I would like to welcome you all to the earnings release call of Grupo Fleury for the second quarter 2026. We have here with us today Ms. Jeane Tsutsui, CEO of the company, José Filippo. There is also simultaneous translation into English. We are going to start by presenting the results, the earnings release of the company, and then we are going to present Q&A. At the end of the session, Ms. Tsutsui will make her final remarks. All the numbers being quoted here are compared to the same period in 2025, unless otherwise specified, and they have been rounded to the nearest thousand. Before moving on, I would like to clarify that this presentation may contain information about future events. Such information is not just only historical facts, it reflects the wishes and expectations of the company's management.
The words believe, expect, plan, forecast, estimate, project, aim, and the like are intended to identify statements that necessarily involve known and unknown risks. Known risks include uncertainties, which are not limited to the impact of price and service competitiveness. Uncertainties also include market acceptance of services, service transactions of the company and its competitors, regulatory approval, currency fluctuation, changes in the mix of services offered, and other risks described in the company's reports. I would like now to invite Ms. Jeane Tsutsui to start her presentation.
Good morning. Welcome to Grupo Fleury's second quarter earnings release call. In today's agenda, we will start by presenting an overview of our strategy and how we have strengthened Fleury over the past few years. Next, we'll detail our Lab-to-Lab business unit, which has been showing excellent results. At the same time, it increases access to health in Brazil.
Finally, we'll move on to the financial highlights of the quarter. The second quarter of 2026, the company has presented a combination of significant revenue growth, increased margins, and increased net income. It is a set of positive indicators that translates into value generation for shareholders and other stakeholders. Slide five shows once again the composition of services that complete the outpatient care journey of Fleury Group, which has been bringing very significant results. We have B2C diagnostic medicine, made up of service units of different brands, which operate in the premium, intermediate, and entry-level segments. This network is constantly expanding, either organically or through acquisitions, and is present in 14 states. Similarly, the B2B diagnostic medicine serves partner hospitals and laboratories across the country.
Fleury has also made offers aimed at prevention and continuous healthcare, going beyond diagnostic medicine, such as vaccination services, healthcare checkup, telemedicine, as well as outpatient consultations and treatment in different medical specialties. Slide six presents the share of each of our business units that are part of the patient journey. B2C diagnostic medicine accounts for 70% of total revenues, with 583 service units and 34 regional brands. Mobile service accounts for 8% of the group's revenue. B2B diagnostic medicine represents 21% of total revenue. With national presence, there are over 9,300 customers in Lab-to-Lab, and we work with diagnostic service in more than 35 hospitals. The New Links already corresponds to 9% of revenues, bringing together five medical specialties, 10 brands, 29 service units, and services such as telemedicine and infusions. Slide seven, we highlight the trajectory of consistent growth and diversification of Grupo Fleury's revenue.
CAGR of 13.7% per year from 2012 up to the second quarter 2026, when we had revenue of BRL 9.5 billion in LTM, with significant expansion in all brands. This growth was accompanied by another pillar of our strategy, the diversification of revenues, both by business units and by region. It can be seen on the right side of the slide. It gives us greater resilience and opportunity to advance in different markets. We now move on to more detailed breakdown of our Lab-to-Lab service on Slide 9. Driven by the business combination with Pardini in 2023, the Lab-to-Lab model has been continuously evolving. We serve more than 9,300 customers, including small laboratories, hospitals, and public agencies.
This advance is explained by a set of initiatives that have increased our production capacity, the decentralization and regionalization of operations, as well as the increase in the complexity of the portfolio offered and the efficiency in the provision of services to these partners. Out of the almost 369 million tests processed by Fleury Group in 2025, 47% were under the responsibility of Lab-to-Lab, whose addressable market is BRL 9 billion. Currently, Lab-to-Lab has 16 technical areas located in 10 states of Brazil. Together, they serve customers spread across 2,200 cities, covering about 80% of the Brazilian population. Since 2024, we have invested BRL 41 million in the expansion of eight of these 16 units, and in the opening of two new technical areas.
One in the operational technical center in the city district of Brooklin in São Paulo, and another one in Farrapos, in the state of Rio Grande do Sul. The first unit dedicated exclusively to Lab-to-Lab in South Region. With the expansion, we increased our annual production capacity by 30%. In the technical area alone in Brooklin, we added a potential capacity of 84 million tests per year. We operate more than 430 routes, which total 93,000 km traveled daily. Lab-to-Lab Pardini offers more than 9,000 types of exams, a portfolio built thanks to constant investments in research and development and agreements with international companies, some of them under exclusivity. Part of these exams are highly specialized and reach the laboratories of the private and public networks without the need for local infrastructure or patient travel. One of the most recent agreements was with Foundation Medicine, a company affiliated with Roche.
From now on, Fleury Group will be responsible for the commercialization and logistics of the FoundationOne precision oncology tests. Slide 11 shows an overview of the financial results for the quarter, which confirm the robustness of our growth and value creation strategy. We had strong growth of 14.4% in our gross revenue, which reached BRL 2.5 billion. The highlight of the quarter was the B2C business unit, which grew 15%. It is a number that attests how much our brands are trusted by the medical community and customers in all regions in which we operate. Excluding the inorganic effect of the acquisition of Confiance, Laboratório São Lucas in São Paulo, and Hemolab in Minas Gerais, B2C organic growth was 11.6% in the period. Fleury, which celebrated 100 years in 2026, grew 12% compared to the second quarter 2025.
