Natura 1Q26 – Conference Call Highlights

Research evidence excerpt

Natura 1Q26 – Conference Call Highlights

J P M O R G A N Latin America Equity Research

12 May 2026

Natura Overweight

NATU3.SA, NATU3 BZ

1Q26 – Conference Call Highlights Price (11 May 26):R$10.50

LatAm Retail & Healthcare

Natura (NATU3, OW-rated) just hosted its 1Q26 call with its top management Joseph Giordano AC

team. Please see the main highlights below. (55-11) 4950-3020

joseph.giordano@jpmorgan.com

• Business trends. The company expects sequential improvements starting in Banco J.P. Morgan S.A.

2Q, helped by commercial-cycle adjustments that are already lifting consultant Guilherme A. Vilela, CFA

activity and channel health. The bigger efficiency and margin inflection is (55-11) 4950-3059

framed as a 2H26 story as restructuring one-offs fade and the new model guilherme.a.vilela@jpmorgan.com

Banco J.P. Morgan S.A.

benefits ramp. On SAP, the manufacturing-system replacement is still planned

Nicolas Larrain to start in early June. Mitigation strategies include inventory anticipation, pre-

(55-11) 4950-3472

supplying channels, stores and DCs, plus repeated integration tests and data nicolas.larrain@jpmorgan.com

migration rehearsals, while acknowledging residual risk of unexpected Banco J.P. Morgan S.A.

disruption. Giovanni Vescovi

• Consumer outlook. The macro and consumption backdrop remains (55-11) 4950-2901

challenging. Even so, the call pointed to marginal improvement in giovanni.vescovi@jpmchase.com

consumption indicators and slightly improving sell-out, with Mother’s Day

Froylan Mendez

described as positive. The near-term sell-in versus sell-out gap was attributed

(52-55) 5540-9482

mainly to consultants’ inventory shortages rather than a rise in credit blocking. froylan.mendez@jpmchase.com

• Market dynamics.