Good afternoon, ladies and gentlemen. Welcome to Dasa's teleconference to discuss the results for the third quarter of 2026. This teleconference is being recorded, and the replay may be accessed at the company's website at www.dasa3.com.br. The presentation will also be available for download. Please note that all participants will be in listen-only mode during the presentation. This will be followed by a question-and-answer session when further instructions will be provided. We would like to emphasize that the information contained in this presentation and any statements that may be made during this event regarding Dasa's business outlook, projections, and operating and financial targets reflect the beliefs and assumptions of the company's management, as well as currently available information. Forward-looking statements are not guarantees of future performance.
They involve risks, uncertainties, and assumptions as they relate to future events, and therefore depend on circumstances that may or not occur. Investors should understand that general economic conditions, market conditions, and other operational factors may affect Dasa's future performance. I turn over to Mr. Rafael Lucchesi, who will begin the presentation. Mr. Lucchesi, please go ahead.
Good afternoon, everyone, and thank you for being with us for another Dasa teleconference. I am here with Bossolani, our CFO, and relations. I will start by highlighting the quarter, and then I will turn over to him for the financial results. In slide three, the main message I would like to share is the continuation of the consistent development of our strategy. The third quarter represents another event, and on Dasa's results reflecting discipline that we have used in all of our actions. Our operations are more efficient, competitive, and prepared to grow in a sustainable manner. We continue moving on with good efficiency, modernizing our infrastructure, simplifying processes, and continuous productivity gains.
The inauguration of the new terminal is one example of this strategy and expand our capacity, scale, and operational efficiency. We also continue strengthening our financial position by means of disciplined capital management, consistent cash generation, and very careful allocation of investments, thus strengthening our abilities to maintain the company's strategy. Regarding innovation and excellence in care, we continue with our portfolio of specialized tests, installing new imaging equipment with technology and AI, leading to gains in productivity, and implementing new NTOs lines. 90% of these projects have been already carried out. We guarantee quality of care, productivity, and prepare the company for the future. We also highlight the Rede Américas, which continues strengthening its mix and capturing efficiency. The maturity of the operation and the potential value generation is guaranteed for the next few years. Moving on to slide four, I will highlight some figures.
In the quarter, we grew 18% on a very strong basis when compared to last year. Our investments go to 23%. In EBITDA, we advanced 5%. In the third quarter, we had positive events such as EBITDA reduction. Our EBITDA margin was 25.6%. The net income grew 120%, reaching BRL 173 million, and we have generated BRL 456 million in operating cash generation. We reduced our debt BRL 188 million when compared to the second quarter. Now I turn over to Bossolani. He will detail the financial and operational results, and after that, we will be available to clarify any concerns you may have.
Well, thank you, Lucchesi. Good afternoon, and thank you for participating in our teleconference for the third quarter of 2026. Our strategic vision and the main highlights in the period, and our results sustain our performance. We have combined growth, operational progress, and a very disciplined management of the company's cash. We have improved our results throughout the year, focusing on the operational results of the company. I would like to start by our main operation.
We had consistent growth when compared to the third quarter of 2025, with a comparable scope reaching BRL 2.4 billion. This growth is led by the increase in volume, home care, and the B2B channel. Also, the number of tests in the quarter increased 4.4%, and the average ticketing increased 3.1%. For profitability, the adjusted EBITDA also improved 1.6%. In the graph, you can see three factors. The accounting reallocation, including costs and expenses aligned to our new organizational structure, and this was informed in our conference for the second quarter.
We centered our investments with higher energy expenses. Then we had the modernization of the network, expansion of technology in our NTOs, and new models to hire. These are projects that are maturating. Efficiency gain and scale gains will be captured gradually. Also, we have the mix effect of the company with increasing B2B share. This channel has a smaller percentage share, but it contributes to nominal profit, helping us, and it's a very efficient vector for growth. We grew 1.6% in the quarter. It's important to reinforce that we remain focused on constant productivity gains so that we can grow in a sustainable manner with efficiency and attractive return to our operations. Now, moving on to slide six, with the results for hospital and oncology in the Northeast here represented by the Hospital da Bahia and the AMO network.
