Dimed (PNVL3) Q4 2025 earnings summary

Executive summary

• Retail gross revenue reached R$1.68 billion in 4Q25, up 18.2% year-over-year, and R$5.91 billion in 2025, up 17.0% from 2024.

• Adjusted net income grew 35.0% in 4Q25 and 15.3% in 2025, with margins of 2.7% and 2.3%, respectively.

• Adjusted EBITDA rose 27.9% in 4Q25 and 21.4% in 2025, with margins expanding to 6.2% and 5.4%.

• 2025 marked the end of a five-year growth cycle, doubling revenue since 2020 and expanding store count and margins, with a focus on omnichannel and digital transformation.

• Strategic exit from wholesale operations in 2024 sharpened focus on retail and operational efficiency.

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%.

• Gross revenue reached R$5.94 billion in 2025, up 11.5% year-over-year; retail gross revenue was R$5.91 billion, up 17.0%.

• Free cash flow for the year was R$106.3 million, with positive generation in all quarters.

Outlook and guidance

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

• Roadmap targets by 2030: R$11.5–12 billion in revenue, 6.7–7% EBITDA margin, and 950–1,000 stores.

• Growth to be driven by higher sales per store, regional expansion, digitalization, and new service offerings.

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