Fleury (FLRY3) Q4 2025 earnings summary

Executive summary

• Gross revenue reached R$9.0 billion in 2025, up 8.2% year-over-year, with EBITDA of R$2.14 billion (margin 25.8%) and net income of R$612.8 million (margin 7.4%).

• Q4 2025 gross revenue was R$2.24 billion, up 12.2% year-over-year, with EBITDA at R$455.9 million (margin 22.1%) and net income at R$96.3 million (margin 4.7%).

• Growth was driven by both organic expansion and four strategic acquisitions, with B2C and New Links segments showing strong performance.

• Operational efficiency and disciplined cost management supported stable margins despite a challenging macroeconomic environment.

Financial highlights

• B2C revenue grew 13.4% in Q4 2025 (10.2% organic), with notable regional growth in São Paulo (25.5% total, 12% organic), Minas Gerais (21.3% total, 14.4% organic), and Rio de Janeiro (14.1%).

• B2B revenue increased 4.1% in Q4 2025, with over 8,000 lab-to-lab clients and 35+ hospital clients, though impacted by a major hospital contract termination.

• New Links segment grew 24.4% in Q4 2025, integrating digital platforms, high-cost medication sales, and specialty services.

• Gross profit for Q4 2025 was R$490.1 million (margin 23.8%), up 8.0% year-over-year; annual gross profit up 2.9%.

• Operating cash flow for 2025 reached R$2.13 billion, with 99.9% EBITDA conversion.

Outlook and guidance

• Strategy for 2026 focuses on continued organic and inorganic growth, especially in diagnostic medicine, with further integration and synergy capture from recent acquisitions.

• Ongoing investments in digitalization, operational efficiency, and patient journey integration are expected to enhance performance and margins.

• M&A strategy remains disciplined, targeting assets with synergy potential; several acquisitions closed in 2025, with more opportunities being evaluated for 2026.