Good morning, everyone. We're here at the Bradsaúde Studios at Paulista Avenue today, August 4, 2026, to show you the results of the second quarter of 2026. I'd like to start off with our highlights. During this period, we've achieved 13.6 million members, 99,000 net additions in health, and 130,000 net additions in dental. Our loss ratio last 12 months has remained stable at 83.3%. Our revenues have grown 10.8%, achieving BRL 13.9 billion. Net income of BRL 1.1 billion, increased 24.8% in the period. Our ROE increased four percentage points, 25.8% in the period. Atlântica Hospitais is the highlight. The net income grew 312% at BRL 64 million for the period. Over to Pacheco. He'll show you the figures for this quarter.
Thank you, Marinelli. Good morning, everyone. This is the first release of Bradsaúde. As you may remember, the company was created as of May 1st, 2026. I'll begin showing you the consolidated of Bradsaúde, and after that, we will explore the results of the medical and hospital plans at Bradesco Saúde, and afterwards Odontoprev, and finally Atlântica Hospitais. Let's begin. As Marinelli mentioned, the increase of new clients was very significant in the quarter and the half year and the last 12 months.
We have a consolidated portfolio of 13.6 million members, and significant increase of 229,000 members and an organic increase of 855,000 members as of mid last year. This is an unprecedented increase in the history of the company and the portfolios. I'd like to highlight the quality of the growth. one-third of the net adds was originated in the SME segment, small and mid-sized companies. This is a very important addressable market that provides significant returns in healthcare and dental.
The company has exclusive bank channels for distribution, and that has resulted in 104,000 new members in the last 12 months in health and 184,000 new members in the dental area for the same period. Revenues were BRL 54 billion in the last 12 months. I'd like to remind you of the first release at the end of February, where we highlighted a level of BRL 52 billion. The increase was double digit, not only in the half year assessment, but also the quarterly assessment, as you can see. The loss ratio remains stable, not only in the last 12 months, but also in the half year. Longer periods always favor an understanding of the dynamic of the loss ratio.
Moving on to the bottom line of Bradsaúde consolidated results of BRL 4.2 billion last 12 months with a significant increase of 28% in the first half year, and 25% in the quarter. We're leaving consolidated data, and we go on to specific data of each of the business units. I'd like to start off with Bradesco Saúde. At Bradesco Saúde, there is clearly a transition. A cleansing, so to speak, of the portfolio from 2022 to 2024. We go from 4 million to 3.8 million members. Since mid last year, a gradual recovery, which is recurring, specifically with the quality of having these new members and new contracts with discipline in underwriting and a balance in the new corporate contracts and contracts of the SMEs. Net adds in this chart is very interesting.
As you can see, a negative level in 2023 and 2024 with different kind of performance moving forward with new members and new clients in the last 12-month period up to June. In Bradesco Saúde premiums, we have an average annual growth since 2022 of over 12% per year. You can see the same rate in the first half year and two digits in the first quarter of this first year of the company achieving BRL 13 billion . Moving on to net income at Bradesco Saúde at BRL 3.5 billion last 12 months. You can see that this level is very different than what we saw in the past in 2023 and 2024. For the half year, 33% more, and for the quarter, 37% greater year-over-year. We will move on to Odontoprev data.
As you well know, Odontoprev is the leader in dental plans in Brazil since 1998. The total number of members achieved 9.5 million members in June, with a significant growth in the corporate portfolio and SMEs. Company revenue as the market leader is approximately BRL 2.5 billion , a growth in the half year and also in the quarterly assessment. When we analyze the loss ratio, you can see that the pattern of loss ratio, specifically in Odontoprev, compared to the healthcare market, is very unique, less than half than what we see in medical and hospital plans. That enables the company, as it has a technological platform, to have superior returns compared to the industry. In net income, the net margin compared to revenue is over 20% per year. Given its scale and technological platform, that is the reason.
