Bradsaúde (SAUD3) Q3 2026 earnings summary

Executive summary

• 3Q26 revenue rose 9.2% to R$14.275bn and net income increased 14.4% to R$1.075bn on the management BRGAAP comparative basis.

• Total beneficiaries reached 13.727m, with 117k net additions in 3Q26 and 745k over 12 months; SME plans were a leading growth driver.

• Consolidated MLR was 84.5% in 3Q26, up 0.5 p.p. YoY; LTM MLR was 83.4%, described as stable versus 2025.

Financial highlights

• 9M26 revenue reached R$41.538bn, up 9.6% YoY; net income was R$3.493bn, up 23.2%, and LTM net income was R$4.315bn, up 22.7%.

• 3Q26 operating result was R$1.449bn, broadly flat YoY; underwriting result increased 3.7% to R$1.616bn, while financial result fell 5.2% to R$685m.

• 3Q26 net margin was 7.6%, up 0.3 p.p. YoY; the effective tax rate fell 4.8 p.p. to 31.6%, with JCP distributions cited as a driver.

• IFRS consolidated net income was R$1.181bn in 3Q26 and R$1.970bn in 9M26; management’s BRGAAP summary reports different figures.

Outlook and guidance

• The 2026 loss-ratio outlook is for relative stability versus 2025; 2027 planning balances revenue and beneficiary growth with margin and market-share gains.

• Management emphasized disciplined underwriting, claims management, annual renewals and administrative cost optimization to support sustainable results.

• Commercial and care-delivery actions can take four to six months to affect results; quarterly trends may not represent the full operating cycle.

• Atlântica’s contracted-bed pipeline reached 4,449 beds through 2030; announced additions include 228 beds in Nova Lima and 120 beds in Jundiaí, planned for 2030.