Earnings Call: Q3 2026

Oct 22, 2026

Summary

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.

We don't operate. And now, in end of February this year, within the Bradsaúde dynamics, we go from BRL 54 million per day in the first quarter of 2026, achieving BRL 76 million in the third quarter, and now over BRL 100 million per day trading at B3 in the first days of the fourth quarter of 2026. The shareholder base, where we have half of our shares in free float in the United States and United Kingdom, followed by investors from 30 countries. About dividends, the company has deliberated an amount of BRL 1 billion, that's the first one, and when we add interest on own capital that was done in June and September, totals approximately BRL 1.5 billion in compensation or payout to shareholders. I'd like to thank everyone who is participating and invite you to attend our Q&A session. Thank you. Bem, nós passamos agora à nossa sessão de perguntas e respostas. Nossa primeira pergunta vem do Leandro Bastos, do Citibank. Leandro, por favor. Leandro, please go ahead. Bom dia. Bom dia, Pacheco, Marinelli. Acho que são duas perguntas aqui do nosso lado. A primeira, queria explorar um pouquinho o tema da sinistralidade. A gente viu ali, em destaque, no resultado, que foi bem melhor do que até a própria expectativa do mercado, ficou nessa unidade de ano passado. O que a gente vê por trás disso? Quais são os vetores, os principais vetores? Tem algo na base, dinheiro da atenção, que você tem alguma variedade de frequência, que você possa comentar para esse trimestre? E também, acho que um outro ponto, poderia até continuar a pensar o que que tem de inédito pro quarto trimestre, né? Se tiver também a base mais acessível. Então, um primeiro ponto sobre sinistralidade. O segundo, mais específico aqui do resultado, a gente notou uma oscilação aqui na linha de outras despesas, que entendo que você, Marinelli, tem fatores aí de menos sequencial, aí eu peguei aí BRL 200 milhões, BRL 1 bilhão, BRL 200 milhões. Eu queria entender se tem algum fator aqui, seja na base do ano passado ou nessa aqui, que chama a atenção, e se tem também algum tiro aí de referência dessa linha pra frente. São esses dois pontos aqui. Obrigado. Marinelli, Vinicius, por favor. Primeiro, bom dia, Leandro. Obrigado pela sua pergunta. Com relação aí ao primeiro ponto que você trouxe da sinistralidade, é importante a gente dizer que a gente continua com a visão que a gente tinha e a gente veio compartilhando com vocês aqui desde o começo do ano, que era projetar o ciclo 2026 com relativa estabilidade em relação a 2025. Por quê? Porque 2025 é um ano, do seu ponto de vista de eficiência, pra aquilo que a gente tá trazendo de sinistralidade, é um ano muito importante. A gente tem uma eficiência que ela é histórica dentro da companhia. Em 2026, a gente está entregando também essa eficiência na questão da sinistralidade. Só que 2026 é um ano que tem outros elementos pra além dessa questão da eficiência de sinistralidade. A gente tá falando de um ano que a gente tá trazendo novos produtos, um ano que a gente tá crescendo em várias praças, a gente tá crescendo com ativos de atuação, a gente tem uma média de crescimento de 20% em vários mercados que a gente tá atuando, principalmente nos mercados de hospitais privados. A gente tem um crescimento expressivo do número de vidas nos últimos seis anos, que é um mercado que a gente temos claramente. Então, quando a gente olha pros ciclos, é muito importante que a gente entenda como que nós vamos trabalhar aqui. Criar ciclos dentro desses ciclos pra estar sempre maximizando a nossa eficiência, sempre numa função de crescimento de vidas, de crescimento de market share em vidas, de crescimento de receita e também a questão da sinistralidade. Quando a gente equilibra todos esses pontinhos dentro dessas equações, dentro dessa equação, você consegue chegar a um ponto melhor. Essa é a beleza daquilo que a gente enxerga como ciclo de empresas de saúde. E isso que a gente tá falando pelo segmento da saúde. É muito importante destacar que a gente tá entregando essa lacuna de estabilidade. Não estamos desafiando essa perspectiva, não estamos desafiando essa estabilidade. E, ao mesmo tempo, que pegamos crescimento, que pegamos novos produtos, que pegamos todos os aspectos aqui de saúde, como a questão dos hospitais, e conseguimos crescer em market share em vários mercados, como entrar nesses mercados, esse é o nosso trabalho aqui. Quando nós falamos disso, nós podemos isso pensando no ciclo, nós podemos isso pensando em como que nós vamos orquestrar todas as variáveis pra trazer esse ciclo de crescimento que está no melhor interesse dos nossos beneficiários, dos nossos acionistas, do negócio como um todo. E pensando que a gente tem uma empresa que já tem mais de 40 anos de história e pretende estar aqui nos próximos 40 anos. É trabalhando com essa perspectiva que a gente consegue chegar a esse resultado. About the line item, others. Thank you for your question. The line that we'd like to look at year-to-date so we can remove any specific expense that may be related to specific actions in that quarter. When we look at the year, the deviation is more discrete than what we've seen in the third quarter, and it's very much related to contingencies and certain periods you have a reflect of the results of those disputes and then reflected in the losses or in the losses. The second thing relating to looking at images and efficiency gains and quality analysis, analyzing operations, so there's audits and other elements. Lastly, and you will mention that is has many