We had positive non-recurring effects that increased the profitability to BRL 505 million and which remains year after year, always over 500. Moving on to Atlântica Hospitais. You can see a constant and continuous evolution up to 2030 with the projects that are already effective. We had approximately 1,800 beds in 2024. At 2026, we're at 2,900, and we've inaugurated a new equipment in Bauru in the state of São Paulo and in São Conrado in Rio de Janeiro that should be ready by 2030. With that, an evolution of the total capacity of beds for the company will achieve over 4,000 beds. This is a very important slide, which Marinelli mentioned. You can see that as of the second quarter of last year became positive and now are reaching different levels.
Looking at the second quarter of 2026, the net income of Atlântica is fourfold higher. With that, it accounts for a higher percentage of the consolidated data of Bradsaúde. That's what we're demonstrating here. It was 2%, and BRL 64 million accounts for 6% of the consolidated figures of Bradsaúde. Those are the main comments for this first release of Bradsaúde. We've presented original and new data to all of you, breaking down the medical and hospital data and separating that from dental data as provided in public data to facilitate your analysis, making data available that will be able for you to follow the business in upcoming years. I'd like to reiterate.
A consolidated portfolio of almost 4 million members, two-digit growth in revenues, net income that has benefited from a number of efficiencies and stability in the cost structure, and finally, leading to significant returns and even sponsored by the bigger and better performance of Atlântica Hospitais. Thank you for your attention. Let's move on to the Q&A session. Thank you very much.
Good morning, everyone, once again. Now we will open the Q&A session. From now on, we're also counting on the presence of Vinicius Cruz, CFO of Bradesco Seguros and CFO of Bradsaúde. Our first question is from Leandro Bastos from Citi. Leandro, go ahead.
Good morning, everyone. Thank you for taking my question. I have two on our side. The first one to explore the loss ratio. In the past quarter, you brought in a message of being conservative, and you can see that in the quarter, the loss ratio was actually a bit stable year-over-year.
How could you comment in the utilization and considering the base of the fourth quarter that's usually more accessible, do you remain the vision of being conservative, or do you see any improvements in the loss ratio for the rest of the year if you consider the second half of the year? That's the first point. Second point. Talking about the commercial side. The net adds robustness is very clear, and as a result of that, we've seen increment in the sales expenses. A two-in-one. The CAC idea and commissioning, so could you explain your direction of the sales expenses moving forward? Thank you.
Thank you, Leandro, for participating. Thank you for your question. Without a doubt, we do have a movement that was very important in the first quarter, and obviously in many of our conversations, we're surprised about the loss ratio, and we mentioned caution. Mentioning caution doesn't mean that we're being conservative. It's that we're in the industry for a long time.
We understand the dynamic of this industry, and we have the granular information. We understand that we have to understand that not as just one quarter, but we have to consider that in the mid and long term. That's why we mentioned caution, and we gave that adequate message in the first quarter, as you see. It's very important, and we've been highlighting the fact that we have to look at the loss ratio in the year, the stability, as we mentioned.
Pacheco really showed that in his presentation as the company went to another level of loss ratio, it reorganized itself in the post-pandemic period to build the claims, be it through use, frequency, and the actions that we've taken, as well as the reorganization and the strategy to consider growth again.
Pacheco showed us a drop in the number of members, and that's something that has to be controlled. You maintain the good contracts, you maintain contracts that you can bring on better profitability, and as time goes by, you bring in contracts with very good underwriting discipline, be it through the point of view of new contracts or the renewal of these contracts at the right price. That movement that's being done now and the loss ratio, in our opinion, is stable or relatively stable.
At this time, we're looking at 2026, and we see the comfort in explaining to you that we do have relative stability. The quality that we are building is very important, has to be highlighted, be it where it's being built. In the segment of SMEs, it's very important for us and has been very strong in building these new contracts, but maintaining the underwriting discipline and also including new products that has a differentiated claims mix. Obviously, when you go into certain markets, you want to add more members, not only in health, but also in dental. We go in being more competitive and turning that lower loss ratio at some point with better price competitiveness at some point. About what you mentioned in sales expenses, that's what it's reflecting. It's the dynamic of our industry.
