By Brazil Stock Guide – Rede D’Or São Luiz S.A. (B3: RDOR3) reported a 39.2% year-over-year increase in fourth-quarter net income to R$1.22 billion, capping a record 2025 as Brazil’s largest private hospital network expanded oncology services, improved insurance profitability and kept leverage in check. Adjusted net income reached R$1.27 billion in the quarter, while full-year profit rose 22.7% to R$4.83 billion.
Consolidated net revenue grew 11.8% year over year to R$14.6 billion in 4Q25, with gross revenue up 12.3% to R$15.6 billion. EBITDA climbed 38.7% to R$2.77 billion in the quarter, pushing the margin to 19.0%, from 15.3% a year earlier. For the full year, consolidated EBITDA totaled R$10.4 billion, up 23.2%, or R$11.9 billion when including financial income from insurance-linked assets.
Oncology Momentum
Hospital and oncology operations remained the core earnings engine. Gross revenue from hospitals and other services increased 16.4% in 4Q25, while oncology revenue jumped 26.5% year over year. In 2025, oncology revenue expanded 22.4%, supported by an 11.2% increase in annual oncology ticket and a 10.1% rise in infusion volumes.
Surgical procedures reached 570,000 for the year, up 14.3% from 2024, while patient-days totaled a record 3.0 million in 2025. Average ticket advanced 8.0% for the year and 8.9% in the quarter, reflecting price adjustments and higher service complexity.
SulAmérica Turnaround
The insurance arm, SulAmérica, posted net revenue of R$33.2 billion in 2025, up 10.5% year over year. Consolidated loss ratio improved to 79.0%, a 3.1 percentage-point drop versus 2024. EBITDA for the segment surged 75.7% to R$2.3 billion, highlighting operational normalization after the integration cycle.
In 4Q25 alone, insurance EBITDA rose 46.7% year over year, reinforcing margin recovery across health plans.
Cash, Leverage and Shareholder Returns
Operational cash generation reached R$8.1 billion in 2025, up 13.9%. Net debt ended December at 1.82x net debt/EBITDA, slightly below the previous year, suggesting expansion has not pressured the balance sheet.
Rede D’Or distributed R$1.75 billion in interest on equity and announced R$7.7 billion in extraordinary dividends during the year — signaling confidence in cash flow visibility even amid higher financial expenses, which rose 35% year over year in the quarter.
Expansion Pipeline
The company ended 2025 with 79 hospitals and 13,555 total beds, up 3.8% year over year. Its organic expansion program includes 2,702 additional beds scheduled between 2026 and 2028, reinforcing capacity growth in core markets.