Fleury (FLRY3) Q4 2025 earnings summary

Executive summary

• Gross revenue grew 12.2% year-over-year in 4Q25, reaching R$2.24 billion, and surpassed R$9.0 billion for 2025, up 8.2% from 2024, with EBITDA at R$2.14 billion and net income at R$612.8 million.

• EBITDA for 4Q25 was R$455.9 million (margin 22.1%), net income R$96.3 million (margin 4.7%), and cash flow generation for 2025 was R$2.1 billion with 99.9% EBITDA conversion.

• B2C segment led growth with a 13.4% increase (10.2% organic), supported by strong regional brand performance and expansion in patient service centers.

• Four strategic M&A transactions completed in 2025, expanding presence in key markets and reinforcing inorganic growth strategy.

• Operational efficiency, innovation, and a strong medical culture drove resilience and market share gains.

Financial highlights

• 4Q25 gross revenue: R$2,238.2 million (+12.2% YoY); EBITDA: R$455.9 million (+12.5% YoY, margin 22.1%); net income: R$96.3 million (+14.7% YoY, margin 4.7%).

• 2025 gross revenue: R$9,003.0 million (+8.2% YoY); EBITDA: R$2,135.0 million (margin 25.8%); net income: R$612.8 million (margin 7.4%).

• B2C revenue grew 13.4% in 4Q25 (10.2% organic), with notable regional growth in MG (21.3%) and RJ (14.1%).

• B2B revenue increased 4.1% in 4Q25, despite the termination of a major hospital client agreement.

• New Links segment grew 24.4% in 4Q25, driven by digital platforms and high-cost medication sales.

Outlook and guidance

• Continued focus on organic growth via market share gains, partnerships, and portfolio expansion, with disciplined M&A targeting diagnostic medicine assets.

• Ongoing investments in digital transformation, operational efficiency, and integration of recent acquisitions expected to support future margin and ROIC growth.