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Rede D'Or São Luiz (RDOR3) investor relations material
Rede D'Or São Luiz Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue reached BRL 15.6 billion in Q3 2025, up 10.6% year-on-year, with EBITDA at BRL 2.9 billion, up 15.6% year-on-year, and net income at BRL 1.5 billion, nearly 20% growth year-on-year.
Achieved record patient-day volume of 784,000 in Q3 2025, up 10.1% year-on-year, and a record 157,000 surgeries, up 21.3% year-on-year and 15% sequentially.
Hospital occupancy reached 81.6%, a record for the quarter, up 3.0 percentage points year-on-year.
SulAmérica's net revenue reached BRL 8.5 billion, up 10.8% year-on-year, with a 10.1% increase in health and dental beneficiaries.
Operational cash flow for the first nine months was BRL 6 billion, up 22.6% year-on-year, and leverage reduced to 1.54x net debt/EBITDA, 0.4x lower than Q3 2024.
Financial highlights
Hospital services gross revenue in Q3 was BRL 9.4 billion, up 16.2% year-on-year, with average ticket up 5.6% and patient days up over 10%.
Oncology segment Q3 gross revenue was BRL 1.55 billion, up 28.1% year-on-year, with average ticket up 10.4% and volume up 16%.
Administrative expenses for hospitals, oncology, and others fell 17.2% year-on-year to BRL 253.4 million, representing 2.7% of gross revenue.
SulAmérica's adjusted EBITDA was BRL 1.02 billion, up 68.1% year-on-year; loss ratio improved by 2.0 percentage points to 80.1%.
Gross profit for hospitals, oncology, and others was BRL 2.13 billion, up 23.5% year-on-year, with a gross margin of 25.7%.
Outlook and guidance
Over 30 organic expansion projects underway, expected to deliver 3,203 beds between 2025 and 2028.
Management expects continued efficiency gains from ongoing system integration and automation, with further productivity improvements mapped.
Hospital and oncology segments are expected to maintain strong growth, with further ramp-up of beds and operational leverage.
No specific margin guidance provided, but management is optimistic about further efficiency and margin expansion opportunities.
Plans to reach 74 consumer units operating in the Free Energy Market with renewable energy by 2025.
Next Rede D'Or São Luiz earnings date
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