Natura & S A : 1Q 2024 Presentation of Quarterly Results

First-Quarter 2024 Results

May 14, 2024

Disclaimer

This presentation may contain forward-looking statements.

Such statements are not statements of historical facts and reflect the beliefs and expectations of

Natura &Co's management.

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The words "anticipate," "wishes," "expects," "estimates," "intends," "forecasts," "plans," "predicts," "projects," "targets" and similar words are intended to identify these statements, which necessarily involve known and unknown risks and uncertainties.

Known risks and uncertainties include, but are not limited to, the impact of competitive products and pricing, market acceptance of products, product transitions by the Company and its competitors, regulatory approval, currency fluctuations, production and supply difficulties, changes in product sales mix, and other risks.

This presentation also may include pro-forma and adjusted information prepared by the Company for information and reference purposes only, which has not been audited. Forward- looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments.

https://ri.naturaeco.com/en/

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Initiatives in

Rio Grande do Sul

In the face of the largest climate tragedy in the history of Rio Grande do Sul

1 state, we have offered our network medical, social, and psychological assistance through free telemedicine services and our social center

We have an important connection with Rio Grande do Sul - in addition to

2 Beauty Consultants, we have direct and indirect employees, stores, and a distribution center

3	A Calamity Committee was established to map the impacts within our
	network. Among the main initiatives taken were:

• Postponing invoicing
• Providing financial support and donations to our employees who were directly affected

Key Highlights

Natura &Co Performance 1Q24

Wave 2 implemented	Strong performance
countries driving margin	at Natura Brand in
expansion and showing	Brazil
improvements in

metrics

Expected soft performance from Avon Latam

Sales deleverage at Avon International

• Very strong mid-single digits margin expansion from Colombia and Peru
• Productivity, cross-selling, and activity continuing to show improvement

• Double-digitrevenue expansion YoY in a growth momentum for the brand
• Boosted innovation campaigns prepared for 2024

• Revenues decline in CFT amid Wave 2 implementation, strong decline in Home & Style
• Avon Brazil still experiencing a planned topline decline but is expected to stabilize in the second semester

• Management continues to work on market simplification and focusing on key countries

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Consolidated Financial

Performance

Guilherme Castellan, CFO

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Natura &Co: Strong performance from Natura Brand, partially offset by Avon Latam and sales decreased at Avon International

Net Revenue (BRL million)

+1.1% in CC | -3.9% CC Ex- Argentina and TBS

-5.7%

Highlights

• Another solid performance at Natura Brazil: +11.3% YoY explained by a richer mix, with strong performance of fragrances

Avon International

• 4.7% at CC
• 13.1% in BRL

Natura &Co Latam

• 3.1% at CC - 3.3% in BRL

Partially offset by:

• Avon Latam amid Wave 2 rollout
• Strong double-digit decline from Home & Style
• Avon International's soft performance with Beauty down 4.2% and a steeper decline from Home & Style

Earnings Presentation | Q1-24

Solid YoY Adjusted EBITDA expansion

Q1-24 Consolidated Adjusted EBITDA Margin

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Highlights

+120 mainly driven by Wave 2

bps YoY

initiatives and country mix

1

Adjusted EBITDA Margin expansion YoY

1 The increase also reflects a BRL 44 million expense reallocation from G&A to Selling line

Natura &Co Latam

+20	further reduction of
bps YoY	corporate expenses
Corporate Expenses

Partially offset by:

-80	margin contraction amid sales
bps YoY	deleverage
Avon International

Earnings Presentation | Q1-24

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Underlying net income (UNI) and net income

Net income to underlying net income (UNI) reconciliation

Q1-24 (BRL million)

Highlights

UNI improvement vs. BRL -373 mn loss in

Q1-23 or BRL -260 mn ex-TBS and Aesop

• Higher adjusted EBITDA

• Lower Net Financials Expenses

More than offset by:

• Higher tax expenses given the mix of profitable and unprofitable countries

Excluding BRL-137 mn of losses related to transferring cash out from Argentina, UNI would be BRL +21 mn

Earnings Presentation | Q1-24

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Free Cash Flow in Q1-24 improved BRL +368 million YoY or BRL +803 million compared to Q1-23 reported cash outflow

1	Highlights

Mainly driven by:

• Higher Adjusted Cash Net Income

• Improved accounts payable from higher purchases in Q1-24

• Lower Capex from phasing

Partially offset by:

• Cash consumption for the build-up of Q2 inventory

• TBS effects

1 Net Income excluding depreciation and amortization, non-cash adjustments to net income, and Discontinued Operations Results

Earnings Presentation | Q1-24

Indebtedness ratios and Amortization Schedule

Net debt and net debt-to-EBITDA ratio (BRL billion)

Amortization schedule (BRL billion)

a

Average Maturity:

4.7 years

b

1. Gross debt excludes PPA impacts and excludes lease agreements
2. Excluding foreign currency hedging and including Avon's Bond 2043

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Q1-24

BRL 5.9 billion

Cash balance at period-end

0.13x

Group net debt-to-EBITDA ratio amid seasonal cash consumption

Earnings Presentation | Q1-24