As you have stronger growth in the number of members in a total market where the total number of members does not grow, it's a moment that you have where you will have sales expenses that are higher at first. That has to do with our strategy. As we mentioned in the first quarter, there was certain caution regarding that number, even though the number is stable for the quarter and has a slight improvement when we consider the whole year. The growth that we've seen, that we had not seen in previous periods, is new growth, so to speak, in terms of intensity, will naturally reflect on the sales expenses that we have.
That's part of the strategy that is being executed with discipline and expected according to what we have in terms of growth diversity of the organization, as well as what we had mentioned before, that Atlântica Hospitais would have a higher share in the makeup of all our results. When I talk about competitiveness, I'd like to say that two-thirds of our results are coming from the industrial results. The financial result is part of a company with this type of characteristic, and it's well desired in this type of company where we take advantage of moments where we can have a unique return in finance that gives us robustness and quality in our results and the reliability to move on into the mid and long term.
Thank you, Marinelli. Thank you, Leandro. Next question is from Mauricio Cepeda from Morgan Stanley. Cepeda, go ahead, please.
Marinelli, Pacheco, good morning. Thank you for taking my question. I have two questions with pretty much the same theme about the cushions moving forward for the business. First, the court orders in the industry. Could you give us an update on that, especially in SMEs? Also How it's a bit higher than last year. Would you considering a transition for hospitals to absorb the impacts of the court orders? The second one question also has to do with the cushions of transition and a bit with the previous question. In a case where we can go into lower interest rates, what do you think in sales side so that the premium can absorb the lower financial results and offsetting that in operations? I believe that that's a topic because of the carryover of the portfolios and commercial decisions currently.
Thank you, Cepeda, for your question. First point, we obviously would say that court orders aren't desirable in the industry. We would like to have better predictability, but it is a reality in our industry, not just in healthcare, but in many industries in Brazil. An intense use of the judicial branch to request and meet some demands that are not part of the contract. There is the clarity of complying with our contracts. When we consider that under the point of view of loss ratio, at this time, everything that comes through into court orders, if they come in, we are going to comply with that, and that's in the loss ratio automatically, and that's in what we have already presented. We don't see any major elements or actions that could change in structural terms because of the court orders.
In our loss ratios, we have our thesis for defense and that build that based on the knowledge that was acquired, not only by us but also by the other HMOs. We're very connected to the industry. Structurally, this is part of the court orders, and we don't see anything that would currently change that structurally. About lower interest rates, without a doubt, that's something that we should move towards. It's not something that we are really that concerned because at the end of the day, we have a large and diversified portfolio of reserves, and we also believe that's part of the result. Without the industrial result, they wouldn't be able to operate the company. You can see our combined index of the previous years and the more recent ones.
Clearly, we do have the possibility of generating results based on the industrial component that we have, as Bradsaúde has many different sources currently and obviously expressed in profitability. There's still a significant part coming in from Bradesco Saúde and Odontoprev. That's why our growth movement is so important. We've made that in a structured manner, strategic manner with a lot of underwriting discipline, and at first that means being more competitive and promotions in terms of price, bring in portfolios and believe in the characteristic that we have in SME and in corporate that we have or have a high maintenance of our portfolios and bring in those members, replenish the portfolios and gain more robustness, especially by negotiating with our providers considering the number of members that we have.
Through a brand that's desired and respected, we build something where our clients want to stay, that would be future profit. The tripod growth, profit, and loss ratio is something you always want to maximize. The main point is the quality of how these elements are working together. We're working with stability, relative stability in loss ratio, stability of profit, and growing our members. That's the equation. That's part of our strategy in the mid and long term.
Thank you, Marinelli. Thank you, Cepeda. Next question is from Samuel Alves from BTG Pactual. Samuel, please go ahead.
