Dados Econômico-Financeiros

Azzas 2154 reached BRL 838 million in operating cash flow generation1, the highest quarterly generation since the merger that created the Company.

In 2025, operating cash flow generation totaled BRL 1.2 billion, a 71% pre-IFRS 16 EBITDA conversion.

4 Q 2 5

Revenue from sell-out channels was up 5.2%, emphasis due on own stores (+8.O%), reflecting brand desirability

Recurring EBITDA was BRL 5O1.1 million (-3.5%), with an EBITDA margin of 15.4%, up 1O bps, due to decreasing expenses.

SG&A was down 5.4%, with a -O.5

p.p. dilution of net revenues

Operating cash flow generation was BRL 838.1 million, the highest since the merger

Revenue from sell-in channels was down 7.2%, enabling progress in improving inventory coverage in the channel, which continues to display healthy sell-out

Excluding the Hering brand, the EBITDA margin would be 16.8%, an increase of l7Obps

Leverage decrease from 1.37x in Sep/25 to 1.28x in Dec/25, despite payment of BRL SOO million in dividends in the quarter

2025

Revenue from sell-out channels was up 9.3%, emphasis due on Fashion Women (+15.5%)

Recurring EBITDA was BRL 1,941.1 M (+5.8%), with an EBITDA margin of 16.4%, up 60 bps, due to decreasing expenses

International revenues were up

21.O%. FarmRio (+27.6%) has been consolidating as a global lifestyle brand

Operating cash flow generation was BRL 1.2 billion, a 71% pre-IFRS 16 EBITDA conversion

o0ÜUU

Revenue from sell-in channels was up 1.5%, impacted by adjustments to the franchise channel made in 2H25

Excluding the Hering brand, the EBITDA margin would be 18.4%, an increase of 18Obps

Shareholder return of BRL 667 million, through dividends (BRL SOO million) and share buybacks (BRL 167 million)

Operating cash +IOw qeneratiOn excluÓes non-recurrinq DOsitive eNects;

AII inÓicators are DresenteÓ on a recurrinq Óasis, i. e., excluÓinq one-o++ impacto anÓ impacto +rOm Drevious DeriOÓs;

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Earnings

conference call

ZOOfT

MARCH 12, 2026

10 A.M. (BRASÍLIA)/ 9 A.M. (US/ET)

CONFERENCE CALL IN PORTUGUESE WITH SIMULTANEOUSTRANSLATION INTO ENGLISH

https://usO6web.zoom.us/j/84O661O3153

SHARE PRICE AND MARKET CAP - AZZA3 MARCH 11, 2026

SHARE PRICE: BRL 27.93 MARKET CAP: BRL 5.8 B

AREZZO FAR M RIO FIOrtl r4G ReseRva6 SCHUTZ

k I m A

AREzzo CAROL

eeseavar

mini A / i c c n z a) ZZ' M A L L

The year 2025 marked an important milestone in the evolution of Azzas 2154: the first full year of the Group's operation following the business combination that created the Company. In this period, our primary goal was to consolidate the operational and organizational foundations required to capture the Company's strategic long-term potential. We prioritized integration, portfolio simplification, and operational discipline, focusing on creating a more efficient and resilient organization prepared to execute consistently across different economic cycles.

The capital allocation discipline initiatives implemented throughout the year are already clearly reflected in our results. Regarding working capital, the Company's cash conversion cycle reached 96 days in 4Q25, representing a significant reduction of 13 days compared to 4Q24, mainly explained by a 9-day decrease in Days of Inventory. Additionally, as a result of our strategic alignment toward more disciplined capital allocation, prioritizing higher-return projects, CAPEX was reduced by 30.8%, totaling BRL 383.7 million in 2025.

As a result, we achieved BRL 838 million in operating cash generation in the quarter (excluding non-recurring effects), the highest quarterly generation since the merper that created the Company. For the full year of 2025, operating cash flow generation totaled BRL 1.2 billion, representing a 71% conversion of pre-IFRS EBITDA into cash -also a significant milestone for the Group. Consequently, we ended the period with net leverape of 1.28x, a reduction on a quarterly basis, even after the payment of BRL SOO million in dividends to our shareholders.

In this context, we closed 2025 with gross revenue of BRL 14.7 billion in continuing operations, up 7.1% year over year and with an SSS growth of 7%. It is worth noting the robust performance of direct to consumer (DTC) channels, which grew 9.3%, demonstrating the strength of our brands, even in a more challenging environment. This progress in sell-out channels reinforces the quality of the Company's growth.

Sell-in channels - franchises and multi-brands - showed growth of1.5% during the period. Throughout 2025, we implemented important adjustments to our commercial dynamics and relationship with the franchise channel, focusing on rebalancing the relationship between sell-in and sell-out, improving inventory coverage across the network, and building more sustainable foundations for long-term growth in these channels.

FARMRio continues to consolidate its standing as a global lifestyle brand, totaling BRL 3.4 billion in revenue, up 22.4%, with growth of 19.4% in the domestic market and 27.6% in the international market, further expanding its presence and reinforcing one of the Company's main structural growth avenues.

We achieved a recurring EBITDA of BRL 1.9 billion in 2025, with an EBITDA margin of 16.4%, representing an increase of 60 bps compared to the previous year. It is worth noting that, ex-the effects of Hering's transformation period, the Company's EBITDA would have grown 15%, with an EBITDA margin of 18.4%, representing an expansion of 180 bps on the same comparison basis. This reflects the improvement in profitability across the other business units and greater discipline in expense efficiency.

It is important to highlight that, even with the increased share of sell-out channels, which carry higher expense levels, SG&A as a % of net revenue decreased by 50 bps in the quarter, while non-recurring expenses declined 30.6% vs. the same period of the previous year.

