Natura &Co Holding S.A. Annual Report 2024

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FY2024 Annual Report · Natura &Co Holding S.A.

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Natura &Co
Integrated
Report 2024

Overview

Natura &Co
Integrated
Report 2024

Natura &Co who we are

Natura &Co Latin America

Avon International

1537

159

Avon
International

Fable Investments
Results

Technical references
and GRI Content Index

Fable Investiments

Technical references

174

177

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

Index

Presentation

Our reporting practices

Materiality

A message from the founders

A Message from the CEO of Natura &Co

2024 highlights

About us

Our global presence

Our brands

Our business model

Our strategy

Financial Performance

Corporate governance

Ethics and compliance

Corporate risk management

Climate risk: approach,
governance and metrics

Commitment to Life

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Our reporting
practices

GRI 2-2, 2-3, 2-5, 2-6

Welcome to the 2024 edition of our Integrated Report.

Here we present a summary of our financial and

non-financial results, our vision for the future, and our

main commitments, investments and strategies, aimed

at showing our shareholders, investors, communities,

suppliers, employees, Beauty Consultants,

Representatives partners an integrated vision of the

business and its impacts, risks and opportunities.

GRI 2-29

This report brings together indicators, data and a

strategic narrative regarding both the Natura &Co

Latin America and Avon International business units

(the latter of which was reconsolidated in the Group’s

economic-financial results in the fourth quarter of

2024, following the conclusion of the restructuring

process set forth in the Chapter 11 proceedings of Avon

Products Inc. (or API), in the United States), . The Latin

America unit also includes the results of the financial

platform, Emana Pay, and the beauty services platform,

Bluma (which has been included in the sustainability

report but not in the financial data). The reported data

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both the business units, except for the period during

been identified by means of a double materiality

which API was under Chapter 11 (between August 12

process, the pillars of the Commitment to Life and

and December 4, 2024).

Natura’s strategic vision of regeneration. We are

also reporting our actions as they align with the Ten

We follow the most widely used international guidelines

Principles of the United Nations Global Compact

for the publication of economic and sustainability

and the Sustainable Development Goals (SDGs). Our

performance: Integrated Reporting (principles of the

board members and executives are responsible for

IFRS Foundation), the standards established by the

defining the guidelines and approving the report’s

Global Reporting Initiative (GRI) and the Sustainability

content and structure. GRI 2-14

Accounting Standards Board (SASB), as well as

the frameworks set forth by the Task Force on

This report has received external assurance from

Climate-related Financial Disclosures (TCFD)

the auditing firm KPMG. The assurance confirms

and the Taskforce on Nature-related Financial

the adherence of the material to the principles

Disclosures (TNFD).

of Integrated Reporting published by the IFRS

Foundation, the GRI Standards and the SASB content

The highly detailed publication of our reporting process

and norms, according to the ISAE 3000 standard,

is enabled by a wide range of multimedia resources and

as well as Technical Pronouncement 09 of the

databases, including a Results Center, ESG Scorecard

Accounting Pronouncements Committee (CPC),

and a databook containing indicators relating to

and Resolution 14/2020 of the Brazilian Securities

Natura &Co Latin America, as well as the Natura &Co

Commission (CVM).

Sustainability Compendium, the financial statements,

and other documents concerning materiality and risks

Access all informational resources

(see the table on the next page).

associated with the Integrated Report.

The content of the Integrated Report was defined

please write to institucional@natura.net.

with the business’ key-themes in mind, these having

For clarification on any doubts,

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The report covers the period between January
1 and December 31, 2024

Resources and databases*

•
•
•
•
•
•

•

Integrated Report (this document)
Latin America ESG Scorecard
Latin America Databook
Reference Form
Booklet of risks
Natura &Co Holding Company Sustainability Compendium (publication expected
in May, 2025)
Natura &Co Holding Company Management Report and Financial Statements

* Other documents can be found at our Results Center
on the Investor Relations website. GRI 2-29

Scope and reach:

economic-financial data

Natura &Co Holding Company and its business units:
•
•

Natura &Co Latin America
Avon International*

* Except for the Chapter 11 period (August 12 to December 4, 2024).

Scope and cover:
sustainability

indicators*
* Exceptions detailed in the footnotes.

•
•
•

Natura &Co Holding
Natura &Co Latin America
Avon International

Financial reporting standards

and regulations

•

IFRS Accounting Standards and accounting standards adopted in Brazil

Standards, guidelines and ref-

erences for the non-financial

reporting

•
•
•
•
•
•
•
•
•

Global Reporting Initiative (GRI) Standards
SASB Standards (IFRS)
Integrated Reporting Guidelines (IFRS)
Task Force on Climate-related Financial Disclosures (TCFD)
Taskforce on Nature-related Financial Disclosures (TNFD)
Sustainable Development Goals ( SDGs)
Principles of the United Nations’ (UN) Global Compact
CDP Climate, Forest and Water
Corporate Sustainability Index (ISE/B3)

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Materiality
GRI 3-1, 3-2

The list of topics that are of greatest relevance to

process, thus ensuring that any and all risks and

Natura &Co, in environmental, social, governance

opportunities associated with the material topics are

and business terms, was last updated in 2022; we

monitored and managed in a way that is properly

recognize the need for constant updating and, due

structured. This process strengthens the company’s

to the organizational restructuring that is under

resilience and boosts positive impacts.

way, we will be performing our next update very

soon, in order to include them in the materiality

Our evaluation of the materiality is based upon

matrix. We perform a double materiality

quantitative studies - internal, in-depth interviews

evaluation, covering both the environmental and

with the sustainability managers from each business

social impacts of our activities on the economy,

unit, an online survey with 590 respondents including

the environment, and people (including their

internal and external stakeholders (Employees,

human rights), and the implications of the

Consultants, Consumers, Suppliers, NGOs, Investors,

environmental and social aspects for the

Academics, Companies), as well as in-depth

operational success, financial performance,

interviews during the approval phase. As benchmarks

and general values of the company.

for the construction of the matrix, we also used

external frameworks, ratings and rankings, as well as

We consider this process to be fundamental to our

the materiality analyses of our competitors.

ability to produce periodically updated analyses

regarding the Company’s priority agendas, as well

The process resulted in the establishment of five

as to test the relevance of the issues covered in the

material topics, which include the stakeholders’

Commitment to Life in relation to the needs of our

level of interest, and the potential impact on

principal stakeholders.

the businesses, each of which is in line with the

Natura &Co has implemented the materiality

Commitment to Life and the global sustainable

analysis into its Enterprise Risk Management (ERM)

development agendas.

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Natura &Co material topics
GRI 3-2

Material
topics

Specific
topics

Description

ENGAGEMENT IN
THE VALUE CHAIN

Circularity

Distribution of
value

increase sustainability in the product
design, promote sustainable supply,
manage water resources, reduce the
use of disposable plastics, and boost
innovation.

Generate a positive impact on the
community, foster diversity and
inclusion, and prioritize employee
health and wellbeing.

SOCIO-
ENVIRONMENTAL
IMPACT

Regeneration
of nature

Address biodiversity, promote
regeneration, and combat
deforestation.

Social
regeneration

Defend human rights and combat
social inequality.

SYSTEMIC
CHANGE

Climate
action

achieve carbon neutrality by 2050
and reducing our absolute emissions
by 42% by 2030, in compliance with
the 1.5°C scenario approved by
the Science Based Targets initiative
(STBi).

Details about the material topics

y
t
e
i
c
o
s
n
o
d
n
a
t
n
e
m
n
o
r
i
v
n
e
e
h
t
n
o
s
t
c
a
p
m

Impacts on the business

1. Poverty/Means of subsistence

10. Collaborators’ health and wellbeing

(including a decent wage)

11. Climate action

2. Managing waste and effluents

12. Circularity / packaging

(except packaging)

3. Impact on the community

4. Sustainable supply

(managing ingredients)

5. Diversity and inclusion

6. Biodiversity

(recycling and alternative sources)

13. Water management

14. Regeneration of nature/

Managing natural resources/Land use

15. Deforestation

(impact along the value chain)

7. Governance and responsibility

16. Ethics and integrity

8. Quality and safety of the products

(including bribery and anti-corruption)

(including management of recalls)

17. Design and life cycle of the product

9. Human Rights

(including the carbon footprint)

(internally and in the procurement chain)

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

A message
from the Founders

GRI 2-22

From left to right,

Guilherme Leal,
Luiz Seabra
and Pedro Passos

From left to right:
Roberto Marques, Duda Kertész,
Guilherme Leal, Luiz Seabra, Gilberto
Mifano, Pedro Passos,
Carla Schmitzberger and Bruno Rocha.

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“There is a constant and intimate contact

among the things that coexist and co-evolve

in the universe – a sharing of bonds and

messages that makes reality into a stupendous

network of interaction and communication.”

“Evolving our thinking and our consciousness

is a precondition of creating a better world,

and dialoguing on the issues that confront

us is a key to evolving our thinking and our

consciousness. Let the conversation began.”

Ervin László

philosopher of science, systems and integral theorist

In light of the disquieting realization that countries

and many organizations are relinquishing their

responsibilities relating to the environment

and saving the planet, as well as unavoidable

commitments to social causes, all of which coincides

with the dramatic worsening of these crises

throughout the world, it seems that a good place

to begin this message would be by recalling the

thoughts of Ervin László. And by suggesting greater

dialog, exchanges of experiences and unity between

companies, civil society and governments - initiatives

that are imperative to promoting joint and firm

actions to try to reverse the extremely threatening

scenario we are facing.

We feel that the world is experiencing a transition

that has arisen from a range of different crises, that

have still not been entirely overcome and have led

to an unclear situation, full of uncertainty, in which

democracy itself is being threatened. Meanwhile,

situations that until recently had been unthinkable

in democratic states governed by the rule of law,

such as questions over territorial sovereignty, have

appeared on the international stage. The pandemic,

the wars in Ukraine and Gaza, coinciding with

the digital revolution and its consequences, the

polarizations that are dividing societies and even

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

families, have created a chaotic scenario, which is in

the acquisition of Avon and The Body Shop were not

desperate need of reorder and regeneration.

minimal, requiring that we once again focus our

attention on our areas of greatest responsibility with

Regeneration is at the heart of this message and our

dedication and strategic discipline. The results have

company. We have maintained our now traditional focus

started to appear, notably in the growth of the Natura

on inclusion to transcend it and embrace the renewal

brand and the improved performance of Avon in Latin

and reaffirmation of our commitment to life and the

America.

restructuring of our business and the human relations we

create every day.

We are aware of our shareholders’ demands for

economic results following five years of difficulties

Our transformation into a regenerative business stems

in the history of Natura and we will never stop

from the understanding that humanity and nature nurture

striving for these results with the same diligence with

each other and form part of the same system. When our

which we strive, every day, to improve our ethical

relations are healthy, life becomes incisive and bountiful,

commitment to future generations. This is what unites

able to face and overcome the most varied of adversaries.

the Natura of the past, present and future.

This is essential to rebuild the ecosystems and restore

Even when faced with signs that the planet is under

dialog, respect and empathy between people and peoples.

duress due to the breakdown of environmental, social

The corporate world is in no way removed from this logic,

and diplomatic limits, we believe we stand before a

since real riches are achieved through balance: the wealth

great opportunity. Future generations will look back

of the few at the cost of the poverty of others creates

and be able to see that this was the moment that

unhappiness and instability.

humanity decided, as a matter of choice rather than

We began 2024 in a strong financial situation, the result

they will see in our collective history the map that will

of simplifying and consolidating our business, a cycle that

guide them to the cure that the world needs in the

will come to a close in 2025 with the simplification of the

form of businesses that inspire and open up paths

Avon International operation. The difficulties involving

to a better world.

by chance, to take care of itself and the planet. And

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

A message from the
CEO of Natura &Co

GRI 2-22

Fábio Barbosa

For Natura &Co, 2024 represented the consolidation

of the movement towards simplification that we

began back in 2022, with the aim of focusing our

efforts on our strengths. This transformation has

allowed us to grow our business once again and

invest in increasing our ability to have a positive

socio-environmental impact.

In line with our values and our public commitment

to our shareholders and other stakeholders, we have

achieved extremely impressive results for Natura,

and advanced in the process of revitalizing Avon

International, through the prioritization of markets

where the company was already present.

The Natura &Co strategy has been adjusted in light

of the specific needs of our business units, which

have achieved increasingly more management

autonomy. We have drastically simplified the

Holding Company’s organizational design,

strengthened our capital structure and sought

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to invest in projects with great potential for value c

renewal of e-commerce, and the entry into

reation, principally those focused on innovation, with

new marketplaces.

omnichannel capabilities and the ability to serve key

regions and markets.

As for Avon International, we have remained focused on

strengthening the brand, prioritizing our operations in

A return to the heart of the business is what is driving

strategic markets, improving the integration of processes,

us during this new phase in the Company's history:

nurturing the organizational culture, and finding ways to

strengthening our differentials and investing in the

reconnect with the consumers. It should be mentioned that

innovation of products and channels, in order to connect

the Chapter 11 proceedings, which ended in December 2024,

with the consumers in who have different needs, providing

resolved the issues with creditors of the Avon Products Inc.

solutions that can be found in the attributes of each of our

non-operational unit in the United States, opening up new

brands. Taking advantage of this moment means making

avenues for Avon International.

difficult decisions, but decisions that are necessary for us to

be able to remain prepared to achieve consistent results.

Whilst transforming the business, we not only achieved

targets contained in our Commitment to Life, but also made

The business indicators from 2024 suggest that we are on

many of them even more ambitious. The Commitment to

the right path. The simplification strategy has paved the

Life is a platform that mobilizes the business around the

way for Latin America to once again invest in innovation

public targets concerning climate action, biodiversity, human

and marketing and drive the continued growth of Natura

rights, social development, circularity and regeneration.

(which has been beating all sorts of performance records

In 2024, we celebrated a number of important milestones:

in Brazil), whilst also strengthening the foundations of Avon.

Natura celebrated its 55th anniversary and a whole decade

The consolidation of the so-called 'Wave Two’, providing the

as a B Corporation. Furthermore, our Ecopark, in Benevides

foundation for the integration of the brands in the region,

(PA), also celebrated its 10th anniversary of existence in the

was a determining factor in the achievement of these

heart of the Amazon region, acting as our main geographical

results. Also in Latin America, we took important steps

axis for positive impact, and combining our industrial

forward in our omnichannel capabilities, the expansion of

operations with innovation and partnerships with the

physical retail, digitization of the Beauty Consultancy, the

supplier communities.

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

Over the course of the year, we published the Natura

What we have learned from our experience as a

Climate Transition Plan, which outlines how we will

global group, over the last few years, has reinforced

be advancing in the decarbonization of the business

the importance of a better understanding the

and operating in relation to the risks and opportunities

markets in which we wish to operate and remain

associated with climate change throughout the production

as leaders. Natura’s excellent results, principally

chain. We also recorded gains in our impact indicators,

in Brazil, attest to the sound strategy adopted in

such as Integrated Profit and Loss (IP&L) and the Beauty

recent years, and we have continued to explore its

Consultants’ HDI. In 2024, Avon International was awarded

potential to attain even greater value. We began

The Leaping Bunny seal by Cruelty Free International,

2025 confident of the solid base upon which our

reaffirming our commitment to fighting against testing

strategic premises and current projects are built,

on animals in the cosmetics industry. These achievements

even in the face of a volatile geopolitical and

reflect the genuine way in which the Company cares for

macroeconomic scenario.

its relationships - a feature that has always run through the

Natura and Avon histories, and is being reaffirmed at this

We have the security and privilege to be able to

moment of significant change at the Holding Company.

rely on teams that are engaged and experienced,

as well as on a powerful network of Beauty

In response to the global uncertainties concerning

Consultants and Representatives, suppliers,

the direction of the ESG (environmental, social and

communities and consumers. The resilience of

governance) agenda, we must once again restate that

our business arises not only from the principles

this is not the time to step away. At the beginning of

and values that we have reaffirmed, but also from

2025, we publicly stated our position on this matter, by

strength that supports us and which contributes

declaring that the appreciation for life and the relations

every day to breathe life and meaning into our

that support it is what guides all of our strategic

purpose of nurturing beauty and relations for a

decisions. We continue to believe that the world needs

better way of living and doing business. To each

more businesses that can have a positive, measurable

one of the people who form part of this effort to

impact and balance the relations between people,

increase and improve wellbeing through beauty

ecosystems and the market, through innovation,

and the nurturing of relations, I would like to

collaboration and the regenerative economy.

extend a heartfelt thank you. Now let’s go!

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

2024 highlights

ESG highlights

We have reduced absolute emissions in Scopes 1
and 2 by 43%, meaning we have already achieved the
2030 medium-term target endorsed by the SBTi (-42%).

We launched the first sustainability-linked bond focused
on biodiversity, raising BRL 1.3 billion for Natura’s sustainable
use of bioactives in the Amazon region.

We commemorated ten years as a ‘B Corporation’,
with recertification of both the brand and Natura &Co.

We founded the Regenerative Alliance, engaging
100 companies from across the value chain in actions

of regeneration.

Cruelty Free International awarded all Avon’s toiletries and
beauty products ‘The Leaping Bunny’ seal. Natura has held
this certification since 2018..

We became ambassadors for the Living Wage Movement,
developed by the UN in Brazil, and we have achieved

Decent Wages for all our employees.

We published our Climate Transition Plan,
containing guidelines and concrete actions for

decarbonization of the business..

We activated the Natura &Co Latin America Calamity
Committee to support the victims of climate emergencies in
Brazil, reinforcing our commitment to Climate Justice.

We expanded our relationship to 46 socio-biodiversity
communities, thereby achieving our 2030 target earlier than
expected, and strengthening the sustainable chains and

socioeconomic development.

IP&L: for every BRL 1.00 of revenue, the Natura businesses,
including those operations forming part of Avon in Latin

America, a positive social environmental impact is generated

in the sum of BRL 2.50.

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Financial highlights

R$ 24.1 billion

Net revenue

R$ 2.9 billion

Recurring Ebitda

R$ 2.4 billion

Net debt
(excluding leasing)

The Avon International business unit was accounted as a Discontinued Operation
from January 1 to August 12, 2024, and as a continued operation from December 4
to 31, 2024; between August and December, it was excluded from the Natura &Co
results. Find out more on page 2.

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About us
GRI 2-6

We are Natura &Co, a group guided by objectives

that unite the Natura and Avon brands, engaging

clients by means of 4.8 million Beauty Consultants

and Representatives,, more than one thousand

stores and more than 19,000 employees.

We have two business units: Natura &Co Latin America,

which is responsible for the global management of

Natura and the activities of Avon in Latin America, and

Avon International, which manages the brand in Asia,

Europe, Oceana and Africa.

We believe that large corporations make a difference

in the world when they use their assets, knowledge

and relations to find better ways of living and doing

business. We aim to achieve this through the strength

of our brands , and their ability to cooperate,

co-create and share knowledge for the innovation

and development of regenerative solutions that

address the challenges faced by the planet.

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Purpose
To nurture beauty and relationships
for a better way of living and doing
business.

Ambition
We will dare to innovate to promote
positive economic, social, and
environmental impacts.

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Our brands

GRI 2-6

Founded in 1969, Natura is the leading brand in cosmetics,

Founded in 1886, Avon merged with Natura &Co in 2020,

personal care, and direct sales in Brazil. Recognized for its

bringing with it a legacy that has been fundamental to

sustainable business model, the company has worked in the

the development of the direct sales model internationally.

Amazon Rainforest for more than 20 years, helping to conserve

Avon believes that a better world for women is a better

2.2 million hectares and generating benefits for more than 10,500

world for all. It is a beauty brand for women that

families. Having been carbon neutral since 2007, and well on the

embraces the power of women, inspires their belief and

way towards being Net Zero, Natura creates products that are

offers opportunities for them to achieve their potential.

free from cruelty to animals and 95% vegan. Millions of Beauty

Millions of independent women all over the world sell the

Consultants spread the philosophy of Well-Being-Well across

brand’s iconic product lines in the makeup, hair, perfume

seven countries in Latin America. In 2024, we celebrated our 10th

and Home & Style segments, helping to create a better

anniversary as a certified B Corp. The Ekos line is certified by the

future for all.

Union for Ethical BioTrade (UEBT), and Natura’s Brazil nut line

received the Regenerative UEBT certification in 2024.

Find out more at www.avonworlwide.com

Find out more at www.natura.com.br

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Global presence

GRI 2-1, 2-6

4.8 million Beauty
Consultants and
Representatives

More than 19,000
employees in 68 countries

1,156 stores

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Capitals Accessed

Natural
• Natural resources (energy, water and

biodiversity assets)

Financial
•

Shareholder and investor funds to provide
support for execution of the strategy

• Credit and financing
• US$ 1 billion raised in sustainability-linked

securities

• BRL 1.3 billion was raised by means of a new bond,
exclusively connected to the sustainable use of
bioactives sourced from the Amazon region

Social
• Relationships oriented towards value
creation with the Beauty Consultants
• Partnerships with socio-biodiversity

agro-extractivist communities and other
service providers and raw materials suppliers

• Connections with the consumers of

our brands

Manufactured
• Product manufacturing and distribution

centers

• Physical stores, e-commerce
operations and social selling

Human
•
• 4.8 million Beauty Consultants and

19,000 employees

•

Representatives
Social-biodiversity agro-extractivist
communities

• Attributes and values in our
organizational culture

Intellectual
• Open innovation ecosystem
• Patents and new products
• Traditional knowledge and knowledge
generated in our relations with social
biodiversity agro-extractivist communities

Business Model

Our deliveries
and solutions

Beauty and well-being products
in diverse categories

Business networks for
Beauty Consultants

Multichannel commercial model

Commitment
to Life

Read all about our goals here.

Value generated
and impacts

Society and the Environment: We seek
to promote sustainability with an agenda
that prioritizes climate transition, whilst
protecting the Amazon and a circular and
regenerative economy. We act in defense of
human rights, education and causes related
to women and girls.

Investors: Financial return linked with
business results.

End consumers: Omnichannel strategies
for unique shopping experiences, in
accordance with each consumer’s
preference.

Employees: We support the well being of
our employees through salary equity, fair
remuneration and ample diversity.

Beauty Consultants: We strengthen an
ecosystem that drives enterprise, income
generation, and financial independence,
thereby improving the quality of life of
millions of people, principally women.

Supplier and relationship communities:
We support income generation by means
of fair trade with cooperatives and small
producers, promoting conservation and
local development.

Suppliers: We support sustainable
development in the our supply chain,
focused on human rights, innovation
and traceability, to create social and
environmental value.

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Natura &Co Latin America

Avon International

Natura &Co
Strategic

Directives
in 2024

• Greater operational

and commercial

autonomy for the

business units

• Regenerative business model strategy

• Consolidation of the Wave Two

initiative in those markets that have

already been integrated (Brazil, Chile,

• Simplification of the

Colombia and Peru) and preparation

Holding Company

structure

for implementation of the project in

Mexico and Argentina

• Strengthening of the

capital structure

• A focus on projects

that create value

• Launch of the Natura brand

in Ecuador

• Evolution of the omnichannel

strategy, through prioritization

of the strategic markets, combining

Sales through Relationships with

the retail sector, marketplaces

and digital channels

• Recovery of results with the

renewal of the cycle of innovation

• Continuity of the profitability

strategy, thereby minimizing

the outflow of cash in the short-

term.

• Omnichannel acceleration,

through prioritization of the

strategic markets, with a focus on

digitization, strategic presence

in retail, and a focus on the

consumer experience

• Brand Building

• Simplification, technological

transformation and

strengthening of our culture

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Strategy

Natura’s Regeneration Strategy and the Commitment

to Life, an important gauge of the public targets that

are to be achieved by 2030, representing a definite

In 2024, Natura &Co recorded advances in its

move towards the establishment of a regenerative

restructuring and simplification process, which

business.

began in mid-2022, and which continues to

be an important driver for short-term value

As such, we ensure value creation for the shareholders

creation. Our priority in 2024 was to reinforce

and for everyone else with whom we have a

the Company's capital structure and invest in

relationship, anchored in key-indicators concerning

transformation projects at our business units.

impact and relations guided by respect for nature,

ecosystems, people and human rights (read more

By looking to the future, we are continuing to

about the involvement of the management in ESG

concentrate on our strategic priorities: the

matters in the Corporate Governance chapter pg. 29).

recovery of margins, the creation and conversion

of cash, and greater autonomy of the business

units. This approach has allowed us to increase

Strategic priorities
1) Greater operational and commercial

investments to drive sustainable growth, with

autonomy for the business units

a solid and diversified omnichannel strategy,

Our business units were focused on the expansion

innovations focused on consumers, and strong

of the Ebitda margin and the recovery of cash

brands that are recognized by everyone.

generation, with plans centered on the challenges,

necessary investments and projects for the

The Natura &Co Board of Directors is responsible

transformation of each individual operation. The

for development of strategic planning, which is

Holding Company took on the role of defining

then deployed at the Natura &Co Latin America

the business guidelines and objectives, which

business unit and Avon International business unit.

took the shape of proprietary planning developed

In line with our purpose and ambition, the

by Natura &Co Latin America - which, in 2024,

business plan is implemented together with

revisited its strategy and vision based upon the

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

concept of Regeneration during 2024, and by

International, we continued to focus on the strategy

Avon International which remains committed to

of prioritizing strategic markets, modernization of

the strategy of seeking greater profitability in the

the Relationship Selling model, the centrality of the

regions in which it operates.

consumers, an omnichannel vision, strengthening

of the brand, and technological and operational

2) Simplification of the Holding Company

transformation.

structure:

We have continued with the restructuring of the

4) A focus on projects that create value

functions to further reduce the involvement of the

Innovation, digitization of the commercial relations,

Holding Company in the day-to-day operations

and actions focused on the omnichannel journey were

of the business units. In 2024, with this in mind,

amongst the Company's investment priorities, with

we reduced corporate expenses by 25.6%. We

the focus being on projects capable of unlocking value

also concluded the cancellation of the company’s

generation and enabling renewed growth. In Latin

registration with the United States Securities and

America, we experienced a record year in relation to

Exchange Commission (SEC), which the Board of

the allocation of capital tied to the Wave Two initiative,

Directors approved in 2024, whilst we continued to

moving forward with the combination of the Natura

trade NTCO3 shares on the Brazilian market.

and Avon businesses in the region, allowing us to

achieve the best results which were observed in Brazil,

3) Strengthening of the capital structure

Chile, Peru and Colombia, with an impact on the

The recovery of margins, the focus on cash

quality of deliveries, the satisfaction of consumers and

generation, and the efforts made to strengthen our

Beauty Consultants, and the efficiency of the product

brands in terms of market share and performance

allocation processes. The process will be implemented

remain priorities for the business units. The

in Mexico and Argentina in 2025. At Avon International,

resumption of the growth journey in Latin America

our revitalization plan has continued apace, with

was driven by the strong performance of the

the teams dedicating themselves to investing in the

Natura brand in Brazil, with positive trends being

regeneration of the brand in key markets, whilst

noted in the Hispanic countries, as well. At Avon

focusing on the regions with greatest potential.

24
24

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

Avon Products Inc. - Chapter 11

In the United States (a market where we have not

pursued commercial activities since 2016), the Chapter

11 process pursued by Avon Products Inc. (“API”), a

non-operational holding company of the Avon Group,

was approved in 2024, with the aim of restructuring

the company’s operations and its creditor relations.

In December 2024, under the supervision and final

approval of the United States’ Justice Department, we

announced a global transaction agreement with API’s

Unsecured Debtors Committee and the purchase of the

brand’s operations outside the United States, by means

of a US$ 125 million supply of credit. Under the terms

of the agreement, we paid US$ 34 million to the estate

of the API debtors in cash, as well as the total sum

of the loans in the ‘DIP’ (debtor-in-possession) category

- US$ 43 million. Natura has also agreed to waive all the

secured and unsecured credits it had held against the

API debtors, except for the US$ 125 million used

as consideration for our purchase of the ex-United

States operations.

25
25

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

Financial performance
Financial performance

In 2024, Natura &Co recorded a total net revenue of R$ 24.1

billion, with Recurring Ebitda of R$ 2.9 billion and a Recurring

Ebitda margin of 12.2%. A significant portion of these results

arose from the exceptional performance of the Natura brand

in Latin America, associated with the benefits resulting from

the integration of the operations under the Wave Two plan. In

Brazil, for example Natura’s revenue increased by 21.1%.

Over the course of the year, the efforts made to simplify the

structure of the Holding Company led to a 25.6% reduction

in corporate expenses, in line with the strategy set forth by

our leaders. It should be mentioned that Avon International

was not continuously included in the Natura &Co financial

statements due to the Chapter 11 voluntary restructuring

process of Avon Products Inc. (API) in the United States.

The Avon International business unit was accounted as a

Discontinued Operation between January 1 and August 12,

2024. Afterwards, once the restructuring had been completed,

Avon International was reconsolidated as of December 4,

2024, and as a continued operation from December 4 to 31,

2024; between August and December, it was excluded from

the Natura &Co results.

Under the impact of this process, along with other factors, the

Group recorded a net loss of R$ 8.9 billion in 2024. Excluding

26
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Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

the non-cash and non-recurring effects totaling

Following the incorporation, the leadership of the

R$ 7.0 billion from API’s exclusion and other minor

Group will be concentrated in the Board of Directors

adjustments, the underlying net income was BRL

of Natura Cosméticos S.A., which will include the

524 million, compared to the pro-forma (ex API and

founders (Luiz Seabra, Guilherme Leal e Pedro

subsidiaries) R$ 1.135 billion in the same period during

Passos), Fábio Barbosa, Bruno Rocha, Duda Kertesz,

the previous year.

Gilberto Mifano, Alessandro Carlucci e João Paulo

Ferreira. Carla Schmitzberger will leave the Board

2025 Material Fact: new structure

following the incorporation.

On March 20, 2025, we announced that Natura &Co

Holding S.A. would be incorporated by its wholly

The Company is continuing to explore alternative

owned subsidiary, Natura Cosméticos S.A. The

strategies for Avon International, including a

principal objective of this incorporation is to align

potential sale. Implementation of the Avon

the governance with the focus on the Latin American

restructuring plan, led by its CEO Kristof Neirynck,

businesses, providing continuity to the simplification

is continuing.

strategy that began in 2022.

We also announced alterations to the executive

shareholders and capital market regulatory

leadership and the Board of Directors: Fábio Barbosa,

authorities, and are not reflected in the governance

the current CEO of the Holding Company, is to leave

or corporate structure data in this report, which

his executive position and will be named Chairman

contains the 2024 organizational scenario.

These changes are still to be approved by the

of the Board of Directors of Natura Cosméticos S.A..

João Paulo Ferreira is to remain as CEO of Natura

Cosméticos S.A. and will become a member of the

Board of Directors. Silvia Vilas Boas will remain as CFO

of Natura Cosméticos S.A. but will also assume the role

of Chief Investor Relations Officer as of April 25, 2025.

FOR MORE INFORMATION
please refer to the Investor
Relations website

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

Board of
Directors

From left to right:
Fábio Barbosa, Duda Kertész,
Guilherme Leal, Luiz Seabra,
Gilberto Mifano, Pedro Passos,
Carla Schmitzberger
and Bruno Rocha.

28
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Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

Corporate
governance

GRI 2-9, 2-11

Natura &Co’s corporate governance plays a

fundamental role as a strategic foundation for the

ethical, transparent and responsible guidance of

the business, ensuring the alignment between

the interests of the different stakeholders and

the longevity of the organization. In 2024, the

management bodies remained focused on

establishing strategic directives for its business units

and the growth and transformation of the Company.

