RADL3 after 2Q26: Digital revenue hits 31% of sales as mature-store growth outruns CMED — and 4Bio reshapes the profit bridge
How to read RD Saúde's second-quarter package — R$12.8bn gross revenue (+18.3% YoY), R$1.02bn adjusted EBITDA at an 8.0% margin, digital sales R$3.9bn (+52.2%), national market share 19.7%, GLP-1 mix vs gross margin, adjusted net income ex-4Bio +23.4%, and net leverage falling to 0.8× EBITDA.
RADL3 after 2Q26: Digital revenue hits 31% of sales as mature-store growth outruns CMED — and 4Bio reshapes the profit bridge
On 4 August 2026, RD Saúde (Raia Drogasil S.A., B3: RADL3) reported 2Q26 results (reference 30 June 2026). Gross revenue reached R$ 12.78 billion, up 18.3% year on year. Adjusted EBITDA totaled about R$ 1.02 billion (+17.9%) with an 8.0% margin — stable versus the prior year despite a lower CMED medicine-price adjustment in 2026 (2.8% vs 3.1% in 2025).
The quarter is a useful case study in Brazilian pharmacy retail: same-store sales on mature units ran 10.9% above last year, or 8.1 percentage points faster than CMED; digital channels crossed R$ 3.9 billion (+52.2%, 31% of retail revenue); and GLP-1 branded medicines pulled the mix toward faster top-line growth and slightly thinner gross margins. At the same time, the 4Bio divestiture is no longer a full quarter inside continuing operations — so consolidated adjusted net income (+7.4%) understates the ex-specialty-pharmacy retail business (+23.4%).
What the earnings package shows
Figures below follow RD Saúde's 2Q26 earnings release (Brazilian reais; the company presents a pre-IFRS 16 view in the release narrative with reconciliation to lease accounting):
| Metric (2Q26) | Result | vs 2Q25 / note |
|---|---|---|
| Gross revenue | R$ 12.78 bn | +18.3% |
| Gross profit | R$ 3.70 bn | Margin 28.9% (−0.1 pp) |
| Adjusted EBITDA | R$ 1.02 bn | +17.9%; margin 8.0% |
| Adjusted EBT | R$ 543 m | +33.4%; 4.2% of gross revenue |
| Adjusted net income (incl. one month of discontinued 4Bio) | R$ 433 m | +7.4%; margin 3.4% (−0.3 pp) |
| Adjusted net income (ex discontinued 4Bio) | R$ 424 m | +23.4%; margin 3.3% (+0.1 pp) |
| Statutory net income | R$ 440 m | Per release reconciliation |
| Free cash flow | R$ 550 m | Positive after R$ 329 m capex |
| Adjusted net debt (30 Jun) | R$ 3.00 bn | 0.8× LTM adjusted EBITDA (1.3× in 2Q25) |
| Pharmacies in operation | 3,687 | +76 openings, −3 closures in the quarter |
| National market share (IQVIA) | 19.7% | +1.7 pp YoY |
| Digital channel revenue | R$ 3.94 bn | +52.2%; 31.0% of retail revenue |
| Active customers | 52.8 million |
Management reiterated guidance of 330–350 gross pharmacy openings in 2026. About 25% of stores were still in the three-year maturation curve at quarter-end.
Growth versus CMED — volume, share, and categories
RD Saúde measures progress against the annual CMED price list for medicines. In 2Q26, mature stores (past the three-year maturation window) grew 10.9% year on year — 8.1 pp above the 2.8% CMED adjustment authorized for 2026, and 6.3 pp above trailing IPCA.
Category growth was broad-based in the release:
| Category (2Q26 YoY) | Growth | Comment in release |
|---|---|---|
| Branded medicines | +24.3% | Led by GLP-1; volume offset lower average prices on newer launches |
| Generics | +14.5% | |
| OTC | +13.0% | |
| HPC (perfumery) | +13.8% | Sequential acceleration vs 1Q26 |
Management noted that excluding GLP-1 and private label, other categories still grew near 13.5% — a check that the quarter was not a single-product story. IQVIA market-share gains were reported in all regions; the national share reached 19.7%.