The gross revenue presented a growth of 7.1% for BRL 231 million, indicating business discipline and a higher volume in high-complexity procedures, with oncology growing 10%. In terms of profitability, the adjusted gross margin was 31.2%, a reduction of 0.4 percentage points when compared to our annual results. The adjusted gross profit grew 6%. The mild reduction in the margin reflects less absorption of the fixed costs, which grew more than our revenue. In the accumulated for the past six months, we grew to 31.7%. It's important to reinforce that in hospital operations, we continue advancing in operational efficiency. In the Hospital da Bahia, occupation grew 0.8%, and the average ticket also grew. In oncology, we are restructuring the operators, improving profitability. More than accelerating growth at any cost, our focus is to grow with discipline and better results.
We can see this in this quarter, and that is also combined to an expansion of our services. Looking at the Rede Américas results, the joint venture had an increase of revenues in the order of 8%, reaching BRL 3.4 billion. This growth was the result of the expansion of the oncology sector, among others. The adjusted EBITDA had a margin of 3.2% and a reduction of 0.7 in the annual comparison. It's important to highlight that this suffered a significant impact of extraordinary effects in both periods. In the third quarter of last year, we had BRL 206 million of positive non-recurring effects, especially related to the reimbursement of expenses and changes in leasing contracts. This quarter, we had BRL 365 million of negative extraordinary impacts related to the sales of the Hospital Santa Lúcia and also our receivables portfolio.
The EBITDA, excluding non-recurring effects, would represent a growth of 37% when compared to the adjusted base of the third quarter of 2025. Even though we had a decrease, we can see a very positive result of profitability. The Rede Américas operation continues evolving with a higher participation of high-complexity procedures, in addition to the operational efficiency initiatives. We also continue advancing with structuring initiatives to improve the digital journey of the patients, review business contracts, and combine that to the revenue cycle. For Dasa, the Rede Américas result in the quarter, the joint venture had a net result of BRL 45 million. This quarter, we have a participation, actually, we have a participation of 50%. The operating cash generation was BRL 367 million, reaching BRL 108 million this year.
We had a reduction of BRL 115 million when compared to the previous quarter, and the financial leverage was 1.8x compared to the 1.81x in the same quarter last year. The variation was 0.07x less. Now, moving on to slide number eight. In expenses, we had a reduction of 3.9% in the quarter, going from BRL 284 million- BRL 273 million. In the year, we had a reduction of 7.9%, going from BRL 909 million- BRL 837 million. This is a result of the simplification of our structure, better discipline in cost management, and efficiency gains. I would also like to highlight that part of this evolution is related to changes in the allocation of costs and actions that were implemented in the third quarter of this year.
Another very important aspect I would like to highlight was the behavior of expenses with loss of accounts receivable, the PDD, where we have an expense with a positive balance of BRL 1 million in the third quarter of 2025, which had been benefited by credit recoveries that had been provisioned. In the accumulated for the nine months, these losses represent a reduction. Other operational expenses, we can see a positive result of BRL 31 million when compared to the same period last year. In general, we continue advancing with the simplification of our structure, discipline, focusing on sustainable gains for productivity, even in face of the increase of our operation. Moving on to slide nine, we have the EBITDA, and if we exclude the equity method, we had a growth of approximately 5% when compared to the third quarter of 2025.
The margin reached 25.6%, a reduction of 0.9 percentage points. The comparison is influenced by the reversal of the provisions, and the pressure on the gross margin is offset by efficiency gains and reduction of administrative expense. In the first nine months, the EBITDA ex-equity method reached 23.9%. This performance reflects a combination of the growth of the operation, simplification of the structure, and productivity and efficiency gains, which have contributed for the gradual improvement of our result. The consolidated EBITDA reached BRL 640 million, with a margin of 26.9%, and in the annual comparison, we had a reduction of 1.7%, indicating a better contribution of the equity method.