Thank you, Marinelli. Good morning, Vinicius. Good morning, Pacheco and other officers. I would like to go back to the loss ratio. You mentioned maintaining that, so I'd like to hear about the seasonality of the ordinary loss ratio for the third quarter. Should we expect a worsening of the loss ratio in the third quarter and then an improvement, a significant improvement in the fourth quarter, considering that flat dynamic that you mentioned about loss ratio? That's the first question. Second question is, could you mention the recurring levels of payout? There was a distribution in the second quarter, could we consider that quarterly? What do you expect in a reduction of taxes in the recurring level?
Thank you, Samuel. I'll talk about loss ratio, and then Vinicius and Pacheco can talk about the payout of interest on equity. When we look at 2025 is a year where we had a loss ratio that's not comparable to any other years. It was much better than the previous years. You'll see that there's a trend during the year.
If you look at a longer historical series, you'll see that loss ratio in the third quarter is usually higher than other quarters. Since we don't give guidance regarding the loss ratio, but we are talking about a relative stability in the year, just compare last year with this year and you can see that eventually there is a trend because of the third and fourth quarter loss ratio. Like I said, relative stability. A year that had the lowest loss ratio in history, that already says a lot about how we see loss ratio for the rest of the year.
Exactly, Marinelli. About the payout, it's worth noting that we closed the operation on April 30th, in first half closing, we had the first announcement of the distribution of interest on equity to shareholders. Obviously, it starts at a lower base than the full base that we will capture during the year, we will recurrently revisit the payout.
First of all, we will follow our policy of 50% of the result, which has not changed and is the same as before the transaction with Odontoprev, looking at our funds to see that we can recurrently use this mechanism, has already had a significant improvement considering the rate in the period, we will continue to do that as time goes by, compared to projects. The first signal in such a short period of time of that implementation of the company is to signal the discipline that we will have for the results and distribution to our shareholders.
Thank you, Marinelli. Thank you, Vinicius. Good morning. Thank you, Samuel. Next question is from Gustavo Miele from Goldman Sachs. Gustavo, go ahead, please.
Good morning, Pacheco, Marinelli, and Vinicius. Thank you for your presentation. I'd like to explore two points as well. First of all, your ticket. When we look at the health ticket, removing the managed product, we have a modest growth year-over-year of 2%. I believe that they may be hiding different dynamics of mixes and portfolio price adjustments. I'd like to understand a little better how that 2% growth breaks down between portfolio price increases that you have in existing contracts, what is an impact of more efficient products, but cheaper products. If you could give us an order of magnitude there, that would help a lot to model the future dynamic of your tickets for the insurer. That's the first point. Second point is I'd like to hear a little bit about the competitive scenario, especially in São Paulo.
We see that there's a growing trend here, as you highlighted in the beginning. It's very strong. Is that just a result of a stronger micro agenda in the growth, or do you see a competitive scenario in São Paulo with a bit more reasoning, less aggressive maybe, and that may have helped? Those are the two points. Thank you very much, everyone.
Thank you for your question, Gustavo. The two questions that you asked are very much connected because at the end of the day, competitiveness, it's price, right? Be it price replenishment or new prices, new products. That directly impacts the first item that you mentioned, which is the healthcare ticket of the managed contracts.
The growth that we've seen year-over-year in the managed contracts has to do with promotions and the launch of new products in many different markets, and is also connected to the growth that we've seen. It's important that when you come from a moment where we've reorganized the portfolio to better profitability and lower loss ratios, we would reorganize the investment coming from lower loss ratio into lower competitiveness. Otherwise, we wouldn't grow. It's a tripod. Profit, loss ratio, and portfolio growth. We've delivered growth that has been very significant in terms of members in health and across time with a unique product that is desired and that we know that we have the ability of having churn rates that's under the market average, be it in corporate or in SMEs.
