By Brazil Stock Guide – The Panvel Group (B3: PNVL3) closed the third quarter of 2025 with a solid blend of growth and discipline. Gross revenue rose 11.4% year-on-year to R$1.48 billion, while adjusted EBITDA advanced 11.3% to R$79.9 million, keeping margin at 5.4%. Adjusted net income reached R$34.3 million — the strongest result of the year — supported by a healthier sales mix and lower leverage.
Digital acceleration becomes Panvel’s growth engine
If there is a headline for the quarter, it’s the digital channel. Online sales jumped 42% from a year earlier, now representing 26.4% of retail revenue — the highest level in Panvel’s history. The company’s mobile app grew 54%, consolidating itself as the main gateway for recurring customers. Management credits its success to a mix of convenience, service quality, and tech integration that connects online and in-store experiences.
New digital tools helped deepen this relationship. The virtual assistant Sofia now handles 70% of customer interactions without human intervention, using AI to manage scheduling, cancellations, and refunds in real time. A geolocation-based last-mile system, launched in 231 stores, cut average delivery time to 37 minutes, while the Panvel Ads retail media platform grew 76%, becoming the most recognized in Brazil’s pharma retail segment.
Profitability with control and focus
The quarter also reflected a balance between expansion and efficiency. Panvel opened seven new stores, prioritizing high-return locations and productivity in existing ones. Same-store sales grew 9.1%, outpacing inflation, while average monthly sales per store reached a record R$755,000 — and R$811,000 among mature units. The group’s market share in southern Brazil rose to 12.8%, maintaining leadership in all three southern states.
Strong execution also supported financial discipline. Panvel generated R$16 million in free cash flow, marking its third consecutive quarter of positive generation, and cut its net debt to 1.0x EBITDA, down from 1.2x a year earlier. CFO Antônio Carlos Tocchetto Napp highlighted the company’s “ability to grow with consistency, efficiency, and a solid capital structure.”
Private label and health services add momentum
Private-label sales surged 32.6%, accounting for 7.3% of total retail revenue, with stronger traction in hygiene and beauty. The company also expanded its health-services arm, Panvel Clinic, which grew vaccination revenues by 64.6%, now operating 435 consultation rooms and 105 vaccination units across the region.
Panvel’s formula for 2026 seems clear: deepen digital leadership, strengthen its health ecosystem, and keep generating cash without compromising growth. “We are investing in technology that makes us closer, faster, and more relevant to customers,” said Napp. “That’s what will define Panvel’s next chapter.”
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