In São Paulo market, the other brands recorded an increase in revenue of 27.7%, or 12.9% organically growth. In Rio de Janeiro and Minas Gerais, B2C operations advanced 8.9% and 12.2%, respectively. In the other regions of the country, the growth was 10.2%. B2B grew 12.2% in the quarter, and Novos Elos, New Links 15.9%, which showed consistency of the results in each of our business units. In the quarter, EBITDA totaled BRL 612.9 million, growth of 15.2%, and margin of 26.5%, an increase of 18 basis point over the same period in 2025.
Net income was BRL 221.8 million, with notable growth of 45.7%, and net margin of 9.6%, or 205 basis point above the second quarter 2025. Finally, our ROIC was 17.8%, 380 basis points higher than the second quarter of 2023, when we carried out the business combination between Fleury and Pardini. I'll now like to give the floor to José Filippo, CFO and Investor Relations Officer, who will make our comments about financial performance.
Thank you, Jeane. Good morning, everyone. We're now presenting more details of the economic and financial performance of Fleury in the second quarter 2026 and in the year. Starting from slide 18, we see that Fleury's gross revenue reached BRL 2.5 billion in the second quarter 2026, growth of 14.4% compared to the same period in 2025. In that same period, organic growth reached 12.1%. As already mentioned, this performance is a consequence of very strong numbers in all business units during the quarter. In the first half of the year, gross revenue reached BRL 4.9 billion, increase of 12.3% compared to the same period of 2025. Moving on to the next slide, we can see the results of B2C unit.
The revenue of the service units was BRL 1.8 billion in the quarter, with expansion of 15%. If we exclude the acquisitions of the last 12 months, the growth was 11.6%. Fleury brand grew 12% in the period, showing market share gains and expressing its resilience in the premium segment. We had good organic performance in all regions, highlighted by the expansion of 12.9% in the other brands in São Paulo and 14.3% in Minas Gerais. The effect of the acquisitions of Confiance and Laboratório São Lucas in São Paulo and Hemolab in Minas Gerais further boosted the result in these two states. Other markets such as Rio de Janeiro and regional brands experienced good sustained organic growth. Slide 14, we show the performance of B2B unit, which grew 12.2% in the quarter and reached revenue of BRL 545 million.
The Lab-to-Lab segment had strong gaining share of wallet in basic exams. In hospitals, the expansion was accelerated by the increasing influenza cases in the period. In the year, the revenue of B2B unit was BRL 1.052 billion. The next slide 15, presents the performance of the revenues from Novos Elos, which grew 15.9% in the quarter, reaching BRL 201.8 million. The performance was quite good in all lines, especially infusions of non-oncological drugs. In the year, the revenue from Novos Elos was BRL 395.8 million. Slide 16, we see that gross profit grew 22% in the quarter, reaching BRL 644 million, margin of 27.8%, with increase of 173 basis points in the period. In the year, gross profit reached BRL 1.272 billion.
Operating leverage from revenue growth allowed the dilution of fixed cost, resulting in positive impact on margin, added to lower depreciation and maturity of CapEx investments made in previous periods. Slide 17 shows that operating expenses were BRL 252.4 million in the quarter, growth of 14.2%. In the period, the ratio between operating expenses and net revenue remained stable at 10.9%. The stability in general administrative expenses was a reflection of the company's discipline in cost control. The aforementioned reduction in depreciation and amortization reflects lower need for investments with maturity of IT and digital initiatives. Moving on to slide 18, EBITDA of Fleury Group increased 15.2% in the quarter, reaching BRL 612.9 million, margin of 26.5%, or 18 basis points higher than in the second quarter 2025. Year-to-date, the EBITDA reached BRL 1.218 billion, margin of 26.9%.
Slide 19 shows net income, which rose 45.7% in the quarter, reaching BRL 221.8 million with net margin of 9.6%. In addition to good operating performance, net income reflected lower financial expenses added to lower effective income tax rate, which was 21.8% to the appropriation of expenses in innovation and greater eligibility for Lei do Bem. Net margin in the second quarter 2026 was 205 basis points higher than in the same period in 2025. Slide 20 shows CapEx investments that total BRL 75.7 million in the second quarter 2026. Despite reflecting the unequal distribution throughout the year, the total invested shows decrease of 46.5% compared to 2025, motivated by the return to our historical profile of investments focused primarily on expanding the supply and capacity of technical areas.
It's worth remembering that the company has had a strong cycle of investments in technology, which is now reflected in productivity and operational gains. Moving on to slide 21, we present the operating cash operation that totaled BRL 695.8 million in the second quarter 2026, increase of 42.9% compared to the previous year. In the year, operating cash generation reached BRL 960.4 million. Cash conversion in the last 12 months was 100.5% of EBITDA, one more demonstration of the company's cash generation capacity. Slide 22 shows the evolution of our ROIC, which has been growing consistently over the last three years and reached 17.8% in June 2026. Since 2023, ROIC has grown by 380 basis points, evidence of discipline in capital allocation. Leverage remains stable at 1.1 times, below the limit set by our debt instruments.