Looking below the EBITDA, the net financial result was negative in BRL 230 million this quarter, representing an improvement of 39.5% in the annual comparison, and was favored by less debt and also because of the debt protection mechanism, in addition to a reduction of the interest rate. With that, our net profit added BRL 173 million, more than the double of what we had in the third quarter of 2025. In the first nine months, we reverted a loss when compared to the same period last year, and therefore, we continue improving with a consistent evolution in the year, and we have captured efficiency and expanded our margins. Moving on to slide number 10 of investments, as we had anticipated, we have normalized our results over the year. The investments totaled BRL 92 million, an increase of 52%, including the inauguration of the Brasília NTO.
In the accrued for the nine months, CapEx reached BRL 167 million, a growth of 25.1%. Even with this normalization, we have a very selective allocation of resources, investing in projects that provide a better return and the quality of services as well. The resources were directed especially to technology and the maintenance of the operational infrastructure with BRL 63 million. These are initiatives that improve productivity and improve the experience of our patients. The logic remains the same. We invest selectively, prioritizing operational efficiency, productivity, value generation, and always preserving the level of services of our businesses. Moving on to slide 11, free cash flow. In the quarter, we had BRL 415 million when compared to BRL 481 million. This was influenced by the loss of assets that were removed and also adjusted of operating cash because of the operation of the Rede Américas.
The evolution in the first nine months is significant. We reached BRL 824 million, a growth greater than 60% when compared to the previous period, and indicates operational efficiency and also more efficient operating cash management. We continue improving our processes. When we look at the free cash flow, we had a positive result compared to BRL 416 million in the third quarter of 2025, and this has to do with CapEx investments. Our free cash flow reached BRL 666 million compared to the BRL 300 million we had in the past year. This is sustained by a very efficient operational model with a lot of investments in discipline, leading to better cash results. Here, we connect the operational evolution and cash generation.
The net financial debt after acquisitions payable and advances of receivables closed the quarter with a reduction of BRL 368 million when compared to the previous quarter, and approximately BRL 1.2 billion when we compare it to the previous year. This evolution is also reflected on our leverage when we analyze the results of the company, and we understand that this indicates the evolution of the company. We have had a continued improvement, closing the quarter 2.76x when compared to 3.3x in the beginning of the year. In the reported results, the leverage was 3.5x, and it's basically stable when compared to the previous quarter. This is a difference that results from the effects of the EBITDA composition in the last 12 months, impacted by the results of the hospitals and investments made.
For covenant purposes, we closed the quarter with 3.4x below the four times that was our limit. We continue advancing with an active management of our liabilities and the profile of our payments due. The debentures were last paid in July. We had already informed that in the previous quarter, and that was related to the 16th issuance, which led to a reduction of the concentration of payments to be made, reinforcing the predictability of our structure. At the end of the period, our cash position and applications totaled BRL 1.2 billion, maintaining a very good and adequate liquidity position, as I have just mentioned. To conclude, we continue advancing based on three pillars: growth with profitability, better cash generation. I have just mentioned that.
The results for the first nine months of the year show very consistent evolution in this regard, and we still have very important opportunities ahead of us, but we are developing a base which is increasingly more solid to generate cash in the future. With this, we end our presentation and move on to the Q&A session.
Thank you very much. We are now going to start the Q&A session for investors and analysts. In case you wish to ask any question, please click the raise hand button, and if your question is answered, you can leave the queue. Please type your question followed by your name and company name. Our first question comes from Gustavo Tiseo from XP. Please move on.
Well, thank you for the availability. I have two questions. This is something that you have mentioned, but I wanted to better understand. Where is the turnaround? Because we see some units being closed, the margin is positive, followed by cash generation. But when you look at the company and look ahead, what has to be aligned so that the margin expands more, or so that you continue expanding? I also wanted to explore Rede Américas a little bit more, because different adjustments have been made. It is a new company, but I wanted to understand what is happening. The adjustments are made in the receivables, so I wanted to better understand what is going on and what makes sense for us to look into the future. Thank you very much.
