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Natura’s net revenue is expected to be between R$ 5.1 billion and R$ 5.2 billion, pressured by weaker sales in Brazil.
Natura reported this Wednesday, July 8, 2026, that it expects a significant drop in net revenue for the second quarter.
According to the company, consolidated revenue is expected to be between R$ 5.1 billion and R$ 5.2 billion.
This result represents a decline of between 9% and 10% compared to the same period in 2025.
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The estimate was disclosed by the company in a relevant fact sent to the Securities and Exchange Commission.
According to Natura, the numbers are still preliminary and will be detailed in the full balance sheet on August 10, 2026.
Weak consumption in Brazil pressured revenue
The main factor pointed out by Natura was the sluggish consumption in Brazil.
Additionally, the company cited internal challenges and operational adjustments that directly affected performance in the country.
According to the company, Brazilian net revenue was pressured to a greater extent than initially anticipated.
This scenario, therefore, had a direct impact on the consolidated result for the second quarter.
Product shortage affected the relationship sales channel
Among the operational problems, Natura highlighted a severe product shortage.
This shortage occurred during the stabilization of the new Integrated Planning system.
Additionally, the company underwent an update of the SAP system.
At the same time, there was a relocation of volumes from the Interlagos factory, in the southern zone of São Paulo, which was recently closed.
As a consequence, the product shortage reduced volume in the relationship sales channel.
This impact was amplified by the more challenging macroeconomic scenario.
Online channel and franchises also slowed down
Natura also reported that new pricing policies affected the online channel.
Additionally, commercial rules between channels caused a short-term slowdown in digital sales.
Another highlighted point was the transition of 100% of franchise contracts to a new model.
As a result, there was a momentary reduction in stock at franchised stores.
Consequently, sales to franchises, known as sell-in, also lost momentum during the period.
Tax changes had a temporary effect
The company also pointed out a temporary mismatch of taxes.
According to Natura, this effect was concentrated in the second quarter of 2026.
The cause was related to changes in the consumption tax in the State of São Paulo, the ICMS-ST.
Therefore, this factor also contributed to pressuring revenue in the analyzed interval.
Hispanic region advanced, but did not offset Brazil
Despite the decline in Brazil, Natura recorded positive annual growth in constant currency in the Hispanic region.
According to the company, all markets in this region had another quarter of consistent progress.
Even so, this growth was not enough to offset the pressure on Brazilian net revenue.
Ebitda margin expected to grow in the quarter
On the other hand, Natura estimates quarterly expansion of the reported Ebitda margin.
This advance occurs mainly due to lower sequential expenses with terminations.
Additionally, the company cited efficiency gains with the new operational model.
These factors, therefore, partially offset the negative impact of lower operational leverage.
Full results to be released in August
The complete information for the second quarter of 2026 will be presented on August 10, 2026.
Until then, Natura treats the data as preliminary.
Even so, the statement already shows that Brazil had a central weight in the estimated revenue decline.
The combination of weak consumption, lack of products, internal adjustments, commercial changes, and tax effects explains the revision of performance in the period.
In your opinion, will Natura be able to recover its sales pace in the coming quarters with the ongoing operational adjustments? Leave your comment!
