Hapvida Participacoes e Investimentos (HAPV3) Investor presentation summary

Strategic positioning and business overview

• Largest healthcare and dental operator in Latin America, serving 15.8 million beneficiaries with over 80 years of experience, focused on affordable, quality healthcare.

• National platform with presence in all five regions of Brazil, offering healthcare to 8.7 million and dental care to 7.1 million people.

• Verticalized and integrated business model drives operational and cost efficiency, outperforming peers in medical loss ratio (MLR) and pricing discipline.

• Maintains competitive pricing and lower cumulative ticket increases compared to major competitors.

• Market remains underpenetrated, with significant growth potential as private healthcare reaches only 25% of the population.

Recent performance and operational challenges

• 2025 results reflect market and operational pressures, including seasonality, with net revenue growth but margin compression.

• Recent challenges include regional imbalances, commercial gaps, operational inefficiencies, cost pressures, and regulatory/judicial issues.

• Product and go-to-market positioning led to strong sales but weaker retention in some regions; competitive intensity increased.

• Temporary ramp-up of own network and atypical utilization patterns impacted costs and revenue dilution.

Strategic plan and execution priorities

• Focused on unlocking value from recent expansion, with deeper integration and regional adaptation.

• Main priorities: increase efficiency, improve customer experience, and enhance data-driven management.

• Structured response underway: market-by-market strategy, commercial recalibration, operational discipline, and cost/utilization control.

• Emphasis on rational growth, own network optimization, and technology-driven decision-making.