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 rising 13.9% to R$1.2 billion.

• SulAmérica's results are fully consolidated, with net revenue of R$8.7 billion (+7.9% YoY), adjusted EBITDA of R$1.3 billion (+29.0% YoY), and beneficiaries surpassing 6 million (+11.4% YoY).

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

• Patient-day volume expanded 4.1% YoY, with 146,000 surgeries (+11.9% YoY), and complex surgeries up 14.9%.

Financial highlights

• Hospital and oncology gross revenue reached R$9.2 billion, up 15.6% YoY; hospital EBITDA margin at 26.2%, up 2.4 points.

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

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

• Cash and equivalents at R$45.3 billion; net debt at R$13.0 billion (excluding insurance reserves); gross debt at R$48.1 billion.

• Consolidated EBITDA margin reached 20.4%, up 2.7 p.p. YoY; gross profit for hospitals, oncology, and others was R$1.8 billion (+19.3% YoY).

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, product mix, and ongoing price adjustments.

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

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