "Exclusive Investment Fund" in the parent company.
The financial statements of the Exclusive Investment Fund, in which the group holds an exclusive interest (100% of the shares), were consolidated, except for the Instituto Natura share. The portfolio values were segregated by type of investment and classified as cash equivalents and marketable securities, based on the accounting practices adopted by the Company. For purposes of consolidated presentation, the balance of the exclusive investment funds, as well as the positions of the other subsidiaries, are presented according to the financial component.
The balance on June 30, 2025, the Crer Para Ver line represented R$31,351 (R$81,485 on December 31, 2024) in the Exclusive Investment Fund.
Mutual investment funds refer to the financial investments of some of the Company's subsidiaries, which are concentrated in the Company's entities in Argentina, Chile, Colombia, and Mexico.
On June 30, 2025, financial investments in Financial Bills are remunerated at an average rate of 104.80% of the CDI (104.10 on December 31, 2024).
On June 30, 2025, financial investments in Public Securities (LFT) are remunerated at an average rate of 100.50% of the CDI (91.20% of the CDI on December 31, 2024).
Substantially represented by investment funds and repurchase agreements backed by US government bonds and fixed income investments in emerging markets.
With the classification of the subsidiary ACL as a non-current asset held for sale, the consolidated balances as of June 30, 2025, do not include the amounts related to this transaction, which are presented as of December 31, 2024.

The composition of the securities that make up the portfolio of the Essential Investment Fund, in which the Company holds a 100% stake, as at June 30, 2025, and December 31, 2024, was as follows:

	Consoli	dated
	June 30, 2025	December 31, 2024
Bank deposit certificates	26,612	24,767
Repurchase operations (cash and cash equivalents)	497,033	347,710
Treasury bills	304,652	296,993
LFTs	185,497	169,036
	1,013,794	838,506

‌TRADE ACCOUNTS RECEIVABLE

	Consoli	dated
	June 30, 2025	December 31, 2024
Trade accounts receivable	4,904,184	5,749,687
(-) Expected credit losses	(377,081)	(468,922)
	4,527,103	5,280,765

The maximum exposure to credit risk on the date of the interim financial statements is the carrying amount of each maturity date range, net of the expected credit losses. The following table shows trade accounts receivable by exposure to the allowance for expected credit losses as at June 30, 2025, and December 31, 2024:

Consolidated
June 30, 2025	December 31, 2024
Trade accounts Expected credit receivable losses	Trade accounts Expected credit receivable losses

To mature	4,147,248	(89,131)	4,802,623	(131,071)
Past due:
Up to 30 days	315,373	(29,055)	463,718	(53,836)
From 31 to 60 days	111,796	(38,594)	122,955	(51,129)
From 61 to 90 days	87,068	(42,063)	96,115	(58,803)
From 91 to 180 days	242,699	(178,238)	235,992	(146,459)
Over 180 days	-	-	28,284	(27,624)
	4,904,184	(377,081)	5,749,687	(468,922)

The changes for expected credit losses for the six-month periods ended June 30, 2025, and 2024 are as follows:

	Consolidated
Balance as of December 31, 2023	(369,485)
Additions, net of reversals	(373,168)
Write-offs (a)	244,485
Translation adjustment	(30,380)
Balance as of June 30, 2024	(528,548)
Balance as at December 31, 2024	(468,922)
Additions, net of reversals	(310,261)
Write-offs (a)	297,066
Transfer of subsidiary ACL to asset held for sale	78,305
Translation adjustment	26,731
Balance as of June 30, 2025	(377,081)

The amount of additions, net of reversals, for the period includes R$(22,553) related to the subsidiary ACL, which, as of June 30, 2025, was reclassified from operating results to discontinued operations in the statement of profit or loss. In the prior period, the amount related to the subsidiary API was R$(121,005), of which R$(92,607) refers to a provision recognized by API for receivables from the former associate The Body Shop.
Refers to securities overdue for more than 180 days that are written off when the Company has no expectation of recovering accounts receivable from customers and sales from the customer portfolio.

‌INVENTORIES

	Consoli	dated
	June 30, 2025	December 31, 2024
Finished products	2,320,611	2,768,584
Raw materials and packaging	798,022	860,033
Auxiliary materials	212,781	189,922
Products in progress	74,966	50,475
(-) Losses in carrying inventories	(384,901)	(490,862)
	3,021,479	3,378,152

The movement for losses on inventory realization for the six-month periods ended June 30, 2025, and 2024 are as follows:

	Consolidated
Balance as of December 31, 2023	(452,092)
Additions, net of reversals (a)	(139,973)
Write-offs (c)	158,043
Translation adjustment	(38,584)
Balance as of June 30, 2024	(472,606)
Balance as at December 31, 2024	(490,862)
Additions, net of reversals (a) / (b)	(142,545)
Write-offs (c)	119,244
Transfer of subsidiary ACL to asset held for sale	108,653
Translation adjustment	20,609
Balance as of June 30, 2025	(384,901)

This refers to the recognition of the losses due to discontinuation, expiration and quality, to cover expected losses on the realization of inventories, pursuant to the policy of the Company and its subsidiaries.
The amount of additions, net of reversals, for the period includes R$(30,556) related to the subsidiary ACL, which, as of June 30, 2025, was reclassified from operating results to discontinued operations in the statement of profit or loss. In the prior period, the amount related to the subsidiary API was R$(21,305).
This consists of write-offs of products for which losses have already been registered, whereas the Company has no expectations of sales/recoverability.