The Fashion units remained key growth engines for the Group. Women's brands (Fashion Women) were a growth highlight, with an 18.7% increase in revenue. The Fashion Men unit showed consistent profitability evolution and improvements in working capital through inventory reductions, combining healthy growth with improved promotional discipline and maintaining the strength of the brands.

In the Shoes & Bags unit, core brands showed positive evolution in sell-out channels, and, despite growth challenges, the unit generated BRL 234 million in cash, demonstrating the resilience of the business. The brand Arezzo has been consolidating itself as a gift brand every Christmas and was assertive in its strategy for the period to expand the base of the pyramid with entry-level products.

In the Basic unit (Herinp}, we initiated a process of profound strategic transformation, implementing a new leadership, reaffirming the essence of the product, tarpet audience and a more assertive business model based on first selling to B2B channels and subsequently moving to production. Within this cycle, aiming to restore the financial health of the franchise network, we deliberately implemented an inventory reduction process, which enabled cash generation of BRL 112 million compared to BRL 4 million in 4Q24, and strengthened confidence levels across the network. An important phase, already completed, was the full mipration of the C-level and the entire product creation and development team to Blumenau - SC. We are already seeing some positive results in practice, such as: the network's adherence to the proposed supply plan for the winter season; the launch of campaipns dedicated to the core category; and a good start in sell-out for the fall collections.

We enter 2026 with a simpler, more efficient organization focused on execution with consistency. In an environment still marked by macroeconomic uncertainty, our priorities remain clear: cash flow generation, operational efficiency, and discipline in execution.

We thank our employees, partners, customers, and investors for their continued trust throughout this journey toward 2154.

Alexandre Birman

indicators

Consolidate d financial indicators

6

PERFORMANCE BY BUSINESS UNIT*1)

Shoes & Bags consolidates the brands Arezzo, Schutz, Anacapri, Alexandre Birman, Vans and Vicenza.

Fashion Women consolidates the brands FARMRio, Animale, NV, Cris Barros, Maria Filó, Carol Bassi, Fábula and Off Premium.

Fashion Men consolidates the brands Reserva, Oficina, Foxton, Reserva Mini, Reserva Go and Reserva Ink.

Basic consolidates Hering, Hering Kids, Hering Sports, Hering Shoes and Hering Intimates. Outros covers amounts allocated to industrial operations.

Discontinued Brands consolidates revenues from the following brands that are no longer part of the portfolio: Dzarm, Reserva Simples, Reversa, Baw, Alme and TROC.

GROSS REVENUE BY BUSINESS UNIT

31% 33%

4024

36%

4025

21%

16%

18% 16%

(1/ We present recurrinq gross revenue anÓ its Óreakdown into continuing brands (by BU) and ÓiscontinueÓ ÓranÓs.

(2) Residual balance allocated to industrial operations. 7

PERFORMANCE BY CHANNEL*1

GROSS REVENUE BY CHANNEL

35%

4024

21%

37%

4025

21%

19%

16%

9%

1%

14%

18%

9%

0%

• Own stores • E-commerce Franchises Multibrand • International Other

• Own stores ■ E-Commerce Franchises Multibrand • International Other

(1/ We present recurrinq gross revenue anÓ its ÓreakÓown into continuing branÓs tby channel) anÓ ÓiscontinueÓ branÓs.

1. Covers secondary revenue arising from the sale o+ raw materials, balance allocateÓ to industrial operations, anÓ other immaterial operations.

2. In 3025, recategorizations across channels o+ the Shoes & Bags anÓ *ashion (Women), business units took place as ÓiscusseÓ in each unit's section.

   ∆

   
   
   

   4‹o?25

   Gross Revenue	4,221.7	4,126.2	-2.3%
   Gross Revenue (Continuing Brands)	4,094.8	4,124.1	O.7%
   Net Revenue	3,403.9	3,263.4	-4.1%
   COGS	(1,515.8)	(1,466.8)	-3.2%
   COGS (ex. D&A)	(1,504.5)	(1,456.7)	-3.2%
   COGS (ex. D&A ex. IFRS-16}	(1,505.8)	(1,458.0)	-3.2%
   Leases (IFRS-16 effects)	1.3	1.3	0.0%
   Depreciation & Amortization	(11.3)	(10.1)	-10.6%
   Gross Profit	1,888.1	1,796.6	-4.8%
   Gross /4arg/n	55.5%	55.I%	-0.4 p.p.
   Expenses	(1,525.4)	(1,444.3)	-5.3%
   Expenses (ex. D&A)	(1,380.2)	(1,305.6)	-5.4%
   (%) Net Revenue	40. 5%	40.0%	-0. 5 p.p.
   Fixed	(536.5)	(573.2)	6.8%
   (%) Net Revenue	15.8%	17.6%	1.8 p.p.
   Variable	(719.6)	(668.6)	-7.1%
   (%) Net Revenue	2/. /%	DO.5%	-0.6 p.p.
   Occasional	(199. )	(138.4)	-30.6%
   (%) Net Revenue	5.9%	4.2%	-l. 7 p.p.
   Leases (IFRS-16 effects)	75.3	74.6	-0.9%
   (%) Net Revenue	-2.2%	-2.3%	-0. I p.p.
   Depreciation & Amortization	(145.2)	(138.7)	-4.5%
   EBITDA	519.2	501.1	-3.5%
   EBITDA Margin	15.3%	11.4%	0. I p.p.
   EBITDA (pre IFRS-16)	442.6	425.2	-3.9%
   EBITDA Margin (pre IFRS-16)	l3.0%	13.0%	0.O p.p.
   EBIT	362.7	352.3	-2.9%
   Financial Result	(156.8)	(213.8)	36.4%
   EBT	205.9	138.5	-32.7%
   lncome Taxes	(37.0)	29.5	n.a.
   Net lncome	168.9	168.O	-O.5%
   Net Margin		5. /%	0. I p.p.
   (g AÓÓitional Óetails on recurring results can Óe seen in the AooenÓix, sections '	Q25 *inancial Indicators"; ' Recurring EBITDA Reconciliation", anÓ ' Recurring Ret lncome
   RecOnciliation

