Rede D'or Sao Luiz SaBMFBOVESPA: RDOR3

Financial Statements 2Q25

Aug 6, 2025 at 10:19 PM UTC · Issued by Rede D'or Sao Luiz Sa

Interim Financial Information Rede D'Or São Luiz S.A.

June 30, 2025

with Independent Auditor's Review Report

Rede D'Or São Luiz S.A. Interim Financial Information June 30, 2025

Contents

Independent auditor's review report on interim financial information 1

Interim Financial Information

Statements of financial position 3

Statements of profit or loss 5

Statements of comprehensive income 6

Statements of changes in equity 7

Statements of cash flows 8

Statements of value added 9

Notes to interim financial information 10

Centro Empresarial PB 370

Praia de Botafogo, 370

8º ao 10º andar - Botafogo

22250-040 - Rio de Janeiro - RJ - Brasil

Tel: +55 21 3263-7000

ey.com.br

A free translation from Portuguese into English of Independent Auditor's Review Report on Individual and Consolidated Interim Financial Information prepared in Brazilian currency in accordance with accounting practices adopted in Brazil and the International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB)

Independent auditor's review report on interim financial information

To the Shareholders, Board of Directors and Officers of

Rede D'Or São Luiz S.A.

Rio de Janeiro - RJ, Brazil

Introduction

We have reviewed the individual and consolidated interim financial information of Rede D'Or São Luiz

S.A. (the "Company"), contained in the Quarterly Information Form (ITR) for the quarter ended June 30, 2025, which comprises the statement of financial position as at June 30, 2025 and the statements of profit or loss and of comprehensive income for the three and six-month periods then ended, and the statements of changes in equity and of cash flows for the six-month period then ended, including other explanatory information.

The executive board is responsible for the preparation of the individual and consolidated interim financial information in accordance with CPC 21 - Interim Financial Reporting, and IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board (IASB), currently referred to by the IFRS Foundation as IFRS Accounting Standards, as well as for the fair presentation of this information in conformity with the rules issued by the Brazilian Securities and Exchange Commission (CVM) applicable to the preparation of the Quarterly Information (ITR). Our responsibility is to express a conclusion on this interim financial information based on our review.

Scope of review

We conducted our review in accordance with the Brazilian and International Standards on Review Engagements (NBC TR 2410 and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with auditing standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion on the individual and consolidated interim financial information

Based on our review, nothing has come to our attention that causes us to believe that the accompanying individual and consolidated interim financial information included in the quarterly information referred to above is not prepared, in all material respects, in accordance with Accounting Pronouncement CPC 21 and IAS 34 applicable to the preparation of Quarterly Information (ITR), and presented consistently with the rules issued by the Brazilian Securities and Exchange Commission (CVM).

A member firm of Ernst & Young Global Limited

Other matters - Statements of value added

The abovementioned quarterly information includes the individual and consolidated statements of value added (SVA) for the six-month period ended June 30, 2025, prepared under the Company's executive board responsibility and presented as supplementary information under IAS 34. These statements have been subject to review procedures performed together with the review of the quarterly information with the objective to conclude whether they are reconciled to the interim financial information and the accounting records, as applicable, and if their format and content are in accordance with the criteria set forth by Accounting Pronouncement CPC 09 - Statements of Value Added. Based on our review, nothing has come to our attention that causes us to believe that they were not prepared, in all material respects, in accordance with the criteria set forth by this Standard and consistently with the individual and consolidated interim financial information taken as a whole.

Rio de Janeiro, August 05, 2025. ERNST & YOUNG

Auditores Independentes S/S Ltda.

CRC SP-015199/F

Diogo Afonso da Silva Accountant CRC RJ-114783/O

A free translation from Portuguese into English of Individual and Consolidated Interim Financial Information prepared in Brazilian currency in accordance with accounting practices adopted in Brazil and the International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB)

Rede D'Or São Luiz S.A.