Moving on to slide 23, we show the details of our schedule for amortization of debentures, financing lines, and acquisitions, and our cash position at the end of the quarter, which totaled BRL 2 billion, enough to cover all debt payments until 2028, expressing our comfortable financial position. Before the question-and-answer session, I'll give the floor back to Jeane to conclude the presentation. Thank you.
Thank you, Filippo. Consistency is the attribute that best defines the financial results delivered by Grupo Fleury. This consistency of results is a consequence of good execution of a strategy established in 2021, organic growth associated with strategic acquisitions, which allowed us to double the revenues, obtaining efficiency gains, and differentiation of our services, employing discipline in capital allocation. Once again, Fleury was highlighted.
In the year in which we celebrated centennial, Fleury brand shows exceptional vitality, expressed both in the capacity to renew the operation and the results presented here. In line with the effects of demographic and behavioral changes, in May, we opened the unit called Marco 100 Year University unit in São Paulo. We offer the complete portfolio of diagnostic tests, and here we start Fleury Lifecare, a set of services aimed at healthy longevity based on the best available science. These competitive differentials of Fleury brand, combined with high reputation among end customers, and the relationship with the medical community, have been fundamental to sustain growth. At the end of the quarter, we took another important step in the consolidation of B2C diagnostic medicine in São Paulo. We closed the acquisition of Femme, whose results will be reported as of the third quarter 2026.
Focused on women's health and offering a complete portfolio of clinical analysis and imaging tests, Femme has 12 service units and a brand that is highly recognized by gynecologists and customers for its quality and warm services. In addition to the growth in all areas where we operate with service units, it is worth highlighting the significant growth of our Lab-to-Lab service and Novos Elos. The strategic positioning of Fleury Group, offering solutions that contribute to prevention, health promotion, and outpatient follow-up of patients with chronic diseases enable us to reconcile the evolution of the business with sustainability of the health system. The consistent growth presented by Fleury is accompanied by cost discipline, which resulted in an increase in gross profit, EBITDA margin, and cash generation. The strong operating results generated significant increase in company's net income this quarter.
We have been expanding the company's business and acquisitions, maintaining leverage at stable level of 1.1 times, appropriate for the moment in which we still face high interest rates. I would like to close this presentation by thanking our entire team at Fleury Group for the performance in the second quarter of 2026. We will continue our journey by strengthening Fleury Group as one of the leaders in the health sector in Brazil and generating value for our shareholders. Let us now open for the question-and-answer session.
Ladies and gentlemen, we are going to start now the Q&A session. If you have a question, please click on raise hand. To withdraw the question from the line, click on lower hand. I would like to hand it over to Renato Braun, who is going to be the coordinator of this session, moderator.
Before we go into the Q&A session, Jeane, you would like to make a comment.
Thank you, Renato. Let me remind you that yesterday we reported to the market the payment of interest on equity, BRL 217 million, or BRL 0.40 per share. The date will be August 12th to be paid on October 2nd.
Thank you, Renato. Now we can open for the questions.
First question, Itaú BBA, Felipe Amancio.
Hello, good morning. I have two questions, and both of them about Fleury brand. We have seen, once again, strong growth in the premium brand, and we have also seen healthcare insurance plans going against it with a strategy of close regional HMOs and healthcare plans. How have you managed to perform so well? Has Bradesco gained relevance, the fact that the product has lower reimbursement? What can you tell us more about your performance? Can we start talking about a new level of growth of the brand? Does it make sense to think that rather than the growth that would expect to be 5%-6%, do you think that the brand can sustain growth at a higher single-digit level?
Good morning, Felipe. Brand Fleury is exceptional in terms of results. 100-year-old brand still showing vitality. We have a number of initiatives on the brand leading to 12% growth in the second quarter and 12% in the first half of 2026. At Fleury brand, we've been emphasizing growth of square meter. We've increased 8.3% in terms of square meter in 2026 compared to 2025, expanding our units. We've also expanded services, which has led to an increased revenue by square footage or square meterage.
We've also launched new services and products, especially at brand Fleury, there are some integrated centers. Last year, we launched an integrated center in neurology, in endometriosis. This year in May, we opened a new unit, the Unit Marco 100, which offers complete diagnostic medicine and also a center of healthy longevity with the Fleury Lifecare Services. We've been growing our brand. Last year, it was 7.7% growth of our brand. If we analyze the CAGR from 2012 to the second quarter 2026 LTM, the CAGR was 9.1%. We know that the premium market, the premium segment, is very resilient, but it doesn't experience an increase in number of lives covered. We've been gaining market share thanks to the quality of services, good relationship with prescribing physicians.
I normally say we do not deliver results, we deliver diagnostic solutions, discussing complex cases, for example, is something towards that. There are some trends. For example, the use of GLP-1 analogues. Brazilian population has 12.9% of type 2 diabetic patients. 30% of patients are obese. Treating these two conditions of metabolic syndrome reduce cardiovascular disease and associated death if combined with changing lifestyle, exercise, and healthy eating. There is no direct measurement with the use of medication and correlated with performing tasks. That's exactly where, thanks to our broad portfolio, we can encompass more and more clients. We are very confident not only in what we deliver to our physician clients, but also partnerships with payers. Services with quality and prevention are absolutely essential, we are very confident that our 100-year-old Fleury brand will keep on having a very relevant role in Brazilian health.
