Fleury (FLRY3) investor relations material

Executive summary

• Gross revenue grew 10.1% year-over-year to R$2.41 billion in 1Q26, driven by strong B2C and regional brand performance, with stable B2B and ongoing innovation in longevity and premium care.

• EBITDA increased 10.7% to R$606.0 million, maintaining a stable margin of 27.3%.

• Net income rose 12.2% to R$201.2 million, with net margin improving to 9.1%.

• ROIC reached 17.0%, up 300 basis points from Q2 2023, reflecting disciplined capital allocation.

• Strong brand reputation, medical community relationships, and diversified business model underpin market share gains.

Financial highlights

• Gross profit reached R$628.1 million (+9.8%), with a margin of 28.3%.

• Operating expenses rose 8.9% to R$260.3 million, representing 11.7% of net revenue, but diluted as a percentage of revenue.

• Capex totaled R$60.6 million, down 9.4% year-over-year, with focus on new PSCs and technical areas.

• Operational cash flow was R$264.6 million, down 17.9% year-over-year due to seasonality.

• Free cash flow to firm increased 72.8% to R$204.5 million.

Outlook and guidance

• Positive outlook for 2026, with expectations of continued market share gains and growth, supported by investments in expansion, innovation, and disciplined financial management.

• Management emphasizes sustainable growth, integration of patient journey, and readiness for inorganic expansion.

• Robust capital structure and leverage at 1.0x provide flexibility for future acquisitions.