By Brazil Stock Guide – Rede Mater Dei de Saúde (MATD3) reported net income of R$37.2 million ($7.4 million) in the fourth quarter of 2025, up 356% from a year earlier. The company posted record EBITDA of R$127.2 million ($25 million), with margin at 22.6%, an increase of 6.7 percentage points.
Net revenue rose 15.6% to R$562 million ($112 million) in the quarter. The performance was supported by higher activity levels and improved pricing across the network, with gains concentrated in more complex procedures and better payer mix.
Bed occupancy reached 80.5%, even during a seasonally weaker period. The company also reported shorter average length of stay, while maintaining a higher concentration of complex cases, supporting revenue growth and margin expansion.
Units in Salvador and Nova Lima contributed to the quarter’s performance, continuing their ramp-up trajectory. Both locations showed stronger-than-expected demand, with new medical teams and expanded service offerings improving utilization and mix.
We have positioned our units to be references in each market we operate, said CEO José Henrique Salvador, citing improvements in operating performance, patient experience and relationships with physicians and insurers.
In 2025, Mater Dei reported net income of R$111.9 million ($22 million), reversing a net loss of R$371.1 million in 2024. Net revenue increased 11.4% to R$2.2 billion, while EBITDA rose 27.5% to R$464.8 million.
The company paid R$75 million in dividends, including R$25 million related to 2024 and R$50 million as an advance on 2025 results. It also reported improved EBITDA-to-cash conversion, supported by lower working capital requirements and adjustments in the revenue cycle.
Mater Dei said it extended the maturity profile of its main debt and reduced financing costs during the year, while maintaining investments in its hospital network and clinical capabilities.