   2025

   ∆

   
   
   

   Gross Revenue	14,159.8	14,774.2	4.3%
   Gross Revenue (Continuing Brands)	13,730.8	14705.3	7.1%
   Net Revenue	11,578.5	11,831.1	2.2%
   COGS	(5,194.6)	(5,313.3)	2.3%
   COGS (ex. D&A)	(5,153.8)	(5,272.6)	2.3%
   COGS (ex. D&A ex. IFRS-16}	(5,159.0)	(5,277.8)	2.3%
   Leases (IFRS-16 effects)	52	5.2	0.0%
   Depreciation & Amortization	(40.8)	(40.7)	-0.2%
   Gross Profit	6,383.9	6,517.8	2.1%
   Gross Margin	55.I%		0.O p.p.
   Expenses	(5lll7)	(5,186.8)	1.5%
   Expenses (ex. D&A)	(4,590.1)	(4,617.4)	0.6%
   /%g Net /?evenue	39.6%	39.0%	-0.6 p.p.
   Fixed	(1,893.3)	(1,966.2)	3.9%
   (%) Net Revenue	16.4%	16.6%	0.2 p.p.
   Variable	(2,309.7)	(2,363.1)	2.3%
   (%) Net Revenue	19.9%	DO. O%	0. ip.p.
   Occasional	(657.0)	(572.4)	-12.9%
   (%) Net Revenue	5.7%	4.8%	-o. p.p.
   Leases (IFRS-16 effects)	269.9	284.3	5.3%
   (%) Net Revenue	-2.3%	-2.4%	-o.ip.p.
   Depreciation and Amortization	(521.6)	(569.4)	9.2%
   EBITDA	1,834.6	1,941.1	5.8%
   EBITDA margin	15.8%	16.4%	0.6 p.p.
   EBITDA (pre IFRS-16)	1,559.5	1,651.6	5.9%
   EBITDA margin (pre IFRS-16)	l3.5%	/4. 0%	O.5 p p.
   EBIT	1,272.2	1,331.O	4.6%
   Financial Result	(611.8)	(779.7)	27.4%
   EBT	660.4	551.3	-16.5%
   lncome Taxes	(69.7)	219.4	n.a.
   Net lncome	590.7	770.7	30.5%
   Net Margin	5.I%	6.5%	I.4 p.p.

   1. 202a Dra-*arma results consiÓer the comÓineÓ companies (Arezzo&Co and GruDo Soma) in the Deriods DreceÓinp the business combination;

   2. AÓÓitional details on recurrinp results can Óe seen in the ADpenÓix, sections ' ^Q25 *inancial Indicators"; ' Recurrinp EBITDA Reconciliation", and ' Recurrinp Ret lncome Reconciliation'

eio4

Business Unit

Shoes & Bags

ALL CORE BRANDS (WOMEN'S FOOTW EAR) POSTED GROWTH IN THE QUARTER

In 4025, the Shoes & Bags business unit recorded BRL 1.2 billion in gross revenue from continuing brands (-3.4% vs.

4024).

Some of the quarter's highlights include:

• Core brands growth: Arezzo, Schutz and Anacapri posted rising revenues in the period.

• Vans impact: after a cycle of strong growth in Brazil over the last live years, with a CAGR of 30% and the opening of 42 stores, the brand recorded a 14.8% drop in revenue in the quarter. The decline is explained by a negative cycle phase in the global scenario, which, in addition to affecting domestic operations, reduced the appeal of vulcanized sneakers, while running/EVA sneakers gained relevance. The strategy for 2026 is a healthier and more sustainable model among the channel mix.

• Resilient sell-out: revenue was practically flat (-0.2% vs. 4024).

  • Arezzo was a positive highlight, with sell-out channels up 9.5% in the quarter. Arezzo has been consolidating itself as a gift brand every Christmas and was assertive in its strategy for the period to expand the base of the pyramid with entry-level products (price). In March 2026, Arezzo's new winter campaign starring Sarah jessica Parker aired, maintaining its positioning as a desirabIe/top-of-mind brand.

  • E-commerce: +2.5% vs. 4024, driven by Arezzo and Anacapri.

  • In own stores, the main negative impact came from Vans, which faced a high comparative base in 4024 due to inventory clearing promotions.

• Sell-in impacted by commercial decisions: the Company chose not to pull forward the billing of the Pre-FaII (FaII 26) collection, which reduced quarterly revenue by approximately BRL 17 million. Excluding this effect, the BU's gross revenue would have shown a 2.0% decline vs. 4Q24. If, in addition, we were to exclude VANS brand, the BU would have posted growth of 1.2% vs. 4Q24.

• Franchises undergoing operational adjustments:

  • reduction in sell-in to rebalance the sell-in/ sell-out ratio in the Arezzo network;

    
    
    
    
    

  • impact from not pullinp forward the FaII 26 collection;

    GROSS REVENUES BY CHANNEL - SHOES & BAGS

    4024 4025 2025

Gross Revenue

1,296.1

1,221.4

-5.8%

4,651.3 4,483.8 -3.6%

Continuing Brands

1,263.6

1,221.2

-3.4%

4,535.8 4,481.9

-1.2%

Sell-Out

Own Stores E-commerce

Sell-In

Franchises Multibrand International

Other*'

