Bradsaude SA (BSP:SAUD3)

Q2 2026 Bradsaude SA Earnings Call (English, Portuguese) Transcript

Aug 4, 2026 / 02:00 PM GMT

Release Date Price: R$14.23 (-11.56%)

Transcript

Key Points

Positve

Bradsaude SA (BSP:SAUD3) achieved a significant increase in its consolidated portfolio, reaching 13.6 million members with 855,000 organic net additions in the last 12 months, an unprecedented growth in the company's history.
The company reported strong financial performance with revenues growing 10.8% to BRL13.9 billion and net income increasing 24.8% to BRL1.1 billion in the quarter, while the ROAE improved by 4 percentage points to 25.8%.
Atlantica Hospitals, a key business unit, showed exceptional results with net income growing 312% to BRL64 million, now accounting for 6% of consolidated figures, up from 2%.
The company's growth is of high quality, with one-third of net additions coming from the SME segment, which offers significant returns and lower loss ratios in both health and dental plans.
OdontoPrev, the leader in dental plans, continues to deliver superior returns with a net margin over 20% and a loss ratio less than half of the medical and hospital plans, contributing over 10% to the ecosystem's results.
Management reaffirmed a disciplined underwriting approach, maintaining a stable loss ratio of 83.3% over the last 12 months while focusing on profitable portfolio growth and cost efficiencies.

Negative

The loss ratio in the quarter remained stable year-over-year, and management cautioned that the third quarter typically shows a higher loss ratio due to seasonality, which could pressure results in the near term.
The company faces intense competition, particularly in Sao Paulo, with some market players showing a lack of rationality in pricing, which could challenge Bradsaude SA (BSP:SAUD3)'s ability to maintain premium growth.
Sales expenses increased due to the robust net additions, reflecting the higher costs associated with acquiring new members in a market where total industry membership is not growing.
Court orders (judicial demands) remain a structural reality in the industry, adding unpredictability to the loss ratio and potentially impacting profitability if they increase.
The health ticket growth for managed products was modest at 2% year-over-year, partly due to the launch of more efficient but cheaper products, which could limit top-line expansion.
The effective tax rate on interest on equity is expected to decrease in the second half due to the mix of assets, but this also signals a potential reduction in the financial result contribution, which has been a significant part of overall profitability.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

SAUD3.SA - Bradsaude S.A.
Q2 2026 Bradsaude SA Earnings Call (English, Portuguese)
Aug 04, 2026 / 02:00PM GMT

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Presentation
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Unidentified Company Representative [1]
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Good morning, everyone. We are here at the Bradsaude Studios at Palista Avenue today, August 4, 2026, to show you the results of the second quarter of 2026. I'd like to start off with our highlights. During this period, we've achieved 13.6 million members, 9,000 net additions in health and 130,000 net additions in dental.

Our loss ratio last 12 months has remained stable at 83.3%. Our revenues have grown 10.8% achieving BRL13.9 billion net income of BRL1.1 billion increased 24.8% in the period. Our ROAE increased 4-percentage-points, 25.8% in the period. Atlantic Hospitals is the highlight. The net income grew 312% at 64 million for the period. Over to Pacheco, he'll show you the figures for this

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