Fleury (FLRY3) Q3 2025 earnings summary

Executive summary

• Gross revenue grew 11.5% year-over-year in Q3 2025, reaching R$2.4 billion, driven by strong B2C performance and recent acquisitions, with EBITDA up 11.5% to R$599.4 million and net income at R$184.9 million.

• B2C segment expanded 16.0% (12.9% organic), with notable growth in São Paulo, Minas Gerais, and regional brands; mobile services represented 7.8% of total revenue, up 11.6% year-over-year.

• Recent acquisitions (Confiance, Hemolab, São Lucas, Femme) enhanced geographic reach and market share, supporting both organic and inorganic growth strategies.

• Diversified revenue streams include B2C, B2B, and New Links (prevention, continuous care, telemedicine, and specialties).

• Strong operating cash flow of R$718.5 million, up 28.6% year-over-year, with cash conversion at 91% for nine months.

Financial highlights

• Gross revenue: R$2,378.6 million in Q3 2025 (+11.5% YoY); net revenue: R$2,191.0 million (+11.6% YoY).

• EBITDA: R$599.4 million (margin 27.4%, stable YoY); net income: R$184.9 million (margin 8.4%, -128 bps YoY).

• B2C business unit grew 12.9% organically; total growth including acquisitions reached 16%.

• Capex for the quarter was R$126.0 million, up 11.8% year-over-year, mainly for IT/Digital investments.

• Operating cash generation reached R$718.5 million, up 28.6% year-over-year; cash conversion at 91% for nine months.

Outlook and guidance

• Optimistic about continued organic and inorganic growth, especially in B2C and lab-to-lab segments, with ongoing investments in technology and digitalization.

• Focus on capturing synergies from recent acquisitions and expanding service offerings, particularly in women's health and oncology.

• No formal guidance provided, but management expects robust performance in Q4 and beyond.