Raia Drogasil S.a. · BMFBOVESPA:RADL3
Raia Drogasil — Q4 2025 Earnings Presentation
18 slides from Raia Drogasil's earnings presentation, Mar 4, 2026
Slide 1: Earnings Presentation 4Q25
<}RDsatide <>DROGASIL | <> Raia
Slide 2: Legal Warning
Legal Warning The material that follows is a presentation of general background information about Raia Drogasil S.A. (the “Company”) as of the date of the presentation. It is information in summary form and does not purport to be complete. It is not intended to be relied upon as advice to potential
Slide 3: Sale of 4Bio
Sale of 4Bio: Estimated monetization of ~ R$ 700 MM. Aligned with RD Saúde’s strategic focus. “All-in” multiple of 9.7x and estimated nominal IRR of 17%. Under RD Saúde’s ownership, 4Bio became one of Transaction details - (Mar 03, 2026) the leaders in the specialty drug retail segment R$ 520 MM (R$
Slide 4: Highlights
OPERATIONAL PHARMACIES: 3,547 units in operation (330 openings and 13 closures) CUSTOMERS: 52 MM active customers in the last 12 months TICKETS & NPS: 440 MM tickets in the year with an NPS of 91 MARKET MARKET SHARE1: 19.5% national market share in the 4Q25 (+1.7 pp), with gains across all regions D
Slide 5: The year 2025 was challenging, and the adjustments made enabled a recovery in performance
The year 2025 was challenging, and the adjustments made enabled a recovery in performance in the 2H25, reinforcing our execution capabilities and strategy. Gross Rev. Growth Gross Margin SG&A Adj. EBITDA Mg. Mkt. Share Gains YoY evolution % of gross revenue % of gross revenue % of gross revenue YoY
Slide 6: Annual revenue of R$ 47.6 B and sales mix by category
Annual revenue of R$ 47.6 B (+R$ 5.8 B and +13.9%). Ex-4Bio grew +22.3% in the 4Q25, with consistent gains in HPC and strong performance in GLP-1 & generics. Consolidated gross revenues Sales mix R$ millions Retail, per product category 2025 vs. 2024 * 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 0.2% 2025 vs. 202
Slide 7: Mature store growth of +14.5% in the 4Q25
Mature store growth of +14.5% (+11.4 pp above CMED) in the 4Q25 and a record high, driven by accelerated sales across all categories and regions. Revenue growth Same-Store sales growth Mature-Store sales growth Consolidated Retail Retail 19.8% 16.3% 15.1% 14.5% 13.9% 13.9% 12.0% 12.7% 10.8% 16.7% 9.
Slide 8: Digital reached R$ 11.3 B in sales in 2025
Digital reached R$ 11.3 B in sales in 2025, with a 29.3% share in the 4Q25 (+78%), with 97% of orders delivered or picked up within 60 minutes and NPS 79. Digital sales Digital channel mix Digital mix R$ million, % of retail gross revenue % of digital sales, 4Q25 % of digital sales, 4Q25 29.3% * Sup
Slide 9: We accelerated market share gains across all regions
12% 11% 11% 16% We accelerated market share gains across 14% all regions17% of Brazil,16% with +1.7 pp nationwide and a highlight of 34.2% in São Paulo20% (+3.0 pp).17% 13% 15% 20% 10% 17% 19% 40% 29% 34% 25% 18% Retail market share Pharmacies per region Quarterly share at customer prices & factory
Slide 10: Gross margin of 27.2%
Gross mg. of 27.2% (-0.5 pp), pressured by the GLP-1 mix (0.5 pp), inventory losses (0.1 pp), CMED (0.1 pp) and others, partially offset by 4Bio sales mix & NPV. Gross profit* R$ millions, % of gross revenue 27.7% 27.2% 27.6% 27.4% 27.4% 27.4% 26.6% 12,957.6 3,563.3 11,556.1 3,198.6 3,314.4 2,994.1
Slide 11: In the 4Q25, dilution of Selling and G&A
In the 4Q25, dilution of Selling of -0.4 pp, including investments in people (EVP), & a dilution in G&A of -0.7 pp (-R$ 27 MM), reflecting greater structural efficiencies. Selling expenses General and administrative expenses R$ millions, % of gross revenue R$ millions, % of gross revenue 18.0% 17.9%
Slide 12: Annual EBITDA margin stabilized at 7.1%
9.961 9.948 10.804 9.552 9.824 Annual EBITDA margin stabilized at 7.1% after the 2H25 recovery. In the 4Q25, EBITDA ex-4Bio grew +41,2% in the 4Q25. Cash cycle improved by 2.8 days. 2T24 3T24 4T24 1T25 2T25 Adjusted EBITDA Cash cycle* R$ millions, % of gross revenue COGS days, Gross revenue days RD
Slide 13: Net margin of 2.8% in 2025
Net margin of 2.8% in 2025 (R$ 1.3 B) and 4Q25 (R$ 362 MM). Excluding non-recurring effects related to fin. expenses and tax, mg. was stable in 2025 and +0.6 pp in 4Q25. Financial expenses Effective tax rates* Adjusted net income* R$ millions, % of gross revenue R$ millions, % of gross revenue R$ mi
Slide 14: Free cash flow of R$ 198 MM
Free cash flow of R$ 198 MM, with R$ 756 MM in total cash consumption in 2025 due to sales acceleration. Financial leverage of 1.2x LTM EBITDA. Cash flow (R$ millions) 2025 2024 4Q25 4Q24 Net debt and financial leverage Adjusted EBIT 2,331.9 2,082.6 660.6 439.2 R$ millions, as a ratio of LTM adjuste
Slide 15: The strengthened value proposition and moats
The strengthened value proposition and moats, combined w/ the broader market context, creates a favorable environment for RD Saúde to lead consolidation. Gains in Scale and Market Share Strengthening of the Value Proposition and Moats Established moats add to a favorable Recovery of context Performa
Slide 16: Based on the assets and leadership we have built
Based on the assets and leadership we have built, we have entered a self-reinforcing cycle driven by consolidation (Flywheel). Superior Value Proposition Centennial culture of care Since 1905 and with NPS 91 Nationally recognized brands Raia and Drogasil among the 20 most valuable brands Proximity t
Slide 17: RD Saúde
RDsatde 4SDROGASIL | <> Raia
Slide 18: Thank you!
Thank you!