493.0

229.4

263.6

637.6

3504

2872

117.1

15.9

492.1

222.O

270.1

605.3

327.3

2780

117.4

6.4

-O.2%

-3.2%

25%

-5.1%

-6.6%

-3.2% O.3%

-59.7%

1,706.8

726.1

980.7

2,349.9

1,199.8

1150.1

426.8

52.3

1,744.5

743.1

1,001.4

2,243.4

1117.3

1,126.1

450.3

43.7

2.2%

2.3%

2.1%

-4.5%

-6.9%

-2.1%

5.5%

-16.4%

Discontinued Brands*2

32.5

O.2

-99.4%

115.5

1.9 -98.4%

21%

4024

28%

23%

GROSS REVENUES BV

C HAN NEL

18%

22%

9%

1%

4025

27%

23%

10%

1%

• Own stores ■ E-commerce Franchises Multibrand • International Other

• Own stores • E-commerce Franchises Multibrand • International Other

1. Includes secondary revenue *rom the sale o* raw materiais, anÓ other immaterial transactions

2. In 3025, an allocation adjustment was made to discontinueÓ revenues relateÓ to 1H25, with no impact on total revenue.

nv

Business Unit

Fashion Women

ALL BRANDS POSTED STRONG QUARTER GROWTH

The Fashion Women business unit maintained a strong performance in 4Q25, reaching BRL 1.5 billion in gross revenue, an 11.6% increase vs. 4Q24. For the full year of 2025, the BU was the Group's primary growth highlight, with revenue of BRL 5.7 billion (+18.7% vs. 2024).

Some of the quarter's highlights include:

• Consistent brand growth: all brands in the unit showed revenue growth during the period.

• FARMRio:

  • FARMRio reached revenue of BRL 3.4 billion in 2025, with BRL 2.1 billion in the domestic market and BRL 1.3 billion internationally, representing total growth of 22.4% in the period.

  • Solid performance in the international market, with emphasis on the SSS 2025 of own stores exceeding

    10%;

  • After recent openings in Dubai and Mexico, FARMRio successfully debuted in Argentina and Panama, through the opening of stores operated with local partners.

• Self-out as the main growth driver: these channels represent -70% of the BU and grew14.0% vs. 4Q24.

  • Own stores: +17.4%, emphasis due on Animale(+26.5%) and FARMRio (+16.2%).

  • E-commerce: +5.3%, against a high comparative base (+18.4% no 4Q24}, healthy growth with an increase in full-price sales.

• Multibrand: +2.8% vs. 4Q24. The more moderate growth reflects the higher billing of second-hall collections (Summer/High Summer} in 3Q25. In the consolidated view of the second half, channel revenue was up 15.0%.

• Other highlights: NV posted record profitability and sales (+29% vs. 2024); Animale grew by more than

10% in 2025. In the brand's new store model, the four renovated stores posted significant growth.

GROSS REVENUES BY CHANNEL - FASHÍON WOM EN

Gross Revenue

Continuing Brands

1,341.4 1,497.6

1,341.4 1,497.6

11.6%

11.6%

4,762.9 5,652.3 18.7%

4,762.9 5,652.3 18.7%

Sell-Out

893.8

1,019.O

14.0%

2,853.5 3,297.2 15.5%

Own Stores

642.6

7545

17.4%

2,065.1 2,414.0

16.9%

E-commerce

251.2

2615

5.3%

7884

8832

12.0%

Sell-In

197.4

202.3

2.5%

874.9

1,070.5 22.4%

Franchises

23 1.8 -21.7%

9.9

9.7

-2.0%

Multibrand

195.1

200.5

2.8%

865.0 1,060.8

22.6%

International

237.5

269.1

13.3%

995.7

1,270.9 27.6%

Other*'**2*

12.7 7.2 -43.3%

38.8 13.7 -64.7%

4024

GROSS REVENUES BV CHAN NEL

4025

48%

50%

19%

15%

18%

18%

13%

• Own stores Multibrand

• E-commerce m International

  • Own stores Multibrand

• E-commerce

• International

  (J/ IMCIUÓüS SUCO MÓüF FüVüMUN *FOR IND TCU O* FüW TütüFiüIS, ã MÓ OtNüF ÍT TãtüFÍüI tFüFISãCtÍOFIS.

  
  
  

  (2) In 3025, feuenoe cIassi*ication adjustments were maÓe between line items, with no impact on total revenue

  
  
  
  
  
  
  
  
  

  Fashion Men

  H EALTHY GROWTH AND PROFITABILITY AS A PRIORITY

  The Fashion Men business unit achieved its strategic goals in 2025, with healthy growth and a significant improvement in profitability.

  In 4Q25, gross revenue from continuing brands was up 3.9% vs. 4Q24, against a high comparative base (+19.6% in 4Q24 vs. 4Q23), which at that time was driven by higher discount levels and digital marketing investments for inventory adjustments.

  For the year, gross revenue from continuing operations was up 7.4%, with an EBITDA margin expansion of over SOO bps and a significant increase in cash generation, reflecting the operational progress of the unit's brands.

  Brand's highlights:

  • At Reserva, we prioritize maintaining brand appeal and pursuing profitability throughout the year. The brand remained the most beloved and desired menswear brand in Brazil, achieving record audience and engagement levels during Father's Day and Christmas campaigns - key moments of connection with our customers. Two new flagship stores, "Casa Reserva" (RJ and SP), were opened, and we also launched the Reserva Sprint athleisure line.

  • Aiming to improve profitability, we made important progress in merchandising, inventory optimization, and expense control, and moderated our e-commerce growth (with a significant improvement in the channel's contribution margin).

  • Oficina delivered strong growth in 2025 (above 30% across all channels), with strong positioning and execution in the premium segment. Despite being a more recent brand, each year it has demonstrated strong brand desirability among a more premium male audience.

  • Foxton, which was integrated into the Fashion Men BU during 2025, delivered approximately 11% growth in the year and an EBITDA increase of over 50% vs. 2024.

    Quarter's highlights:

  • Sell-in: + 2.7% vs. 4T24.

    • Multibrand: +15.6%, driven mainly by Reserva.

