Odontoprev (ODPV3) Q4 2025 earnings summary

Executive summary

• Achieved 5.3% year-over-year top-line growth, reaching net operating revenue of R$2.39 billion, driven by strong SME segment performance and record net additions of 339,000 new lives, with total membership at 9.26 million in 2025.

• Asset-light, high-margin business model with zero debt, strong cash generation, and recognized for superior corporate governance and ESG performance.

• Recurring net income for 2025 was R$550 million, up 4.1% over 2024, with a net margin of 23%.

• Marked a historical day with the announcement of integration into a broader health ecosystem and inclusion in ISEB3 and IDIVB3 indexes.

• Ranked #19 globally and #1 in Brazil by TIME Magazine for sustainable growth.

Financial highlights

• Adjusted EBITDA reached R$741 million in 2025, up 6.7% year-over-year, with margin expansion to 31.0%.

• Net cash position at year-end was R$713 million after R$413 million in dividends and interest on capital paid; 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.

• Cost of services represented 38.9% of NOR, maintaining historic efficiency.

Outlook and guidance

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

• SME and Individual plans segment continues to drive growth, with a 12% CAGR in revenue since 2014 and higher average ticket than corporate segment.

• Cost structure expected to remain below inflation, supporting stable or potentially growing ticket prices.

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

• Upcoming IR events and earnings releases scheduled for 2026.