VVEO3: quote, dividends and indicators for Viveo

Viveo, traded on B3 under the ticker VVEO3, has established itself as an integrated ecosystem of products and services for the healthcare sector in Brazil. Its origins date back to 1996, with the founding of Mafra Cirúrgica in Ribeirão Preto (SP), initially focused on distributing hospital supplies and medicines. The current CM Hospitalar S.A., which adopted Viveo as its institutional brand, was incorporated in 2010 in Catalão (GO) and, in 2013, moved its headquarters to Ribeirão Preto, strengthening its connection with Grupo Mafra. From 2016 onward, with the entry of asset manager DNA Capital into the company’s shareholder base, its governance structure was strengthened, with the implementation of a code of conduct, compliance policies and enhanced risk management, preparing the group for a more intense trajectory of organic growth and acquisitions.

Between 2017 and 2019, Viveo began a cycle of expansion through strategic transactions that broadened its presence in different links of the healthcare chain. In 2017, the acquisition of Tecnocold Vacinas marked its entry into vaccine distribution for the private market, a segment that requires highly complex logistics. The logistics vertical was structured around Mafra Log, consolidated under the HealthLog brand, specialized in transport, warehousing and logistics management solutions for the hospital environment, with a focus on traceability, systems integration and regulatory compliance. In 2018, the acquisition of 100% of Cremer S.A., a traditional supplier of healthcare products with institutional and retail operations, expanded its industrial capacity and portfolio of medical-hospital and consumer items. At the end of 2019, the company agreed to purchase Expressa Distribuidora de Medicamentos, strengthening hospital drug distribution, a transaction completed in 2020.

The period between 2020 and 2023 was marked by accelerated growth and the consolidation of an integrated model. In 2020, Viveo expanded its portfolio with acquisitions in personal care, diagnostics and drug distribution, including Flexicotton, Biogenetix, Vitalab, Byogene and the completion of the Expressa acquisition, as well as an interest in Far.Me, related to optimized pharmacotherapy. In 2021, all operations began to be consolidated under the Viveo brand, which became the group’s institutional identity. In the same year, the company obtained registration as a category A publicly held company with the CVM, listed its VVEO3 shares on B3’s Novo Mercado and carried out its initial public offering. Also in 2021, relevant acquisitions were completed, such as Daviso, Profarma Specialty (a group of companies specialized in high-complexity medicines and differentiated service), Cirúrgica Mafra, FW and several regional distributors, expanding its presence in the hospital, laboratory, retail and direct-to-patient channels. In 2022, it created a diagnostics umbrella under the Prevena brand, integrating operations of companies such as Diagnóstica Cremer, Biogenetix, Byogene, Vitalab, Apijã, Macromed and Laborsys, focusing on diagnostic medicine solutions and a one-stop-shop strategy. In the same year, Viveo strongly expanded in pharmaceutical services and sterile solutions, with acquisitions such as Life, FAMAP, ProInfusion, Grupo Boxifarma, Azimute Med, Nutrifica and PHD, strengthening its presence in parenteral nutrition, compounded oncology therapies and patient support programs. In 2023, the company acquired 100% of Far.Me and Neve Indústria e Comércio de Produtos Cirúrgicos, further integrating and optimizing its portfolio.

Viveo’s business model is structured around four major fronts: Hospitals and Clinics, Laboratories and Vaccines, Retail and Private Labels, and Services. In Hospitals and Clinics, the company distributes medicines, medical-hospital supplies, nutrition, corrective dermatology and other inputs, serving public and private institutions and acting as a link between the pharmaceutical industry and healthcare providers. This front is represented mainly by Mafra and Mafra Especialidades, as well as companies such as Cremer and Tecnocold, which expand the portfolio of technical and higher value-added products. In Laboratories and Vaccines, it operates by offering supplies, reagents, in vitro diagnostic equipment and vaccines for the private market, with emphasis on Tecnocold, focused on temperature-sensitive products, and Prevena, which offers solutions for the pre-analytical and analytical phases of laboratory tests, in partnership with global manufacturers such as Roche, Sysmex, BD and Thermo Fisher Scientific.

