Q2 2026 Fleury SA Earnings Call Transcript
Key Points
- Strong revenue growth of 14.4% in Q2 2026, with organic growth of 12.1%.
- EBITDA increased 15.2% to BRL612.9 million, with margin expansion to 26.5%.
- Net income surged 45.7% to BRL221.8 million, with net margin up 205 basis points.
- ROIC improved to 17.8%, up 380 basis points since 2023, reflecting disciplined capital allocation.
- Lab-to-Lab business expanded capacity by 30% and serves 80% of the Brazilian population, driving B2B growth of 12.2%.
- Leverage remains at 1.1 times, with high interest rates in Brazil posing a challenge.
- CapEx decreased 46.5% year-over-year, potentially limiting future growth investments.
- SG&A expenses increased 17% year-over-year, partly due to operational needs from digital initiatives.
- Recent acquisitions (e.g., Femme) have lower margins, which could dilute consolidated margins.
- The effective tax rate is expected to be around 21.7%, but there is uncertainty due to potential adjustments.
Good morning. I would like to welcome you all to the earnings release call of Group Fleury for the second quarter 2026. We have here with us Ms. Jeane Tsutsui, CEO of the Company, Jose Filippo (audio in progress) There is also simultaneous translation into English. We are going to start by presenting the results, the earliest release of the company, and then we are going to present Q&A.
At the end of the session, Mr. Tsutsui will make her final remarks. All the numbers being quoted here are compared to the same period in 2025 unless otherwise specified, and they have been rounded to the nearest thousand.
Before moving on, I would like to clarify that this presentation may contain information about future events. Such information are not just only historical facts. They reflect the wishes and expectations of the company's management. The words believe, expect, plan, forecast, estimate, project, aim, and the like are intended to identify statements that necessarily involve known and unknown risks.
Known risks include uncertainties, which are not limited to the impact of price
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