    • Franchises: -15.7%, reflecting adjustments to the sell-in / sell-out ratio within the Reserva chain, and a higher concentration of second-half (Summer/High Summer) in 3Q25.

    • Healthy franchise chain: despite the sell-in adjustment, sell-out in the Reserva chain was up 9% vs. 4Q24.

      ReseRvaV ReseRva

      INK

      
      
      

      The results achieved in this first full year under the new management of the men's BU give us confidence to continue pursuing profitable growth in the coming years.

      Fashion Men

      GROSS REVENUES BY CHANNEL - FASHÍON MEN

      4024 4025 2025

Gross Revenue Continuing Brands

Sell-Out

692.2

643.6

522.1

669.9

668.7

542.8

-3.2%

3.9%

4.0%

1,947.7 1,981.3

1,807.9 1,942.1

1,365.8 1,450.2

1.7%

7.4%

6.2%

Own Stores

E-commerce Sell-In

3247

197.4

121.O

342.2

200.6

124.3

5.4%

1.6%

2.7%

8578

508.0

432.2

941.2

509.0

4851

9.7%

0.2%

12.2%

Franchises

Multibrand

49.7

71.3

41.9 15.7%

82.4 156%

154.0

2782

156.3

3288

1.5%

18.2%

Other*'*

0.5

1.6 220.0%

9.9 6.8 -31.3%

Discontinued Brands

48.6

1.2 -97.5%

139.8

39.2 -72.0%

GROSS REVENUES BV CHANNEL

4024 4025

50%

51%

31%

11%

8%

12%

6%

Despite short-term effects on revenue dynamics, the Company observed a significant improvement in operational fundamentals In 4Q25, Hering achieved cash generation of BRL 112 million, compared to cash consumption of approximately BRL 4 million in 4Q24

The quarter was also marked by a set of structuring actions, such as:

i. formation of the new leadership team, with significant renewal of the executive board and a C-level based in Blumenau-SC;

progress in reversing the operational cycle and redesigning the planning and purchasing model;

in-depth studies to understand the Hering customer, with the objective of recapturing the B/C-class market and evolving brand positioning;

iv re-establishing and strengthening dialogue with the franchise chain, focusing on ecosystem health and commercial discipline;

partial restructuring of multibrand commercial coverage, with the replacement of approximately 25% of representatives to increase productivity and execution quality;

1. operational blitz in sourcing and logistics;

2. reconstruction of the assortment, reducing overlaps and expanding into categories and use occasions, in addition to rebalancing fashion and price;

3. strengthening of management rituals and commercial governance to reduce rework and increase decision quality; and

IX evolution of markdown policies and inventory management, reducing exposure to operations with low margin contribution

HERING HERING KIDS HERING 5POR7S H ER iNGiNTi MALES 21

Basic

GROSS REVENUES BY CHANNEL - BASIC

Gross Revenue Continuing Brands

889.9

844.1

737.3

736.6

-17.1% 2,794.O 2,655.8 -4.9%

I2J% 2,620.3 2,628.0 0.3%

Sell-Out

372.0

345.6

-7.1%

1,O34.8 1,115.5

7.8%

Own Stores

E-commerce

222.7

149.3

214.1

131.5

-3.9%

-11.9%

594.4

4404

645.4

470.1

8.6%

6.7%

Sell-In

464.9

386.8

-16.8%

1,562.1 1,496.5 -4.2%

Franchises

Multibrand

257.9

207.0

216.9

169.9

-15.9%

-17.9%

8235

7386

7455

751.0

-95%

1.7%

Other*'*

7.2

4.2 -41.7%

23.4 16.O -31.6%

Discontinued Brands

45.8

O.7 -98.5%

173.7

27.8 -84.O%

GROSS REVENUES BV CHANNEL

4024 4025

26%

31%

25%

29%

29%

23%

• Own stores i E-commerce Franchises Multibrand

• Own stores e E-commerce Franchises Multibrand

22

Financial Indicators

Revenue, gross income, operating expenses, EBITDA, financial result, and net income

23

(AII indicators for FY 2024 are pro-forma)

R e cu r r in g Gross R even ue

From the perspective of continuing brands, gross revenue was BRL 4,124.1 million in the quarter, growing 0.7% vs. 4Q24. Reported gross revenue - that is, including discontinued brands - decreased 2.3% vs. 4Q24.

Gross revenue from international operations was once again a growth highlight (+9.0% vs. 4Q24}, primarily due to the FARMRio brand's operation, which continues to consolidate itself as a global lifestyle brand. In domestic operations, the own stores channel was up 8.0% in the period, driven by Fashion Women brands, a business unit that was up 11.6% vs. 4Q24. Sell-in channels recorded a 7.2% reduction in the same period. It is worth noting, as previously mentioned, that the Company chose not to pull forward the billing for the FaII 26 collection (Shoes & Bags and Basic) to December - a practice that had been adopted in previous years - which resulted in an impact of -BRL 55 million in 4Q25. Had this billing been pulled forward, as was done in 2024, gross revenue from sell-in channels would have shown a 3.3% reduction compared to 4Q24 and consolidated gross revenue from continuing operations would grow 2.1% vs. 4Q24.

Consolidated Gross Revenue BRL million

4,126.2

4,221.7

13,730.8

14,774.2

4024

4Q25 2024

• Continuing Operations ■ Discontinued Operations

2025

24

Net R evenues

This quarter, net revenue was BRL 3,263.4 million, a 4.1% decrease vs. 4Q24, while gross revenue declined 2.3% vs. 4Q24 -a 1.8 p.p. difference between gross and net revenue trends. This was lower than the 2.6 p.p. and 3.5 p.p. gaps recorded in 2Q25 and 3Q25, respectively. Deductions represented 20.9% of gross revenue in 4Q25 (1.5 p.p. above 4Q24).

