Slide 1: 4Q25 & 2025 Earnings Presentation
4Q25 & 2025 Earnings Presentation March 13, 2026
Slide 2: Disclaimer
Disclaimer Forward-looking statements are exclusively related to the prospects of the business, its operating and financial results, and prospects for growth. These data are merely projections and, as such, based exclusively on our management's expectations for the future of the business and its con
Slide 3: Sell-out growth
Sell-out growth¹ 2025 6.8%-INCREASE IN PHARMACEUTICAL RETAIL SELL-OUT¹ +0.7 PERCENTAGE POINT VS. MARKET GROWTH IN THE CATEGORIES IN WHICH THE COMPANY OPERATES 4Q25 7.4%-INCREASE IN PHARMACEUTICAL RETAIL SELL-OUT¹ +0.5 PERCENTAGE POINT VS. MARKET GROWTH IN THE CATEGORIES IN WHICH THE COMPANY OPERATES
Slide 4: Completion of the working capital optimization process
Completion of the working capital optimization process Working capital Key Advances optimization process 58% HIGHER FREQUENCY OF ORDERS AND DELIVERIES 160 54% 56% 54% 53% 60% 49% 50% 140 122 126 32% BETTER MANAGEMENT OF CUSTOMER INVENTORY 116 116 119 40% 120 30% 30% 30% 100 89 20% SYNERGIES IN SALES
Slide 5: Other Highlights
Other Highlights VOTORANTIM (VSA) ENTRY INTO THE CONTROLLING BLOCK Controlling Block Founder 53% 27% 47% Free Float Maiorem 15% VSA 11% ADVISORY COMMITTEES TO THE BOARD OF DIRECTORS UPDATE 5
Slide 6: 2025 Results (R$ million)
2025 Results (R$ million) NET REVENUE R$ 7,699.2 +3.4%1 (4Q25: R$2,237.1 +48.1%2) GROSS MARGIN 59.0%3 +10bps4 (4Q25: 61.6%³ +960bps4) MARKETING EXPENSES R$ 1,475.8 +11.3%1 (4Q25: R$380.6 -0.7%²) SELLING EXPENSES R$ 987.9 +2.7%1 (4Q25: R$260.0 +6.8%²) GENERAL AND ADMINISTRATIVE EXPENSES R$ 331.6 -9.3
Slide 7: 2025 Cash Flow (R$ million)
2025 Cash Flow (R$ million) 2,574 1,738 (532) (305) (1,204) 1,739 (628) 1,646 (7,665) (9,311) Gross Cash at the Cash Flow From PP&E Intangibles 2025 Free Cash Financing Cash IoC Gross Cash at the Gross Debt at the Net Debt at the end of 2024 Operations Flow Flow end of 2025 end of 2025 end of 2025 N
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