By Brazil Stock Guide — Bradsaúde (B3: SAUD3), the healthcare arm of Brazilian banking group Bradesco, expects its hospital investment subsidiary, Atlântica Hospitais, to account for a double-digit share of consolidated net profit over the medium term. The outlook was outlined by CEO Carlos Marinelli on Thursday (October 22), during a press briefing on the company’s third-quarter 2026 results.
Atlântica accounted for approximately 4% of Bradsaúde’s consolidated net profit in the first nine months of 2026, up from 1% in the same period last year. Marinelli said he expects the hospital business to make an increasingly significant contribution to the group’s earnings.
“I wouldn’t say in the short term, but rather over the medium term,” Marinelli said, adding that he expects Atlântica’s share of group profit to “reach double digits and continue growing.” The CEO did not provide a specific timeline or issue formal earnings guidance.
Traditionally focused on health and dental insurance, Bradsaúde has been expanding its presence in healthcare services through investments in hospitals and outpatient facilities. According to Marinelli, Atlântica’s recent performance underscores the potential of this diversification strategy and supports further investment in the sector.
Atlântica reported third-quarter net profit of R$53.3 million, a 191% increase from a year earlier. Over the 12 months ended September 2026, earnings reached R$139 million, compared with approximately R$4 million in the preceding 12-month period.
Atlântica Hospitais has a portfolio of 23 hospitals, either operating or under development, spanning its joint venture with Rede D’Or, investments in the Grupo Santa hospital network and two projects of its own in the city of São Paulo. Fifteen hospitals are currently operational, and the company expects its total contracted bed capacity to reach 4,449 by 2030.
Marinelli said recently opened hospitals have been ramping up operations faster than the historical average experienced by Atlântica’s partners in other hospital investments. According to the CEO, this performance reinforces Bradsaúde’s investment strategy in hospital infrastructure, with returns that management believes compare favorably with broader industry benchmarks.
Among the expansion projects are a new hospital in Jundiaí, in São Paulo state, and the addition of Hospital Biocor in Nova Lima, Minas Gerais. Both are part of Atlântica D’Or, a joint venture in which Rede D’Or, one of Brazil’s largest private hospital operators, holds a 50.01% stake and is responsible for hospital operations, while Atlântica owns the remaining 49.99%. The partnership encompasses 12 hospitals, including seven in operation and five under development.
Oncology is another important component of the strategy. Marinelli highlighted the expansion of Croma, an oncology services venture developed in partnership with Brazilian diagnostics group Fleury and BP – A Beneficência Portuguesa de São Paulo, a major private healthcare institution. Croma currently operates four facilities. The CEO explained that businesses of this kind face substantial upfront operating costs as they establish their reputation and build patient volumes, often resulting in initial losses before reaching sufficient scale.
The hospital expansion comes as Bradsaúde seeks to balance new investments with shareholder returns. The company announced R$1 billion in dividends for the third quarter, bringing total shareholder distributions declared in 2026 to R$1.48 billion, including previously approved interest on equity — a common form of shareholder remuneration in Brazil. During the briefing, management reiterated its intention to maintain recurring distributions while preserving the capital required to meet regulatory solvency requirements and fund future expansion.
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