The main factors were: (i) an increase in the tax line, resulting from lower ICMS credit generation and the impact of import tariffs in the United States; and (ii) a higher volume of sell-in returns, due to the process of reducing franchisee inventory levels in Shoes & Bags and the growth of FARMRio's international e-commerce

-in the international market, this channel operates with higher return rates than those observed in Brazil.

Deductions from Gross Revenues

19.4%

0.4 p.p.

O.1 p.p.

20.9%

Deductions/ Gross Revenue 4Q24

∆ Returns

∆ Tax Benefits

∆ Taxes

Deductions/ Gross Revenue 4025

R e cu r r in g Gross Inco m e a n d R ec urrin g Gross Ma rg in

In 4025, gross profit was BRL 1,796.6 million, a 4.8% decrease vs. 4024. Gross margin was 55.1%, a 0.4 p.p. contraction vs. 4024.

Gross margin ex-Basic was 58.7%, in line with 4024. The gross margin expansion in Fashion Men was partially offset by the increase in United States import tariffs on FARMRio's international operations.

Basic gross margin was 37.7%, a 4.9 p.p. contraction, resulting from inventory clearing actions, higher promotional intensity, and lower fixed cost dilution. It is important to note that, relative to 3025, the trend was positive, with a

3.4 p.p. improvement in Basic gross margin.

Recurring Gross lncome and Recurring Gross Margin BRL million

555%

55ú%

55.1% •/ 55.1%

■ ■

-4.8%

1,888.1 1,796.6

4024 4025

6,383.9

2024

6,517.8

2025

• Gross Profit ■ Gross Margin

It is iünpoqantto noethatthe Coünpanysdecsionsareünade ona consolda ed bass, coveÜng ünutMe brandsthatslaresructuresand ‹negra ed ünanageünen *le

highlight o+ the Basic business units Hering branÓ) aims only to Óemonstrate the ongoinq rans+ormation anÓ Óoes not characterize a Óistinct segment.

R ecurr in g Ex p e ns es ex. D& A *1

In 4Q25, recurring expenses ex-D&A totaled BRL1,305.6 million, a 5.4% improvement vs. 4Q24, representing 40.0% of net revenue (-0.5 p.p. vs. 4Q24). Some of the quarter's highlights include:

• Fixed expenses grew 6.8% vs. 4Q24, due to a higher profit-sharing (PPR} provision compared to 4Q24. Excluding this impact, fixed expenses would have grown below inflation (IPCA}, reflecting the Company's structural rationalizationmovements to capture synergies.

• Variable expenses decreased 7.1%, even in a scenario with a higher share of sales from sell-out channels, which reached 58.2% in 4Q25 (vs. 55.7% in 4Q24). This is primarily explained by the reduction in digital marketing expenses and other operational efficiency gains.

• One-off expenses showed a significant 30.6% decrease vs. 4Q24, due to the optimization of marketing investments, reduced spending on consulting, advisory services, and travel, and a decrease in expenses related to the business integration process.

  
  
  

  Expenses (ex. D&A)	1,38O.2	1305.6	-5.4%	4,59O.1	4,617.4	O.6%
  (%) Net Revenue	40.5%	400%	-O 5 p.p.	39.6%	39.0%	-0.6p.p.
  Fixed	536.5	5732	6.8%	1,893.3	1,966.2	3.9%
  (%) Net Revenue	15.8%	176%	1.8pp.	16.4%	16.6%	0.2p.p.
  Variable	719.6	6686	-7.1%	2,309.7	2,363.1	2.3%
  (%) Net Revenue	21.1%	205%	-0.6p.p.	19.9%	20.0%	0.1pp
  One-off	199.4	1384	-30.6%	657.0	572.4	12.9%
  (%) Net Revenue	5.9%	4.2%	-1.7 pp.	5.7%	4.8%	-O9p.p.
  Leases (IFRS-16 effects)	(75.3)	(74.6)	-0.9%	(269.9)	(284.3)	5.3%
  (%) Net Revenue	-2.2%	-2.3%	-0.1 p.p.	-2.3%	-24%	-0.1 p.p.

  Recurring Expenses (ex. D&A) BRL million

  40.5%

  
  
  

  1,380.2

  -5.4%

  40.0%

  
  
  

  1,305.6

  39.6%

  
  
  
  
  

  4,590.1

  0.6%

  39,0%

  
  
  

  4,617.4

  
  
  

  4024

  4Q25 2024

  m Expenses (ex- D&A) (%} Net Revenue

  2025

  1. Recurring Expenses ex- Depreciation & Amortization Adjustments to exDenses are ÓiscusseÓ in detail in the ' Recurring EBITDA Reconciliation' section 27

     R e c ur r in g E B I T DA a n d R e c ur r in g E B I T DA Ma r g in*1

     In 4Q25, recurring EBITDA was BRL 501.1 million, a 3.5% decline vs. 4Q24, negatively impacted by the performance of Basic. Recurring EBITDA margin was up 0.1 p.p., reaching 15.4% in the quarter. Pre-IFRS 16 EBITDA margin remained stable vs. 4Q24.

     
     
     

     EBITDA

     Adjustments

     Recurring EBITDA

     Pecurr/ng EBITDA margin

     Recurring EBITDA (pre IFRS-16)

     Pecurring EBITDA Margin

     (46.0) 400.0 n.a. 1,239.7 1,820.6 46.9%

     565.2 101.1 -82.1% 594.9 120.5 -79.7%

     519.2 501.1 -3.5% 1,834.6 1,941.1 5.8%

     15.3% 15.4% 0.1 p.p. 15.8% 16.4% 0.6 p.p.

     442.6 425.2 -3.9% 1,559.5 1,651.6 5.9%

     13.0% 13.0% 0.0 p.p. 13.5% 14.0% 0.5 p.p.

