Good morning. Welcome to the audio conference of Oncoclínicas. At this moment, all of our participants are connected only as listeners. Later, we will start the question and answer session when instructions will be given for you to participate at that time. Please remember that this audio conference is being recorded. I would like to pass the microphone to Carlos Gil, CEO of the Oncoclínicas Group. Carlos Gil, please go ahead.
Good morning. Thank you for everyone's presence. I would like to compliment all of our investors, analysts, and other participants in the release of our results of the second quarter of 2026. The second quarter brought important challenges to the company and demanded quick decisions, not letting go of responsibility and strategic choice. With that, during this period, we maintained the quality of our service, of our care. In this period, we advanced in the normalization of the supply of medications, a subject that we have treated with the most as a maximum priority since the beginning of this present less liquidity crisis. The supply of BRL 150 million has come in, which has helped us to retake the care and without compromising the resources of the company and the quality of our care.
This is an important step in our plan of restructuring, operational structuring, and our commitment for the equalization of the treatments and with the recovery of operational efficiency. At this time, we're starting to show concrete results. We are generating positive operating cash and an adjusted EBITDA, which is again positive for the quarter. This is an important signal that these measures which are being implemented are producing the desired effects, and that we're heading in the right direction. We still have a long way to go, and the recovery will be gradual. But these first results give us the confidence to continue executing with discipline and consistency the plan that we have drawn up. We also recognize that the results of this quarter were impacted by non-recurring accounting events.
These will not alter our conviction that the Oncoclínicas business is sustainable and will go through the necessary adjustments and returning to profitability. During this time, we've had constructive conversations with our creditors with the objective of reestablishing a chronogram for the amortization of our debts, which is consistent with our cash generation and our operational efficiency. In spite of these challenges, we will remain sustained by the solid and ethical fundamentals. Oncoclínicas maintains its position as a leader in oncology in Brazil with a relevant national presence and plays an important part in the role of oncological care in the country. I would like to take advantage of this moment to reinforce that we count with a committed group of doctors who do the natural dynamics of this.
We have not observed any important impacts in our capacity to give care to our patients. We are conscious that the rational allocation of capital, and is exactly what we're doing in a concentrated way. Measures implemented in the recent months continue building a sustainable base for the organic growth of our growth and the profitability and strengthening of the reputation of the company. This will not happen from one day to the next, but it is being conducted with transparency and responsibility, maintaining the market well-informed about our most relevant advances. Now I would like to present our interim CFO, Isaac Quintino, who will give the financial results, details of the financial results for the second quarter of 2026.
Thank you. Beginning with slide number three, we present the principal highlights of the quarter and the accounting adjustments which have impacted the second quarter of 2026. In the environment of gross revenue, as we mentioned in our most recent call, the company had a crisis of lack of supply of medications, especially in March, April, and part of May, which has been due to the cash pressure which the company had been confronting in this first quarter, in this first half of the year. The supply of medications was partially normalized starting in the celebration of the FIDC, up to BRL 150 million. Beyond this effect, we have had an accounting effect of PCLD during this quarter of approximately BRL 72 million in that period, accounting for expenses from previous years.
We were impacted by several recurring problems from payers, BRL 170 million in non-payments from the previous year. In expenses, we had three one-off effects in this quarter, totaling BRL 184 million, made up of BRL 78 million in impairment of the build-to-suit (BTS) from Goiânia, BRL 76 million reference to the penalty for the rescission of the contract on the property which the company was preparing for a unit on Avenida Angélica in São Paulo. The BRL 30.5 million reference to the provision of loss of credits of Unimed with less liquidity. Next slide four, we can see the evolution of the number of procedures and the average ticket, especially in relations to the period of the lack of medications.
In the second quarter, we registered approximately 114,000 procedures, the volume which reflected the impact of the lack of medication which began in the first quarter, and which took up a large part of the second quarter as well. However, on the other hand, the average ticket grew by 9.5% in relation to the second quarter of last year, which had two effects. One was the re-phase of the CMED of that period, and the second effect, the interruption of these services being supplied by several payers with whom we did not have commercial conditions that were favorable. In the last 12 months, the number of procedure totaled approximately 537,000 procedures, while the average ticket went from BRL 9,500 to BRL 10,286 in the current period, a growth of 8%.