Great, Jeane. Thank you very much. Have a great day.
Next question, BTG, Maria Eduarda Resende.
Hello. Can you all hear me? Good morning. I have two questions. The first one about depreciation. It seems that the recurring level is going down to about BRL 215, which has contributed to the expansion of gross margin. Is it a recurring level from now on? Is it related with the maturity of the investments in IT, digital innovation, et cetera? Second question concern the tax rate. It has decreased. It's about 1%, 21% now, I mean. How much of that is really related with increased eligibility to Lei do Bem, the wellbeing law? Should we expect that 21% level from now on, or whether there had been any benefits more concentrated just during the first half of the year?
Hello. Good morning. Filippo speaking. Concerning depreciation, I would like to make reference to CapEx. We can see less share of IT and digital. Of course, it's important as part of our investments, but it indicates, and you pointed it out to some extent, it shows the maturity of our investments, of the solutions that we have implemented, thanks to all the investments that we've made at this specific area. We expect a similar profile to what we've observed this quarter, and it also impacts depreciation because some of these investments would have an amortization faster than equipment or other improvements, which tend to take longer to be amortized. These mature investments had a speed of amortization that was higher, and this is why you've seen the effect here.
In other words, you said it can see in gross profit, but it's also influenced by the dilution of fixed expenses increased in revenue, as Jeane pointed out. It ends up diluting the results. It's a combination. It's a positive combination. Concerning the effective tax rate, we are using the same as the first quarter, 21.8%. It's going to become linear throughout the year with a combination of As you pointed out, it included some aspects of Lei do Bem, some digital initiatives which are associated with that, and the interest on equity that we've just announced. We've been doing that throughout the years, and we are repeating this trend this year. The calculations of effective tax rate or interest tax rates are considered and become more linear.
Throughout the year, we make minor adjustments, but we want to maintain it as is throughout the years, and if required, we can make adjustments, of course. This is how we've seen the market so far. Summing up for effective interest tax rate, we are going to have a capitalization and also using Lei do Bem in some of the initiatives.
Great, Filippo. Thank you.
Next question comes from Citi with Renan Prata.
Hello. Good morning. Can you all hear me?
Yes, go on, please.
Thank you for the opportunity. I have two questions. First, building up on what Filippo has said about CapEx, we've seen a CapEx somewhat smaller in the first half of the year. I would like to understand what we can expect for the second half. Should we expect some speeding up? I think Filippo has somewhat stated that's not going to be that much heavy on IT and digital, but I would like to understand more about the run rate of CapEx from now on.
I would like to know whether there had been any calendar effect during the second quarter. The World Cup maybe didn't mean much, but thinking about Fleury as a brand, have you experienced any impact of the World Cup that might have postponed part of the tests that would be provided and now have to be postponed to the third quarter? Or was it kind of neutral throughout the quarter? That's it. Thank you.
Filippo speaking. I'll go first. Concerning CapEx, I've already addressed that somewhat, and let me reinforce that. The profile during the year will mean fewer investments in IT and digital. Of course, we still maintain our strategy and training program and implementation of digital solutions, which are essential for productivity and for cost reduction. What happens with CapEx is that there was a smaller carryover from 2025, which influenced the beginning of the year. We have capital allocation and cash priorities, and this is a constant strategy.
It was translated by the need and the schedule. We have approved schedule for CapEx investment throughout the year. When we start the execution of any item, we revisit all calculations to make sure that it's updated and to move on. This happens all the time. In the first six months, we end up making fewer investments than what would be the whole year cycle. We tend to have an acceleration, minor, but expected during the second half because our cycles have been like that historically, right?
We invest somewhat more from the mid to the end of the year because of the nature of our business. I think this is reflected in our prioritization and strategy of capital allocation. CapEx will be balanced with the three components: digital and IT, replacement of equipment, and improvements in our units, infrastructure improvements in our units. That's what we expect to see.
Jeane speaking. I'm going to carry on by talking about the calendar effect that we had in the second quarter 2026. Observing the days of operation, there has been no change between the second quarter 2025 and second quarter 2026. There was the World Cup, and we really wondered what kind of effect it would have on our businesses. As we had said, going over previous editions of the World Cup, most of the games were by the end of the day, including also Saturday and Sunday, so we would expect less effect, and actually proved to be true. Minimum impact of the World Cup.
Unfortunately, Brazil didn't succeed, so we were barely impacted. It's also important to say that the second quarter 2025, there was an increased calendar effect when compared to 2024. We've monitored very closely all these effects at that time. We mentioned that there would be a calendar effect, that we had been really focusing on our expenses, and that's exactly what happened. It's an important point because now looking back and trying to compare with upcoming quarters, we don't expect major calendar effects. This is something that we monitor very closely, as I told you.
In addition to calendar effect, Renan, we have worked on improving the structure of our businesses. We have highly focused teams to try to capture maximum market share, serve well our clients. We've expanded the number of units, resulting from inorganic and organic growth. As Filippo pointed out, we had made investments in IT and digital. There is more digital scheduling, for example, of tests, for example. As you can see, these are actions that naturally help us increase market share, and we are always monitoring calendar effect. So far, we haven't had any major impact, especially during the second quarter. Thank you.
