By Brazil Stock Guide – Fleury S.A. (B3: FLRY3) posted solid third-quarter results, with net income reaching R$184.9 million (US$34 million), down 3% from a year earlier, as higher interest expenses offset operational gains. Yet the company’s B2C business grew 16%, with 12.9% organic expansion, signaling a strong rebound in patient volume and market share across Brazil’s key regions.
Gross revenue rose 11.5% year-on-year to R$2.38 billion (US$438 million), while EBITDA climbed 11.5% to R$599.4 million, maintaining a 27.4% margin — stable despite pressure from higher depreciation and digital investments. The company’s cash generation remained strong, with R$718.5 million in operational cash flow and leverage steady at 1.0x net debt/EBITDA, underlining balance-sheet discipline.
Chief Executive Officer Jeane Tsutsui said the results reflect the strength of the group’s brands and execution. “Our focus on quality, operational efficiency, and brand trust allowed us to deliver solid growth and expand our leadership in diagnostic medicine,” she noted, adding that the Fleury brand and the a+ and Pardini units in São Paulo were key drivers of this performance.
The B2C segment — which includes Fleury, a+ SP, Pardini SP, and regional brands in Minas Gerais and Rio de Janeiro — grew faster than the market, while new acquisitions such as Confiance and Hemolab began contributing to results. The mobile care division, which now represents 7.8% of total revenue, also reinforced the company’s “asset-light” strategy.
Fleury shares have gained about 12% year-to-date, closing the previous session at R$14.20, broadly in line with the B3 healthcare index. Analysts view the combination of organic growth, steady margins, and digital investment as a sign that Fleury is reasserting leadership ahead of its centennial year in 2026.
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