Diagnósticos da América (DASA3) Q4 2025 earnings summary

Executive summary

• 2025 marked a major strategic transformation, focusing on diagnostics as the core business, divesting non-strategic assets totaling R$1.9 billion, and creating the Rede Américas joint venture, which separated hospital operations.

• Operational improvements through digitalization, AI adoption, and process optimization drove productivity, margin expansion, and improved patient satisfaction (NPS 76.3 in 4Q25).

• Strengthened financial position with positive cash generation, significant deleveraging, and improved balance sheet.

• Ended 2025 as the largest diagnostics platform in Latin America, with 840 units, presence in 13 states, and over 446 million exams processed annually.

• Leadership transition with a new CEO appointed in July 2025.

Financial highlights

• Diagnostics revenue grew 13.3% year-over-year in Q4 and 10% for the full year, driven by a 16% increase in exam volumes.

• Consolidated gross revenue for 2025 was R$12.2 billion, down 27% year-over-year due to divestments and deconsolidation of hospital operations.

• Recurring EBITDA for 2025 reached R$2.1 billion, up 17% year-over-year, with margin expanding 2.2 p.p. to 21.7%.

• Free cash flow for the year was R$651 million, a 75% increase year-over-year.

• Leverage reduced to 2.5x Net Debt/EBITDA by year-end, the lowest since 2021.

Outlook and guidance

• Entering 2026 with a strong base, expecting further advances in cash generation, profitability, and sustainable value creation.

• Leverage covenant ended 2025 at 2.54x, meeting guidance and remaining below the 4.0x limit.