Thank you, Jeane and Filippo.
Next question, XP, Gustavo Pires.
Good morning. Thank you for taking my questions. Thank you, Filippo and Jeane. I would like to talk more about growth. I know questions were related to that. What do you expect for the second quarter? The first half of the year was calmer. You delivered very good results. Also this first half. Second half last year was very strong. It's hard to compare against what would be expected for the second half of 2026. That's what I would like to hear from you. What are your perspectives? We've also heard questions about the tax rate. Do you have any perspective for the end of the year? You've said that in the year, you expect it to be of about 21%-22%. What can be done in upcoming quarters? Some visibility, so to speak. I think these are my two questions. Thank you.
Thank you for your questions. Jeane speaking. You know we give you no guidance. Let me give you an overview about what we are doing. Businesses are well-prepared, all the different brands. We are prepared to capture the demand. We've been showing you throughout time gains in market share in different regions. We've been making changes in some of the units, offering more services to increase the revenue per square meter. We've also added inorganically nearly 55 new units with Confiança in the region of Campinas, three units of LSL in Rio Claro, 15 units of Hemolab. As of the third quarter this year, we are going also to have revenues coming from Femme. We've closed the deal on May 29. The results of second quarter, there is no revenue coming from it. That's going to be accounted for as of the third quarter. We are very confident.
There is the point of days of operation. The second half of 2026 as opposed to the second half of 2025, there doesn't seem to be a significant difference in terms of days of operation. Therefore, we are very confident. I would also like to remind you that in terms of Lab-to-Lab, last year, we expanded our productive capacity. We are capturing a very important growth of Lab-to-Lab, an increase in number of partnering customers, an increase in market share as we have added productive capacity in the south of Brazil. We regrounded the south. We have a fully dedicated area to Lab-to-Lab. Here, our district in Brooklin, our unit in São Paulo, we have a technical area with state-of-the-art automated technology. We considered Lab-to-Lab to be an important driver of growth, of reduction of fixed cost.
Investments made also in Novos Elos in new units or in organic expansion, are also generating important results. For considering the second half of the year, we're very confident in good performance. We are prepared. We have good level of services. In the beginning of the year, we made a change in one of our units to improve the working conditions of our staff. We've also added digital scheduling, which has been working great. We are very confident on having good results in the second half of 2026. Now, concerning the tax rate, Filippo.
Considering the way we operate, trying to have a linear tax rate, we always think it's the best for the year. We consider the forecast for the whole year. This is the forecast we have to year to 21% approximately. We make adjustments as new tax rates come into place, research and development, also interest on equity, technology, IT. Right now, there is no expectation of changes, there is no guarantee either because we always have to understand the performance of all the different parts and as they play together throughout the year.
Last year, the tax rate was 20.8% at the end of the year. Because of the performance and some of the investments, we made an adjustment at the end of the year. It can happen, there is no certainty there. The best estimate that we have is that what was used so far is what's going to be maintained until the end of the year, 21.7%.
Thank you very much for your answers.
Next question from Santander, Caio Moscardini.
Hello. Good morning. Thank you for taking my question. Jeane has talked about Lab-to-Lab, I would like to go further into the area of B2B growing two-digits on average. Can you tell us how relevant Lab-to-Lab was for you to reach two-digit growth? What was the performance of hospitals? Based on what we've observed, high-complex hospitals have been stressed in terms of occupancy rate. I'd like to hear you on that. Considering depreciation, and I know you've talked about that, if we have an annualized rate of the second quarter, we'll be talking of a depreciation of BRL 860 million annualized. Is it a good number to estimate for upcoming years, or do you think that it should be different? Thank you.
Good morning. Thank you for the questions. Caio, concerning Lab-to-Lab, we've had a significant expansion concerning productive capacity, this has been in place since 2024. We had a renovation in Santa Catarina, expanded Rio Grande do Sul, a whole floor just for Lab-to-Lab in São Paulo, we have plans to keep on expanding Lab-to-Lab. Therefore, analyzing the 12.2 in 2026, second quarter is more than expected. Lab-to-Lab had a higher share than what used to be. It probably will be at this high level, in our opinion.
There is a point to make. Last year, we said that the first half of 2025 was stressed in terms of comparative basis because in the first half of 2024, because of regulatory issues, we have had a very high level of toxicology. It got into run rate. Toxicology has been increasing as well. Last year, there was a decrease, actually, this year it's been growing. Now there is new regulation in place, which also requires toxicological tests for driver's license categories A and B.
We are highly confident in Lab-to-Lab. The projects of integration that we talked about when we started combining our business for the use of other technical areas, which were originally from Fleury, connecting all the systems. This is something that has provided the use of technical areas of Fleury for processing of Lab-to-Lab tests. One example, Rio de Janeiro, and also Recife. Throughout time, in addition to having good productive capacity, we have increased the number of routes, strengthening with customers. We've increased the number of partners, labs, we believe this is a very important business to our company. B2B amounts to 21% of our revenue. Hospitals as well. We had an increased performance, we've talked about influenza, with increased occupancy rates of hospitals. We are highly confident.
