Brazil · Delayed Price · Currency is BRL Bradsaúde Earnings Call Transcripts
Fiscal Year 2026
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2026 loss-ratio performance is expected to remain relatively stable versus 2025 as growth, product expansion and profitability are managed across the full cycle. Shareholder distributions totaled approximately BRL 1.5 billion, while future payouts will depend on solvency and investment needs.
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Membership grew to 13.6 million with strong SME and dental additions, revenue rose 10.8% to BRL 13.9 billion, and net income increased 24.8% year-over-year. Atlântica Hospitais' net income quadrupled, and loss ratio remained stable at 83.3%.
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First quarter 2026 saw 5% revenue growth, strong net margins, and robust membership gains, driven by SME and individual plans. Management remains cautious on claims ratios and medical inflation, while investing in hospital expansion and premium products to sustain long-term growth.
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A leading dental plan provider with a technology-driven, asset-light model, strong bank partnerships, and nationwide reach, is expanding its high-margin SME segment while maintaining zero debt and distributing nearly all profits as dividends. Margins and efficiency are rising, with further growth potential in underpenetrated markets and continued focus on technology and shareholder returns.
Fiscal Year 2025
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Reported 5.3% revenue growth and record new lives in 2025, led by SME segment expansion and improved cost efficiency. Integration into a broader health ecosystem marks a new growth phase, with a strong cash position and positive outlook for 2026.
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Net revenue and average ticket rose 7% year-over-year, with record SME growth and a 32% EBITDA margin. CapEx is trending down, and nearly BRL 1.3 billion was distributed to shareholders. SME and individual plans are driving portfolio transformation.
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Net revenue reached BRL 2.4 billion, with record SME client growth and a 24% quarterly net income increase. EBITDA margin rose to 34%, and bad debt fell to historic lows, supported by efficient bank channel distribution and disciplined cost control.
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Q1 2025 saw strong EBITDA margin expansion to 38.3% and robust cash generation, driven by SME and individual segment growth. Dividend payout remained high at 90% of net profit, and technology CapEx is set to decline. SME and individual plans now account for 60% of contribution margin.
Fiscal Year 2024
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Achieved strong revenue and net income growth in 2024, driven by portfolio diversification, cost efficiency, and robust SME expansion. Dental loss ratio remains below 40%, with high dividend payouts and continued growth expected in under-penetrated segments.
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Q3 2024 saw record SME growth, a 16% rise in net income per share, and a 38% loss ratio, with SME and individual plans now 43% of revenue. Strategic focus remains on SME expansion, high profitability, and technology-driven efficiency.
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Q2 2024 saw strong member growth, especially in corporate and SME segments, with net income up 15% year-over-year and a 30% EBITDA margin. High payout ratios, robust cash, and disciplined cost control support continued shareholder returns.