In the Retail and Private Labels front, Viveo concentrates its industrial activities on personal care, first aid, hygiene and wellness products, such as cotton, dressings, gauze, cotton swabs and wet wipes. Cremer stands out as the main industrial platform, operating in both hospital and consumer products. The portfolio is complemented by brands such as Piquitucho, BellaCotton, Topz, FeelClean and Salvelox, which reinforce its presence in different consumer market niches. The company also develops and manufactures products under private label models for large retail chains and other companies, producing infant and adult hygiene items, wet wipes, protection, beauty and wellness products. Additionally, Mafra Especialidades operates under a direct-to-patient model, selling specialty medicines, clinical nutrition and orthopedic products directly to patients, integrating logistics services with traceability and control.

The Services front encompasses integrated logistics, patient support programs and pharmaceutical services. HealthLog operates as an in-house logistics provider, offering warehousing, inventory management and transportation of healthcare products, including vaccines and other temperature-sensitive items, with nationwide coverage and infrastructure adapted to sanitary requirements. Insuma brings together compounding pharmacies focused on sterile solutions and individualized clinical nutrition, such as antineoplastic therapies, parenteral and enteral nutrition, and dialysis solutions, using clean rooms, quality control protocols and traceability in compliance with good compounding practices. Humania concentrates Patient Support Programs (PSP), pharmacovigilance, health education and treatment adherence solutions, operating together with the pharmaceutical industry and healthcare providers to monitor patients with chronic or highly complex diseases. These service fronts complement the product portfolio and reinforce Viveo’s positioning as an integrated platform along the patient journey.

From an operational standpoint, Viveo’s activities are reported in the Material, Medicine and Other segments. The Material segment covers the manufacture and distribution of cardio, surgical, urinary, diagnostic, sterilization, protective clothing, hygiene and protection items. The Medicine segment mainly encompasses the distribution of drugs from various therapeutic classes, including analgesics, antibiotics, anti-inflammatories, oncology drugs, anesthetics and vaccines. The segment classified as Other includes service operations and healthcare support activities, including pharmacotherapeutic services, human health care and PSP. Operating revenues come mainly from the distribution of medicines and medical-hospital supplies, in addition to the manufacture of medical-hospital materials. The customer base is diversified, with no single customer accounting for 10% or more of net revenue in 2025, and the company serves hospitals, clinics, laboratories, pharmacies, health insurers and patients on a nationwide scale. Foreign sales represent a very small share of net revenue, accounting for 0.15% in fiscal year 2025.

Viveo’s logistics infrastructure is distributed throughout Brazil, with distribution centers positioned to provide capillarity and reduce delivery times. As of December 31, 2025, the company had 20 distribution centers, totaling around 121 thousand square meters of area, as well as a proprietary fleet with more than 180 vehicles, supplemented by partner carriers. Distribution processes are supported by integrated management systems (ERP and WMS) that enable batch tracking, shelf-life control and the application of methods such as FIFO, as well as the maintenance of specific storage conditions, with cold rooms and continuous monitoring of temperature and humidity for temperature-sensitive products. In its industrial activity, processes follow quality standards and comply with the regulations of the Brazilian Health Regulatory Agency, including observance of Good Manufacturing Practices where applicable.

Viveo operates in a highly regulated environment, subject to health surveillance rules, control of chemical substances and pharmaceutical sector regulations. Its activities depend on authorizations, licenses, registrations and permits from federal, state and municipal authorities, especially ANVISA, which is responsible for coordinating the National Health Surveillance System, granting operating authorizations, licensing establishments and inspecting companies that deal with products of interest to health. Products and inputs subject to specific controls, including controlled chemicals, are overseen by agencies such as the Brazilian Army and the Federal Police, which require the company to obtain specific certificates and registrations for manufacturing, storage, transport and commercialization. In addition, group companies are subject to registration with professional councils, mainly Regional Pharmacy and Chemistry Councils, among others, with the requirement of a qualified technical officer. Economic regulation of the drug market, including price caps and commercialization monitoring, is exercised by the Drug Market Regulation Chamber. This regulatory framework is a relevant part of Viveo’s operating context and directly influences the company’s compliance requirements, governance structure and internal processes, whose VVEO3 shares continue to be traded on B3 in an environment of high transparency and corporate governance requirements.