Natura (NATU3) posted net income of R$ 49 mn in 3Q-26, versus a loss of R$ 119 mn from continuing operations in 3Q-25. The R$ 168 mn improvement was driven by practically stable EBIT (earnings before interest and taxes), tax expenses in line with the prior year and a financial result that was R$ 164 mn better, helped by a favorable comparison base.
Net revenue totaled R$ 5,038 mn, down 3.0% year over year in reais and 5.9% in constant currency. In Brazil, revenue fell 9.0%, with persistent product unavailability and lower activity from a shrinking base of consultants. In the Hispanic markets, revenue grew 6.7% in reais and was practically stable (-0.9%) in constant currency.
EBITDA (earnings before interest, taxes, depreciation and amortization) was R$ 460 mn, with a margin of 9.1%, up 20 bps (basis points) versus 3Q-25. Excluding inventory losses in Brazil, severance expenses, tax effects in Hispana and provision reversals in Corporate, adjusted EBITDA would have been R$ 636 mn, with a margin of 12.6%. Gross margin was 65.7%, down 150 bps.
In Brazil, EBITDA was R$ 304 mn, with a margin of 10.4%, down 330 bps. In Hispana, it was R$ 109 mn, with a margin of 5.2%, up 230 bps. Without the non-recurring effects, Hispana's EBITDA would have been R$ 250 mn, with a margin of 11.8%.
Net debt ended the quarter at R$ 3,422 mn, a reduction of R$ 442 mn from 2Q-26, reflecting positive cash flow and proceeds from the FIDC (receivables investment fund). Leverage (net debt/EBITDA) fell to 1.83x, from 2.06x in 2Q-26. During the period, the company also raised R$ 700 mn in sustainability-linked debentures.
Is NATU3 worth investing in?
- Price
- R$ 5.62
- as of 11/11/2026
- Dividend yield
- 0.00 %
- P/L
- N/A
- P/VPA
- 0.61
