Results Presentation 3Q25

‌Casa Dexco:

A place to experience spaces

LOURENÇO GIMENES RAUL JUSTE LORES

Architect and urban planner Journalist and author

‌ Results Presentation

3Q25

06.11.2025

‌DISCLAIMER

The information herein has been prepared by Dexco S.A. and does not represent any form of prospectus regarding the purchase or subscription to the company's shares or securities.

This material contains general information relating to Dexco and the markets in which the company operates.

No representation or guarantee, expressed or implied, is made herein, and no reliance should be placed on the accuracy, justification or completeness of the information provided.

Dexco does not offer any assurances or guarantees regarding the fulfilment of expectations described.

4

‌Highlights

3Q25 | 9M25

Proo-forma Adjusted & Recurring EBITDA of R$1.9 billion for 9M25, including the 49% of EBITDA from LD Celulose.

• The Tiles Division was impacted by high inventory levels in the sector and softening prices, factors which put pressure on the quarter's results;

• Improved results for the Metals & Sanitary Ware Division in 3Q25, with gains resulting from a richer product mix, price adjustments, reductions in production costs, and gains in market share across several product lines;

• The Wood Division reported another quarter of solid results, driven by strong demand for panels, but

  with no forestry trading;

• LD Celulose was impacted by scheduled maintenance, with Recurring EBITDA of R$248 million for 3Q25, with a margin of 37.8%, of which R$121.5 million pertained to Dexco;

• Adjusted and Recurring EBITDA of R$445 million, with a margin of 20.9% for 3Q25, excluding the effects of LD Celulose equity equivalence.

  Rec. Net Revenue & Gross

  Margin R$ million / %

-0,3%

-5%

6,170 6,152

677

-3%

+5%

1,792 1,880

184

184

58

125

(44)

(43)

3T24 3T25

58

285

2,239 2,128

32.6%

24.9%

32.8% 24.7%

567

217 121

460 445

20.5% 20.9%

514

1,278

20.7%

647

1,233

20.0…

125

1

(44)

(43)

6 71

279

220

-149

3Q24 3Q25

9M24 9M25

3Q24 3Q25

9M24 9M25

3Q24 3Q25

9M24 9M25

Net Revenue Pro-Forma Gross Margin %

Adjusted & Recurring EBITDA

EBITDA Margin %

Adjusted & Recurring Net Income - Dexco

Adjusted & Recurring EBITDA - LD Celulose

Adjusted & Recurring Net Income - LD Celulose

5

‌Cash Flow

3Q25 | 9M25

• Increase in inventory levels and a temporary suspension of the supplier finance in 2Q25 led to a higher need for working compared to the same period of the previous year;

• High interest rates putting pressure on financial expenses, with a negative impact on the Financial Flow line;

• 50% drop-off in the Expansion Projects line as we approach the end of the

2021-2025 Investment Cycle.

1,279

1,234

9M24 9M25

12%

10%

15%

1

12% 11%

1

16% 16%

4

18%

1Q25

2Q25

3Q25

2020 2021 2022 2023 2024 1Q25 2Q25 3Q25

(118)

(237)

(363) (296)

(601)(581)

(96)(84)

48

(80)

146

(44)

(303)

(346)

(602) (456)

CAPEX

R$ million / %

Recurring EBITDA

Working Capital

Financial flow

Sustaining CAPEX

Tax Other

Sustaining FCL

Projects2 Total FCL

1 - Excludes one-off events | 2 - Projects 9S25: R$105.4 million for modernization, efficiency and factory expansion; R$69.1 million for DX Ventures; and R$128.1 million for other projects | 3 - Maintenance, factory modernization and business sustaining. | 4- Figure adjusted for the accounting reclassification of Tax Credits.

6

‌Corporate Debt

3Q25 | 9M25

• Leverage held to the same levels as recent quarters, with liquidity available to meet financial obligations until the end of 2026. The 0.09x increase in leverage is within the expected range, consistent with operational performance and debt management;

• Issue of R$1.5 billion in debentures, completed on October 24, focused on restructuring the

  Company's debt, reducing the average cost and extending the amortization timeline;

• Increase in net debt impacted by the end of the 2021-2025 Investment Cycle.

