RD Saúde profits R$439 million in 3Q26, but Ebitda margin declines

RD Saúde (RADL3) ended the third quarter of 2026 with R$439.1 million in adjusted net profit, an increase of 9.2% over the same period in 2025, according to Money Times. The company operates under the Raia and Drogasil brands.

The balance sheet also recorded an adjusted Ebitda of R$1.024 billion, a jump of 14.7% compared to the same period in 2025. Even so, the margin of this indicator fell 0.1 percentage point, reaching 7.8%.

At the top of the statement, net revenue totaled R$11.4 billion, which represents an increase of 7.8% compared to the previous year. According to Money Times, if we leave aside the sale of 4Bio, adjusted profit increases 20.1% in the annual comparison and the net margin gains 0.1 percentage point.

The compression of the Ebitda margin, according to the same source, results from contributions made to employees' salaries and benefits at the end of 2025. On the other hand, the increase in profit is due to lower sales and financial expenses.

According to LSEG, via Reuters and reported by InfoMoney, projections pointed to R$429 million in net profit and an Ebitda close to R$1 billion. The final number was in line with what the market projected.

InfoMoney and Reuters treat the company as a leader in national pharmaceutical retailing, a position that weighs heavily on the health segment. In this type of business, economies of scale usually appear first in revenue and only then in the operating margin.

For the reader who defends fiscal responsibility and a predictable business environment, the balance sheet shows a company that is growing in profit and revenue, with the exception that this increase has not yet been converted into a higher operating margin.

Reading for those who invest

As profit was in line with consensus, the balance sheet does not bring any negative surprise. The point of attention is the Ebitda margin: if the pressure from investments in compensation and benefits persists, the increase in profit will depend more on revenue and financial expenses than on operational efficiency. This analysis is not a buy or sell recommendation and does not project quotes.

Automatically translated from Portuguese.