other things inside. There's also doubt that though you could have a better experience and that also reflects our quality in underwriting. There is volatility in the periods, but when we look at the year, it creates a differentiation and we would have had approximately 2 to 3% of the premium. Thank you everyone. Good morning to you. Thank you, Andrew. Next question is from Olavo Arthuzo from UBS. Olavo, go ahead, please. Good morning, everyone. Marinelli, Vinicius, Pacheco, thank you for your questions. I have two on mine. About the financials. The first one. Since it seems that you have approximately BRL 7, 8 billion in your portfolio available for sale and other investing results that impact the mark-to-market in terms of equity. The first one, when we look at the fourth quarter, we see the yield of the bonds ending at the beginning of the month. I'd like to hear from you. I believe that you had some sort, or actually if you had any gains and if your idea was to realize or carry that for these assets in the balance sheet. The second question to follow up on that is to understand that according to RN 569 from ANS, could we expect a positive marking? Should it be one-to-one your solvency? There's the optimization of capital in the insurer that could potentially assist in the optimization come before the third that we mentioned. Thank you, Olavo, for your question. The effect of mark-to-market for BRL 30 billion financial assets of that. We have assets available for sale at the service of ANS. In the economic perspective, we place the cash flows, future obligations of the contracts, and we have the duration of the contracts of the assets, securing that obligation to have a perfect alignment. In the space capital, you have less in bringing in regulatory capital to the company. Mark-to-market trends against the net benefit of the company. That's why we have a service management, even with a buffer of solvency, to be able to support the volatility of those mark-to-market assets. We monitor that on a recurring basis to ensure the sustainability of our operations. What's the effect on the results? That does not — it doesn't impact the results directly. We monitor the level of solvency that will monitor the discipline at post-capital on service. First of all, solvency and projects for growth to support our operations. Lastly, the policy redistribution where we have the first one, which is the interest on own capital to the shareholders. We do observe the interest rate and then of the interest rates that differ than in ANS will make adjustments to the liability, but in local debt, we don't have that effect current here in these statements. Okay, thank you. Thank you, Olavo. Next question is from Flavio Yoshida from Bank of America. Flavio. Good morning, everyone. Thank you for taking my questions. The first question from us: the positive of slowing down from this to the last quarter. Let's understand what we should understand here. Why did this slowdown happen? Did the company focus more on margin and profitability and less on growth? Was that a one-off movement? What can we expect in terms of growth moving forward? Because there was a slowdown in growth and tickets. Tickets, we understand that looking at the ticket definitely could be misleading because there are many mechanisms to the loss ratio. Just to understand what you think about that in terms of growth. Just to follow up in the perspective of that loss ratio, you mentioned about the cycle, which in a way could lead me to think that the company — I'd like to understand, could we expect, could you share with us in terms of loss ratio, because we've seen estimates. There was an increase in the share, an increase in the share of alternative payment and regulation and loss ratios. Could that lead to a benefit in loss ratios next year? Thank you. Obrigado pela pergunta, senadora. Thank you for your questions. These are great points that you mentioned. Starting off with the last one that you mentioned, the last question that I think you asked again that we always work on that to consider in this cycle, and even follow-up of the previous question, where they asked me about, because they were asking about, there were a number of different ones having upon even negotiations. We have to think that when you have 37,000 service providers across Brazil, the volume and the negotiations that you have during the year is very intense. Obviously, you have the bigger chains that have units that are more solid, the home support services, diagnostics, and therapies that have been growing lately, especially regarding oncology, autistic and extra support. That's why we need to look. There are a few elements in this, that's why we need to look at the cycle. A three-month period for our activity is very short to look at any trend. There are some things that you will spend today, and you'll probably see the results in four or six months from now. We're always looking on the period in this cycle much longer than a quarter. It's really important because we announce our results to all of you, as you mentioned in the beginning of the year, 2026 to be stability compared to 2025, with efficiency regarding loss ratios, as we've worked in previous years. Once again, I'd like to reiterate that loss ratio is a number to equation, because premium is the part. If you don't have quality of product, and when you have to replenish your premium, and you have a low churn, you're able to maintain your customers and your portfolio as a whole. It's not just about the claims, it's the negotiation, the products that you use. We