Statements of financial position

June 30, 2025 and December 31, 2024 (In thousands of reais)

Individual Consolidated
	Note	06/30/2025	12/31/2024	06/30/2025	12/31/2024
Assets
Current assets
Cash and cash equivalents	4	513,456	408,911	5,078,114	6,570,751
Marketable securities	4	6,541,406	9,272,469	35,468,356	32,067,003
Accounts receivable	5	5,385,689	4,934,013	9,938,548	9,463,784
Inventories	6	412,893	430,256	989,368	912,877
Taxes recoverable		563,102	606,771	1,299,187	1,224,853
Insurance contract assets	12	-	-	22,126	8,715
Reinsurance contract assets		-	-	47,050	57,088
Derivative financial instruments	24	82,925	174,331	101,648	174,331
Transactions with related parties	7	1,596,586	447,826	1,338	192,151
Dividends receivable		935,877	563,310	-	-
Other		328,358	347,450	684,385	689,826
Total current assets 16,360,292 17,185,337 53,630,120 51,361,379
Assets classified as held for sale	26	225,160	-	1,226,820	-
Noncurrent assets Transactions with related parties	7	1,910,607	1,806,064	91,257	62,003
Marketable securities	4	-	-	1,867,218	1,851,780
Accounts receivable	5	-	-	1,771,588	1,733,842
Taxes recoverable		8,677	8,677	508,461	479,493
Insurance contract assets	12	-	-	25,574	48,314
Reinsurance contract assets		-	-	14,047	16,065
Judicial deposits	14	389,646	376,213	2,515,784	2,770,086
Deferred taxes	17	217,029	-	3,884,918	3,509,725
Derivative financial instruments	24	425,137	380,946	2,811,796	3,550,934
Investments in subsidiaries, associates and joint ventures	8	31,888,723	31,679,152	2,468,569	2,483,556
Property and equipment	9	6,002,227	5,712,780	15,574,548	14,978,458
Intangible assets	10	7,445,805	7,497,061	15,847,539	16,242,665
Right of use - leases	11	2,370,099	2,450,179	3,014,942	3,053,023
Other		216,380	220,379	456,577	456,559
Total noncurrent assets 50,874,330 50,131,451 50,852,818 51,236,503

Total assets 67,459,782 67,316,788 105,709,758 102,597,882

See accompanying notes.

Rede D'Or São Luiz S.A.

Statements of financial position

June 30, 2025 and December 31, 2024 (In thousands of reais)

		Individual		Consolidated
	Note	06/30/2025	12/31/2024	06/30/2025	12/31/2024
Liabilities and equity Current liabilities Trade accounts payable		703,528	666,543	1,598,131	1,534,698
Derivative financial instruments	24	636,965	568,616	870,425	660,968
Loans, financing and debentures	13	2,947,463	3,920,516	2,914,104	3,915,191
Transactions with related parties	7	-	-	15,380	12,231
Salaries, accruals and social charges		518,559	491,097	1,129,913	1,109,208
Tax obligations		266,056	281,746	962,518	865,069
Accounts payable for acquisitions		6,960	16,858	394,351	464,989
Dividends and IOE payable	16	68,822	56,938	86,990	69,192
Insurance contract liabilities	12	-	-	7,943,070	7,099,761
Leases	15	609,696	627,124	812,468	776,424
Other		71,307	74,212	1,231,637	1,347,995
Total current liabilities		5,829,356 6,703,650 17,958,987 17,855,726
Liabilities associated with assets held for sale	26	-	-	991,811	-
Noncurrent liabilities Derivative financial instruments	24	960,461	1,545,831	1,002,725	1,545,831
Loans, financing and debentures	13	30,898,869	30,107,692	35,071,574	34,955,408
Transactions with related parties	7	-	-	3,824	3,769
Tax obligations		26,815	34,983	132,216	185,821
Accounts payable for acquisitions		8,300	827	295,646	288,237
Insurance contract liabilities	12	-	-	14,663,475	13,189,692
Deferred taxes	17	-	80,171	336,929	368,455
Provision for contingencies	14	718,966	743,414	3,112,430	3,358,816
Provision for losses on investments	8	842,864	719,421	-	-
Leases	15	2,267,972	2,300,596	2,784,347	2,826,049
Other		543,646	377,576	1,461,344	1,318,210
Total noncurrent liabilities		36,267,893 35,910,511 58,864,510 58,040,288
Equity Capital	16	15,711,360	15,711,360	15,711,360	15,711,360
Share issue costs		(253,031)	(253,031)	(253,031)	(253,031)
Capital reserves		5,033,345	4,960,756	5,033,345	4,960,756
Treasury shares		(1,828,733)	(1,458,602)	(1,828,733)	(1,458,602)
Income reserves		4,080,435	4,930,435	4,080,435	4,930,435
Retained earnings		2,042,081	-	2,042,081	-
Future capital contribution		4,224	4,224	4,224	4,224
Other comprehensive income		572,852	807,485	572,852	807,485
Total equity attributable to the Company's shareholders		25,362,533 24,702,627 25,362,533 24,702,627
Noncontrolling interests		-	-	2,531,917	1,999,241
Total equity		25,362,533 24,702,627 27,894,450 26,701,868
Total liabilities and equity		67,459,782 67,316,788 105,709,758 102,597,882
See accompanying notes.

