# Bradsaúde Profit Rises 25% to R$1.1 Billion in Second Quarter

*Revenue climbs 11% to R$13.9 billion as the group adds 229,000 members and delivers a 25.8% return on average equity.*

- Published: 2026-08-03
- Updated: 2026-08-04
- Section: Insights
- Tags: Atlântica Hospitais, blue chip, Bradesco, Bradesco Saúde, Bradsaúde, Brazil healthcare, health plans, Odontoprev, Rede D’Or, Saúde Suplementar, SAUD3
- URL: https://brazilstockguide.com/insights/bradsaude-profit-rises-25-to-r1-1-billion-in-second-quarter/

![](https://i0.wp.com/brazilstockguide.com/wp-content/uploads/2026/08/Bradsaude-Bradesco-1-e1785790018100.png?fit=1120%2C633&ssl=1)

**By Brazil Stock Guide –** Bradsaúde SA (SAUD3 BZ) reported net income of R$1.11 billion in the second quarter of 2026, up 24.8% from a year earlier, driven by growth at Bradesco Saúde, a stronger financial result and improved earnings from its Atlântica Hospitais platform.

Total revenue rose 10.8% to R$13.87 billion. Operating income increased 17% to R$1.51 billion, while the net margin expanded by 0.9 percentage point to 8.1%. Return on average equity, or ROAE, reached 25.8% over the trailing 12 months, compared with 21.7% a year earlier.

For the first half, net income reached R$2.42 billion, an increase of 27.6%. Revenue totaled R$27.26 billion, up 9.8%, while the net margin widened by 1.1 percentage points to 9%.

#### Asset Reorganization

Bradsaúde is the Bradesco-controlled healthcare group that brings Bradesco Saúde, Odontoprev and investments in hospitals, clinics, diagnostics and healthcare technology companies under a single listed entity. The current structure resulted from the combination of the former Odontoprev and Bradesco Gestão de Saúde, completed on April 30, when the company also adopted the Bradsaúde name.

This was the first earnings report published after the reorganization, although the statutory accounts do not yet represent a full quarter under the new structure. The R$1.11 billion quarterly profit presented by management covers the full three-month period and includes R$342 million generated by Bradesco Gestão de Saúde in April, before the new structure became effective for accounting purposes on May 1. To provide comparable figures, management presented historical data under IFRS 4/CPC 11 and based on Bradsaúde’s current corporate structure.

This was the first earnings report published after the reorganization was completed, although the statutory accounts do not yet represent a full quarter under the new structure. To provide comparable figures, management presented historical data on a pro forma basis, as if Bradsaúde’s current structure had already been in place in previous periods.

The company ended June with 13.61 million members, an increase of 6.7% over 12 months. It added a net 229,000 members during the quarter — 99,000 in medical plans and 130,000 in dental plans. Net additions totaled 423,000 in the first half.

The small and midsize business segment surpassed 3 million members for the first time across medical and dental plans. The SME portfolio grew 10.3% in medical plans and 10.8% in dental plans from the second quarter of 2025.

#### Medical Membership Expands

Bradesco Saúde was the main operating highlight, with net income rising 37.1% to R$923 million. First-half earnings from the medical-plan business increased 32.9% to R$2.06 billion.

The medical portfolio reached 4.08 million members after adding 301,000 over the past 12 months — the operation’s strongest annual membership growth on record, according to the company.

The consolidated claims ratio rose to 83.8% in the quarter, 1.7 percentage points above the 82.2% reported a year earlier. Retained claims increased 13.5%, outpacing the 11.2% rise in earned premiums. For the first half, however, the claims ratio was broadly stable at 81.4%, compared with 81.5% in the same period of 2025.

Bradsaúde also benefited from a stronger financial result, which rose 28.5% to R$930 million. The group’s financial assets reached R$29.55 billion at the end of June, an increase of 8.7% from a year earlier.

Administrative expenses increased 4.6%, below the pace of revenue growth, reducing their share of revenue to 4.3% from 4.5% in the second quarter of 2025. Other operating expenses declined 18.4% to R$433 million.

Atlântica Hospitais, Bradsaúde’s hospital investment platform, which develops partnerships with healthcare groups including Rede D’Or, Hospital Israelita Albert Einstein, Mater Dei and Grupo Santa, reported net income of R$63.5 million, more than four times the R$15.4 million recorded a year earlier. Its contribution to Bradsaúde’s consolidated profit rose to 6% from 2%. The platform comprises 21 hospitals in operation or under development, with total contracted capacity of 4,101 beds, of which 2,199 were operational at the end of June.

In dental plans, Odontoprev added 130,000 members during the quarter and ended June with 9.54 million, up 6.2% from a year earlier. Net revenue increased 5.6% to R$635.3 million.

Odontoprev’s net income, however, declined 20.8% to R$115.7 million, while its net margin narrowed to 18.2% from 24.3%. The dental claims ratio rose by 0.8 percentage point to 37.5%, and the average monthly ticket declined 0.9% to R$22.53 per member.

Bradsaúde also approved R$230 million in interest on equity, scheduled for payment on November 30. Its shareholder remuneration policy provides for the distribution of at least 50% of adjusted net income through dividends or interest on equity.

---

Source: Brazil Stock Guide, https://brazilstockguide.com/insights/bradsaude-profit-rises-25-to-r1-1-billion-in-second-quarter/