Natura Cosmeticos S A : 2Q 2025 Presentation of Quarterly Results

Second Quarter 2025 Results

August 12, 2025

Corporate Restructuring

• Natura &Co merger

• Streamlining of Holding structure

• Avon Intl and CARD classified as assets held for sale

  Natura Latin America

• Wave 2 Mexico and Argentina

• Natura Brazil growing above market

• Avon impacted by fewer innovation

• Annual EBITDA margin expansion in more mature integrated markets

• Positive cash generation

  ESG

• CDP "A" rating in Climate and in Supplier Engagement

• Launch of Vision 2050: paths to Regeneration

EARNINGS | Q2 - 25

Key highlights Q2-25 - Consolidated

Net revenue

R$ 5.7 billion

Recurring EBITDA margin

14.0%

+80 bps YoY

Recurring EBITDA margin Latam 14.7%

+10 bps YoY

Net income from continuing operations R$ 445 million

3

Quarter Results

Silvia Vilas Boas CFO

EARNINGS | Q2 - 25

Latam

Net revenue +5.5% YoY in CC (+2.0% excluding Argentina)

Net revenue (R$ million)

Net revenue in R$ million with

annual variation in

constant currency (%)

5,781

+10.3%

+17.8%

-12.9%

-13.6%

+2.8%

-25.9%

5,687

Natura Q2-24	Natura Brazil	Natura Hispanic	Avon CFT Brazil	Avon CFT Hispanic	Home & Style Brazil	Home & Style Hispanic	Natura Q2-25
		Low single digits (excluding Argentina)		-20.5% (excluding Argentina)

Natura CFT

Brazil | +10.3% YoY

• Richer mix, price gains and stable volume

• Market share gains

• Slowdown in Brazil in June

Hispanic | +17.8% YoY

5 • Wave 2 in Mexico and Argentina

Avon CFT

Brazil | -12.9% YoY

• No new launches or innovation

  Hispanic | -13.6% YoY

• Wave 2 in Mexico

• Transition to digital magazine in Argentina

  Home & Style

  Brazil | +2.8% YoY

• Successful opportunistic campaign

  Hispanic | -25.9% YoY

• Wave 2 in Mexico

EARNINGS | Q2 - 25

EBITDA margin expands 80 bps YoY

amid Wave 2 implementation in Mexico and Argentina

Recurring EBITDA margin Latam (%)

+80 bps

+10 bps

1,5%

14,6%

0,8%

1,1%

14,7%

13,2%

-1,8%

14,0%

-0,7%

Consolidated EBITDA Q2-24

Holding

Q2-24

Latam EBITDA Q2-24

Latam gross

margin

Selling expenses Latam

G&A

Latam

EBITDA

Latam Q2-25

Holding

Q2-25

Consolidated EBITDA Q2-25

6

Latam +10 bps YoY

Profitability driven by:

• Gross margin from more mature integrated markets

• Efficiencies unlocked by brands integration

• Natura Brazil revenue

  Almost entirely offset by:

• Higher investments in

  innovation and systems

• G&A deleveraging in Hispanic

Consolidated +80 bps YoY

• Holding simplification

EARNINGS | Q2 - 25

Net income

(R$ million)

-250

195

-2

-211

445

-138

796

Consolidated recurring EBITDA Q2-25

EBITDA

adjustments

Depreciation Financial expenses and taxes

Net income from continuing operations Q2-25

Discontinued operations

Consolidated net income Q2-25

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Highlights

R$ 796 million

Recurring EBITDA

Partially offset by:

• R$ -88 million in integration costs

• R$ -46 million in Holding strategic projects

R$ 445 million

Net income

Continuing operations

Excluding non-operating effects:

R$ +564 million vs

R$ +162 million in Q2-24

EARNINGS | Q2 - 25

Cash flow from continuing operations - H1-25

(R$ million)

2,111

-349

-299

-9

290

-231

-1,242

Net income

adjusted for non-cash effects

H1-25

Working

capital

Income tax and other effects

Leasing and CAPEX

FCFF Interest on

debt and FX

Free cash

flow

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Continuing operations

FCFF | R$+290m

• Benefited by working capital in

accounts receivable

Broken down between:

• Latam BRL +408m

• Holding BRL -118m

Free cash flow | R$ -9m

• Impact of interest expenses due to leverage

  Cash variation | R$ -2.116m

• Free cash flow from continuing operations + share repurchase

• Reclassification of Avon and CARD

• Cash consumption from

discontinued operations

Net debt (R$ billion) and net debt/EBITDA ratio (x)

Amortization schedule (R$ billion)

3,6

2,3

2,4

0,1

-

0,2

Net Debt/EBITDA including IFRS 16 effects

Net Debt/EBITDA excluding IFRS 16 effects

1,23 1,73 1,52 1,68

0,97 1,50 1,27 1,43

2,54

2,18

Q2-24 Q3-24 Q4-24 Q1-25 Q2-25

9

Cash and short-term deposits

2025 2026 2027 2028 2029

onwards

EARNINGS | Q2 - 25

Change in net debt YTD (R$ million)

Indebtedness

R$ 4.0 billion

Net debt at the

end of the period

3,989

Cash flow: +9

+204

2.181

Group 's

Net debt/EBITDA ratio

1 Including IFRS 16 effects

-516

+118

+299

Net debt 4Q-24

USD

devaluation on bonds

Latam cash Holding cash generation consumption

Financial expenses

FX and Others

Share buyback

Reclassification Avon cash of Avon Intl consumption

cash

Net debt Q2-25

+735

+1,027

+140

2,389

-408

Disc. Ops.:

+1,762

Final Remarks

João Paulo Ferreira CEO

EARNINGS | Q2 - 25

Messages

Natura - Latin American powerhouse

Streamlining

in beauty and personal care

Strategic alternatives for Avon Intl progressing Wave 2 nearing completion

Outlook

More challenging macro scenario in 2H:

• Slowdown in Brazil at the end of 2Q-25

• Pressure in Mexico

• Potential FX depreciation in Argentina

Commitment to annual expansion of Recurring EBITDA margin

1. Strong brands in thriving markets

2. Unique distribution and relationship selling

3. Capacity for innovation

4. Business model with high margins and returns

5. People who make it happen

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Thank you

[e-mail] ri.natura.com.br

EARNINGS | Q2 - 25

Breakdown Segments Q2-24 Q2-25

5%2%

10%

10%

50%

24%

8%

3%1%

8%

52%

27%

Natura CFT Brazil Natura CFT Hispanic

Avon CFT Brazil Avon CFT Hispanic

Home & Style Brazil Home & Style Hispanic

*Percentages are calculated based on invoicing values in constant currency

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EARNINGS | Q2 - 25

Debt Profile

2Q-25 by currency

2Q-25 by type

36,7%

63,3%

0,1%

36,7%

63,2%

BRL USD Bonds Debentures Other instruments

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