Dimed (PNVL3) Q4 2025 earnings summary

Executive summary

• Retail gross revenue reached R$5.91 billion in 2025, up 17.0% year-over-year, with 4Q25 revenue at R$1.68 billion, up 18.2% YoY.

• Adjusted EBITDA rose 21.4% to R$319.4 million in 2025 (margin 5.4%), and adjusted net income increased 15.3% to R$135.3 million (margin 2.3%).

• Free cash flow generation was R$106.3 million in 2025, with net debt/EBITDA reduced to 0.9x.

• Digital sales participation increased to 28.6% of retail revenue in 4Q25 (+6.7 p.p. YoY), with digital sales reaching R$1.5 billion in 2025.

• Store network expanded to 659 locations, marking the end of a major growth cycle and record productivity.

Financial highlights

• Retail gross revenue CAGR (2020–2025) was 17.0%, with consistent quarterly and annual growth.

• Adjusted EBITDA CAGR (2020–2025) was 20.0%, outpacing revenue growth.

• Adjusted net income CAGR (2020–2025) was 14.1%.

• Retail gross profit was R$1.76 billion in 2025, with a margin of 29.8%.

• Sales, general, and administrative expenses grew below retail sales, supporting margin expansion.

Outlook and guidance

• Strategic focus on digitalization, private label expansion, and logistics to sustain growth.

• 2030 guidance: revenue R$11.5–12.0 billion, adjusted EBITDA margin 6.7–7.0%, and 950–1,000 stores.

• Growth drivers include higher average sales per store, regional expansion, digitalization, loyalty, and health/beauty trends.

• Profitability to be supported by generics, private label, OTC, retail media, and AI-driven pricing.

• Continued expansion in South and Southeast regions, with investments in store network and logistics.