Natura (B3: NATU3) said second-quarter 2026 revenue totaled BRL 5.2 billion, with Brazil weighed down by product unavailability, temporary tax mismatches and a subdued consumption backdrop, while Hispanic America grew 7.2% in constant currency and improved profitability. In that region, the Natura brand rose 12.3% and Avon 4.7%, helped by progress in Mexico, a continued recovery in Argentina and efficiencies from the company's new operating model. Consolidated EBITDA came in at BRL 620 million with a 12.0% margin, or 13.2% excluding the tax mismatch, up 470 basis points from the previous quarter, while free cash flow to firm was BRL 342 million and leverage eased to 2.06x. Natura said it is rebalancing supply chains, adding sales-force incentives, resuming a faster store-opening pace with a new franchise model and expanding the "Minha Loja" digital store and marketplace presence, while maintaining investments in marketing, R&D and digital innovation and still expecting reported margin expansion versus 2025's 10.0%, though no longer adjusted margin expansion versus 14.1%.