Avge Term1.2

4.0 years

Avge Cost2

107.6% of CDI

Term

73%

Long

27%

Short

3.10x 3.01x

3.45x 3.39x 3.48x

Revolving

Credit

Cash

1,389

1,292

736

2,257

759

206

2,711

5,215

4,973

5,364 5,499 5,585

(R$)

Availability (R$)

2025 2026 2027 2028 2029 2030

and beyond

3Q24 4Q24 1Q25 2Q25 3Q25

Net Debt

Net Debt/Recurring EBITDA (UDM)

1 - Weighted average debt term. | 2 - does not include issue of debenture concluded in October/25.

7

‌Deleveraging &

Liability Management

Deleveraging - ONGOING INITIATIVES:

• Operations to monetize land and forestry assets;

• Monetization of tax credits;

• Sale of land and potential structures via Sales Lease-Back; and

• Assessment of opportunities related to the Company's portfolio of operational and non-operational assets.

  Liability Management - MEASURES ALREADY TAfiEN:

  Dexco has been implementing a number of short- and medium-term initiatives aimed at reducing leverage and optimizing the Company's debt profile.

  • 3rd Debenture Issue in October 2025, to the value of R$1.5 billion;

  • Average Debt Term extended from 4.0 to 4.3 years, with an average cost of 107.1% of the CDI (Brazilian Interbank Deposit Certificate), a reduction of 0.5 percentage points, a result of optimizing the debt profile;

  • Renewal of the revolving credit line to the amount of R$750 million, with the term extended from 1 to 2 years, enhancing the Company's liquidity and financial flexibility.

8

8

‌Ceramic

Tiles

9

‌Sector Environment

Tiles

• Excess capacity in the sector has kept inventory levels elevated, intensifying price pressures in an increasingly competitive market environment.

• The wet process tiles market continues to show signs of a gradual recovery but is yet to offset the fall in sales from previous years and the slow correction of inventory levels in the sector.

74%

71%

74% 76%

71%

73% 75%

jul/25 aug/25 sep/25

3Q25

66%

67%

2% 3%

7% 7%

2% 3%

3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25

-2%

-1%

Total market Wet process

10

‌Results

Tiles

• Quarterly results were impacted by the sector's competitive landscape, marked by excess idle capacity and high inventory levels, which continue to pressure margins across all industry players;

• Division focused on repositioning of sales channels and products, with an emphasis on restoring profitability, price discipline, and inventory reduction;

• Adjusted and Recurring EBITDA was negative R$1.3 million in the quarter, reflecting a sector environment that remains challenging.

  Total

  71%

  Volume Rec. Net Revenue & Gross Adjusted & Recurring EBITDA

  000m3

  Margin

  R$ million / %

  and Margin

  -13%

  4,878 4,257

  -5%

  13,138 12,546

  20.2% 18.5%

  -13%

  237 207

  20.3% 20.4%

  -8%

  673 622

  0.2% -0.6%

  0

  1.6% -1.2%

  10

  3Q24 3Q25

  9M24 9M25

  3Q24 3Q25

  9M24 9M25

  (1)

  3Q24 3Q25

  (8)

  9M24 9M25

  Net Revenue Gross Margin %

  Adjusted & Recurring EBITDA

  EBITDA Margin %

  11

  
  
  

  ‌Metals &

  Sanitary Ware

  12

  
  
  

  ‌Sector Environment

  Metals & San Ware

  ASFAMAS combined data¹

• Quarterly growth in gross revenue, reflecting gradual recovery of the Metals sector. Cost pressures and high inventories in the supply chain still undermining the sector's performance;

• Results for the Sanitary Ware sector improved on both a quarterly and annual comparison, indicating signs of recovery. Basic products segment outperforming the historical average despite the more competitive environment.

Analysis of Sector Index based on Gross Revenue

-7%

+2%

Analysis of Sector Index based on Gross Revenue

Base 100

+5%

+2%

Base 100 3Q24

2Q25 3Q25

3Q24

2Q25 3Q25

1 - From 2Q25, the Company has begun to report sector data based on the analysis of data provided by ASFAMAS (Brazilian Association of Sanitary Ware Materials) together with internal estimates.

13

‌Results Metals & San Ware

• Strong operating performance for Metals, with a richer mix, driving gains in market share and reinforcing the Company's leadership in a competitive environment;

  Capacity Utilization 3Q25

• Unit Net Revenue grew 20% in 3Q25 and 17% in 9M25, on the back of price increases and prioritization of a richer product mix;

• Optimization of factory utilization in Sanitary Ware contributed to greater profitability for the Division over the quarter;

• Adjusted & Recurring EBITDA of R$52 million, with margin improvement and significant growth versus 2Q25 (R$8.6 million), driven by (i) efficiency gains;

  (ii) factory reorganization; and (iii) price increases that offset the drop-off in

  volume.

