Good afternoon, ladies and gentlemen. Welcome to our earnings release for the first quarter of 2026 at Mater Dei. Today, we have José Henrique Salvador, our CEO, and Rafael Cordeiro, our CFO and investor relations. This earnings call will be recorded and be available on the company's IR website after complete completion. To activate simultaneous translation, please select this globe icon at the bottom part of the Zoom screen. The presentation will be available on the IR website as well for the Mater Dei network. Before we move on, we'd like to let you know that any possible statements about future events that are subject to risks and uncertainties that could lead to the non-completion of such expectations or differ from what is expected.
These are reflecting the opinions at the moment they are made, and the company is not obliged to achieve them. If you have any questions after the presentation, please use the Raise Hand feature and we'll open up your mic. If you'd rather send this by writing on chat, please identify first. I'll pass the phone to Mr. José Henrique Salvador to begin the presentation.
To start off our earnings call, we wanna once again start off by thanking a few people. I wanna thank the board of Mater Dei that has been providing all of the necessary support so that we can evolve more and more in the different strategies that have been guiding Mater Dei to a more sustainable and perennial future. I also wanna thank our people.
The symbiosis between the intelligent management and reference clinical team has been fundamental to reach the best results and achieve our objectives. I also wanna thank our partner companies that and say that it's been a real privilege to build this and with the companies that have been so close to the Mater Dei network. Finally, I want to thank all of the shareholders that really believe in our thesis and the perennial future of our network. About our results. We're really honored to highlight that we started 2026 with the same solidity as we've finished 2025. We've continued in our trajectory of evolution through disciplined execution of our strategic planning.
The first quarter of 2026 had an all-time high in net revenue, reaching BRL 575 million. It's the first time we're able to reach this number, despite a period with a lot of seasonality, which is the month of February, we have Carnival in Brazil, and that impacts a lot of our units and thus, we have less clinical days. In the comparison with the first quarter of 2025, the increase in the net revenue was 15%. This is a significant increase, 15%.
This new level is really connected to the increase of the average ticket, which also reached a new all-time high, BRL 2.85 million per bed in this quarter, and that's an increase of 8.4% against the first quarter of 2025. This growth reinforces some points that are really important, our positioning, despite a market that is more competitive. Of course, this provides evidence on the successful execution and guidance of the Mater Dei network, highlighting some points that are essential. First, we've been talking about this regularly, which is the capacity to grow without necessarily having to open up new beds. This reflects our strategy to improve the mix of procedures and increase the complexity in the care of our Mater Dei network, highlighting oncology, besides the execution of our approaches to increase revenues.
Oncology has an important role at the network. We've been really having very unique clinical team that has been understood that the Mater Dei network is the right environment to build their future in. Besides this, we've also been focusing a lot on the ramp-up of the units, and that has also been improving the mix. We also have noticed the maturing of our different integration with the units that are acquired, and that has also led to an important highlight, which is the growth of revenue in these units and also when it comes to margins when we normalize this, and we're going to be able to talk about this a little bit more up ahead.
Another relevant point is our strategy for positioning as one of the main, or if not the main player in each region we're in. I'm not gonna get tired of repeating this. The strategies of the hospital networks have national synergies, but the champions are gonna be the references in each region we are positioned in, and this has really given us the opportunity to build champion models with the partnering operators. This success is really connected to the traction of reference and medical teams that have been adapting more and more and really prepared within this strategy. Increasing the concentration of procedures of high and medium complexity in our hospitals, and also positioning ourselves as a reference, right? We wanna be, in each hospital, a reference of the best physicians in those markets.
Besides this, we had an increase of 6% in the number of day patients compared to the same period last year. We've been able to achieve this. This is in line with another strategy. We've also focused on having better operational efficiency, and with this we were able to reach an all-time high of occupation in the quarter, which was 84%. This is a recurring effort in the company besides the selection and opening of beds and with the selection of these physicians that are gonna operate with us as well as the selection of good relationships with operators that can, through their commercial products, really allow us to service Mater Dei well and also be convicted of being compensated in the correct timeframe and in a fair manner.
