Rede D'Or São Luiz (RDOR3) Q4 2025 earnings summary

Executive summary

• Achieved record results in 2025, with consolidated net revenue reaching R$60.4 billion, net income up 22.7% to R$4.8 billion, and strong growth across hospitals, oncology, and insurance segments.

• Patient-day volume hit 3.0 million (+5.0% YoY), surgeries rose 14.3% YoY to 570,000, and SulAmérica's beneficiary base grew 11.3% to 5.9 million.

• Major divestitures and partnerships included the sale of GSH Corp Participações S.A. and the formation of the Atlântica D'Or hospital network.

• Distributed R$1.75 billion in interest on equity and announced R$7.7 billion in extraordinary dividends.

• Continued focus on quality, innovation, and disciplined capital allocation, with robust cash generation supporting shareholder returns.

Financial highlights

• Consolidated EBITDA reached R$10.4 billion (+23.2% YoY); adjusted EBITDA (including insurer's restricted assets) was R$11.9 billion (+26.1% YoY).

• Net consolidated income for Q4 was R$1,277 million, up 39% YoY; full-year adjusted net income was R$4.827 billion, up over 20%.

• SulAmérica's net revenue for 2025 was R$33.2 billion (+10.5% YoY); adjusted EBITDA was R$3.8 billion (+65.1% YoY).

• Operational cash flow was R$8.1 billion, up 13.9% YoY.

• Consolidated cash position at R$42 billion; net debt at R$21 billion, with net debt/EBITDA at 1.82x.

Outlook and guidance

• Over 30 expansion projects underway, with 2,702 new beds expected between 2026 and 2028.

• Optimistic outlook for 2026, with continued growth in operational beds and strong start to the year in both hospital and healthcare operations.

• Focus on organic growth, digital transformation, and ESG initiatives, including emissions reduction and gender equality targets.

• No significant seasonality is expected, though some volume fluctuations occur around holidays and winter.