Fleury (FLRY3) Q3 2025 earnings summary

Executive summary

• Achieved gross revenue of R$2.4 billion in Q3 2025, up 11.5% year-over-year, driven by strong B2C growth, disciplined expansion, and recent acquisitions, reinforcing leadership in diagnostic medicine and integrated healthcare services.

• Expanded B2C, B2B, and New Links business units, with a diversified revenue base and presence in 13 states and the Federal District.

• Recent M&A activity included acquisitions of Laboratório São Lucas (R$34 million), Confiança, FEM Laboratory (R$207.5 million), and Hemolab, strengthening regional presence and women's health offerings.

• EBITDA increased 11.5% to R$599.4 million, with a stable margin of 27.4%.

• Net income was R$184.9 million, with a margin of 8.4%, down 3% year-over-year due to higher interest and depreciation.

Financial highlights

• Gross revenue grew 11.5% to R$2.4 billion in Q3 2025.

• B2C revenue grew 16.0% (12.9% organic), with strong regional and brand-specific growth.

• B2B revenue increased 2.1%, with Lab-to-Lab offsetting the loss of a hospital client.

• Mobile care services grew 11.6%, now representing 7.8% of total revenue and 11.2% of B2C revenue.

• CapEx was R$126 million in Q3, up 11.8% year-over-year, mainly for IT and digital investments.

Outlook and guidance

• Management expects continued growth in B2C and B2B segments, further integration of recent acquisitions, and ongoing investments in technology to drive productivity.

• No formal guidance provided, but management remains confident in the growth potential of all brands and business units.