Despite the Annual and Extraordinary General

Meeting (AGO/E), the Company's main deliberative

and decision-making forum, having elected nine

members to the Board of Directors, there are

currently only eight members due to the resignation

of two elected members. The Board of Directors

has decided upon a replacement member for one

of the positions, reappointing the CEO of Natura

&Co, Fábio Colletti Barbosa, as one of the board

members. The Board of Directors is composed of

three co-chairpersons, elected from amongst the

29
29

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

board members, one of whom is also elected to the

The Board Members are elected for single, two year

position of Chairperson for Board meetings. These

mandates. Under this process, the General Meeting

positions are currently occupied by the founders of

is provided with a single list of candidates and the

Natura Cosmetics, who are members of the Company's

members are elected by means of a majority vote, or

controlling group and signatories to the shareholders'

a cumulative vote, if requested.

agreement. The other members of the Board are

independent, exceeding the percentage required by

The Company's governance structure continues

the regulations established by the B3’s ‘Novo Mercado’,

to be formed by a Board of Directors and a

except for Fábio Coletti Barbosa, due to his position as

Statutory Board which, together, are responsible

an executive at the Company.

for management. In 2024, the Products and

Brands Committee was added to the Advisory

Our Bylaws expressly establish that the positions of Co-

Committees, for a total of six organs offering their

chairperson of the Board of Directors and CEO cannot

specialist support to the Board of Directors. At the

be assumed by the same person, thereby ensuring a

AGO/E, the shareholders once again requested

clear separation between strategic supervision and

the establishment of the Fiscal Council, a power

executive functions. This structure reflects Natura’s

guaranteed by Brazilian legislation. The organ

commitment to independent and transparent

is currently composed of three members (two

governance, in order to ensure impartiality in strategic

nominated by the controlling shareholders and one

decisions.

by the minority shareholders) and their respective

substitutes. The Company can also rely upon the

The Natura &Co Board includes two non-executive/

support of the executives and CEOs of its two

independent members who hold four or fewer external

business units as well as the CEO of Natura &Co.

mandates in publicly held companies: Gilberto Mifano

and Carla Schmitzberger. There is no restriction

Amongst the most important legal and statutory

on the total number of board memberships that

responsibilities of the Board of Directors, and other

members can hold, since the Company does not

issues which it also handles, of special note in

limit the participation of the board members in other

2024 were the alterations made to its composition

companies.

30
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Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

following the O/EGM, the revision and approval of

The Company and its business units take into account

the strategic planning of Natura and Avon in Latin

environmental, social and economic criteria, as well

America, the financial support for Avon Products

as the impacts they generate, when taking decisions.

Inc. in its voluntary financial restructuring process

These criteria are also included when evaluating Arrow

in the United States, and the substitution of the firm

Right risks, impacts and opportunities connected to

responsible for the Company's independent audit.

sustainable development that affect all the stakeholders

In addition to this, the Board of Directors approved

- employees, partners, customers, suppliers,

the voluntary cancellation, through the SEC, of the

shareholders, investors, creditors and the communities

registration on the New York Stock Exchange (NYSE)

with which we have relations. GRI 2-12, 2-13

due to the fact that the majority of the transactions

of the Company's shares are conducted on the

We follow the market’s best governance practices,

B3 in Brazil.

as recommended by the Brazilian Code of Corporate

Governance (CBGC). In 2024, we were 96% in

These activities reflect the Board’s main

compliance with the principles of the CBGC, which

responsibilities, as outlined in article 20 of the

is published by the Brazilian Institute of Corporate

Company’s Bylaws. The Board is also responsible

Governance (IBGC).

for analyzing the effectiveness and execution of

the business plan, supervising the executive team,

The Commitment to Life and the long-term vision of

taking strategic decisions, such as those involving

the business units are the object of regular analysis

investments and divestments, guaranteeing

and monitoring by the Board of Directors, with

integrity and ethics in the company’s operations,

support provided by the Sustainability Committee

and defining the objectives and guidelines for

and assurance through the internal processes, as

sustainable development. The Company also has a

is the creation of this Integrated Report, which

Risk Management Policy and the Natura &Co Global

is subject to the co-Presidents’ evaluation of its

Code of Conduct, which are both periodically revised

accuracy and alignment with the Company’s

and approved by the Board of Directors.

purpose, culture and strategic projects.

GRI 2-13

GRI 2-12, 2-14, 2-17

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

In relation to this area, the Board of Directors is

regarding issues associated with sustainability

also responsible for supervising the inclusion of the

and the achievement of the objectives established

organization’s policy commitments. To achieve this, it

in the Commitment to Life, which the Company

delegates responsibilities by defining and continually

undertook in 2020. Over the course of the year, the

monitoring clear targets and commitments,

Committee held four meetings with the results and

encouraging collaboration and team work,

recommendations being reported to the Board of

recognizing performance, and conducting periodic

Directors, thereby ensuring effective supervision

reviews of the process. GRI 2-24

and the ongoing improvement of the processes

related to sustainable development. GRI 2-12

We have adopted a set of measures designed to

improve the Board of Directors’ understanding of

The Board of Directors also has the support of

issues related to sustainable development, including:

executive departments, especially the Sustainability

constant access to updated information, exchange

Board, to which it delegates functions in its efforts

of experiences between the members, constant

to control impacts related to social environmental

engagement of the leaders to promote sustainable

matters. The responsibilities delegated include the

practices; and continual education and training, thus

development and implementation of sustainability

providing frequent updates on global trends and best

strategies, the evaluation and monitoring of

practices. GRI 2-17

sustainability performance, the guaranteeing

of compliance with regulations and norms, the

In line with this approach, since October 2024,

integration of sustainability in the operations and

the Sustainability Committee has included the

processes, and engagement of the stakeholders.

participation of an external consultant who is

GRI 2-13

specialized in the analysis of social environmental

management processes; expert understandings form

a part of its decisions. The Committee is principally

responsible for monitoring the results and suggesting

adjustments, whenever necessary, to the strategies

pursued by the Company and its business units,

ACCESS
our 2024 Governance
Report here.

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

Highest governance bodies
GRI 2-9, 2-10

The composition of the boards, committees and Executive Board on

SUPERVISORY BOARD

Independent
members

December 31, 2024, as described here, is available on the Company's

Mandate of one year

Investor Relations website.

Supervisory
Board

Shareholders’
Meeting

Board of
Directors

BOARD OF DIRECTORS

Executive Board
Board

Members

Sustainability
Committee

People and
Organizational
Development
Committee

Strategic
Committee

Corporate
Governance
Committee

Audit
Committee,
Risk
Management
and Finance

Internal Audit

CEO
of the Group

CEO
Natura &Co
Latin
America

CEO of Avon
International

Group of
Executives

Independent members
Eight self-declared white

4
50%

independent

25%

women

87.5%

aged over 50

Two year mandate

with the possibility of reelection
(50% of the members have
participated for more than three
years)

STATUTORY BOARD

Members

Three year mandate
with the possibility of
reelection

Advisory Committees
(Consultative)

• Audit, Risk and Financial Management (eight

ordinary meetings and four extraordinary
meetings; three members, all independent; two
sub-committees holding 12 meetings)

•

Strategic (four ordinary meetings and one extraordinary
meeting; three members, two of whom are
independent)

• Corporate Governance (five ordinary meetings and no

• Products and Brands (two ordinary
meetings and no extraordinary
meetings; four members, one of whom
is independent)

• Personnel and Organizational Development (six

ordinary meetings and no extraordinary meetings;
three members, two of whom are independent)

•

extraordinary meetings; three members, none of whom
are independent)
Sustainability (four ordinary meetings and no
extraordinary meetings; five members, one of whom is
independent)

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

Nomination and selection
to the Board of Directors
GRI 2-10

The relaxing of the criteria, although not usual, was

conducted transparently and within the scope of the

internal regulations, ensuring the effective continuity

The process for nomination and selection of members

of governance, whilst preserving the integrity and

of the Board of Directors and its committees is guided

stability of the strategic operations.

by the Bylaws and by the Administrator Nomination

Policy. The process is supervised by the Corporate

Governance Committee, which is responsible for

ensuring that the nominations are in line with the

organizational guidelines.

Remuneration of the
Board of Directors
GRI 2-19, 2-20

The annual remuneration of the Board of Directors

consists of one fixed quota, including additional,

The selection criteria include the involvement of

pre-established sums depending upon participation

stakeholders and analysis of the candidates’ relevant

or leadership of advisory committees, and one

skills and experience, ensuring that the members

variable quota, based upon actions, aligning the

indicated are suitable to supervise the company’s

Board of Directors’ business strategy with the

economic, social and environmental impacts.

Company's long-term success and the value creation

for the interested parties.

In exceptional cases, such as when a new member

was elected in July 2024, the process can be relaxed.

The stakeholders and members of the Board of

This indication occurred after two of the members

Directors are consulted on remuneration-related

had resigned, following the General Assembly

policies, to ensure that they meet the expectations

held on April 26, 2024. Given the need for an

and needs of all those involved. Furthermore, the

immediate replacement, the Board prioritized the

General Shareholders’ Meeting supervises the process

recommendation to nominate the CEO of Natura &Co,

for definition of the administrators’ remunerations.

who had previous experience on the Board and could

immediately assume the role.

The remuneration also takes into account our

commitment to equality, and we make full use of

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

studies developed in partnership with a consulting

firm specializing in human resources.

Natura performs periodic evaluations of the Board of

Directors and its advisory committees, in accordance

with the terms of the Regulations of the Novo Mercado

(New Market). The process includes an annual self-

evaluation of these bodies, the Corporate Governance

Officer, and the Corporate Governance system.

The methodology involves individual interviews with

the Board Members, consolidation of the conclusion

and suggestions obtained, analysis of this information

by the Corporate Governance Committee, and,

finally, a presentation to the Board of Directors. Based

upon these analyses, the Board can continue with the

positive points or implement improvements in line

with the suggestions made. The evaluation does not

include individual analyses of the Board Members or

the committees.

FIND OUT MORE
about our performance evaluation
practices, the selection criteria, the
qualifications required and the profiles
of our executives and board members
on our Investor Relations website.

35
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Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

Ethics and compliance

GRI 3-3

The Ethics and Compliance team is made up

of 19 individuals working specifically in this area. The

team is headed by the Deputy Compliance Officer, who,

in turn, reports to the Chief Legal & Compliance Officer

to monitor the effectiveness of the Compliance Program

and compliance with the Anti-corruption Policy.

Our commitments to the Stakeholders and the

unrestricted compliance with the legislation in effect

in the regions where we operate are reflected in the

Company's Global Code of Conduct. This publication,

which was revised in 2024, guides the standards of

behavior that are expected of our employees and

members of the Board of Directors and is structured in

the form of four commitments:

• To our people: our approach to the themes of

diversity, equity and inclusion; health and safety

at work; and anti-discrimination, harassment and

violence.

• To the communities: this guides our work with the

Beauty Consultants, representatives, distributors and

franchisees, as well as our customers and suppliers.

It also addresses philanthropic contributions and the

prohibition of any donation of a political-party or

electoral nature. GRI 415-1

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Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

• To the planet: this concerns how the Company

manages the environment in its operations and

those policies that are critical to the value chain.

• To operating responsibly: reinforce our ethical

Evaluation of risks of compliance
and due diligence relating to
suppliers GRI 205-1
Natura &Co undertakes an annual evaluation of

standards in the preservation of Natura &Co’s assets;

the risks involved in all of its operations, analyzing

standardize the themes of conflicts of interest,

matters concerning corruption, money laundering,

tackling corruption and money laundering, anti-trust

competition, data privacy, and commercial penalties.

and fair competition, the regularity of the accounting

In 2024, we evaluated four Latin American countries -

books and records, commercial penalties, data

Brazil, Chile, Colombia and Peru - and three markets in

privacy and protection, security of information, and

which Avon International operates - Romania, South

external communications.

Africa and Kazakhstan.

5
2
0
2

The only Brazilian
company to be
recognized by a
program concerning
exceptional
compliance and
a commitment to
perform ethical
business.

A specific set of policies and internal protocols

All the suppliers undergo a process of reputational and

complement the Code of Conduct and these are revised

anti-corruption due diligence, both as part of the initial

on an annual basis. The implementation of the Code

selection and once every two years, for those with

of Conduct is supported by periodic evaluations of risk,

current contracts. Following approval, these suppliers

continuous monitoring, training sessions and internal

must adhere to the Suppliers’ Code of Conduct, the

communications, as well as a stringent due diligence

Privacy Statement, and the Responsible Procurement

process.

Guidelines. Depending upon the type of relationship

with the supplier, they should also adhere to the Critical

We regularly report critical concerns to the highest

Materials Policies.

governing body by means of reports, meetings, audits

and updates by the senior management. In 2024,

Those suppliers considered to be “critical” also receive

five environmental, social, economic and strategic

continual support and training. In 2024, as part of this

topics were discussed by the Executive Committee

process, 798 Natura &Co Latin America suppliers and

once a fortnight.

570 Avon International suppliers were evaluated.

This is the fifth
time that Natura
has received this
seal, awarded
by a partnership
between the Federal
Comptroller General
and the Ethos Institute
in recognition of
programs of excellence
in integrity and
the fight against
corruption in Brazil.

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

Training and engagement
GRI 2-24, 205-2

Each year, the Ethics and Compliance, Culture, and

Complaint hotlines and
investigation processes
GRI 2-16, 2-25, 2-26, 205-1, 406-1

Internal Communication teams draw up a Training

We promote an organizational culture that

and Communication Plan. These actions involve all the

encourages the safe and accessible communication

hierarchical levels within the Company, including the

of issues related to ethics and compliance. Our

Board of Directors, and begin as soon as new employees

Ethics and Compliance Program provides complaint

join the Company, with recycling programs and training

hotlines for our employees and other stakeholders to

sessions that take into consideration the specific

raise any concerns they may have, settle doubts, or

characteristics of the jobs performed.

report suspected violations of Natura &Co’s Code of

Conduct or the law.

In 2024, 4,326 employees of Avon International and 12,873

of Natura &Co Latin America successfully completed

The Natura &Co Ethics Hotline is the reporting

the Code of Conduct certification process. Compliance

channel the company offers and is available to all

Weeks were conducted as a means of promoting ethical

our stakeholders. Operated by an independent

behavior, in Brazil, the United Kingdom, Turkey, Italy,

third party, it ensures anonymity and is accessible

South Africa, Malaysia and Morocco. Brazil also has a

by means of an online form or a free telephone call

Compliance Ambassadors Program, designed to help

conducted in the official languages of the countries

spread the culture of ethics.

in which we have operations. The Ethics and

Compliance team reviews all the accusations and

Other training sessions include those focused on the

questions received by the Ethics Hotline, which is also

Anti-corruption Policy, Respect in the Workplace,

monitored by the Board of Directors. Retaliations

Data Privacy, ethical dilemmas related to our Code of

against the accusers are not tolerated. All proven

Conduct, the policies it references, and commercial

violations of the Code of Conduct result in the

penalties. The Emana Pay teams also receive training

creation of an internal remediation committee, which

on the prevention of money laundering, interactions

is responsible for defining the disciplinary measures

with government officials and regulations relating to Pix

and preventive actions.

instant cash transactions.

In 2024,
100% of Avon
International’s
target users and
88% of Natura &Co
Latin America’s
employees
successfully
completed the
Code of Conduct
certification
process.

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

99% of the
employees at
coordinator
level or above
received
training on our
Anti-corruption
Policy.

In 2024, Natura received 538 accusations and 141

conflict of interest disclosure forms. Twenty-eight

Conflict of interests
GRI 2-15, 2-23

of the reports were resolved with remediation

The Conflict of Interests Policy aims to prevent and

measures. Seven cases considered to be critical

mitigate any potential conflicts, be they real or

were also reported in Brazil. Four of them were

apparent, between the interests of the conflict of

closed following the decision that they lacked

interest and its employees. This issue is also

grounds and three remain under investigation,

addressed in the Global Code of Conduct.

with outside specialists having been contracted to

investigate and make recommendations regarding

We conduct internal training, including annual sessions

the risks and fragility of the processes. At Avon

on the Code of Conduct, as a means of raising our

International, 117 accusations were received as

employees’ awareness of the importance of preventing

well as 30 conflict of interest disclosure forms.

and declaring any potential conflicts of interest.

Five critical concerns were reported, covering

We analyze the self-declarations and implement

environmental, social, human rights, economic and

remediation plans within 45 days of their receipt.

strategic sustainability matters

Should any conflicts be identified, mitigation measures

are adopted, with the cases being duly registered

The effectiveness of our complaint hotlines is

on a specific platform.

evaluated by means of an annual survey which

also gauges the perception of our employees

For those cases that involve related-party

concerning ethical leadership. Under the terms

transactions, there is a separate and specific policy,

of the Natura &Co Whistleblower Policy, the

which is available on the Company's website.

cases considered to be critical are regularly

It lays the foundations for an evaluation of the

communicated to the highest governing body.

transaction by a Working Group made up of the

Legal, Compliance, Risks and Internal Controls,

and Controller departments. This norm includes

the demands set forth by the Brazilian Securities

Commission and the B3’s Novo Mercado segment,

in Brazil, where the Company's shares are listed.

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

Corporate risk
management

We take an integrated approach to our corporate risks,

focusing our efforts on minimizing the Company's

exposure to economic-financial, operational, social,

environmental, and human rights factors, as well as

those resulting from climate change that are capable

of shifting our perspective on value creation and

performance regarding sustainability. Also in relation to

this, we have begun to look at the risks and impacts as

being connected to the business opportunities, in line

with good market practices and a systemic vision of our

operations, underpinned by our objectives, values and

commitments.

The management of corporate risks is aligned with

the multiple factors that could affect the business,

considering its capillarity, global presence and product

diversity, as well as the brands, services, relationships, and

social and environmental impacts. This area is overseen

at the operational executive level by the leaders of

Internal Controls, Risk Management and Internal Audit

senior management departments, who report directly

to the Audit, Risk Management and Finance Committee.

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Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

The aim is to ensure that the analyses and decisions

Audit, independently verifying the organization’s risk

concerning risk are conducted correctly, that no factors

management, control, and governance model.

go unnoticed in the business routines, and that the senior

management is duly informed and provided with the

The Risk Management Policy, which was revised and

proper foundations to be able to make decisions on the

approved by the Board of Directors in 2024, includes

matter. Specifically, the Board of Directors, the body that

guidelines, remits, classification responsibilities and

is the direct guardian of the Company's values, objectives

regulations, and analysis and mitigation of corporate

and management philosophy, is able to rely upon the

risks, and is applied to all of the markets where we have

Audit, Risk Management and Finance Committee in its

operations and relations. Each business unit has a Risk

decisions concerning risks and opportunities.

Management Procedure and, since 2023, we have also

The management approach
We have adopted a methodology that follows globally

To provide Natura &Co’s stakeholders with a clear and

recognized guidelines - specifically those established

objective understanding of the material risks, we have

by the Committee of Sponsoring Organizations of the

defined a scale of exposure which is adopted to provide

Treadway Commission (COSO), the Brazilian Institute

internal reports to the different management levels:

had a global Causes of Risk manual.

We have adopted
a risk management
methodology that
follows globally
recognized
guidelines -
specifically those
established by the
COSO, the IBGC,
and ISO Norm
31000.

Level of Exposure to Risk

Sharing and Monitoring Forum

of Corporate Governance (IBGC), and ISO Norm 31000.

We also follow the Three Line Model provided by The

Institute of Internal Auditors (IIA). The First Line of the

Model establishes the Enterprise Risk Management (ERM)

4. Severe

structure for operation of the business areas, including

subsidiary and affiliate companies, that are involved in

the risk decisions and the day-to-day management of the

topic, including the implementation of business strategies.

3. High

The Second Line (orientation) is composed of key-areas,

such as Management of Risks and Internal Controls,

2. Moderate

Board of Directors, senior
management, and the Audit,
Risk Management and Finance
Committee

Audit, Risk Management and
Finance Committee, senior
management, and the Vice-
Presidencies responsible for the
Business Units

Executive Boards of the
business units

Compliance, Regulatory Aspects and Information

Security. The Third Line, meanwhile, involves the Internal

1. Low

Business units’ Executive Boards

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

Climate risk: approach,
governance and metrics
GRI 3-3, 201-2

1. Consumer behavior and preference: the

consumers’ preference for more sustainable

products with lower carbon emissions may

often be limited by issues related to price,

The perspective we have adopted in relation to risks and

aesthetics and functionality. To engage them

opportunities is aimed at evaluating how the Company

more broadly in decarbonization actions,

should be adapting itself to the new realities imposed

we need to work on continually improving

by climate change. This means understanding how the

our brand, marketing, and Research and

transition to a low-carbon economy, and the greater

Development strategies, thereby allowing us to

frequency of extreme events and climate changes,

communicate clearly, highlighting the value of

affects all aspects of the business, the chain of

more sustainable attributes and habits.

value and the stakeholders, especially our suppliers,

agro-extractivist communities, and Beauty Consultants

2. Regulations: the regulations on climate issues,

and Representatives. We have consolidated the actions

restrictions on the use of plastic, and reverse

that are to be developed that will allow us to adapt and

logistics in the countries and regions where we

become more resilient in our operations, whilst creating

operate are constantly evolving. The evolutions

protocols regarding disasters to be able to support our

related to the regulation and pricing of carbon

partner network.

can affect our production and distribution costs.

At the same time, the evolution achieved, or

The identification and evaluation of the risks and

planned, for our packaging could significantly

opportunities are performed in line with the

reduce our exposure to such risks.

recommendations set forth by the Task Force on

Climate-related Financial Disclosures (TCFD). In 2024,

3. Supply chain, inputs and biodiversity: extreme

we took great steps forward in the identification,

climate events can have an effect on our

evaluation and prioritization of 27 risks and

chains. The transition to low carbon can also

opportunities that are of most relevance in terms of

cause volatility in the supply of agriculture or

their potential financial and strategic impact. They

biodiversity-based inputs.

were grouped into seven areas.

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

4. Government and collaboration: the climate

7. Reputation and stakeholders’ expectations:

transition also depends upon national and

with climate change assuming an ever more

local governments to implement regulations

central role in both the political agenda

and infrastructure, such as carbon pricing and

and public consciousness, we hope that

restrictions on plastic materials, as well as create

companies will assume greater responsibility

bases upon which the energy transition can be

in their duty to society, requiring adaptation

accelerated.

actions and the provision of strategies for the

transition to low carbon.

READ ABOUT
this in more detail in the
Risk Management Booklet
and in the Reference Form.

5. Physical threats: climate change is influencing

the type, location, frequency and severity of

extreme events. These events could damage

our infrastructure and cause the operations to

be halted, leading to the need for adaptation

actions. They can also be damaging for the

suppliers, partners, customers and the regional

infrastructure.

6. Operational processes: decarbonizing the

operations requires Capex investments, and also

carries additional costs related to technology

and renewable fuels, which are subject to

increasingly greater competition. The physical

impact of climate change also creates risks for

the offices, factories and logistics centers. This

requires investments that will allow us to adapt in

order to ensure our operational continuity, and

safe and comfortable working conditions for the

employees.

SOME OF THE MOST
PRESSING RISKS:

• Cyber threats

• Tax burdens

• Climate change

(physical and

transition risks)

• Geopolitical and

macro-economic

conditions

• Lawsuits

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Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

Guidelines for analysis
of the climate scenario
GRI 3-3

In line with the recommendations of the TCFD, we consider

different future climate scenarios when evaluating their

potential impacts on our operations and, consequently,

the related risks and opportunities. There exist three

possibilities: ambitious, middling, and extreme heating.

As well as the intensity of the scenarios, we also

consider three time frames:

• Short-term: from one to three years, aligned

with the business planning cycles.

• Medium-term: four to ten years, in line with

our Commitment to Life.

• Long-term: 11 to 30 years, in alignment with our

commitment to decarbonize our businesses by 2050.

The qualitative analysis of the 27 risks and opportunities

identified, which was performed in 2024 and has

allowed us to group them into the seven categories, was

performed using the three scenarios of intensity and the

three different time frames. The data used are drawn

from the Intergovernmental Panel on Climate Change

(IPCC), the International Energy Agency (IEA), and the

Network for Greening the Financial System (NGFS).

Over the course of 2024, based upon the advances

made in relation to the TCFD (Task Force on Climate-

related Financial Disclosures), we improved the

calculation of the financial impacts of climate change

on our business, identifying the most important risks

and opportunities.

The potential financial impact of the physical risks of

climate change was analyzed from two angles: the

impact on productivity (revenue) resulting from the

interruption in operational continuity, and damages to

the assets and stock due to extreme weather events.

In addition to these, three impacts arising from the

transition to a low-carbon economy were evaluated:

new regulations for plastic packaging; changes in the

prices of critical materials; and carbon pricing and

changes in the prices of energy.

In 2025, Natura continued to improve its understanding

of the potential financial effects related to the climate

and to assess the opportunities that exist to integrate

these results and metrics into its financial planning,

reports and risk management processes. GRI 201-2

READ MORE
about this in the
Risk Management Booklet

In 2024, we
launched the
Natura &Co
Latin America
Climate
Transition
Plan, bringing
all our actions
together
into a single
platform
embracing
climate
governance
and resilience.

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

Commitment to Life

GRI 2-23, 2-24, 2-25, 3-3

Sustainability and regeneration are fundamental

concepts for the success of the execution of our

strategy. Since 2020, we have been publicly reporting

our progress and initiatives related to these themes by

means of our Commitment to Life structured within

three pillars: biodiversity and the climate; human

rights; and circularity and regeneration.

After having more closely analyzed Latin America’s

specific targets considering the region’s most urgent

needs, and reviewing Natura’s 2050 Vision (read more

on this in the chapter entitled Our Strategy for Latin

America p. 62), within a context of broad restructuring

for the region, we experienced a year of important

progress regarding the climate pillars, socioeconomic

impact and engagement of the value chain.

In the table on the following page, we provide a

consolidated report on our progress concerning the

targets, covering both those that are both general to

the Group and those that are specific to Natura &Co

Latin America.

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Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

Indicators with specific targets and deadlines for Latin America.

Commitment to Life - 2030

Sub-pillar

Indicators

Target

SDGs*

Achieve zero net emissions (Net Zero) in line
with the trajectory of 1.5° by 2030 and hitting
the science-based targets for scopes 1, 2
and 3.

2050 Latin
America

Natura &Co
2050

7, 9, 12, 13

Natura &Co Latin America -
2024

We hit the Scope 1 and 2 emissions target
established for 2030, as endorsed by the
SBTi (-43%), earlier than expected. We have
reduced the Scope 3 emissions through the
implementation of biomethane-powered trucks
(a reduction of more than 90% vs diesel trucks),
and achieved a 5 p.p. increase in the use of
recycled plastic (18.2%).

Natura &Co - 2024

Avon International has eliminated the
use of cellophane in the packaging
of fragrances, substituting it with
two simplified tickets, meaning an
estimated reduction of 13% in the
associated emissions.

Climate Transi-
tion

Reduce emissions from our own installations
(Scopes 1 and 2) by 90%.

2030 Latin
America

7, 9, 12, 13

-43%

Reduce the greenhouse gas emissions in
the value chain (Scope 3) by 42%, engaging
suppliers and consumers.

Continue offsetting 100% of Natura’s remaining emissions,
acquiring at least 50% of the carbon credits in projects
in the Amazon region, prioritizing agro-extractive
communities.

Contribute to the protection and/or
regeneration of three million hectares of Amazon
Rainforest (up from two million in 2020).

Extend our partnership to 45 agro-extractive communities
(up from 34 in 2020).

2030 Latin
America

7, 12, 13

-28%

12, 13, 15

46%

2, 6, 15

2.2 million hectares1

15, 17

45 communities

Contribute to the bioeconomy in the form of innovation,
reaching the figure of 55 bio-ingredients sourced from the
Amazon region’s socio-biodiversity (up from 39 in 2020).

2030 Latin
America

9, 15

46 ingredients

Protecting the
Amazon

Purchase four times as many raw materials from the
Amazon region’s socio-biodiversity (in relation to 2020).

Double the resources shared with
our communities (in relation to 2020)

2030 Latin
America

R$ 37.2 million

2, 15

R$ 48.51 million

Engage 20 million people per year in actions
connected to the Amazônia Viva cause.

2030 Latin
America

12, 13

Around 54 million interactions. The result refers to
the total engagement which adds together the
number of people reached and the interactions
with the communications and/or the actions
disseminated and which refer to the topic of the
Amazon region.

Indicators with specific targets and deadlines for Latin America.

1 Leasings relating to 2.16 million hectares. of conserved and/or regenerated land.
* United Nations Sustainable Development Goals (SDGs).

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

Commitment to Life - 2030

Sub-pillar

Indicators

Target

SDGs

Work to ensure that countries cooperate with each other
to establish standardized regulations for benefit-
sharing, directed principally to the traditional
peoples and communities.

2030 Latin
America

2, 15, 16, 17

Report our impacts and reliances in relation to
biodiversity by 2025, based on internationally
recognized standards.

2025 Latin
America

Natura &Co
2025

12, 15, 17

Ensure that 100% of our critical supply chains are
independently verified to be deforestation-free and native
vegetation conversion-free by 2025: for the direct sourcing
of palm, soy, paper and ethanol.

2025 Latin
America

12, 15

Protecting
Biodiversity

Natura &Co Latin America -
2024

At the COP16 conference, held in Cali,
Colombia, we worked on advocacy actions
together with the Amazon Cooperation
Treaty Organization (ACTO) and the
Brazilian Government, participating and
leading discussions with representatives
from Brazil, Colombia and Peru focused on
standardized legislation and digital sequence
information(DSI).

Using the methodology developed by
the Taskforce on Nature-related Financial
Disclosures methodology, we conducted a
comprehensive survey within Natura and
established 14 clear recommendations to be
able to strengthen our sustainability practices.
(more details on page 90)

Natura &Co - 2024

At Avon International, we performed
an initial evaluation to understand
our impacts and reliances on
biodiversity this work will continue
in 2025.

The methodology used to ensure that our raw-
materials are Deforestation and Conversion Free
(DCF) was established by means of a study of the
relationship between the different certification
regulations and fulfillment of the specific
requirements. A detailed table is to be included
in the critical raw materials policies, which will be
made available in the first half of 2025.

Ensure that 100% of our critical supply chains are free from
deforestation and conversion of native vegetation, with
independent inspection; by 2030: expand this to the direct
sourcing of palm, soy, paper and ethanol.

Our People

Guarantee that 50% of senior management positions are
occupied by women as of 2023.

Equitable pay: no unexplained gender pay gap
from 2023.

2030 Latin
America

Natura &Co
2030

2023 Latin
America

Natura &Co
2023

2023 Latin
America

Natura &Co
2023

12, 15

For Avon International, a plan to fight
deforestation in certain selected
chains is to be developed by the end
of 2025.

5, 10

51.5%

49.1%. Number affected momentarily
due to restructuring.

5, 8, 10

-0.6%. We kept the gap at zero.

- 0.7% We kept the gap at zero.

Indicators with specific targets and deadlines for Latin America.

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

Commitment to Life - 2030

Sub-pillar

Indicators

Target

SDGs

Natura &Co Latin America -
2024

Natura &Co - 2024

Equitable pay: no unexplained gender pay gap
since 2023.

2023 Latin
America

-0.11%. We have eliminated any gaps which do
not have justifiable reasons and which could
indicate salary inequalities due to race or ethnic
origin.

Our
People

Ensure that at least 30% of management positions
are occupied by people from under-represented groups
(Blacks and indigenous people, LGBTQIAP+, disabled
persons and others, depending upon the local context).

In Brazil: guarantee that 25% of management
positions are occupied by Black people as of 2025; and
30% as of 2030.

A decent living wage, or higher, for all
employees, as of 2023.

Increase the Consultants’ Human
Development Index by 10%.

Improve the social progress of the
agro-extractivist communities, generating a
measurable impact on decent income, health
and wellbeing, education and citizenship -
factors that are fundamental for gender and
racial equity.

2030 Latin
America

Natura &Co
2030

2025 Latin
America

2030 Latin
America

2023 Latin
America

Natura &Co
2030

2030 Latin
America

5, 10

Our Broader
Network:
Consultants and
Communities

Encourage and facilitate citizens’ participation
in our network, primarily in those causes
focused on the Amazon region, education,
female healthcare and violence against
women and girls.