I am going to talk about the EBITDA, and the EBITDA we had are also a result of the movements we mentioned up ahead. When we report the EBITDA in this quarter to demonstrate the better operational recurring results, we had an adjustment in the profit sharing, complementary profit sharing, related to 2025, which was BRL 5.6 million. With this adjustment, we were able to reach BRL 130 million in EBITDA, an all-time high in our network, and 35% higher than the same period in the first quarter of 2025. The margin grew 3 percentage points, reaching 22.6%, which is the same level presented in the fourth quarter of 2025.
This result reinforces a whole new level of margins that the company is operating in, reinforcing that in a period of seasonality that is unfavorable, right? This stronger operational result was fundamental also to reduce the leverage rate of net debt to EBITDA in the quarter compared to the end of 2025. We were able to reach 1.6x, which was a healthy level, and that makes it evident how healthy the company is financially. If we consider the buybacks of shares and dividends that we would have, there would be an adjustment, and the leverage level would be 1.4x. Not getting into details about our hospitals, I wanna highlight some of our units as well.
The unit of Salvador has become more mature, demonstrating our work with relationship and attracting medical teams that are references in the market coming from other institutions, and that reinforces the robustness and strength of our clinical team. The hospital's really been consolidating itself as a reference. Besides this, we're also positioning ourselves as a highly excellent hospital with NPS levels that are comparable in our more mature units and also evolving in our capacity to handle high complexity in this unit. In the comparison with the same period last year, we had a growth, which was 73% of the oncological patients and 17% in the surgical notices.
These numbers, although they are significant, still do not represent everything we can build for this unit, and we are going to continue to work in this direction to have numbers that are better and better. In the Nova Lima unit, we are still having an EBITDA margin that is higher than the consolidated numbers in the network, and that is the fruit of the average ticket that is higher considering the mix of operators and high complexity and high and medium complexity which this unit has been able to consider. Besides, of course, as we have already mentioned, a lower need for support administratively, considering the efficiencies we have in the metropolitan region of Belo Horizonte.
We've been able to, through this unit, incorporate and build new relationships with medical teams that are really unique and that weren't very close to us in the metropolitan region of BH, Belo Horizonte. That allows us to accommodate these teams within the strategy of Mater Dei, bringing in a better mix of procedures in-house. These teams are bringing better production, more revenue, and especially in strategic lines such as oncology, cardiology, orthopedics, urology, ICU, and among others. In the quarter, compared to the 4th quarter of 2025, the last quarter, there was a growth of 13% in the number of patients and also in the number of surgical notices. If we compare with the 1st quarter of 2025, we grew in this unit a total of 71% in the amount of surgical notices.
I want to remind you that in the 1st quarter of 2025, we still did not have oncology in this unit, and we see an important means for growth there to acquire new areas in our network. We reached an all-time high net revenue with a growth of 83% in the oncological patients and 80% of the surgical notices compared to the same quarter of 2025. Among these units, we must highlight Mater Dei Santa Genoveva, which had the highest quarterly net revenue in history. This grew 12% in regards to the same period and 4.5% in regards to the 4th quarter of 2025.
Not only financial results, but also in this 1st quarter, we can see that the Mater Dei network was recently certified as a educational hospital in the metropolitan region of Belo Horizonte, and that reinforced their commitment to educational excellence and high clinical performance. Upon consolidating the strategic partnership with American Heart Association, physicians, nurses, and students will be able to increase their professional levels with training and scientific rigor to the experienced instructors and technological infrastructure in Mater Dei Contorno and Mater Dei Santo Agostinho in Belo Horizonte.
Besides this, the intensive care units in Uberlândia had dual recognition with an ICU Top Performer and efficient ICU granted by Epimed Solutions along with the Associação de Medicina Intensiva Brasileira and also a Fitch recognition about the health and financial discipline of the company, reaffirming in the month of April 2026 our rating of an AA rating, reflecting the resilience of cash generation amidst a challenging environment and the capacity and expectation for maturing gradually in the hospital assets and the advancing of our operational strategy. To wrap up here, strategic discipline, which was the basis for new evolution operationally and financially in 2025, continues to be the basis for the results in the 1st quarter of this year. That will be our pillar in the journey of sustainable growth in the network.