On slide number five, gross revenue reached BRL 1,227 million in the second quarter of 2026, compared to BRL 1,670 million in the second quarter of 2025, a reduction of 25%, a direct reflection of the crisis of supply of medications. Also, the commercial policy of the company, which is more restrictive, adopted by the company, and also by the closing of the sale of several assets the company has done during the last 12 months, principally in the last 12 months. In the vision of the last 12 months, the gross revenue reached BRL 5.7 billion, compared to BRL 4.8 billion in the period ending in the second quarter of last year. On slide number seven, the net revenue totaled in the second quarter, compared to BRL 1,470 million in the second period of 2025.
A reduction of 28%, but here's an impact of BRL 72 million, as I mentioned, with reference to the PCLD, a one-off in this quarter. As we always mention, and as is evidenced in the following slide, we have a PCLD of 9% in the second quarter. Excluding this one-off effect of approximately BRL 72 million, the PCLD would have been 3.1% of gross revenue. A level which is closer to the historical level of the company, and therefore, which indicates that the company has been observing signals of a recovery, a return of several indicators to more stable indicators of the past, such as this of 3% of PCLD.
The natural effect on the indicators of the companies with this PCLD, with this non-payment, is that the net profit, the gross margin of the company went to 27.2% when excluded this non-recurring effect of BRL 72 million. Looking at accounting numbers, we have 22.2% of gross margin, a relevant improvement compared to the last quarter. When we look at the two numbers together, normalized both in the first quarter as well as the second quarter, we see an improvement, but a stabilization in this level of 27% in the last two quarters. Looking at slide 9, operating expenses of the company. We had these three effects as I mentioned, but excluding these three effects.
The company has reduced its expenses from BRL 226 million, not including the hospitals of the first quarter, to BRL 225 million in the second quarter of 2026. So an improvement of BRL 20 million in the sequential improvement. It's also important to mention that the company continues a series of initiatives in the reduction of expenses. We've done a strong reduction in our personnel in July and several other initiatives for the reduction of expenses occurring in the month of August and in the next coming months, which will bring the company to have better indexes of operating expenses in the next periods. The company continues advancing on this front of matching the size of the company of the corporate expenses in relation to the size of the company's revenue.
On slide 10, the adjusted EBITDA of the company, not including the effects of the PCLD, was BRL 34.3 million. A sequential improvement. However, when we look at the margin, excluding this effect of the PCLD, we reach a margin of 9.6%, 9.5%. Therefore, in a sequential line, this is very important, especially with the effect of this improvement in expenses, which the company has been observing. On the next slide, the net loss of the company of BRL 275 million. This is a very relevant effect of the financial expenses of the company, which are still very high, even in the context of the extrajudicial reorganization in which we find ourselves at this moment.
Especially for the renegotiation of these debts to make them more adequate to the financial expenses to the size of the company and the current obligations of the size of the company. Next slide. The cycle of working capital still has the noise due to these renegotiations, which are happening with the principal suppliers of the company. But when we observe that in slide number 13, we can observe an improvement in operational cash flow of the company. In this case, differently from the previous quarters, where there was a huge change in the point of view of anticipation of receivables and paying down of these anticipations of receivables. In this quarter, we have a more recurring photo of the operating cash of the company.
So this BRL 158 million reflects the position of receivables of the company more normalized in our vision. During the quarter, as you know, we had the judicial decision issued by the company, which protects the company from executions. However, it gives us a period for the non-payment of interest and principal on our debts, but did not cover the entire quarter. Therefore, during that period, which was not covered, the company had to pay BRL 37.5 million in interest and had a number of principal payments as well. Excluding these two effects, we had a CapEx of BRL 13.3 million, which is much closer to normal as recurring for the company, much closer to the levels of maintenance of the company without growth projects or expansion projects.
This is the more recurring level in our vision. Finally, and no less important, in slide 14, position of the debt of the company. The net debt of the company of BRL 3.4 billion, where BRL 3.26 billion are financial debts at the end of the first quarter of 2026 and BRL 86 million of debts with acquisitions to pay. With that, I end the expositive part of our presentation, and we will now open for question and answers.
Ladies and gentlemen, we will now start the question and answer session. If there are any questions, please raise your hand through the button that is available on the video conference. Reminding you again, to make a question, please raise your hand through the button that is available on the video conference. We now close at this point in time the question and answer session. I would like to pass the word to Carlos Gil for his final considerations. Carlos, please go ahead.
I would like to thank all of you. Thank you for being with us here today, and wish you all a good week. Thank you very much.
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