just implemented, for instance, with the seniors, I haven't heard of it in other, anymore because of the market, which is clinical performance. It's physicians connected to different practices in medicine, not only in Brazil, but also across the world. Analyzing the clinical performance, and principalmente, the productivity for the patient, and we start to see the providers and understand the services that improve this performance. There are some indicators, for instance, here, for example, readmission of the patient. The patient is discharged one day, but three days later, the patient has to go to the hospital. It does happen, it shouldn't, but it does. We start to understand how these dynamics are implemented with that one. Going back to the ER. A patient goes back to the ER in a short period of time, that already is the cost of the system, but it's also the cost of the care. There are many things that we've been working with the industry, and what we've been working with the derivatives, in how we can raise the standard of quality with the technology numbers regarding the solution that we have for healthcare. At the same time, have a low churn, which connects to your question about commercial side. You mentioned the slowdown, especially in the number of members. We definitely don't want to miss this, to remind you that our premium business is really big. Even if we slow down, and still have a higher number of members, because the market that has been growing for a while, it's pretty much stable. If you say grow weak in a market that's not growing, means that you should, and we would like to talk to you that we are still the leader in premium plans, we're still the leaders in terms of revenues. Continua líder em vários dos mercados que a gente atua. Líder em número de clientes e nos mercados que a gente vai adicionando produtos. Esse é um exemplo que vocês viram na apresentação, nós adicionamos produtos especiais. Então, mercado de pessoas físicas. A composição desse crescimento no mercado é extremamente desafiador. Difícil, porque tem que misturar elementos de prêmio, elementos de produção, elementos de prestação de serviço, porque tem um conjunto de tudo isso. Só as bases diretas ou olhar pra um indicador só, como vocês viram na apresentação, é fácil de entender. Mas a gente quer ver resultado. Fácil de entender, fácil de ver resultado. É uma realidade, a gente tem que estar sempre atento a esses movimentos. Há uns 15 momentos diferentes que você pode olhar pra essa situação. Esse é o grande desafio. E é isso que nós temos feito em 2023, que a gente vai continuar fazendo. Porque os nossos produtos são cada vez mais efetivos em mercados que estão sendo subexplorados. Muitos desses mercados são mercados regionais e modelos desses produtos que a gente tem. Por exemplo, alguns modelos de mercado especial, como São Paulo e Rio de Janeiro, em que a gente tá ampliando a oferta da rede de Rio de Janeiro, exatamente pra poder fornecer um serviço melhor praquela população, ao mesmo tempo, o mesmo serviço disponível em nível nacional, mas entregando esse serviço de serviço local. Então, cidades como São Paulo e Rio de Janeiro, a gente lançou produtos como esse Efetivo Plus, onde a gente construiu a rede de prestação de serviço exatamente pra poder encontrar um price point que tenha entregado pra gente muito mais competitividade e muito mais sucesso nesse mercado. E esses produtos novos estão funcionando muito bem em atração e também estão trazendo não só esse resultado que a gente tá vendo agora, mas também resultados que a gente espera ter dentro da nossa companhia ao longo do tempo. Então, nós temos que ter sempre em mente que nós estamos trabalhando fora da base de repassagem. Então, você tem que ter um sentido pra que você, depois do lançamento desse produto, você consiga auferir o sucesso desse produto, que você tenha conversões e novos clientes contratando. É só pegar um exemplo, por exemplo, de São Paulo. Os lançamentos regionais que a gente tem realizado, como você falou, em cidades como São Paulo, alguns projetos, produtos experimentais, são produtos que você também vai experimentar no Rio de Janeiro. E o conjunto dessa ação de resposta tá começando a mostrar os efeitos positivos pra além de quando você lança esse produto. Isso é uma força muito grande, estar fabricando as suas respostas dentro dos produtos novos que a gente está lançando, especialmente na comunidade de corretores locais, e a receptividade da comunidade, como vocês viram, desses produtos, e trazer as ofertas pra vocês, é uma coisa muito importante. Então, entrar em mercados onde talvez a camada da população, e aqui eu estou falando do mercado SME, você está oferecendo um produto que, eventualmente, livre de tumor, ele, num evento dental, pode ser indicado para uso pontualmente, como uma restauração, um canal, alguma coisa assim, que normalmente é coberto por esse produto dental, ele possa se tornar algo indesejável, eventualmente, para alguém para fazer o tratamento dental. Então, é só falando de como você faz um produto para uma determinada faixa de população, identificar a resposta adequada, a oferta adequada, otimizar ou ampliar a rede e conectar isso com, por exemplo, um produto dental, faz toda a diferença na hora que você começa a fazer esse produto. Então, você dá o poder desse produto e tradicionalmente tem uma vantagem ali de reter um pouco a classe de idade do plano de saúde. Obrigado, Flavio. Nossa próxima pergunta vem da Goldman Sachs, com Gustavo Miele. Gustavo, por favor. Bom dia, Pacheco, Marinelli, Guilherme, obrigado pela apresentação. Eu queria