There's a lot of value to be unleashed in-house, and with discipline and consistency and seriousness, we'll be able to continue to work to demonstrate that there are feasible strategies to strengthen our company and the sector. Now I'm going to pass the floor on to Rafael Cordeiro to go a bit deeper into our numbers.
Good afternoon, everyone, and thank you, José Henrique Salvador. I'm really pleased to go over our numbers here. I'm gonna cover some of the main highlights in the quarter. We start off with page 4, and we discuss the operational beds in the company. We demonstrate what's been discussed constantly, that our revenue is not connected directly. We're actually able to have significant growth, keeping the same level of beds in the 1st quarter of 2025. We reached 1,168 beds.
What made this revenue be achieved is an occupation rate that is higher and a ticket as well that's higher. Here we're highlighting an occupation rate that grew 4.6 percentage points in regards to the first quarter of 2025, and it was almost 4 percentage points above the fourth quarter. You can see that, as highlighted, the first quarter has a lot of holidays, and we still had an average closing of 39 beds, even with the maintenance and growth of revenue quarter-over-quarter. On the bottom part of the graph, you can see there's growth of 6.1% in the amount of patients per day and a significant growth of the average ticket per patient.
I am going to highlight this growth in the next page as well, page 5, where I want to highlight the revenue we have per bed used. Here we are going to give you some major news, which is the growth of this ticket year-over-year. The first quarter of 2025 compared to the first quarter of 2026 of 8.4%, and that is 4% above inflation. That has been following a dynamic in the company of having these adjustments in time and also increasing the average ticket per specialty and also the increase of oncology within our mix. Quarter-over-quarter, we have been also growing 2.2% in the average ticket, BRL 2.79 million-BRL 2.86 million per bed.
On the right side of the same page, moving on to the net revenue, the growth of the revenue is 15.1 year-over-year, reaching BRL 575 million. The ticket grows 8 and the revenue grows 15. It's a very important number to dilute a lot of the costs we have in the company. Even in this quarter, quarters that are so difficult from a business day perspective, we had a growth of BRL 13 million in our net revenue or 2.3%. Moving on to the next slide, when it comes to costs, we have this number we've been highlighting, which is the importance of really keeping up the gross margin above 30%, so costs below 70%.
Once again, with 69.8%, we were able to get this number here, considering the profit sharing. If we didn't have it would be even lower than 70%. That's where we worked on this actually directly in the EBITDA. It's a reduction of 1.4 percentage points and a stability in regards to the fourth quarter of 2025, right? On expenses, just some other points here. With this, we have a dilution and improvement of personnel. We've been diluting this from the medical part, considering the growth of the revenue. We have a slight increase in materials and medication because we've been working on the increase of revenue in oncology, and there's this profile of having a little more use of these inputs, right?
That's all within the strategy, which is completely diluted by even greater growth in our revenue. When you get into expenses on the bottom part, you reach 13.6 of adjusted net operational expenses, and that's pretty stable in the last 5 quarters, but a reduction of 1.3 percentage points in regards to the first quarter of 2025. This is due to our growth in the revenue, where we've had an expensive personnel that's pretty stable in absolute numbers, and the growth of the revenue leads to this dilution, right? There is no type of non-recurring point. In the fourth quarter, we had a reversal, and in this quarter, we don't have this. It's really stable in regards to the provision for losses and P&L and contingencies.
Here you just have the PLR or the profit-sharing part that part of it is in costs and part of it is in expenses. We also reach BRL 130 million and that's compared to the first quarter of 2025 or 3.3 percentage points in the margin. This margin of 22.6% is consistent, and we've been entering into this period of better seasonality in the sector with costs being really well controlled. We've been very optimistic for the next quarters with everything that we've been seeing in the company. In regards to the fourth quarter, that's pretty stable in the margin and BRL 3 million above the absolute numbers of EBITDA. Moving on to the net income and working capital, we have significant growth.
