Fleury (FLRY3) Q1 2026 earnings summary

Executive summary

• Gross revenue reached R$2.41 billion in 1Q26, up 10.1% year-over-year, driven by strong B2C and regional brand performance, and supported by the launch of Milestone 100 and Fleury Life Care targeting longevity and premium care.

• EBITDA grew 10.7% to R$606.0 million, maintaining a stable margin of 27.3%.

• Net income increased 12.2% to R$201.2 million, with a net margin of 9.1%.

• ROIC improved to 17.0%, up 300 basis points since 2Q23, reflecting disciplined capital allocation.

• Strong brand reputation and medical community relationships underpin market share gains, especially in premium and intermediate segments.

Financial highlights

• Net revenue was R$2.22 billion, up 10.3% year-over-year.

• Gross profit reached R$628.1 million (+9.8%), with a margin of 28.3%.

• Operating expenses rose 8.9% to R$260.3 million, representing 11.7% of net revenue.

• Operational cash flow was R$264.6 million, down 17.9% year-over-year due to seasonality.

• Capex totaled R$60.6 million, down 9.4% year-over-year, with increased investment in new units and reduced IT and equipment spending.

Outlook and guidance

• Positive outlook for 2026, with expectations of continued market share gains and growth, supported by investments in expansion, innovation, and integration of patient journey.

• Anticipates stronger cash generation in subsequent quarters, following typical seasonality.

• Ongoing focus on capital discipline, productivity, and leveraging both organic and inorganic growth opportunities.

• Robust capital structure and leverage at 1.0x provide flexibility for future acquisitions.

• Ongoing expansion in B2C and regional markets, with disciplined expense management.