     (pre IFRS-16)

     Recurring EBITDA and EBITDA margin BRL M and %

     153%

     519.2

     -3.5%

     154%

     501.1

     158% +"°

     
     
     

     1,834.6

     16.4%

     
     
     
     
     
     
     

     1,941.1

     
     
     

     4024

     4Q25 2024

     m Recurring EBITDA m Recurring EBITDA Margin

     2025

     (1/ Adjustments descriÓeÓ in the ' Recurring EBITDA Reconciliation' section

  2. Includes the EBITDA *or the Shoes & Bags, *ashion Women and *ashion Men units, and the income allocateÓ to the pIat*orm 28

  F in an cia I R es u I t

  In 4Q25, the Company recorded net financial expenses of BRL 213.8 million versus BRL 156.8 million in 4Q24. The increase in net financial expenses is primarily explained by higher interest expenses on financing.

  
  
  

  Financial Result*'*	(156.8)	(213.8)	36.4%	(611.8)	(781.9)	27.8%
  Financial Revenue	45.9	44.5	-3.1%	194.7	154.4	-20.7%
  lncome from financial investments	7.d	11.8	59.5%	883	63.6	-28.0%
  Interest earned	21.2	19.0	-10.4%	51.3	44.2	-13.8%
  Gains from monetary adjustment	0.5	3.8	660.0%	1.0	27.1	2,610.0%
  Other revenues	16.8	9.9	-41.1%	5d.1	19.5	-64.0%
  Financial Expenses	(180.0)	(236.8)	31.6%	(746.6)	(887.8)	18.9%
  Interest on financing	(68.3)	(102.5)	50.1%	(290.5)	(388.2)	33.6%
  Banking expenses	(8.O)	(4.7)	-41.3%	(23.8)	(22.7)	-4.6%
  Registrar fee expenses	(O.1)	(0.2)	100.0%	(1.0)	(O.7)	-30.0%
  Interest on leases	(19.7)	(23.1)	17.3%	(87.2)	(92.4)	6.0%
  Credit card administrative fee	(39.5)	(43.8)	10.9%	(134.1)	(159.9)	19.2%
  Losses from monetary adjustment	O.O	(2.7)	n.a.	(2.O)	(17. 2)	760.0%
  Other expenses	(3.6)	(9.O)	150.0%	(45.9)	(28.3)	-38.3%

  (40.8)	(50.8)	24.5%	(162.1)	(178.4)	10.1%
  (22.7)	(21.5)	-5.3%	(59.9)	(48.5)	-19.0%

  Present Value Adjustment - Suppliers

  Net foreign exchange variation

  (1) Recurring *inancial Result was BRL 779.7 million in 2025, as shown in the Recurring Net lncome Reconciliation" section

  R e cu r r in g N et Inc ome an d Re c urr in g N et Ma rg in*1

  In 4Q25, recurring net income was BRL 168.0 million, remaining in line with 4Q24, with a net margin of 5.1%, up a slight 0.1 p.p. vs. 4Q24 - similar to the EBITDA margin expansion. The increase in net financial expenses during the period was offset by an improvement in the tax line.

  It is worth mentioning that, as of 2Q25, the Company stopped provisioning IRPJ and CSLL on ICMS/RJ

  subsidies.

  
  
  

  Net lncome	(67.9)	90.8	-233.7%	201.2	911.2	352.9%
  Adjustments	236.8	77.2	-67.4%	389.5	(14O.5)	-136.1%
  Recurring Net lncome	168.9	168.O		590.7	770.7	30.5%
  	5.0%	5.1%	0.1 p.p.	5.1%	6.5%	1.4 p.p.

  Recurring Net lncome and Recurring Net Margin BRL Mn and %

  • 5.0%

  168.9

  
  
  

  4T24

  -0.5%

  
  
  

  • 5.1%

    168.0

    
    
    

    4T25

    
    
    

    590.7

    
    
    

    2024

    • 6.5%

770.7

2025

m Recurring Net lncome B Recurring Net Margin

(1) Adjustments are descriÓeÓ in the 'Recurring Net lncome Reconciliation" section

C as h Co nve rs io n Cyc Ie (m ana g em en t vi ew) *1

In 4Q25, the Company achieved operating cash flow generation of BRL 983.0 million. Of this amount, BRL 144.9 million refers to the conversion of tax assets into cash (non-recurring). Excluding this effect, operating cash flow generation would have been BRL 838.1 million, representing a 197% cash conversion of recurring EBITDA (pre-IFRS 16), one of the highest conversions ever recorded by the Company. On a post-CAPEX basis, cash generation was BRL 887.0 million, or BRL 742.1 million excluding the non-recurring effect. For the full year of 2025, operating cash flow generation was BRL 1,314.6 million. Adjusting for the non-recurring effect, generation would have been BRL 1,169.7 million, representing a cash conversion of 71%. On a post-CAPEX basis, cash generation reached BRL 930.9 million, or BRL 786.O million when excluding the non-recurring effect.

C as h Co nve rs io n Cyc Ie (m ana g em en t vi ew) *2

! Cash Conversion Cycle: -13 days vs. 4Q24 i

123

132

130

i 1O9

96 t

61

64

63

67

73

4024

1Q25 2Q25

3025

4025

Days Inventory

Days Sales Outstandinq

Days Payable Cash Conversion

Outstanding

Outstanding

Cycle

In 4Q25, the Company's cash cycle was 96 days, showing a significant 13-day reduction compared to 4Q24. The cycle reduction is primarily explained by a 9-day decrease in Inventory Days, reflecting Company actions to reduce inventory levels. Additionally, Days Sales Outstanding (DSO) also showed a 6-day improvement. Finally, Days Payable Outstanding (DPO) decreased by 2 days.

(1) Cash *low (Manaqerial View) incluÓes the "Interest payments on loans" account within the cash generation (consumption) from +inancinq activities.