2030 Latin
America

4, 12, 16

Promote human rights in the
agro- communities, including indigenous
and traditional peoples.

2030 Latin
America

8, 16

Indicators with specific targets and deadlines for Latin America.

15.2%.

13.3%.

15.8%.

8, 10

100%

Brazil: 0.653 (+3.3%).
Hispanic America: 0.619 (+8.9%).

We have improved the Community Social Progress
Index (IPS) as a means of monitoring our impact on
the communities, adjusting the methodology to
include all the regions in which Natura operates by
December 2025. (more details on page 97).

We engage the Beauty Consultants in social
environmental responsibility by means of actions
such as raising awareness of breast cancer, support
for those suffering domestic violence by means
of Ângela (the Natura Institute virtual assistant),
promotion of conscientious voting, Regional
Meetings and communications on the environment
and human rights. (more details on page 115).

Commitments and guidelines published in the
Biodiversity Policy (access the policy here). All of
Natura’s socio-biodiversity chains meet requirements
established by the UEBT (Union for Ethical Biotrade).

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

Commitment to Life - 2030

Sub-pillar

Indicators

Intolerance to-
wards the abuse
of Human Rights

Full certification for the critical supply chains
– Palm oil.

Full certification for the critical supply chains
– Mica.

Full certification for the critical supply chains
– Paper.

Full certification for the critical supply chains
– Ethanol.

Full certification for the critical supply chains
– Soy.

Full certification for the critical supply chains
– Cotton.

Intolerance
towards the
abuse of Human
Rights

Target

2025 Latin
America

Natura &Co
2025

2025 Latin
America

Natura &Co
2025

2025 Latin
America

Natura &Co
2025

2025 Latin
America

Natura &Co
2025

2025 Latin
America

Natura &Co
2025

2025 Latin
America

Natura &Co
2025

SDGs

Natura &Co Latin America - 2024 Natura &Co - 2024

8, 12, 16

94.1%.

94.2%.

8, 12, 16

96.6%.

8, 12, 16

98.8%.

8, 12, 16

85.6%.

8, 12, 16

97.7%.

97.9%.

81.0%.

75.1%.

97.6%.

8, 12, 16

99.7%.

99.9%.

Full traceability and/or certification for
the critical supply chains in Latin America
(including deforestation and land free from
conversion).

2030 Latin
America

8, 12, 16

In addition to the six critical supply chains
already mapped, we identified seven more:
carnaúba, candelila, canola, corn, essential
fragrances, green polyethylene and recycled
materials. Specific policies for each one will be
published in the first half of 2025.

Indicators with specific targets and deadlines for Latin America.

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

Commitment to Life - 2030

Sub-pillar

Indicators

Target

SDGs

Intolerance
towards the
abuse of Human
Rights

Identify, prevent or mitigate risks to human
rights in our value chain by 2027, promoting
access to remediation and leveraging a
positive impact.

Circularity of
Packaging

50% of all the plastic used must have recycled
content (in weight).

100% of our packaging will be reusable, refillable,1
recyclable or compostable.

Assume responsibility for the correct disposal of packaging
materials, certifying collection systems in regions where a
sufficient recycling infrastructure does not exist.

Include ingredients that are at least 95%
renewable or of natural origin in Natura
products.

Make at least 95% of the formulas
biodegradable.

Ensure that 100% of the new formulas have a
lower environmental footprint, measured by a
life cycle assessment (LCA).

Indicators with specific targets and deadlines for Latin America.

1 Refillable only for LatAm.

2027 Latin
America

Natura &Co
2027

2030 Latin
America

Natura &Co
2030

2030 Latin
America

Natura &Co
2030

2030 Latin
America

Natura &Co
2030

2030 Latin
America

Natura &Co
2030

2030 Latin
America

Natura &Co
2030

Natura &Co Latin America -
2024

Natura &Co - 2024

We have achieved 55% Responsible
Procurement Due Diligence. In 2025, we have
remained diligent, intensifying our audits,
strengthening negotiations with suppliers, and
implementing a specialist resource to ensure
the stability and advancement of this essential
practice, in line with the United Nations’
Guiding Principles on Business and Human
Rights.

At Avon International, we have
expanded the Responsible
Procurement Due Diligence Program,
employing the Sedes Radar tool to
evaluate the risks inherent in the
supply chain and prioritize actions
in those areas which have a critical
impact on the environment and
human rights.

8, 16

18.2%

84.6%

16.7%

84.5%

We believe that recycling is most effective when we combine the design of quality
products and the quality of the existing local infrastructure to ensure the correct
collection, sorting and handling of the waste. We are studying recycling chains in the
regions where we operate, with the aim of finding solutions for materials that are
difficult to recycle.

6, 9

94.8%

6, 14

97.3%

97.0%

6, 12

In 2025, we will be integrating life cycle analysis
into the packaging formulas, thereby aligning
them with the best global practices and
strengthening our database on the impact of
ingredients and materials.

We will be continuing to increase
the sustainability of the products,
improving our analyses, so that the
environmental footprint of each new
formula is reduced.

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

Commitment to Life - 2030

Sub-pillar

Indicators

Target

SDGs

Operate in partnership to increase awareness
and develop regenerative abilities and
solutions that transform systems and generate
a positive environmental and social impact,
allowing everyone to prosper.

Ensure that 30% of the key ingredients supplied by
the communities and small farmers are produced by means
of regenerative practices that are verified/certified by an
independent third party.

Investment in
Regenerative
Solutions

Ensure that 100% of the communities and small
farmers supplying key ingredients make use
of ethical supplies and employ regenerative
practices.

2030 Latin
America

Natura &Co
2030

2030 Latin
America

Natura &Co
2030

2030 Latin
America

Natura &Co
2030

2, 15

3.4%.

8, 15

9.8%.

Natura &Co Latin America -
2024

We launched the Regenerative Alliance
involving more than 100 suppliers in efforts
to support the climate transition, circularity
and human rights. We have also developed
Natura Ekos Brazil nut tubes that are 100%
manufactured from recycled aluminum, with
10% coming from Nespresso coffee capsules,
thanks to the partnership established between
the brands

Natura &Co - 2024

Avon International aims to
expand the use of renewable and
regenerative technologies and
ingredients, testing new beauty
applications. We are also exploring
processes such as cotton from small
farmers employing regenerative
management techniques (Cotton
Made In Africa - CMIA).

Ensure that 100% of the volume of at least two of the
principal commodities of our business is produced using
regenerative practices.

2030 Latin
America

8,12, 16

Generate a measurable positive socio-
environmental impact of US$ 4.00 for each
US$ 1.00 of reported revenue.

2030 Latin
America

3, 16, 17

Definition of the two main commodities and a
plan for the implementation and monitoring of
regenerative agricultural practices, that will be
approved in the second half of 2025.

For every BRL 1.00 of revenue, Natura
businesses, including those operations forming
part of Avon in Latin America through until
2024, resulted in a positive social environmental
impact of BRL 2.50.

Indicators with specific targets and deadlines for Latin America.

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

Index

Interview with Latin America CEO

1. Our Identity: We are Natura

2. Regeneration and prosperity: Our strategy for Latin America

Wave 2: business integration
From sustainability to regeneration
Impact management: IP&L
The employee journey
Certification
Awards and recognitions

3. Climate, biodiversity and nature

Climate Transition Plan
Biodiversity management
Amazon, innovation and regeneration
Sociobioeconomy in practice

4. Brands positioning

Natura
Avon

5. Omnichannel Journey

Direct Selling
Well-being for Beauty Consultants
Retail
E-Commerce
Bluma
Emana Pay

6. Innovation: transversal approach
Open and collaborative innovation
Technology & data
R&D
Bioinnovation and Amazon
Packaging and circularity

7. Infrastructure and value chain
Business decarbonization
Integrated Management of Environment, Health, and Safety
Supplier Development
Ethical and sustainable sourcing

8. Human rights and investments in society

Natura Institute
Crer para ver

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67
68
69
72
77
78

81
84
89
92
96

100
102
109

113
114
115
119
120
121
122

123
125
127
129
133
133

139
143
144
147
150

153
156
157

53
53

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

A message from the
CEO of Natura &Co
Latin America

João Paulo Ferreira I CEO of Natura &Co Latin America

The Natura &Co global business restructuring agenda

moved forward at the two business units over the

course of the year. How did Latin America deliver

results and contribute to the execution of this plan?

Latin America is the starting point and the main source

of Natura &Co’s economic, social and environmental

results. recent years, the company has experienced a

journey of transformation and learning, centered on the

simplification of its global structure and the

recovery of its performance levels.

In 2024, as part of the Executive Committee’s

responsibilities, we looked closely at the role that Natura

in Latin America plays as part of this new moment. We

constructed goals for the current strategic cycle which

can be expressed in two words: Regenerate and Prosper.

This means making a move towards more regenerative

models - the next level in sustainable development - and

combining this move with the creation of value for our

entire network of business and relations.

“We have constructed
goals for the current
strategic cycle which can
be expressed in two words:
Regenerate and Prosper.”

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

In addition to this there is also a project designed

For us, regeneration is a dynamic process aimed

to recover our Reason for Being -Well-Being-Well -

at restoring life to individuals, society, nature and

called ‘We are Natura’. This is all about a return to our

the relations between each of them. This is directly

origins, a project to strengthen our identity focused

related to the way in which we can access our supplier

on understanding how to focus on a dynamic and

communities, research new bioactives and build

adaptable future without losing sight of the values that

partnerships, develop products, position our brands, and

we have been building for decades at Natura Cosmetics,

ensure ethical, transparent and long-lasting commercial

which celebrated its 55th anniversary and a decade

relationships.

as a B Corp in 2024. By means of We are Natura, we

have given special meaning to this new stage in the

The omnichannel journey is one of the paths for

Company’s history in Latin America and reinforced the

growth that has been announced for Latin America,

bases that support our ability to innovate and grow.

combining Relationship Selling with other channels,

with the aim of attracting a broader range of consumer

So how does the business strategy involve sustainable

profiles. What progress was made during the year, and

development and keep it at the center of the decisions,

how does it impact the Beauty Consultants?

even at a time when we face such challenges and

To expand Natura’s origin-based vision, it is essential

changes?

to be present in different purchase occasions and

The incorporation of the concept of regeneration into

motivations, becoming part of customers’ daily lives. This

the corporate strategy reaffirms our commitment to

ambition goes beyond a simple commercial transaction;

activities that generate positive social, environmental

it requires deep cultural relevance across the various

and economic impacts. We believe that the search for

geographies in which we operate and a comprehensive

regenerative models says everything about how we

business strategy, with a presence in multiple locations,

have established a business that works for the future of

categories, and brands.

humanity, with the use of the assets found in biodiversity

at its heart and as a way of delivering beauty and

We have been steadily advancing in our omnichannel

wellbeing to the world.

journey, aiming to further digitalize Relationship Selling

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while also diversifying the offering to customers through

The growing adoption of digital tools by our Consultants

multiple channels, moving toward the challenge of

is a clear sign of how technology is enhancing the reach

achieving full omnichannel integration.

and effectiveness of direct selling within an omnichannel

In 2024, we opened our virtual store on the Mercado

landscape.

Livre platform in Brazil and Chile, revamped our own

The Wave 2 initiative for the integration of the Natura and

e-commerce platform, and continued with our retail

Avon operations is one of the most important structural

expansion plan, opening more than 1,000 physical

projects in Latin America. How was the project developed in

Natura stores (including our own and franchises), with

2024 and what are the next steps?

some of these being opened for the first time in

In 2024, our main focus was on consolidating Wave

Colombia. At the same time, we have managed to move

2 in combined countries. The logistics consolidation

the Avon brand into the Brazilian specialist market, with

implemented in the third quarter of 2024 began generating

partnerships that connect us to tens of thousands of

efficiencies, we expect these positive impacts to intensify

new clients. People like people. Excellent service is built

throughout 2025. These efficiencies even allowed us to

on intimacy—understood as trust, knowledge, and

increase investments in the region and accelerate Natura’s

closeness. These pillars are essential for building

market share gains in Brazil.

long-lasting and healthy relationships, anywhere in the

world and across all customer interaction channels.

Peru, Colombia, and Chile—markets that also operate under

a combined model—reported positive revenue growth.

Omnichannel strategy is, therefore, a path to broaden

We also began the gradual and phased implementation

our vision and bring our products to a wider audience,

of Wave 2 in Mexico and Argentina.Wave 2 is intrinsically

while respecting consumers’ diverse preferences and

connected to our omnichannel journey. The integration of

needs. It complements and strengthens Relationship

operations allows us to offer a more seamless and integrated

Selling by creating more opportunities for our Beauty

experience for our Consultants and customers across all

Consultants and offering customers convenient access

touchpoints, combining the strength of Relationship Selling

to our products.

with thegrowing relevance in digital channels and retail.

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The investment in innovation also forms part of the

efforts to gain a market share and improve the brands’

results. What was the strategy adopted by Avon and

Natura in 2024?

Cross-cutting innovation, driven by the goal of

generating positive impact and supported by

the complementarity between Natura and Avon, enables

us to maintain leadership in the cosmetics and personal

care sector in Latin America.

“Cross-cutting innovation, driven
by the goal of generating positive
impact and supported by the
complementarity between Natura
and Avon, enables us to maintain
leadership in the cosmetics and personal
care sector in Latin America.”

For Avon, our 2024 innovation strategy focused on

In 2024, we reviewed our entire innovation governance

strengthening key categories such as makeup and

and R&D structure, marked by the arrival of the Avon

skincare, both of which showed encouraging results. We

Global Innovation Center at our Cajamar (SP) complex.

also executed the strategic relaunch of iconic products like

Our goal is to develop products with a local perspective

Far Away. For 2025, we have ambitious plans to accelerate

that truly meet the needs of our customers.

Avon’s innovation efforts, leveraging the brand’s strong

recognition and driving deeper consumer engagement

At Natura, launches such as Ekos Brazil Nut Concentrate

through high-quality offerings at competitive prices.

and Ekos Ryos exemplify how innovative technologies

can be combined with a regenerative approach. The

For both brands, innovation investments were also

debut of Natura’s High Perfumery line and the brand’s

linked to the omnichannel journey, with technology and

entry into the home care segment with the Bothânica

systems designed to support this strategy. We believe

line reinforced Natura’s positioning in the premium

that translating the direct selling experience—defined by

segment. The launch of Tododia Jambo Rosa and Flor

personalized attention and service—across the entire

de Caju was another important milestone, highlighting

organization embeds this valuable knowledge into all of

our commitment to diversity, equity, and inclusion.

our processes.

These products were tested on more than 120 skin

tones to ensure optimal performance for Black and

We dedicated a significant year of preparation to

mixed-race skin.

strengthening our brand and product innovation

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platforms, with the aim of laying the foundations for a

company: all of our operations will need to go

powerful brand presence and fostering deeper cultural

beyond mitigating and offsetting negative impacts

relevance. This movement began in Brazil and we are

by actually generating a systemic positive impact for

now structuring its expansion across Latin America.

people (both individuals and collectively) and

During the 29th United Nations Conference on Climate

for nature.

Change (COP29), in Azerbaijan, Natura reinforced the

IP&L (Integrated Profit and Loss) continues to be the

incorporation of the concept of regeneration (which

metric used to monitor this target. Our business will

had already been mentioned at COP28, in Dubai) and

be truly regenerative when the impact is positive in

announced that itwould form an integral part of the

each of the capitals, individually and simultaneously.

Company’s new 2050 Vision. This vision, which has

Our business model provides the opportunities we

been under development for a decade, announced

need to achieve regenerative status. To move forward

Natura’s ambition to be a leading creator of positive,

on this journey, we developed initiatives such as our

economic, social, environmental and cultural impact.

Climate Transition Plan, in which we clearly define our

Could you tell us a little more about the differences and

business decarbonization strategies, grounded in the

details of the revised concept?

pursuit of resilience and climate justice.

The main difference lies in the depth and nature of

the intended impact. Our 2050 Vision provides a

The Latin America region has perhaps the widest

long-term perspective in support of our business

range of biodiversity in the world, and the Amazon

decisions and strategies, considering the company’s

region plays a crucial role in ensuring the planet’s

legacy and potential impacts on the market, people

climate balance. As such, we believe that we, along

and nature from the perspective of sustainability. We

with other companies and governments, should

are currently reviewing this perspective, as part of our

be developing local communities to work with the

approach to regeneration.

sociobioeconomy, transferring technology and

With the 2050 Vision initiative, which we are

innovation and technical and scientific cooperation.

promoting regional development through access to

currently updating, we will become a regenerative

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1
Our
identity

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

Together, we can
sow a new world.

Together,
We are Natura.

The We are Natura movement, more than a definition

Now that we are commemorating Natura’s 55th anniversary,

of our organizational culture, is an identity choice for

we are able to take a broader look at how its history is

Natura &Co Latin America and its brands.

connected with the surrounding region. As such, we have

Structured to provide our cultural foundation, this

corporate philosophy - We are Natura - scattering the seeds

returned to our roots and reasserted the strength of Natura’s

movement will enable the strategy to be adopted in

with which to grow our future.

relation with our personnel, integrating them under a

single objective: to form part of the Well-Being-Well

With our clarity of purpose and the way in which we

Ecosystem that connects the brands, businesses and

operate, we have constructed a means for the company to

people with the same reason for being and shared

stand out in the market, connecting culture and strategy

beliefs, to drive a regenerative company. We have

in support of the business’ objectives and results. This

united all our employees in the region under a single

movement has marked the beginning of the alignment

objective, set of beliefs, behaviors and corporate

of Natura and Avon’s entire personnel management

identity. The central message is that “We are all

strategy in Latin America, providing full transparency and

Natura”, regardless of the business, area or region in

creating mechanisms to empower a high-performance

which we operate.

organization.

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Our commemoration of the
55th anniversary
of Natura
strengthened our connection with
Well-Being-Well

Manifesto

Roots take time to grow.

They require patience, perseverance and resistance to the elements.

They defy the seasons to become strong, solid and secure

in their place in the world.

These are our roots.

Deep and strengthened by our connection with nature.

Our nature: Well-Being-Well.

This is the representation of the harmonious relationship that we

have with each other, with others and with the world. And it is what

reverberates through our products, services, brands and people.

We honor our roots and we believe that, to carry

Well-Being-Well even further, we need to become seeds.

Fulfilling our promise of the new and achieving our maximum

potential to take root in other regions.

They allow us to go beyond our limits to regenerate life

in all its different forms.

We have begun a cycle of Regeneration and Prosperity.

One in which we act as agents of transformation to foment

Well-Being-Well and, together, create the future we dream of.

A future of renewal and restoration.

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2
Regenerate
and Prosper:
strategy for Latin
America

GRI 2-1, 2-6, 3-3

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

“

Natura is recognized by the WBCSD (World Business

Council for Sustainable Development) as a global and Latin-

American leader in sustainable business, with clear commitments

on the climate, nature and equity. The brand is making a pioneering

contribution to impact calculation, with concrete experiences in the

gauging and appreciation of natural, social and human capitals, such

as, for example, in the Amazon region supplier communities and

the consultant networks. This broad vision has directly influenced

the discussions that take place at the WBCSD, including those on the

development of IP&L (Integrated Profit and Loss) and the contributions

made to initiatives such as the TNFD (Taskforce on Nature-related

Financial Disclosures) and the TISFD (Taskforce on Inequality and Social-

related Financial Disclosures), which promote the transparency of

environmental, social and economic risks and impacts. For the WBCSD,

the future demands more than simply mitigating risks. Building a

regenerative economy requires the development of businesses that

actively contribute to the health of the social and environmental

systems. This vision lies at the heart of the WBCSD’s 2050 Vision,

which recognizes regeneration as one of the great shifts in mentality

that are necessary for the global population (now estimated at

more than 9 billion people) to be able to live well, whilst respecting

the planet’s limits. Natura, with its history of listening, innovation

and commitment to making a positive impact, continues to shape

transformative paths.”

FIONA WATSON
Vice-President of
Corporate Performance &
Accountability at WBCSD

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Strategy for
Latin America

GRI 2-1, 2-6, 3-3

Our anniversary in 2024 was the right moment to lay

the foundations of a new strategic cycle, anchored i

n objective of nurturing beauty and the relations

to necessary generate positive economic, social and

environmental impacts, while sowing the seeds

of the Well-Being-Well Ecosystem.

Latin America is responsible for the majority of Natura

&Co’s net revenue as well as Natura’s global operations

and the Avon. We operate in 14 countries. The last

two years have been a period of intense deliveries

and results and, at the same time, of dedication to

the drafting of a new cycle for Latin America. Our

strategy involved advancing in the integration of

regional operations and evolving in the construction

of a multi-brand, multi-channel and multi-market

business model.

This year, we consolidated the foundations of our

Regenerate and Prosper strategic cycle. Our Reason

for Being - Well-Being-Well - helped us to create an

ecosystem that shares the common objective of

innovating to make us a regenerative business that

creates a positive impact in all it does. The Well-Being-Well

Ecosystem is currently composed of two lmajor brands,

Natura and Avon, service platforms such as Emana Pay and

Bluma, and an extensive network of people: customers,

employees, Beauty Consultants, agro-extractivist

communities, suppliers and other business partners.

Our innovative differential is our ability to mobilize this

powerful ecosystem in the creation of regenerative

solutions in line with the growth of our business.

Strategic pillars for Latin America

• Multi-brand, multi-channel and multi-market:

an ecosystem that forms an integral part of the

consumers’ broad range of needs and experiences,

with the knowledge and capacity to provide important

innovation in the different categories and key-markets.

• Regenerative innovation: a vision of the unique

characteristics and leading position of our brands,

demonstrating their attractiveness and

•

importance, which applies the ‘Being Natura’ approach in

products, services, processes and business models based

upon the concept of regeneration.

• Focus on the customers – we are present at every moment

and in every choice of our customers’ journeys, with

wonderful and distinctive experiences.

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Impact presence

GRI 2-6, 2-7

14 countries in Latin America:
Argentina, Brazil, Chile, Colombia, El Salvador, Ecuador,

Guatemala, Honduras, Mexico, Nicaragua,

Panama, Peru, Dominican Republic and Uruguay

More than 3.1 million
Beauty Consultants

1,076 stores,
including our own and franchises

5 factories, 3 of which manufacture
for both Natura and Avon

18 distribution centers, in the following countries:
Argentina, Brazil, Chile, Colombia, Ecuador, Guatemala,

Mexico, Peru and Dominican Republic

Headquarters in São Paulo, Brazil

R$ 23.4 billion in net revenue

14,800 employees

United
States

Mexico

1,978

Dominican
Republic

114

Guatemala

El
Salvador

331

Honduras

Panama

Nicaragua

Colombia

692

Ecuador

238

Peru

302

* we also have local distributors in Bolivia (Natura) and and in Costa Rica and
Paraguay (Avon). We also have e-commerce operations in the United States
and France.

Employees

Brazil

8,482

Chile

570

Uruguay

Argentina

1,848

France

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Executive
Committee

From left to right:
Agenor Leão de Almeida Junior – VP of Brazil Business; Silvia Vilas Boas – VP of Finance;
Paula Benevides – VP of People; Joselena Romero – VP of Operations, Logistics and
Procurement; Paula Ferreira de Andrade Romano – VP of Omnichannel; João Paulo Ferreira –
CEO; José Manuel Silva – VP of Emana Pay, New Businesses, IT, Data & Analytics; Tatiana Ponce
– VP of Brand, Marketing and Innovation; Diego Fernando de Leone – VP of Hispanic America
Business; Ana Beatriz Costa – VP of Sustainability, Legal, Reputation and Government Affairs

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Wave 2: integration
of the businesses
The strategy of integrating the business operations

of the Natura and Avon brands, which we call ‘Wave 2,

progressed in 2024. We ended the year having made

progress in Brazil, Peru, Colombia and Chile and, in

the second half of the year, we launched the Natura

brand in Ecuador based upon the Avon operational

structure. We took on board all that we had learned

in the first countries that were integrated, making the

work more fluid and achieving the expected return

on results in less time with each new market.

The integration of the organizational culture and

the operations made, Wave Two a more attractive

proposal for the Beauty Consultants (read more in

the Omnichannel Journey chapter). With the option

of selling both Natura and Avon products, they were

provided with a much larger and more diverse

portfolio, and, with the new commercial platforms,

they had access to combined tools and processes, more

attractive commercial conditions, and more possibilities

for increasing client loyalty and earning more.

Wave 2 will be finalized in 2025, with the operational

and commercial integration of the brands in

Argentina and Mexico.

In 2024, the Natura

brand opened

for business in

Ecuador

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From sustainability to
regeneration
GRI 2-22, 3-3

We began 2024 with the challenge of designing a plan

of the Integrated Profit and Loss (IP&L). By attributing a

monetary value to the impacts we have, we can make

more assertive decisions, with financial results and value for

humanity and the planet.

for the transformation of our businesses, connecting

Our proposal is to evolve from the compensatory logic of

economic success with increased ambitions in

sustainability and move towards the systemic operation of

sustainability. We have arrived at a point where the

regeneration. The source of the revenue and profit should

world’s resources are reaching exhaustion, and it is no

be the same source of regeneration. Only in this way can

longer possible to operate simply to support nature,

the ability to regenerate and prosper be the exact same

the climate and the wellbeing of communities. That

size as the business or enterprise. This means making every

is our belief. Due to the wide range of changes that

activity undertaken, and each aspect and location impacted,

humanity has imposed upon the planet, these systems

regenerative, with no exceptions.

have lost their intrinsic capacity for constant self-renewal

and consequently, the ability to guarantee their own

We believe that the source of the revenue and profit should

stability for future generations. This is why we needed

be the same source of regeneration. Only in this way can

to take a step forward and incorporate the concept of

the ability to regenerate and prosper be the exact same

regeneration. For Natura, being a regenerative business

size as the business or enterprise. This means making each

means promoting life amongst individuals, communities

action undertaken, and each aspect and location impacted,

and nature, as well as the relationships between each of

regenerative, with no exceptions. This is a proposal that

them. This is an expression of Well-Being-Well.

begins with the offsetting logic of sustainability and moves

towards the systemic logic of regeneration.

One action provides the foundation for the other. Our

understanding is that regeneration is only possible when

In practice, doing this is an enormous challenge, since it not

the positive impact results from the business itself, going

only involves simply calculating the value of life in order to

beyond simply compensatory measures. This change

guide the decision making. It is a challenge that we accepted

increases the importance of gauging the impact of the

many years ago, ever since we adopted the Integrated Profit

businesses, which is currently performed by means

and Loss (IP&L) method in our day-to-day operations.

Diversity and

inclusion

Clmate

change

Health and

safety

Salaries and

beneﬁts

Income and

indebtedness

Training

and

education

Community

strengthening

HUMAN

CAPITAL

SOCIAL

CAPITAL

Use of

water

Water

pollution

NATURAL

CAPITAL

Air

pollution

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

Management by impact:
IP&L
GRI 2-25, 3-3, 203-2

Natura believes that the longevity and value of

a company are directly linked to its capacity to

Impacts affect relationship between
people and the environment

Diversity and

inclusion

Clmate

change

Health and

safety

contribute to the sustainable development of its

Use of

surrounding area and, as such, it also needs to

understand and gauge its natural, social and human

impacts, in addition to financial performance.

It was thus that, after a decade of innovation together

with partners such as Capitals Coalition and Valuing

land

Impact, we were able, in 2022, to implement the

pioneering Integrated Profit and Loss (iP&L).

This integrated management tool allows us to

calculate the monetary value of aspects that go

beyond financial results, such as the impact of our

business activities in the natural, social and human

dimensions. The results include numerous different

areas of the company’s activities, such as climate

transition, circularity of waste, regeneration and

conservation of biomes, and the creation of revenue

for the network, as well as impacts on health, always

aligned with the promotion of well being.

In 2024, we calculated a net positive impact of

Forest

conservation

Taxes &

Development of

infrastructure

Utility of

products

Beneﬁt

sharing

Use of

non-renewable

resources

Salaries and

beneﬁts

Income and

indebtedness

Training

and

education

Community

strengthening

HUMAN
CAPITAL

SOCIAL
CAPITAL

NATURAL
CAPITAL

Use of

water

Water

pollution

Air

pollution

Use of

land

Forest

conservation

Taxes &

Development of

infrastructure

Utility of

products

Beneﬁt

sharing

Use of

non-renewable

resources

The methodology
drivescomprehensive
actions for regenerating
life thatbecome part
of the business

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BRL 50.5 billion for society in our Latin American

operations. This last year, for each BRL 1.00 in revenue

obtained by the company, BRL 2.50 was generated in

positive social and environmental impact.

Our aim, as established within the Commitment to

Life, is to generate a positive net impact that is four

times greater than our revenue result by 2030. Our

actions now have a positive result in relation to the

Social and Human capitals which offset a result that

is still negative in terms of Natural Capital. To achieve

our target of becoming a regenerative company, we

need to obtain positive balances in each category of

capital individually.

READ MORE
about the results and the
iP&L methodology in more
detail here.

This last year,
for each
R$ 1.00 in
revenue
obtained by
the company,
R$ 2.50 was
generated
in positive
social and
environmental
impact.

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At the beginning of 2025, due to the

setbacks in the ESG Agenda, Natura

published a letter reaffirming its

commitment to sustainable development,

the protection of human rights and

collective mobilization. We highlighted

that the Commitment to Life does not

accept setbacks and reinforced our

intention to drive regenerative business,

going beyond the offsetting of impacts.

READ
the full letter here

New 2050 Vision:
the path towards a regenerative business

With the launch of the 2050 Sustainability Vision a decade

ago, Natura publicly announced its dream of becoming a

business which has a positive social environmental impact.

This dream became a reality when, in 2022, the results of

the Integrated Profit & Loss (IP&L) confirmed that our total

impact on nature, society and people showed a positive

balance.

In 2024, due to the current global social environmental

challenges, we have renewed this dream to guide our

business in the direction of regeneration. This means that our

business model should evolve to systematically increase its

ability to regenerate the life and relationships that support it.

By 2050, we intend to make Natura a fundamentally

regenerative company, individually and systemically

generating a positive impact in the Natural, Social and

Human capitals, without one needing to offset another.

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

The employee journey
GRI 2-29

In 2024, the personnel strategy in Latin America

underwent a significant transformation with the

launch of We are Natura. This initiative marks a

strategic step forward in the construction of an

even stronger organizational culture, connecting

objectives, development, performance and

experience. As such, we are accelerating the

employee journey, which was revised in 2023,

structured around five pillars that support our future

vision and provide a base for driving the evolution of

the business:

1. Accelerate the development of strong

leaders, innovators and entrepreneurs,

capable of generating exceptional results with

positive impacts in the economic, social and

environmental spheres, inspiring talents, creating

future leaders, and cultivating a collaborative, high

performance environment.

2. Ensure the acquisition and development of critical

and cross-sectional skills, aligned with the Natura

culture, to drive the growth and evolution of the

businesses, preparing both leaders and employees

for the challenges of the future and enabling the

successful implementation of strategies.

3. Simple, efficient and agile organization:

reduction in complexity through evolution of

the organization design, simplification of the

decision-making process, acceleration of the

agility model, and expansion of the ecosystem

of talents, ensuring operational models that

support the current and future business.

4. We are Natura: the culture as the main means

of enabling the strategy. By providing full clarity

regarding our Essence, identity and attitudes as

central elements in our strategic decisions, we

aim to drive the coordinated action by means

of priorities, engagement and achievement of

high performance, transforming our leaders and

employees into agents of transformation and

expansion of the Well-Being-Well initiative.

5. Evolution of the value proposal for the employee

by means of the strategic mapping of their

journey, prioritizing Well-Being-Well, diversity

and the positive impact of our actions, seeking

a (re)connection with Natura’s purpose and

strategic objectives.