explorar dois pontos com vocês, por gentileza, por favor. Primeiro deles, eu vou pegar um pouco a esteira que o Fábio trouxe aqui, que é a discussão comercial. Vocês deram uma resposta bastante completa, mas se o senhor puder permanecer nesse tópico, porque no plano comercial, vocês são um ótimo player geográfico, obviamente, quando você olha o case de tirar as UUJs naturalmente, você acaba tendo uma atuação comercial mais forte em São Paulo. Vocês ganham também, obviamente, um ambiente competitivo um pouquinho mais desafiador para vocês. Mas eu queria entender de vocês quais outras regiões vocês entendem que existem oportunidades de crescimento relevantes para vocês, ao longo dos próximos anos. Não necessariamente vale para o contexto aqui de plano de saúde, mas também no contexto de odontos, né? Porque a gente viu o lançamento de Biocor aí no mês passado, enfim. Segue esse mesmo padrão das outras cidades ou quais outras cidades vocês entendem que o portfólio aqui da companhia pode, com mais maturidade, desculpa, pode avançar um pouquinho mais em termos de topetes de 2027? Essa seria uma primeira pergunta. E o segundo tópico, eu ouvi vocês falando em relação à resposta do Fábio sobre como vocês vão lidar com os dividendos de BRL 1 bilhão, como vocês esperam distribuir. Se vocês puderem ancorar essa resposta um pouquinho no que vocês pensam de distribuição de dividendos esse ano, mas também vocês podem pensar um pouquinho lá para o final de 2027, colocando dividendos possíveis já dessa empresa aí na análise para o ano que vem. São essas duas perguntas, pessoal. Obrigado. Obrigado pela pergunta, Gustavo. Ótimos pontos que você trouxe. Eu vou começar aqui falando sobre as questões de mercado e as questões comerciais, e aí Denise e Pacheco podem explorar um pouco mais as questões mais operacionais. Vamos lá. Primeiro, essa pergunta é muito boa, porque a gente tem que entender o setor de maneira relativa. Nós estamos aqui resultados do caso, porque tinha lucro, tinha muito faturamento, tinha divisões, tinha distribuição de dividendos, tinha várias coisas. Mas vamos lembrar que quando a gente pega, por exemplo, as grandes operadoras do país, você pode somar o número de vidas. Nós temos 4,5 milhões de pessoas com a segundo, terceiro colocado, para aí você tem uma diferença de número de vidas, e logicamente de receita, mas você vai ver que ainda falta talvez a metade do número de vidas do setor no país. Quando a gente olha para esse cenário, onde estão essas operadoras? Onde elas estão? Como elas se relacionam? Você vai ver que você tem uma enorme dispersão pelo país. Isso significa que tem mercados que a gente pode não estar explorando ou não estar explorando as nossas oportunidades. Por óbvio, a gente tem alguns mercados em que a gente vai ter mais facilidade de colocar um produto, por ser um produto nacional, por ser um produto de rede, por ser um produto que tenta otimizar a sua operação pela região, e a gente vai explorar. Você vai ver que são mercados maiores. Quem não se prepara para isso não sobrevive. Eu vou voltar aqui, Guilherme, para você ver alguns pontos no segundo trimestre que eram muito conectados com essa sua pergunta. Quando a gente lança, por exemplo, no segundo trimestre, o Hospital Bauru, o novo Hospital Bauru, a gente tem um mercado, quando você pega as duas regiões, Bauru e Marília, você tem um contingente de quase 3 milhões de pessoas, 2.400.000 beneficiários de saúde. Se você olhar uma métrica, por exemplo, de capacidade contributiva ali, que seja toda a região atingida, você descobre que aquela região de dois municípios, na máxima região de dois municípios somados, é maior do que muitos dos estados do país, é maior do que muitas das capitais do país. O nosso olhar para essa evolução passa por isso, identificar regiões onde a gente está subpenetrado e que a gente pode ser competitivo com o produto, mas não chegar com o produto e já ter o que eu vou comercializar. Esse é o meu produto, essa é a minha estrutura, não. É entender a lógica local. Para isso, a gente tem que ter construído essa capacidade de estar preparado. Em cidades que a gente tem uma dinâmica em que a gente pode otimizar ou a gente pode ampliar a rede para utilizar produtos, isso acontece. Hoje, em Jundiaí, a gente já está bem conectado com a gente antes de utilizarmos. Talvez a gente até amplie essa rede. O price point também é uma coisa completamente diferente, mas ele vai determinar também aquilo que a gente vai conseguir comercializar em termos de preço. Como eu disse anteriormente, você vai ter várias opções dentro do setor. Acho que isso é uma discussão que a gente tem que estar no nosso processo. Não é só esse mercado, você tem vários outros mercados, desde mesmo os seus mercados, e você vai ter que estar em mercados em que você tenha essa tendência, mas que você também tenha uma tendência de crescimento, que é uma tendência de número de beneficiários, que é uma tendência de capacidade de resultado. Marinelli. Esse ponto de disciplina de capital parte do princípio que a gente observa a solvência da companhia como principal driver, e depois a gente tem que observar a otimização dessa capacidade de resultado que nós temos. Nós tivemos isso no segundo trimestre, nós tivemos essa discussão também sobre os projetos que a gente vai ter para as recuperações. Naturalmente, os novos projetos que a gente tem vão ter melhor retorno para os nossos shareholders, porque eles vão ter melhor capacidade de investimento. Então, a gente vai ter uma avaliação, como momento da apresentação dos resultados do terceiro trimestre, especificamente, quando a gente