Hospital Mater Dei (MATD3) investor relations material

Executive summary

• Q3 net revenue reached R$660.2m, up 16.3% YoY and 7.6% QoQ; adjusted EBITDA was R$148.2m, up 17.8% YoY.

• Higher average ticket, specialty mix, occupancy and newer-unit maturation supported growth; occupancy reached 83.8%, up 2.1pp YoY.

• Net income rose 90.9% YoY to R$52.5m; net debt fell R$32.5m QoQ to R$731m, with net debt/EBITDA at 1.4x.

Financial highlights

• Gross revenue was R$739.5m, up 16.0% YoY; net revenue was R$660.2m, up 16.3% YoY.

• Gross profit rose 22.2% YoY to R$209.1m; gross margin expanded 1.6pp to 31.7%.

• Adjusted EBITDA was R$148.2m, up 17.8% YoY, with a 22.5% margin; EBIT was R$118.7m, up 21.0% YoY.

• Net income was R$52.5m versus R$27.5m a year earlier; adjusted net income increased 50.5% YoY.

• 9M net revenue was R$1,848.8m, up 14.6%; adjusted EBITDA reached R$416.8m, up 23.4%.

Outlook and guidance

• Oncology growth is expected to remain strong into 2027 as the specialty continues to mature.

• No near-term step-change in margin is expected; focus remains on revenue and EBITDA growth, with longer-term oncology margin improvement possible through scale and negotiations.

• Positive cash generation was expected for the rest of 2026; the elevated Q3 investment level was not expected to recur at the same level next year.