We ended 2024 with positive results, indicating

the success of the strategy adopted. Our

employee engagement survey, undertaken in

two annual cycles, aims to collect inputs on the

Our team in Latin
America in numbers
GRI 2-7, 405-1

14,806
direct employees

39%
men

61%
women

8,482
in Brazil

6,324
in Hispanic America

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

work experience, objective, happiness and stress. In

2024, the approval of the engagement, measured by

means of a survey involving 92% of the employees

in Latin America, was 91% - the best result in the last

three years.

Remuneration and
a decent salary
GRI 2-19, 2-20

We have adopted a transparent process for definition

of our remuneration policies, in line with best corporate

governance practices. This process includes the

establishment of objectives and the remuneration

philosophy, considering the competitiveness of the

market and attractiveness for talent, as well as the

creation of the Remuneration Committee, which is

responsible for evaluating and approving

adjustments to the salary policies and practices.

We incorporated fixed a variable components, including

short and long-term incentives. Part of the variable

calculation involves fulfillment of performance and

sustainability targets, such as the reduction of

emissions and use of recycled post-consumption

plastics in packaging.

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

In 2024, Natura became

We have also included our public commitment

o an ambassador of the

to equity (read more here). We have continued to

Living Wage Movement,

eliminate non-justified salary differences based upon

part of the ‘Rede Brasil’

gender - a point contained in the Commitment to

of the UN’s Global

Life that we achieved in 2022, three years prior to the

Compact. We began to

established target date.

support the initiative,

promoting actions that

In 2023, we achieved our goal of paying a decent

encourage and drive

salary to all our employees in Latin America. This goes

the adoption of decent

beyond the minimum wage, since it considers the

living wages in Latin

amount necessary for a person or family to maintain

America. Going beyond

a decent standard of living, or in other words,

the remuneration of

that allows employees to cover their basic needs,

our own employees, we

without losing sight of their basic human rights. This

also operate throughout

amount varies depending upon the country and the

the sector and together

city. Furthermore, we continued to eliminate non-

with our supply chain.

justified salary differences based upon gender - a

point contained in the Commitment to Life that we

achieved in 2022, three years prior to the established

target date.

READ MORE ABOUT

all of the profile,

development and

evaluation indicators

of our team in the ESG
Scorecard and the Latin
America Databook.

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

A learning culture
GRI 404-1

Living wage
ambassadorsIn In

At Natura, we believe that continual learning is

essential for the success of the company. Curiosity

and openness to the new drive the development of

people, the business and the world. This is why we are

constantly investing in innovative learning solutions,

always placing the customer at the center of our

journey. In 2024, we provided more than 125,000

hours of training, with R$ 3.5 million being invested in

full-time equivalent (FTE) training.

In 2024, we launched the ‘I am a Natura Leader’

program, aimed at coordinators and managers as

part of the Well-Being-Well platform. We have also

lent extra weight to the training in skills that are

strategic to the business, especially the Omnichannel

initiative, Agility and Marketing. We have also

developed initiatives focused on the development

of skills in Artificial Intelligence, data management

and decision-making based on strategic insights.

Another highlight was the launch of Eleva Carreiras,

an acceleration program for a group of Black

coordinators, focused on strengthening self-

awareness and preparation for future challenges,

improving the levels of readiness for new

responsibilities at Natura.

We ended 2024 by performing a comprehensive

diagnosis designed to map the learning tools used

by our employees and identify opportunities for

the improvement of our Learning Ecosystem. This

study will form the basis of a new strategy that is to

be implemented in 2025, aimed at increasing and

strengthening the different ways that knowledge is

disseminated and exchanged, extending beyond

formal and traditional methods, helping us to

become more aware of the true needs of the

individuals and the business.

In 2024, we
offered an
average of

More than
125,800
hours of
training
provided for
our employees
in 2024
GRI 404-1

READ ABOUT
our team in more detail
in the ESG Scorecard
and Latin America
Databook

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

Diversity, equity
and inclusion (DE&I)
GRI 3-3, 405-1
Reflecting the paths traveled by Natura and Avon in this

area, we have evolved and consolidated the company

as a benchmark for affirmative actions, capable of

attracting and retaining talents that display diversity,

and being an important voice in the equity and

inclusion agendas. These actions are related directly to

the management of the material topic of Distribution

of Value, the impacts of which can affect people and

their human rights.

We monitor the positive impacts connected to these

issues (with Black and female employees assuming

management positions), as well as the potential

negative impacts of our activities, such as issues

regarding harassment, violations of rights and/or

discrimination, including any which may arise in the

supply chain.

Our work is guided by the Human Rights and Diversity,

Equity and Inclusion policies. All of our actions in

this area are performed in line with the Sustainable

Development Goals established by the UN.

We reached
6.6% of
employees
with
disabilities,
surpassing our
target of 6.2%

We have
11% of
management
positions in
Latin America
were occupied
by Black
people, with
15.8% in Brazil

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

;

Memberships

In 2024, we conducted the PertenSer Campaign, which

encouraged employees to fill out forms declaring their

own understandings of their ethnic and racial, gender

identity, sexual orientation and disability positioning.

A total of 67% of the employees took part in the

campaign, of which 16% were from underrepresented

groups and 15% occupied management positions.

Affinity groups
We have had affinity groups in Brazil, made up of our

employees, since 2018. These are powerful networks

offering forums for discussion and the expansion

of internal awareness regarding the importance of

diversity and inclusion within Natura and in society in

general. The theme-based groups are:

• Nós ('Us’ - gender);

• Eficientes ('Efficient’ - PwD);

• Pratas da Casa (‘Elderly at Home’ - generational);

• Raízes (‘Roots’ - ethnic and racial identification); and

• Cores (‘Colors’ - LGBTQIAP+).

In the other Hispanic American countries we have

Diversity Committees, also made up of employees, that

address different issues, depending upon the reality of

each country.

Business organizations focused on racial
and ethnic diversity:
•

• Business Coalition for Racial and Gender Equity
(Ethos Institute and Center for the Study of Labor
Relations and Inequalities – CEERT);
• Business Initiative for Racial Equality;
• Equity is a Priority Program (UN Global Compact
Network Brazil and CEERT);
• Pact for the Inclusion of Black Youth in the Labor
Market (MPT-SP);
• Center for the Study of Labor Relations and
Inequalities (CEERT).

•
•

•

Business movement for diversity and the
inclusion of disabled people:
• Business Network for Inclusion - REIS

Business movements for gender equity:
• UN Women; Movimento Mulheres 360;

Gender and Race Coalition (Ethos and CEERT);

• Business Coalition to End Violence Against
Women and Girls (Unstereotype Alliance).

Business movement for sexual diversity and gender:
• Companies and LGBT+ Rights Forum.

Cross-sectional business movements:
• Ethos Institute;
• American Chamber of Commerce in Brazil - AMCHAM;
• System B

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Certifications

Natura has been a ‘B Corporation’
for ten years now:

in 2014, Natura became the first publicly held

company to be awarded B Corp certification.

Today, we are still one of the few companies in

the world to score in six Impact Business Models

(IBMs): Mitigation of Poverty in the Chain, Land/

Wildlife Conservation, Micro-distribution,

Employee Development, Reduction of Toxins,

and B Statute.

CDP Climate:

For CDP Climate, Natura maintained

a leadership score (A-) and Avon International

kept its B rating. In addition, Natura began

reporting on Forests and Water, reflecting

its commitment to market transparency.

ISE:

Natura &Co has been part of the ISE B3 for the

19th consecutive year (including Natura Cosméticos

S.A.’s participation prior to 2019).

ICO2 :

In 2024, we were awarded our fourth certification,

Natura &Co has been included in B3’s Carbon

receiving special mention in the Community pillar,

Efficient Index (ICO2) since its creation in 2010.

which evaluates the social impact companies on

inclusion, diversity and social justice. There was

ISS ESG Rating:

a 32% rise in the scoring in this pillar compared

We improved from C+ to B-, with positive highlights

to 2020, reflecting significant advances in

in the Environmental and Social dimensions.

entrepreneurship and economic development.

We performed well on the micro-distribution

Morningstar Sustainalytics:

IBM, connected to our actions with the Beauty

We increased our rating score and reached

Consultants, as well as the Amazônia Program and

the lowest risk level recorded by the company

its actions performed in of the development of

in recent years.

the socio-biodiversity chains.

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

The Leaping Bunny:

bestowed by Cruelty Free International, one of the

UEBT Regenerative Seal
in 2024, Natura was awarded the UEBT Regenerative

oldest and most respected organizations fighting to

Seal for our Brazil nut chain. This recognition is also

eliminate animal testing. The certification attests to

awarded by the Union for Ethical BioTrade. The Seal

Natura’s commitment to be free from such testing in all

reflects the incentives provided for regenerative methods

the stages of its product development, which has been

in the Brazil nut chain since this is an important raw

in place since 2006. Natura was the first company to

material for the company as part of its socioeconomic

receive this certification in Brazil, in September 2018.

journey. The recognition demonstrates an approach that

UEBT (Union for Ethical Biotrade)
certification:

supports the preservation of biodiversity, restoration

of the land, carbon sequestering, the efficient use of

water, the fair sharing of benefits and safe working

for the sixth consecutive year the certification

conditions for the supplier communities, as well as the

guarantees that all the vegetable ingredients in

contribution to a living wage for the families involved and

Natura’s Ekos line product formulations were sourced

the guaranteeing of compliance with international and

with respect for people and the environment. Together

domestic legislation.

with the partner agro-extractivist communities, we

have established three types of UEBT certification:

VCMI

The ESS (Ethical Sourcing System), that performs due

in 2024, we received the Carbon Integrity Platinum

diligence on the network of suppliers; the IMS (Internal

Seal, the prestigious recognition awarded by VCMI

Monitoring System), which monitors the ingredients

(Voluntary Carbon Markets Integrity Initiative). The

connected to the socio-biodiversity value chain; and

seal refers to 2022 and was awarded in recognition

Regenerative Practices, which testifies to the positive

of Natura having fulfilled requirements such as

impact of the farming and extractivist practices in the

efficient governance, traceability and

process of environmental regeneration.

transparency regarding its carbon credit

GRI 308-1, 308-2, 413-1

projects, and appreciating initiatives

developed within its value chain.

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Recognition

•

Awards and
recognition

Brand Finance:
Voted the world’s strongest
cosmetics brand for the fourth
year running, by the Brand
Finance 2024 report

Sustainability Leaders 2024
Natura was the third most
sustainable company in the world
in 2024

Brand Inclusion Index Kantar
Natura recognized as the most
inclusive brand in Brazil

Corporate Reputation Company
Monitor (Merco):

•

1st place in Brazil for the tenth
year running

• 5th place in Argentina

Folha Top of Mind:
Winner in the Moisturizing Cream
and Environmental Preservation
categories

AmCham Award (United
States Chamber of Commerce
in Argentina): Winner in the
Corporate Citizenship category
(special mention)

Forbes
Recognized as the best company
for women to work for

Merco ESG:

1st place in Brazil

2nd place in Argentina and Chile

3rd place in Peru

Época Negócios 360°
Natura was the third most
sustainable company in the
world in 2024

Los Boscare
Awarded 1st place in the Bóscares
Perú 2024 for our work in the
Peruvian Amazon

Reporting Matters Brasil
Integrated Report recognized
among the top 15 in Brazil for two
consecutive years.

Merco Talent:

1st place in Brazil

13th place in Argentina

World’s Best Brands 2024 - Brazil.
Natura and Avon ranked among
the best cosmetics and makeup
brands in Brazil. Natura ranked in
the TOP5 for skin care.

AmCham Award
2024 Product of the Year (POY)
in Chile for ‘Humor Liberta’ and
‘Shampoo Biome’

Open Startups Ranking:
TOP Open Corps in Brazil

3
Climate,
biodiversity
and nature

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

For a long time, we used to take the Brazil nut from the forest

and sell it without knowing whether the price was fair. We simply

accepted whatever amount was offered. We worked hard and, even so,

saw little in return. It felt like our effort had no value. When we began

our partnership with Natura more than 30 years ago, things started to

“

ELIZABETE FREITAS
DOS SANTOS
Extractivist at the Iratapuru
Sustainable Development
Reserve

change. It was one of the doors that opened for our community—and

for my own life. Today, I’m part of Comaru, an extractive cooperative

that has strengthened our organization and given us greater

autonomy. Throughout this journey, we’ve learned to transform

the Brazil nut into a product with more added value, made with our

own hands and with the knowledge that comes from the forest. We

managed to build the infrastructure to process the oil from this asset

right here in our community—and that made all the difference. From

that point on, we began selling 100% of our production to Natura

through long-term contracts. This brought income, jobs, and dignity

to our families. It brought security, stability, and the real possibility of

growth. We learned to calculate our costs and negotiate a fair price.

With this work, we structured a fund together with Natura that gives

the children of extractivist families the opportunity to study. Four of

my children received scholarships. Sandra was one of them. Today, she

works with us at the cooperative, bringing back the knowledge she

gained and strengthening what we’ve built together. Each product

carries a story: it starts deep in the forest and continues in the hands of

those who respect what it offers. This is how, day by day, we build an

economy that keeps the forest standing. This is how we ensure that

the forest remains a home, a source of livelihood, and a horizon for

future generations.”

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Climate, biodiversity
and nature

GRI 2-23, 2-24, 3-3, 101-1, 101-3, 101-4

In order to be able to regenerate, a company needs

to operate systemically to promote the conservation

and regeneration of biodiversity, raise the standard

of wellbeing and improve the quality of life amongst

the communities and business partners, whilst at the

same time implementing comprehensive initiatives

designed to tackle climate change. To achieve this,

we have always adopted an holistic approach,

involving everyone we work with.

With this 360° vision, our ambitions and targets

also involve all aspects of regeneration. Natura’s

Commitment to Life and 2050 Vision initiatives define

the integrative approach we take to the key-issues of

our business - its relationship with the socioeconomic

development of the regions, the responsible use and

regeneration of natural resources, and the seizing of

opportunities related to the climate.

Highlights and progress in 2024

We renewed the future vision of the Natura
Amazônia Program, that aims to position the region as
a hub of wealth, innovation and technology, strengthening

our regenerative business model (read more on page 92).

We commemorated the tenth anniversary of the
Ecopark, Natura’s technological, industrial, and innovation
complex in Benevides, in the Brazilian state of Pará (see more

on page 141).

The Living Amazon funding mechanism began
operations and has already raised R$ 21 million. The initial
actions have benefited 13 agro-extractivist cooperatives and

associations in the region, having a positive impact on more

than 2,500 families.

We developed the Socio-climactic Vulnerability Index
and implemented actions in support of those affected by

the floods in Rio Grande do Sul, and the droughts that hit the

Northern, Northeastern and Midwestern regions.

We inaugurated an essential oils agribusiness
in partnership with the Campo Limpo Community Farmers

Association (Aprocamp), based in Santo Antônio do Tauá

in the Brazilian state of Pará.

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Climate Transition Plan:
systematizing our
climate-related actions
GRI 201-2, 3-3
In 2024, supported by regenerative thinking, we created our

The Climate Transition Plan includes our target for

Climate Transition Plan, made up of the following pillars:

achieving zero net emissions at our own installations

• Build resilience; mitigate climate risks by means of

(Scopes 1 and 2) by 2030, and in our value chain (Scope

regenerative solutions.

3) by 2050, with an intermediary target of achieving a

• Achieve decarbonization of the business using science-

42% reduction in the latter case by 2030, as set forth in

based targets, aligned with the 1.5° commitment (Paris

the Commitment to Life.

Agreement).

• Pursue a fair and balanced transition, with

It is important to highlight that, until we achieve our

comprehensive regeneration for society and nature.

targets, we will continue to purchase trustworthy carbon

credits at sums equal to our remaining emissions that have

By means of this plan, we are presenting the path and the

yet to be reduced. The choice of the projects for which

targets that we have constructed to achieve Net Zero, guided

we purchase credits focused on generating benefits

by the Science Based Targets initiative (SBTi). Essentially,

for society, increasing the incomes of the communities

this means going beyond the classical mechanisms for

involved, and enabling new low carbon technologies and

offsetting impacts and neutralization, such as the acquisition

nature-based solutions that can accelerate the transition

of carbon credits, to achieve the actual reduction of total

of the global economy to Net Zero. We are committed to

greenhouse gas emissions in our operations - both the direct

50% of our credits originating from those communities

ones, generated by the company itself, and the indirect

with which we have partnerships in the Amazon region

ones, generated by our value chain (read more on this in the

by 2030 (read more about the Amazon Program later on,

Decarbonization of the Business chapter).

starting on page 92).

The Climate
Transition
Plan includes
our target for
achieving zero net
emissions at our
own installations
(Scopes 1 and 2)
and in our value
chain (Scope 3)

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

The carbon market in Brazil
In 2024, the Brazilian Government approved the law

that created the Brazilian Greenhouse Gas Emissions

Trading System (SBCE).

Since the beginning of the discussions on the creation

of a regulated carbon market in Brazil, Natura has been

in favor of the fair distribution of the carbon credits

amongst the local communities and the inclusion of socio-

environmental safeguards in the market mechanisms, in

order to ensure environmental integrity and equality in

the participation of the interested parties in the mitigation

of climate change. For the company, regulation of the

market could lead to billion-dollar revenues and create

thousands of jobs, improving the public’s quality of life,

and allowing the country to position itself as an important

global agent in the fight against the climate crisis.

We are partners in alliances aimed at streamlining the

paths that will allow society to be Net Zero by 2050.

Through our membership in organizations such as the

ICC, WBCSD, VCMI, the Global Compact’s Net Zero

Ambition Movement, the Brazilian Voluntary Carbon

Market Initiative (BR VCM), CEBDS, Commitment to the

Climate, and the Brazilian Coalition on Climate, Forest and

Agriculture, we aim to give a voice to, and amplify, our

position in global forums and in the articulation of public

policies and regulations.

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Our decarbonization plan
GRI 3-3

We have created six working fronts designed to address

the decarbonization of the business: Operations,

Formulas, Packaging, Logistics, Magazines and Support

Materials, and Non-Cosmetic Products. Together, they

account for 75% of the total inventory of Latin America,

and 100% of the scope of our SBTi targets. The working

fronts are focused on both internal actions and the

engagement of suppliers and the value chain, as part of

a systemic and holistic approach which is based upon

regeneration to reduce and end carbon emissions.

1. Operations: focused on actions at our factories,

distribution centers and vehicles, implementing

more efficient initiatives involving less energy and the

elimination of fossil fuels.

2. Formulas: we invest in Research and Development

to substitute ingredients of mineral origin with those

of plant origin, and adopt low carbon regenerative

practices throughout the value chain.

3. Packaging: we are looking to provide refills, materials

which include recycled materials or which originate from

a renewable source, use green plastic, and reduce the

generation of waste.

4. Logistics: the focus lies on increasing the use of

renewable and less polluting fuels, and improving the

efficiency of the logistics DA network.

5. Magazines and Support Materials: we have optimized

the portfolio, design and format of our publications, with

a reduction in the print run and in the average weight

of the magazines, whilst also looking for technological

solutions so that, in the future, with the improved

usability of digital materials, we can fully end printed

materials.

6. Non-cosmetic products: just like in Natura’s

Crer para Ver line, and Avon’s Home& Style category, we

are working to reduce the generation of waste, increase

the incorporation of post-consumption recycled plastics

and green plastic, and increase the recyclability of the

items and the traceability of the supply chains.

In ratio to our Scope 3 emissions, we should highlight

the creation of the Regenerative Alliance (read more on

this in the ‘Development of Suppliers’ p. 147)), an initiative

which brings together Natura and around 100 strategic

partners whose contributions are decisive for the success

of our climate plan.

READ ABOUT
our Climate Transition Plan in more
detail in the Latin America Databook.

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

Climate justice
GRI 3-3

Climate justice guides the disproportionate impacts of

climate change in different social groups, and is used as a

tool for the preservation and protection of the environment

and all forms of life, regions and communities.

Climate change is the result of a set of environmental

inequalities, meaning that tackling environmental injustice

needs to be prioritized with an intersectional vision of

gender, race and class issues.

Climate justice means recognizing the disproportionate

impacts on traditional, marginalized and Black

communities. The perspective of environmental racism is

therefore crucial to this discussion.Based upon this context,

2 - Resilience

To mitigate the impacts and risks that directly affect

income, we have been working to reduce the social

vulnerability of the network. Furthermore, in 2020, we

structured a protocol to provide support in the event of

calamities, focused on the wellbeing of the network of

Beauty Consultants, employees, suppliers and civil society.

We have evolved in this area to be able to act preventively,

acting before disaster situations occur.

3 - Education and citizenship

We focus our actions on providing training sessions and

communicating about the issue of climate change and

climate justice to ensure that our network of relations

understands these issues and can begin to act as agents of

change and support in their communities.

we have developed a strategy to address climate justice

and environmental racism based upon three axes:

Calamity Committee
GRI 203-1

The Calamity Protocol, structured as a guide for immediate

1 - Mitigation and adaptation

action by Natura in the event of crisis situations has already

We have developed the Socio-climatic Vulnerability

been enacted 20 times since it was created in 2020. Over

Index, to be able to create protocols, and prevention,

the course of the year, it worked in those regions that

remediation and adaptation plans. By means of this index,

suffered flooding, in Rio Grande do Sul, and those which

we map the regions at climate risk to be able to identify the

suffered record drought levels in the second half of the year.

vulnerabilities and prevent the threats that could harm our

A total of more than BRL 226 million was invested to provide

network of relations.

support for the communities in these locations.

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

In the case of Rio Grande do Sul, where we have

relationships with more than 80,000 People, including

Beauty Consultants and employees, we offered social,

medical and psychological support in the form of

telemedicine and a Social Support Center, as well as

financial support for the payment of debts and local

suppliers. We encourage our employees to volunteer,

and we donated five tons of warm clothing and

personal hygiene products worth BRL 10 million to the

Department of Civil Defense and UNICEF, as well as

water and logistics support. We have also created a

matchfunding campaign whereby Natura doubles

every Brazilian Real donated. By means of this action

R$ 900,000 was donated to support the affected people.

Amongst the actions developed to tackle the effects of

the droughts in the North, Northeast and Center-West

regions, we offered financial support, with the deadlines

for payment of debts being postponed and the provision

of food and water supplies. As a means of contributing

to tackling the depletion of the rivers in the Amazon

region, in areas where Natura’s supplier communities

operate, we have established activities involving the Ekos

Ryos perfumes: for each unit sold, we donate R$ 5.00 to

initiatives fighting the effects of the drought. As such,

R$ 180,000 was raised, which, once the counter entry

from Natura was included, was doubled to BRL 360,000

in funds donated to providing emergency services.

The Calamity
Protocol has
already been
enacted 20
times since it
was created in
2020.

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Management of biodiversity
GRI 3-3, 2-24, 2-25

The loss of biodiversity is a very real threat to the different

forms of life inhabiting the planet. We have adopted a

regenerative approach which combines the Climate

Transition Plan with human rights and the management

of biodiversity, privileging the sustainable bioeconomy.

We value and favor ecological processes, guaranteeing

maintenance of the ecosystemic services - with the

provision of water, land support, and climate regulation

– which are fundamental for the survival of people an the

productive systems.

The Sustainability Board manages the Biodiversity

Policy, with strategic targeting and monitoring by the

Sustainability Committee. Its scope covers our direct

operations and those of the value chain in relation to:

1. Science and Technology;

2. Formula and Packaging Development;

3. Relations with Traditional Peoples and Communities;

4. Ethical Sourcing with Regenerative Practices;

5. Benefit Sharing and Incentives for Ecosystem Services;

6. Purchase of Inputs from Private Producers or

Companies;

7. Direct Operations;

8. Communications and Marketing.

We focus first
and foremost
on a sustainable
sociobioeconomy
to support the
ecological
processes
and maintain
ecosystemic
services.

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For management of plant-based and natural ingredients,

(TNFD). The aim of the application of the TNFD is

we use the system linked to the UEBT (Union for Ethical

to provide integrated and adaptable science-based

BioTrade) certification, and, for the socio-biodiversity

guidance, that will allow companies to evaluate and

chains, we also use the Natura GIS system to provide

publish their nature-related risks and opportunities,

monitoring and tracking services. To actively engage

employing an approach that is integrated with the

suppliers, we work through the Regenerative Alliance,

climate-nature relationship, and analysis of the double

the coalition that we support with the aim of increasing

materiality focused on the nature-related impacts and

the adoption of regenerative practices.

dependencies. This evaluation is being conducted with a

For our direct operations, we have an ambitious

Force on Climate-related Financial Disclosures) process.

environmental methodology, covered by the

For now, we are presenting our Declaration in relation

Integrated Management System Policy, to meet

to Natura (read more in the ‘Risk Management’ booklet)

the demands of the ISO 9001 (Quality Management

and we will be finalizing our evaluation of Avon Latin

Systems) and 14001 (Environmental Management

America by the second half of 2025.

view to taking an integrated approach to the TCFD (Task

Systems) norms, the latter of which includes the

adoption of a circular approach and the reduction

We have applied the ‘LEAP’ (Locate, Evaluate, Assess

and control of carbon emissions related to the

and Prepare) methodology to value chain, with the

manufacture, transportation and storage of products,

aim of reporting our impacts and reliances in relation

in line with the highest international standards.

to biodiversity based on recognized international

standards.

Risks and opportunities related to the
Natural Capital

Natura is committed to publishing the results of

In 2024, we continued to map the risks and

the mapping of risks and opportunities regarding

opportunities related to the Natural Capital, with

Natural Capital by 2025, in line with the Kunning-

the aim of following the guidelines set forth by the

Montreal Global Biodiversity Framework and our own

Taskforce on Nature-related Financial Disclosures

Commitment to Life.

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Participation in the COPs

Latin America has a central role in the climate agenda

and in relation to global biodiversity, especially

considering that the COP16 was hosted in Cali,

Colombia, and COP30 is to be held in Belém, Brazil.

These events represent strategic moments for the

region to consolidate its leadership in climate actions

and those related to biodiversity. Natura recognizes

the importance of these conventions in boosting

nature-based solutions and promoting a fair transition

to a low-carbon economy, in line with the Paris

Agreement. The integration of the biodiversity and

climate agendas, connecting the COP 16 and COP29 in

Baku, Azerbaijan is crucial due to the interconnection

between the two environmental crises.

At COP16, we emphasized the integration of biodiversity

perspectives into business practices. We actively participated with:

representatives

panels

agreements signed in support of
Amazonian socio-biodiversity

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Amazon:
innovation and
regeneration

GRI 2-29, 3-3, 203-1, 413-1

Our work in the Amazon region symbolizes our

Positive results

• Six years earlier than planned, we achieved our target of
establishing relations with 45 communities within the
socio-biodiversity, strengthening the sustainable chains
and the socioeconomic development of the region;

• We have built relationships with more than 10,000 families

in the Amazon region;

proposal to regenerate and prosper. The region is

• We use 46 bio-ingredients sourced from the Amazon

home to approximately 38 million people people,

the greatest biodiversity in the world, and a forest

that is essential for the climate balance of the

planet.

It represents our main platform for innovation

and for generating positive impact. In our

business, we prioritize the use of natural

ingredients and bio-ingredients, sourced,

primarily, from the socio-biodiversity of the

Amazon region. To obtain them, we work

ethically and directly with the local communities,

encouraging responsible agro-extractivism and

agroforestry systems, with sustainable and safe

management practices, whilst practicing the fair

and equitable distribution of benefits amongst

these partners. We also maintain an important

focus on payment for environmental services.

region;

• We developed 94 supply chains in the region, collecting

bioactives whilst respecting forest conservation,
the harvest calendars and the local ways of life, and
surpassing the target established for 2030;

• We shared R$ 48.5 million in resources with the

communities, with R$ 24.5 million relating to the
purchase of inputs extracted from the socio-biodiversity.;

• We contribute through inclusion of approximately 2.2

million hectares of protected forest;

• The Brazil nut chain was the first to receive UEBT

Regenerative Certification - five supplier communities
have received the certification. In 2024, 3.4% of our
ingredients held regenerative certification.

• Evolution in the development of the supply chains with

communities in Colombia, Peru and Ecuador.

READ ABOUT
our sustainability and human rights
activities as they relate to the value
chain in more detail in the Ethical and
sustainable supply chapter.

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New Natura
Amazon Program
Since 2011, we have been running the Natura

Amazonia Program, which aims to transform social

environmental challenges into opportunities for

business and sustainable local development. The

program combines initiatives focused on mitigating

the effects of climate change and halting the loss of

biodiversity, using science-based targets.

In 2024, we proposed that the program should

evolve to position itself as a catalyst for an

ecosystem of regenerative business and solutions,

based upon innovation and traditional knowledge,

that will allow diversification of the operations,

increased impact, and the generation of wealth in

the region.

Under this new configuration, the program

is based upon three operational drivers for a

regenerative transition:

• Science, Technology and Innovation

• Strengthening communities and regions

• Ecoparks and new business

STRATEGIC LEVERS

Ecopark and
new business

Science,
technology and
innovation

Strengthening
communities
and regions

OBJECTIVE
To strengthen the
leadership position in
sustainable science
and technology in the
Amazon region, driving
the local ecosystem and
innovations which value
biological diversity,
local knowledge
and traditions, and
regenerative practices;

OBJECTIVE
To strengthen
and diversify the
operations and the
business model by
means of continuous
and expanded
innovation based upon
the bioeconomy
and nature.

OBJECTIVE
To promote the
Well-Being-Well
initiative through
the strengthening of
communities and their
regions, whilst making
the system more
resilient and scaling up
the impacts for all
(win-win-win).

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

Supplier communities
GRI 2-6, 2-29, 413-2

25 years ago, we decided that one of our differentiating

features should be the use of natural ingredients and bio-

ingredients sourced from socio-biodiversity, principally in

the Amazon region, having been acquired and developed

with respect for both people and nature. As such, we

do not have operations which have significant negative

impacts on these supplier communities.

In relation to the Commitment to Life, we managed to

hit our target of extending our partnership to 45

agro-extractive communities (up from 34 in 2020) six

years earlier than planned. We shared R$ 48.51 million in

resources with the communities, with R$ 24.52 million

relating to the purchase of inputs extracted from the

socio-biodiversity. In 2024, our business impacted the lives

of 10,548 families.

In the Colombian Amazon region, we invested in the

development of the cupuaçu chain, with more than 78

families benefiting from the initiative, and plans under way

to also develop the buriti, murumuru, patauá and ucuuba

chains. Investment in the region was also boosted by

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means of the agreement signed with the

One of the tools used to monitor our relationship

German Cooperation Agency (GIZ), ensuring the

with these stakeholders and identify opportunities for

sum of R$ 700,000.

improvement is the loyalty survey that is conducted

every two years amongst the supplier communities

More than R$ 225,000 was invested in machinery,

in the Amazon region. In the most recent survey,

reforestation and knowledge, thus driving the

conducted in 2023, the index measured was 48%,

production chains and supporting the Climate

suggesting a recovery to pre-pandemic levels. The

Transition Plan.

aim for the forthcoming cycle, planned for 2025, is to

In the Peruvian Amazon region, the development of

the cupuaçu, buriti and murumuru chains, benefits

Benefit sharing

surpass 50%. GRI 413-1

more than 2,300 people in three different communities

Natura also works on the longevity of the partnerships

(Parinari and Río Blanco-Iquitos, in the Loreto region, as

with the local agro-extractivist communities

well as the Madre de Dios region). More than 29 tons of

through the fair sharing of both monetary and

cupuaçu butter were exported to Brazil.

non-monetary benefits. We have remained adherent

to the Convention on Biological Diversity (CBD),

We also managed to receive recognition for our work

which determines that companieswhich use genetic

in the Pan-Amazon Region in the form of the Boscares

resources or the associated traditional knowledge for

Award for the Peruvian Amazon Award.

commercial purposes should return part of the benefits

generated to the traditional peoples.

