Odontoprev (ODPV3) Q3 2025 earnings summary

Executive summary

• Net revenue and average ticket grew 7% year-over-year, with record SME segment growth and total beneficiaries reaching 9.1 million, supported by the Bradesco Dental brand and a network of 27,000 dentists in 2,500 cities.

• Adjusted EBITDA margin expanded to 32% for the last twelve months, with net income reaching R$556 million, reflecting a double-digit annual increase and a 20% CAGR since IPO.

• The company maintains an asset-light, pre-paid, recurring revenue model with zero debt and a net cash position of R$1,043 million as of September 2025.

• Recognized for superior corporate governance, ESG performance, and as the top-of-mind dental plan by HR executives in Brazil for the 12th consecutive year.

• Strategic expansion through exclusive bank channels led to record SME net adds and transformation of the portfolio mix.

Financial highlights

• Net operating revenue reached R$2,384 million for OCT24–SEP25, up 7.1% YoY, with consolidated average ticket at R$22.44 and SME segment revenue share rising to 23%.

• Adjusted EBITDA for the last twelve months was R$763 million, with margin expansion from 30.7% to 32.0%.

• Net income for the last twelve months was R$556 million, with a 10.1% YoY increase.

• Gross profit from non-corporate segments grew 14% per year, now representing 53% of total gross profit.

• Bad debt ratio decreased to 1.5% in the first nine months and stabilized at 1.7%–2.0% over 12 months.

Outlook and guidance

• SME and Individual plans have delivered a revenue CAGR of 12% since 2014, with strong growth expected to continue and a target of 200,000 net SME adds annually from 2026 onward.

• CapEx is expected to decline after peaking in 2023, with ongoing investments in technology and digital transformation.

• G&A expenses are anticipated to dilute over the midterm as digital investments mature.

• Individual plan portfolio is in a transition year, with new products and channels expected to drive volume growth from mid-2026.