Presentation is available at our website. Before we continue, I'd like to say that statements on future events are subject to risks and uncertainties, so expectations might not come to fruition or might be different from expected. These are opinions from the present moment, and the company is in no obligation to fulfill them. After the presentation, we'll start a Q&A session. If you wish to send your question, just raise your hand, and we will open your mic. If you prefer to send your question via the chat, make sure you identify yourself. Now I'll hand the floor to José Henrique so we start the presentation.
Thank you very much. First of all, it's a pleasure to be here to talk about the results of the Second Quarter in 2025 From the Mater Dei Nmetwork. Before we start, I have a few thank yous.
I think it's important to highlight that whenever we see an evolution in the results, we are just the spokespeople of the results to you, the investors who follow us. Of course, I have to express my gratitude to our employees, to our team, to our physicians who are important partners for us, and to our partners, the health operators who are helping us build more sustainable activities in all regions. Mater Dei is present in three states, in the cities where we operate, and in every location, we were able to see units that truly represent the style, the way, and the format we want to work with. I also want to express my gratitude to our board. They have been very important partners in the progress we have achieved in this company.
The second quarter of 2025 was a quarter to see a recovery of our results with important progress in several segments of our network. Today, we will be able to share some highlights with you. The figures we are presenting today, they exclude the share of Portuguese, except for the financial indicators for covenant purposes, such as net debt and leverage. Later, we'll give you more details on that. When we talk about revenue, it is important to highlight that for the first time, we were able to surpass the level of BRL 500 million, getting close to BRL 550 million in the quarter, a very important milestone for Mater Dei. This new level is not anchored, which is important to be remembered. It is not anchored in new beds. We actually would like to deconstruct this idea that it is important to add more beds to generate revenue.
Today, we will highlight what are the elements that are being implemented in Hospital Mater Dei S.A. so we can grow our revenue and achieve proper levels, but at the same time, promote the productivity of our operation. Our efforts are very much focused on improving our mix of procedures, especially considering the relevant growth in our surgical and oncological departments. It is also connected with better negotiations with health insurance operators, strengthening these relationships and showcasing to them how effective we are. It is related to our ability to negotiate price adjustments in the correct time frame, respecting contract boundaries, and also dealing with the price changes in appropriate deadlines. We are also going through a very important moment, especially in our younger units and the acquired units, to promote a faster ramp-up of these units, especially for the younger units and the acquired ones.
We'll be able to give you more details later on this call. We are also able to execute our strategies to grow our revenue outside hospital beds, especially focusing on diagnostic medicine and oncology. Oncology has been a very important strategy that we have been executing to grow our revenue and grow the level of complexity we provide in different units. Right now, we have a very big focus on bringing together medical teams that attract these more complex services, especially related to oncology. Now, looking at costs and expenses, this growth in revenue gave us an important dilution on our costs in the different lines. We also would like to highlight some elements that don't come only from this cost dilution that have received our focus and that are already demonstrating good results in this quarter.
The first one is a greater control when it comes to adding new beds so we can keep our occupancy rate above 80%. We are currently at 83% of occupancy rate, which is a testimony of how rigorous we are in the management of our units. Today, we are absolutely certain that all nine units are mature in their ability to work with a higher occupancy rate. When we look at this occupancy rate of 83%, it is in levels that are compatible to the higher occupancy rates that we had, for example, in the first quarter of 2024 when we had a load of seasonal diseases, mostly caused by dengue fever. Now we can achieve a higher occupancy rate even without the impact of seasonal diseases.
In this quarter, or in these, especially in the first two quarters, we made great efforts to have the proper sizing of our administrative team after the sale that we performed and concluded in the last year. Now, when we look at our results, which are the consequence of the growth in revenue and the better control of costs and expenses, we were able to demonstrate a very significant evolution. When we look at our EBITDA in this quarter, we delivered BRL 150 million of EBITDA, 32% higher than the same number from the second quarter of 2024, which also allowed us to grow 1.8 percentage points in comparison to what we had in the previous quarter, achieving 21.1% of EBITDA margin this quarter. In that sense, with this growth in our EBITDA, we were also able to achieve a higher cash generation in the quarter.