That we have structural work in-house to reduce that we would have better profitability moving forward. Replenishing competitiveness, bringing in the growth, and improving the results in the future, that's what we're looking for at this time. About the competitiveness, and that's very much related, we have significant competitiveness, especially in SMEs. We've talked a lot about products, promotions, new markets, regional products even that we've been launching.
When we talk about corporate, and this is a bit different than what we've seen before, we've seen a lack of rationality in some decisions. Our growth brings in a movement to the market, to the industry, and sometimes we face some offers that we do not see any rationality in that or profitability in maintaining that portfolio considering what we're being exposed to, what the market has to offer. It's very simple.
We're very disciplined in that sense. The portfolio has to be profitable. It's no use to have a customer that will stay with us for another year and then in the future they'll have a huge problem with loss ratio in the portfolio. We've been highly disciplined in that. We're guaranteeing the profitability of the portfolios and working stronger on that. We've seen that happen intensely last year, and less intense and afterwards in the past months. Considering our growth, it seems like we have a more aggressive competitive scenario, as you mentioned, and we are privileging the discipline of underwriting and price reorganization in our portfolio.
Okay. Thank you.
Thank you. Next question is from Joseph Giordano from JP Morgan. Joseph, go ahead please.
Good morning everyone. Carlos, Vinicius, Pacheco, thank you for taking my question. I'd like to explore two points. One, top line about competitiveness. I'd like to explore the opportunities that you have in regional plans. What's the mix between the national and regional plan sales and the opportunities that you have considering the large Bradesco base?
Second, expenses. Now the company's integrated. I'd like to know what we could see in synergies and inform the main areas of integration, for instance. Considering that when you look at Odontoprev and expenses, it's not an operation where there are many mistakes. Now when we look at the bottom line, it's much beyond what was expected. Did you have any one-off expenses that were relevant in terms of maybe carryover in the transaction that has affected the results in the quarter?
Thank you, Joseph. I'll start, then Vinicius and Pacheco can add. About the opportunity in regional plans. Our company is known for its domestic, its national plans, unique plans, premium plans. It's a recent trend in the market in having regional plans. Our strategy is to take that opportunity even though it will be in a marginal manner. At this time, we will not change our strategy of being a company that only has regional plans. We do have the capability, be it the aspect of Atlântica with the launch of the hospitals such as Bauru. There we're having the Hospital Santa Lúcia as an anchor to have that type of movement. We launched in specific markets such as Macaé, Alphaville, and Guarulhos.
We're taking advantage of the diversity of profitability and revenues of Bradsaúde to add onto regional plans that together with the national plans that we already offer, they have the capability of bringing more members in a marginal manner. When you already have 4.1 million members in the premium segment with a higher ticket, you will naturally be able to, through the network and investments in Atlântica, add onto that and bring in marginal gains. However, they are still marginal considering our strategy. That's not our major focus in having these regional plans. It is an option. It is yet another strategy that can be intensified as we deem interesting and obtain the results that we've planned. Regarding exploring what we have through agencies, obviously that's a strength that the organization has.
It's an add-on offer that the organization can offer its clients and will do so in an intense manner. We explore all these opportunities for these synergies even through the bank channels.
Perfect. About the synergies, in fact, when we launched the ecosystem, we did mention many times that we're bringing together leading companies in their areas of operation, we will explore and continue to explore the synergies in the top line and growth. We see a very important combination of the sales force of each of the companies. Bauru is a great example. It's unique and special, where you can bring together a desired asset launched by the Grupo Santa with a product supply that enables us to have a commercial action and explore a market where we weren't as competitive with the offers that they had in that place.
That's an excellent example of synergies that will increase the top line and much more important and sustainable than any one-off things that we will observe. We won't ignore any opportunities for gains in efficiencies. These companies are leaders and successful in fighting against waste. About Odontoprev, their leadership in the number of members, which is absurd, even though it already is big, we've grown with a different mix than we had in the past. The comparison of the results last year and this year are mainly resulting from last year, where we had gains in regulatory terms that incremented the results and other aspects in operation.