We promote training to strengthen management

and organizational development, encourage good

Along these lines, we prioritize payment involved in the

management practices, and involve the communities

distribution of the benefit directly to the communities.

in our procurement policies, as well as human rights

By doing so, we aim to ensure management autonomy,

and safety at work (read about this in more detail in the

promotion of environmental conservation, and the

Latin America Databook).

sustainable use of biodiversity.

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

Social bioeconomy
in practice
GRI 203-1, 413-1

Our presence in the Amazon region involves

projects and long-lasting and sustainable

relationships with the local communities.

Read about some of them below.

Agroforestry: Palm Oil AFS

The Palm Oil Agroforestry System (AFS), is a

partnership between Natura, the Brazilian

Agriculture Research Company (Embrapa),

the Tomé-Açu Mixed Agricultural Cooperative

(Camta), the United States Agency for International

Development (USAid), and the International

Centre for Research in Agroforestry (ICRAF). The

initiative follows the guidelines of the Roundtable

on Sustainable Palm Oil (RSPO) and the UEBT. It is a

nature-based solution for the production of palm oil

via regenerative agricultural practices. The solution

mimics the dynamics of a biodiverse forest.

The project was launched in 2008 and, in 2021, after

13 years of research, it began supplying the raw-

materials for the Biōme line of bar-shaped products

and plastic-free packaging.

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

The Palm Oil AFS
will also have
a positive social
environmental
impact by
enabling carbon
sequestration,
increasing
climate
resilience and
doubling the
income of the
farmers.

In 2024, Natura signed a cooperation agreement

with the Department of Family Farming of the State

of Pará (Seaf ) as a means of moving ahead with the

project. This step forward meant that a partner was

brought into the initiative, demonstrating a strategic

commitment to the development of public policies

that involve the adoption of regenerative practices.

The project, that is currently in a phase of expansion,

covers 413 hectares through its partnership with

Camta (Tomé-Açu Mixed Agricultural Cooperative),

and is set to occupy 650 hectares during the

present 2024/2025 harvest year. We aim for 45,000

hectares to be occupied by a Palm Oil AFS by 2035,

based upon our own investments and those made

through partnerships with other companies and

institutions. The Palm Oil AFS will also have a positive

social environmental impact by enabling carbon

sequestration, increasing climate resilience and

doubling the income of the farmers due to the

greater diversity of producers, when compared to the

palm monoculture.

Association of Female Agro-extractivists

GRI 414-1

In 2024, we established a new relationship with the

Association of Female Agro-extractivists of Médio

Community Social
Progress Index (IPS)

We use the Social Progress Index (SPI) to measure

the social and environmental performance of the

agro-extractivist communities and regions where

we also operate to inform the Strengthening of

Communities and Regions aspect of our strategy,

based upon a model that combines environmental

conservation and regeneration with the

generation of revenue. The SPI was applied

to three territories in the states of Amazonas

and Pará (Juruá, Tapajós and Baixo Tocantins)

between 2015 and 2022, an initiative that involved

the collection of primary data. In 2024, we

revised and customized the methodology, with

the aim of making the collection more agile and

easier, allowing for a gain in scale for application

throughout the area in which we operate in the

Amazon region. The revised methodology was

applied in the form of a pilot scheme in four

regions (Juruá, Baixo Tocantins, Marajó and Acre-

Alto Madeira) in 2024, and is to be expanded to

the other regions as of 2025.

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In 2024 we paid

R$ 1.9 million in
payments for
environmental
services to the
community,
preventing
68,000 tons of
greenhouse
gas emissions.
In total, the
Reca project
has already
prevented more
than 368,000
tons of CO2
emissions.

READ ABOUT
our team in more detail in
the ESG Scorecard and the
Latin America Databook.

Juruá (ASMAMJ), located in the municipality of Carauari

Amazônia Viva Funding Mechanism

(AM). By means of this partnership, we achieved our

This mechanism began operations in 2024, and

target of 45 communities in the Amazon region.

has raised BRL 21 million for the credit vehicles

[Agribusiness Receivables Certificates (CRA) and

Payment for Environmental Services

the Enabling Conditions Facility (ECF)], whilst also

Since 2016, in partnership with the Consortium and

involving the Vale Funding Fund, Good Energies

Densified Economic Reforestation Cooperative (Reca),

Foundation, Natura and the International Finance

based in Porto Velho (RO), we have been running a

Corporation (IFC) as investors. The project,

Payment for Environmental Services (PES) project

developed by Natura, in partnership with VERT

focused on carbon offsetting. This operates together

Securitizadora and the Brazilian Biodiversity Fund

with the Reca production chain and family farmers,

(Funbio), began with an operation that benefits 13

with a strategy designed to recompense the farmers

agro-extractivist cooperatives and associations in

for the efforts they make to conserve the forest and

the region, having a positive impact on more than

employ sustainable production methods in the farming

2,500 families.

of socio-biodiversity assets. In 2024, we paid BRL 1.9

million for environmental services, preventing 68,000

In 2024, as a means of strengthening the

tons of greenhouse gas emissions.

governance of the mechanism, we created the

Advisory Board, involving the participation of

In total, the Reca project has already prevented the

Natura, the Vale Fund, two representatives from

emission of 368,000 tons of CO2. Reca has had a close
relationship with Natura since 2001, focused on the

supply of capuaçu butter, and andiroba and Brazil

local communities and one representative from

wcivil society.

nut oils. The project has already seen BRL 7.8 million

All the cooperatives and associations that accessed

in payments for the creation of carbon credits, which

the CRA in 2024 received financial management

have positively impacted 270 families and conserved

support from a consulting firm. This contributed

2,650 hectares of forest area.

to there being no cases of default in the first year of

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

the initiative. At the end of the year, seven participants

returned to access the mechanism to fund their

harvests in 2025. Operation of the Funding Mechanism

is made possible by means of two principal instruments:

• The issuance of CRAs by VERT, which provides

agro-extractivist cooperatives and associations

with advance financing. The funds can be used as

working capital for the annual harvests, making

the operations more efficient and increasing

productivity.

• Enabling Conditions Facility (ECF), a fund

containing non-reimbursable (philanthropic)

financial resources created by Funbio. The aim

is to support initiatives designed to strengthen

the operational and institutional aspects of the

socio-biodiversity chains and address structural

challenges in the regions, providing specific support

for young people and women.

Over the coming
years, we estimate
that the Amazônia
Viva initiative will
boost economic
and sustainable
development in 16
regions, increase
the production
of more than 40
agro-extractivist
cooperatives and
associations, and
benefit more than
10,000 families
in the region

GRI 413-1

The aim of the Amazônia Viva initiative is to provide

the region’s agro-extractivist cooperatives and

associations with access to funding systems. The

objective is to strengthen the socio-biodiversity chains

and their territories in the Amazon region, based upon

a model that combines the generation of income with

environmental conservation and regeneration.

The issuance of debentures
strengthens the bioeconomy
In 2024, Natura became the first Brazilian

company to issue debentures tied to the

bioactives of the Amazon region. We raised

BRL 1.32 billion, with the International Finance

Corporation (IFC) contributing BRL 300 million,

and the Inter-American Development Bank

(BID) another BRL 200 million.

Under this model of debentures emissions,

in the format of sustainability-linked bonds

(SLBs), there are specific sustainability targets

attached to the funds. One of the leading

commitments is the development of Amazon

bio-ingredients. With the IFC and IDM as

investor, the contributions undergo a process

of rigorous due diligence, ensuring compliance

with international standards of sustainability

and ethics.

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3
Brand and
positioning

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Twenty years ago, when I started working as a Consultant, very

few people had heard of Natura in Argentina. I remember being

in a class and nobody knew about the company. I was touched when,

many years later, the same university asked me to speak about our

practices. Natura has become the fifth most reputable brand in the

“

country and the first in direct sales. Seeing this sort of recognition

makes me very proud. And I was fortunate enough to experience this

transformation! This shift didn’t happen overnight - it was developed

consistently over time, with bold decisions and honesty. We are now a

benchmark company. Now we have a different challenge: to integrate

brands with different histories into the same ecosystem. Natura and

Avon are both very powerful, each one in its own way, having taken

different paths. This is not about integrating channels and brands,

but about expanding perspectives. The challenge is to transform this

multi-brand and multi-channel reality into a coherent movement and a

shared objective. The reputation we build now needs to grow together

with this new configuration. It is now time to build without losing our

strength, to integrate without losing our character. As one of our

leaders reminded us, we have a responsibility to demonstrate that

doing the right thing is the right way to go.”

VERONICA MARCELO
General Manager at Natura
Argentina

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Natura: innovation, sensory
experience and proximity

The year was notable for Natura’s growth in Latin

America, anchored in the strength of the brand

and driven by the multichannel presence which,

with a more robust value proposal, increased the

financial success of the Beauty Consultants. With

more than one thousand retail stores, the renewal

of the e-commerce and the digital tools available

to the Beauty Consultants, as well as inroads into

marketplaces (read more on this in the Omnichannel

p. 112), the brand is increasingly more connected with

the different consumer experiences.

Natura has reinforced its connection with its publics

by reviving the concept of Well-Being-Well, which

invites people to reflect upon their choices and their

relationship with themselves and the world.

To celebrate the 30th anniversary of Natura in

Argentina, we undertook a survey which revealed

that only one in three Argentines is fully connected

with their wellbeing.

Iza, a singer recognized for

her authenticity and energy,

represents the Natura Tododia

lines, promoting the value of self-

care and personal connection.

Her presence amplifies the brand’s

messages about wellbeing and

environmental responsibility,

thereby strengthening its visibility.

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The survey found that cosmetics and personal care

products provide a feeling of wellbeing for a quarter of

all Argentines, especially women and those engaged in

seeking it, demonstrating the potential of the routines

involving our products to provide this sense of wellbeing.

The Natura campaigns combine sensory experiences,

innovation and a cultural commitment, strengthening

the bonds with its consumers. The partnerships with

ambassadors such as Iza, Maisa, Endrick and the e-sports

team ‘MIBR’ (Made in Brazil), which communicate values

such as self-care and sustainability, reflect Natura’s

commitment to authenticity and diversity, reaching

numerous publics.

In 2024, as part of our anti-racism commitment, Natura

implemented an initiative in Brazil to guarantee ethnic-

racial representativeness in all our the brand, qualitative

and quantitative studies. Furthermore, we now ensure

that at least 50% of those participating in the campaigns

are Black: a commitment undertaken by both the Natura

and Avon brands. GRI 2-29

Maisa, an actress and influencer, is an

ambassador for the Tododia and Ekos

lines of perfume. With enormous Maisa

highlights sustainability and self-esteem
in her content, campaigns and events.

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The Sonora Natura brand

Produced in partnership

with Soundthinkers, this

brand reflects the nature

of the Amazon region

in sound. To develop

this, Natura explored its

history of connections

with nature and the

commitment to socio-

biodiversity, and selected

the sounds by capturing

the electrical pulse of

the trees native to the

Amazon region.

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Appreciation of diversity and
cultural identity

Natura made its mark on Rock in Rio 2024, as a

co-sponsor of the Sunset Stage, promoting shows

bringing together Brazilian and international artists

as a means of appreciating diversity and musical

innovation. The brand offered sensory experiences

with the Ekos, Humor, Faces and Fotoequilíbrio lines,

and launched a special collection of ‘Faces’ lipsticks

bearing the brand of the festival, thus increasing

the connection with the festival goers. Natura also

participated in Brazilian festival such as the Zepelim

Festival, Coala Festival, Frequências Preciosas and

Coquetel Molotov, bringing its experiences strategy

to a wide range of publics.

During the Círio de Nazaré religious festival, in Belém

(PA), Natura celebrated popular culture by sponsoring

the Varanda de Nazaré and Arrastão da Pavulagem,

highlighting the powerful role played by the music

and the Amazon traditions. For more than a decade,

the brand has invested in cultural initiatives n the

region, including support for 88 musical projects in

Pará, demonstrating its appreciation for the history

and future of the Amazon region.

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30 years in Peru
In 1994, we opened our first office in the

district of Miraflores, in Lima, the capital of

Peru, with 160 Beauty Consultants.In 2019,

we launched our e-commerce business

and, in 2022, we opened our first store

in the Mall del Sur, in Lima. The Natura

Institute began operations in Peru in 2021.

We celebrated 30 years of operations in the

country, and we have a network of more

than 150,000 Beauty Consultants.

30 years in Argentina
In 1994, we began our operations in

Argentina, hit our target of 1 million

Consultants in 2009, and began local

production in 2010. In 2017, we launched

the e-commerce business and opened

our first store at the Unicenter. In 2020,

the country became Natura’s first 100%

digital operation and welcomed the

Natura Institute. We commemorated our
30th anniversary, with more than 300,000
consultants.

To commemorate Natura’s

55th anniversary, we

reproduced the brand’s first

store at the administrative

offices in Brazil. In the photo,

Luiz Seabra, one of the

founders of Natura, is looking

at a magazine from 1970.

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Principal launches

Tododia for hair

We announced our entry into the hair market with

the ‘Tododia’ brand, including products from the

hydration, nutrition and repair lines. The formulas

for the new items were developed from ingredients

such as Aloe vera, almond oil and avocado oil,

using our exclusive prebiotic technology, which is

already used in our body care products.

Ekos Ryos,
Ryo Vivo and
Ryo Chuva
Fragrances that imbue the skin with
the potent scent of the forest. These

products are connected to the Rios

Vivos initiative, which promotes a
sustainable chain of recycled plastics
amongst river-dwelling communities
and recycling cooperatives in seven
municipalities in the Amazon region.

Bothânica

Marking Natura’s entry into the
home products segment, this new
brand offers items such as massage
oils, liquid soaps, hand moisturizers,
aromatic candles and room sprays.
The principles of bio-innovation
are highlighted in the sustainable
packaging and in the high level of
naturalness, biodegradable and
plant-based actives, and the use of
pure essential oils sourced from the
Latin-American biodiversity in all
the formulas.

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Premium perfumes
We entered this segment with the launch of a line

of ten products notable for their innovation and

versatility, with new features such as perfume in oil

form and the development of a Natura Perfume

Library, which catalogs the fragrances according to

the combination of global perfume components and

our own Latin-America sourced ingredients. Since

2004, the line has included the 505 Íris Priprioca, 679

Ambrette Copaíba, 740 Sândalo Breu Branco and 875

VetiverCapitu fragrances.

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

In 2024,
Natura
Musical
invested
R$ 8.4 million
in cultural
projects.

Natura Musical
The Natura Musical Program celebrated its 19th anniversary in

2024, investing a total of BRL 8.4 million, BRL 7.1 million of which

was in the form of its own funds and BRL 1.3 million via tax

incentive laws.

With more than 49 projects under way, special mention should be

made of the release of the Amaríssima album by the Bahian artist

Melly, which was nominated for a Latin Grammy in the category

of Best Contemporary Pop Album in the Portuguese Language,

and the documentary Mestras, which tells the story of four icons

of Pará music and was the first feature-length documentary from

Pará to be selected for the Gramada Film Festival.

Support was also provided to the Arrastão do Pavulagem cultural

event, which took place during the Círio de Nazaré religious

festival, and the release of Bagaceira, the new album by Dona

Onete, the queen of the ‘carimbó chamegado’ musical tradition.

The 20th anniversary celebrations of Natura Musical began with the

singer Liniker’s long-awaited CAJU tour.

The ‘Casa Natura Musical’, a theater we run in São Paulo (Brazil),

hosted 145 shows, welcoming 68,000 people. The funds raised

through tax incentive programs were directed to projects

sponsored by the Natura Musical Call Notice, including cultural

initiative initiatives in numerous states of Brazil. The funds were

directed to projects sponsored via the Natura Musical Call Notice,

sponsorship of the Casa Natura Musical, the festivals platform and

the management and dissemination of projects.

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Avon: focus and precision
to resume growth

In 20024, the brand focused on expanding its presence

and connecting with different social groups, maintaining

its commitment to the democratization of beauty,

innovation and inclusion. In terms of launches and the

modernization of its portfolio, Avon showed how aware

it is of new trends and the needs of different generations.

To attract the attention of Generation Z, the brand has

invested in its perfume portfolio, with the launch of LOV|U

Connected, a fruity, floral fragrance, and the relaunch

of the Far Away line, with a new visual identity, for Latin

America. Taking innovative steps, Avon adopted the use of

Artificial Intelligence (AI) in its publicity campaigns for the

relaunch of the Far Away line, creating original visual and

sensory experiences to provide an immersive feel for the

fragrances.

The brand has also remained focused on inclusion, as was

demonstrated by the revision of its portfolio in 2020, with

the collaboration of the makeup artists Daniele Damata,

resulting in a more inclusive palette with up to 20 shades for

Black skin.

consolidating its position as the leader in the Brazilian makeup

sector and expanding its reach in different channels.

Demonstrating the development of Avon’s multichannel

presence, we announced the brand’s entry into the Brazilian

physical retail sector in 2024, in the form of partnerships with

specialist beauty products stores (read more in the Omnichannel

Journey chapter), as well as inroads into marketplaces. All of this

has been added to the e-commerce and Relationship Selling

strategies to increase brand awareness, in line with the vocation

to democratize beauty.

Reinforcing our commitment to diversity and inclusion

In the sphere of strategic sponsorships, Avon has sought to

strengthen its connection with different regions and publics. For

the first time ever, the brand sponsored the Sou Manaus Passo

a Paço Festival 2024, with the aim of further strengthening its

connection with the people of the North, a region where it leads

the makeup sector. During the event, the Power Stay line was

given most attention, but the visitors could also experiment with

other products and receive makeup tips. Avon also sponsored

the launch of the “Essa é a Minha Cor” book, by the makeup

artist Tássio Santos, reinforcing its pioneering role in diverse and

democratic makeup, and expanding the discussion regarding

the fight against cosmetic racism in Brazil.

Avon continued innovating its accessible, high

performance makeup portfolio with the aim of

The brand was also the official sponsor of Afro Fashion

Day, demonstrating ts commitment to anti-racism and

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highlighting its portfolio of makeups for all types and shades

of skin, with special focus on the Power Stay and Tratamake

lines. Another development which had enormous impact

was the announcement of Ivete Sangalo as the brand’s

new ambassador, reinforcing the singer’s long-standing

relationship with Avon and its identification with the

Brazilian people.

Avon is official sponsor of BAF Week

Avon sponsored the BAFWeek - Argentina: Avon was, once

again, the official makeup of BAFWEEK, Argentina’s most

important fashion event. The brand was led by the slogan

“EXPRESÁ TU BELLEZA”, noting the way recent beauty trends

have been heading, with fresh and daring ideas being

presented by the brands and designers on the catwalk.

As such, Avon, which promotes a form of beauty that is

more democratic and inclusive, sought to inspire people and

promote self-confidence. Especially in Argentina, makeup has

a close relationship with self-confidence: a study undertaken

by Sacateladuda and Avon revealed that, when makeup use

increases, the level of self-esteem rises, and vice-versa. It was

also found that 42% Argentinian women use makeup every

day, recognizing that this moment in the daily routines can

improve their image and provide a means of expression and

even act as an emotional trigger.

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Principal
Principais
launches
lançamentos

Power Stay liquid lipstick

Another high-performance lipstick was

added to the Power Stay line, produced

using the exclusive Powerflex technology

and notable for the comfort found in the

user experience, with 20 color options,

seven of which are brand new.

Moranguinho
The relaunch of the lip gloss, an iconic
product from the 2000s, forms part of the
Color Trend line. As well as providing the
chance for those who used the product
decades ago to nostalgically relive that
moment, the product sought to attract
Generation Z with its strawberry-shaped
packaging and sweet aroma. Available in
two styles, one cream and the other pearl,
Moranguinho moisturizes the lips and
gives them a rosy tint.

Avon Renew Power

The Renew line was
launched, offering creams
for the eyes, facial creams
and a replenishment serum,
employs our own exclusive
technology (Protinol)
that balances two types
of collagen, capable of
renewing millions of skin
cells in seven days.

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Renovation of Far Away
With a wide range of fragrances recognized

by the consumer, Avon’s biggest global perfume

brand was relaunched, with activities, trips and

immersions with specialists, digital content creators

and opinion makers. We also launched a fragrance

(Far Away Shine) aligned with the new brand concept.

5
The
omnichannel
journey

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Our business began as a consulting space, but it was through

the franchise that we expanded our presence and started working

with other channels. Over time, we realized that the consumer was

changing as well - looking for flexibility, more options and new ways of

relating to the brand. And we started learning how to respond to this.

“

LIVIA COLÍN
Natura franchisee consultant

WhatsApp is now active in all the stores and we have been selling a lot

through this channel. We also level the prices with those on the site,

which helps us to remain competitive and ensure customer loyalty at

the physical store. Each channel plays its part. There are people who

prefer to settle everything with messages. There are those who prefer

to go to the store, try things out, and put together a present. And

then there are those who start out buying online, but then gradually

become a faithful store customer. This awareness, which comes from

the consultancy days, is still our biggest differential. Natura has always

encouraged us to pay attention to our own growth. We use Emana

Pay, which charges a lower fee, does not charge for rental of the card

machine, and has a specific service team exclusively for franchisees.

We also have courses, learning targets, management tools and digital

and financial literacy content. These courses involve far more than just

the product: they address emotional health, financial education and

service, and now form an integral part of our team’s routine. All of this

has helped to transform our store into a space that is much more

structured, professional and connected with what is truly important:

people.”

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Developing omnichannel
capabilities

Amongst the priorities of the Regenerate and Prosper

strategic planning cycle is the strengthening of the

path towards omnichannel capabilities. Our aim is

to interconnect the sales channels and create an

attractive brand experience in each of them; one in

which the customer can choose the path which is

most convenient for their needs.

As such, we are looking for a means of getting our

brands closer to the consumer, offering an integrated

and personalized experience in each of the channels:

in the Relationship Selling, the physical stores,

marketplaces and online. A true Well-Being-Well

Ecosystem.

This is designed to strengthen the business of the

Beauty Consultants, who receive innovative tools and

training that allow them to digitalize their work and

improve the fluidity and connection in their relations

with their customers.

Relationship Selling
Relationship selling is a powerful driver of prosperity

for millions of people, in particular, women. The

Beauty Consultants lie at the heart of this business

model, since they nurture relations with our end

consumers and deliver the products to them through

direct sales. In 2024, this working model celebrated its

50th anniversary.

We currently have 3.1 million Beauty Consultants,

including those who work under the integrated

model and those working in Argentina and Mexico.

This is an activity based upon entrepreneurship,

creating opportunities for the creation of income and

providing autonomy for thousands of women, whilst

allowing them to strengthen their relations with the

neighbors.

Over recent years, Relationship Selling has been

driven by digital relationship channels and the

commercialization of products. As such, it has been

possible to increase and strengthen contacts with

the consumers, customize offers, and personalize the

strategies.

In 2024, we
offered an
average of

In Latin
America,
we have
3.1 million
Beauty
Consultants.

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The productivity
of the Beauty
Consultants
improved 50%,
on average, in
the countries
where the
Natura/Avon
combined
model has been
implemented,
bringing
together the
brands’ sales
forces.

We have begun offering online versions of the

magazines that present the brand portfolios, as well

as ready-made advertising materials that can be

shared through social media. These materials are

developed using analyses of consumer interests and

artificial intelligence tools to personalize promotions.

The digitization of our business inserts the

Beauty Consultants into all of the company’s

other sales channels. They can, for example, create

their own digital stores. In 2024, there were more

than 1.3 digital million digital spaces, 75.2% of which

are in Brazil.

Wellbeing for the consultants
We base our relationship with the Beauty

Consultants on the commitments to creating a

decent salary and human development, by means of

a value proposal guided by the pillars of prosperity,

purpose and belonging. The Beauty Consultants’

Development Index (HDI-BC) was developed in 2014,

and based upon the methodology of the HDI of

the United Nations’ Development Program (Pnud),

which is designed to gauge the quality of life in

different countries regarding aspects that go beyond

economic performance. This gauging is structured

around three areas:

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1. Knowledge, including analysis of financial education,

The HDI-BC also showed an improvement in the

digital inclusion and the exercising of citizenship;

index in relation to Black and mixed race people, with

2. Health, including access to healthcare services and

an increase of 4.4%.

lifestyle; and

3. Work, which, as well as demographic data, includes

The Beauty Consultants’ HDI in Hispanic America

positive and negative experiences and their impacts.

rose by 8.9% in relation to 2022, signifying the best

score ever recorded. Deserving of special mention

The survey is conducted every two years, allowing us to

are the advances made in the areas of Health and

evaluate challenges and recommend specific policies or

Labor, which rose in all the countries, driven by the

ways of improving the business model that can positively

results concerning access to healthcare services

impact the quality of life of those forming our network.

and positive labor experiences. With respect to

Our target, in line with the Commitment to Life, is to

Knowledge, there was a notable increase in financial

improve the indicator by 10% by 2030.

education in all the countries, digital inclusion in

Chile, Peru, Mexico and in the Argentina, and the

In 2024, we recorded the highest ever HDI-BC. Brazil

exercising of citizenship in Chile and Argentina.

reached 0.653 (on a scale of 0 - 1), showing an increase

of 3.3% in relation to 2022. The pillars which performed

Amongst the actions implemented in the areas

particularly well were: Health, especially in relation

with the best results are the consolidation of the

to lifestyle, which began improving again following

health and wellbeing strategy, offering free access

a drop during the pandemic; Knowledge, which saw

to telemedicine and psychological support services;

a significant rise in digital inclusion,a result of the

expansion of the lines used for monitoring breast

migration to online sales; and Citizenship. The areas

health in Chile, Peru and Colombia; and the progress

identified which require development and improvement

of awareness-raising performed in all the countries.

were in relation to the work experience, with reflections

In the area of Knowledge, it is worth mentioning the

on the perception of the work market as a whole,

personal finance and business training programs,

rather than solely on the quality of the work as a Beauty

the training sessions in the use of digital tools, and

Consultant.

scholarships for the conclusion of secondary school

and technical, technology and vocational courses.

10 years
Beauty
Consultants
HDI reached
its best
historical
result,
growing by
3.3% in Brazil
and 8.9%
in Hispanic
America
compared to
2022.

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Education
GRI 203-1

The Beauty Consultants have access to training,

qualifications and full-time education initiatives,

with the aim of ensuring them autonomy and a

means of earning an income, combining personal

and professional growth. The main themes of the

courses offered are related to the technical aspects

of their work, digitization, knowledge of the products,

financial education and positioning, socio-emotional

skills, and an understanding of the causes promoted

by our brands. The actions designed to develop

the Beauty Consultants are structured around four

strategic pillars: training on sales techniques and

management of the business; digitization and

omnichannel capabilities, to ensure effective use of

digital tools; an in-depth understanding of the Natura

and Avon portfolio of products; and the development

of leadership and communication skills. In the area

of education and digital inclusion, we also have the

“Planning My Future” program, in which we have

invested in technological training for the Beauty

Consultants’ children. The training sessions are

provided on the NaturAprende, and Natura and Avon

School platforms, YouTube channels and initiatives

distributed via WhatsApp. Each channel has specific

gauging tools and metrics.

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At NaturAprende the participation in events and

workers provide health services for the Consultants.

courses, downloads of materials and certifications

The professionals assess the context and refer

obtained are all analyzed. WhatsApp allows us to

them to the free specialized services we offer:

monitor the rate of conclusion of the courses sent

telemedicine, psychological counseling, as well

out, whilst YouTube provides information on the views

as confidential support in the event of domestic

and engagement levels. In 2024, more than 380,000

violence, offering monitoring, legal advice and

consultants were trained in Latin America.* The rate

even financial assistance for food, and medical

of engagement is gauged by the users’ evaluations of

expenses. In relation specifically to the fight against

the content offered on the platform, using a scale of 1

breast cancer, the work focused on guidance and

to 5, with average ratings of 4.3 to 4.9.

monitoring of breast health was extended to Chile,

In 2024, we recognized and appreciated those

aimed at early detection were also undertaken in all

Beauty Consultants who worked as social mobilizers,

the countries.

Peru and Colombia. Awareness-raising initiatives

strengthening the support networks and leading

their communities in our Welcome - Together We

Transform Program.

Health
The Health dimension grew in all the countries in

Income
In 2024, we recorded a 38% increase in the

consultants’ income in Hispanic America, the result

mainly, of the gains in productivity obtained in

Mexico and Peru. There was a 22.9% rise in Brazil,

which we operate in 2024. Amongst the actions

compared to 2023 - significantly higher than the

implemented on this front, special mention should

country’s official rate of inflation (IPCA), which was

go to the consolidation of the Beauty Consultants’

4.83%. These actions confirm the real gains and

health and wellbeing strategy. These include

measurable impacts achieved in the lives of the

programs that encourage the self-care, socio-

consultants.

emotional development and self-esteem of those

who form part of a business and impact network.

We provide a Social Support Center where social

FIND OUT MORE
about the indicators relating to our impact on
the Beauty Consultants in the ESG Scorecard

*The data do not include those countries which have not undergone the business integration process.

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Retail
The growth of the retail operations continued

to accelerate in line with what had been seen in

previous years. In 2024, we saw an increase of 15.4%

in the Natura store base, reaching a total of 1,076.

Of these, 1,008 are in Brazil, 145 being own stores

and 863 franchises. In the other Latin American

countries, we have 68 Natura own stores, with 40 of

them in Chile and

the others in Argentina, Colombia, Mexico and Peru.

The expansion of the retail area is a branch of the

omnichannel strategy. In addition to being spaces

where the customers can be served and have an

experience, the stores can operate as a location

where the customers can pick up their online

purchases by means of the “click and collect”

option. It is also possible to undertake “ship from

store” operations, in which the customer makes

a purchase on the e-commerce channel and

the closest store sends the product out, thereby

reducing the time spent waiting for the delivery.

In 2024, we saw good results in customer

satisfaction in those stores evaluated by the retail

Net Promoter Score (NPS), obtaining 93 points,

meaning an increase of 2.2% in relation to 2023.

Launch of retail
channel in Colombia
In 2024, we inaugurated our first three physical

stores in Colombia. The stores are located in

shopping centers with a lot of movement in Bogotá.

The aim is to continue advancing to establish a

network of units in the biggest cities in the country,

introducing more Colombians to the Well-Being-

Well experience.

The third store, located in the Fontanar Shopping

Center, was developed for the customers to enjoy

unique rituals; in a special space, customers are

presented with the concepts of care, connection and

respect for the Amazon region.

Avon enters beauty store retail
In a groundbreaking act for the brand in Brazil,

Avon entered into partnerships with Soneda Casa de

Beleza and Bel Cosméticos for the sale of its products

in physical stores. These partnerships make facial,

body and hair care products available, as well as

makeup, from the Power Stay, Color Trend, Avon

Care, Renew and Advanced Techniques lines.

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E-commerce
We strengthened our e-commerce in 2024, with

Presence in marketplaces
With a strategy designed to complement our own

growth of 19.7% Y/Y in 4Q24, also benefiting from

e-commerce, the presence of the Natura and

the launch of the new digital platform on the brand’s

Avon brands in marketplaces in 2024 increased the

website in Brazil in 2Q24 and the strong performance

customer’s omnichannel experience. In January,

of Natura Friday.

Natura opened a pilot store for the Chilean market

on Mercado Livre, the biggest electronic trading

The acceleration of the digital transformation in

platform in Latin America. The experience was

Latin America was in part due to the presentation

replicated in Brazil in October, and this was followed

of a new experience on the online sales channel,

by the opening of an Avon brand store in December.

with more information on the product and easier

navigation. The new platform also provided sales

integration solutions both in the area of e-commerce

WhatsApp sales in Argentina
Natura launched its first online sales channel on

and on social media, as well as improved connection

WhatsApp for mass consumption in Argentina, a

with the Beauty Consultants. We use a modular and

country where the app has around 35 million users.

scalable digital architecture, which is capable of easily

This tool operates as an personalized assistant,

personalizing page components which enrich the

developed using AI, allowing consultants to advise

digital experience, based upon artificial intelligence.

and accompany the end consumer over the course

of the purchase. The operation is performed entirely

within the app.

