Farminveste's 2025 Net Profit Quintuples to €58.7 Million on the Alloga Logifarma Divestment — €908.6 Million Revenue, €51.6 Million EBITDA as the ANF-Controlled Holding Reweights Around Glintt, CUF and HMR International

The investment vehicle controlled by the Associação Nacional das Farmácias — Portugal's representative body for community pharmacies — closed 2025 with a net profit of €58.7 million, almost five times the €11.2 million recorded a year earlier. The headline figure, disclosed on Monday with the consolidated 2025 accounts, is the largest annual reading Farminveste has ever produced and reflects the May-2025 divestment of 51% of Alliance Healthcare Portugal — the Alloga Logifarma pharmaceutical-distribution business — to the international Phoenix-aligned distribution platform.

The headline numbers

The 2025 consolidated accounts publish a coherent set of figures across the group's continuing operations and the discontinued pharmaceutical-distribution segment:

• Net profit: €58.7 million (vs €11.2 million in 2024 — nearly 5x growth)
• Volume of business: €908.6 million (+7.6% year-on-year)
• EBITDA: €51.6 million (+10% year-on-year)
• Continuing operations result: €26 million
• Discontinued operations contribution: €73.8 million (Alloga sale)

The €73.8 million discontinued-operations line is the structural driver of the year. It is the recognised gain from the May 2025 divestment of 51% of Alliance Healthcare Portugal, the Farminveste subsidiary that operated the Alloga Logifarma pharmaceutical-distribution platform. Farminveste retains 49% of the Alloga vehicle, with call-and-put options that became exercisable from 1 December 2025 for one year — meaning the residual stake can be transferred to or acquired from the buyer at any point in the December-2025-to-December-2026 window.

Reweighting around Glintt, CUF and HMR International

The Alloga divestment is the most significant reshaping of the Farminveste portfolio in a decade. Pharmaceutical distribution had historically been the largest single revenue contributor inside the holding; its move into the discontinued-operations bucket rebalances the group around the four remaining operating clusters: information systems (Glintt Global, where Farminveste holds a c. 76.4% indirect majority), pharmaceutical-market intelligence (HMR International), healthcare provision (the CUF and José de Mello Residências holdings), and Imofarma's real-estate vertical, alongside the corporate-services line.

The continuing-operations result of €26 million in 2025 — up from a smaller continuing-operations baseline in 2024 — reflects the operational performance of those four clusters. Glintt Global itself reported H1 2025 net profit of €3.9 million, up 28.2% year-on-year, and the group governance machinery scheduled an extraordinary general meeting for 19 December 2025 to elect the new Glintt board for the 2026-2028 triennium — a board that will continue to be chaired by Paulo Vieira de Almeida but will not retain CEO Luís Cocco.

The Alloga sale: structure and rationale

The May-2025 divestment was structured as a 51% sale to the international Alliance Healthcare distribution group with a 49% residual subject to call-put options exercisable from 1 December 2025 for a 12-month window. The bulk of the consolidated gain — €73.54 million at the consolidated AH accounts level and a separate group-level contribution — was crystallised in 2025 because the 51% transfer triggered a control change under IFRS, requiring full deconsolidation and recognition of the gain on disposal. The residual 49% sits as an associate-investment line, marked at the option-strike valuation pending exercise.

Strategically, the divestment is consistent with the broader European pharmaceutical-distribution consolidation cycle that has run since 2023. Alliance Healthcare's Phoenix-aligned platform — which already operated as Farminveste's distribution joint-venture partner — was the natural buyer of the residual control stake, and the May-2025 closing reflects the working-out of that long-discussed exit path. For Farminveste, the post-divestment portfolio is more capital-light, more healthcare-services-weighted and less exposed to the wholesale-distribution margin compression that has been the structural drag on the European pharma-distribution segment.

The ANF context

Farminveste is the investment arm of the Associação Nacional das Farmácias, Portugal's largest pharmacy-sector representative body and the principal shareholder of Farminveste's SGPS structure. ANF represents roughly 2,800 community pharmacies across Portugal — the canonical balcão-de-farmácia retail network that foreign residents will recognise from the Cruz Verde signage in every Portuguese town. Farminveste is, in effect, the diversification engine that allows ANF's revenue concentration in the pharmacy-distribution chain to be balanced by holdings in adjacent verticals: pharmacy IT (Glintt's pharmacy-software stack is the dominant platform in Portuguese community-pharmacy operations), pharmaceutical-market intelligence (HMR), private healthcare (CUF), elder-care (José de Mello Residências), and real estate (Imofarma).

What this means for the wider Portuguese pharmaceutical landscape

The Alloga divestment removes the largest direct distribution exposure from ANF's investment vehicle and concentrates the holding around higher-margin services — IT, market-intelligence, and healthcare provision — at the same time as the Portuguese state and the Infarmed regulator have been pressuring the wholesale-distribution segment with the 13 April Infarmed glucose-sensor circular and broader margin-cap discussions. Farminveste's 2025 reweighting is, on that reading, a defensive portfolio rotation: the group has bought itself distance from the part of the pharmaceutical value chain that is most exposed to State-set margin caps and reimbursement-haircut policy, and reweighted toward the IT and services lines that price independently.

What it means for foreign residents

For foreign-resident readers, Farminveste's 2025 result is a market-structure read rather than a direct consumer-facing change. The community-pharmacy network you interact with at the balcão is unchanged — Cruz Verdes still operate, the prescription-dispensing flow still routes through SNS24 and the patient's user-card, the Direito ao Esquecimento applies to mortgage and consumer insurance not to pharmaceutical history. What has changed is the ownership structure of the distribution platform that supplies those balcões. With Alliance Healthcare's Phoenix-aligned platform now controlling Alloga Logifarma at the 51% level, the international-pharma-distribution backbone that delivers stock to Portuguese community pharmacies is now run by a multinational with operations across roughly 27 countries, rather than by a domestically-controlled Farminveste subsidiary.

For investors and corporate-finance practitioners tracking Portuguese mid-cap M&A, the Alloga gain is the largest disclosed single transactional contribution to a Portuguese listed-or-controlled-investment-vehicle's 2025 P&L outside the major banking sector — and the structural template it sets (51% sell-down with call/put on the residual) is likely to be the model for the next round of European pharma-distribution consolidation moves.