Raia Drogasil (RADL3) Q3 2025 earnings summary

Executive summary

• Consolidated gross revenue reached R$12.1 billion in 3Q25, up 12.7% year-over-year, with retail revenue up 15.5% and digital channels surging 62% to R$3.0 billion, representing 26.7% of retail sales.

• Expanded to 3,453 pharmacies, adding 88 new stores and reaching 51 million active customers in the last 12 months, with presence in 653 cities.

• Market share increased to 16.8% nationally, with gains in all regions and 30.3% share in São Paulo.

• Adjusted EBITDA grew 12.2% to R$909 million, with a stable margin of 7.5% (7.9% in retail); adjusted net income rose 19.3% to R$402 million (3.3% margin).

• Free cash flow was R$648 million, with total cash generation of R$558 million.

Financial highlights

• Net revenue for 3Q25 was R$11.26 billion, up from R$9.99 billion in 3Q24.

• Gross profit reached R$3.31 billion, with a gross margin of 27.4%, slightly down 0.2 pp year-over-year.

• Adjusted EBITDA margin remained stable at 7.5%, with retail operations at 7.9%.

• Net income for the quarter was R$476 million, with adjusted net income at R$402 million.

• Operating cash flow for 3Q25 was R$1.01 billion, and free cash flow was R$648 million.

Outlook and guidance

• Guidance for 2025 is reaffirmed at 330-350 gross store openings, with 329 new stores opened in the last 12 months.

• Focus on omnichannel integration, digitalization, and operational efficiency to sustain growth.

• Plans to recover 4Bio sales growth with a new distribution center in Espírito Santo in 2026.