Thank you for your question. This is Lucchesi. I will tell you how the structuring of the company has advanced. I do not know if we can set a date for the turnaround. Of course, in the first quarters, we accelerated a significant number of initiatives. We had a very clear view of how much we would be able to increase our margin with productivity gains, and we have been doing that. What is our vision now? Because this is something that we want to do by the end of the year, but we also have plans for next year.
This agenda, and I have mentioned it before, we are not going to make any abrupt movements with decreases of expenses because we work as a team, we have to respect people, and also we are committed with innovation, and therefore we gained productivity and reduced expenses, but with a very smart approach. We used automations, digitalizations, and that helps us with progressive gains.
What I can tell you the following: the effort of the turnaround is higher, but we will continue looking closely to possible gains of productivity, and we do see opportunities to increase our margin. We have a series of initiatives that have been mapped. Another important aspect, we have the mix. We grow more in B2B than in B2C. In B2B, we have some pressure on the margin, but for the company as a whole, in terms of the nominal EBITDA that we deliver and the cash that is generated, that could be very positive in addition to other opportunities. So whenever we have an opportunity, we can do that regardless of making more pressure. I will turn over to Bossolani.
Thank you for your question. You mentioned that the company is relatively new. The company is going through an integration process. It has evolved gradually. It is natural to have process adjustments, accounting adjustments. We had to also harmonize our practices in the past. This is a natural process of a merger. What is important here is for us to separate the historic view and the effects that are related to the business cycle. We advanced significantly in our accounts receivable.
This is part of a broader process, and we have improved our actions. We need a better discipline, but this is part of a very important evolution in terms of the company's evolution. Most of the review work that we have to do— This allows us to have a clearer view of the results. We have this disclosure of what is recurring and not. It does not mean a lack of additional facts, but we advanced significantly in terms of integration. Then finally, the quality of the control processes has evolved. We have a better integration of invoicing, account auditing, and also management of charges, inventory, denials. This review has been a very important step in our financial management to generate value here in the company.
Excellent. Thank you for your answers.
Our next question comes from Mr. Olavo Arthuzo from UBS. Please move on.
Well, good afternoon. Thank you for the questions. I have two questions, one about receivables and the other one on capital increase in Rede Américas. The first one regarding the receivables, we can see that this range of 161- 360 days has almost doubled since December. My point here is, could you share with us if there is any specific concentration of any payers, just for us to have a better idea and for us to understand?
Also, how much of the free revenue that we saw this quarter resulted from the recovery of claim denials? Also, there was an increase that you mentioned, a capital increase that was concluded now in September. So, could you let us know if it was pro rata or anything like that, or if there was any capitalization of existing credit? Because when I look at the grades here, we do not see any payment. So the participation, is it still 50/50, or do you anticipate to have new rounds? I wanted to better understand what happened. Thank you very much.
Hi, Olavo. I will start with the second one. This BRL 100 million that we mentioned was not due to capital increase. It was a banking operation, strengthening of our operating capital. It was a loan to strengthen our operating capital, and it's very important to make it clear that since Rede Américas was created, it's self-sustainable. We like to reinforce this. It was a traditional banking operation without any unilateral characteristics between Rede Américas and a specific bank. Number two, talking about receivables.
We do not see a structural deterioration of our portfolio. Quite the other way around. We have made good negotiations with the main operators. We have a process of receivable management, which is very disciplined. We have methods and policies in place, and we have evolved, I would say, in a very positive manner in our capacity to manage not only receivables, but operating cash as a whole, and that has an impact on the cash flow of the company. We can have some variations from one quarter to the other, and then we also have the analysis and adjustments, but they are only natural, and we do not see any deterioration of our portfolio whatsoever. It's all very well balanced.
Excellent then. Thank you very much.
Our next question is from Gustavo Miele, Goldman Sachs. Please move on.
Hi, Lucchesi, Bossolani. Good afternoon. Thank you for your presentation. I have two questions too. The first one is a little bit more direct in terms of diagnosis, and we have the mix effect, reallocation of costs and expenses, the NTO effect, but I wanted to ask your help to quantify these impacts, or at least to be able to make a list and try to reconcile it and have a better modeling for the next quarter. This would be my first question.
