Pbg S.a.registered Shs · BMFBOVESPA:PTBL3
Pbg S.a.registered Shs — PBG S/A — Q2 2026 Earnings Presentation
26 slides from Pbg S.a.registered Shs's earnings presentation
Slide 1: Result Presentation 2Q26
Ceramica Portobello Portobello shop POINTER Portobello America
Slide 2: Disclaimer
Disclaimer The information provided by PBG S/A, including outlooks, projections, operational and financial targets related to the business, are forecasts based on management's expectations regarding the company's future. These considerations are not guarantees of performance. They involve risks, unc
Slide 3: Brazilian Ceramic Tile Market
Brazilian Ceramic Tile Market Factory Occupancy 2Q26 Declining volumes and high idle capacity continue to put Market PBG pressure on the market. 71% 95% (Full) • The Brazilian market continues to operate in a competitive environment, with moderate demand and average capacity utilization still below
Slide 4: Brazilian Retail Market
Brazilian Retail Market Moderate demand in the Building Materials sector in value terms, with selective growth and performance well below the Consumer Goods, Pharmacies, Fuel, and Supermarket sectors. ICVA¹ | Building Materials % Change in Brazilian Revenue | Annual Performance 2024 2025 2026 YTD th
Slide 5: North American Ceramic Tile Market
North American Ceramic Tile Market The ceramic tile market continues to contract in volume, while local manufacturers have gained share over the past three quarters. • The macroeconomic and housing environment remains challenging. • Housing starts increased 3.5% in June 2026 vs. the prior year (movi
Slide 6: Recap: 2026 Priorities
Recap: 2026 Priorities 1. Operational Improvement. 2. Capital Structure Optimization.
Slide 7: Operational Improvement as a priority redefines the key drivers of the Value Creation Model
Operational Improvement as a priority redefines the key drivers of the Value Creation Model. 2023 - 2025 2026 Volume Revenue Gross Margin Expenses EBITDA Working Capital
Slide 8: 2Q26 Delivery and 2026 Outlook
2Q26 and 2026 Outlook 2Q26 Delivery • Stable market, idle capacity, high inventory levels and • Brazilian wet-process market volume declined 3.1% vs. 2Q25. pressure from price reductions. Market & • Net Revenue increased 10.3% vs. 1Q26 and remained broadly Revenue • For the Company, Net Revenue expe
Slide 9: Net Revenue increased 10.3% vs. 1Q26 and remained broadly stable vs. 2Q25
Net Revenue increased 10.3% vs. 1Q26 and remained broadly stable vs. 2Q25, with strong international growth offsetting a more moderate demand environment in the Brazilian market, amid price adjustments and product mix optimization aimed at improving profitability. Consolidated Net Revenue Net Revenu
Slide 10: Net Revenue by Business Unit
Net Revenue by Business Unit* Net Revenue by R$ Million and constant-currency change Business Unit Ceramica Portobello Portobello Shop +12.6% 275.7 +11.3% -1.7% -2.2% 261.6 vs. 2Q25 265.9 260.2 vs. 2Q25 Ceramica Portobello: Faced a more challenging domestic 237.8 231.1 market environment due to indu
Slide 11: Gross Profit and Gross Margin improved
Gross Profit and Gross Margin improved, mainly driven by pricing initiatives and product mix optimization across Portobello America, Portobello Shop and Ceramica Portobello. Gross Profit and Gross Margin R$ Million and % of Net Revenue +4.6p.p.* vs. 1Q26 37.9% +1.6p.p.* vs. 2Q25 36.7% 33.4% 252.4 +2
Slide 12: Gross Margin by Business Unit
Gross Profit and Gross Margin by Business Unit* Gross Margin by R$ Million and % of Net Revenue Business Unit Ceramica Portobello Portobello Shop 46.1% 41.0% 180,00 180,0 160,00 39.2% 44.5% 44.0% Ceramica Portobello: Performance was driven by a 160,0 140,00 38.7% higher share of international market
Slide 13: Adjusted and Recurring Expenses remained broadly stable
Adjusted and Recurring Expenses remained broadly stable vs. 2Q25 and 1Q26, reflecting increased commercial activity and disciplined cost management. The increase as a percentage of Net Revenue reflects the decline in Net Revenue. Expenses R$ Million and % of Net Revenue 33.7% 31.4% 29.5% 202,7 201,4
