Blau Farmacêutica (BLAU3) investor relations material

Executive summary

• Net revenue was BRL 475 million in Q3 2025, stable year-over-year, with 5% growth over the last 12 months and Aesthetics as a highlight.

• Gross margin improved for the eighth consecutive quarter, reaching 41% (40.6%–42.2% depending on adjustments), driven by the Bergamo turnaround and favorable sales mix.

• Net income rose 52% year-over-year to BRL 106 million, with recurring net income at BRL 72 million; gains supported by Prothya divestment.

• Major investments in capacity expansion and R&D, with CAPEX of BRL 117 million, up 68% from 3Q24.

• Production capacity constraints limited growth, but new lines and expansions are underway to boost output by at least 70% over the next three years.

Financial highlights

• Revenue stable at BRL 475 million for the quarter; Aesthetics BU up 42% year-over-year.

• Gross margin at 41% (up 110 bps year-over-year; 42%–42.2% excluding BRL 8 million provision).

• Recurring EBITDA margin at 24%–25.6%, up year-over-year, excluding one-off Hemarus/Jamares provision.

• Net income of BRL 106 million, up 52% year-over-year; recurring net income of BRL 72 million, up 5%.

• Working capital increased to 54.5% of LTM net revenue, mainly due to inventory buildup for future launches.

Outlook and guidance

• Production capacity expected to increase by at least 70% by 2028, with new lines and factory expansions underway.

• Launches' total addressable market projected to grow at least 60% versus previous cycle; company aims to outpace 10% annual hospital market growth.

• Margins expected to exceed historical values as new investments and international expansion materialize.

• New production lines to come online in 2026, with further capacity and packaging expansion in 2027.

• Prothya divestment proceeds (EUR 52.1 million) to be recognized in 4Q25, strengthening cash position.