Fleury (FLRY3) Q2 2025 earnings summary

Executive summary

• Gross revenue reached R$2.2 billion in Q2 2025, up 2.8% year-over-year, driven by 7.2% B2C growth and strong regional brand performance, despite a challenging macroeconomic environment and fewer business days.

• EBITDA was R$532.1 million, up 1.9% year-over-year, with a stable margin of 26.3%, reflecting disciplined cost control and ongoing investments in technology and digitalization.

• Net income for Q2 was R$152.3 million, down 12.3% year-over-year, with a margin of 7.5%, impacted by higher depreciation and operational deleveraging.

• Strategic acquisitions (Confiance, Hemolab, São Lucas) expanded presence in key regions and reinforced leadership in diagnostic medicine.

• Continued focus on innovation, digital transformation, and operational efficiency to enhance customer experience and productivity.

Financial highlights

• Q2 2025 gross revenue was R$2,197.8 million (+2.8% YoY); B2C up 7.2%, B2B down 3.1%, New Links down 13.2%.

• EBITDA margin stable at 26.3%; net income margin at 7.5%; gross margin decreased 260 bps to 26.1% due to wage pressures and calendar effects.

• Operating cash flow was R$487.1 million in Q2 2025 (-17.2% YoY), with cash conversion at 91.5% of EBITDA.

• Capex rose 44.9% to R$141.5 million, mainly for technology and digital investments.

• Cash position at end of June: R$2.19 billion; gross debt: R$4.5 billion; net debt/EBITDA at 1.1x.

Outlook and guidance

• Management reaffirmed business projections and expects continued growth through portfolio diversification, disciplined expense control, and productivity-focused investments.

• Ongoing integration of recent acquisitions aims to capture operational synergies and expand market share.

• CapEx for 2025 expected to remain at 6.4% of net revenue, with investments focused on digital and IT.

• Innovation and digitalization remain central to strategy, targeting efficiency and new revenue streams.