When we look at the impact that that had in the reduction of our net debt, we are talking about BRL 35 million with an opportunity that later Rafael will describe for you. Now, the opportunity of investing more resources in our strategy to reacquire stocks because we are currently in a higher interest rate cycle, and this gives us an opportunity to focus on our own company, reacquiring stocks. It allows us to keep our leverage at 1.6, a very healthy level that demonstrates the sustainability of our financial results.
In this quarter, in the beginning of July, actually, after the first quarter, it is important to highlight the conclusion of the exchange that was made, the first issue of the matrix, with the maintenance of BRL 700 million in volume, resulting in an important reduction of our rate of 50 bps, allocating the due dates to 2032, besides the possibility that Rafael was able to get in the negotiations of having BRL 200 million anticipated in the next 12 months. This allows us to pay part of this debt in an anticipated fashion, amounting to BRL 200 million, which makes us more comfortable to focus on the path of sustainability of our network and bringing proof of our financial discipline. Now, perhaps, giving you more details on every unit so we can explore them later in questions, I would like to focus on our Salvador unit.
In Salvador, we focus a lot of the value to be created in our network for the coming years. Once again, Salvador gave us a record net revenue, 25% above the second quarter of 2024, with a positive EBITDA result, even with the seasonality of the month of June in the region because of the public holidays and the parties that take place. That happened because we added new health insurance plans. The hospital has gained, or it's more known in the different markets in mind, the medical teams, with a better mix of procedures and a better ability to attract higher complexity cases, especially when we compare that with the second quarter of 2024. If we compare this quarter versus last year, we had an increase of 79% in the number of oncological patients and a 15% growth in the number of surgeries.
Another piece of data from Salvador that makes us really pleased is to realize how the patient satisfaction and the patient experience is being cared for. The customer satisfaction in that unit is giving us an NPS result above 75, an excellent result, showing the maturity of this hospital so we can provide the best care for our patients. This unit has become the preferred choice both for patients and for health insurance companies. Many other initiatives are happening right now as we speak so we can better position this hospital as a reference hospital for the north and northeast of Brazil. I also would like to highlight our Nova Lima unit. Nova Lima month after month has given us growth in the number of procedures and in revenue. In the previous quarter, actually, we mentioned that Nova Lima had already achieved an operational breakeven.
In the second quarter, we have already observed a positive EBITDA at healthy levels, above two digits, highlighting the surprising ramp-up of the hospital. This is a hospital that can have a higher average ticket because of the mix of health insurance companies we work with. It is a hospital that benefits from the metropolitan area of the city of Belo Horizonte with a very lean administrative team. We have levels that help us dilute our fixed cost and dilute our administrative expenses in that market without the need of replicating them. In the comparison with the first quarter of 2025, we saw an increase of 37% in net revenue and an increase of 23% in surgeries. We are very much focused in Nova Lima so we can grow the level of complexity provided in the hospital.
It has been an opportunity to bring new medical teams, medical teams from strategic lines for the Mater Dei, such as cardiology and oncology. For example, one of the main medical teams from the city is now part of our clinical staff. We are implementing these changes and these expansions at the same time that we preserve our Mater Dei culture. Of course, we also have to mention all the advancements we saw in our acquired units or the units that we acquired after our M&A deals. We presented the highest net revenue for the quarter in this unit with a 5% growth in the number of surgical patients in comparison to the first quarter of 2025, even considering the more negative seasonality because of the month of June.