esperar algum movimento específico, porque a gente sempre considera essa capacidade de investimento. Está claro, pessoal. Obrigado. Muito claro, thank you for your answers. Good morning. Obrigado, Gustavo. Nossa próxima pergunta vem da XP, do Gustavo Tiseo. Gustavo, por favor. Bom dia, pessoal, tudo joia? Obrigado, Pacheco. Obrigado, Marinelli. São duas perguntas que eu queria trazer do nosso lado. A primeira seria tentar explorar um pouquinho melhor a nossa discussão de rentabilidade, que é um pouco mais complexa quando você pega uma sazonalidade maior. Mas quando a gente pega o terceiro trimestre, que é aquele trimestre que você tem menos pessoas, porque ele enfrenta essa condição de aumento de UTI. E aí, ele chega ao quarto trimestre mais leve, ele comenta um pouco mais essa questão de por que vem menos. Então, você poderia passar alguma coisa nesse sentido para você não ter um MLR flat year over year? É mais para entender essa questão de sazonalidade que vocês estão vendo diferente, ou vocês vão conseguir compensar essa questão de sazonalidade diferente ao longo do ano de 2025? E assim, faz um certo sentido. Mas para a gente entender mesmo esse momento atual da sazonalidade, para a gente entender também um pouco, e visto as mudanças que vieram, Marinelli, essas mudanças que vieram para 2025. E a nossa segunda questão. My second question is about the cycle. Marinelli mentioned a couple of times in previous sessions about the cycle that we have to analyze the cycle of the industry. Marinelli, could you tell us about your vision about which point you are in the cycle and perspectives for one or two years from now? Because usually, cycles, there's an aggressiveness in price and then margin. So I'd like to understand in which moment you're in right now and what we should expect in a year from now or two years from now. Those are our questions. Thank you. Thank you for your question, Giselle. You summarized that well. Traditional cycles in the industry are very contrary to each other, and we've seen that in 2023 and 2024, when we have very intense growth, very fast growth of the loss ratio, which makes us take structural measures. There's the significant price increase to replenish the margin. At the end of the day, what happens is that you have a drop in the number of members as the cycle slows. Shareholders expect recoveries. They expect that you're able to balance out all those elements and deliver revenue growth, maintaining margin increase, maintaining or growing number of members and stability and control. That's what we expect. Why do I say stability or control? In the release, you saw figures that were clear for our view. Our loss ratio at administered products are at 80 lows, so very competitive in comparison to the market overall. That means that the plan that we have for the cycle is being well executed. As I mentioned, we're in a segment in which, logically, when you look at the year, you may see events that would take you to build the loss ratio or seasonality. Our seasonality has a number of other measurements and effects. There's for sales negotiation with the buyers, models that we implement, and as we mentioned before, could take to a longer cycle, could take place in four to six months. That's exactly what's happening in the cycle where services provided in the market are low. We have what's coming, what we implemented with all the actions and other models that could affect us in terms of the elements. Our focus is not in the quarter. Our focus is in the cycle. The cycle of 2026 — we are talking about here, the 22nd of October, so it's almost the end of the month. If you can see, we have examples of a full month. We are talking about 10 months and 12 days, where we are working to deliver a cycle of 2026 within the period, which is what we have always said about relative predictability. Looking for 2027, which I think Gustavo mentioned in the presentation, is the same. We have to try to set up an equation to optimize and not have the major variations that the market usually requires. If I have growth, I can't have price, I can't have margin. Then I go back and transform that into margin, and I don't have growth. Fortunately, we've been able to integrate that. As we'd like to highlight, Bradesco as the most complete ecosystem in Brazil can work on different elements in that equation. Vinicius highlighted dental, for instance. That's a lever that we've been working on in SME for retention. We've been working together so that in retention, having that customer dental could make a difference in terms of the supply. We're working on the corporate plans, and we have a lot of discipline in that in 2026 of having a guaranteed margin in renewing these contracts, because we've been having a lot of discipline in that element. That eventually can enable us to win accounts as well as lose accounts. When we look at that cycle, when we work on that cycle with the Bradesco executives, obviously, we'll be here announcing our results every quarter, but we're still looking at the entire cycle. Looking at two, three years in the future, we want to deliver what shareholders want: growing market share, growing revenues, according to the needs of investment that we have in Bradesco when we look at Atlântica hospitals, new equipment. There's a need to have return over that capital. I'd also like to remind you that in the industry that we are, it's regulated. We have regulated expenses in Bradesco that has its characteristics for solvency that's necessary. Optimizing that equation, that's the work that we have, always looking at the cycle