In regards to the first quarter of 2025, it's a growth of 80%. This adjusted profit, as we adjusted in the EBITDA, made us reach BRL 36 million of profit, and this leads to a margin of 6.3. They're 2.3 percentage points above the first quarter of 2025, and these are BRL 16 million more and very stable profit in the last 3 quarters. As I mentioned, looking at the capital structure in the company, we also have a more timid trend with reduction of the interest rate. All of the improvements we can bring in of absolute results to the company with the financial results being stable, we'll see probably that we can start noticing all of this improvement dropping through the profit.
We expect to have better seasonality in absolute numbers, and our profit being even more consistent. When it comes to working capital, I even mentioned this in the call. In the fourth quarter, we had a significant improvement. We had some specific negotiations and some receipts that were anticipated. In the first quarter, we kind of stabilized this temporary difference, going on to 111 days, a number that is 4 days lower, but an increase of 4 days, within the normality and variation of our accounts receivable.
We reduced 2 days of our terms. We also had some strategic purchases in the Q4, and we see this increase of 3 days in our stock, which is keeping up very good efficiency. Considering the specialties have been growing in a lot with especially in the mergers. On the last slide, the cash flow and debt, you can see that there's a net debt that's pretty stable. We have a debt of BRL 800 million, and the gross debt drops BRL 41 million. We could have a net debt that's lower financially, but we had a significant installment of BRL 24 million of payment in our Goiânia unit. Next year, it'll be the last installment, BRL 50 million. We also had BRL 2 million buybacks in the quarter.
Twenty-six million BRL applied to our cash that are not recurring items and that could be reflected in our cash and in our net debt. In regards to the other items of the cash flow, we had a normalized quarter and a working capital in line with what we expect. We're working always to have improvements in the cycle because the revenue cycle is quite complex, and we have partners that are very good that have helped us to improve the fluidity of our revenue cycle to reach better results and reflect this in our cash generation. Our debt is extended. We have BRL 1.3 billion, and we have a debt that is 5.2 years, and it costs below CDI minus 0.79 per year.
On the last bottom graph in the presentation, we have an equivalence or comparison of what our net debt would be if we had not performed the payments to our shareholders, direct and dividends, as well as participation with the buyback program, as José Henrique mentioned. We would have BRL 705 million and BRL 95 million better in our net debt. It's part of our capital allocation strategy to have these dividends. We demonstrate that the company has cash generation that is stable, generating cash every quarter, with very significant discipline for the capital allocation in the next quarters. I wanna wrap up here and start up with the Q&A now. Thank you very much.
Now we're gonna start our Q&A session, and I wanna invite Vinicius Figueiredo from Itaú BBA for his question.
Good afternoon, guys. Thanks for taking my question. I wanted to just take advantage of the points on the last slide you presented. The company has been consistently delivering earnings that leads to a very significant cash generation as well. When you see the photograph here on the debt, I think there's a question we always see when we consider capital allocation looking forward, right? You can see that there has been a delivery in dividends looking to the last quarters. We also wanna understand how this could be allocated for inorganic growth opportunities.
Also if you guys see a short-term, about 2 or 3 years, with opportunities to have more density in the networks you're in and markets you're in. The second question would be a little simpler just for this model. When you look at this, how should we look at this occupation rate versus the operational beds in the next quarters, right? Just to understand how much this also interacts with the operational beds you have.
Well, Vinicius, how's it going? Good afternoon, thank you for the question. Well, as you mentioned, and we demonstrated on the slide, we've been demonstrating this in the last quarters, and no doubt this year will be stronger than it was last year.
We have a projection for positive cash generation, and this is a projection also to maintain margin levels that are a bit higher. We've been working strongly in the revenue cycle as well. We've been able to work on PMR as well as PMP, and we've been also working on our stock efficiency. We feel that the tools are set out there, and this is very carefully considered in our strategic planning, so we can really generate fundamentally this vision that we are looking at from now on. The movements we've been working on at this moment when it comes to growth, most of them are movements that have more of an asset-light approach than those we experienced in other moments, which are when we talk about unleashing value at our units.