Digital and omnichannel — scale without a separate P&L
Digital revenue reached R$ 3.94 billion, +52.2% year on year, with 31.0% penetration of retail gross revenue (up from 24.1% in 2Q25). The mobile app accounted for about 83% of digital sales in the quarter.
On the earnings call, leadership framed digital as large enough that, if split from brick-and-mortar, it would soon rank as the largest Abrafarma-style pharmacy business on revenue — a rhetorical point, but it underscores how fulfillment and app traffic sit inside the same margin structure as stores. Same-store metrics and NPS above 91 for three consecutive quarters were cited as evidence that store payroll and service investments are feeding both footfall and delivery.
Gross margin — GLP-1, AVP, and commercial offsets
Gross profit margin was 28.9%, down 0.1 pp year on year. The release attributed pressure to:
- Higher GLP-1 mix (structurally lower retail margins);
- Non-cash present-value (AVP) effects;
- A smaller inflation “pre-price-rise” inventory benefit after the softer 2026 CMED reset.
Commercial gains and a tougher 2Q25 loss base almost fully offset those headwinds. Readers comparing RADL3 to pre-GLP-1 years should expect gross margin to move with category mix even when EBITDA margin stays near 8%.
Below EBITDA — tax rate and the 4Bio base effect
Adjusted financial expense was R$ 197 m (1.5% of gross revenue), including R$ 132 m of cash interest (−0.3 pp vs last year on lower average Selic) and R$ 66 m of AVP-related finance lines. The quarter also booked R$ 15.8 m of financial income tied to the 4Bio sale process.
The effective tax rate on adjusted pre-tax profit rose to 21.8% (from a lower base in 2Q25 that included a GO investment-subsidy benefit). Management guided to a ~19.1% recurring effective rate for 1H26.
Adjusted net income including discontinued operations grew only 7.4% because 2Q25 still carried three months of 4Bio inside the consolidated adjusted line, while 2Q26 had one month. The ex-4Bio adjusted net income line (+23.4%) is the cleaner read for the ongoing pharmacy platform.
Cash flow, capex, and leverage
Operating cash generation before investments was R$ 879 m in the quarter. Capex totaled R$ 329 m, split roughly between new stores (R$ 144 m), maintenance (R$ 85 m), technology (R$ 74 m), and logistics/other.
Free cash flow was R$ 550 m. Total cash generation including 4Bio sale proceeds and related investing flows reached R$ 1.19 billion in the release's all-in bridge — distinct from recurring retail free cash flow but relevant to the balance sheet.
Adjusted net debt fell to R$ 3.00 billion (0.8× LTM adjusted EBITDA). Management attributed 0.3× of the 0.5× year-on-year leverage improvement to operating cash and 0.2× to 4Bio proceeds still receivable (R$ 716 m in the adjusted debt bridge). The adjusted debt definition also nets discounted receivables and supplier prepayments — always reconcile to gross debt (R$ 3.45 bn) and cash (R$ 537 m) in the statutory tables.
Limits of this reading
- Adjusted EBITDA and net income exclude items management classifies as non-recurring; statutory CVM filings govern dividends and tax in reais.
- Pre-IFRS 16 operating KPIs in the release differ from lease-capitalized accounts; use the reconciliation tables for apples-to-apples with other IFRS reporters.
- IQVIA share and CMED references are industry/regulatory benchmarks — not identical to RD Saúde's internal sales classification.
- GLP-1 penetration can reverse margin and working-capital patterns quickly if prices or volumes shift.
- 4Bio proceeds and Stix-related investing flows are partly one-off; 0.8× leverage is not purely organic.
Where to view in the explorer
Sources
- RD Saúde (Raia Drogasil S.A.), 04/08/2026 — 2Q26 earnings release (revenue, EBITDA, digital, CMED/MSSS, categories, cash flow, debt, 4Bio reconciliation)
- RD Saúde, 05/08/2026 — 2Q26 earnings call (digital scale, GLP-1 ex-growth, tax commentary)
- RADL3 on the explorer — CVM filings and company page
Disclaimer
This article is for informational and educational purposes only. It is not investment advice. Adjusted versus statutory figures, pre-IFRS 16 versus lease-capitalized accounts, and discontinued-operation bases are different layers; when in doubt, official CVM documents prevail. Refer to those filings and, if needed, a licensed professional.
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