Fleury (FLRY3) investor relations material

Executive summary

• Gross revenue for Q2 2025 reached R$2.2 billion, up 2.8% year-over-year, driven by 7.2% B2C growth and operational efficiency despite a challenging macroeconomic scenario.

• EBITDA was R$532.1 million, up 1.9% year-over-year, with a stable margin of 26.3%.

• Net income was R$152.3 million, down 12.3% year-over-year, with a net margin of 7.5%, impacted by higher depreciation from tech investments.

• Portfolio diversification, innovation in technology and digital services, and disciplined capital allocation contributed to resilience and market share gains.

• Integration of recent acquisitions and expansion in key regions like Campinas and Minas Gerais supported growth.

Financial highlights

• B2C segment posted 7.2% growth, with strong regional performance, especially in Bahia, Goias, Minas Gerais, Rio de Janeiro, Rio Grande do Sul, and Sao Paulo.

• B2B revenue declined 3.1% year-over-year, mainly due to contract termination and lower demand for toxicology and dengue tests.

• New Links revenue dropped 13.2% in Q2, impacted by lower dengue exam volumes and increased market supply.

• Gross profit for Q2 was R$528 million, a 6.9% decrease year-over-year, with a margin of 26.1%, affected by wage pressures and higher imaging share.

• Capex rose 44.9% to R$141.5 million, mainly for technology and digital investments.

Outlook and guidance

• Management expects a recovery in growth for the A+ brand and patient service units in Q3 due to favorable calendar effects.

• Focus remains on expanding digital platforms, mobile services, and regional brands to support future growth.

• Ongoing integration of recent acquisitions aims to capture operational synergies and expand market share.

• CapEx investment levels expected to remain at 6.4% of net revenue for 2025, focused on technology and digital initiatives.

• High payout ratios for dividends to be maintained as long as leverage remains controlled.