Bradsaúde (SAUD3) Q2 2026 earnings summary

Executive summary

• Achieved 13.6 million members, with 99,000 net additions in health and 130,000 in dental in Q2 2026; SME segment surpassed 3 million beneficiaries.

• Revenue grew 11% year-over-year in 2Q26 to R$13.9 billion, and net income increased 25% to R$1.1 billion.

• ROE/ROAE improved by 4.0 percentage points year-over-year, reaching 25.8%.

• Atlântica Hospitais net income surged 312% to R$64 million, now representing 6% of consolidated results.

• Corporate reorganization completed in May 2026, with Bradsaúde shares trading under ticker SAUD3.

Financial highlights

• Consolidated revenue for the last 12 months was BRL 54 billion, up from BRL 52 billion at the previous release.

• Net income in 2Q26: R$1.1 billion (+24.8% YoY); 1H26: R$2.4 billion (+27.6% YoY).

• Consolidated MLR at 83.8% in 2Q26 (+1.7 p.p. YoY), stable at 81.0% in 1H26.

• Bradesco Saúde premiums grew at an average annual rate of over 12% since 2022, reaching BRL 13 billion.

• Odontoprev revenue reached BRL 2.5 billion, with net margin over 20% per year.

Outlook and guidance

• Expectation of continued stability in loss ratio for the remainder of 2026, with some seasonality in Q3 and improvement in Q4.

• Expansion in hospital network and continued focus on SME and corporate segments expected to drive future growth.

• Atlântica Hospitais expected to increase its share of consolidated results to over 10% in 5–7 years as bed capacity expands.

• Focus on disciplined underwriting, portfolio quality, and sustainable growth in SME and corporate segments.

• Stable MLR and strong financial results reinforce business consistency and support for long-term growth.