In Uberlândia, where we have Santa Genoveva and Mater Dei Santa Clara, these two units, our hospitals are becoming the preferred choice more and more. We established a partnership with Unimed , and they are referring their lives to us. We, on the other hand, in a sustainable way, are able to achieve the DRG target, ensuring more efficient bed use. When we mention that in our view, revenue growth should not be connected to adding more beds, it is because we can manage the average hospitalization time, making them spend less time in the institution. We do not necessarily need to add more beds without adding more burden to the system. The idea is to become more productive to generate more revenue, and this is what we have witnessed in Uberlândia. Now, some news. We are on August 21, 2025. We are opening our Mariana Medical Center.
Mariana is a city in the metropolitan area of Belo Horizonte, and this is done in partnership with Vale so we can offer quality healthcare to the region. The region presents a huge potential. It has a great mining activity with major mining companies present. We are getting to the region with the support of Vale, but also with the possibility of expanding our credentials so we can plant a seed in the region and add even more value to Mater Dei in such an important region. I also like to highlight that on July 31st, we published our sustainability report, sharing in a very transparent way our ESG indicators. I would like to invite you all to go on our website so you can access the sustainability report from 2024.
Of course, we have to talk about the certifications and the quality indicators for the Mater Dei network. We have mentioned this several times. Having an international quality certification is a very important element for us. Between July 31st and August 1st, Mater Dei was recertified in the fourth cycle by JCI, and we also had Mater Dei Santa Clara be reaccredited by Intervento. This is connected to another very important indicator, which is our network's NPS. When we mention that we have put an important stage of the integration behind us, today we can understand that our hospitals are working in the network, providing an excellent service to our patients. The overall NPS for the network is 73. The year-to-date is 73.
If we just focus on the metropolitan region of Belo Horizonte and Salvador, we can achieve results above 70, 70, or even 80, depending on the unit levels that are compatible to the biggest benchmarks in the industry and way above what we have in the average for the industry. Before handing the floor to Rafael, so he can give you more details on the financial results, I would like to reinforce that we are focusing on improving our results. We are still not satisfied with the evolution that we have achieved so far, but with a lot of clarity that 2025 is going to be a very fruitful year. All the actions that we have been implementing together with our directors, managers, and leaders are bringing results. Rafael, the floor is yours.
Thank you, José Henrique. Good afternoon, everyone. Good afternoon to our investors and shareholders. We are very happy to showcase these results, showing how we have strengthened our strategy that was developed in the second half of last year and is now generating results. We are very happy to see that these results will be able to support us for the coming years. On this first slide, we have the average of operational beds. We're going to start with some operational highlights. We are at 83% of occupancy rate with our day hospitals, 78% in our hospitalized patients. These are record results for the Mater Dei network, as highlighted by our previous speakers, and they are essential so we can achieve significant dilutions both in staff as well as in administrative expenses. We saw a growth in beds from 65 beds over a quarter.
On the next slide, you will see that the revenue growth was almost double the growth we had in the amount of beds, highlighting the important management work that was done so we could achieve this dilution and achieve the results we had in this quarter. Now, on the bottom of the slide, we see that we grew 12.3% on day hospital patients, achieving 87,369 patients versus 77,813 from the previous quarter, with BRL 6,980 per patient day. On the next slide, we see a drop on the average ticket, mostly related to seasonality and the mix of hospitals and medical specialties in the network. This is not a loss due to lack of price adjustment. It's much more connected to the use of the hospital in the period. When I talk about the cost, you will see that's why this change happened.
It's a little bit of the balance that we have between the use of our network hospitals with the growth of the acquired units. It's an expected recovery that since the acquisitions. Sometimes we see this variation on the average ticket, which is not connected to price adjustments. Just to give you an idea, when we were between the first and second quarters last year, we had 120 health insurance plans in default. Today, we have less than one-fourth of negotiations. We and the health insurance plans are working together to help us build this average ticket. Our revenue grew 9%, achieving BRL 546 million in net revenue. The first time since the integration and in this new hospital composition, we have surpassed BRL 500,000. Now, on costs and expenses in the next slide, we also are very happy to see we're operating at below 70% of cost.