overall. Thank you, team. Thank you, Gustavo. Next question is from Vinícius Figueiredo from Itaú BBA. Good morning, everyone. Thank you for taking my question. I'd like to take the opportunity to thank the IR team for the work that they do, because the disclosure improved a lot. I'll still focus a little bit on loss ratio and commercial aspects, but regarding the change in the mix, you've been talking a lot about the opportunities that you have in the SME segment. Not only that, the distribution channel. We're talking about the bank channel offering room to sell in the free clinics or in other areas, and we hear from other operators that free enrollment is also an option. You're showing more or higher increase in members coming from these channels, not only coming from there's loss ratio and the frequency behavior. The other point that I'd like to explore are some more specific contracts that are not necessarily annual, that are not in the 12-month common contract, two, three years. Explore in terms of adherence to price increases and in contractual terms, the price increases, changes, or clauses, or if they go to court, because they don't want to pay the price increase. That's pretty much it. Thank you. Thank you, Vinícius, for your question. There's a lot there, right? I'll start off with the end. If I forget anything, please let me know. About the renewals, that's a free negotiation 100% of the times, especially in the corporate segment. In the corporate segment, contractually, you have the price increases. There are contract terms that govern that, but you can rest assured that the competition will be on us with all the proposals possible. They can bring in a company that has good loss ratios, a good number of members, and good practice that we build across time. They try to poach them, obviously. It's a market in which we plan a lot, and then after you're going to reap the results, someone's going to try to reap those results instead. In that negotiation, we work with the brokers, the benefits companies, and we help in that, always with a lot of discipline to maintain profitability. 2025 was probably a year in which was stronger in terms of maintaining those accounts, but for 2026, we clearly have well-established discipline regarding our objectives in these accounts. I spend two or three hours every month with the commercial team looking at each account, the ones that we have to look at and see the level of renewal with well-established indicators of where we want our level of loss ratio, what's in the contract, what we can accept, and what we can't. Helping our clients to accept the growth in — sometimes we accept their loss ratio, so we keep them with us. It's a negotiation, and we work on that in a recurring manner, especially in corporate. In my case, particularly, I'm also involved in that topic every single month. About SMEs that you mentioned, that's a different negotiation dynamic. That's a different way to elaborate prices and negotiation. As you well know, in the regulatory point of view, you can have the adjustments to the pool, and that's how the industry remains healthy and is able to deliver the capability of having predictability of the care needed when they need it. SME is a huge group of contracts, and we have a very different dynamic in terms of relationship with them in this market. We have specific channels, specific indicators, and levers of work to maintain these customers, but the commercial dynamic isn't that different. It's tough. Everybody's running after the best accounts, and we also do that. Considering what regulations allow and best practices allow, we establish contractual elements which enable us to have predictability, and at the same time, something that gives the corporate insurers something interesting compared to what's offered in the market and what we offer. As I mentioned, we've been working a lot with dental as an element to reduce churn in the SME portfolio, and it's been very successful. There will be other work that we will do and other elements that we have available so that we can increment that supply, reduce the churn, and bring in more SME portfolios. It's widely known that SME has a unique profitability level, and obviously, we work with that well — the better benefit for the customers, but also in our mix, considering the portfolio overall. We've been working well on that, and even more in reducing the churn. Bradesco increasingly has more elements that can prove to our SME customers that it's a great solution for them. To your point, in the commercial initiatives, one of the strengths of Bradesco is also being a part of the organization that gets closer to the brokers through the other products that we have in the insurer. Bradesco Seguros, together with Bradesco — the bank relationship in the channels that we add — brings us closer to distributors and being able to follow our product during its duration, and also working on decreasing the churn. We call them our network, the brokers that are in our bank branches. They have elements that enable us to have an average profitability rate better than the market. Very clear. Thank you. Thank you, Vinicius. Next question is from BTG Pactual, Samuel Alves. Go ahead, Samuel. Thank you, Pacheco. Good morning, Vinicius and Marinelli. Two questions on our side. The first one, it's very clear, and you've answered this many times, that the level of profitability and loss ratio has to be analyzed in the cycle. My question is, what's happening in 4Q '25, or what happened? It wasn't listed, so we didn't look into the details. Were there