By Brazil Stock Guide – Rede D’Or São Luiz S.A. (B3: RDOR3) reported a third-quarter net profit of R$1.46 billion (≈US$270 million), up 19.8% from a year earlier, driven by record hospital activity, a surge in oncology treatments, and continued earnings momentum from SulAmérica’s insurance business. Consolidated revenue climbed 10.6% to R$15.6 billion, while EBITDA reached R$3.3 billion, a 21.8% year-on-year increase, reflecting the group’s expanding scale and operational efficiency.
Record hospital volume and oncology strength
Rede D’Or reached new operational highs in 3Q25, with 784,000 patient-days, up 10.1%, and 157,000 surgeries, a 21.3% jump from last year. Bed occupancy averaged 81.6%, the highest level ever recorded for a third quarter. Oncology remained a key growth driver, with revenue rising 28.1% year-on-year, fueled by a 10.4% increase in average ticket value and a 16% rise in infusion volume. The company noted that its oncology segment now accounts for more than one-tenth of total hospital revenue, underscoring its shift toward high-complexity care.
SulAmérica integration consolidates dual business model
The full integration of SulAmérica, completed in 2022, continues to enhance Rede D’Or’s diversified healthcare platform. The insurance arm recorded R$8.5 billion in net revenue (+10.8%) and EBITDA of R$565 million (+57.8%), with the loss ratio improving to 80.1%, two points lower than in 3Q24.
Adjusted for financial income from linked assets, SulAmérica’s EBITDA exceeded R$1 billion, up 68% year-on-year, marking its best quarterly contribution since the merger. The combination of healthcare provision and insurance management positions Rede D’Or as one of Brazil’s most integrated medical ecosystems.
Expansion, balance-sheet discipline, and ESG focus
At the end of September, Rede D’Or operated 79 hospitals across 13 states and the Federal District, totaling 13,270 beds, including 10,443 active beds, up by 586 over the past year. More than 30 projects are under construction or expansion, representing an additional 3,200 beds by 2028. The Atlântica D’Or partnership with Bradesco Seguros, launched in 2024, already includes four operational hospitals and several more under development.
Leverage remained steady at 1.54× net debt/EBITDA, and operating cash flow reached R$6.0 billion in the first nine months of 2025, up 22.6% year-on-year. The group emphasized its strong liquidity position, with continued capacity to finance organic growth while maintaining dividend discipline.
Digital leadership and sustainability milestones
Rede D’Or advanced its digital and sustainability agenda, now operating 105 units powered by renewable energy and reaffirming its target to cut greenhouse-gas emission intensity by 36% by 2030 and reach net-zero by 2050.
The company’s digital platform attracted 56 million visits in the first nine months of the year, with 57% of consultations and 35% of exams booked online — both growing over 40% year-on-year. Its research institute (IDOR) produced around 170 scientific papers in 2024, reinforcing the group’s academic and innovation profile.