This is a demonstration of how most of our CapEx exposure to build new units and to acquire units happened in the recent past, right? This is very important to position ourselves, right? Our movements now are to attract new medical teams, opening up new services, partnerships with operators and payers that are searching for solutions that can be adherent to their growth and they can service their beneficiaries better, creating conditions in our different units so that we can service physicians better that are sometimes not very well serviced in other structures that are set out there today. Having said all of that, besides the strategic movements for growth, our main priority is to delever.
We've been experiencing a scenario of high select rates, and we've been thinking about different ways to delever with a more robust cash position. Looking ahead at other opportunities to always take care of our capital structure despite the fact that we are at a very healthy level. We understand we are in a country with macroeconomic conditions that are sometimes that could possibly give us any kind of discomfort, right? As we advance and we feel cash position's comfortable, deleveraging levels are comfortable, then we'll also have the possibility to have new dividend distributions above what we've already done so far. Also, looking at a more careful perspective and also even more aggressive for opportunities related to M&As that could come up.
Once again, our main proposal is to really be able to attract volume without necessarily performing major capital allocations. When it comes to occupation rates and operational beds, we don't wanna provide guidance for hospital bed openings. We still have room to improve our operational efficiency, and we've been working on some movements that quite frequently bring revenue that is not necessarily connected to beds. Having said that, the second and third quarters especially are moments where we open up beds. Yes, we will open up hospital beds in the next quarters, but we need to have maintenance of the occupation always above 80%. That's really important for our margin maintenance as well. All right?
Very clear. Thank you so much, José.
We're gonna invite Gustavo Miele at Goldman Sachs.
Hi, guys. Good afternoon. Thanks for the presentation. I have two points here on my side. First, I wanted to cover medical materials. It's a cost line that you mentioned there's a bit of dilution with the increase in revenue that you guys mentioned. I understand, as you mentioned, that from a nominal perspective, there's a slight increase because of more penetration of oncology. My question is related to really understanding what could be a lever for possible nominal reductions in MatMed, and if you guys are seeing any like this. Maybe even renegotiations with some suppliers as you guys gain scale, and what can be done more commercially, searching for new suppliers so that you guys can be even more efficient. I think that would be a first point.
A second point would be just going after a bit of Vinicius' question here. As we think about growth, Jose Henrique mentioned the growth of the revenue of 12% in the acquired units. I wanna understand what you guys consider to be as challenges to be able to continue to ramp up the revenue of the new units. You already have been mentioning how happy you are in attracting the clinical team, and I wanna understand this from an accreditation perspective. Do you guys see room so that new health plans coming in the base of the new assets can really help the revenue from 2026 and 2027 onwards? I think that's it, guys. Thanks.
Hi, Miele. How's it going? Thank you so much for the questions. Well, I think Rafael has already mentioned the possible growth that we've been seeing in the line of medical materials and expenses, especially on the medical expenses considering this growth that is a bit disproportional, when you consider the oncological and infusion lines. There is a trend with an increase on this line, but of course, the revenue is also going to grow. This revenue that's higher will help dilute the other expense lines we have for personnel costs as well as some other services that are not going to vary as much as the growth in medical material expenses.
We've been having a real extensive process to negotiate with suppliers, and we've seen suppliers, quite interested in finding other options actually, that are related to the quality of care, understanding the trend that exists so that oncology especially can be more connected to hospital groups considering the complete patient journey and the possibility of finding formulas and means, or products that can really consider like a full oncological journey for patients, which is a thesis we've always defended. We are engaged in this topic here of trying to renegotiate so that this impact can be the least possible. In regards to the acquired units and the growth in revenue, we also expect a revenue growth in these units.
These are units that are stable. These are units that have been gaining pace when it comes to quality in each of their units and regions. They were able to attract clinical teams, and they're also benefiting from a more clear oncology strategy. Today, for example, we have a team for oncology that's set in Feira de Santana. We have a really well-established team in Uberlândia as well. We're thinking also about some other relevant movements as well for Goiânia. This is an important growth avenue for us besides the other avenues when it comes to attracting the clinical teams and products with the payers. Strengthening this unit also makes them become more and more important for those partners that are local and supporting the Mater Dei network.
