# Bradsaúde Posts R$1.3 Billion Profit in First Quarter as SAUD3 Era Begins

*Bradesco’s listed healthcare platform starts with more than 13 million beneficiaries, strong returns and a result still driven by its health plan operator.*

- Published: 2026-05-04
- Updated: 2026-05-05
- Section: Insights
- Tags: blue chip, Bradesco Saúde, Bradsaúde, Bradsaúde first-quarter profit, Brazil healthcare stocks, Brazilian health plans, dental plans Brazil, health plan operator, healthcare earnings, healthcare platform, Odontoprev, private healthcare Brazil, SAUD3
- URL: https://brazilstockguide.com/insights/bradsaude-first-quarter-profit/

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**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**.

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Source: Brazil Stock Guide, https://brazilstockguide.com/insights/bradsaude-first-quarter-profit/