Natura Cosméticos (NATU3) Q3 2026 earnings summary

Executive summary

• Q3-26 net revenue was BRL 5.038bn, down 3.0% YoY in BRL and 5.9% at constant currency; Brazil’s operating bottlenecks outweighed near-flat Hispanic revenue in constant currency.

• 9M 2026 consolidated net revenue was R$14,953,175 thousand and net loss was R$360,409 thousand; 2025 comparability is affected by the merger accounting perimeter.

• Q3 EBITDA was BRL 460mn at a 9.1% margin; net income was BRL 49mn versus a BRL 119mn loss from continuing operations in Q3-25. Net debt fell to BRL 3.422bn and leverage improved to 1.83x.

Financial highlights

• 9M net revenue was BRL 14.953bn, down 6.7% YoY; EBITDA was BRL 1.425bn, down 19.6%, with margin at 9.5%, down 160 bps.

• Q3 gross margin was 65.7%, down 150 bps YoY; selling expenses were flat in BRL and G&A fell 19.7%.

• Q3 net financial results improved BRL 164mn YoY to a BRL 267mn expense; 9M consolidated financial result was an expense of R$1,092,281 thousand versus R$739,225 thousand in 9M 2025.

• Q3 FCFF was BRL 268mn versus BRL 10mn in Q3-25; 9M consolidated operating cash flow was R$1,826,753 thousand and investing cash flow was an outflow of R$573,706 thousand.

• Consolidated cash and cash equivalents were R$2,570,876 thousand at September 30, 2026, versus R$1,490,706 thousand at December 31, 2025.

Segment performance

• Brazil revenue fell 9.0% YoY in Q3, improving from Q2’s 14.8% decline but below expectations; product shortages and a smaller, less active consultant base constrained sales.

• Brazil EBITDA was BRL 304mn at a 10.4% margin, down 330 bps YoY; marketing, operating deleverage, inventory write-offs and severance costs outweighed G&A savings.

• Hispanic revenue rose 6.7% in BRL but declined 0.9% in constant currency; Mexico faced unfavorable phasing, fewer consultants and supply constraints, while Argentina’s recovery remained slow.

• Hispanic EBITDA was BRL 109mn at a 5.2% margin, up 230 bps YoY; excluding identified non-operating effects, EBITDA would have been BRL 250mn and margin 11.8%.

• 9M revenue was R$8,671,600 thousand in Brazil and R$6,281,575 thousand in Hispanic America; management reports one operating segment with geographic views.