Lab-to-Lab is a kind of business where you have a structured margin with smaller than B2C, but it doesn't require investments in service units. ROIC is quite attractive. This mix of increased volumes into our technical areas help us dilute the cost of processing and gives us more competitiveness to B2C. This combination of businesses that we have is very healthy, and this is why we are highly optimistic and ready to consider the future. We still have a highly fragmented scenario in the country. There are 22,000 clinical labs in the country, and Lab-to-Lab provides health access and a very sustainable business model, reaching nearly 80% of the Brazilian population in 220 municipalities with very efficient logistics. This is the purpose of our company, expanding health access. We've been providing tests with very good throughput.
We've always been known as having a very specialized portfolio, and I've just mentioned our partnership with Foundation Medicine. We are going to have logistics of FoundationOne for panels for Hematological cancer, solid tumors. This is a kind of test that is going to be provided for distant regions of the country as well, benefiting patients and physicians, and I believe we have a very healthy business. Considering Lab-to-Lab, we want to maintain this high level of growth.
Caio, concerning depreciation, it reflects our bases of assets and the rules of amortization and depreciation. We have a very good discipline of capital allocation. Cost of capital is high, we've been very strict in our decision-making. This is going to be observed in our bases of assets. Our operation does not need more or less investment than what we've made. The revenue driver is important, of course, but I think it is appropriate at the level of investments that we have. In summary, our current levels portray quite well the standard, we do not expect to have changes in terms of profile from now on.
That's great. Thank you.
Next question comes from Goldman Sachs, Danilo Valigura.
Good morning. Thank you for taking my question, I have two questions. First, concerning margins. That flat margin year-over-year has a detractor impact because of the margin of recent acquisitions that runs at lower margins than the consolidated margin. What would be the mature consolidated margin of the company excluding Femme? Secondly, concerning the organic expansion. Considering the growth that the company has had and gained market share, can we think about opening more units in addition to your 100-year unit, or do you still have more opportunity of using the existing footage?
Danilo, I see your point. We've always been talking about the mix and how it influences our margins. On the one side, we have some businesses with lower margins, I've just mentioned Lab-to-Lab, a margin with lower than B2C or even some other businesses, such as the acquisitions we've made. Some of them are small, just focused on lab tests, but we end up collecting more synergies and improving the business throughout the time. The margin of the first quarter 2026, it does not include the results from Femme. Femme is an asset with a very strong brand, very well-positioned in São Paulo.
Throughout the time, we have a very well-structured plan for integration and capturing of synergies. When acquiring the company, we really expected to have significant synergy. We are not going to go into details of the numbers, of course, but it's important to understand the whole picture. Even though we have businesses with different margins or even with difference in mix, we've been working to maintain healthy margins. Year to date, 6 months, the margin was 26.9% above 26.7% last year. Even with changes in mix, which could bring down the margin, we've been working with gains in efficiency, a number of initiatives which are ongoing and which will bring more maturity, and we always analyze ROIC.
Even though some of the margins of some businesses are smaller, the capital need of some of our B2C businesses in different segments differently from premium segment or even Lab-to-Lab would require smaller investments. In terms of capital allocation, we show you our ROIC quarter-over-quarter going up 380 basis points since the combination of business with Pardini. We analyze top line profitability. Margin is important, but what really matters the most is the company's ROIC, and this is why we have good operating performance, generating profit with high leverage levels, having a combined management of all different factors. Concerning organic expansion, we see some opportunities. We've been using square footage in some of the units. In the past, we opened some units which had room for expansion. Once these units are now busy, we've been expanding the used square footage.
Opening new units is always a possibility, but very carefully analyzed, trying to understand where it makes sense. Also for healthcare insurance companies, we work very strongly with them to see where are the regions where there is not enough service which could lead us to opening units. Acquisitions bring on board units or more square footage. Femme, for example, has an occupancy rate with opportunities for expansion. It's always a joint understanding.
In addition to that, mobile services, which amounts to 8% of our revenues, means 71 service units that did not have to be opened. We had no need to use CapEx because we provide services at home, at the office, or wherever we are called. We'll keep on paying attention. We will use the opportunities of organic expansion, organic growth. Wherever there are opportunities, we'll be there, but always making very careful integration and using the square footage that comes from our acquisitions. Thank you.
Great. Thank you.
Next question from Morgan Stanley, Mauricio Cepeda.
Hello, Jeane, Filippo, Renato. Thank you for taking my question. Two questions. First, competitive landscape. Your performance is great. You've been growing volumes. Could you please tell us more about market share? How does your performance portrays competition? Where is growth coming, and have you seen weakening of any specific player? Dasa is working very strongly. Where's your volume coming from? Is it a long-lasting market penetration wave or not? Secondly, about oncology. We talked about that in the previous quarter. Since then, it seems that there had been more opportunities now because of weakening of Oncoclínicas. Had there been any changes in your conversation with Croma to change your oncology model?
Good morning. Thank you for questions. Jeane speaking. You have a point. We've been growing in volume. In addition to revenues, we've been observing a 17% growth in volume of B2C, 21% growth of B2B. There is a profile of more clinical analysis compared to imaging. We've been evolving more in clinical Lab tests, and the three assets, Confiança, LSL, and Hemolab, are clinical Lab operations. In Lab-to-Lab, we've grown not only in specialized tests or immune hormones, but we've been evolving in total support, sometimes simple entry-level test. It's an interesting volume because it dilutes costs, which is a very important driver to us. Yes, we are gaining market share in all different markets where we work. We monitor very closely market share in São Paulo, Rio, and Minas Gerais. We've been gaining market share.
