New Risk • May 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Brazilian stocks, typically moving 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 71% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.6% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (R$434.6m market cap, or US$86.1m). Aankondiging • May 06
Döhler S.A. announces Annual dividend, payable on June 30, 2026 Döhler S.A. announced Annual dividend of BRL 0.0363 per share payable on June 30, 2026, ex-date on May 07, 2026 and record date on May 06, 2026. New Risk • Apr 10
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 490% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 71% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (R$430.2m market cap, or US$85.9m). Reported Earnings • Mar 27
Full year 2025 earnings released: EPS: R$0.14 (vs R$0.20 loss in FY 2024) Full year 2025 results: EPS: R$0.14 (up from R$0.20 loss in FY 2024). Revenue: R$623.1m (flat on FY 2024). Net income: R$10.2m (up R$25.6m from FY 2024). Profit margin: 1.6% (up from net loss in FY 2024). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Aankondiging • Mar 24
Döhler S.A., Annual General Meeting, Apr 28, 2026 Döhler S.A., Annual General Meeting, Apr 28, 2026. Location: rua arno w. dohler 145, city of joinville, state of santa catarina, joinville Brazil New Risk • Dec 02
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 162% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 66% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (R$433.1m market cap, or US$80.9m). Reported Earnings • Nov 20
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: R$168.9m (down 4.5% from 3Q 2024). Net income: R$1.73m (up R$5.69m from 3Q 2024). Profit margin: 1.0% (up from net loss in 3Q 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Aankondiging • May 30
Döhler S.A. announces Annual dividend Döhler S.A. announced Annual dividend of BRL 0.0110 per share, ex-date on June 17, 2025 and record date on June 16, 2025. Reported Earnings • May 17
First quarter 2025 earnings released: EPS: R$0.016 (vs R$0.13 loss in 1Q 2024) First quarter 2025 results: EPS: R$0.016 (up from R$0.13 loss in 1Q 2024). Revenue: R$149.8m (up 8.9% from 1Q 2024). Net income: R$1.25m (up R$11.2m from 1Q 2024). Profit margin: 0.8% (up from net loss in 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 115 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 31
Full year 2024 earnings released Full year 2024 results: Revenue: R$627.6m (up 1.5% from FY 2023). Net loss: R$15.4m (down R$15.8m from profit in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 126 percentage points per year, which is a significant difference in performance. Aankondiging • Mar 28
Döhler S.A., Annual General Meeting, Apr 30, 2025 Döhler S.A., Annual General Meeting, Apr 30, 2025. Location: arno w. dohler street, 145, joinville, santa catarina., joinville Brazil Reported Earnings • Nov 17
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: R$176.8m (up 34% from 3Q 2023). Net loss: R$3.97m (down R$4.18m from profit in 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 125 percentage points per year, which is a significant difference in performance. New Risk • Oct 29
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: R$519.7m (US$90.2m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 28% per year over the past 5 years. Minor Risk Market cap is less than US$100m (R$519.7m market cap, or US$90.2m). Reported Earnings • Aug 15
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: R$155.1m (up 1.2% from 2Q 2023). Net loss: R$6.25m (loss narrowed 52% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 115 percentage points per year, which is a significant difference in performance. Reported Earnings • May 18
First quarter 2024 earnings released First quarter 2024 results: Revenue: R$137.5m (down 19% from 1Q 2023). Net loss: R$9.93m (down 362% from profit in 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 100 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 01
Full year 2023 earnings released Full year 2023 results: Revenue: R$618.1m (down 2.7% from FY 2022). Net income: R$467.0k (down 87% from FY 2022). Profit margin: 0.1% (down from 0.5% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 17
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: R$131.8m (down 25% from 3Q 2022). Net income: R$208.0k (up 43% from 3Q 2022). Profit margin: 0.2% (up from 0.1% in 3Q 2022). The increase in margin was driven by lower expenses. New Risk • Oct 05
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: R$500.9m (US$97.2m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 3.2% per year over the past 5 years. Minor Risk Market cap is less than US$100m (R$500.9m market cap, or US$97.2m). New Risk • Aug 14
New major risk - Revenue and earnings growth Earnings have declined by 2.3% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 13
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: R$149.1m (flat on 2Q 2022). Net loss: R$3.38m (flat on 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Reported Earnings • May 12
First quarter 2023 earnings released First quarter 2023 results: Revenue: R$170.5m (up 10% from 1Q 2022). Net income: R$3.79m (down 47% from 1Q 2022). Profit margin: 2.2% (down from 4.6% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Apr 01
Full year 2022 earnings released Full year 2022 results: Revenue: R$635.5m (down 5.8% from FY 2021). Net income: R$3.48m (down 96% from FY 2021). Profit margin: 0.5% (down from 12% in FY 2021). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Upcoming Dividend • May 03
Upcoming dividend of R$0.13 per share Eligible shareholders must have bought the stock before 10 May 2022. Payment date: 31 December 2022. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 5.3%. Lower than top quartile of Brazilian dividend payers (6.6%). Higher than average of industry peers (2.4%). Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 11
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: R$194.9m (up 22% from 3Q 2020). Net income: R$28.6m (up 43% from 3Q 2020). Profit margin: 15% (up from 13% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment improved over the past week After last week's 15% share price gain to R$6.54, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 21x in the Luxury industry in Brazil. Total returns to shareholders of 48% over the past three years. Reported Earnings • Apr 01
Full year 2020 earnings released The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: R$521.9m (up 4.5% from FY 2019). Net income: R$84.0m (up 164% from FY 2019). Profit margin: 16% (up from 6.4% in FY 2019). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Feb 23
New 90-day low: R$4.96 The company is down 2.0% from its price of R$5.06 on 24 November 2020. The Brazilian market is up 10.0% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Luxury industry, which is also down 2.0% over the same period. Is New 90 Day High Low • Jan 09
New 90-day high: R$6.22 The company is up 29% from its price of R$4.82 on 09 October 2020. The Brazilian market is up 20% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 3.0% over the same period. Is New 90 Day High Low • Nov 28
New 90-day high: R$6.07 The company is up 17% from its price of R$5.17 on 28 August 2020. The Brazilian market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 9.0% over the same period. Valuation Update With 7 Day Price Move • Nov 28
Market bids up stock over the past week After last week's 22% share price gain to R$6.07, the stock is trading at a trailing P/E ratio of 13.1x, up from the previous P/E ratio of 10.7x. This compares to an average P/E of 53x in the Luxury industry in Brazil. Total returns to shareholders over the past three years are 58%. Is New 90 Day High Low • Oct 29
New 90-day low: R$4.77 The company is down 16% from its price of R$5.70 on 31 July 2020. The Brazilian market is down 5.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Luxury industry, which is up 16% over the same period. 