‌RECOVERABLE TAXES

	Consolida	ted
	June 30,	December 31,
	2025 (d)	2024
ICMS on acquisition of inputs (a)	346,500	314,586
Taxes on purchasing inputs abroad	307,474	342,333
ICMS on acquisition of fixed assets	25,227	20,382
PIS/COFINS on acquisition of inputs (b)	632,318	549,024
Tax on Industrialized Products ("IPI") (c)	105,531	74,421
Other	38,789	76,487
	1,455,839	1,377,233
Current	906,339	728,983
Non-current	549,500	648,250

Tax credits related to the tax on the circulation of goods, interstate and intercity transportation and communication services ("ICMS") were generated mainly by purchases whose tax rate is higher than the average sales. The Company expects to realize these credits in the normal course of operation by offsetting them against sales transactions in the domestic market.
The accumulated PIS and COFINS tax credits basically arise from credits on purchases of raw materials used in production and acquisition of fixed assets, as well as credits arising from the exclusion of ICMS from the PIS/COFINS calculation basis. The realization of these credits normally occurs through offsetting with sales transactions in the domestic market.
Balance will be used to offset Tax on IPI payable in future operations of the Company.
With the classification of the indirect subsidiary ACL as a non-current asset held for sale, the consolidated balances as of June 30, 2025, do not include the amounts related to this transaction, which are presented as of December 31, 2024.

‌INCOME TAX AND SOCIAL CONTRIBUTION

The effective tax rate calculated by the Company for the six-month period ended June 30, 2025, was 28.15%. This percentage is based on profit before income taxes of R$550,372 and income tax expense of R$154,943. The main components that cause the effective tax rate to deviate from the nominal income tax rate of 34% are significant permanent tax benefits, such as investment grants and other incentives. Additionally, the mix of profit before tax by country, tax losses that could not benefit from the respective deferred tax, differences in nominal income tax rates of foreign subsidiaries, and various permanent tax effects in local jurisdictions that increase their respective tax obligations negatively offset the tax rate composition.

Following the reclassification of the results of the former subsidiary API to discontinued operations, the effective tax rate calculated by the Company for the six-month period ended June 30, 2024, was 272.59%. This percentage is based on profit before income taxes of R$427,812 and income tax expense of R$1,166,184. The main components that cause the effective tax rate to deviate from the nominal income tax rate of 34% are the mix of profit before tax by country, tax losses that could not be benefited by the respective deferred tax, differences in nominal income tax rates of foreign subsidiaries, and various permanent tax effects in local jurisdictions that increase their respective tax obligations, including withholding taxes arising from intercompany transactions that could not be benefited. Otherwise, important permanent tax benefits, such as investment grants and other incentives, positively contribute to reductions in tax obligations and in the composition of the rate.

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Natura & Co Holding SA published this content on August 11, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on August 11, 2025 at 23:26 UTC.

Latest news about Natura Cosméticos S.A.

Feb. 23	Brazil's Natura to definitively settle API litigation case in the US	RE
Feb. 20	Arnest Group acquired Avon Russia from Natura Cosméticos S.A. for ?26.9 million.	CI
Feb. 19	Brazil's Natura subsidiary sells operations of Avon Russia	RE
Nov. 11	Natura &Co Holding S.A., Q3 2025 Earnings Call, Nov 11, 2025
Nov. 11	Natura Cosméticos S.A. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2025	CI
Nov. 10	Natura swings to Q3 loss on weaker Brazil demand, integration challenges	RE
25-10-10	Brazil's Natura calls shareholder meeting to vote on Avon Industrial merger	RE
25-10-07	Baillie Gifford Overseas Limited reaches 5% stake in Brazil's Natura	RE
25-09-18	Deals of the day-Mergers and acquisitions	RE
25-09-18	Natura shares surge after deal to sell Avon businesses outside Latin America	RE
25-09-18	Deals of the day-Mergers and acquisitions	RE
25-09-17	Regent, L.P. entered into a binding agreement to acquire Avon International business in Europe, Africa and Asia from Natura Cosméticos S.A..	CI
25-09-16	Moody's changes Natura's outlook to 'stable' from 'negative'; 'Ba2' ratings affirmed	RE
25-09-15	Deals of the day-Mergers and acquisitions	RE
25-09-15	Natura to sell Avon's Central America business; shares rise	RE

Chart Natura Cosméticos S.A.

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Period

NATU3: Dynamic Chart

Company Profile

Natura & Co Holding SA is a Brazil-based personal care cosmetics manufacturer and sellers. The Company is a part of the Natura & Co Group. The Groupâ€™s business structure is divided into four brands: The Body Shop, a developer, distributor and seller of beauty, makeup and care products, such as shower gels, lipsticks, hair conditioners and accessories; Avon, a manufacturer and seller of beauty and similar products, including mascaras, sun creams and perfumes; Natura, a seller of personal care cosmetics and makeup products, such as eye shades, blushes and primers; as well as Aesop, a cosmetics brand with a portfolio of skin and hair care products, among others. The Company has several subsidiaries, including Natura Cosmeticos SA, Natura International BV, Avon Products, Inc, and Emeis Holdings Pty Ltd. Natura & Co Holding SA operates in more than 100 countries and has over 3,700 stores.

Employees

35,000

Sector

Personal Products

Calendar

Mar. 16 - Earnings release - Q4 2025

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