  Total

  80%

  Metals

  85%

  San Ware 66%

  Volume

  '000 pieces

5,474

-11%2

4,259

-3%2

15,777

12,678

-7%

27.5%

26.2%

544 507

-4%

24.5%

23.8%

1,472 1,397

-1%

53 52

69

7.0%

4.9%

103

-33%

9.7%

10.3%

3Q24 3Q25

9M24 9M25

3Q24 3Q25

9M24 9M25

3Q24 3Q25

9M24 9M25

Volume of electric Showers and Faucets

Volume Metals & San Ware

Net Revenue

Gross Margin %

Adjusted & Recurring EBITDA

EBITDA Margin %

1 - Capacity includes San Ware operation in João Pessoa (PB), whose closure was announced effective July/2025 | 2 - Does not include contribution from electric showers and faucets business.

14

‌Wood

15

‌Sector Environment

Wood Panels

IBÁ data1

1 - At the end of 2024, the IBÁ revised its volume estimates for

non-associated companies, impacting historical data

Total

94%

MDF

94%

MDP

95%

-5%

833 793

-3%

2,342 2,265

-3%

1,458 1,414

+3%

4,025 4,133

-3%

407 394

+1%

28.4%

28.9%

1,165 1,172

36.6% 25.4% 37.9% 25.7%

27.9% 27.9%

3Q24 3Q25

9M24 9M25

3Q24 3Q25

9M24 9M25

3Q24 3Q25

9M24 9M25

1 - The Adjusted & Recurring EBITDA is net of the effects of changes to biological assets..

Net Revenue Gross Margin %

Adjusted & Recurring EBITDA

EBITDA Margin %

17

Rec. Net Revenue & Gross

Margin

R$ million / %

‌LD Celulose

18

‌Results

LD Celulose

R E S U L T S R E L A T E T O 1 0 0 % O F T H E O P E R A T I O N

• Net income decreased year over year, impacted by costs related to the maintenance shutdown, exchange rate fluctuations, and lower international prices for dissolving wood pulp.;

• Adjusted & Recurring EBITDA of R$248 million, with a margin of 37.8%, reflecting the one-off effects of the maintenance shutdown on the cost per ton of dissolving wood pulp shipped;

• Solid operating performance, with 6% growth in Volumes Shipped for 9M25 YTD versus the same period of the prior year.

443

-44%

248

+26%

1,050

1,319

55.6%

119

446

60.5% 37.8% 52.5%

3 14

3Q24 3Q25

9M24 9M25

3Q24 3Q25

9M24 9M25

19

732

9M25

9M24

3Q25

3Q24

9M25

9M24

3Q25

3Q24

656

+6%

132

137

2,001

-11%

413

-3%

2,373

437

+19%

‌PROSPECTS

4Q25

Focus on measures and projects related to deleveraging and efficiency, reinforcing our commitment to the financial sustainability of the business.

Elevated demand in the wood panels sector expected to continue, with the strong results boosting the performance of the Wood Division.

Review of sales strategy and product portfolio of Ceramic Tiles, aimed at balancing elevated inventory levels. This agenda should contribute to a gradual rebuild of margins during 2026.

Following the maintenance shutdown, LD Celulose is expected to maintain an efficient level of operating performance, even in the face of greater external pressures from a market characterized by volatility in both dissolving wood pulp prices and exchange rates.

Scheduled maintenance shutdown of the Metals & Sanitary Ware division in 4Q25, with a temporary impact on volumes and revenues, plus the typical seasonality seen in Finishings over the period.

Advancement of productivity and operational efficiency initiatives, reinforcing discipline in resource allocation and cost reduction..

21

‌Dexco 75 years

In 2025, Dexco launches its transformation plan,

focused on five priority projects::

Competitiveness

Deca

22

‌Results

3Q25

ri.dex.co

investidores@dex.co Av. Paulista 1.938 - CEP 01310-200

Consolação - São Paulo - SP

INVESTOR

RELATIONS

Lucianna Raffaini

Administration & Finance Director

Guilherme Setubal

IR, Corporate Relations & ESG Director

Guilherme Ribas

IR Coordinator

Maria Luísa Guitarrari

IR Analyst

Giovanna Perez

IR Analyst