Dimed (PNVL3) Q2 2026 earnings summary

Executive summary

• Achieved consolidated gross revenue of R$1.635 billion in 2Q26, up 15.7% year-over-year, with retail revenue growing 15.8%.

• Adjusted EBITDA reached R$88.5 million (5.4% margin), up 26.4% year-over-year, and adjusted net income was R$38.9 million (2.4% margin), up 39.1%.

• Digital sales represented 33.7% of retail gross revenue, with app sales up 155.9% and digital penetration up 9.3 p.p. year-over-year.

• Same-store sales grew 13.5% and mature store sales 11.4%, both above inflation.

• Maintained low leverage with net debt/EBITDA at 0.91x and positive free cash flow for the sixth consecutive quarter.

Financial highlights

• Consolidated gross profit was R$493.9 million in 2Q26, up 13.9% year-over-year, with a gross margin of 30.2%.

• Adjusted EBITDA margin expanded by 0.4 p.p. to 5.4%, and adjusted net margin also grew by 0.4 p.p. to 2.4%.

• Free cash flow was positive at R$1.9 million, marking the sixth consecutive quarter of positive cash generation.

• Net debt/EBITDA ratio improved to 0.91x from 1.1x a year earlier.

• Investments totaled R$35 million in 2Q26, focused on store openings, IT, and logistics.

Outlook and guidance

• Management reaffirmed confidence in the 2030 strategic plan, highlighting strong fundamentals and continued digital acceleration.

• Expectation of increased investments in store openings and refurbishments in the second half of 2026.

• Continued focus on digital expansion, store productivity, and margin improvement.