Rede D'Or São Luiz (RDOR3) Q1 2026 earnings summary

Executive summary

• Gross consolidated revenue reached R$15.5 billion in 1Q26, up 10% year-on-year, with consolidated EBITDA of R$3.0 billion, expanding 27.3%, and net income of R$1.2 billion, up 13.9% year-on-year.

• SulAmérica's net revenue was R$8.7 billion (+7.9% YoY), with health and dental beneficiaries surpassing 6 million (+11.4% YoY); adjusted EBITDA was R$1.3 billion (+29.0% YoY).

• Surgical volume grew 11.9% year-on-year to 146,000, with complex surgeries up 14.9%; oncology gross revenue rose 23.6% year-on-year.

• Integrated model across hospitals, insurance, and oncology drove positive results and operational synergies.

• Patient-day volume expanded 4.1% YoY, and occupancy rate was 77.5%.

Financial highlights

• Hospital and oncology gross revenue reached R$9.2 billion, up 15.6% year-on-year; hospital EBITDA margin at 26.2%.

• Oncology revenue grew 23.6%, with infusions volume up 15.9% and average ticket up 7%.

• SulAmérica's consolidated loss ratio improved by 1.4 percentage points YoY to 77.2%.

• Cash and equivalents at R$45.3 billion; net debt at R$22.1 billion.

• Consolidated EBITDA margin reached 20.4%, up 2.7 p.p. year-on-year.

Outlook and guidance

• Expectation of continued growth in surgeries and complex procedures, with ticket growth projected to remain one to two points above inflation (IPCA).

• Margin expansion anticipated to continue, supported by operational efficiency and product mix.

• Organic expansion continues with ~30 projects, targeting 2,702 new beds between 2026 and 2028.

• Ongoing focus on price adjustments, claims management, and operational efficiency to sustain growth.

• No significant changes expected in effective tax rate or provisioning policy.