It's difficult to know where it comes from. We hope that all competitors can work in a good structure. Diagnostic medicine is very fragmented. In addition to large players, there are a number of smaller players which haven't succeeded in progressing as well as we have. We believe that it is a trend that probably will increase. Diagnostic medicine is important. It contributes to system sustainability because of prevention, right? More early diagnosis, more prevention to maintain chronic cases under control. Diagnostic medicine means 20% of the total cost of private health in Brazil, and it's very important in medical decision-making, in monitoring chronic cases, and in prevention. With increasing chronic disease burden and demographic changes, this volume will keep on increasing. We have to be efficient and deliver services of quality. Now, concerning oncology, it's a very important specialty.
We have data from the Brazil's National Cancer Institute in Rio, 168,000 new cases if you remove skin and melanoma. If include that, it means 500,000 new cases. With aging of population, it probably will increase. The main cause of death in Brazil and in the world is cardiovascular disease. Oncology cases and causes are getting more and more prevalent. At Fleury, we've been working very importantly in terms of diagnosis. We offer all kind of test, Lab, imaging, anatomical pathology. We are one of the main players of anatomical pathology in the country. In imaging, we have integrated centers such as the Women's Center for Breast Cancer. There is the integrated thyroid center combining imaging and pathological analysis for quick management of cases.
In addition to prevention and treatment guidance, we have a very broad portfolio of genomics, genomic panels, a joint venture with Ice Thing to have research and development efforts to develop that further, offering state-of-the-art tests to guide what we call precision medicine, which is something very much guided to specific findings. Also the partnership with Roche to represent FoundationOne tests in Brazil. They are widely known by oncologists to guide treatment in patients that have solid tumor complex cases. Croma still has its business plan. Croma has four service units, three in São Paulo and one in Rio. We've been ramping it up. Croma is a joint venture with BP and Atlântica Hospitais. We are very confident in terms of having more and more initiatives in oncology.
Thank you, Jeane.
Next question from Jefferies, Antonio Cardoso.
Hello. Thank you for the opportunity to ask a question. I have two questions. I'll go with the first one first. B2B growth, especially Lab-to-Lab. How much of that comes from new labs, new clients, considering expansions and everything you've done? How much of that comes from same clients, an increase of utilization? I would like to know more about this mix and growth of volume in B2B. Second question? Well, it's a follow-up, so please answer that first, then I'll just tell you about the second question.
Thank you, Antonio. It's a combination of both things. Where we have more productive capacity, such as Rio Grande do Sul, we've brought new clients. Lab-to-Lab also has the turnaround time that matters. For simple lab tests, we need technical areas that can provide results in a more expedite fashion, such as a complete blood count. When we have new productive capacity in the region, in addition to immune hormone tests, we can support the needs of our local customers with business combination. You know the technical area of Vespasiano processing capacity.
We've also decentralized the processing, now we reduce the throughput time of some of the tests in some regions. It has meant more customers coming to us because at the same time, we've expanded the portfolio. We provided all the portfolio that we have at Fleury Group to all clients. It means we increase the volume of same customers. Lab-to-Lab increase, the fact that we are going to have regional processing capacity, we are going to invest in more processing facilities to keep on gaining market share from Lab-to-Lab. You had a follow-up question, right?
Yes, Jeane. The follow-up is the following. The demand for Lab-to-Lab comes from a demand for diagnostic services that players experience. What is the financial health of these smaller players, would that mean more problems for you to acquire smaller players?
Well, concerning Lab-to-Lab, yes. There is an increased demand of diagnostic tests from small players, that's something interesting. Increased outsourcing. The level of outsourcing used to be 25% in the past. Last year was 30%, looking ahead, the percentage will probably go up. Urine culture. A change of sample stability has made us increase the demand of uroculture, we invested in expansion of microbiology in the technical area of Vespasiano. For some tests, it doesn't make sense to have a local processing in the small lab. If we are competitive in terms of price per volume and turnaround time. There is a tende ncy to outsource.
Lab-to-Lab can help small local labs maintaining their financial health. It expands the portfolio, it's going to get more because healthcare provision is highly fragmented, it's at the municipal level in some places. Some of these small labs are paid by, let's say, local city administration, for example. We help them maintain their financial health. In terms of numbers, there are 22,000 labs in Brazil. Highly fragmented, as I told you. Last year, we acquired three players, now Femme, four players total. Our acquisitions are going to be maintained considering the strategic aspect, the cultural aspect, our economic financial discipline. We can do both things, right? Acquisition of players that obey these criteria, we are highly disciplined. Maybe being partners of smaller labs and offering services. There is no conflict there.
We see an opportunity of expanding our Lab-to-Lab services throughout Brazil. We cover 2,200 municipalities, whereas Brazil has 5,000 municipalities. We see opportunities, additional outsourcing, the fact that we have a highly fragmented market.
Thank you. Very clear. Great results.
