CM Hospitalar (VVEO3) investor relations material

Executive summary

• 3Q26 revenue rose 7.8% YoY to R$3,055.0m, led by Hospitals and Clinics; adjusted EBITDA increased 13.1% to R$195.5m, while reported net loss was R$95.2m.

• Restructuring reduced September-end net debt to R$2,248.3m and leverage to 2.80x; the October capital increase was completed at R$867.2m.

• Operating reviews target profitability and efficiency across Consumer Products and Compounding.

Financial highlights

• 9M26 revenue was R$8,797.1m, up 4.3% YoY; gross profit reached R$1,377.5m, up 12.7%, with a 15.7% gross margin.

• Q3 gross profit rose 7.6% to R$447.1m; gross margin was 14.6%, down 0.1 pp YoY, reflecting product and channel mix.

• Adjusted EBITDA was R$195.5m in Q3, up 13.1%, and R$620.3m for 9M, up 21.6%; margins were 6.4% and 7.1%, respectively.

• Adjusted net loss was R$75.1m in Q3 and R$131.7m for 9M; reported Q3 net loss was R$95.2m.

• Q3 net financial expense was R$175m, pressured by higher financing costs and the absence of prior-year extraordinary gains.

Outlook and guidance

• Continued deleveraging, operating efficiency, productivity, service levels and process standardization remain priorities.

• Cremer adhesive-product supply recovery is expected to begin in December 2026, with normalization by the end of H1 2027.

• Insuma Porto Alegre sterile compounding is restarting gradually; dialysis services remain suspended under review, with no timetable set.

• Measures for gradual working-hour reductions include shift redesign, workforce allocation, lower overtime, productivity initiatives and price pass-throughs.

• Tax-reform systems and processes are being prepared for 2027 implementation; details and business effects remain uncertain.