Rede D'Or São Luiz (RDOR3) investor relations material

Executive summary

• Achieved record results in 2025, with patient-day volume reaching 3.0 million (up 5.0% YoY), 570,000 surgeries (up 14.3% YoY), and robust growth across hospitals, oncology, and healthcare segments.

• Gross revenue reached R$60.4 billion, up 10.3% YoY, and net income was R$4.8 billion, up 22.7% YoY.

• SulAmérica's net revenue grew 10.5% YoY to R$33.2 billion, with beneficiaries up 11.3% to 5.9 million and a consolidated loss ratio improvement of 3.1 pp to 79.0%.

• Continued focus on quality, innovation, disciplined capital allocation, and robust cash generation supporting shareholder returns.

• Distributed R$1.75 billion in interest on equity and announced R$7.7 billion in extraordinary dividends.

Financial highlights

• Consolidated EBITDA reached R$10.4 billion in 2025, up 23.2% YoY; adjusted EBITDA (including insurer's restricted assets) was R$11.9 billion, up 26.1% YoY.

• Net revenue grew 27% YoY; operational cash flow was R$8.1 billion, up 13.9% YoY.

• Net consolidated income for Q4 was R$1,277 million, up 39% YoY; full-year adjusted net income was R$4.827 billion, up over 20%.

• SulAmérica's adjusted EBITDA (including financial results over restricted assets) was R$3.8 billion, up 65.1% YoY.

• Net debt/EBITDA at year-end was 1.82x, with consolidated cash position at R$42 billion and net debt at R$21 billion.

Outlook and guidance

• Over 30 expansion projects underway, with 2,702 new beds expected between 2026 and 2028, and further operational beds to be added soon.

• Focus on organic growth, digital transformation, ESG initiatives, and maintaining leadership in the Brazilian healthcare market.

• No change in strategic guidelines for SulAmérica; emphasis on growth, profitability, and quality of service.