Dohler S.A. is a company with a long track record in the Brazilian textile sector, founded on December 6, 1881, by Carl Gottlieb Döhler, a weaving officer from Saxony, Germany. Upon arriving in Brazil, the founder started the business in a handcrafted manner, building a wooden loom with which he produced the first meters of fabric. Ten years later, the company was already importing its first iron loom from England, equipment that is now preserved in the company’s museum, illustrating the business’s progressive industrialization process. Over the decades, the company went through different corporate changes and name changes, reflecting its organizational evolution and the maturation of its corporate structure. In 1955, it was converted into a corporation under the name Döhler S.A. Comércio e Indústria, and in 1973 it went public, an important milestone for its access to the Brazilian capital market, culminating in its current status as an issuer with shares traded on B3 under the tickers DOHL3 and DOHL4.

Historically, Dohler’s production line has been focused on plain and plaid fabrics aimed mainly at the table, curtain, bedding, and kitchen segments. Over time, especially in the last 40 years, the company has undergone a cycle of faster growth and diversification of its portfolio. It incorporated printing processes and began producing terry fabrics, decorative items, and professional fabrics, expanding its scope of operations within the textile chain. The company also incorporated new technological concepts into its industrial processes, which helped to make its product range more sophisticated and meet more specific demands from different types of customers, going beyond the traditional household consumer.

Currently, the range of products manufactured by Dohler spans a variety of segments, covering bedding, table, bath, kitchen, decoration, and fabrics intended for professional use. The company serves both end consumers and corporate and institutional clients, with textile solutions geared toward the healthcare, tourism, and education sectors and professional use in general. Among the markets served, the hotel sector, hospitals, educational institutions, and manufacturers of professional clothing stand out. In addition, Dohler is also active in the production of cotton and synthetic yarns, which demonstrates a certain degree of vertical integration within the textile chain itself, from the manufacture of inputs (yarns) to the delivery of finished products such as bedding, table and bath items, and technical fabrics for various applications.

From a corporate and business structure standpoint, a relevant milestone was the establishment in 1973 of its subsidiary Comfio – Companhia Catarinense de Fiação, focused on spinning activities, which was later merged into Dohler S.A. itself in 2021. This merger simplified the corporate structure and consolidated the spinning operations directly within the company, reinforcing the integration between the production of cotton and synthetic yarns and the manufacture of final textile products. Although the financial statements do not provide formal breakdowns by operating segment, the description of activities shows that the company operates comprehensively within the textile segment, combining the production of inputs and the manufacture of consumer and institutional goods.

With respect to its target markets, Dohler directs essentially its production to the Brazilian domestic market, which accounts for the majority share of its net operating revenue. In 2024, revenue from customers attributed to Brazil totaled R$ 585,524 thousand, representing 93.30% of total net revenue. The company also maintains an international presence through exports, mainly focused on Mercosur countries, the United States, and Europe. In the same period, export revenue totaled R$ 42,043 thousand, about 6.70% of net revenue, distributed among South American countries, the United States, and other markets. Despite this external activity, Dohler’s economic dynamics are predominantly domestic, with most of its revenue tied to consumption and internal demand for textile goods.

Dohler’s customer base is relatively diversified, which is a relevant factor for investors when analyzing revenue concentration risk. According to the reference form, there are no individual customers accounting for more than 10% of the company’s total net revenue. This indicates that the company is not materially dependent on a small group of specific buyers, whether in retail or in institutional segments such as hotel chains, hospitals, or schools. This diversification of customers tends to reduce exposure to isolated contractual disruptions and abrupt changes in demand from a single large buyer.

From a regulatory standpoint, Dohler reports that it does not depend on specific government authorizations to carry out its activities, which is consistent with its industrial textile profile. There is no indication of material dependence on patents, trademarks, licenses, concessions, franchises, or royalty agreements for the development of its operations. The company also states that it did not make financial contributions, either directly or through third parties, to holders or candidates for political office, to political parties, or to fund activities aiming to influence public policy decisions during the period under review. With respect to international regulation, the company states that it is not subject to specific regulatory measures in the countries to which it exports that have a material impact on its business.

On the environmental, social, and governance (ESG) agenda, Dohler is in the process of structuring and formalizing its disclosures. The company is finalizing an ESG information report, which is under review by the executive board and, for this reason, several details regarding methodology, standards used, independent auditing, and key performance indicators are not yet disclosed. The company reports that it prepares an inventory of greenhouse gas (GHG) emissions covering scopes 1 and 2, although these data are not, as of now, available on its website or in a sustainability report. A materiality matrix is also being prepared, with the support of a consulting firm, which should guide the prioritization of relevant ESG topics. For investors in Dohler shares, traded on B3 under the tickers DOHL3 and DOHL4, this information indicates a move toward greater organization and future transparency in the management of social, environmental, and governance matters, still under development in the period covered by the reference form.