By Brazil Stock Guide – Bradsaúde reported R$1.3 billion in net income in the first quarter of 2026, giving investors the first consolidated financial snapshot of Bradesco’s healthcare platform as Odontoprev prepares to trade under the new ticker SAUD3. The company posted an annualized ROAE of 24.8%, R$28.6 billion in financial assets and a combined base of more than 13 million beneficiaries across health and dental plans.
The numbers turn a previously announced corporate reorganization into a market test. Bradsaúde brings together Bradesco Saúde, Odontoprev, Mediservice, Atlântica Hospitais, Meu Doutor Novamed, Orizon, a 24.9% stake in Fleury and other healthcare assets. The company describes the model as open and non-verticalized, with national reach and roughly 4,000 hospital beds.
A Bigger Platform
The consolidated first-quarter figures show the scale of the new listed vehicle. Bradsaúde recorded R$13.3 billion in revenue from healthcare operations, R$13.2 billion in earned premiums and R$3.1 billion in operating result before administrative expenses, taxes and other items. Claims and reimbursed medical events totaled R$10.4 billion in the period.
But the earnings mix is still highly concentrated. Bradesco Saúde accounted for 83% of Bradsaúde’s first-quarter net income, while Odontoprev represented 11%, Atlântica 5% and other assets 1%. That matters for valuation: SAUD3 will not be judged only as the former Odontoprev, but as a broader healthcare platform whose economics are still anchored by Bradesco Saúde’s claims discipline.
Health Leads
Bradesco Saúde reported R$1.22 billion in net income, up 33.5% from the first quarter of 2025. Written premiums rose 8.4%, to R$13.25 billion, while the claims ratio improved to 79.1%, from 80.5% a year earlier. The health plan operator ended March with 3.98 million beneficiaries, after adding 52,000 lives in the quarter and 206,000 over 12 months.
Odontoprev’s standalone performance was more mixed. The dental business ended March with 9.4 million beneficiaries, up 5.7% year over year, after adding 141,000 lives in the quarter and 504,000 over 12 months. Net operating revenue rose 4.9%, to R$619.5 million, but net income fell 9.6%, to R$150.6 million.
Dental Contrast
The dental operation still showed an important operational improvement. Odontoprev’s claims ratio fell to 32.7%, compared with 35.8% in the first quarter of 2025 and 42.6% in the fourth quarter. The lower claims burden helped support margins, but it was not enough to prevent a decline in profit, as commercial and administrative expenses rose and financial income weakened.
Atlântica Hospitais adds the hospital leg to the platform. The company reported R$4.8 billion in committed capital, R$2.8 billion already invested and a projected base of 3,921 beds, including assets in Brasília, São Paulo, Rio de Janeiro and other markets. The hospital exposure gives Bradsaúde greater strategic depth without making it a classic fully verticalized health plan operator.
The timing is central to the story. Odontoprev shareholders approved the business combination with Bradesco Gestão de Saúde on April 6, after regulatory approvals from Brazil’s private-health regulator, ANS. The former ODPV3 ticker has now given way to SAUD3, with the trading name BRADSAUDE.