Odontoprev (ODPV3) Q4 2025 earnings summary

Executive summary

• Achieved 5.3% year-over-year top-line growth, driven by strong SME segment performance and record net additions, reaching 9.26 million members in 2025.

• Leading dental benefits provider in Latin America with over 9 million beneficiaries and 27,000 accredited dentists across 2,500 cities.

• Asset-light, high-margin business model with zero debt and strong cash generation since IPO.

• Marked a historical milestone by integrating into Brazil's most complete health ecosystem, opening new growth avenues.

• Recognized for superior corporate governance, ESG performance, and multiple industry awards, including TIME's global ranking.

Financial highlights

• Net revenue reached R$2.39 billion in 2025, with a 15% CAGR since 2006 and 5.3% year-over-year growth.

• Adjusted EBITDA of R$741 million in 2025, margin expanded to 31.0%, and recurring net income was R$550 million.

• Net cash position at year-end was R$713 million after R$413 million in dividends and JCPs, with zero debt.

• ROE stood at 43% for 2025.

• SG&A plus bad debt ratio improved to 28.4% of net revenue, down from 29.1% in 2024.

Outlook and guidance

• Entering 2026 with a positive outlook, focusing on value generation, changing revenue mix, and continued technology investments.

• SME and Individual plans revenue CAGR of 12% since 2014, with high growth potential in non-corporate segments.

• Integration into the health ecosystem expected to unlock further growth opportunities.

• Investments in digital initiatives expected to require less CAPEX in coming years.

• Upcoming IR events and earnings releases scheduled for 2026.