PNVL3 Dimed

Dimed S.A., traded on B3 under the ticker PNVL3, is the controlling group of the Panvel drugstore chain and of industrial and logistics operations associated with pharmaceutical retail. The company traces its origins to 1967, with the creation of a purchasing and logistics hub resulting from the merger of the Panitz and Velgos drugstore chains in the state of Rio Grande do Sul. Over more than five decades, the company has consolidated its operations in Brazil’s South region and gradually expanded its presence into the Southeast, maintaining a focus on medicines, hygiene products, beauty and personal care. In 2020, it joined B3’s Novo Mercado segment, adopting corporate governance practices more closely aligned with the requirements for companies listed in this segment. In 2024, Dimed ranked among the largest drugstore retail chains in the country in terms of revenue, with a prominent position particularly in the market of the South region.

Dimed’s business model is structured mainly around pharmaceutical retail, complemented by industrial activities involving the manufacture of cosmetics, medicines and foods, through the pharmaceutical industrial laboratory Lifar. Through the fourth quarter of 2024, the group also operated in the wholesale distribution of medicines and related products, an activity that was discontinued at the end of the year so it could concentrate capital and management on the retail front. In fiscal year 2024, the retail segment accounted for more than 95% of net revenue from sales and services, underscoring the economic predominance of this operation within the group. The conglomerate’s activities range from the sale of branded, generic and OTC medicines to perfumery items, dermocosmetics, personal hygiene, beauty and dietary supplements, with a meaningful line of private-label products.

Dimed’s main operating arm is the Panvel drugstore chain, consisting of more than 600 stores in cities across the states of Rio Grande do Sul, Santa Catarina, Paraná and São Paulo. These units operate under an omnichannel model, integrating brick-and-mortar stores, e-commerce and proprietary apps, with a presence as well in telesales channels. Panvel offers a portfolio of more than 15,000 items, including medicines, hygiene and beauty products, cosmetics, dermocosmetics, supplements and related categories. Within the sales mix, medicines accounted for around 61% of Panvel’s revenue in 2024, while hygiene, perfumery and cosmetics products have been gaining importance and reached a share close to 38% of revenue in early 2025. The company also runs loyalty programs and agreements with companies, public programs and PBMs, and operates as a logistics provider for pharmaceutical laboratories, reinforcing its role in the health product distribution chain.

On the industrial front, the Lifar Laboratory, founded in 1969, is responsible for developing and manufacturing cosmetics, foods, supplements and certain medicines, both for the Panvel private label and for other major brands in Brazil and abroad. Approximately one third of Panvel’s private-label products are manufactured in-house by Lifar, which operates with separate structures for food and cosmetics, in accordance with Good Manufacturing Practices and stringent quality standards. The laboratory specializes in dermocosmetics, sun care, facial care, home fragrances and everyday-use cosmetics, and it also works with its own brands such as Vivaz and Lifar, in addition to producing white-label lines for large retail chains in the pharmacy, food and fashion segments. Production combines manual stages and automated processes, operating in two shifts and close to its installed capacity.

Geographically, Dimed concentrates its operations in Brazil, with no material revenue from abroad. Its regional focus is on the South, where Panvel held, in March 2025, a 12.8% share of the pharmaceutical market in terms of revenue, according to IQVIA data, with a strong presence especially in Rio Grande do Sul and growing participation in Santa Catarina and Paraná. Expansion into São Paulo has been carried out through opening stores in the main consumer markets, with attention to locations with high population density and strong income potential. The company also directs a relevant portion of its growth strategy toward the interior of the Southern states, seeking greater capillarity and coverage of midsize cities and regional hubs. Logistics is supported by two distribution centers, located in Eldorado do Sul (RS) and São José dos Pinhais (PR), which are responsible for supplying the stores and integrating with digital channels that serve customers in all Brazilian states.

The regulatory environment exerts a significant influence on the operations of Dimed and its subsidiaries, given the pharmaceutical and healthcare nature of much of its portfolio. The group is subject to the rules of the National Health Surveillance System, regulated by ANVISA and by state and municipal health surveillance agencies. The operation of drugstores, pharmacies, distribution centers and industrial facilities depends on Company Operating Authorizations and, when applicable, Special Authorizations, as well as local sanitary licenses and the presence of a responsible technical pharmacist registered with the Regional Pharmacy Councils. The dispensing of medicines subject to special control follows specific regulations, such as Ordinance No. 344/1998 and related resolutions, which establish additional requirements for record keeping, prescription retention and traceability. The pharmaceutical sector is also subject to rules for setting medicine prices, with ceilings regulated by the Drug Market Regulation Chamber, which directly impacts the commercial dynamics of drugstore retail.

From a market standpoint, Dimed operates in a segment characterized by high fragmentation, where large national chains, regional chains and independent pharmacies coexist, along with franchise and association models. Brazilian pharmaceutical retail benefits from structural trends such as population aging, increased life expectancy and rising healthcare spending, factors that contribute to growing demand for medicines, personal care products and related services. In the South region, where the group concentrates its activities, the company is among the main players in terms of market share and revenue, pursuing strategies of physical expansion, strengthening digital channels and expanding the offering of hygiene, perfumery and cosmetics products, which have different margins from purely pharmaceutical categories.

Regarding environmental, social and governance aspects, Dimed prepares an annual Sustainability Report that consolidates its main ESG initiatives and indicators. The document follows internationally recognized methodologies, such as the Global Reporting Initiative guidelines and the UN Sustainable Development Goals, and has also come to incorporate metrics from the Sustainability Accounting Standards Board, focusing on sustainability information that is financially material. The company has updated its materiality matrix based on the concept of double materiality, considering financial and socio-environmental impacts, and identifies topics such as ethics and anti-corruption, privacy and information security, risk management, employee training, supply chain management, waste, climate change and energy efficiency as core issues for its operations. Social and environmental programs, such as community engagement initiatives and proper waste disposal, are disclosed in its reports and institutional channels, reflecting a sustainability agenda integrated with corporate strategy.

As a group listed on B3’s Novo Mercado under the ticker PNVL3, Dimed follows differentiated governance standards, which include practices such as capital composed exclusively of common shares, greater transparency in information disclosure and adherence to requirements for the protection of minority shareholders. The organizational structure encompasses Panvel’s retail operations, Lifar’s industrial activity and the management of real estate assets through specific subsidiaries, forming an ecosystem focused on health and wellness retail. The decision to wind down the wholesale arm at the end of 2024 reinforces the move to concentrate on activities considered more synergistic and profitable for the group, with a focus on brick-and-mortar stores, integrated digital channels and the development of private labels, keeping the chain as one of the relevant players in Brazilian pharmaceutical retail, especially in the country’s South region.