Since announcing its fourth-quarter 2025 and full-year results on March 16th, Natura's shares have risen by more than 8%. More than just market confidence, this indicator signaled that the period of turbulence is behind us. Leverage, the ratio of net debt to EBITDA, which reached 7.83 times in 2022, is now at 1.31 times. Profit for the year reached R$ 486 million.
Now, given this scenario, a new plan recently proposed by its shareholders should cause the company's shares to advance even further and unlock pent-up value. Advent, a US private equity firm, is preparing to acquire an 8% to 10% stake in Natura's capital, paying R$ 9.75 per share for shares already on the market.
In total, Advent is expected to spend between R$1 billion and R$1.34 billion to buy the shares that are on the market in the coming months. This is not the first time the investment firm has sought to enter a publicly traded company. It did so in the same way with Fleury and Yduqs. But this is not a common occurrence. After all, it is known for investing in privately held companies and then taking them public to realize profits.
The assessment is that if Advent intends to enter the market, it is likely because it sees potential appreciation in the shares, which are currently undervalued. When questioned by NeoFeed , the asset manager issued the following statement: “The potential investment in Natura reflects Advent's confidence in the company's strategic plan, the quality of its management, and the global cosmetics, hygiene, and beauty market.”
This analysis is supported by financial market analysts. Santander, for example, said that Natura "presented better-than-expected results," and sees a target price of R$ 9.70 for the next 12 months. On Monday, March 30th, the stock closed at R$ 9.24.
According to BTG Pactual, the company has registered "commendable progress in simplifying its corporate structure," with operational results also exceeding expectations. More optimistic, analysts foresee a 39% appreciation over the next 12 months, with a target price of R$ 12.
In addition to a potential strategic investment, the company's second announcement is symbolic. It concerns the transition in the board of directors. The three founders, Luiz Seabra, Guilherme Leal, and Pedro Passos, are leaving the board to join a new advisory board (read the letter they wrote to stakeholders ).
"We understand that, at this moment of transition from a cycle of simplification to a cycle of acceleration and innovation, a vigorous adjustment and renewal in our governance was necessary," the founders said in the letter.
“They had already been demonstrating a desire to make this transition, but they understood that it was necessary to wait for the ideal moment, with the company more structured,” Fábio Barbosa, the current chairman of the board, who will also leave his current position to join this same advisory board, tells NeoFeed .
“The company went through a simplification cycle and now wants to enter an acceleration cycle. Natura understood a long time ago that it should refocus on Latin America and adopt a back-to-basics approach,” he added.
João Paulo Ferreira, CEO of Natura
With Barbosa's move to the advisory board, the new chairman of Natura will be Alessandro Carlucci, who was CEO of the company between 2005 and 2014, and who has held a seat on the board of directors since April 2025. The CEO, João Paulo Ferreira, remains in charge of operations.
Seabra is nominating Luiz Guerra, who comes from his family office; Pedro Passos is appointing his son Guilherme Passos; and Guilherme Leal has nominated Pedro Villares, who comes from his family office Maraé Investimentos.
In addition to them, two more new advisors will join the group, replacing Bruno Rocha, co-founder of the asset management firm Dynamo, and Gilberto Mifano, former president of the old BM&FBovespa, now B3, who will remain as head of the audit and finance committee.
The two new members are Gabriela Chaves Schwery Comazzetto, former general manager of TikTok in Latin America, and Flávia Buarque de Almeida, former CEO of Península Participações and current board member of Ultrapar. One has a more digital profile and the other a financial background.
The board meeting to ratify the changes in Natura's governance is scheduled for April 29th. Advent, in turn, will have six months to confirm its intention to acquire a stake in Natura.
“Our board is shifting from a purely financial profile to one with a greater focus on digital. All of this is under the leadership of João Paulo and Alessandro, who know the company very well,” explains Barbosa.
According to Barbosa, Advent intends to buy back shares that are currently in circulation. The controlling founders, who currently hold a 38.8% stake, will maintain their shareholdings for the next ten years as stipulated in a new shareholders' agreement. Other significant shareholders of Natura include Dynamo, with 8.84%; Aikya, with 5.11%; and Pzena, with 5.37%.
Conversations with the representative from the private equity firm began at the end of last year. "We are very excited to have overcome many obstacles, and the path has been paved."
According to the chairman, the "pending issues" resolved by Natura were the completion of the sale of Avon International in December of last year; the completion of the sale of Avon in Russia in February of this year; and the completion of the commercialization of Avon in Central America in September 2025.
If Advent manages to assemble the shareholding position it intends, the asset manager will be entitled to appoint two additional members to the board, and also participate in advisory committees of the collegiate body.
“It is justifiable that they have a stake on the board. And, for us, it is important to have representation on the board that complements us, for this new phase that we are about to experience,” explains Barbosa.
The approach to the American investment firm occurred at a time when the decision for the founders to leave the board was already well-established. "This [the founders' departure] would have happened anyway, regardless of Advent's arrival."
According to the current chairman of the board, Seabra, Leal, and Passos' move to a new board, without a deliberative function and serving as an advisory body for executives, does not, in practice, signify a departure from the company, but rather a "preservation of Natura's legacy and culture."
The founders decided to step down now that they saw that all the restructuring steps had been completed. With no more "stumbling blocks" for the company, and a clean balance sheet, the three realized it was time to bring in fresh blood with a vision for the future.
João Paulo Ferreira, the CEO of Natura, now sees the company as ready to enhance its operations in a more digital way. “For us, innovation lies in products and concepts, business models, and the digitalization of the network. And we will create a greater connection between three million consultants and 150 million consumers in Latin America,” Ferreira tells NeoFeed. “The focus is on people and the organization. That is our number one priority.”
By 2026, Natura's shares on the B3 stock exchange will have appreciated by 28.3%. The company is valued at R$ 12.7 billion.