If you look at last 12 months, we still have great results and a contribution that's significant for our ecosystem, which is greater than 10% when we consider Bradsaúde and is still an asset that makes a lot of sense to increase the unique offer and the exclusive channels that we have, so we can grow the number of members with superior profitability compared to other assets that are still in the maturity phase. About the synergies, I would like to add, Joseph, and mention the SMEs. You can see that in the last 12 months, the consolidated net adds in Bradsaúde was 855,000 members, and one-third is coming from SMEs, not only in health but also in dental. That's two-digit growth in the number of members in both portfolios.
That's a segment that enables us to have lower loss ratio, not only in dental but also in health. Bradsaúde has unique positioning in this market, which is a new potential market and very relevant for future results. That's what we wanted to mention.
Thank you, Joseph, for your question. Next question from Caio Moscardini from Santander. Caio, go ahead, please.
Hi, everyone. Thank you for taking my question. We have two on our side. Marinelli, when you're considering the design of the product that's being launched, so maybe lower levels of reimbursement, something that's more sustainable based on the point of view of loss ratio or claims, I'm sorry. And SME usually has higher margin than corporate. In that case, shouldn't we observe loss ratio that would gradually improve across time?
The potential higher efficiency would be shared with the client so that you can grow the number of members faster. Second question about interest on equity and benefits on the actual rate. Should we expect a lower effective rate in the second half compared to the first half? Should the effective rate be closer to 36%? Those are my two questions. Thank you.
Thank you, Caio, for your question. I'll start and then Vinicius can add. About the products, definitely they have to be sustainable. As I mentioned here, we have a great capability in maintaining clients, and you can only do that when you look at the loss ratio closely, and you do have the capability of offering competitive prices. We can't forget that this product basically has contract renewal every single year.
Every single year, the market, through brokers or new offers, Many of the competitors obviously want to poach our clients. That's pretty obvious. We do have to be competitive in price. In designing new products, we always work on the elements, as you mentioned, the share, the co-sharing, different type of reimbursements that brought reimbursements at a much lower level compared to what we had in the past, especially by fighting the frauds. Now we have a capacity and clarity that we did that work. At the same time, you have an evolution in certain segments, and we can clearly see that all the segments of use are broken down, and we see the major variations, where they're located, especially the cost of medical visits.
There's some special market segments and specialties that we've seen have grown in terms of average cost per visit and per procedure. We've been working on all the elements, meaning the relationship with providers, the compensation tables, and packaging procedures so that we can contain certain points where the chain takes advantage of certain movements to increase the average revenue per visit. We're working intensely on that, and we already have many of these results being included, and we'll continue to work on that during the rest of the year. It's not a simple matter of negotiating well, but there are practices with providers that show the understanding that we have with medical providers and other providers, what would be the best care for our members.
A lot of that has been happening in the past months and should reflect on a more sustainable loss ratio for the rest of the year. About interest on equity, Caio, you're on the right path. That's what we see in terms of the effective rate, but especially because of the increase in the contribution of the assets that are coming into Bradsaúde that are equal in net worth that have a lower rate than Bradesco Saúde and will continue to be the main source of results of the ecosystem. By using interest on equity, we can consider the effective rate and what you're seeing for the future exactly.
Next question is from Vinicius Figueiredo from Itaú BBA. Vinicius, go ahead, please.
Good morning, everyone. How are you doing? Going into that point again of interest on equity, I know you've had some questions on that. Just to understand. To see about the risk-based capital on health and also dental at Odontoprev. You have adjusted net worth, and you have some room there, but less when you look at cash and the technical provision, for instance. Just so we can understand, is that a limiting factor for interest on equity being distributed by Bradsaúde, or is there something could be done, especially in optimizing the framework of the company?
