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Hapvida Participacoes e Investimentos
Hapvida Participacoes e Investimentos (HAPV3) investor relations material
Hapvida Participacoes e Investimentos Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Net revenue reached R$7.8 billion in Q3 2025, up 6.0% year-over-year and 1.3% sequentially, driven by health plan price adjustments and beneficiary growth.
Adjusted EBITDA was R$746.4 million (9.6% margin), down 2.1% year-over-year; excluding one-offs, adjusted EBITDA was R$613 million.
Adjusted net income reached R$338 million, up 4.1% year-over-year; excluding one-offs, adjusted net income was R$249.8 million.
Health beneficiaries increased by 12.6k sequentially, totaling 8,868.9k, with robust corporate growth but net reductions in São Paulo and Rio de Janeiro due to competition.
Customer satisfaction and quality of care metrics improved, including ANS ranking, IGR, and lower complaint rates.
Financial highlights
Net revenue was R$7,775 million, with a 6.0% year-over-year increase.
Cash MLR was 75.2%, up 130–144 bps year-over-year and quarter-over-quarter, reflecting higher utilization and seasonality.
Adjusted EBITDA margin was 9.6% (reported) and 7.9% (excluding one-offs).
Net debt increased to R$4.25 billion, with leverage at 1.00x EBITDA LTM.
CapEx was R$225 million, up 14.1% sequentially and 24.6% year-over-year.
Outlook and guidance
Margin recovery and cost dilution are expected as new units mature, occupancy increases, and pricing adjustments averaging 10% take effect.
Management expects MLR pressure to be transitory, with benefits from network expansion and operational improvements anticipated throughout 2026.
Financials are based on IFRS 4 for comparability; future results may differ under IFRS 17.
What MLR impact is permanent from service quality?
When will new unit costs dilute into MLR?
How will growth initiatives counter competition?
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Next Hapvida Participacoes e Investimentos earnings date
Q4 202519 Mar, 2026
Hapvida Participacoes e Investimentos
Next Hapvida Participacoes e Investimentos earnings date
Q4 202519 Mar, 2026
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Frequently asked questions
Hapvida Participações e Investimentos S.A. is a healthcare services company specializing in managed care and health insurance. The company operates a network of hospitals, clinics, and diagnostic centers, providing medical and dental care to insured members. The company is headquartered in Fortaleza, Brazil, and its shares are listed on the B3.
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