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Bluma
In 2024, we launched a beauty and wellbeing services

platform for consumers and companies: Bluma. This is a

pioneering initiative amongst cosmetics brands in Brazil

and is already available in Greater São Paulo, Rio de Janeiro

(RJ), Belo Horizonte (MG) and Brasília (DF). Customers can

access this new feature by means of an app, which can be

downloaded through the App Store or Play Store.

Bluma connects our consumers to specialists in beauty

and wellbeing services. The app allows customers to book

nail, hair, massage, makeup, waxing and beauty services

sessions. The professional visits the location chosen by the

customer. The cities of São Paulo and Rio de Janeiro also

have spaces called ‘Casa das Artistas’ which offer training

and spaces where the consultants can relax, recharge their

mobile devices and sterilize their equipment.

By means of Bluma, we are prioritizing our customers

as well as the generation of value for the specialists, as

the professionals registered on the platform are referred

to, promoting professional development, generation of

income, standardization of the services, and bio-security.

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Emana Pay
GRI 3-3

The financial services platform, Emana Pay, was

fully established in 2024 as a tool which the Beauty

Consultants can use to increase their productivity and

profitability. The digital account offers services such

as bill payment, cellular phone top-ups, tracking and

In 2024, we offered
an average of

Emana Pay was
implemented
in 100% of
Natura’s own
stores and
in 60%
of the
franchises

management of orders placed, purchase vouchers for

customers, as well as financial education tools.

Emana Pay enables the management of payments

for sales, by means of Pix or TED services, and creates

a link for payment in up to 12 installments, with rates

that are below the market average. We ended 2024

with more than one million active accounts and a TPV

(Total Payment Volume) of more than BRL 60 million.

More than 31 million Pix instant payment transactions

have already been made by means of the platform.

Currently only available in Brazil, Emana Pay has been

implemented in 100% of Natura’s own stores in the

country, and 60% of the franchises managed by

Beauty Consultants.

The impact for the Beauty Consultants is very positive.

Those who make use of the platform have an average

of 20% more sales than those who prefer other

methods of payment. Furthermore, more than 80% of

the accounts show a constant increase in revenue.

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5
Transversal
innovation

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My journey at Natura was built layer by layer. I started in Quality,

learning the technical rigor and the responsibility of ensuring what

touches someone’s skin is safe. Then, I dove into Product Development.

With every ingredient and decision, there was always the care to

deliver on our promises. Transforming science into experience

“

has always been part of the challenge — combining precision and

sensorial delight in every formula, without compromising on safety,

pleasure, or the impact we generate. Later, new questions arose: how

can we use less water? How can we reduce carbon? How do we care

for the planet and its people? How can we create less waste, choose

more natural ingredients, and design holistically — from formula to

packaging? Today, I work directly with the consumer. And I’ve realized

that innovation only comes full circle when I listen to those who use

our products. Because true listening opens up paths that no lab test

can reveal alone. These are stories of affection — memories triggered

by a scent, a touch, a simple gesture. They help me understand that

real innovation is born from this dialogue. It’s in real use, in everyday

care, that innovation shows its true strength. And today, with the help

of technology, this takes on a new dimension. I can cross-reference

hundreds of responses, identify patterns, and uncover what truly

moves people. Artificial intelligence helps me read between the lines.

And the more I listen, the clearer it becomes: the kind of innovation

I believe in is this — grounded in science, but also in emotion; guided

by data, but inspired by human connection.”

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ROSA FRIEDLANDER
Consumer Research
Scientist

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

Transversal Innovation
GRI 2-29

have reaffirmed our commitment to scientific innovation

by operating as a Master Science Sponsor at the IFSCC

2024, the world’s biggest scientific cosmetology congress

Natura has adopted a comprehensive and multifaceted

which was held in Brazil for the first time. At the event,

innovation strategy. As such, 9.7% of the employees

we launched a scientific call notice to support Brazilian

focus on innovative projects in different areas, from

researchers working on lines of study connected to

integration of the operation of the brands to the

Natura, granting 20 registrations and financial support

developments of products, passing through evolution of

for three applicants selected from the North and

the omnichannel journey, cultural innovation and data

Northeastern regions of Brazil. We sponsored another

management, the incorporation of technologies, open

edition of the Deep Tech Summit, during which startups

innovation and new business.

took part in an immersion experience at our Innovation

Open and collaborative innovation
GRI 2-29

Center at Cajamar. We believe that the support for

scientific events strengthens the scientific and technology

ecosystem in Brazil and connects us to innovative lines

of research that are both aligned with our values and

Natura believes in the power of open innovation as a

drive science-based innovation for sustainable and

driver for transformation for connection with innovative

technological solutions.

talents and ideas. To achieve this, we have developed

various ways of interacting with the innovation

ecosystem as a means of embracing its diversity.

Natura Campus
Through the Natura Campus program, we have

Natura Startups
The Natura Startups program, created in 2016, and based

upon the venture client model, provides us with the means

of finding innovative solutions, via Startups, to meet our

business challenges, whilst promoting mutual growth.

been continually investing in collaboration with

Natura Startups also works as a driver for the culture

the innovation ecosystem since 2016. In 2024, we

of innovation by means of engagement actions and

sponsored the ANPEI Conference, where the company

training aimed at the employees. Find out more about this

presented its digital innovation initiatives focused on

network that is committed to generating a positive social

sustainable development in the Amazon region. We

environmental impact through innovation here.

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Natura Ventures
In 2024, we launched Natura Ventures, a fund for investment

Natura Innovation Challenge
The launch of the third edition of the Natura

in startups, with initial funding of BRL 50 million contributed

Innovation Challenge, in 2024, took place as

during the first three years of the operation. We will support

part of the official programming of the South

the development of regenerative solutions that can be

by Southwest Festival (SXSW). The challenge

implemented into our value chain and corporate network.

focused on carbon offsetting and attracted the

The fund’s portfolio will include up to 15 startups over the

participation of 130 startups from 23 Brazilian

course of its ten years in operation, with the contributions

states. Twelve hours of individual mentoring were

planned at between BRL 2 million and BRL 10 million,

provided and four startups were chosen, each of

depending upon the maturity of the solution or the startup,

which offered business solutions that supported

the implementation of carbon offsetting projects:

VerdeNovo, Canopy, Bioverse and LandPrint.

and the region in which it operates.

The initiative focuses on four investment fronts: Regeneration

and circularity; Prosperous cycles for the beauty consultants

and professionals; The end customer’s connection and

experience; and Transformation-enabling technologies. In

2024, Natura mapped and evaluated 291 startups to select

those most suitable for investment. The first contribution was

made to Abbiamo, which has been a partner since 2002. The

technological verticalization solution is focused on increasing

logistics efficiency,reducing product delivery times

and improving the customer’s experience.

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Innovation in
Technology and Data
Transforming the Culture
and Driving the Future

We have adopted ethical guidelines for the use of AI

and, in Brazil, we have an AI Committee, with plans

to expand it globally. We monitor the evolution

of the related legislation and promote dialog

At Natura, innovation goes beyond simply adopting

with our stakeholders through training sessions

technologies; it resides in the transformation of

and communication actions on the benefits and

the culture and training of people to extract the

challenges of AI.

maximum potential from the data. We believe that

true innovation occurs when we democratize access

to technology, accelerate decision-making, empower

our network, and have a positive impact on society.

The Data and Analytics (D&A)
strategy
We have established an operational model -

‘Hub-Spoke’ - aimed at accelerating the use of data

AI has become
an enabler of
productivity and
boosts creativity.

We are consistently investing in models that

in the business areas. The Hub incorporates data

decentralize operations, accelerate innovation and

engineering, the solutions team, a scientists’ Center

multiply analytical capacity, with guidance from

of Excellence, and data management. The ‘Spoke’,

a strong governance structure. Evidence of this

meanwhile, refers to increased capacity in the

transformation was the adoption of the Gemini

business areas involving the data owners and data

for Google Workspace technology, democratizing

citizens who work in squads together with the

Artificial Intelligence (AI) for all the employees. From

Hub specialists.

everyday tasks, such as making notes and creating

presentations, to more advanced applications, such

Our strategy is based upon four fundamental pillars:

as generating images, constructing assistants or

Data Expansion: Structuring of a comprehensive

creating podcasts with the NotebookLM technology,

and accessible database focused on democratic

AI has become the go-to tool for increasing

technology. Our data lake covers multiple data

productivity and boosting creativity.

domains, allowing holistic and in-depth analyses.

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Data Care: Robust data management, with the clear

definition of roles, operating rules and a structured

environment that guarantees security, reliability and

integrity in the use of data.

Data4All: Democratization of access to the

knowledge and use of data, by means of formal

training, podcasts with specialists and a testing

environment involving self-service analytical tools,

promoting data literacy and analytical agility.

Natura AI: Dedicated to Artificial Intelligence, with a

special focus on the optimization of efficiency and

value creation. We see AI as a strategic asset that is

transforming the Natura network and driving our

business indicators.

We recognize that the ability to transform data into

actionable insights can provide a crucial competitive

advantage. As such, we are constantly investing in

developing the organization’s D&A maturity, simplifying

the analytical environments, increasing access to

data and boosting the use of AI for the creation of

products and services with a difference. In 2024, we

made significant investments designed to accelerate

this initiative, involving both the adoption of platforms

with embedded AI and also development of our own

solutions.

MAIA - Natura’s generative
Artificial Intelligence

The aim of Natura’s AI strategy is to apply

generative AI (GenAI) to resolve problems

and take advantage of opportunities. ‘MAIA’

(‘Artificial Intelligence Analytical Model’), our

generative AI, operates as a hub for numerous

AI agents. It is used to provide assistance to

the Beauty Consultants, offering sales support,

increased credit limits, payment processing,

and consultation on orders in a natural form

of language. The results include increased

satisfaction (NPS), cost reductions, and

greater resolution of cases upon first contact.

Internally, the MAIA is used in the legal and

personnel management departments, for

example, supporting AI literacy. Natura’s AI

strategy is supported by cloud technologies

and Large Language Models (LLM).

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Research & Development
We have a multi-disciplinary R&D team, made

the vocations and cosmetic benefits of the

up of specialist researchers with an extensive

proprietary bio-ingredients.

understanding of matters including biodiversity, and

skin, hair, and microbiota science, and data scientists

This work is performed as a means of reaching

and professionals focused on the development of

different profiles of the public and studying

new methodologies, formulas and packaging, using

the different types of hair and skin tones, with

advanced, world-class scientific techniques.

encouragement for diversity and inclusion in

the development of products. We consider

In 2024, we presented and were recognized for

generational, ethnic, cultural and socioeconomic

the project classified as one of the “Top 10 applied

aspects. This practice has also influenced our

research papers” by the IFSCC International Congress,

partners network, by including more diverse

which brings together the biggest global players in

publics in the testing panels. By doing so, we

cosmetics science. These employees work to create

are ensuring that the performance of the

new technologies and high-performance products

products is proven and the sensory, wellbeing

based upon the concept of regeneration, with proven

and effectiveness benefits are suitable for a wide

humane and environmental security.

range of social groups.

We use machine learning, big data and artificial

Our research work also employs methods which

intelligence to optimize the processing of information

dispense with the use of testing on animals. For

in R&D. Aligned with our strategy, we have expanded

Natura, this is both a directive and a strategic choice.

the use of AI and data to accelerate our technical

We employ a technological platform based on data

decisions and make them more assertive. In 2024,

science to move forward with regard to integrated

we leveraged analysis flow in omic technologies,

approaches that are capable of supplying the

involving structured data bases and artificial

highest possible volume of information for safety

intelligence computational models to assess

assessments of proprietary raw materials.

In 2024, Natura
registered
15 patents
and 10
industrial
designs
with the
International
Patent
System (PCT).

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Continuing with this logic, in 2024, we implemented

Artificial Intelligence models to forecast security

guidelines on natural ingredients. We hold the

“Leaping Bunny” seal for both our brands as part

of our commitment to not perform product or

ingredients testing on animals - Avon, specifically,

was awarded this honor globally in 2024.

We also prioritize the use of vegan ingredients in our

products. Currently, the only non-vegan ingredient

still present in the Natura portfolio is beeswax, used

mainly in make-up, but even this is gradually being

substituted. In 2024, we managed to ensure that

97.2% of the Natura portfolio was vegan.

Safety of our products
GRI 416-1

The commitment to safety can be found in all

the stages of product development, in rigorous

compliance with the applicable domestic and

international legislation. Furthermore, to ensure

transparency and technical accuracy, Natura

has adopted global benchmarks to monitor the

ingredients used.

Natura evaluates all of the 11 products and

services categories regarding the impacts on the

health and safety of the consumers, ensuring

that all the items sold are rigorously analyzed

and improvements constantly implemented.

These evaluations ensure that the formulas only

include ingredients considered to be safe, in line

with the most up-to-date scientific criteria.

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Kaiak Sonar:
multi-sensory innovation
A new idea, a new technology, and a new form of

Far Away:
AI working with perfumes
In 224, Avon relaunched the Far Away line of

communication. Innovation forms an integral part

perfumes, the brand’s best-selling product.

of the entire Kaiak Sonar Research and Development

The campaign involved images that uniquely

process. The men’s and women’s versions of the

interpret the fragrances, incorporating AI-

fragrance have been developed using the VibraScent

generated movement and textures.

technology, created by Natura, which interprets the

sounds and colors of the sea, recorded during the

The aim was to present the feelings

Schurmann family’s Voz dos Oceanos expedition, in the

experienced when smelling each Far Away

form of a fragrance. The idea was to find ingredients

fragrance. An artificial intelligence tool

that vibrate at the same frequency as the waves, sea

was provided with the observations of the

animals, and the wind in the sails.

influencer Rica de Marré, who described her

feelings when trying the five different versions

The 2024 launch involved the creation of Espelho

of the product. The tool created a visual and

d’Água, a song composed by Russo Passapusso, sung

sensory immersion as an innovative way of

by Josyara, and produced by BaianaSystem. The song

experiencing perfumes.

also reflects these vibrations, transforming the entire

R&D and dissemination process into an innovative

kinesthetic project.

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Tododia Jambo Rosa and Flor de Caju:
innovation with diversity
One of our launches in 2024 is an example of the view

we take regarding diversity as well as the new approach

taken to innovation at Natura. The new body care line

‘Tododia Jambo Rosa e Flor de Caju’, is the result of a

R&D project that involved the survey of more than two

thousand women and tests on more than 120 skin tone

variations, all of which was performed over a period of

approximately six months.

We took a psycho-social approach which ensured the

wellbeing of the Black woman. A survey was developed

to map habits and behavior, which highlighted the

specific needs of this group. The project provided

indicators and ideas for the creation of a range of

products that includes nourishing exfoliants, ultra

nourishing body crème-oil, tone-evening butter, body

cream and body brightening gel.

For the following stages, in preparation for presentation

of the line to the market, Natura hired the ‘Indique uma

Preta’ consulting firm to develop a campaign centered

on race. We also established a partnership with the

Black Influence agency, to provide support for the

launch planning.

Studies for
development
of the line were
performed on
more than 120
skin shades.

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Bioinnovation and
the Amazon region
GRI 3-3

Our R&D teams work together with Amazon socio-

biodiversity extractivist communities in four countries

in the region - Brazil, Colombia, Peru and Ecuador.

In its 25 years of operations in the Amazon region,

Natura has developed 46 bio-ingredients and aims to

develop 55 by 2030, thus optimizing our relationship

with the communities and our ability to generate

income and have a positive impact in the region (read

more in the Regenerate and Prosper chapter).

To achieve this, we have installed the ‘Natura

Amazonia Innovation Nucleus (Nina) at the Ecopark,

our industrial complex located in Benevides, in the

Brazilian state of Pará. It includes researchers, field

teams and a bio-refinery for developing processes to

obtain extracts, fixed oils, butters and essential oils

from Amazonian biodiversity. The Federal University

of Pará (UFPA), Embrapa and the Colombian Sinchi

Institute, are all partners in Nina.

Packaging and circularity
GRI 3-3, SASB CG-HP-410a.1, SASB-CG-HP-410a.2

We have announced public targets that involve the

development of technological solutions designed

to reduce the environmental impact of our product

packaging. Developing innovative ideas that increase

the use of reusable and recyclable materials, and

the availability of refills, whilst allowing for the least

generation of waste possible (and consequently fewer

emission of greenhouse gases), is one of the exes of

the Commitment to Life, mobilizing management and

monitoring by means of indicators.

The launch of the Natura Ekos Brazil Nut Concentrate

is one example of the efforts made in this area by

our R&D team, which worked on concentrating the

formula to be able to offer a product with a lower

environmental impact and an enjoyable moisturizer

preparation experience for the consumers. Natura is

also a pioneer in refills for cosmetics, having adopted

this model more than 40 years ago.

The level of use of reusable, recyclable or compostable

materials in the packaging in 2024 was 84.6%, taking

into account the consolidation of the Natura and Avon

brands in Latin America, a little below the 2023 level

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Our
consolidated
post-
consumption
recycled plastic
index for Latin
America is
18.2%.

The reusable,
recyclable or
compostable
materials
indicator was
84.6%.

which stood at 87.8%. For the Natura brand, this

indicator was registered at 84.1% and 85.7% for Avon,

Circular economy and innovation

in 2024.

We have an environmental calculator involved in

our packaging strategy, allowing us to prevent

and measure the impact of different materials

and design options. We perform periodic detailed

diagnoses of the packaging portfolio to identify

those products with a higher environmental impact

and define mitigation strategies. This analysis

includes the composition of the materials and the

possibility of substituting them with alternatives

with less impact, size improvements to reduce the

consumption of resources, and compatibility with

current recycling systems.

In those cases where technical or safety restrictions

prevent the use of recycled materials, we evaluate

the use of alternatives from renewable sources, such

as Green Polyethylene.

In the MRPC index, the Avon brand achieved a

percentage of 2.4%, For the Natura brand products,

we achieved 12.5%. The consolidated figure for Latin

America came in at 9.5%.

SASB CG-HP-410a.1, GRI 301-2

In 2024, we took important steps forward in the

management of the circular economy with the

increased incorporation of recycled materials in

our portfolio. This has allowed us to not only reduce

our dependence on virgin resources, but also

strengthen the local recycling chains and generate a

positive social environmental impact.

We monitor the volumes of waste recovered in

all the countries in which we operate, so that the

materials will be included in new product and

packaging manufacturing processes.

In 2024, Argentina saw the beginning of the local

production of the Tododia line of body creams,

using recycled PET which is collected entirely in the

country, thus ensuring standards of manufacturing

quality that the brand already offers in Brazil. In

the first stage, it was possible to recover 90 tons of

plastic.

In Peru, Natura forms part of the Recicla+ program,

that involves 11 cities. Natura plays an active role in

the Resimple initiative, in Chile, and the Visão 3030

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initiative, in Colombia. In the latter, the collection targets

As part of the program, we perform audits on our

were surpassed in 2023 and 2024. In Mexico, where

suppliers to check compliance with the requirements

there are no formal cooperatives, the operations are

relating to organizational management, social and

performed by individual collectors. GRI 413-1

environmental responsibility, transparency in the

Natura Elos

GRI 301-3, 308-1

management of resources, respect for human rights,

safety conditions in the operation of machinery,

environmental legislation, and health, safety and

Since 2017, the Natura Elos Program has promoted

comfort in the workplace.

a network of shared responsibility that unites the

company, cooperatives, recyclers and manufacturers

The program is concentrated mainly in Brazil and

in a commitment to reverse logistics and the recycling

Mexico, but cooperatives in all the countries in Latin

chain. More than simply a link between these fronts,

America are subjected to audits to ensure proper

the initiative ensures the traceability of the recyclable

work, administrative and environmental practices.

materials, monitoring their journey, from collection to

It is important to stress that, in Mexico, there are no

transformation into new packaging.

cooperatives, with individual urban waste collectors

performing the work. GRI 413-1

Our focus is on ensuring a sustainable ecosystem for the

supply of post-consumer recycled material.

In 2024, we invested BRL 1,014,173 in Elos, with

The activities involved in Natura Elos include:

R$ 633,094 going towards direct support and

• support for the training of suppliers, for

R$ 381,079 to indirect support.

professionalism and leadership throughout the

chain with a view to fulfilling high standards of

The direct investments focused on the reconstruction of

compliance and good practices;

cooperatives affected by fires, the respectable inclusion

• development of waste collection cooperatives; and

of individual waste collectors in the production chain,

appreciation and recognition of the service that these

and the structural improvement of the units to increase

workers provide for society.

productivity. In addition to this, financial incentive

In 2024, we
invested
R$ 633,000
in directly
supporting Elos,
and R$ 381,000
in indirect
support.

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mechanisms were implemented to improve the

screening and professionalization of the PET chain.

The indirect funds were directed to strategic consulting

firms, partnerships with startups, and initiatives

aimed at increasing the circularity of the plastic. We

encouraged cooperatives to register in fund raising

call notices, contracted a healthcare benefits platform

for the waste collectors, and enabled investments in

Sitawi’s Rios Vivos (Live Rivers) Fund, which is focused

on the development of post-consumption sustainable

chains in the Amazon region.

Rios Vivos

We have continued with a special initiative in the

Amazon region, as part of the Natura Elos Program,

called the ‘Rios Vivos’ project. Through this initiative,

In 2024, 56 supplier cooperative participated, involving

we work to mobilize river-dwelling communities in

2,567 waste collectors in the projects, and we recovered

the states of Amazonas and Pará to collect plastic waste in the forest,

15,385 tons of post-consumer packaging material at

communities and urban districts on the banks of the rivers in the region.

Natura and Avon.

GRI 203-1, 301-3

The majority of plastic that is in the oceans is currently transported there by

rivers. In South America, the Amazon river basin is the main path taken by

these materials on their journey to the sea.

The Rios Vivos project is aimed at reducing this pollution and generating

a positive impact for those participating in the initiative, combining

environmental and socioeconomic aspects: ten river dwelling communities

and four cooperatives in the region have been mobilized in three
municipalities in the Amazon region, impacting more than 550 families. In

2024, we launched the Ekos Ryos line, with Ryo Vivo and Ryo Chuva products.

This innovation is connected to the Rios Vivos initiative through the bottle

caps, which are made from 100% recycled materials, collected from the rivers

of the Amazon region and their neighboring lands.

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Benevides Recycles

A new partnership between Natura, the Municipal

The intention is to strengthen the role of the local

Government of Benevides in the Brazilian state of

cooperative as a supplier of recycled materials within

Pará and the Espaço Urbano NGO, led to the creation

the Natura value chain.

of ‘Benevides Recycles’, a reverse logistics program

focused on recyclable materials. The initiative,

To boost environmental education and engage

launched in 2024, aims to increase the quantity

the public in the separation of recyclable waste,

and quality of the waste sent for recycling in the

the Benevides Recycles program transforms these

municipality, whilst at the same time boosting the

materials into Humanitarian Tokens. These can be

creation of revenue based upon these materials.

exchanged for food, hygiene products or clothes, or

cultural, tourist or sports products.

The waste from Natura’s Ecoparque is being donated

to cooperatives. Furthermore, awareness-raising

actions are undertaken aimed at mobilizing the public

to dispose of waste properly. As part of this process,

we offered support for the structuring of selective

waste collection, and provided training for the waste

collectors and cooperative in the municipality,

meaning they are now able to receive the items

collected in the correct manner.

Representatives
from Natura,
the Benevides
City Hall, and
the NGO Espaço
Urbano during the
launch event of the
Benevides Recicla
program.

Credits: Mariana Almeida / Cabron Studios

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Recycle with Natura

In 2024, we continued with the Recicle com a Natura

Coffee capsules transformed into
sustainable cosmetics packaging

(Recycle with Natura) reverse logistics program.

Natura, by means of the Natura Ekos line of products, has

This initiative establishes collection points at which

partnered with Nespresso to develop a circularity initiative.

our consumers can dispose of the packaging used

10% of the aluminum in the packaging of the Ekos Brazil

in our products. All of our stores in Argentina, Peru,

Nut hand moisturizing cream is extracted from recycled

Mexico, Chile and Colombia have collection points

coffee capsules.

and encourage our customers to deposit their waste

there. We also have awareness-raising projects for

Based upon this partnership between two B Corp companies,

consumers and consultants. The recycling initiatives

which aims to have a positive impact, the Ekos Brazil Nut tubes

in Mexico involve 2,675 people, including consultants,

are to be 100% manufactured from recycled aluminum,

customers and employees, collecting more than 180

with 10% of the metal coming from the Nespresso capsules.

tons of materials and more than 40,000 packages.

This initiative means the recycling of more than two tons of

The materials collected are sent for recycling or some

capsules each year.

other form of proper disposal, meaning therefore that

the packaging is not sent to landfills.

The partnership has also led to the opening of 34

Nespresso boutiques around Brazil for the collection

and proper disposal of the Natura Ekos products

that use aluminum packaging.

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7
Infrastructure
and the
value chain

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What we are creating here at the Ecopark is a lean, close and

connected chain. The inputs we use are sourced directly from our

partner communities. Seeds, fruits and oils that contain the history and

ties with the forest. Each asset that we use contains the knowledge of

those who live in the region and care for it as part of their lives. And all

“

ALCIMARA ARAUJO DA SILVA
(MARA)
Manufacturing Manager at
the Ecopark

this is done with the support of our team, which works together with

the community on everything from collection to delivery at the factory.

But none of this would be possible without the firm enforcement of

ethical supply methods, which respect the local way of life and those

who live in the region. But the best thing is that the majority of the

production takes place here at the Ecopark itself. We have partners

who extract the oils and produce the shells, and we are preparing to

incorporate more stages. This reduces travel and emissions whilst

increasing traceability. The logistics becomes a part of the caring

strategy. The product that leaves the Ecopark travels less and interacts

more with those who produce it. And most of those who work in this

chain are the people who live near the unit, and who understand the

region and the value of what they are doing. When the chain is short,

transparent and made up of real relationships, the forest not only

remains standing - its grows stronger. This, for me, guides us towards

a regenerative model: a way of producing that reconnects, respects

and returns value to those who care for the origins of the forest. It is a

model with the potential to inspire other regions, because it is local,

circular and possible”

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Infrastructure
and the value chain
In 2024, Avon’s Global Innovation Center moved to

Ten years of the Ecoparque
In 2024, we celebrated the 10th anniversary of

the Ecoparque, our technological, industrial and

Brazil, a new factory in Cajamar (SP) was announced,

innovation complex located in Benevides, in the

and the Ecoparque, located in Benevides (PA),

Brazilian state of Pará. The 175 hectare space is

in Brazil, celebrated its tenth anniversary. We made

designed to manufacture our soaps, whilst also

significant progress in 2024 in our relations with our

operating as a point of contact and stimulation for

suppliers, with the launch of the Regenerative Alliance,

the sociobioeconomy of the Amazon region. Located

and we advanced in terms of our commitments

at the Ecoparque is the Natura Amazon Innovation

to the supply chain. These actions reflect how our

Hub (read more in the Bioinnovation and the Amazon

path towards regeneration is an intrinsic part of the

chapter), as well as a large open area for other

business strategy.

companies interested in working at the production

Our factories

We have manufacturing units in Cajamar

and Benevides, in the Brazilian states

of São Paulo and Pará, respectively, as

well as in Celaya, Mexico, and Moreno,

Argentina, all producing products from

the Natura and Avon brands.

and research hub created by Natura.

In 2024, Box Print, a packaging manufacturer, set

up business at the Ecoparque. Previously, Symrise,

a company focused on the creation of fragrances,

had opened a butters and fixed oils factory at the

industrial complex.

Currently, 94% of our soap demand in Latin America

is met by the Ecopark, which produced 458 million

units in 2024 and more than R$ 3.2 billions over the

complex’ first decade in existence.

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Over these last ten years, the Ecopark has generated

some R$ 1.6 billion in the region.

The Ecopark employs around 700 people directly or

indirectly, and 93% of the operational workforce is

local, including the factory’s senior management.

To attract and retain the employees, we hold a series

of training and technical specialization programs,

in partnership with the Serviço Nacional de

Aprendizagem Industrial (‘National Industrial Learning

Service’ / Senai), and we also offer study scholarships

for anyone wishing to take higher education courses.

GRI 413-1

In 2024, we celebrated

the 10th anniversary of
the Ecopark, the Natura
technological, industrial
and innovation complex
located in Benevides (PA)

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Decarbonization of the value chain
GRI 3-3

more than 100 signatories who work with us to

In 2024, we started to include the Avon brand’s

explore innovations, projects and new practices

operations in Latin America in our inventory of

related to issues such as circularity, the traceability

GHG emissions. In total, Natura &Co Latin America’s

of raw materials, human rights, diversity and

emissions saw a slight reduction, reaching 1.26 million

decarbonization in logistics and production.

tons of CO2, compared to 1.28 million in 2023.

Biomethane

The greatest volume of emissions continues to be

A biomethane station is in the process of being

those in Scope 3, involving the use and end-of-life

implemented at our Cajamar factory in Brazil.

treatment of the sold products. Our aim is to reduce

The biomethane will be produced from the waste

the emissions in the value chain by 42% by 2030, by

disposed of in the city’s sanitary landfill in Caieiras.

increasing our engagement with our suppliers and

The aim is to allow our partners to fill their vehicles

consumers. And by 2050, we intend to have reduced

with this type of renewably and sustainably-produced

our direct emissions to zero, (read more in the

fuel. Internally, we have adapted the boilers at our

Regenerate and Prosper chapter).

factory so that they can use the biomethane as a

The approach taken to the value chain is, therefore,

essential for our business to be truly regenerative. In

Ethanol

source of energy.

this sense, we have continued with initiatives that aim

Another initiative developed in 2024 involved a

to coordinate solutions together with our suppliers

partnership between Natura and Shell, meaning the

and partners.

Regenerative Alliance

logistics partners which make final delivery of the

products to the Beauty Consultants can opt to use

ethanol as fuel for their vehicles. The project offers

In 2024, we created a groundbreaking coalition

discounts for those who choose to replace gasoline

composed of suppliers from different segments

or diesel with ethanol, thereby contributing to the

to advance good sustainability practices. This

decarbonization of our transportation chain.

group, called the ‘Regenerative Alliance’, involves

We launched the
Regenerative
Alliance, a
coalition
involving
more than
100 suppliers
to encourage
sustainable
practices and
innovations
in circularity,
traceability,
human rights,
diversity and
decarbonization.

READ ABOUT
our performance
in relation to GHG
emissions in more
detail in the Latin
America Databook

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Integrated Health, Safety and
Environmental Management

Our actions relating to management of the

environment, and health and safety are focused

on guaranteeing safe and efficient operations that

are in line with the objectives and targets of our

Commitment to Life.

In 2024, 50% of all the products manufactured by

Natura in Latin America were produced in plants

certified with the ISO 14001 international norm

that establishes standards for environmental

management.* We made advances with a set of

targets designed to reduce the consumption of

energy and water resources in all our operations

in Latin America, including manufacturing and

distribution centers,.

Our perspective on matters such as water,

waste and energy go far beyond controlling

the impact on our own operations; they also

take into consideration the life cycle, focusing

on conservation and the aspects involving the

value chain and post-consumption, in addition to

manufacturing and operational efficiency.

*The calculation base includes the amount produced at the certified sites (Cajamar,

Celaya and Moreno) compared to the total volume produced at all the sites (Cajamar,

Ecoparque, Interlagos, Celaya and Moreno).

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Natural resources
The process of integrating the factories, which should

move forward in 2025, is one of the analytical sources

this measure forms part of the mitigation strategy

designed to tackle climate change.

for our results over the course of the forthcoming

reporting period. Amongst the key-actions

Waste
The impact management actions cover the entire

involved in energy efficiency are the replacement

value chain and are related to initiatives focused

of the ethanol-powered boiler in Cajamar with

on circularity and the efficient use of materials in

biomethane, the entry of a a long-term agreement

the manufacture of products and management of

for the use of renewable energy for the company’s

discharge materials at the factories and logistics

direct operations in Mexico, and studies to enable

centers, as well as in administrative and outsourced

the implementation of an electric boiler in Celaya

areas.