Second point about loss ratio. Everybody has explored that in the questions. Is there something that we can look at ANS specifically is that if you compare yourselves with some of the main competitors, even though you're looking at alternative hospitals, Fee-for-service is still big in your loss ratio when compared to peers. Do you still see that as a factor? Could we see more efficiency being extracted from that? Is there any specificity in that in a more premium segment in imitating that?
I'll start off with interest on equity. That's one of the mechanisms of payout that we have at Bradsaúde, and we should look at it that way. First of all, solvency, and not just solvency of risk-based capital, but also all our different proprietary methodologies that give us the level of buffer and comfort, not just for the volatility of results during the period, but also support the growth that we have of our operations, be it in health or dental. Specifically, in this first statement of interest on equity, we have to look at the first profit and loss of Odontoprev before the consolidated data, there's the growth trend in the upcoming periods, as you will see in that line.
I would say that the restriction is mainly on observing the growth and demand per capital than any other type of restriction that would hold back any funds of the operators that are regulated by the agency, by ANS. In the constant work of efficiency, we have the companies that are capitalized or within the scope of operations and investment in hospital, for instance, investments in growing services and making it more efficient than if the funds were in the companies and regulated, and you'll see the differences of the resources and other entities that are part of the ecosystems. After the closing, that was in April, only two months of Bradsaúde operating fully. We're still looking at other alternatives to have even more efficiency to the original framework of Bradsaúde that was comprised based on the composition of the partnership reorganization. There's the efficiency.
The important takeaway here is that we'll look at solvency, business sustainability, growth of operations, and scheduled investments for the company, so that based on that and by observing the payout that's been there, we can look at the payout that considers efficiency in delivering our results moving forward. About the loss ratio, before handing over to Marinelli, we have to observe that we are more mature in the regulation process with a lot of information that was captured by Bradesco Saúde in the claim area, but also by Orizon, our health tech company that has many different analyses that bring us on more capability of understanding the movement of the claims and dialoguing with our referred network. We start off with a package to cure predictability. Then we moved on to packages and other options to have better alignment between the providers, operators, and the payers.
That evolves constantly. Based on information and quality of data that we have internally at the company, given our exposure and being in the system for a long time, we can build new methodologies so we can align the incentives and bring in sustainable growth that turns into price and dynamics and readjustments that are less than we saw in 2022 and 2023, as Pacheco showed us.
Thank you for your question. There's an element that you brought in, and I mentioned it in a previous question, and that's very important, about the claims. We have to understand that the whole entire system evolves. At some point. There we see the villains, right? Oh, the villain is fee-for-service, we have to package it up. Then the market goes into packaging.
Even if you do that, it's not what you expected that would be, right? We saw that happening with some of the models that we saw of packaging. Recently, we restructured in structural terms, in teams, in leadership, so that we would have the pillars that we see in terms of claims. We have the pillar of the authorization, we see if it makes sense, what's being ordered. We understand it to see if there's something that can be streamlined and work on that with the providers so that becomes faster. Historically, we authorize that pretty fast. At the end of the chain, you see the accounts audit. They also look at what happened, if the use was adequate, the time of permanence, and the elements that make sense in that.
You didn't have a vision of what was going on. We will increasingly have, and we've organized it in this manner, a structure that will work together with these providers to see what's happening and how it's happening and organizing that. That will give us predictability for the claims. That will be very big. Always through a partnership with providers, because after all, they are providing the services and it's their responsibility. When we work together with them, we can streamline and obviously out of interest for them in terms of payment and not having any admin matters related to billing, and pay adequately for the right type of service provided and the right time. That will enable us to change the claims profile in the future.
Thank you for your answers.
Thank you, Vinicius. Next question is from Gustavo Tiseo from XP. Gustavo, please.
Thank you, Pacheco and Marinelli. Two on our side as well, both of them are related to Atlântica. In fact, strong results, it has grown a lot in this quarter year-over-year. I'd like to understand how much of that is actually recurring. Is there any specific Atlântica D'Or or any other hospital, the Grupo Santa may be bringing in stronger growth, is there a target? I expect that profit will be 3%-4% in 2026 for the hospitals.
