Rede D'Or São Luiz (RDOR3) investor relations material

Executive summary

• Gross consolidated revenue reached R$15.5 billion in 1Q26, up 10% year-on-year, with consolidated EBITDA of R$3.0 billion, expanding 27.3%, and net income rising 13.9% to R$1.2 billion.

• SulAmérica's results are fully consolidated, with net revenue of R$8.7 billion (+7.9% YoY) and adjusted EBITDA of R$1.3 billion (+29.0% YoY).

• Integrated model across hospitals, insurance, and oncology drove positive operational synergies and results.

• Patient-day volume expanded 4.1% YoY, with 727,000 patient days, occupancy rate at 77.5%, and surgical volume up 11.9% to 146,000 surgeries.

• Oncology gross revenue rose 23.6% YoY, now 11.7% of total medical service revenue.

Financial highlights

• Hospital services gross revenue reached R$9.2 billion, up 15.6% YoY, with consolidated average ticket up 9.0%.

• Oncology infusions volume up 15.9% YoY, average ticket up 6.6%.

• SulAmérica segment net revenue was R$8.7 billion, up 7.9% YoY, with adjusted EBITDA of R$1.3 billion (+29.0% YoY).

• Cash and equivalents at R$45.3 billion; net debt at R$22.1 billion.

• Consolidated EBITDA margin reached 20.4%, up 2.7 p.p. YoY; hospital segment EBITDA margin was 26.2%.

Outlook and guidance

• Expectation of continued solid growth in revenue and EBITDA, with ticket growth projected at 1–2 points above inflation (IPCA).

• Margin expansion anticipated to continue, supported by operational efficiency and mix improvements.

• Oncology and complex surgeries expected to remain key growth drivers.

• Management notes ongoing normalization of SulAmérica's loss ratio and continued growth in beneficiaries and average ticket.

• Organic expansion continues with ~30 projects, targeting 2,702 new beds between 2026 and 2028.