We've been operating to have significant growth in these revenues, but we wanna pass the word on to Rafael so he can add on to this.
Miele, we have this effort now, and we've been noticing, first José Henrique mentioned this. As the numbers consequently become greater, you also open up a full scope of opportunities and options in these conversations, as mentioned. We've really kept our eyes open because we're gonna be even more relevant with this. That'll give us even more opportunities. About the companies about acquired, we have a growth of revenue. Sometimes the results when you look at this consolidated minus controller and you find the EBITDA of the consolidation, sometimes the EBITDA has some factors we have to disclose here.
Specifically in this quarter, we had almost BRL 6 million of contingencies that go through the results of the company acquired. The responsibility for this contingency is for the sellers of that M&A, right? We have some amounts in our assets that we have the exchange of this contingency that we launch. Who has this asset today is the Mater Dei network, the whole thing. There's a launch that when you look at this consolidated level, it's zero. Then it's a cost of the acquired companies. Then there's a reversal of this. If you were to look at the results of the controlled companies, you would consider the BRL 6 million as an actual result of the consolidation and not the controller. This is important.
You can see that this growth is also coming with a margin, and every quarter we notice this growth. We also have to be very careful with this not only by the companies acquired, but also in operators and payers with a short flight, let's say. We test some things. We don't do anything too big. What we try to do is increase accreditation of the payers that are our partners with some service that is still not there. This growth of importance brings in opportunity for us to be even more competitive in other accreditation processes. That will help us have more revenue in the next quarter. We're really excited in this dynamic, and we really believe we'll be able to retrofeed this growth, bringing in new opportunities.
Great. Thank you very much. That's very clear. Thank you, Rafael. Thank you, Jose Henrique.
Now we're gonna invite Flavio Yoshida from Bank of America, so he can share his question.
Hi, guys. Thanks for this. I have two points here. You talked about reinforcing the medical team, and I wanted to understand if you guys see an opportunity considering that you have a strong oncology player with a strong presence in Belo Horizonte going through a more delicate situation. Have you been seeing this movement with the clinical team that you can attract with a bit of ease, and has this movement happened in an intense or one-off manner? The second question is about the ticket. You demonstrated positive growth of 8% in the ticket, but this level has been slowing down a bit in regards to last quarters, which was 9% and 11%.
You mentioned also, a series of reasons for this increase, right? A mix of procedures, hospitals, negotiations with the payers. I wanna understand where you see more space to mess with this and continue to grow the ticket in a robust manner and if we should expect some acceleration in this growth looking up ahead.
Okay. I'm gonna start off here. About the attraction in the clinical team, this is quite recurrent ever since the beginning of Mater Dei's creation. Whenever you have maturity in our units, of course, you gain more strength, and we have good opportunities.
We've already, in oncology, we've already had a strategy actually set up to strengthen the oncological lines for the Mater Dei network and a very robust strategy also in the metropolitan region of Belo Horizonte, as well as a very robust strategy in Salvador with the arrival of physicians that are benchmarks and references to be able to lead our services there. It's a very robust strategy in Feira de Santana as well as in Uberlândia. What we've observed in the more recent past was that more and more, we have more attention and interest from people in oncology where we have in-depth admiration wanting to interact, and some of them actually started to migrate into our units, incorporating even more of our services. We look at the strategy and we're very careful.
We wanna identify who would be these figures that are really part of this clinical team at Mater Dei, and also if they are capable of attracting new relationship networks, right? This is super important. Together with, like, a good oncologist, you should have a whole network of professionals involved for referrals. We've been working on this a bit in the last few months. We've been able to accelerate the strategy as well. When we talk about the ticket, as I mentioned, we've been improving our mix and procedures. We've been improving our mix also of revenue for hospitals as some hospitals grow, and they have higher tickets, and they contribute also to the growth of the general ticket in the network. We're gonna continue in this sense. This is an important point.