Next question comes from Safra, Thiago Marmo.
Good morning. Good morning. We can hear you fine. Thank you for taking my question. Great results. One more quarter with consistent deliveries, expanded margin, cash generation. As you have such great results, I want to understand more about your expenses. Operational leverage was part of the cost, as G&A, when we exclude G&A depreciation and amortization, the movement was somewhat different. SG&A had a 17% increase year-over-year, also increased as opposed to the first quarter. I can understand what is pulling this line. Is there anything else in the quarter? Is it some reinforcement of structure? Is it here to stay? This is my question. Thank you. Great results.
Hi, Thiago. Filippo speaking. It's been constant to some extent, G&A. Despite the fact that it alludes to physical expenses, the fact that you have growth can also be reflected in the numbers. The maturity of some of our investments generate the need to have all the operational clearance. It generates processes from the digital routine, these processes are needed, right? There is no trend. I see no changes in profile, maybe in some specific region, that's not the case, I think. There is no reason to think that the numbers will be different from what we expect. Even though it's fixed expenses, it ends up being funded by the business growth itself.
That's great. Thank you.
Next question from Bank of America, Flavio Yoshida.
Hello. Good morning. You've already talked about that, I'd like to talk about Fleury retrofit. Without expanding the square meter of Fleury, that's the third consecutive quarter with expansion. You've talked about Jundiaí, Campinas, the new unit in São Paulo. Do you also see other opportunities to have expansion of the square footage in the units? Has it been just a one-off effect? When we consider the growth of revenue per square meter, there was a 5% increase by Fleury brand. Has it been helping your growth? Is there a ramp-up in the area? Can we expect that? Just to understand the opportunities. My second question concerns M&A. You've been very active in M&A in recent years. Considering the high interest rates, probably it's going to be hard to find good assets to be bought. What do you expect in terms of M&A for the future?
Thank you for the questions. Jeane speaking. I'll start with the units, then Filippo can talk about M&A. Fleury brand. Yes, we've been working on unit retrofit, they are very important. We have a communication standard of brand Fleury, we are always focusing on opportunities. For example, Juscelino Kubitschek unit, we have 17% increase in square meter, increased revenues. Also, Jundiaí and Campinas, where there was an increase in square footage. Finally, our unit in São Paulo, 100 year, Marco 100. We are going to keep on investing in retrofit. There is also a ramp-up. There was an 8.3% increase of square footage in the second quarter, 26 as opposed to 25, 5% increase in revenues by square meter. The unit in Campinas, for example, that we had the retrofit in the beginning of the year, still waiting to capture results.
Our brand new unit, Marco 100, with a broad perspective of tests and new center, which is also in ramp-up level because we opened the unit in May. We expect a ramp-up, which also applies to other opportunities to keep on strengthening Fleury brand, which is a very relevant brand. In addition to square footage and availability of services, there are also clinical lab tests, which can be collected at units, but also at home services. We have expanded our portfolio of mobile services thanks to expansion of our clinical labs and a research and development team working on innovations on a daily basis. We do not need to increase square footage to offer more services. Our brand, Fleury, is a reference in diagnostic medicine. Finally, we have been maintaining very high Net Promoter Score in Fleury. Satisfaction rate of clients is very high.
We have medical excellence, as you know. Our physicians at Fleury, they discuss cases, they have a very relevant position, and they are known as role models in resolution of complex cases, and they are used as references. This is something important to point out in the year we are celebrating 100 years of our brand.
Filippo speaking. Concerning M&A, the growth has always been based on organic growth and inorganic growth. This is a characteristic that historically has been part of our revenue progression. Diagnostic medicine market is highly fragmented, as we told you, so we keep on observing and exploring that. There is an M&A area, fully structured. We study an expressive number of assets. It leads us to negotiations and talks. We consider strategic aspects concerning geography, role of asset, kind of test, economic-financial aspects, which are all very important, and cultural aspects as well.
Because we have a program of integration that is part of the M&A program, so that we can have quick integration, quick and consistent integration to capture value in all our gains. The hit rate has been more focused on diagnostic medicine, which is the characteristic of our main assets. In recent years, we have made very interesting operations, we are going to keep on analyzing that, always with discipline and meeting the requirements that I mentioned, but always considering that we have a capital structure that enables movements towards M&A. If potential assets meet our requirements and criteria, we are going to keep on analyzing that, but it is hard to anticipate what is coming. We want to keep on analyzing that and make smaller acquisitions, which is part of our profile.
Great. Thank you.
We are going to close our Q&A session now. I would like now to hand it back to Jeane Tsutsui for her closing remarks.
Thank you very much for joining us. I would like to reinforce our focus on providing diagnostic medicine services of high quality throughout the country with discipline in business management, capital allocation, and generating value to shareholders and stakeholders. We are confident on the execution of our strategy developed in 2021 on the pillars of growth, efficiency, and differentiation, strengthening further Grupo Fleury as one of the leaders in healthcare in Brazil. I would like to thank for the dedication of all our staff and physicians and the trust of our customers, partners, the board of directors, and shareholders. Thank you very much, and hope to see you next time when we present the earnings release of the third quarter 2026. Thank you.
The earnings release calls of Fleury Group is finished now. Thank you all very much for joining us. Have a great day. Thank you