Fleury (FLRY3) Q4 2025 earnings summary

Executive summary

• Gross revenue reached R$2.24–2.4 billion in 4Q25 (+12.2% YoY) and R$9.0 billion for 2025 (+8.2% YoY), with EBITDA at R$455.9 million in 4Q25 (margin 22.1%) and R$2.1–2.14 billion for 2025 (margin 25.8%). Net income was R$96.3 million in 4Q25 (margin 4.7%) and R$612.8 million for 2025 (margin 7.4%).

• B2C segment led growth with 13.4% increase in 4Q25 (10.2% organic), supported by strong regional brand performance in São Paulo, Minas Gerais, and Rio de Janeiro.

• Four strategic acquisitions completed in 2025: Confiance, Hemolab, LSL, and FEMME (pending CADE approval), reinforcing inorganic growth and regional expansion.

• Cash generation for 2025 was R$2.1–2.13 billion, with 99.9% EBITDA cash conversion.

• Maintained leadership in diagnostic medicine through operational efficiency, innovation, and a diversified portfolio.

Financial highlights

• B2C revenue grew 13.4% in 4Q25 (10.2% organic), with notable regional growth; B2B revenue increased 4.1% in 4Q25, despite a major hospital contract termination.

• New Links/Novos Elos segment grew 24.4% in 4Q25 and 7.3% for the year, driven by digital platforms and high-cost medication sales.

• Gross profit for 4Q25 was R$490.1 million (margin 23.8%), up 8.0% YoY; annual gross profit was R$2.2 billion (margin 26.6%), up 2.9%.

• Operating expenses for 4Q25 were R$275.4 million (13.4% of net revenue), up 9.0% YoY, but decreased as a percentage of revenue for the year.

• CAPEX for 2025 was R$506.1 million (+3.7%), with over half allocated to technology and new units.

Outlook and guidance

• Continued focus on organic and inorganic growth, with investments in digital transformation, operational efficiency, and integration of recent acquisitions.

• Strategy and projections remain unchanged, with disciplined M&A targeting assets with synergy potential.