Slide 14: Adjusted and Recurring EBITDA
Adjusted and Recurring EBITDA reflected the continued focus on operational improvement across the businesses, driven by Gross Margin expansion and greater efficiency in expense management. Adjusted and Recurring EBIT Adjusted and Recurring EBITDA R$ Million and % of Net Revenue R$ Million and % of N
Slide 15: Adjusted and Recurring Net Income (Loss)
Adjusted and Recurring Net Income (Loss) reflects improved operating performance vs. 1Q26 and 2Q25, but remains pressured by high Financial Expenses amid elevated interest rates and capital structure challenges. Financial Expenses Adjusted and Recurring Net Loss R$ Million R$ Million and % of Net Re
Slide 16: Working Capital, with a stable CCC
Working Capital, with a stable CCC, reflects the adjustments implemented in the value creation model, which contributed to margin expansion but also required higher Working Capital in absolute terms. Working Capital Trade Receivables 63 80 82 48 50 47 515.7 535.3 590.3 439.1 393.2 445.2 2T25 2Q25 1T
Slide 17: Free Cash Flow was positive at R$ 27.8 million
Free Cash Flow was positive at R$ 27.8 million, supported by R$ 18.1 million in operating cash generation and R$ 9.7 million in cash inflows from investing activities (Pointer Sale & Leaseback). 2Q26 Cash Flow R$ Million 185.2 18.1 42.5 (32.8) (93.6) 134.5 0.1 15.0 Beginning Cash Operating Capex Sal
Slide 18: Capital Structure and debt maturity profile
Capital Structure remains focused on optimizing the debt maturity profile and maintaining financial discipline, seeking to preserve the Company’s financial flexibility even in a high-cost funding environment. Net Debt and Net Debt / EBITDA Debt Maturity Schedule | 2Q26 R$ Million R$ Million 24.0% 3.
Slide 19: Divestment of the Pointer Business Unit
Divestment of the Pointer Business Unit Strategic Financial Timeline Alignment The transaction value, Aug 10: Transaction Strategy focused on combined with the release approved by CADE. integrated retail and of working capital allocated international expansion. to the business unit, will Aug 14: Agr
Slide 20: New Business Configuration for the Group, 85% Brazilian Business Units
New Business Configuration for the Group, with 85% of Net Revenue generated by the Brazilian Business Units and 15% by Portobello America, and an approximately 2 p.p. increase in Gross Margin. Net Revenue Breakdown by Business Unit (2025)* Gross Profit by Business Unit and Gross Margin (2025)* R$ Mi
Slide 21: New Business Configuration for the Group, 73% in Brazil
New Business Configuration for the Group with 73% of Net Revenue generated in Brazil and 27% in International Markets (Portobello America and Exports), and a Gross Margin increase of at least 2 p.p. Net Revenue Breakdown by Business Unit (2025)* Gross Profit by Business Unit and Gross Margin (2025)*
Slide 22: The Group's new Organizational Structure
The Group’s new Organizational Structure seeks to enhance synergies across the distribution channels of the Brazil Business and drive greater efficiency in the management of Brazil Operations and the Group’s Corporate Functions. Cesar Gomes Jr. Group CEO* Ronei Gomes Carolina Giron Romael Soso Lucia
Slide 23: 2H26 Outlook
2H26 Outlook • The macroeconomic and industry environment is expected to remain challenging throughout 2H26, with continued pressure on volumes and prices in the Brazilian market. Market & • The Company will continue to prioritize profitability, with volumes expected to remain in line with the marke
Slide 24: Q&A
Q&A
Slide 25: Final Consideration
Final. Consideration
Slide 26: Investor Relation
Investor Relation Ronei Gomes Vice-President of Finance and Investor Relations Josiane Soares Tamanini Manager of Investor Relations Tayni Batista das Neves Investor Relations Analyst Website: ri.portobello.com.br Email: dri@portobello.com.br +55 (48) 99111.4946