We do not manage the ticket value. We just encourage the mix of strategic procedures and, of course, we encourage the mix of payers that we consider to be relevant and strategic. In line with what Rafael mentioned, we're very disciplined, and we're always gonna look at insurance or payers that bring in healthy revenue and capacity for payment. These are the guides we are associating ourselves with, and they're the ones we're gonna work with. As they grow, the revenue mix will also evolve. To add on to this point here on the ticket, we had 2.64% in the first quarter. The second and third, we have a drop, and it goes to 2.56%.
We've keep on an evolution to 67 to then in the 4th quarter and the 1st, there are very similar characteristics when it comes to company strategy, and we've seen a growth of 2.2% in the quarter. If you annualize this, you reach the levels of growth that we've demonstrated of 8.4%. The next quarter where we start with a reference of 255, we're gonna demonstrate this growth that's even greater, considering this drop that the 2nd and 3rd maybe show because of the dynamic that we have in the quarter. From our perspective, we already have a sustainable growth in the ticket that is way above inflation, not because we were able to get adjustments that were way above inflation, but because of this, right?
We're not gonna have a extraordinary peak, but we've been consolidating this slowly but surely, and this is gonna be reflected in our numbers. In the company that reflects the profitability, and we've been seeing this.
Okay. Very clear. Thank you so much.
Our last question is from Joseph Giordano at J.P. Morgan. To share his question.
Well, hi, guys. Thanks for taking my question here. I have two, one of them, which is the quickest. You talked about the issue with the seasonal impact in the quarter, and I wanna know if there's any estimate of what would be the level of revenue and what's the percentage as well of this impact. My second question is more related to the Originally, there was an expectation that we would have this broken down by the end of 2028. When we saw the release of Bradsaúde, we've already seen that it's closer to 2029. Could you guys update this and explain why there was this change maybe?
Thank you, Joseph Giordano. On seasonality, I think the best way to capture this factor is on the amount of business days, right? Why is that? Because, during vacation, people tend to have less surgical activity. Around the 15th of December, there's a significant drop, right? At the end of the year, you have less effectiveness of business days. When you wanna compare the quarters, you have to consider this summer as well. Carnival gets in the way. Besides having 20 days in February of Carnival, now you also look at months where people use hospitals more. They have more business days.
We have been controlling our revenue today with more sensitivity, based on this performance. What have we done within this initiative that's very important? You guys ask about occupation rates a lot, and the numbers we present are average numbers, right? When we say that we have a number of beds in the quarter, of course it was smaller than the beginning, and then it ended greater in the end of March. There's a pace of starting April a bit higher. When it comes to occupation, we also have an occupation rate of 85% that we demonstrated when there's the day hospital fees. In the weekend, this bed is also gonna lead to lower occupation.
During the week and during certain peaks, we can reach 95% or 100% occupation rate, but that's why we can't increase this rate too much more. We have some operational gains, as Zenicki mentioned, but we always work to represent average numbers. We can bring in this volume into the hospitals with more business days. We still haven't gone through this, but we can notice that there are more business days that are gonna bring in a proportional increase in the revenue. To answer this, our project with Atlantica, we've been carefully working with Finko and to accelerate these projects as much as possible.
We started a very positive pace of approvals and hiring the construction company that's gonna be working on this project, and we understand that we're gonna be able to open this up at a positive term. We always used to mention that we've been carefully following along with this so we can try to open this in time, right? We had one effect which was the suspension of some licenses, so we also have to think about this from this perspective, right? This is kind of killed by the Supreme Court, and we also have a challenge depending on the moment when the construction process starts. We have some possibilities to try to dilute this, but we know that the hospital has to be built well.
There's this normal projection, let's say, but there's a lot of interest also to be able to overcome our metrics and start this up as soon as possible. Very well. Yeah.
It's clear. Okay. Thank you. Very clear.
Now I want to invite José Domingues to also share his question. José Domingues? José Domingues? I think he left. With that, we're going to end the Q&A session. I'll pass to José Henrique Salvador for his final comments.
As we mentioned, it's a promising year ahead, and we've seen many levers that were placed in our strategic planning taking place, and some different buttons selected, which also have led to positive results. We are gonna continue to advance, to be able to continue having perennial activity at Mater Dei network and really take advantage of opportunities and be consolidated in the private health sector in Brazil. Thank you very much. Have a great afternoon.