By Brazil Stock Guide — Fleury posted a net profit of R$96.3 million in the fourth quarter of 2025, a 14.7% increase compared with R$84 million in the same period a year earlier, as Brazil’s leading diagnostic medicine groups continued to benefit from steady demand and expansion across regional markets.
Gross revenue reached R$2.24 billion, up 12.2% year-on-year, while net revenue totaled R$2.06 billion, rising 12%. EBITDA came in at R$455.9 million, representing 12.5% growth, with the EBITDA margin broadly stable at 22.1%.
B2C diagnostics drive growth
The company’s main growth engine remained the B2C diagnostics segment, where revenue increased 13.4% in the quarter, including 10.2% organic growth. The flagship Fleury brand expanded 8.6%, reflecting resilient demand for premium diagnostic services.
Other brands operating in the state of São Paulo posted 25.5% growth, supported both by organic expansion and the integration of newly acquired regional networks such as Confiance and LSL.
Regional markets also delivered strong performance. Minas Gerais revenue rose 21.3%, while Rio de Janeiro increased 14.1%, reflecting gains in market share across multiple brands.
Operational activity also accelerated. Fleury conducted 40.9 million exams in the quarter, an increase of 13.6% year-on-year, while total patient visits reached 3.9 million, up 4%.
New services expand the platform
Another important contributor was the “Novos Elos” platform, which brings together specialized outpatient services including infusion clinics, orthopedics, reproductive medicine and digital health initiatives.
Revenue in this segment grew 24.4% to R$217.5 million, representing roughly 10% of the company’s quarterly revenue, highlighting Fleury’s strategy of expanding beyond traditional diagnostics.
Margins pressured by costs and interest rates
Despite solid revenue growth, gross margin declined slightly to 23.8%, mainly due to higher costs associated with laboratory materials and high-cost medication applications.
Financial expenses also increased. The company reported net financial expenses of R$116.4 million, reflecting the impact of Brazil’s high interest-rate environment, with the benchmark Selic rate rising to around 15% by the end of 2025.
Even so, Fleury maintained a comfortable leverage ratio of around 1.0x net debt to EBITDA, well below its covenant limit, giving the company flexibility to continue pursuing acquisitions and expansion opportunities.
Full-year performance
For the full year, Fleury reported gross revenue of R$9.0 billion, up 8.2% from 2024, with EBITDA of R$2.14 billion and an EBITDA margin of 25.8%.
Net income totaled R$612.8 million, broadly stable year-on-year, while operating cash flow reached R$2.13 billion, reflecting nearly full EBITDA conversion and the strength of the company’s operating model.
As the group approaches its 100th anniversary in 2026, Fleury is positioning itself as one of Brazil’s most diversified healthcare platforms, combining diagnostic medicine with specialized outpatient services and digital health solutions.
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