By Brazil Stock Guide – Dasa (B3: DASA3) narrowed its second-quarter net loss to R$35 million from R$173 million a year earlier, supported by stronger operating performance, lower expenses and reduced depreciation and amortization charges.
Compared with the adjusted R$454 million loss that Dasa estimates it would have reported under its current operating perimeter in the second quarter of 2025, the reduction was 92.3%.
The quarterly comparison requires caution because Dasa significantly reshaped its portfolio following the creation of Rede Américas and several divestments completed during 2025. Since April last year, the hospitals contributed to the joint venture have no longer been fully consolidated and are instead accounted for under the equity method.
On this comparable basis, consolidated gross revenue increased 8% to R$2.41 billion. Against the figure originally reported for the second quarter of 2025, however, revenue declined 10%, largely reflecting the removal of divested operations.
Reported net revenue totaled R$2.22 billion, down 9.8% year over year.
Consolidated EBITDA reached R$446 million, up 52.6% from R$292 million under the comparable current perimeter. The EBITDA margin widened by 5.8 percentage points to 20.1%.
On a purely reported basis, EBITDA fell 39.5% from R$738 million a year earlier, when the result still included businesses that were later deconsolidated, as well as other comparability effects.
Excluding the equity-accounted result from Rede Américas, Dasa’s EBITDA reached R$465 million, up 29.5% on a comparable basis. The margin increased by 3.3 percentage points to 20.9%.
Diagnostics drives growth
The Brazilian diagnostics division remained Dasa’s main operating growth engine. Gross revenue increased 9.2% to R$2.21 billion, driven by higher testing volumes, an expanded client base and growth in premium services, business-to-business testing and at-home care.
Net revenue in the division rose 9.1% to R$2.03 billion. Adjusted gross profit increased 3.9% to R$675 million, although the gross margin narrowed by 1.6 percentage points to 33.2%.
Dasa attributed the margin pressure mainly to revenue mix, including a larger contribution from its Lab-to-Lab business, which provides testing services for third-party laboratories, as well as classification and cost-allocation effects.
The company also continued to streamline its network. The number of patient service centers declined to 833 from 846 over the past 12 months as Dasa closed underperforming locations and concentrated resources on units with greater earnings potential.
Gross revenue at the Northeast Hospitals and Oncology division fell 4% to R$208 million, reflecting a restructuring of the oncology payer mix. Despite the revenue decline, adjusted gross profit rose 4.2% to R$61 million, while the margin increased by 1.5 percentage points to 32%.
General, administrative and selling expenses totaled R$279 million, down 25.4% on a comparable basis. Provisions and write-offs related to accounts receivable fell 69.5% to R$20 million.
Rede Américas narrows losses
Rede Américas, the hospital joint venture in which Dasa owns a 50% stake, delivered stronger operating results but remained loss-making in the quarter.
Net revenue increased 12.4% to R$3.22 billion, while gross profit jumped 65.2% to R$595 million. The gross margin expanded by 5.9 percentage points to 18.5%.
EBITDA rose 38.7% to R$441 million, with the margin widening to 13.7% from 11.1% a year earlier. Performance was supported by a higher average ticket, oncology growth, fewer billing disallowances and the gradual capture of integration synergies.
The average patient ticket increased 11.6% to R$12,500, while hospital occupancy stood at 80.6%.
Rede Américas reported a net loss of R$37 million, narrowing from R$140 million in the second quarter of 2025. Dasa therefore recognized an equity-accounted loss of R$18.4 million, compared with a negative contribution of R$67.1 million a year earlier.
The joint venture’s quarterly result also included R$93 million in write-offs of older receivables, which the company classified as an extraordinary, noncash item.
Cash flow improves, but finance costs remain heavy
Dasa’s operating cash generation surged to R$347 million from R$44 million a year earlier. After R$55 million in capital expenditures, free cash flow reached R$292 million, reversing a negative R$18 million in the second quarter of 2025.
Free cash flow totaled R$297 million in the first half of 2026, compared with cash consumption of R$114 million in the same period last year.
Finance costs remained the main obstacle to a return to profitability. Net finance expenses totaled R$306 million, broadly unchanged year over year and equivalent to roughly two-thirds of quarterly EBITDA.
Gross financial debt ended June at R$6.44 billion, down 21.2% over 12 months. Net financial debt declined 19% to R$5.48 billion.
Including acquisition-related liabilities, adjusted net debt stood at R$5.62 billion, down 23.4% from the second quarter of 2025 but virtually unchanged from R$5.65 billion at the end of March.
Cash and financial investments fell to R$959 million from R$1.71 billion at the end of the first quarter, alongside the reduction in gross debt.
Leverage calculated for covenant purposes rose to 3.39x from 2.88x in March, remaining below the contractual limit of 4x. Based exclusively on Dasa’s current operating perimeter, however, leverage declined to 2.91x from 3.09x.
In July, Dasa completed a R$700 million debenture offering and used the proceeds to redeem its 16th debenture issuance ahead of schedule. The company said the transaction extended its debt maturity profile and fully covered financial obligations due in 2026 and 2027.
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