The second one is regarding growth in B2C and diagnosis, more specifically about a discussion that the market has been having and what has led to this increasing frequency by client, including all of the diagnosis networks. I wanted to discuss a possibility regarding wellness that you mentioned, and so I would like to know if you have any KPIs with the prescriptions of different categories that may corroborate that you have a little bit more frequency resulting from this category, and if you think that makes any sense to explain this. So this is it. Thank you very much.
Hello, Gustavo. Thank you for your question. I will start with the first one. It is more direct. In the diagnosis business, you saw 260 basis points. I will try to include the three factors. The accounting reallocations between costs and expenses reflecting the new organizational structure represented more or less 120 basis points of variation. I would like to remind you that there has been a change in the geography and no impact of the flexibility, it's just the P&L. We also have the operational costs with infrastructure, chillers, energy, and so on and so forth, which corresponds to 80 basis point. That is translated into the modernization of the operational structure, the expansion of our equipment park, and a mix representing close to 60 basis point in the two combined fronts. This is more or less the distribution of these basis points that we mentioned.
Well, Gustavo, we had a growth in B2C, and it's a combination of trends. We have really grown consistently enough. We had a good asset with good investments made in the past, with a good capacity of occupation. We also have a growth in response to the level of service and loyalty of clients. We have trends in GLP-1. We created specific products for wellness. We have seen this in the specific products and checkups.
It's still small, with a small basis, but in the total of frequency and regarding doctors that have been with patients for a very long time, we can't say exactly what the impact is, but preventive testing and longevity do have an impact, and so the brands capture a little bit more. There's also resilience in the amount of people and also the aging of the population, and naturally, that leads to increased frequency. All of this combined to a good number of new patients that we see on a daily basis. We have the frequency of individuals that already use it and a good capture of new patients so that the growth rate is well above our B2C average, and we are very optimistic looking into the future. Well, thank you very much for your question.
Well, I thank you. Good afternoon.
Our next question is from Flavio Yoshida, Bank of America. Please move on.
Hello, good afternoon. This is Flavio. I thank you for the opportunity. I have two questions here. The first one has to do with the CapEx, and I wanted to understand the scenario of higher interest rates and how you look at CapEx, especially when we think about expansion in the short and midterm. Are you evaluating it, and has the return for new projects increased, or what you had mapped are still, or is it still what you're using? Also, I would like to know what impacts you can see and what alternatives you see to contain eventual increases in costs and expenses. Thank you very much.
Hello, Yoshida. Thank you for your question. This is Lucchesi. Talking about CapEx. Well, we were very conservative in our outlook for interest rates, and so we do not have a significant impact on projections if the interest rates remain with a higher rate for a while, because this had been anticipated by the market. We continue very careful when approving new investments. The issue is that we have seen good opportunities with very high returns. We are very confident to see how our past business plans are delivering good growth with profitability and capital return. So, we have accelerated this quarter. We have good projects to continue investing in.
Our bar for the approval of new investments is very high, but we also see good projects which will likely give us good opportunities for 2027. I had already mentioned in the previous call that we will have some acceleration and expansion of services, and potentially in some new units, but we will be very careful. The oscillation we had in the past few weeks changes very little our plan, and we continue capturing opportunities. Six by one scale. Our team is focused on that. We've been working on it for a while, and because the date is not defined, and also the specific rules are, it would be hard to say what the impact will be. But I can tell you that we've been analyzing how we can minimize impacts. We have a review of the work journeys. We have new people being hired.
We have something in operation hours. We will remain open in some times and maybe make some adjustments in specific days. We have worked hard to minimize possible impacts. If they happen, we believe that they will be seen in the first or second quarter, and with this management, we can minimize impacts for the long run. It is hard to tell you the amount, but we are paying close attention. When we implement them, we want the mitigation actions to be ongoing.
Excellent. Thank you very much.
Our next question comes from Leandro Bastos, Citi. Please proceed.