That has always been a motive for us. We were varying between 72%, 73%, and we were able to achieve a 1.4 percentage point reduction. We had already seen a 2 percentage point reduction from the first quarter of last year to the first quarter of this year, and we continue on the same trend. Remembering that in 2025, we have the impact of the new law of nursing salaries. When we compare that to the previous year, some units still hadn't applied that change completely. In some negotiations with trade unions, we have been able to do the readjustments below the inflation so we can deliver results that are more balanced to our industry considering what happened last year. BRL 381 million in cost.
When it comes to operational expenses, we also had a 0.8 percentage point dilution going from 14.9% to 14.1%, mostly due to our growth in revenue and the work that we highlighted in the first quarter of controlling costs and staff. We removed a couple of layers from the company, both in cost, but also, and most importantly, in the administrative department because we had a very elevated number. In the fourth quarter, we were above 16%. Right now, we are at 14.1%. BRL 77 million of expenses. We have some recoveries from the M&A contracts. Expenses that sort of transfer to the results of the acquired companies that later can be recovered at MDS or Mater Dei through the settlement because of the contract guarantee. On this line, we also have all the expenses, contingencies, and attorney fees.
We also have an important element that is connected to this revenue cycle, which is the PDD. Again, we are working strongly to balance this revenue cycle inside Mater Dei. On the next slide, now talking about our adjusted EBITDA. Because we were able to operate below 70% in cost, now we have an EBITDA above 20%. The result was 21.1%, giving us in the year an average that's above 20%. Like we have mentioned before, this is our goal to navigate at this level of EBITDA with a growing path for the year. It is a challenge, but it is what we have added to our plan. We were able to see these results happening in the first half of the year. We hope that in the second half of the year, we will see even a greater result of our EBITDA. EBITDA was BRL 115 million.
In nominal values, we saw a significant growth of BRL 18 million, BRL 6 million more a month on average, a very significant growth for us. Besides the growth in margin, we also saw a growth in absolute numbers. Now, looking at net profit, last year, we would do an adjustment on net profit versus the Portuguese. We have the dotted line until last year in which we would adjust, which was so we wouldn't pay income tax and give us some greater margin. If we consider the adjustment that we have today, we achieved one of the better results from the past 18 months. 5% of net margin with a net profit of BRL 27 million for the quarter, BRL 47 million for the first half of the year. Now, on the right-hand side of the slide, we see a little bit on our working capital.
We had a variation on the terms for receivables. We had BRL 10 million to be received that was received on the 1st and 2nd of July if that money had come in the right date. It is not an issue of default. It is a matter of only two or three days. About 65% of the difference between this quarter and last quarter is explained by this two or three-day difference because the balance is done on a fixed date. We cannot make this adjustment, but we can share this later with you. This is not a point of concern. We don't see a growth in this line. Of course, we still have a lot of work to do. It's always a balance between us and the health insurance operators so we can control this result.
When it comes to stock and average payment term, it remained constant quarter over quarter. Now, talking about cash flow and debt, we talked a lot about the economic side. Now, talking about cash flow, we saw a reduction on the net debt and two numbers from this net debt. One adjusted by the dividends and the repurchasing of stocks, ,BRL 0.6 million. The dividends we received, BRL 10 million for the sale of Portuguese, and we paid BRL 25 million to our shareholders. Adding the net dividends plus the BRL 11 million, we had BRL 36 million . That would give us BRL 664 in cash flow. It's a way to pay the shareholders from those. Considering BRL 664 of cash, we would have a decrease of BRL 35 million in our net profit if we would not consider the payment to shareholders. This would be BRL 9 million.
It's the second quarter in a row that showcased this reduction, highlighting the momentum of the company so we can take advantage and use all the CapEx that we had at very high levels in the previous year. Now, we have a very strong CapEx control inside our units. For this year, the perspective is to deliver what we did in the first half of the year and not see a significant increase for the second half of the year. With the results we have been achieving in the different units, we believe that next year we will be able to make some investments with this cash. In terms of covenant that we have inside our debentures, we have remained stable flat in 1.6x . We have a total debt of BRL 1,410 with BRL 7.72 of debt and BRL 638 of cash. Also a very comfortable level for us.
