Dimed (PNVL3) Q4 2025 earnings summary

Executive summary

• FY2025 retail gross revenue rose 17.0% to R$5.91B; 4Q25 revenue increased 18.2% to R$1.68B.

• Adjusted EBITDA grew 21.4% to R$319.4M and adjusted net income rose 15.3% to R$135.3M in 2025.

• Digital sales increased 46.8% to R$1.5B, representing 25.7% of FY retail revenue and 28.6% of 4Q25 retail sales.

• Ended 2025 with 659 stores and 13.9% Southern Region market share, up 0.7 p.p. year over year.

• 2025 was the first full year focused solely on retail after wholesale operations ended in 2024.

Financial highlights

• 4Q25 adjusted EBITDA was R$104.8M, up 27.9%, with a 6.2% margin; adjusted net income was R$45.2M, up 35.0%.

• FY2025 adjusted EBITDA margin was 5.4%; adjusted net income margin was 2.3%.

• Retail gross profit reached R$1,760.7M, up 16.9%, with a 29.8% gross margin in 2025.

• FY2025 operating cash flow was R$266.4M and free cash flow was R$106.3M; 4Q25 free cash flow was R$42.1M.

• Consolidated gross revenue was R$5.935B, up 11.5%, reflecting the discontinued wholesale segment; retail gross revenue grew 17.0%.

Outlook and guidance

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

• Growth priorities include regional expansion, higher average sales per store, digitalization, loyalty, beauty, generics, OTC, private label and retail media.

• Productivity, process automation and expense growth below revenue growth are expected to support profitability.

• Potential growth avenues include vaccination, exams, health-plan partnerships, new products and treatments.