Dimed (PNVL3) Q2 2026 earnings summary

Executive summary

• Q2 retail gross revenue rose 15.8% YoY; adjusted EBITDA increased 26.4% to R$88.5m and adjusted net income rose 39.1% to R$38.9m.

• South-region market share reached 13.5%, up 1.0pp, marking 25 consecutive quarters of gains.

• Positive free cash flow continued for a sixth consecutive quarter as net debt/EBITDA improved to 0.91x.

Financial highlights

• Q2 retail gross revenue was R$1.678bn, up 15.8% YoY; H1 retail gross revenue increased 15.4% to R$3.515bn.

• Q2 adjusted EBITDA was R$88.5m, with a 5.4% margin, up 26.4% YoY; H1 adjusted EBITDA rose 25.9% to R$170m.

• Q2 adjusted net income was R$38.9m, with a 2.4% margin, up 39.1% YoY; reported net income was R$32.8m.

• Retail gross margin was 30.1%; operating cash flow was R$37.0m and free cash flow was R$1.9m in Q2.

• H1 net revenue reached R$2,958.8m, up 15% YoY, and net income was R$63.6m, up 26%.

Outlook and guidance

• 2030 targets include revenue of R$11.5bn–R$12bn, EBITDA margin of 6.7%–7%, and up to 1,000 stores.

• Store openings and renovations are expected to accelerate in H2 2026; management expects the EBITDA margin to approach 6% by year-end.

• Expense growth is expected to remain below retail sales growth, with store and logistics productivity, automation and AI supporting efficiency.

• 2026 priorities include branded medicines, GLP-1, generics, private label, digitalization and customer loyalty; gross-margin pressure from product mix and lower CMED adjustment is expected.