Fleury (FLRY3) Q2 2025 earnings summary

Executive summary

• Gross revenue in Q2 2025 reached R$2.2 billion, up 2.8% year-over-year, driven by 7.2% B2C growth and strong regional brand performance, while B2B and New Links declined.

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

• Net income was R$152.3 million, down 12.3% year-over-year, with a margin of 7.5%, impacted by calendar effects, contract terminations, and higher depreciation from tech investments.

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

• Innovation and digital transformation initiatives improved efficiency, customer experience, and operational productivity.

Financial highlights

• Q2 2025 revenue reached R$2.2 billion, up 2.8% year-over-year; first half revenue was R$4.04 billion, up 4.6%.

• EBITDA for Q2 was R$532.1 million, up 1.9% year-over-year, with a margin of 26.3%.

• Net income for Q2 was R$152.3 million, down 12.3% year-over-year, with a margin of 7.5%.

• Gross profit in Q2 was R$528 million, down 6.9% year-over-year, with a margin of 26.1%.

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

Outlook and guidance

• Optimistic for H2 2025, expecting recovery in A+ and other brands due to favorable calendar effects and continued growth in Lab-to-Lab and B2C segments.

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

• Management is preparing for regulatory changes from Brazilian tax reform and new IFRS standards, effective from 2026 and 2027.

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

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