Bradsaúde (SAUD3) Q2 2026 earnings summary

Executive summary

• 2Q26 revenue rose 10.8% year-over-year to R$13.871bn; 1H26 revenue reached R$27.262bn, up 9.8%.

• Net income increased 24.8% to R$1.110bn in 2Q26 and 27.6% to R$2.418bn in 1H26.

• Beneficiaries reached 13.6mn, up 6.7% year-over-year, with 229k net additions in 2Q26: 99k in health and 130k in dental.

• Atlântica Hospitais reported 2Q26 net income of R$64mn, up 312% year-over-year.

Financial highlights

• Operating income increased 17.0% to R$1.513bn in 2Q26 and 21.8% to R$3.634bn in 1H26.

• Financial income grew 28.5% to R$930mn in 2Q26 and 18.2% to R$1.805bn in 1H26.

• Financial assets totaled R$29.553bn at 2Q26, up 8.7% year-over-year.

• Reported net margin was 8.1% in 2Q26 and 9.0% in 1H26.

Outlook and guidance

• Hospital capacity expansion projects extend through 2030; planned Atlântica D'Or hospitals in São Conrado and Sorocaba are expected to add 346 beds.

• Mater Dei Zona Norte is expected to begin operations in 2029; Vila Mariana and Zona Norte joint ventures are scheduled to start in 2030.

• SME and corporate growth, underpenetrated regional markets, and demographic trends represent long-term demand opportunities.