Raia Drogasil (RADL3) Q3 2026 earnings summary

Executive summary

• Gross revenue rose 16.0% YoY to R$13,163M; national market share reached 19.1%, up 1.1 pp, with gains across all regions.

• The network reached 3,770 pharmacies after 92 openings and 9 closures in the quarter; 333 gross openings were recorded LTM.

• Adjusted EBITDA rose 14.7% to R$1,023.7M; adjusted net income including 4Bio increased 9.2% to R$439.1M, or 20.1% excluding 4Bio effects.

• Free cash flow was R$160.2M; adjusted net debt/LTM EBITDA declined to 0.8x.

Financial highlights

• Gross profit was R$3,796M; gross margin was 28.8%, up 0.1 pp YoY, including a 0.2 pp contribution from Stix.

• Adjusted EBITDA was R$1,023.7M, up 14.7%; margin was 7.8%, down 0.1 pp YoY.

• Adjusted EBT increased 31.0% to R$547.6M; margin was 4.2%, up 0.5 pp YoY.

• Adjusted net income including 4Bio was R$439.1M, up 9.2%; margin was 3.3%, down 0.2 pp YoY.

• Adjusted net financial expenses were R$174.9M, or 1.3% of gross revenue, down 0.6 pp YoY; adjusted effective tax rate was 19.8%.

Outlook and guidance

• Reiterated 2026 guidance of 330–350 gross pharmacy openings; 333 gross openings were added LTM through 3Q26.

• Additional cash generation over time is expected from ICMS-ST tax recoveries in São Paulo.

• Management cited record new-pharmacy IRR, supported by operating efficiency, omnichannel performance and the emerging GLP-1 market.

• Investor Day was scheduled for December 7 at the RD Saúde Campus in São Paulo.