Dimed (PNVL3) Q4 2025 earnings summary

Executive summary

• 2025 marked the end of a major growth cycle, doubling revenue since 2020, expanding to 659 stores, and achieving record productivity and digital penetration, with retail gross revenue up 17.0% to R$5.91 billion and digital sales reaching R$1.5 billion, 25.7% of retail revenue, up 46.8% year-over-year.

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

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

• The company discontinued its wholesale segment at the end of 2024, focusing solely on retail, which improved operational efficiency and allowed for cleaner year-over-year comparisons.

• Market share in the South region reached a record 13.9%, with gains in all states and categories.

Financial highlights

• Consolidated gross revenue reached R$5.94 billion (+11.5% vs. 2024); retail gross revenue grew 17.0% to R$5.91 billion.

• Same-store sales increased 12.5% and mature store sales 10.2% year-over-year, both above inflation.

• Retail gross profit was R$1.76 billion (+16.9%), with a stable gross margin of 29.8%.

• Adjusted EBITDA for 2025 was R$319.4 million (margin 5.4%), and adjusted net income was R$135.3 million (margin 2.3%).

• Free cash flow was R$106.3 million; net debt/EBITDA: 0.9x.

Outlook and guidance

• 2030 guidance: revenue R$11.5–12.0 billion, adjusted EBITDA margin 6.7–7.0%, 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.