any specific months with an important leap in hospital stays? Because when we look at loss ratio per member for fourth quarter 2025, it was the highest in the year, probably the only time in history that happened. And that would help us to really understand if we should rule that out for 4Q '26 or not. That's the first question. Second question is commissioning. We saw an increase. You also have a mention of the SME mix, but to understand if the level of commissions is at a normal level, do you think that there's still room to encourage the channel a little more? Thank you, Samuel. Like we've mentioned before, we're always looking at the cycle, because if you look at the quarter, you're going to lose the complexity of managing a company this big with all these variables and try to consider everything in just one quarter. There's something inherent in your question that's perfectly understandable and we're able to capture, which is, we are currently saying that considering the size of the insurer, the healthcare insurer, responsible for 80% of the results, obviously you're going to look at loss ratio. We are talking about an industry, which is healthcare overall, in which we do a one-off analysis of what is part of this industry across time. There was services provided with a more intense presence when we look at the payers, and eventually, payers that had verticalized structures, which is not our case, and then they're very fast, and when you look at the quarterly results. The influence of services provided in the industry makes us consider the seasonality immediately. What we've been seeing and started to work on is that the seasonality that works well for service providers, the number of variables that we work with in a payer. And here we're talking about sales, increasing the number of members, renegotiations, sales with service providers, because sometimes they're dragged along, and then it happens. There are a number of variables that have significant impact, and this pure seasonality no longer is important as the service provider. Then there's our vision about the cycle, and I have to say, that gives us a lot of peace of mind regarding how we're going to plan these cycles. We planned for 2025, in which we delivered, as Chico always likes to say, a year of unique efficiency in terms of loss ratio. Up to the time being, we're repeating the loss ratio at 26, and that matches with what we've been saying since the beginning of the year, that we were going to deliver relative stability in 26. When we look at 2027, once again, I have to consider the 2027 cycle than being focused on seasonal cycles that wouldn't necessarily correspond to my reality. Remember that the flu season or infectious respiratory diseases have a direct impact on the next month at that service provider. They're going to have to close that bill or account for the month, and they're going to have to send it to audit. They have to send it to me. We have payment terms for that. All of that makes up that seasonality because it could be different for me or affect me in a different way, sometimes in shorter periods and sometimes in longer periods. That's why we've been talking a lot about cycles, because if you consider the immediatism of a quarter, you wouldn't be connecting other variables to deliver a moment that's different than the usual cycle. Either I have growth or I have members, can't have both. I'm delivering growth, delivering members, delivering new products, delivering evolution of the premiums, as you saw in the loss ratio ex-administered, which is very important, 600,000, 700,000 members that we have in under 80 aspect, and it's very competitive in the market overall. To your point, and to conclude your point, we're not concerned about the seasonality in the quarter. Instead, we're worried about the seasonality in the cycle. And since that makes sense, and how that makes sense for our competitiveness. Commissions. Oh, perfect, yeah. Commissions. You mentioned the different perspectives and different segments. About commissions, we have market practices. Sometimes we look at the market seeing, doing things that we really don't believe as being sustainable. Commissions and relationship with brokers is something that's very important in-house, and I'm not just talking about health traditionally. About the long-term relationship with the brokers, the different specialties and the segments that they operate. We believe that this relationship, you may have one-off stimuli, but our focus was the long-term, long-lasting, consistent, and coherent practices. We don't go into things where we are bombarded by the market. You can imagine that I get something on WhatsApp every day of something different that someone's doing, but we'd rather be a brand where a broker looks at us and knows how they're being compensated, knows what they could expect, than just one-off promises. Especially because they know their client, right? And they also have to reduce their churn with their clients because that's important for them, and maintaining customers satisfied. Consistency and coherence leads us to more traditional market practices. We are innovative, yes, we are, in one model or another. We test new formulas. And you can also see regarding our level of commercial expenses, the part of commissions is not something that we're going to win over the market at any cost. Thank you, Marinelli. Good morning to you all. Thank you. Samuel, thank you. Next question is from Santander, from Victor Kinuren. Good morning, everyone. Congratulations on the information on your statement. Two