(Mexico), replacing the current one which is powered

by natural gas.

Occupational health & safety
GRI 403-1, 403-2, 403-5, 403-6, 403-9, 403-10

In relation to the consumption of water internally,

Natura has its own in-house occupational health

we have a Water Quality Policy, as well as regulations

and safety management system compliant with the

for the discharge of effluents and water quality

ISO 45001 and with Brazilian regulations. It covers

monitoring standards, whilst also considering the

100% of the employees, as well as service providers,

profile of the bodies of water to guarantee that we do

temporary workers and visitors in all operational

not cause adverse impacts.In 2024, 9.16% of the water

activities. By means of this system, we meet a

we used was reuse water. GRI 303-5

series of Brazilian and International legal demands,

including labor laws, guidelines established by the

In 2024, we finalized a water reuse project in Guarne,

Ministry of Labor’s Prosecutions Department (MPT),

Colombia. The aim has been to reuse 100% of the

and inspection requirements.

waste waters treated at the distribution center, and

use 100% of the rainwater collected to supply the

The system covers our direct employees, activities

Firefighting System, thus eliminating the need to use

and places of work directly related to the company’s

drinking water for this purpose. Implementation of

operations. It does not include distribution center

In Colombia, an
efficiency project
implemented
a Firefighting
System using
only collected
rainwater.

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branches, since these are independent establishments which

follow specific contractual health and safety obligations.

However, we do regularly audit these spaces.

The healthcare initiatives are offered to our employees

and these include medical and occupational services and

the SerenaMente scheme, which involves the mapping of

psychosocial factors, as well as risk control programs. Some

of the benefits, such as telemedicine, psychological support

and programs designed to help control serious illness, extend

to include family members and up to four individuals who

may include members of the employee’s extended family or

friends.

In 2024, we recorded 12 work-related accidents requiring

communication involving direct employees and two with

outsourced workers. No fatalities were recorded. Four work-

related illnesses were communicated during the period.

FIND OUT MORE
Read about all of Natura’s health,
safety and environmental indicators
in Latin America in more detail in the
Databook

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Development of suppliers
GRI 2-6, 2-23, 2-24, 2-29, 3-3, 413-1, 414-1

Our production ecosystem is notable for its

interdependence. We have an extensive network

of suppliers working in the logistics processes,

production of raw materials, sales, services,

technology and infrastructure.

The engagement of the business partners is essential

to the execution of the strategy and fulfillment of our

sustainability objectives.

The main policies regarding this issue are

summarized in the Suppliers’ Code of Conduct, the

Global Procurement Policy and the Natura &Co

Declaration of Human Rights. In these policies, we

have defined the risks and opportunities involved

in our entire supply structure, including rural and

factory workers, community members, temporary

employees, indigenous peoples and minority groups.

Over recent years, we have also focused our work

on the total traceability of our critical chains and on

involving the suppliers in tackling climate change and

the loss of biodiversity.

In 2024, we negotiated with 7,730 suppliers, 0.84%

more than the 7,665 suppliers we dealt with during

the previous year. We disbursed a total of BRL 12.9

We have a
robust model
of engagement
and development
together
with the
sociobiodiversity
supplier
communities,
as well as with
the other
partners within
the value chain.

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billion in purchases (against BRL 13.8 billion in 2023),

as the evaluation of risks related to a corruption,

with 41.6% going to direct suppliers and 58.4% to

ethics, integrity and human rights, we aim to

indirect suppliers. Around 80% of the sum was spent

create opportunities, specifically by contributing

on a group of 335 suppliers carrying greater financial

to our suppliers’ ability to progress, bring about

weight. Specifically in relation to our raw materials,

socioeconomic benefits in their regions, and adopt

there are 94 socio-biodiversity chains in the Amazon

socioeconomic practices aligned with the concepts

region that supply us with more than 40 essential

of sustainability and regeneration.

active ingredients for the creation of our products.

We recently extended our bioactives supply chains to

the Peruvian and Colombian Amazon regions (read

more in the Climate, Biodiversity and Nature chapter).

GRI 2-6

Embrace Program
GRI 3-3

Also focused on the development of the chain, we

have been operating the ‘Embrace’ program for

Natura has a robust model of

four years now, which recognizes and encourages

engagement and development in place with the

the adoption of sustainability practices by the

raw material supplier communities, with

suppliers. Embrace uses a tool to continually

100% of the operations having implemented specific

monitor the suppliers, and includes six pillars:

evaluations and program designed to strengthen the

Quality, Service, Innovation, Competitiveness,

socio-biodiversity. The evaluations, both social and

Capability and Skill, and Commitment to Life.

environmental, are participative and published.

In 2024, we began increasing the diversity of the

In order to define those partners which we consider

suppliers in our value chain to include companies

to be strategic, we take into account criteria relating

in different locations, of different sizes and with

to innovation, sustainability and risk. We also

different profiles. To do so, we simplified the

undertake an annual satisfaction survey to obtain

onboarding process, thereby allowing micro and

a better idea of the quality of our relations. As well

small companies to join us as partners.

EMBRACE
PROGRAM

4 years of
history centered
on 6 pillars:

• Quality
• Information
• Innovation
• Competitiveness
• Capability
and skills

• Commitment

to Life

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Local prioritization
GRI 204-1

brand’s portfolio of perfumes. Before the factory was

inaugurated, the extraction of essential oils, the stage

In 2024, 44.5% of our (Natura and Avon) sourcing for the

involving the highest aggregate value, was performed

most important units [Cajamar and Benevides (Brazil),

by third parties.

Moreno (Argentina) and Celaya (Mexico)] was made

through local suppliers, or in other words, those located

After the opening of the agribusiness unit, however,

within 80 km of the operation*. We aim to strengthen our

the community assumed responsibility for this

ties with local suppliers, especially those involved in the

manufacturing process, meaning a significant rise in

acquisition of bio-ingredients from the Amazon region for

the aggregate value of the commercialized products.

Natura products.

This has enabled the creation of new work opportunities

This forms part of our commitment to sustainable

in the socio-biodiversity chains. It is estimated that the

development and the regional economy.

gross income should rise by 60% and the number of

Agribusiness in partnership with Aprocamp

should rise from 75 to 100. It is expected that around 150

In 2024, we inaugurated an essential oils agribusiness

tons of raw plant-based material will be processed.

workers in the area of production of Natura supplies

in partnership with the Campo Limpo community, in

Santo Antônio do Tauá, in the Brazilian state of Pará. The

Pennyroyal Agribusiness

initiative was created and guided by Natura in partnership

GRI 203-1

with the Campo Limpo Community Farmers Association

The Pennyroyal Agribusiness Expansion Project,

(Aprocamp). Natura’s investments allow for the acquisition

realized in partnership with the GF Poejo supplier

of equipment used to extract and process the oils.

group, located in Campestre da Serra, in Brazil, is

aimed at increasing the production of pennyroyal

Aprocamp has been supplying Natura with plant-based

essential oil to meet our growing demand for this

raw-materials since 2003. The Association sells

input. This agribusiness, founded in 2022, has

plants such as Pataqueira, Estoraque, Priprioca, and

undergone structural and operational expansion,

Capitiu, and is responsible for supplying 70% of the raw

including the installation of new equipment and

materials sourced from the Amazon region used in the

training of the local team.

* * As per criteria for the B Corp Certification.

Inauguration
of the first
essential oils
agribusiness
in partnership
with Aprocamp

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Ethical and responsible sourcing
GRI 2-24, 2-25, 203-1, 308-1, 308-2, 408-1,

409-2, 414-1, 414-2

Those suppliers considered to be strategic undergo

an Environmental, Social and Governance (ESG)

Evaluation, which covers the issues of biodiversity,

carbon, diversity, traceability of the chain, and social

We have a Global Supplier Approval Policy, which,

environmental responsibility.

together with the other reference documents for our

value chain, established Natura’s responsible sourcing

We aim to identify, prevent and mitigate risks

guidelines. We have criteria for performing audits on

to human rights throughout our supply chain,

human rights, including matters such as diversity and

covering aspects such as child labor, forced labor

inclusion, social responsibility and decent working

or labor analogous to slavery, as well as exposure of

conditions. Any cases of non-compliance, risk or

the workers to hazardous working conditions. We

fragility result in an adaptation plan being applied to

recognize the existence of potential risks and work

the supplier, with the possibility of termination of the

constantly to mitigate them, and we have mapped

relationship; in such cases, we monitor the situation

those suppliers from chains considered to be critical

to ensure protection of the partner’s workers.

to our business - palm, soy, paper, ethanol, mica and

cotton (read all of our policies relating to this group

The selection of all new suppliers is based upon social

here. GRI 408-1, 409-1.

criteria and environmental criteria. Our contracting

procedure involves an evaluation of the suppliers,

One of the targets of the Commitment to Life is to

establishment of environmental criteria, requests for

ensure that 100% of the critical chains are free from

information, analysis of responses, audits, selection,

deforestation and conversion of native vegetation,

continual monitoring, and ongoing improvement.

with independent inspection (read more in the Latin

Those partners classified as being high-risk are

America Databook).

managed by the Sustainable Chains Department, and

may be submitted to social environmental audits.A risk

In 2024, we performed 309 audits and 1,307 general
In 2024, we performed 309 audits and 1,307 general

evaluation is also conducted once every two years.

suppliers were evaluated using social environmental
suppliers were evaluated using social environmental

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criteria. Of these, 256 were identified as causers or
criteria. Of these, 256 were identified as causers or

possible causers of negative social impacts, and 112 as
possible causers of negative social impacts, and 112 as

causers of negative environmental impacts. The social
causers of negative environmental impacts. The social

and environmental issues at risk of occurring have been
and environmental issues at risk of occurring have been

fully mapped out.
fully mapped out.

To avoid the appearance of these impacts, we have

implemented improvement agreements, encouraging

the adoption of more responsible practices that

are more aligned with our social environmental

guidelines. In 2024, 248 suppliers agreed to implement

improvements, meaning 96.88% of the total number

of suppliers identified as having negative impacts. The

action plans developed with them are monitored by

means of internal audits and continuous monitoring

processes, ensuring that the corrective measures are

implemented.

Amongst the suppliers identified as causers of these

environmental impacts, 104 (93% of the total) have since

signed agreements to implement improvements.

As well as checking compliance with the social

environmental requirements that we have established

in our due diligence actions, we have also established

other important initiatives together with the suppliers:

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• Due Diligence Target: we have established policies

•

Identification of new critical chains: in 2024, in addition

and action plans to address risks associated

to the six current critical supply chains, seven new

with palm, mica, alcohol, soy, cotton, and paper.

supply chains were identified as critical: carnaúba,

We work to ensure specific traceability and

candelila, canola, corn, essential fragrances, green

certification, with annual milestones:

polyethylene and recycled materials.

• Certifications: in 2024, we achieved a

98.80% certification for paper, and 94.10%

certification for palm oil.

• Strategic opportunities: we have identified

strategic opportunities to support our

Certified timber, paper fiber,
paper and cardboard
In 2024, our Latin American operations used 65,827 tons of timber,

certification efforts. We fund initiatives that

paper fiber, paper and cardboard for the manufacture of finished

promote environmental and human rights

products and in packaging materials. Of this total, 64,135 tons were

improvements in the producing regions.

sourced from materials certified by the Forest Stewardship Council

(FSC) and the Programme for the Endorsement of Forest Certification

• Sector partnerships: Natura &Co Latin America

(PEFC), meaning 97.43% of the total volume used. This sum takes

and Avon International are active members

into consideration only PEFC and FSC certified materials, meaning

of specific sector organizations such as the

it therefore differs from that reported in the Commitment to Life

Roundtable on Sustainable Palm Oil (RSPO) and

indicator. For the reporting, paper/timber products used for Home

the Responsible Carnaúba Initiative (IRC).

& Style, Cartridges, Corrugated Cardboard, Magazines and Printed

• Gender-Based Violence Initiatives: we monitor

and encourage the discussions regarding

gender violence in our supply chain. We provide

education, training, and interventions to empower

women and safeguard their rights and dignity.

Materials, and Bags were considered.

READ ABOUT
the innovation and sustainability
actions undertaken with supplier
communities in the Climate,
Biodiversity and Nature chapter.

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8
Human
Rights

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Talking about violence against women is still very difficult. We

grow up hearing that we shouldn’t meddle in a couple’s fight.

But I’ve learned that the silence of those who see and say nothing also

fuels the cycle of abuse. There are women who don’t know where

to start, who feel afraid, who think they won’t make it. That’s why

“

I speak firmly: Natura offers real support. There are psychologists,

legal assistance, and shelter when it’s necessary to leave a dangerous

situation. There’s listening, there’s patience. And there’s someone

saying: “You’re not alone” — even when the woman hasn’t yet found

the strength to say that to herself. I know this up close. I’ve seen

so much over the years supporting our Beauty Consultants. And

I know that when a woman finds this kind of support, she begins

to see herself differently. Even those who don’t use the service yet

feel that they have somewhere to turn — a free, confidential phone

line, available to the entire network. Sometimes, courage doesn’t

come on its own. Sometimes, it’s information that drives change.

I’ve seen women raise their heads after years of silence. Not because

everything was magically fixed overnight, but because they learned

there was someone they could count on. That’s why I always insist to

the Consultants: know your rights, use the resources available, and

never forget that the Crer Para Ver line supports this entire network —

one that can embrace and uplift other women. That’s the beauty of

working with something that truly transforms.”

FRANCISCA FEITOSA
DOS SANTOS BARBOSA
Beauty Consultant and
Business Leader at
Natura & Avon

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Our management approach
Defending Human Rights and Being more Humane is

have guidelines on the theme in the Global Code

of Conduct, aimed at both our employees and our

suppliers. We also have an Ethics Hotline which

one of the pillars of our Commitment to Life.

receives and investigates accusations of any form

To ensure fulfillment of what we propose, we work

everyone (read more in the Ethics and Compliance

of violation, by means of a channel which is open to

on two strategic fronts. In the first front, involving

chapter).

defense of human rights, we operate by means of due

diligence value throughout our value chain, tracking

In 2024, we implemented a Combating Violence

of the critical chains, and tackling gender violence and

Against Women Policy, which is applicable to all

environmental racism.

the countries in which we operate. This norm also

contains service protocols and an accusations

In the second, we seek to be more humane through

line: Ângela, the Natura Institute’s online assistant

the development of the priority publics, such as our

offering support for women suffering situations

employees and Beauty Consultants. To gauge our

of domestic violence. Previously operating only in

progress in this area, we use the indicators relating to

Brazil and Mexico, it was extended to the whole of

a decent salary, education, healthcare, citizenship and

Latin America.

diversity. Specifically designed to provide guidance

for the human development of the Consultants, we

We have also adopted a structured approach

have used the Consultants’ HDI for the past ten years

to mitigating unequal impacts on women and

(read more on this in Consultants’ Wellbeing section).

communities exposed to environmental racism,

The priority agendas also involve the analysis of

promoting concrete actions designed to guarantee

social environmental vulnerability, with the Calamity

more inclusive and socially responsible operations.

Committee having been created to work in this area.

We base our work on the Natura &Co Declaration of

inequalities, we have also developed the Social

Human Rights, in line with the United Nations’ Guiding

Environmental Vulnerability Index, which allows

Principles on Business and Human Rights. We also

us to analyze the impacts of the operations and

To monitor and reduce social environmental

Ângela, our
support line
for women
in situations
of domestic
violence, has
been extended
to Latin America.

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R$17.4 million
invested in
Latin America
in campaigns
and actions for
the promotion
of women’s
health and
tackling
gender
violence

implement effective measures to mitigate them.

We are also committed to gender parity in relation

to salaries, working hard to reduce the salary gap

and increase opportunities in the workplace.

Natura Institute
GRI 2-29, 203-1, 203-2, 413-1

In 2024, we integrated the operations of the Natura

and Avon institutes with the Avon Foundation

throughout Latin America. The combination of

the management and governance of the entities

contributes to the efforts and potential offered

by each within a single structure, which is able to

promote the causes that much more and increase

the reach of the initiatives and actions. As such, we

have been able to create one of the biggest private

social investment organizations in Latin America.

This initiative, aimed at expanding the reach of our

positive impacts, follows the same strategy used

by the company to manage the Wave Two project,

which combines the two businesses, reinforcing and

consolidating the brands even more throughout

Latin America.

Within this context, since June 2024, the Natura

Institute has been advancing the causes of

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education and rights, areas which the Institute has

Consultants and leaders receiving assistance. As

historically focused on, and combining them with

part of our efforts to fight gender violence, 1,168

the health and quality of life of women, including

women received shelter and 183 consultants received

tackling breast cancer and gender violence, these

support.

being the main activities of the Institute and Avon

The awareness-raising campaigns focused on breast

Foundation in Brazil, Chile, Colombia, Mexico and

cancer involved 352,476 consultants, and the one

Peru. In Argentina, the two organizations will remain

addressing violence against women involved 381,803,

separate, but they will be jointly managed. The other

with a total of 9.79 million women being engaged

eight countries, which previously were served solely

in awareness-raising initiatives concerning breast

by the Avon Institute, will continue to receive social

cancer and 5.2 million regarding gender violence.

investment from the Natura and Avon brands, but

will also receive technical support from the Natura

In addition to this, 190 healthcare professionals were

Institute. These are: El Salvador, Ecuador, Guatemala,

trained in methods aimed at detecting and treating

Honduras, Nicaragua, Panama, Dominican Republic

breast cancer, and 1,182 legal and social services

and Uruguay.

professionals received training on how to handle

In 2024, the funds invested in promoting women’s

healthcare and tackling gender violence, including

donations made to NGOs, and on campaigns and

direct actions, amounted to a total of BRL 17.4 million

in Latin America as a whole, of which BRL12.8 million

cases of violence against women.

Crer para Ver:
the biggest social products
brand in Latin America
GRI 203-1

was invested in Brazil and the rest distributed across

We offer the market a line of Natura products

the other countries in the region.

called ‘Crer para Ver’, with all the profits going

to educational projects managed by the Natura

The impacts of these initiatives include the provision

Institute. The aim is to support the implementation of

of breast cancer detection services to 73,340 women

public policies focused on literacy and on Secondary

and treatment for 9,569 women, with 672 Beauty

Education. Professional training actions are also

8 million+
participants in
consultant training
sessions

61% of the Beauty
Consultants trained
in 2024 said they
were satisfied*

382,051 consultants
trained in Latin
America*

* The data do not include

those countries which have

not undergone the business

integration process.

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developed for the Beauty Consultants. As such, Crer

para Ver has established itself as the most extensive

network in Latin America investing consistently in

education.

The Crer para Ver program has been implemented in

Argentina, Brazil, Chile, Colombia, Mexico and Peru.

As well as broader access to education, the actions

developed have results such as increased income for

the consultants, due to their higher level of training,

promotion of social wellbeing, and a reduction in

gender violence, since it provides women with more

autonomy, safety and access to healthcare and public

policies regarding protection.

Around 6 million people have been impacted by

the Institute’s work in Brazil, including public school

students and teachers, business leaders, Beauty

Consultants and their families. This boost for education

is also cyclical, driven by the Consultants themselves,

who manage to get closer to the schools and

teaching systems in their neighborhoods.

READ MORE
about the impact actions
of the new Natura Institute
in its activities reports (here)

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158

Avon
International

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A message from the
CEO of Avon International

Strategy and investments

Revitalization of the brand

Principal launches

Sustainability

Support for women’s causes

Performance and perspectives

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163

166
169

170
172

174

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A message
from the CEO

Kristof Neirynck

Looking back at 2024, despite having been a

year of significant challenges, it was also a year

of achievements for Avon. We have continued

to modernize our Relationships Selling channel

through critical initiatives and investments focused

on growth markets, including the successful

implementation of the two-tier business model in

Turkey. The Representatives remain at the center

of our business model and we believe that offering

customers personalized beauty consultation is one

of our key differentiation factors.

However, getting close to the customers and

providing them with new ways of accessing the

brand through retail and electronic commerce is

essential to our growth. We have intensified this

approach and we are now truly transforming Avon

into an omnichannel business. By the end of 2024,

the core range of Avon products could be found

at more than 2,300 points of sale, enabled by

partnerships with beauty specialists, and online in

marketplaces and the e-commerce channel.

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The process of revitalizing our brand has continued,

in significant savings. Having completed the full

with excellent progress in 2024, including a

decommissioning of the installation in Suffern

restructuring of the visual identity and the ongoing

(New York, USA), we concluded the transfer of our

evolution of the portfolio to provide the market with

R&D activities to Cajamar, in Brazil, without any

accessible and aspirational products, focusing on

interruption to our innovation funnel. We also took

key innovations and hero products, which are much-

steps forward with the transformation agenda,

loved by our consumers. Through our partnership

addressing issues related to Avon Products, Inc. (API)

with Cruelty Free International, all Avon beauty and

in the United States, and its associated debts and

toiletries products are now certified cruelty-free by

liabilities. API’s voluntary Chapter 11 proceedings,

the Leaping Bunny Program. Furthermore, 80% of the

which have now been concluded, opened up a path

packaging is now reusable, refillable or compostable,

along which we are now able to confidently pursue

and 10% of the plastic we use is recyclable (PCR).

our ambitions.

For 139 years, Avon has supported women to be

Our ambitious plans would not be possible without

able to earn a living and learn on their own terms,

the right mindset and the renewal of the expected

and has encouraged them to celebrate their own

form of behavior to be able to take Avon forward

power and potential. Using our voice and resources,

and provide the foundations for our success. We

we support causes that strengthen women’s health

invest time and resources to construct a culture that

and wellbeing. So far, through Avon and the Avon

promotes simplification, encourages responsibility

Foundation, we have donated more than US$ 1.1

and self-belief, and welcomes measured risks and

billion, mainly on tackling gender violence and breast

constructive challenges. We are ready to conclude

cancer.

our journey of transformation and begin to deliver

the expected results. This is being undertaken

We also focus strongly on the cost reduction targets,

through the revival of effective performance,

simplifying our operations even more, evaluating and

without losing sight of the costs, and offering world-

redefining the senior management, and modernizing

class aspirational beauty that is accessible and

our IT infrastructure, which has already resulted

sustainable.

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Strategy and
investments

In 2024, Avon International continued with its

journey of transformation. The voluntary Chapter

11 restructuring proceedings for Avon Products, Inc.

(API) in the United States were essential for resolving

the company’s old debts and liabilities. At the end of

the year, the bankruptcy court approved the terms

of the agreement between API and its creditors,

as well as the sale of Avon’s operations outside the

United States to Natura &Co. More information

on these proceedings can be found in Natura &Co

strategy in p.25

Furthermore, Avon International reduced its

personnel, simplified its operations, reduced its

technology costs, and implemented strategic

initiatives. This included the finalization of the

transformation of R&D, outsourcing of the

relationship center services, and standardizing of

the size of the line throughout the business.

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In a period of significant changes, the engagement

of our employees remained stable in comparison

Omnichannel capabilities
In 2024, Avon developed its commercial strategy

with previous years, which proves the commitment

and priorities, modernizing the Relationship

and confidence of the teams. As part of the

Selling, accelerating the omnichannel capabilities,

process, we focused on updating our talents, with

and revitalizing the brand, to be able to focus more

a comprehensive evaluation of all members of the

intensively on its principal markets.

senior management, resulting in leadership changes

in the principal markets and new hirings for retail.

With regard to Relationship Selling, the team

made extensive visits to identify opportunities and

A new set of expected behaviors was implemented

analyze the commercial model, point by point.

to allow a culture of high performance, focused on

At the same time, the support for representatives

keeping things simple to promote responsibility

was improved in different key areas for each

and ownership, whilst embracing intelligent risks

market. Romania and Turkey were identified as the

and constructive challenges to the status quo. Over

first countries that needed attention, with these

the course of the year, quarterly, global, online

markets presenting above-average challenges

meetings, as well as local, in-person workshops, and

for the company in terms of revenue, whilst

training sessions, were held to help incorporate the

presenting encouraging channel KPIs.

components and reenergize our culture.

Avon evolved
in terms of its
commercial
priorities and
invested in the
modernization
of Relationship
Selling.

The key takeaways from the experience in

Turkey and Romania led to the drafting of a set

of priority initiatives that will be implemented in

all the 12 principal markets in waves, as of 2025,

in South Africa, Philippines and Hungary. These

initiatives include simplifying the commercial

model and improving the value proposal and

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experience for the representatives, as a means

of driving productivity and retention, including a

new program paying extra attention to the new

representatives.

Other improvements are related to balancing the

investments in prices with promotional actions,

to boost gains and provide a satisfactory 360°

experience, ranging from credit and taxes to

education and training.

In general, Avon International’s Relationship Selling

performance in 2024 dropped, despite having

improved in the second half of the year, due to

better results in the productivity of the sales leaders.

At the end of the year, Avon International had 1.7

million representatives, a drop of 16% in relation to

the previous year, with gains in retention partially

mitigating the impact of the reduced number of

new participants.

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Revitalizing the brand

The growth strategy is supported by the revitalization

of the Avon brand. The increased investment in media

is the - pilot markets (Romania and Turkey) resulted

in greater awareness and interest in the brand. The

marketing through influencers and social media was

also increased, whilst the booklets were updated with

better quality paper and binding and the inclusion of

clear messages. Furthermore, efforts are under way to

restructure the visual identity, especially in relation to

the packaging, with this initiative expected to be fully

completed in 2025.

In general, the restyling efforts have already provided

insights for our reevaluation, since packaging, design

and sustainability were recognized as the best assets of

the Avon products during the brand’s social activities

during the year.

Following the significant reduction and standardization

of the portfolio in recent years, the size of Avon’s line is

now more relevant and productive, although certain

shortcomings have been identified in relation to color

value and mass skincare, which are being addressed in

2025. The area of Fragrances was the best performing

category in 2024, improving in relation to the previous

year, and Avon continues to be the world’s most sold

brand by volume (GlobalData Retail, based on 2023

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data). The Beauty+ category recovery strategy began in

In addition to this, Avon believes that its customers should

the second half of 2024 with a focus on productivity.

not pay premium prices for sustainability. Instead, the

Innovation for All
At Avon, continuing to offer aspirational beauty at an

aspects of our work (from obtaining the ingredients to the

manufacture, packaging, transportation and distribution)

irresistible price remains the primary objective. Avon

so that we can produce effective and accessible products.

brands should guarantee that sustainability is included in all

uses world-class innovation capacities to develop prize-

winning products that raise one’s confidence, ensuring

In 2024, the company successfully concluded the transition

the best in beauty is accessible to all. In relation to

of its research and development capabilities located

fragrances, some Avon products have been tested more

at Suffern (USA) to a world-class laboratory located in

than some luxury products in blind tests of quality or

Cajamar (Brazil) and a first-rate production line in Garwolin

general preference. In the area of skin care, the ANEW

(Poland). Other small laboratories working on adaptations

line involves the patented and innovative Protinol™

of formulas on a small scale are also operating in Poland,

technology that helps restore both collagen 1 and

South Africa and Philippines. The adaptation of the

collagen 3, making it as close as possible to the ideal ratio

installations and the transfer of knowledge to the recently

found in babies’ skin.

hired teams took place without any problems, and without

any impacts on the innovation pipeline.

Avon also considers the safety of its products to be

absolutely non-negotiable. All undergo a rigorous and

Once again, in 2024, Avon published its Future of Beauty

complete evaluation, with the same standards applied

Report. Two editions, one dedicated to fragrances and

throughout the world and in full compliance with the

another to skin care, provided an in-depth analysis of each

regulations. Furthermore, Avon was one of the first

category and shared emerging trends, combining surveys

cosmetics companies to completely eliminate testing

of 7,000 women from all over the world with specialist

on animals. It is now proud to have been awarded the

analyses. These insights into the demands and perceptions

Leaping Bunny seal by Cruelty Free International for 100%

of our customers are indicative of Avon’s forthcoming steps

of its beauty and toiletries products.

in innovation.

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Principal
launches

Hydramatic Shine Lipstick
Avon introduced a new line for its

revolutionary Hydramatic Matte

lipstick. The new Hydramatic Shine

is enriched with glycerine and

hyaluronic acid; the inner core of

the lipstick helps soften the lips and

reduce the appearance of fine lines,

while its outer core offers intense

color, making it as hydrating and

nutritional as it is vibrant and bold.

ANEW Skin Renewal Power Cream
A new day and night cream for Avon’s strongest skin care line.
Co-created by dermatologists and scientists, this innovative

Available in 15 tones suitable for all

cream contains the highest ever concentration (10x) of the

skin shades, Hydramatic Shine is

patented niacinamide Protinol™ technology. When used

designed for everyday use, without

together with the ANEW Power Serum and the ANEW Power Eye

blurring, offering a luxurious shine

Cream, it helps restore years of lost collagen in just seven days,

with an intense color.

creating stronger, firmer, smoother and more hydrated skin.

Far Away Shine
The most recent fragrance to join the ‘Far Away’ line of eight premium fragrances,
‘Far Away Shine’ was created using the Isphan Rose, a premium Damask rose that has
been used in beauty products for more than 2,000 years as a symbol of inner light.
The notes are complemented by the warmth of the pink pepper and the charm of the
golden musk, resulting in a shining and long-lasting effect on the skin. To coincide with
this launch, Avon unveiled a new visual and sensation for the entire Far Away fragrances
franchise. The new elegant, modern and eye-catching bottles are refillable, making
them perfectly collectible for the beauty shelf.

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Sustainability

The actions that Avon is undertaking to improve

the sustainability of its products are contributing to

the reduction of its carbon footprint. The strategy

is aligned with the TCFD, and, in 2024, the CDP

classified Avon’s performance as Level B, four levels

higher than its previous scoring.

Avon is a pioneer in the new approach it is taking

to all the product formulas. We are focusing on

permitting the development of more sustainable

products through use of the Quantis Life Cycle

Assessment. This tool analyzes the impact of

a product at each stage, from its ingredients

through to how it is made, used and disposed of.

The gauging of the total environmental impact of

the product (including water, carbon, waste and

renewability), allows Avon to guarantee that every

product is planned to have less impact than it had

previously, not only from the point of view of its

own operations, but also of the whole supply chain

from start to finish.

The company is making significant progress and

has made ambitious commitments regarding

sustainable packaging. Currently, 80% of the

packaging in all categories is reusable, recyclable

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or compostable, and the target is to reach 100% by 2030.

by the Forest Stewardship Council (FSC), thereby also

The entire Far Away fragrances line, for example, has

reducing the carbon footprint. Following the successful

been offered in refillable bottles since 2024.

eyeshadow pilot, Avon is expanding this to other blushes.

Furthermore, Avon has reinvented its Ultra Color Rich

lipstick with fully recyclable packaging. The plastic in all

The eyeshadow itself uses mica that is verified by the

the fragrance packaging is being substituted by tamper-

Responsible Mica Initiative to combat risks to human

proof stickers. The benefits of this change include:

rights. Avon is also committed to full traceability and/

• Less plastic: By replacing the cellophane wrap with

or certification for its critical supply chains by 2025, and

two security stickers, Avon is reducing the use of

is working to increase the use of renewable ingredients

plastic by approximately 91% in each unit, based

and biodegradable formulas in its beauty products. This

upon a weight comparison.

approach is already at the forefront of the development

• Fewer emissions: This updating of the packaging also

of all new fragrances. For example, Far Away Beyond

contributes to the reduction of carbon emissions,

the Moon uses Sandalwood Album Essence Australia

with estimated annual savings of around 13%.

Orpur and eco-friendly technology to capture the

•

Improved security: two new tickets, replacing the

fragrance whilst leaving the Belle de Nuit flower

cellophane wrap, will guarantee that the products

untouched.

remain tamper-free and secure.