It doesn't mean that the Mater Dei network wants to be a highly leveraged company because we do have the impact of high interest rates. We believe that rebuying stocks, the biggest investment that we can make is actually this one, to rebuy our own stocks so we can achieve the best return. Now, talking about debt level, like highlighted by José Henrique, we had in July the renegotiation of the first issue. The first issue had CDI plus 1.60. Now we have CDI plus 1.10, which allows us to our CDI debt to be CDI minus 0.95. Today, our cash is being paid above our debt. As a consequence, with the allocation from 2027-2028 for the BRL 700 million in debentures, now it's 2031-2032. We go from 3.9 of average term of amortization to 5.8.
75% of the debt from the Mater Dei network is above five years, which makes us very comfortable to navigate tougher times. We can make the best decisions in the operational side and also related to the care we provide. This is the end of my share of the presentation, and I'll hand the floor back to Tadeo so we can start the Q&A session you might have on the results. Thank you very much.
To start our Q&A session, the first question is from Filipe Amâncio from Itaú.
[Foreign language]
Good afternoon. Thank you for taking questions. I have two on my side. The first one is about the assets ramp-up. In the result, we saw a strong performance in Salvador and some other KPIs from the acquired units. I know that you have mentioned this in the beginning of the presentation, but maybe if you could give us more color on how you see the evolution of these assets in the beginning of the third quarter and your expectation for the second half of the year, that would be very helpful. My second question has to do with cash generation. We saw that there has been an improvement in this quarter, but I wanted to see if you see any additional improvement besides the reduction in CapEx of the year, maybe through working capital or some other initiative to improve even further cash generation for the year.
Thank you very much.
I think I can start, and then I'll hand the floor to Rafael. Thank you for your question, Filipe. Regarding the ramp-up of the different units, we are very excited with what happened in the units and the ramp-ups they experienced. Especially talking about the acquired units first, we saw that in the acquired companies, we found the path. We found the path to sustainability so they could grow in a sustainable way. For example, the deal we made with Unimed Uberlândia, and still at the early stages, we still haven't experienced the best to come from the deal. In Goiânia, we saw also a relevant growth in revenue, Santa Lúcia Pira de Santana and EMEC, also with important growth. In the acquired units, we were able to perform by having the right people in the right places.
The leadership is much more in line with the strategic plan that was defined, and all the leverage actions were quite clear. That is why we saw this positive result in terms of ramp-up. For younger units like Salvador and Nova Lima, we also had several projects that started mostly in the second that will start mostly in the second half of the year, changes in oncology and other medical specialties that were defined. I would say that the second big cycle after what happened last year of attracting medical teams, especially in Salvador, we are about to see an equally strong second cycle that will also give us an important benefit for that unit with more mature operational elements. Nova Lima has been a very pleasant surprise for us considering the ramp-up we have seen there. We already see signs of that in the beginning of the third quarter.
Things are pretty much on track to continue that trend.
Just adding to that, it's important, Filipe and José Henrique really highlighted that in the beginning. We have a strategy so we can have a conversation not only based on the number of beds. Many of the opportunities are opportunities to grow our revenue, which is growing at a double digit, without adding beds at the same rate, at a double-digit rate. Besides the ramp-up, because again, you asked from the perspective of additional beds to be opened with a low CapEx, that could give us a big return. That's a strategy that was mentioned by José Henrique. We also have a strategy of providing a complete healthcare. By adding imaging and oncology, we don't have the growth of the number of beds and the growth of revenue happening at the same rate.
