Fleury (FLRY3) Q4 2025 earnings summary

Executive summary

• Achieved robust growth in 2025, with gross revenue up 8.2% to over R$9.0 billion and Q4 revenue up 12.2% year-over-year, driven by organic and inorganic expansion across B2C, B2B, and New Links units.

• EBITDA reached R$2.14 billion for 2025 (margin 25.8%), with Q4 EBITDA at R$455.9 million (margin 22.1%), and net income for the year at R$612.8 million (margin 7.4%).

• Maintained a diversified portfolio and national presence, enhancing resilience and market share through geographic and business line expansion.

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

• Continued focus on operational efficiency, innovation, and medical culture, supporting sustainable growth.

Financial highlights

• Q4 2025 gross revenue reached R$2.24 billion (+12.2% YoY); annual gross revenue surpassed R$9.0 billion (+8.2% YoY).

• Q4 EBITDA was R$455.9 million (+12.5% YoY, margin 22.1%); annual EBITDA was R$2.14 billion (margin 25.8%).

• Q4 net income was R$96.3 million (+14.7% YoY, margin 4.7%); annual net income was R$612.8 million (margin 7.4%).

• Operating cash flow for 2025 reached R$2.13 billion, with 99.9% EBITDA conversion.

• ROIC increased to 16.6%, up 260 bps since the Pardini combination.

Outlook and guidance

• Strategy for 2026 continues to combine organic and inorganic growth, with disciplined M&A focused on diagnostic medicine assets.

• Ongoing investments in digital transformation and operational efficiency expected to support margin stability and ROIC growth.

• Mobile services and Lab-to-Lab capacity expansion remain key growth levers.

• CapEx expected to remain at 6.5%-7% of revenue, with half allocated to digital initiatives.

• Emphasis on integrating patient journey and expanding digital platforms across business units.