Avon is also improving the sustainability of its Beauty+

The reduction in the use of virgin plastic, including high

fashion and lifestyle products. In 2024, we ran a pilot

levels of recycled plastic in our bottles, is also under

project to include cotton for pajamas sourced from

way, and the level of post-consumption recycled (PCR)

Cotton Made in Africa (CmiA), an internationally

plastic across our entire portfolio in 2024 stood at 10%.

recognized standard for improving the conditions of one

By adopting fully recycled packaging for the Senses

million small farmers. The CmiA cotton is fully traceable,

bath gel bottles, for example, Avon has reduced the

does not use irrigation or genetically modified seeds,

use of virgin plastic by more than 4,000 tons. Similarly,

and produces 13% fewer carbon emissions than standard

Avon has redesigned its powder blushes to remove the

cotton. Following the successful pilot, Avon is expanding

plastic, creating a cardboard palette using paper certified

its use of CmiA cotton.

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Support for
women’s causes

For more than 20 years, Avon has been committed

to tackling gender violence, contributing more than

BRL 91 million to supporting more than 15 million

women and girls throughout the world, by means

of its programs and partnerships. We have been

collaborating with partners and NGOs around the

world to develop a new platform that is open to all,

inviting everyone to recognize the symptoms of

abuse by an intimate-partner.

As part of the 16 Days of Activism against Gender

Violence 2024, Avon launched its new Lovestrong

platform to raise awareness of the common early

warning signs of abuse, provide information to

help spot dangerous patterns before they escalate

and direct women to resources like the NO MORE

global directory. Supported by multimedia activity,

the Lovestrong campaign reached more than 16

million people in social networks, with reports in

publications such as Marie Claire.

171
171

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

In 2024, Avon continued to build upon its legacy of 30

In 2024, Avon launched The Avon Academy, a

years of empowering women (and men) to recognize

digital learning platform designed to provide

the signs and risks, and how to act in relation to breast

support for our community of autonomous

cancer.

workers in 31 countries. This platform introduced

300 new learning courses and registered more

Supported by the continuity of the ‘Feel the Boob

than 86,000 new enrollments, meaning a login rate

Love’ campaign, Avon encouraged everyone to

of 83% and an engagement rate of 61% (30% higher

include self-checkups in their regular self-care

than the industry standard). Those Representatives

routines. In collaboration with NGOs, Avon’s

who engaged with the training content have seen

markets have expanded awareness-raising and the

their sales increase by up to 55%, whilst the trained

action itself, organizing ‘Pink Parades’ with special

sales leaders (representatives who put together

influencers and representatives, whilst also providing

and support their own team) have seen growth of

educational sessions in schools and universities.

as much as 129%.

Avon is also dedicated to training its employees and

its global network of autonomous representatives

in the abilities necessary to succeed. By means of

improvement initiatives, the company has supported

the growth of the businesses, the development of

leaders and digital trading, ensuring ongoing learning

opportunities for all.

172
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Performance and
perspectives

Avon International achieved positive results with

agreements, administration of The Body Shop, and

the implementation of Wave One in Romania and

the separation of the Natura &Co Latin America

Turkey, as well as improvements focused on the

operational model. Avon International also came

experience of the representatives in all the growth

up against an unexpected obstacle in having to

markets. New initiatives are to be launched in 2025

prepare the IT transitions in record time for the

aimed at increasing the number of representatives,

operations in Russia, due to the need to comply

encouraging activity, and improving productivity.

with the country’s new sanctions. In underlying

On the other hand, the omnichannel performance

terms, the adjusted Ebitda fell 140 base points,

was more impressive, with a 20% rise in sales in

with the savings agenda and the greater gross

relation to the previous year.

margin partially offsetting the drop in sales and

the impacts of the exchange rate.

The underlying gross margins improved 40 base

points in relation to the previous year thanks to the

efforts in Savings for Transformation, excluding the

costs related to administration of The Body Shop.

In 2024, the adjusted Ebitda was 4.5%, a drop of

310 base points against the previous year, due to

the impacts of the costs relating to the Chapter 11

173

Fable Investments
Results

174

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

Capital for
purpose-driven
start-ups

Fable Investments, a corporate venture capital

seeks to contribute to the continued evolution

wholly owned and funded by Natura &Co, showed

and positive transformation of the beauty and

strong double-digit growth in 2024, with significant

wellness sector.

developments across its portfolio.

2024 was a dynamic year for Fable, marked by the

The overarching purpose of Fable, operating

addition of two emerging brands to its portfolio:

autonomously, is to deploy growth capital

EADEM is a community-driven beauty brand

strategically into emerging, innovative, and high-

empowering women of color to embrace their

growth enterprises within the beauty and wellness

natural beauty. Rooted in inclusivity, it redefines

domain. Fable takes on the role of a nurturer, aiming

industry standards beyond tokenism. As a premium

not only to fuel the growth of these ventures but

skin care are brand for melanin-rich, sensitive skin,

also to foster a positive impact across the broader

EADEM has achieved strong retail success with

industry. The objective is to inspire and support start-

Sephora US, embodying Fable’s values of inclusivity

ups, enabling them to reach their full potential.

and education; and BIBBI Parfum, a luxury niche

fragrance brand inspired by its founder’s meditative

Fable boasts a vibrant pipeline of opportunities and

journey, has already demonstrated exceptional

remains eager to expand its portfolio each year. The

potential, attracting strong interest from top-tier

focus is on partnering with purpose-driven founders

retailers since its launch. These strategic additions

who are deeply passionate about their ventures,

reinforce Fable’s commitment to innovation and

brands that exhibit strength and resonance in the

purpose-driven brand building. We are excited to

market, and products that demonstrate exceptional

partner with them, supporting their growth by

effectiveness. Through these investments, Fable

leveraging our platform, resources, and expertise.

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EADEM
Proudly female-founded, Black-

and Asian-owned, the brand is

built on the belief that beauty

should honor and reflect the

richness of diverse backgrounds.

2024 was a milestone year,

driven by the viral success of

Le Chouchou lip balm, which

became a bestseller after its

March launch. Strategic hires in

Operations, Sales, Social Media,

and Finance supported this

momentum, alongside industry

recognition with Allure’s Best of

Beauty Award and continued

social media virality, driving

engagement and brand

awareness around the world.

BIBBI Parfum
As a distinctive, trend-setting

niche fragrance brand, it

continues to expand with

Perfumer H
Renowned for redefining

maude
The modern intimacy brand

Stratia
As a science-driven skin care

craftsmanship in perfumery, the

continues to expand its presence.

brand known for its unique

brand creates refined yet effortlessly

Key highlights of the year include

formulations and effective

strategic retail placements and

elegant fragrances that resonate with

sponsoring the Louvre exhibition

ingredients, it continues to expand

successful product launche.

customer world wide has further

“Private Lives: From the Bedroom

its impact through the launch of

Strengthening its leadership

expanded its global retail presence

to Social Media,” featuring Maude

Sespia Lab in 2024, introducing a

team and transitioning to direct

with a growing network of directly

products, elevating brand visibility

new revenue stream by offering

operations in key markets,

operated stores and premium

in a prestigious cultural setting.

R&D and manufacturing services

the brand is well-positioned

department store counters, including

As the first sexual wellness brand

for small and medium-sized

for growth, with further retail

new openings at Isetan Shinjuku and

in Sephora’s history, Maude has

personal care brands. Increased

expansion planned for 2025.

Liberty London in 2024. Additionally,

continued its retail expansion

social media engagement has also

the company has secured strong

with partners such as Erewhon,

amplified brand visibility, while

local partnerships in China, Korea,

Samaritaine, and Skins. To

the introduction of the Esthetician

and other key luxury markets, with

support future growth, the brand

Pro Program reinforces its

four new store openings confirmed

strengthened its leadership team,

commitment to professional

for 2025 in Shanghai, Seoul, Tokyo,

restructured its organization, and

skincare education.

and London. Perfumer H continues

continues to develop new product

to elevate its offering and expand

innovations.

its customer base through product

innovation, introducing refined

packaging, enhanced formula

longevity, and expanding into high-
growth categories such as hand and

body care.

176
176

Technical references
and GRI Content Index

177

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GRI and SASB Content Index

Declaration of use

Natura &Co used GRI Standards as its base for reporting the period between Monday, January 1, 2024 and December 31, 2024*.

GRI 1 used

GRI 1: 2021 Foundations

GRI STANDARD /
OTHER SOURCE

CONTENTS

GENERAL DISCLOSURES

LOCATION

SDGs

2-1 Details of the organization

Natura &Co Holding S.A. is a publicly traded company, with its headquarters
in the state of São Paulo, Brazil, at Avenida Alexandre Colares, 958/960, Parque
Anhanguera - São Paulo (SP).

2-2 Entities included in the
organization’s sustainability
reporting

4. The subsidiaries included in the scope of this report are Natura Cosméticos
S.A., which operates in 14 countries, and Avon Products, Inc., with operations in
54 countries.

2-3 Reported period, frequency
and point of contact

4. Report published on April 14, 2025. Any doubts or suggestions may be
addressed to http://institucional@natura.net/

2-4 Restatements of information

GRI 2:
General
Disclosures 2021

In line with the material fact published to the market in 2025, Natura &Co
Holding Company. S.A., by means of its subsidiary Natura Cosméticos S.A., did
not renew the contract of The Body Shop Latin America master franchisee. As
of this cycle, we have ceased to include this entity in our indicators.
Other indicators were restructured in the Databook, as follows:
GRI 302-1, 302-3, 305-7, 306-4, 306-5 e 405-1.

2-5 External assurance

Latin America Databook

2-6 Activities, value chain and
other commercial relationships

4, 11, 19, 20, 63, 64, 65, 94, 147, 148.

2-7 Employees

65, 72. Latin America Databook with information available on the region.
Natura &Co information will be available later, in the Sustainability
Compendium, on the Investor Relations website.

2-8 Workers who are not
employees

4. Latin America Databook

2-9 Governance structure and
composition

29, 33, 8, 29, 88

8, 10

5, 16

* Data related to the Natura &Co Latin America business unit, disclosed in accordance with the Global Reporting Initiative (GRI), is available in the Latin America Databook.

178

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GRI STANDARD /
OTHER SOURCE

CONTENTS

GENERAL DISCLOSURES

LOCATION

SDGs

2-10 Nomination and selection of
the highest governance body

33 and 34. Latin America Databook

5, 16

2-11 Chair of the highest
governance body

2-12 Role of the highest
governance body

in overseeing the management of
impacts

GRI 2:
General
Disclosures 2021

2-13 Delegation of responsibility for
managing impacts

29. In the Material Fact published on March 25, 2025, Natura &Co announced
the incorporation of the Holding Company by the Natura Cosméticos S.A.
subsidiary. Following the incorporation, the Board of Directors of Natura
Cosméticos S.A. will continue to lead the Group, with the presence of the
founders, Bruno Rocha, Duda Kertesz and Gilberto Mifano, and with the Board
being chaired by Fábio Barbosa, who will no longer perform the executive role
of CEO. João Paulo Ferreira, the CEO of Natura, and Alessandro Carlucci, the
ex-CEO of the company, will also join as independent board members. Carla
Schmitzberger will leave the Board following the incorporation.

These changes should be approved by the O/EGM and by the CVM.

31 and 32. The Board of Directors establishes the company’s values, mission
and culture, supervising their implementation by means of corporate policies.
With support from the Strategy and Sustainability Committees, it approves
and monitors strategic plans, expansion and investments, including those
focused on sustainability. The management of the impacts is the responsibility
of the executives of the areas involved, as per the guidelines of the Board. The
Sustainability Board heads social environmental matters, with support from
the Internal Risks and Controls, Compliance, Financial and other departments.
In line with its Bylaws, the Company considers the short and long-term
interests of the company and its shareholders, as well as the economic, social,
environmental and legal impacts on the stakeholders. The Sustainability
Committee, made up of members of the Board of Directors and executives
from the department, supports the social environmental governance. Since
October 2024, it has also received support from an external consultant.

2-14 Role of the highest
governance body

in sustainability reporting

5 and 32.

2-15 Conflicts of interests

39. Latin America Databook

2-16 Communication of critical
concerns

38. Latin America Databook

2-17 Collective knowledge of
highest governance body

31 and 32.

2-18 Evaluation of the performance
of highest governance body

Latin America Databook

2-19 Remuneration policies

34 and 73.

2-20 Process to determine
remuneration

34 and 73.

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GRI STANDARD /
OTHER SOURCE

CONTENTS

GENERAL DISCLOSURES

2-21 Annual total compensation
ratio

Latin America Databook

2-22 Statement on sustainable
development strategy

9, 12, 68.

LOCATION

SDGs

2-23 Policy commitments

39, 45, 83, 147. Natura &Co information will be available later, in the
Sustainability Compendium, on the Investor Relations website.

GRI 2:
General
Disclosures 2021

2-24 Embedding policy
commitments

2-25 Processes to remediate
negative impacts

32, 38, 45, 83, 89, 147, 150. The Board of Directors is responsible for overseeing
the embedding of the company’s policy commitments to ensure responsible
business conduct in all the organization’s business activities and relations.
The delegation of responsibilities occurs by means of the clear definition of
targets and commitments, the identification of the hierarchical levels involved,
the attribution of responsibilities based on skills and competencies, the
establishment of authority and accountability, the effective communication
of responsibilities, the implementation of a tracking system, promotion
of collaboration and team working, the adjustment of responsibilities as
necessary, recognition and reward for performance, and the periodic review of
the delegation process.

38, 45, 69, 89, 150. Our Board participates in overseeing processes for
identifying and managing impacts on the economy, the environment and
people by means of continuous monitoring, oversight of the implementation
of processes, assessment of results, identification of gaps and opportunities
for improvement, strategic decision making and ultimate responsibility. This
analysis is conducted during strategic planning cycles and at specific events.

2-26 Mechanisms for advice and
presentation of concerns

38 and 39. Latin America Databook

180

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GRI STANDARD /
OTHER SOURCE

CONTENTS

GENERAL DISCLOSURES

LOCATION

SDGs

2-27 Compliance with laws and
regulations

Latin America Databook with available information on the region
Natura &Co information will be available later in the Sustainability
Compendium, on the Investor Relations website.

GRI 2:
General
Disclosures 2021

2-28 Membership of associations

2030 Latin America

2-29 Approach to stakeholder
engagement

4, 6, 72, 92, 94, 123, 125, 147, 156.

2-30 Collective bargaining
agreements

Excluding interns, apprentices, employees of Avon International and the Natura
Institute, 65.21% employees were covered by collective bargaining agreements.
For employees who are not covered by these agreements, the organization
establishes working and employment conditions in line with best competitive
market practices.

MATERIAL TOPICS

GRI 3: Material
Topics 2021

CIRCULARITY

GRI 3: Material
Topics 2021

3-1 Process to determine material
topics

7. Latin America Databook

3-2 List of material topics

7 and 8. Latin America Databook

3-3 Governance of material topics

50, 133, 134, 135, 136, 137, 138. Latin America Databook

301-1 Materials used by weight or
volume

Latin America Databook with information available on the region. Natura &Co
information will be available later, in the Sustainability Compendium, on the
Investor Relations website.

GRI 301:
Materials 2016

301-2 Recycled input materials
used

Latin America Databook with information available on the region. Natura &Co
information will be available later, in the Sustainability Compendium, on the
Investor Relations website.

301-3 Reclaimed products and
their packaging materials

150 and 151. Latin America Databook with information available on the
region. Natura &Co information will be available later, in the Sustainability
Compendium, on the Investor Relations website.

SASB: Packaging
life cycle
management

SASB-CG-HP-410a.1
(1) Total weight of packaging, (2)
percentage made from recycled
and/or renewable materials and (3)
the percentage that is recyclable,
reusable and/or compostable.

133 and 134.

8, 12

8, 122

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GRI STANDARD /
OTHER SOURCE

CIRCULARITY

SASB: Packaging
life cycle
management

CONTENTS

LOCATION

SDGs

SASB-CG-HP-410a.2
Discussion of strategies to reduce
the environmental impact of
packaging throughout its life

133.

302-1 Energy consumption within
the organization

Latin America Databook with available information on the region Natura &Co
information will be available later, in the Sustainability Compendium, on the
Investor Relations website.

302-2 Energy consumption outside
the organization

Latin America Databook with information available on the region. Natura &Co
information will be available later, in the Sustainability Compendium, on the
Investor Relations website.

GRI 302:
Energy 2016

302-3 Energy intensity

Latin America Databook with information available on the region. Natura &Co
information will be available later, in the Sustainability Compendium, on the
Investor Relations website.

302-4 Reduction of energy
consumption

Latin America Databook with information available on the region. Natura &Co
information will be available later, in the Sustainability Compendium, on the
Investor Relations website.

302-5 Reduction in the energy
requirements of products and
services

Latin America Databook with information available on the region. Natura &Co
information will be available later, in the Sustainability Compendium, on the
Investor Relations website.

303-1 Interactions with water as a
shared resource

Latin America Databook

GRI 303: Water
and Effluents 2018

303-2 Management of water
discharge related impacts

Latin America Databook

303-3 Water withdrawal

Latin America Databook

303-4 Water discharge

Latin America Databook

303-5 Water consumption

Latin America Databook

SASB-CG-HP-140a.1
(1) Total water withdrawn, (2) total
water

SASB: Water
management

consumed, percentage of each in
regions with

Latin America Databook

High or Extremely High Baseline
Water Stress

7, 8, 12, 13

6, 12

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GRI STANDARD /
OTHER SOURCE

CIRCULARITY

SASB: Water
management

CONTENTS

LOCATION

SDGs

SASB-CG-HP-140a.2
Description of water management
risks and

discussion of strategies and
practices to mitigate those risks

Latin America Databook

306-1 Waste generation and
significant waste-related impacts

Latin America Databook

306-2 Management of significant
waste-related impacts

Latin America Databook

3, 6, 11, 12

3, 6, 8, 11, 12

GRI 306:
Waste 2020

306-3 Waste generated

Latin America Databook with information available on the region. Natura &Co
information will be available later, in the Sustainability Compendium, on the
Investor Relations website.

3, 6, 11, 12, 15

306-4 Waste diverted from final
disposal

Latin America Databook with information available on the region. Natura &Co
information will be available later, in the Sustainability Compendium, on the
Investor Relations website.

3, 11, 12

306-5 Waste destined for final
disposal

Latin America Databook with information available on the region. Natura &Co
information will be available later, in the Sustainability Compendium, on the
Investor Relations website.

3, 6, 11, 12, 15

GRI 416:
Occupational
health & safety
Health and Safety
2016

GRI 417: Marketing
and Labeling 2016

416-1 Assessment of the health
and safety impacts of product and
service categories

416-2 Cases of non-compliance
concerning the health and safety
impacts of products and services

417-1 Requirements for product
and
service information and labeling

417-2 Incidents of noncompliance
concerning product and service
information and labeling

130. Latin America Databook

Latin America Databook

183

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GRI STANDARD /
OTHER SOURCE

CIRCULARITY

SASB:
Environmental,
health and safety
performance of
products

SASB: Revenue
from products
developed
based on green
chemistry
principles

SASB:
Environmental and
social impacts of
the palm oil supply
chain

CONTENTS

LOCATION

SDGs

SASB-CG-HP-250a.3
Discussion of process to identify
and manage emerging materials
and chemicals of concern

Latin America Databook

SASB-CG-HP-250a.4
Revenue from products designed
with green chemistry principles -
Clean Revenue

SASB-CG-HP-430a.1
Volume of palm oil acquired;
percentage certified by the
Roundtable on Sustainable
Palm Oil (RSPO), as: (a) Identity
Preserved, (b) Segregated, (c) Mass
Balance, or (d) Book & Claim

Latin America Databook

VALUE DISTRIBUTION

GRI 3: Material
Topics 2021

3-3 Governance of material topics

69, 76, 122, 145, 147, 148. Latin America Databook

201-1 Direct economic value
generated and distributed

Latin America Databook

8, 9

GRI 201: Economic
Performance 2016

201-3 Defined benefit plan
obligations and other retirement
plans

Latin America Databook

201-4 - Financial assistance
received from the government

Latin America Databook

GRI 202:
Market presence
2016

202-1 Ratio between standard
entry level salary, compared to
local minimum wage, by gender

Latin America Databook

1, 5, 8

184

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GRI STANDARD /
OTHER SOURCE

CONTENTS

DISTRIBUTION OF VALUE

LOCATION

SDGs

GRI 203: Indirect
Economic Impacts
2016

GRI 204:
Procurement
Practices 2016

203-1 Infrastructure investments
and services supported

203-2 Significant indirect
economic impacts

87, 92, 96, 117, 136, 149, 150, 156, 157. Latin America Databook

69 and 156. Latin America Databook

204-1 Proportion of spending on
local suppliers

149. Latin America Databook

401-1 New employee hires and
employee turnover

Latin America Databook with available information on the region. Natura &Co
information will be available later, in the Sustainability Compendium, on the
Investor Relations website.

GRI 401:
Employment 2016

401-2 Benefits provided to full-time
employees that are not provided to
temporary or part-time employees

Latin America Databook

GRI 403:
Occupational
Health and Safety
2018

401-3 Parental leave

Latin America Databook

403-1 Occupational health and
safety management system

145 and 146.

403-2 Hazard identification,
risk assessment and incident
investigation

145 and 146.

403-3 Occupational health services

Latin America Databook

403-4 Worker participation,
consultation, and communication
on occupational health and safety

Latin America Databook

403-5 Training for workers in
occupational health and safety

145 and 146.

5, 9, 11

1, 3, 8

5, 8, 10

3, 5, 8

5, 8

8, 16

185

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GRI STANDARD /
OTHER SOURCE

CONTENTS

DISTRIBUTION OF VALUE

LOCATION

SDGs

GRI 403:
Occupational
Health and Safety
2018

GRI 404: Training
and Education
2016

GRI 405: Diversity
and Equal
Opportunities 2016

403-6 Promotion of worker health

145 and 146.

403-7 Prevention and mitigation
of occupational health and safety
impacts directly linked by business
relationships

403-8 Workers covered by an
occupational health and safety
management system

Latin America Databook

403-9 Work-related injuries

403-10 Work-related ill health

146

404-1 Average hours of training per
year per employee

75. Latin America Databook with information available on the region. Natura
&Co information will be available later, in the Sustainability Compendium, on
the Investor Relations website.

404-3 Percentage of employees
receiving regular performance and
career development reviews

Latin America Databook

405-1 Diversity of governance
bodies and employees

72 and 76. Latin America Databook with information available on the
region. Natura &Co information will be available later, in the Sustainability
Compendium, on the Investor Relations website.

405-2 Ratio of basic salary and
remuneration received by women
and that received by men

Latin America Databook with information available on the region. Natura &Co
information will be available later, in the Sustainability Compendium, on the
Investor Relations website.

GRI 415: Public
Policies 2016

415-1 Political contributions

36.

3, 8, 16

4, 5, 8, 10

5, 8, 10

5, 8

5, 8, 10

186

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GRI STANDARD /
OTHER SOURCE

CONTENTS

DISTRIBUTION OF VALUE

207-1 Approach to tax

Latin America Databook

207-2 Tax governance, control and
risk management

Latin America Databook

GRI 207:
Tax 2019

207-3 Defined benefit plan
obligations and other retirement
plans

GRI 417: Marketing
and Labeling 2016

207-4 Country-by-country
reporting

GRI 4173 Incidents of non-
compliance
concerning marketing
communications

GRI 404:
Training and
Education 2016

404-2 Programs for upgrading
employee skills and transition
assistance programs

SOCIAL REGENERATION

Latin America Databook

LOCATION

SDGs

17, 1, 10

17, 10, 1

Latin America Databook

8, 10

GRI 3: Material
Topics 2021

3-3 Governance of material topics

36, 37, 76, 77, 78. Latin America Databook

GRI 202: Market
Presence 2016

202-2 Ratio of senior management
hired from the local community

Latin America Databook

205-1 Operations assessed in terms
of the risks relating to corruption

37 and 38. Latin America Databook

GRI 205:
Anti-corruption
2016

205-2 Communication and
training on anti-corruption policies
and procedures

38. Latin America Databook

205-3 Confirmed incidents of
corruption and actions taken

Latin America Databook

187

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

GRI STANDARD /
OTHER SOURCE

CONTENTS

SOCIAL REGENERATION

LOCATION

SDGs

GRI 206:
Anti-competitive
behaviour 2016

206-1 Legal actions for anti-
competitive behavior, anti-trust,
and monopoly practices

During the reported period, Natura recorded no claims or litigations, either
pending or closed, due to unfair competition, practices of trust, or monopoly,
either in Brazil or in Hispanic America.

GRI 402: Labor
Relations 2016

GRI 406: Non-
discrimination
2016

4021 Minimum notice period
regarding
operational changes

406-1 Incidents of discrimination
and corrective actions taken

GRI 407: Freedom
of Association and
Collective
Bargaining 2016

407-1 Operations and suppliers
in which the right to freedom of
association or collective bargaining
may be at risk

We have established a minimum notice period of four weeks to inform workers
about significant operational changes.

Latin America Databook

38 and 39. Latin America Databook

5, 8

The company does not have operations at risk of violations of the workers’ right
to exercise freedom of association or collective bargaining.

GRI 408: Child
labor 2016

408-1 Operations and suppliers
considered to have significant risk
for incidents of child labor

150. Latin America Databook with information available on the region. Natura
&Co information will be available later, in the Sustainability Compendium, on
the Investor Relations website.

5, 8, 16

GRI 409: Forced or
Compulsory Labor
2016

409-1 Operations and suppliers
at significant risk for incidents of
forced or compulsory labor

150. Latin America Databook with information available on the region. Natura
&Co information will be available later, in the Sustainability Compendium, on
the Investor Relations website.

GRI 411: Rights
of Indigenous
Peoples 2016

411-1 Incidents of violations
involving the rights of indigenous
peoples

In 2024, we did not identify any cases of violations involving the rights of
indigenous peoples, either regarding indigenous people working in the
organization or in indigenous communities with which we maintain relations.

GRI 413: Local
Communities 2016

413-1 Operations with local
community engagement, impact
assessments and development
programs

413-2 Operations with significant
(actual and potential) negative
impacts on local communities

79, 92, 95, 96, 99, 135, 142, 147, 156.

109. Latin America Databook

5, 8

1, 2

188

GRI 413: Local Communities 2016

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

GRI STANDARD /
OTHER SOURCE

CONTENTS

SOCIAL REGENERATION

GRI 414: Supplier
Social Assessment
2016

GRI 418: Customer
Privacy 2016

414-1 New suppliers that were
screened using social criteria

414-2 Negative social impacts in
the supply chain and actions taken

418-1 Substantiated complaints
relating to breaches of customer
privacy and losses of customer
data

REGENERATION OF NATURE

LOCATION

SDGs

97, 147, 150. Latin America Databook

150 and 151. Latin America Databook

Latin America Databook

5, 8, 16

GRI 3: Material
Topics 2021

GRI 101
Biodiversity 2024

3-3 Governance of material topics

45, 63, 64, 68, 83, 92, 133. Latin America Databook

GRI 101-1 Policies to halt and
reverse biodiversity loss

GRI 101-2 Management of
biodiversity impacts

GRI 101-3 Access and benefit-
sharing

83. Latin America Databook

Latin America Databook

83. Latin America Databook

GRI 101
Biodiversity 2024

GRI 101-4 Identification of
biodiversity impacts

83. Latin America Databook

GRI 101-5 Locations
with biodiversity impacts

GRI 101-6 Direct drivers of
biodiversity loss

Latin America Databook

GRI 101
Biodiversity 2024

GRI 101-7 Changes to the state of
biodiversity

Latin America Databook

GRI 101-8 Ecosystem services

Latin America Databook

GRI 308: Supplier
Environmental
Assessment 2016

308-1 New suppliers that were
screened using social criteria

308-2 Negative environmental
impacts in the supply chain and
actions taken

79, 135, 150. Latin America Databook

79 and 150. Latin America Databook

189

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GRI STANDARD /
OTHER SOURCE

CLIMATE ACTION

GRI 3: Material
Topics 2021

CONTENTS

LOCATION

SDGs

3-3 Governance of material topics

42, 44, 84, 86, 87, 89, 143. Latin America Databook

GRI 201: Economic
Performance 2016

201-2 Financial implications and
other risks and opportunities due
to climate change

Latin America Databook

GRI 305: Emissions
2016

305-1 Direct (Scope 1) emissions of
greenhouse gases (GHG)

Latin America Databook with information available on the region. Natura &Co
information will be available later, in the Sustainability Compendium, on the
Investor Relations website.

3, 2, 12, 13, 14, 15

305-2 Indirect emissions (Scope 2)
of greenhouse gases (GHG) arising
from the acquisition of energy

Latin America Databook with information available on the region. Natura &Co
information will be available later, in the Sustainability Compendium, on the
Investor Relations website.

3, 2, 12, 13, 14, 15

305-3 Other indirect (Scope 3) GHG
emissions

Latin America Databook with information available on the region. Natura &Co
information will be available later, in the Sustainability Compendium, on the
Investor Relations website.

3, 2, 12, 13, 14, 15

305-4 Intensity of emissions of
greenhouse gases (GHG)

Latin America Databook with information available on the region. Natura &Co
information will be available later, in the Sustainability Compendium, on the
Investor Relations website.

305-5 Intensity of emissions of
greenhouse gases (GHG)

Latin America Databook with information available on the region. Natura &Co
information will be available later, in the Sustainability Compendium, on the
Investor Relations website.

13, 14, 15

305-6 Emissions of ozone
depleting substances (ODS)

Latin America Databook with information available on the region. Natura &Co
information will be available later, in the Sustainability Compendium, on the
Investor Relations website.

3, 12

305-7 Emissions of NOx, SOx, and
other significant air emissions

Latin America Databook with information available on the region. Natura &Co
information will be available later, in the Sustainability Compendium, on the
Investor Relations website.

3, 12, 14, 15

GRI 305: Emissions
2016

190

Independent
auditors’ limited
assurance report

191

192

Natura &Co Holding Natura &Co Latin America Avon International Fable Investments Technical references and Index

Credits

NATURA &CO

NATURA &CO LATIN AMERICA

CONTRIBUTIONS

Group Chief Legal and Compliance Officer
Itamar Gaino Filho

Vice President of Reputation, Sustainability,

Legal and Corporate Affairs
Ana Costa

External Communications
Emilia Lebron

Investors Relations
Helena Villares and Ana Sartori

Corporate Governance
Moacir Saltzstein and Aline Klein

Legal
Daniela Anversa

Risk Management
Mercedes Stinco and Estela Favaron

Ethics and Compliance
Juliana Darini and Marco Barreto

Reputation and Governance
Paulo Dallari and Ana María Lee

Sustainability
Angela Pinhati, Ines Francke, Thais Espildora,

Nathalia Ribeiro, Natália Noleto and Letizia

Bezerra

Art Direction
Marcelo Rivera and Cássio da Costa Silva

AVON INTERNATIONAL

Global Communications
Jo Newark

Sustainability
Natalie Deacon, Dawid Moneta

and Marlena Babicka

GRI Consulting, Copy and Editing
Grupo Report: Alan Bergman, Alisson Coutinho,

Ana Souza, Camila Freire, Camila Severgnini, Fabio

Peixoto, Fernanda Mori, Guto Lobato, Matthew

Shirts, Nicholas Ribeiro, Ryan Brandão and Thays

Garcia

Design
Manuela Novais, Ana Tereza Carneiro

e Giulia Molino

Board Photography
Paulo Vitale

Text revision
Catalisando Conteúdo
Translation

Steve Wingrove

Additional thanks to
Jonathan Lloyd White, Evie Stenhouse,

Samantha Jacobs and Roberta Roesler

Special thanks to
Luiz Seabra, Guilherme Leal, Pedro Passos,
Fábio Barbosa, Guilherme Castellan, João

Paulo Ferreira and Kristof Neirynck

193
193