The average ticket grew 11% year- over- year, which is proof of this strategy. That has been the way, actually, reinforcing the growth. I'll just focus on cash generation for a moment here. We have noticed a very big opportunity in our hospitals, and we are maturing our digitization strategies more and more, adding stronger controls with big support from free data and artificial intelligence agents to improve our revenue cycle. We are already seeing these results, actually part of the results that we are achieving are due to a more agile billing so we can get a higher level of receivables. This is already a consequence of the strategy we've implemented, but I'll hand the floor to Rafael, who is driving some of these actions so we can improve our cash generation even more in the coming quarters.
Filipe, your question takes us to working capital.
We have an opportunity to reduce the term for our receivables. It was stable. We also see variations and surprises on the last day, which don't really impact cash generation or cash levels, but it begins to see these small variations. We have a challenge with a high interest rate in Brazil. We have BRL 700 million, 800 million in net debt. Even if we are controlled at the 1.6 level, 50% of that amount is just interest rates. That certainly impacts cash generation and the decrease of our debt. This is a scenario we're facing, but at the same time, we expect to improve in the next months and year. We hope Brazil can achieve a better economic stability. We are also doing a very strong control in social contribution and income tax. We have 24.5% of tax.
You can check that with 24.5% tax of income tax and 7% on the output of cash flow. A significant gain in the work that we are doing to bring expenses to where we have more tax payment. We also have some credit recoveries from some health insurance operators, which is part of the cycle. The CapEx control will remain essential so we can measure our performance compared with cash generation. When it comes to payments and stocks, we can expect a small reduction. We are already working with a number of units. We're growing the number of specialties. We have some hospitals that are slightly bigger, but this 39 number can have like a one or two-day reduction. In payments, we also have a strategy to try to elongate that for one or two days. We have from 5 to 10 days from the cycle.
If we do work in the mid to longer term, we can have that recovered.
Perfect. Very clear. Thank you for your answers.
Thank you.
Thank you, Filipe. Next question comes from Mr. Gustavo Casillo from Bank of America.
Thank you for taking my question. We actually have two. The first one was what you the tipping point that you mentioned. These are good results with a very positive trend. Perhaps we would like to understand better how much further can we go? Is it in COGS? Is it SG&A? You had an occupancy rate that was much higher. Can we stress that a little bit further? Are you at the ideal level that you plan to have considering the seasonality of the quarter? The second question. You are on track with the results.
You have better receivables, even though we still have a lot of opportunities, like mentioned by Rafael, and a relatively large cash. Do you have any options for this cash? Are you going to do an M&A, prepayment of debt, or distribution? Any idea that could make sense in the short term? Thank you.
I think I can start on my side. We have seen certainly a positive tipping point on the result after some more frustrating quarters like we saw last year. This frustration that we experienced last year somehow is what feeds the good perspectives that we have right now because these were frustrations that came from younger units that were just getting started or from acquired units that were still trying to find their path and finding the synergies after a healthier integration process.
Looking at future perspectives, trying to answer your question, we have been focusing a lot on cost control in the different units, and also in the growth of revenue. The growth of revenue comes mostly from the fact that these units are now more mature with a bigger network of relationships in these markets, but also with the addition of new medical teams that now understand that our hospitals are the place for them to perform their professional activities in the best possible way. They are seeing in our strategy their own strategies. They're seeing this alignment. This growth in revenue that is expected can dilute both costs and SG&A. In terms of occupancy rate, the 83% between 80%, 85%, these are our optimal rates.
Of course, being very transparent with all of you, we think it's going to be difficult to have an occupancy rate higher than the levels that we are searching for in our institution. As we advance and as we become more capable of converting better EBITDA into cash results, of course, we get a few good options. We are assessing opportunities. This debt rolling that just happened gives us more room to search for investments with a return that is higher than the one we had in our units. We are going to be very disciplined in that sense. The BRL 200 million are a great option to prepay the debt, especially if we continue with the level of performance we have witnessed in this quarter and the perspective for future quarters. Prepayment is definitely a good option to remove even more leverage from the company.
