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Natura

Focus on Latin America, From 2026

We enter 2026 with a simpler and more agile structure, ready for a new cycle of prosperity and innovation
João Paulo Ferreira, Natura’s CEO, March 2026

Focus on Latin America

Natura is a Brazilian beauty company that sells through more than 2.8 million consultants, over 1,000 stores, and online. It spent 2022 to 2025 selling businesses outside Latin America, and now focuses on its region, the Natura brand, and a relaunch of Avon.

Lead in Latin America

  • Consultants online. Expand Minha Loja, the beauty consultants’ new digital store, and sell on new marketplaces.
  • Stores. Return to a rapid pace of store openings, with a new franchise model.
  • Credit. Grow Emana Pay, its fintech platform, whose credit reached 41% of sales by the end of 2025.
  • 10 August 2026Hispanic markets grew 7.2% at constant currency in the second quarter of 2026, with the EBITDA margin up 220 basis points to 7.6%.
  • 10 August 2026Revenue in Brazil fell short because of product shortages and a tax mismatch. Natura is rebalancing supply through the second half.

Hispanic markets grew 7.2% while Brazil fell short

In the second quarter of 2026 Natura’s Hispanic markets grew 7.2% at constant currency and lifted their EBITDA margin to 7.6%, on the operating model it now runs for Natura and Avon together. In Brazil revenue fell short on product shortages and a temporary tax mismatch, and the margin was 16.4%. The group’s margin was 12.0%, or 13.2% without the tax effect.

16.4%Brazil7.6%Hispanic markets
  • Brazil: Held back by a temporary tax effect in São Paulo and selling costs.
  • Hispanic markets: Up 220 basis points on the new operating model.

Bullets stand as tall as the quarter’s EBITDA margin; the dashed line is the Hispanic markets’ margin a year earlier, worked out from the 220 basis point rise.

Natura has already passed targets set for 2027 and 2030

Natura now uses 52 bioingredients from Amazonian biodiversity, past its 2027 target of 49, and works with 46 agroextractive communities, past its 2030 target of 45. It has also met its 2030 target of creating R$4 of social and environmental benefit for every R$1 of revenue.

2027 target, 4952 bioingredients2030 target, 4546 communities

One leaf for each bioingredient and one village for each partner community; those beyond each target are in Natura’s colour.

  1. Finish simplifying before you grow again.

    Natura spent three years selling the businesses outside its home region, ending with Avon International in 2025, before starting a new cycle of growth. We recommend completing a simplification and closing its costs before loading the organisation with new growth work.

  2. Explain a setback as the cost of the change.

    When Brazil’s revenue fell in 2026, Natura named the causes, product shortages and a tax mismatch, tied them to channel and logistics changes, and listed the fixes. We recommend reporting a miss with its cause and its remedy, and adjusting the outlook plainly.

  3. Let sustainability targets be beaten early.

    Natura passed several 2030 Commitment to Life targets years ahead, from Amazonian ingredients to recycled packaging. We recommend setting measurable long-term commitments and reporting as they are met, so they stay real rather than aspirational.

Sources

  1. 1. Natura (2025). Natura announces agreement to sell Avon International and reinforces focus on Latin America. PR Newswire, 18 September 2025. prnewswire.com
  2. 2. Natura (2026). Natura completes corporate streamlining delivering strong profitability growth and net income of nearly R$1 billion. PR Newswire, 16 March 2026. prnewswire.com
  3. 3. Natura (2026). Natura revenue under pressure in Brazil, while Hispanic markets deliver growth and higher profitability in 2Q26. PR Newswire, 10 August 2026. prnewswire.com

Headwater is not connected with Natura. Natura, Avon, Minha Loja, and Emana Pay are trade marks of their owners. Updated 29 September 2026.

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