Impacted by the macroeconomic slowdown and lower activity and consultant base in Brazil, its main market, Natura experienced a pressured first quarter of 2026.
The results were also impacted by the its operations in Argentina, which are still recovering after the merger with Avon in the second half of 2025 amid declining consumption and an unfavorable exchange rate in the country.
The Brazilian beauty group recorded net revenue of R$ 4.7 billion, a 3.7% decrease compared to the same period of the previous year.
Excluding Argentina, the other Hispanic markets delivered solid performance in the first three months of the year, driven by positive contributions from markets where the Avon integration is already more mature and by the ongoing recovery in Mexico, where the brand combination was completed in the first half of 2025.
Q1 2026 also marked the beginning of Avon’s relaunch in Brazil and Mexico in March, with a new positioning and innovation portfolio to be rolled out in phases.
"Having implemented the new operating model without disruptions, our focus turns entirely to sustainable revenue growth and expanding profitability. We are confident in delivering on our 2026 commitments, which include improving annual margin versus 2025 and robust cash generation, with our optimal capital structure and disciplined capital allocation translating directly into returns for shareholders," stated CEO João Paulo Ferreira.