Can you hear me? Okay. Good afternoon. I have two questions. Number one, can you tell us a little bit about oncology for hospitals in the Northeast and also in Rede Américas? We can see what is going on in the market, but if you could tell us a little bit about what you can see in terms of demands of the operators and clinical staff as a growth vector for you in the future quarters. Then, this quarter, and this question is about the Rede Américas network. There has been a release of operating capital, and the nature of this positive result and what we can consider for the hospitals.
Regarding oncology, we had worked to improve our client portfolio. That has matured in the previous quarters and has reacted well with good growth and good clients in a very positive manner. We have attracted some medical teams, operations of high quality, and this combination of good payers with good doctors and high quality has attracted new patients, and there we have resumed growth at a very positive rate and good cost control. For Rede Américas, we have a wonderful team. We have prioritized some hospitals, and also we have some actions for outpatient oncology and attraction of doctors. We are capturing market opportunities with a good partnership with the operators and patient care that has been very positive for patients. So it has been positive for AMO and Rede Américas in oncology.
Leandro, let me take the second question on Rede Américas. Since Rede Américas was created, we have a very broad program for the capture of synergism, and it includes different initiatives. One of them is, in fact, purchases and supplies, optimization of contracts, and we have been able to extract synergism with good payment deadlines. We had good results in this area. The second thing I would like to highlight is the focus on the profit size. The cycle is an essential factor. This is naturally a very intense agenda. We have a board of directors focused on the revenue cycle with improvement of claim denials, and we have generated results. We have focused on Rede Américas and cash generations, and we have been able to extract positive results and synergism.
Thank you very much. Good afternoon.
Our next question from Felipe Amancio, Itaú BBA.
Good afternoon. I have two questions. We've seen that the average ticket went up higher than 3% this quarter. I wanted to understand how much of this comes from the mix and to what extent it comes from other factors. My second question has to do more with strategy. We have seen a change in the offers with increasingly more regional products. I also wanted to understand what Dasa's position is and if you see any potential to capture this demand or if there's anything else.
Thank you for your questions, Felipe. Let's talk about ticket. There is a mix in the ticket, and when we open releasing the B2B and B2C, we can see that we've grown well in both businesses. It is a constant management. B2C, we have regional brands and services, and we have a constant conversation for different product segmentation.
At the same time, for these products to be competitive so that they are successful in selling health plans. Then, we can provide good services. We have tried to readjust prices, especially in the areas whose prices needed to be adjusted and updated. Perhaps it was the price increase that helped our results. In B2B, this quarter, we had an increase, a higher increase in our ticket, both in terms of clients and competitiveness, and we are paying close attention to this. It's important that they are competitive, and so there is mix that has to be reviewed, but it also has to do with adjustments of the different brands, always preserving quality revenue.
What about the health plans?
Felipe, we work with different segments in different regions in Brazil. We have our own brands in 13 states, and in the capital city, we've worked with different brands. At the same time, we have brand segmentation in the regions where our market is bigger, and we're well-positioned to capture it in different healthcare segments. We pay close attention to new products. We have an indicator here that shows how present we are in the new products that are being launched. If there is a price or capillarity problem that prevent us from achieving that product, but in the vast majority of the cases, we do have solutions. I'm talking about the areas where we already are located. In the vast majority of the new products and products in general, we have accreditation for our machines.
Well, thank you very much, and thank you for your answers.
Our next question is from Mauricio Cepeda, Morgan Stanley.
Please proceed. Hello, Lucchesi. This is Mauricio. Thank you for the opportunity. We have two questions. A little bit regarding top line trend. This was reported last night, and we can see some strong volume trends. It is clear that there is a lot of hope in terms of accreditation and new products and so on and so forth. My question for you is what you believe that could be the drive to close this growth gap in terms of volume? Could you detail competition and this dynamic with operators? The next one is B2B. There is a trend in outsourcing that has been established in the smaller laboratories. So what do you see and what are the factors that lead them to contracting these services, and if these leverage will be strengthened or not?
