PNVL3

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 formation of a purchasing and logistics center resulting from the merger of the Panitz and Velgos drugstore chains in Rio Grande do Sul. Over more than five decades, the company has consolidated its presence in Southern Brazil and gradually expanded into the Southeast, maintaining a focus on medicines, hygiene, beauty and personal care products. In 2020, it joined B3’s Novo Mercado segment, adopting corporate governance practices more closely aligned with the requirements for companies listed in that segment. In 2024, Dimed ranked among the largest retail pharmacy chains in the country in terms of revenue, with a prominent position especially in the Southern region.

Dimed’s business model is structured primarily around pharmaceutical retail, complemented by industrial activities for the manufacture of cosmetics, medicines and foods through the Lifar Industrial Pharmaceutical Laboratory. Until 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 to concentrate resources 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, highlighting the economic predominance of this operation within the group. The conglomerate’s activities range from the sale of branded, generic and OTC drugs to perfumery items, dermocosmetics, personal hygiene, beauty and dietary supplements, with a significant line of private-label products.

Dimed’s main operating arm is the Panvel drugstore chain, made up of more than 600 stores located in cities in the states of Rio Grande do Sul, Santa Catarina, Paraná and São Paulo. These units operate on an omnichannel model, integrating physical stores, e-commerce and proprietary apps, with a presence also 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 cosmetic products have been gaining importance, reaching a share close to 38% of revenue at the beginning of 2025. The company also operates loyalty programs and agreements with companies, public programs and PBMs, in addition to acting as a logistics operator for pharmaceutical laboratories, reinforcing its role in the health products distribution chain.

On the industrial front, the Lifar Laboratory, founded in 1969, is responsible for the development and manufacture of 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 produced in-house by Lifar, which operates with separate structures for foods and cosmetics, following Good Manufacturing Practices and strict quality standards. The laboratory specializes in dermocosmetics, sun care, facial care, home fragrances and everyday-use cosmetics, and also works with private labels such as Vivaz and Lifar, as well as producing white-label lines for major 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 abroad. The 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 the opening of stores in the main consumer hubs, with a focus on areas of 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 mid-sized cities and regional hubs. Logistics is supported by two distribution centers, located in Eldorado do Sul (RS) and São José dos Pinhais (PR), responsible for supplying the stores and integrating with digital channels that serve customers in all Brazilian states.

The regulatory environment has 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 pharmacies, drugstores, distribution centers and industrial facilities depends on Company Operating Authorizations and, where 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 bookkeeping, prescription retention and traceability. The pharmaceutical sector is also subject to rules for setting drug prices, with a price ceiling regulated by the Drug Market Regulation Chamber, which directly affects the commercial dynamics of retail pharmacies.

From a market standpoint, Dimed operates in a highly fragmented segment, in which large national chains, regional chains and independent pharmacies coexist, along with franchise and cooperative models. Brazilian pharmaceutical retail benefits from structural trends such as population aging, rising life expectancy and growing healthcare spending, factors that help drive demand for medicines, personal care products and related services. In the Southern region, where the group concentrates its operations, the company is one of the main players in terms of market share and revenue, with strategies that include physical expansion, strengthening digital channels and broadening the offering of hygiene, perfumery and cosmetic products, which have margins that differ from purely pharmaceutical categories.

Regarding environmental, social and governance aspects, Dimed publishes 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 begun to incorporate Sustainability Accounting Standards Board metrics, focusing on financially material sustainability information. 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, data privacy and information security, risk management, employee training, supply chain management, waste, climate change and energy efficiency as central 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 into the 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 having capital composed exclusively of common shares, greater transparency in information disclosure and adherence to requirements that protect 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 physical stores, integrated digital channels and the development of private labels, keeping the chain as one of the key players in Brazilian pharmaceutical retail, especially in the Southern region of the country.