By announcing its fourth-quarter and 2025 year-end results on the evening of Thursday, March 19, Panvel did more than just present the numbers for the period; it concluded a cycle that began in 2020 when it raised R$ 480 million in a re-IPO.

In the final chapter of this journey, the pharmacy chain delivered a record adjusted quarterly net profit of R$ 45.2 million, representing a 35% jump over the same period a year earlier. For the year, the indicator stood at R$ 135.3 million, a year-on-year increase of 15.3%.

Adjusted EBITDA grew 27.9% in the quarter, to R$ 104.8 million. Gross revenue reached R$ 1.68 billion between October and December, an increase of 18.2%, and advanced 17% year-on-year to R$ 5.91 billion. However, another piece of data is highlighted by Julio Mottin Neto , CEO of the Rio Grande do Sul-based chain.

“We went from a revenue of R$ 2.5 billion five years ago to R$ 5.9 billion now, and that's considering we eliminated our wholesale operation during that period,” Mottin Neto told NeoFeed . “Now, our plan is to double the size of the company again by 2030.”

In numbers, the translation of this plan points to a projected revenue between R$ 11.5 billion and R$ 12 billion by the end of this period, with an EBITDA margin in the range of 6.7% to 7% and a network with 950 to 1,000 stores in operation – Panvel closed 2025 with 659 units.

On the path to making these estimates a reality, the network will reinforce many of the pathways that help explain the advances recorded between 2020 and 2025. But it is also betting on a new ingredient to boost this formula: GLP-1-based medications, the popular slimming pens , especially with the patent expiration schedule starting this year .

“The sector already had good prospects with the aging population,” says the CEO. “And it got even better with GLP-1, which is a global phenomenon and, in Brazil, is even stronger, because here it addresses not only the issue of obesity, but also very much that of aesthetics, which has a lot to do with Panvel.”

He notes that this optimism is reinforced by the LPG-1 patent expiration agenda, which will gain momentum starting this year, and, consequently, the entry of more players into this space, in addition to Novo Nordisk and Eli Lilly, which led this dissemination of the category.

“This helps because it gives us the possibility of addressing the informal market, which today is three times larger than the formal market in terms of units sold,” says Mottin Neto. “Cheaper products will come, which will bring people who currently buy pens of unknown origin into pharmacies.”

Panvel sees an opportunity in this migration, given that categories related to aesthetics have a significant weight in the retailer's strategy, which can also benefit in other areas. "LPG-1 products greatly help with average sales per store," says Antonio Napp , CFO of the chain.

Enhanced formula

Average sales per store were another highlight in the retailer's report , which ended the year with a record monthly figure of R$ 849,000 per unit. And, in line with this achievement, efforts to strengthen productivity, both in stores and in the back office, continue for this next cycle.

“We’ve never had as many tools to unlock productivity as we do today, with automation and artificial intelligence,” says the CFO. “And we’ve never been in such a good position to capture that. So, we’re very focused on having an even healthier company, with even less debt.”

Panvel ended 2025 with a leverage ratio of 0.9 times, compared to 1.2 times a year ago.

Another component that remains a priority in this next phase is digital channels, which registered a growth of 54.6% over the fourth quarter of 2024 and reached a record share of 28.6% of the network's total sales – in 2019, the rate was approximately 10%.

“We envision digital accounting for 50% of sales within five years, if we maintain this growth rate,” says Mottin Neto. One of the next steps is to further boost a multichannel approach, especially among Prime customers, who spend more than R$ 250 online every month.

In April, as part of the strategies in this direction, the app will begin offering a feature where customers can generate a QR code inside the store that will grant access to special purchase conditions, to be finalized at that same location.

“We want to increase the number of digitally savvy people in the store,” says the CEO. “This customer profile has three times the frequency of visits and their average ticket is exactly double that of a non-digitally savvy consumer.”

Just like digital, private label brands will also be strengthened. This area grew 34.7% and reached an 8.4% share of retail sales between October and December. Hygiene and beauty products stood out, accounting for 19.3% of private label items sold.

With over 1,200 SKUs and 310 product launches planned for 2025, Panvel is already projecting new lines in categories such as makeup and food supplements. According to executives, the latter is also being driven by the advancement of GLP-1 medications.

Contrary to the acceleration in these areas, Panvel will continue to adopt a more conservative stance regarding its store expansion strategy this year. The projection is to open 45 units during this period, compared to the average of 60 openings prior to 2025 – in the year, there were 42 new points of sale.

“This year, 2026, is still a period of great harvest and productivity in our existing store base,” says Napp. “We have an extremely favorable sales climate and we are able to grow by expanding with 45 units. But we will prioritize other areas.”

Panvel's shares closed the day on the B3 with a slight drop of 0.49%, quoted at R$ 14.23. However, year-to-date, the shares have accumulated an appreciation of 18.6%, valuing the company at R$ 2.1 billion.