questions from my side. First one, how should we look at the loss ratio based on the regions that have an Atlântica hospital, especially countryside, Campinas? I believe that it should be better quality and the price list should be higher. Are we going to see a difference in loss ratio in the places where Atlântica is going to operate with the hospitals? And second point, in the others line, did anything change in processes to have the reversal in contingencies? Do you see any changes in the stance of the judiciary branch in Brazil? We see that the court orders are dropping a lot. I know there's always a restatement, but it seems like it's on a downwards trend. Those are my points. Thank you. Thank you, Victor. I'll start, and then Pacheco and Vinicius can add. I'll start off with the loss ratio in the Atlântica areas. When you look at their equipment in those different markets, there's no doubt about it that we are offering unique equipment to all of these markets. And why are we offering that? Because we know that the population there has overall medical quality in those regions that can deliver unique, differentiated quality in healthcare. And sometimes it's just missing a more modern hospital with modern design, better equipment. It's to update the quality of healthcare in the region, but taking that there has a cost. I'm not going to say that it's more expensive than the price list, but naturally, the volume of higher complexity procedures would increase. Instead of going to a different city to get higher complexity procedures, they would do it locally. And for the Atlântica model, working with Bradsaúde in these elements is being able to evolve the market for health insurance plans in the premium or high intermediary segment, in a market that was at a level of healthcare that people were already challenging that. Why having a product with all those characteristics if most of what I'm using is here locally and not worth that? We're establishing a new standard in the quality of healthcare. You're creating a new standard for this premium segment, so you can sell a unique product. The equation that we establish is considering not just this investment, but eventually the increase in MLR, the medical cost per call in that region, but it's also considering that we're creating a market and we've been able to capture a share of wallet of a population that can contribute towards that and establish that market growth. About the data that I mentioned before, on average, we grow 20% market share in the markets that we've recently entered with Atlântica Hospitais. About the other line item, I can highlight that there's no change to the court orders stance regarding our topics. They're very predictable, recurring. What we do see is a change, one-off, and one quarter compared to the other, but it's more discreet when we look at the whole year. We haven't changed the level of entry of these cases, and we're very careful with the quality of our contracts, underwriting. New products are well elaborated, developed, and explained to our distributors so that they can have the perception of that service and characteristics of that product to have a better supply and solutions and better quality in treating and relationship with our customers across time. Very clear, everyone. Thank you. Thank you, Victor. Last question is from Safra, from Thiago Marmo. Thiago, go ahead, please. Good morning, Marinelli, Vinicius, Pacheco. I have two. First of all, is about the interest on equity and rates. How have you seen the dynamic considering 2027, if there's room to maintain rates that are closer to the levels that you've reported this quarter? Even with expected increase in net income, do you have any other benefits considering the third quarter? And to a previous point about the payout in 2027, we've seen that the regulatory gap is up again, and with distributions across the year increasing. Are there any indications here about how you're considering the payout for next year, or if the reference is still the 50% that you've already mentioned? Thank you. Thank you for your question, Thiago. These topics are related. We'll always privilege interest on equity, offering that first, and then considering solvency and projects and the level of return, determine the upcoming distributions that will come after that process. The main takeaway since the first quarter of Bradesco is the recurrence of the movements. We'll always consider interest on equity, and then using that, and then solvency will have supplementary distribution of dividends, considering the policy of 50%. That's the base. Based on that solvency level and projects, then we have to consider the movements that we have at that time. We have an expansion process that's very significant and leads to incremental results to our shareholders as well. We observe all these factors until you see the recurrence and level of payout that we will practice. About the rates, that's what we mentioned, privileging or preferring interest on equity, and that's the higher effective rate. You'll see something consistent and recurrent for those results. Obviously, for the future, you'll see more contributions from the companies that already have a lower effective rate than the insurer, and that decreases the potential reduction moving forward, but we will always maximize starting off with Bradesco Saúde. Our Q&A session has now come to an end. Thank you for your participation, and I'd like to remind you that all the materials are available on our investor relations website of Bradesco Saúde. Have a good day. Thank you.