Fleury (FLRY3) Q2 2025 earnings summary

Executive summary

• Gross revenue in Q2 2025 reached R$2.2 billion, up 2.8% year-over-year, driven by 7.2% B2C growth and strong regional brand performance.

• EBITDA was R$532.1 million, up 1.9% year-over-year, with a margin of 26.3%, reflecting disciplined cost control and technology investments.

• Net income was R$152.3 million, down 12.3% year-over-year, with a margin of 7.5%, impacted by higher depreciation from tech investments and calendar effects.

• Strategic acquisitions (Pardini, Confiance, Hemolab, São Lucas) expanded presence and reinforced leadership in diagnostic medicine.

• Continued focus on technology, innovation, and digitalization to enhance customer experience and operational productivity.

Financial highlights

• B2C segment posted 7.2% growth (6.2% organic), with strong regional performance; B2B revenue declined 3.1%, and New Links revenue fell 13.2%.

• Gross profit in Q2 was R$528 million, down 6.9% year-over-year, with a margin of 26.1%, affected by wage pressures and higher imaging share.

• Operating expenses reduced by 7.1% in Q2, totaling R$221 million, or 10.9% of net revenue.

• Capex rose 44.9% to R$141.5 million, mainly for technology and digital investments.

• Mobile services grew 8.7%, now 8–8.7% of total revenue, with regional brands up 16.5%.

Outlook and guidance

• Management expects continued growth through portfolio diversification, disciplined expense control, and productivity-focused investments.

• Optimistic for H2 2025, expecting recovery in A+ and other brands due to favorable calendar effects.

• Ongoing integration of recent acquisitions aims to capture operational synergies and expand market share.

• CapEx for 2025 expected to remain at 6.4% of net revenue, with investments focused on digital and IT.

• Innovation and digitalization remain central to strategy, targeting efficiency and new revenue streams.