(2j "L O FiÓ i C tOFS WR FO CF ICUIQtOÓ QS 'O IIOWE: DQS IPVC FitOF OUtStQ 0 Ói 0§ DI O/: Ó5 / (/OWS /1PVCII OFF) D $S UN O UtStQ 0 Ói 0 Q (DSO/: ÜÕ 5 / (WFOSS ROVO FiUO / ACCO UFitS

Receivable); Days Payable OutstanÓinq (DPO): 365 / ((COGS EnÓinq Inventory - Beginning Inventory) / Accounts Payable). lncome Statement +igures are por the last twelve months (LTM), balance sheet algures are as o+ the current oerioÓ-enÓ, anÓ the change in inventory is over the lar twelve months. It is worth noting that inventory values through

Net De bt

At the end of 4Q25, the Company reported a cash position of BRL 1,081.3 million and net debt of BRL 2,118.5 million. During the period, the Company reduced its leverage to 1.28x Net Debt/ LTM Recurring EBITDA (pre-IFRS 16).

Dividend payments - During 4Q25, the Company paid out BRL SOO million in dividends. Excluding the payment of these proceeds, the Net Debt/ LTM Recurring EBITDA (pre-IFRS 16) ratio would have decreased to 0.98x.

Credit card receivables - The Company ended the quarter with a significant balance of BRL 1,270.0 million in credit card receivables, strengthening operational liquidity and short-term financing capacity.

Net Debt/'Recurring EBITDA LTM (pre IFRS-16)

Net Debt and Leverage BRLMillions

1.12x

1.26x

1.12x

1.32x

1.26x

1.32x

1.37x

1.37x

1.28x

1.28x

1,752.8

4024

2,071.1

1Q25

2,200.1

2025

2,292.0

3025

2,118.5

4Q25

Net Debt Net Debt/ Recurring EBITDA (pre IFRS-16}

(1) SwaD contracts (USD x CDI) recoqnizeÓ in *inancial Instrumento. Derivativos.

CA P EX

In 4025, CAPEX was BRL 96.0 million, 50.8% lower than in 4024. In 2025, CAPEX was BRL 383.7 million, a 30.8% reduction compared to the previous year's investment, in line with the Company's focus on cash generation and capital allocation diligence, prioritizing projects with higher returns.

Some of the quarter's highlights include:

• Corporate - investments in technology, primarily in the Fashion Women and Shoes & Bags business units.

• Stores - Highlighting investments in stores in the Fashion business unit (Women and Men), mainly the opening of FARMRio, FARM ETC, and Reserva stores, as well as the renovation of Animale and Maria Filó stores.

• Other - investments in FARMRio's international operations.

Attachments

Financial Indicators

4Q25

Leases (IFRS-16 effects)

1.3

I

1.3 ; 1.3

1.3

O. O% !

Depreciation & Amortization

(11.3)(10.1) i (11.3)

(10.1)

-IO.6% j

i

i

i

Financial Indicators

2025

I

i

Financial Indicators

Recurring EBITDA Reconciliation

The following section details the main adjustments made to reported EBITDA to arrive at recurring EBITDA, which was BRL 501.1 million in 4Q25, with a 15.4% margin:

• Gross Revenue, Deductions: adjustments made in 3Q25 regarding the transfer of seven loss-making Hering own

  stores to franchisees, as part of the plan to review the store base and invested capital.

• COGS: gains from the sale of tax credits, offset by the impact of provisions for asset write-offs, with no net effect

• Expenses: the adjustment primarily consists of the Sunset asset write-off and the closure of operations at the Paraobé factory (BRL 104.8 million), the recognition of expenses related to the long-term incentive plan (BRL 12.7 million), and tax-related provisions (BRL 68.3 million), such as the exclusion of ICMS from the PIS/COFINS calculation base and ISS on royalties. These impacts were partially offset by the reversal of DIFAL provisions and other tax gains (BRL 107.1 million).

  
  
  

  EBITDA	(46.0)	4OO.O	1,239.7	1,820.6
  EBITDA adjustments impacting the lines:	565.2	101.1	594.9	120.5
  Gross Revenue	O.O	O.O	O.O	(2.1)
  Deductions	O.O	O.O	O.O	13.7
  COGS	59.6	O.O	64.7	10.9
  Expenses	5O5.6	101.1	530.2	98.0
  Recurring EBITDA	519.2	5O1.1	1.834.6	1.941.1
  Recurring EBITDA Margin	15.3%	15.4%	15.8%	16.4%
  COGS (IFRS-16 impact)	(1.3)	(1.3)	(5.2)	(5.2)
  Expenses (IFRS-16 impact)	(75.3)	(74.6)	(269.9)	(284.3)
  Recurring EBITDA (pre IFRS-16)	442.6	425.2	1.559.5	1.651.6
  Recurring EBITDA Margin (pre IFRS-16}	13.0%	13.0%	13.5%	14.0%

  Financial Indicators

  Recurring Net Income Reconciliation

• EBITDA Adjustments: detailed explanations are provided in the "Recurring EBITDA Reconciliation" section of this

  report.

• Depreciation and Amortization: Amortization of surplus value (fair values CPC15/IFRS3 - business combination)

  from Cia Hering (BRL 10.6 million) and Grupo Soma (BRL 5.2 million) in 4Q25, totaling BRL 72.3 million in 2025.

• Financial Result: monetary restatement of the earn-out related to the acquisition of the Carol Bassi brand, for which

  payment was made on April 10, 2025, during 2Q25.

• lncome Tax and Social Contribution (IRPJ/CSLL): Effect of EBITDA and depreciation and amortization adjustments on IRPJ/CSLL (34%) in the amount of BRL 39.7 million in 4Q25. In 2025, there was a reversal of IRPJ and CSLL on ICMS (RJ) subsidies regarding the 2024 fiscal year (BRL 269.2 million) in 2Q25.

Balance Sheet

lncome Statement

Accounting View