Some other optionalities we're going to keep a little bit so we can make our call in the next coming months.
Thank you. Very clear. Thank you so much.
Thank you, Tzeil Next question. Thank you, Tzeil. Next question is from Wagner from Constance.
Hi, everyone. Congratulations on the result. From what you've mentioned from the Salvador unit and from Nova Lima that are already operating with much better margins than in the previous quarters, I just wanted to understand if this improvement happened due to more certified health insurance operators so you can have a good volume of patients, or if it was more connected to adding more complexity to the procedures and surgeries, perhaps adding more oncology or cardiology. I just wanted to understand where this improvement came from, both in Salvador and Nova Lima. My second question is perhaps an update on the Santana Hospital with Bradesco.
Do you have any updates that are perhaps more relevant so we can understand the status of that partnership? Thank you so much.
Thank you, Wagner. First, I will answer your first question. It's a mix of both things, actually. Both in Nova Lima as well as in Salvador, we are being searched by health insurance operators to be accredited. We already have a high level in Salvador. Some quarters ago, we mentioned some actions with some health insurance operators for some specific types of life. These lives now are more used to use your hospital. That action is definitely reflecting on this increasing volume we see right now. Especially if I'm talking about Salvador right now, the big difference actually came from the bigger attention and the desire of medical teams to actually use our institution.
Of course, the city's medical team sees Salvador Mater Dei as the hospital of choice so they can work in the way they want. These are prepared teams who are looking for models, both of healthcare as well as relationship models with the management or other physicians that are fruitful, long-lasting, with a focus on the longer term. That's exactly what they find at Mater Dei. A culture that values medical teams. Once the medical teams are happening, they are bringing this greater volume of patients, improving our mix, the mix of complexity, but also the mix of health insurance plans in this unit. Nova Lima benefits from the quick partnerships with the health insurance operators we search for. The ones we search for actually came to the unit. We also saw a growth in the number, actually in the numbers, both for outpatient, emergency room, and surgeries.
The next step for Nova Lima, which is our focus point right now, is to see an increase in complexity, especially in cardiology and oncology that are connected to this hospital. When it comes to your second question, I think I'll hand the floor to Rafael so he can comment.
Still on the first question. The second half of the year, can you expect more improvement? Can you expect that by the end of the year, we'll have an EBITDA margin in Nova Lima and Salvador than we have today?
That's our focus, and that's what we've been looking at. This is a performance we consider that is below its full potential. Now I'll move on to the next question about the Santana project. I've been watching that as well and the progress.
Just to mention that we've been advancing in the process, and at the beginning of next year, we should start building this hospital and work on opening by the end of 2028. Now, Wagner, on the partnership with Bradesco, I think it's important to highlight that sometimes we have a lot of questioning, but Bradesco has this positioning where they have an agnostic approach with some partners that can work with them on certain projects. We've been receiving great feedback, really interacting with the different definitions and engaging with us in the different flows, visiting our hospitals to be able to design this program that we'll have. This is a project for the end of 2028, beginning of 2029, depending on the beginning of the construction work overall. It'll start next year after the rain period. Approvals are in line with what was expected.
There was a legislative change in São Paulo, but with what we can do as a team between us and BSD and along with our partners, we'll be in line with this schedule so that by 2029, we can be in São Paulo and increasing the amount of cities and regions that Mater Dei will be present in.
That's excellent. Thank you.
The next question is from Mr. Guilherme Canal. Guilherme Canal, can you hear us? Maybe he raised his hand wrongly. Once again, we've finished our Q&A, and I'll pass the floor to José Henrique to close the call.
Thank you all for your interest, and I hope we were able to mitigate your questions and that we've been clear in the explanations here. Should you have any other questions or observations, the IR team is available here to also speak.
Thank you all so much, and we'll meet in the next events and conferences so that we can also talk about our strategies and the future of Hospital Mater Dei S.A. Thank you all so much.