Well, good afternoon. This is Lucchesi. Pipeline. I mentioned in the beginning of the call that we have had strong growth of 23%, and we have closed some units. We see a very positive capture of volume. Last year, in the third quarter, we had a deceleration. Now this year, we are comparing. Actually, we had an acceleration, and now we are comparing to a very high base already. We do see some drivers for growth, and they are an opportunity for us as long as they include adequate mixes. What are we doing now in terms of growth? First of all, you've seen that our CapEx has increased, and we have very good projects in place. We held them to see how we would move on with the facts, cash flow.
Now, we will continue advancing with our services, opening the Brasília NTO, which will provide a new capacity in the region for us. We do have investments that will lead to growth. Our commercial agenda is very strong, including readjustments, and that have a positive impact on top line. We have home care. It grows well, well above our growth as a whole. This is a service where we have a high NPS. It's been growing in different regions and does not demand as much CapEx. We have also had a growth in private cases. We've adjusted prices and services. It's been growing well, and it is something that we're likely to continue growing in the next quarters. Also, we have an excellent market share capture. This is regarding B2C. Regarding B2B, there is an important opportunity.
I think that there are investments that we have not made in the past years that we are resuming now, such as the technological integration of our centers in Brazil, in logistics, in integration systems with clients, and we are also reviewing brand marketing. We have a good capacity to advance well with B2B, so that we can also capture volume, of course, looking at adequate price, adequate profitability. There is an important fixed cost reduction. Going back to what was mentioned before, in 2022, we grew 3%. In this quarter, we have good perspectives with a number of projects and market capture here at Dasa.
Wonderful. Thank you very much. It was very clear.
Our next question comes from Maria Eduarda Resende from BTG Pactual. Please move on.
Hello, everyone. Thank you and good afternoon. I have two questions here. The first one regarding the fourth quarter. My question is regarding the historical frequency of diagnosis, and the next question regarding Rede Américas. I know that there has been cash generation this quarter, but the covenants leverage grew to 3.4x, close to your 3.4x covenants. I wanted to understand how you see this indicator in future quarters, and also in terms of leverage. If this will be based on organic growth or if shareholders evaluate other alternatives to strengthen that capitalization. I know it wasn't the case, or eventually any other investment. Thank you very much.
Hello, Maria Eduarda. Thank you for your question. Regarding the fourth quarter, it has been as we expected, especially on Sundays where we have open operations, and it was very close to what we had already planned. There hasn't been much change. Of course, there is seasonality involved, and at the end of the year, we know that when we have vacation time, it also has an impact, but there won't be a seasonality change from one year to the other. It will be according to what we anticipated already.
Hello, Maria Eduarda. This is Bossolani. Regarding the leveraging of Rede Américas and the covenants, I think that it's important to mention that we do not work with an expectation of rupture of covenants. We closed it below our contract thresholds, and it's very important to separate the economic evolution of the business with the comparability effect we have on the EBITDA, and therefore, the 3.36x of the consolidated EBITDA is a basis that is still affected by different accounting effects that we have already mentioned here. So, the denominator is going through a transition of base effects.
It is temporary and tends to disappear as the extraordinary effects are stabilized. An important factor here is to understand the operational evolution, the capacity of cash generation in Rede Américas, which is essential to consolidate our ability. We have demonstrated a relevant capacity to generate cash in this quarter, but also in the first nine months of the year. We have a net debt of BRL 2.7 billion. We have had a reduction of about BRL 160 million in this net debt, and therefore, the focus is on cash generation, business deleveraging, and as the business growth, things normalize.
Very clear. Thank you very much.
The Q&A session is now over. We would like to turn over to Mr. Lucchesi for his final considerations.
Well, we remain confident in our strategy, pay close attention to detail, gain opportunities, profitability. We have an exceptional team, a strong culture which guides our actions every day, the quality of our services, disciplined pursuit of results, teamwork, looking at the long term for the company. I thank you all for your participation in the call today and for being following our journey. Thank you very much.
Dasa's teleconference is now over. We thank you all for your participation and wish you a good afternoon.