Schulz (SHUL4) investor relations material

Executive summary

• Net revenue in 2Q26 was R$512.8 million, down 5% year-over-year, mainly due to weaker domestic demand, while exports remained stable in reais and grew in USD terms.

• Net income for 2Q26 reached R$60.7 million (12% margin), an 18% decrease from 2Q25, with 1H26 net income at R$116.3 million, down 20% year-over-year.

• EBITDA for 2Q26 was R$85.9 million (17% margin), stable in margin but 5% lower in value; 1H26 EBITDA totaled R$148.7 million (15% margin), down 15%.

• The company maintained a strong cash position, with net cash of R$181 million at the end of 1H26, up 35% from year-end 2025.

Financial highlights

• Gross profit in 2Q26 was R$107.3 million (21% margin), down 21% year-over-year; 1H26 gross profit was R$203.6 million (21% margin), down 23%.

• Operating expenses fell 25% in 2Q26, mainly due to lower administrative costs and reversals of tax contingencies.

• Net financial result improved 247% in 2Q26, driven by a 29% reduction in financial expenses.

• Total assets at 30/06/2026 were R$3.1 billion; equity reached R$1.57 billion, up 4% from December 2025.

• Net cash/EBITDA ratio improved to 0.60x from 0.41x at year-end 2025.

Outlook and guidance

• Management remains confident in the business model, focusing on innovation, operational efficiency, and sustainable growth despite a challenging domestic market.

• Strategic investments continue in automation, capacity expansion, and new product development.

• The company is actively adapting to Brazil's tax reform and preparing for IFRS 18 implementation in 2027.