PBG (PTBL3) investor relations material

Executive summary

• Net revenue reached R$ 685.1 million in Q3 2025, up 3.5% year-over-year, with exports growing 5.0% despite U.S. tariff challenges.

• Excluding U.S. tariff impacts, net revenue would have grown approximately 9% and EBITDA margin would have been close to 15%.

• Free cash flow remains strong, with R$ 68.5 million in the quarter and R$ 267.6 million year-to-date, supporting robust liquidity.

• Pro forma net loss was R$ 34.7 million, mainly due to higher financial expenses in a restrictive macroeconomic environment.

• Operational resilience was demonstrated across all business units, with Portobello America showing margin improvement and Pointer maintaining full industrial occupancy.

Financial highlights

• Net revenue: R$ 685.1 million (+3.5% YoY); adjusted for tariffs, R$ 720.5 million (+8.9% YoY).

• Adjusted and recurring EBITDA: R$ 103.9 million (margin 14.4%), stable YoY.

• Gross profit: R$ 253.0 million, gross margin 36.9% (-1.4 p.p. YoY).

• Free cash flow: R$ 68.5 million in Q3 2025; R$ 267.6 million YTD.

• Working capital cycle improved by 18 days, with disciplined CapEx and inventory management.

Outlook and guidance

• Medium-term outlook for U.S. operations is positive due to increased competitiveness of local production following tariffs, with normalization of inventories expected by late 2025 or early 2026.

• No market growth is expected in Brazil or the U.S. for 2025 and 2026, but the company aims to continue gaining market share and growing exports.

• Efficiency gains from a new consultancy project are expected to impact results in 2026, with potential savings benchmarked at 7-12%.

• Management remains focused on profitability, liquidity, and sustainable value creation, preparing for a new growth cycle in 2026.

• Strategic initiatives include cost control, administrative efficiency, and portfolio innovation.