Bradsaúde (SAUD3) Q4 2025 earnings summary

Executive summary

• Net operating revenue grew 5.3% year-over-year to R$2.39 billion, with an average ticket of R$22.23 per member per month and a net addition of 339,460 members, reaching 9.26 million beneficiaries at year-end, led by SME segment expansion.

• Recurring net income for 2025 was R$550 million, up 4.1% over 2024, with an adjusted EBITDA margin of 31.0%.

• Maintained a net cash position of R$713 million at year-end, with zero debt and strong cash generation.

• Shareholder remuneration totaled R$456 million (83% payout), including dividends, interest on equity, and share buybacks.

• Recognized for ESG leadership, ranked 19th globally and highest among Brazilian firms in TIME's 2026 World's Best Companies in Sustainable Growth.

Financial highlights

• Adjusted EBITDA reached R$741 million in 2025, up 6.7% year-over-year, with margin expansion to 31.0%.

• Net income of R$582.5 million, up 3.2% year-over-year.

• Gross income: R$870.3 million, up from R$790.9 million in 2024.

• Cost of services represented 38.9% of revenue, maintaining historic efficiency.

• ROE stood at 43% for 2025.

Outlook and guidance

• SME and Individual plans segment continues to drive growth, with a 12% CAGR in revenue since 2014 and higher average ticket than corporate segment.

• Continued focus on digital initiatives and technology investments, with IT CAPEX of R$82 million in 2025.

• Regulatory capital remains well above minimum requirements, supporting future growth.