Second part is the potential of expanding this vertical. You mentioned that you're looking at going into the countryside, into other regions. You need a hospital, Grupo Santa has been doing that, or at least it started. I'd like to know about your pipeline. Do you have a pipeline for acquisitions or projects when you go into these other regions? Give us some flavor if the Grupo Santa is a vertical, understand the potential of going into the countryside. Those are my two questions.
Thank you. Thank you, Gustavo, for your question. The Atlântica result is a result of the growth process and development of the hospitals that has been announced since we began the Atlântica Hospitais process. We started off with greenfield equipment, which naturally becomes more mature in the places where they are already installed. They start the process with registering with other payers. That entire process and understanding those regions and the quality equipment will favor the growth in sharing in our bottom line. That happened in all places where we installed the equipment. For the Grupo Santa, much more mature, it's stable results, that's a result of the actions that we've been taking in those places where they operate.
That's a natural process of operations and growth as you grow the number of operational beds. In the material, we not only have the number of beds, but also the increase in the number of operational beds. That result comes from that growth process and the maturity of this equipment. When we look at the potential of the share in the service chain of Bradsaúde, we started Bradsaúde with 1% results coming from Atlântica, and now in the second quarter, it's 6%. As we have the number of assets that already amount to over 4,000 beds prepared for installation, our expectation that naturally we will grow the share in that pie. The pie is also growing given the results of the other operations.
In five or seven years, we'll have over 10%, and that will come from a natural growth process. We don't necessarily have the obligation of installing new equipment to support that growth. In the places where we see quality equipment that's already installed, we'll make the supply of products for Bradsaúde without requiring new hospitals. We'll follow the growth based on our agreements and our reverence with the network of providers. We're not obliged to grow through new hospitals, but if there's an opportunity to grow and become unique in that place, we will assess that. Our pipeline looks into all those factors.
Perfect. Thank you.
Thank you, Gustavo. Our last question is from Antonio Cardoso from Jefferies. Go ahead, please.
Hey, everyone. How are you doing? Two questions on my side. First of all, I'd like to know about the Atlântica capital structure. Everybody funds hospitals with debt. At some point, do you plan on doing that, or only with your own capital? Second question. It impacts you less than others, but you still have 35% of the portfolio ex managed and SMEs. The Supreme Court has consolidated an understanding of characterizing a so-called collective program according to individual plans law. How is that going about when it's a so-called collective plan and compared to the individual's plans, how do you see that?
I'll answer the Atlântica one. Antonio, we will always assess the best opportunities for investment and the best framework to maximize efficiency. Up to the time being, considering the scenario, it made a lot of sense for us to use our own capital in those movements. We will always assess the possibility of maximizing results.
Don't forget that we have a pipeline of initiatives and other operations that are being assessed. With that, we can structure the framework in the best manner possible. At this time, a balance sheet that's strong without any debt and has strengthened our financial results, we see that as a significant competitive advantage for Atlântica. Well, about your question, and thank you, Antonio, for that. Well, fact is, we sell corporate plans. When you sell the corporate plans, it has to be sold through a Brazilian taxpayer number, a CNPJ, and it has to be in good standing. The National Health Agency has the policies for that. When we sell, we have all those elements.
What we're seeing is that some are trying to bring in some theses into the judiciary to reinterpret the contracts that were in fact established, maintained, signed, and are set forth in law and regulations according to the ANS. We're very confident that we comply with ANS regulations. We have valid contracts according to the model that is comprehensive and widely used in the Brazilian market. In fact, we do have internal rules that we pose in order to limit our exposure to any type of different understanding as some that have happened. We protect ourselves in that sense. At this time, there's nothing really structural on that topic.
Okay. Thank you very much. Very clear.
This is the end of our webcast for Bradsaúde results for the second quarter of 2026. All our investor relations material are available on our website at saud3.com.br. Have a great day.