Bradsaúde (SAUD3) Q3 2025 earnings summary

Executive summary

• Net revenue and average ticket grew 7% year-over-year, with record SME segment growth and total beneficiaries reaching 9.1 million, supported by the Bradesco Dental brand and strong net member additions.

• Adjusted EBITDA margin expanded to 32% for the last twelve months, with adjusted EBITDA reaching R$763 million and net income at R$556 million, reflecting double-digit annual growth.

• The company maintains an asset-light, pre-paid, recurring revenue model with zero debt and a net cash position of R$1.04 billion.

• Recognized for superior corporate governance, ESG performance, and as the top-of-mind dental plan by HR executives in Brazil for the 12th consecutive year.

• Holds the largest dental plan portfolios in Brazil, with corporate at BRL 1.3 billion and SME/individuals nearing BRL 1 billion.

Financial highlights

• Consolidated net revenue for the last twelve months was R$2.384 billion, up 7.1% year-over-year, with SME segment revenue share increasing to 23%.

• Adjusted EBITDA for the last twelve months was R$763 million, with margin expansion to 32%.

• Net income for the last twelve months reached R$556 million, a 10.1% increase year-over-year.

• Gross profit from non-corporate segments grew 14% per year, now representing 53% of total gross profit.

• Bad debt ratio improved to 2.0% in 3Q25 from 3.2% in 3Q24.

Outlook and guidance

• SME and Individual plans continue to drive growth, with a revenue CAGR of 12% since 2014 and increasing share of consolidated revenue.

• CapEx is expected to continue its downward trend after peaking in 2023, with ongoing investments in technology and process improvements.

• G&A expenses are anticipated to dilute over the midterm as digital investments mature.

• Individual plan portfolio is in a transition year, with new products and channels expected to drive volume growth from mid-2026.

• SME segment is projected to maintain strong growth, targeting 200,000 net adds annually from 2026 onward.