Rede D'Or São Luiz S.A.

Statements of profit or loss

Six-month periods ended June 30, 2025 and 2024 (In thousands of reais, unless otherwise stated)

			Individual				Consolidated
		04/01/2025 to 01/01/2025 to 04/01/2024 to 01/01/2024 to 04/01/2025 to 01/01/2025 to 04/01/2024 to 01/01/2024 to
	Note 06/30/2025 06/30/2025 06/30/2024 06/30/2024 06/30/2025 06/30/2025 06/30/2024 06/30/2024
Operating revenue, net	18	3,940,193	7,668,245	3,599,668	7,047,819	13,960,847	26,933,879	12,504,108	24,699,137
Operating costs	19	(2,633,311)	(5,199,166)	(2,476,195)	(4,870,147)	(11,041,151)	(21,300,515)	(10,107,579)	(20,077,384)
Gross profit		1,306,882	2,469,079	1,123,473	2,177,672	2,919,696	5,633,364	2,396,529	4,621,753
General and administrative expenses	20	(287,142)	(607,596)	(292,508)	(538,625)	(570,877)	(1,055,108)	(530,023)	(960,819)
Selling expenses		19,062	14,676	(3,389)	(11,377)	28,971	15,859	(7,243)	(25,720)
Equity pickup	8	868,905	1,835,171	776,899	1,361,252	15,398	12,498	23,903	14,167
Other operating expenses	21	(51,266)	(9,027)	(42,260)	(86,908)	(121,670)	(128,818)	(76,291)	(157,207)
Income before finance income (costs) and income and social contribution taxes		1,856,441	3,702,303	1,562,215	2,902,014	2,271,518	4,477,795	1,806,875	3,492,174
Finance income	22	941,620	1,793,494	600,775	1,115,039	2,677,924	5,496,663	2,046,884	3,471,640
Finance costs	22	(1,929,123)	(3,720,383)	(1,262,992)	(2,430,541)	(3,749,668)	(7,430,192)	(2,634,944)	(4,732,246)
Income before income taxes		868,938	1,775,414	899,998	1,586,512	1,199,774	2,544,266	1,218,815	2,231,568
Income taxes	17	132,654	266,667	71,655	189,731	(152,013)	(429,727)	(223,270)	(400,542)
Net income for the period		1,001,592	2,042,081	971,653	1,776,243	1,047,761	2,114,539	995,545	1,831,026
Income attributable to controlling interests		1,001,592	2,042,081	971,653	1,776,243	1,001,592	2,042,081	971,653	1,776,243
Income attributable to noncontrolling interests		-	-	-	-	46,169	72,458	23,892	54,783
Basic Earnings per Share	23	0.4543	0.9254	0.4349	0.7917	0.4543	0.9254	0.4349	0.7917
Diluted Earnings per Share	23	0.4543	0.9254	0.4349	0.7917	0.4543	0.9254	0.4349	0.7917
See accompanying notes.

Rede D'Or São Luiz S.A.

Statements of comprehensive income

Six-month periods ended June 30, 2025 and 2024 (In thousands of reais)

		Individual				Consolidated
	04/01/2025 to	01/01/2025 to	04/01/2024 to	01/01/2024 to	04/01/2025 to	01/01/2025 to	04/01/2024 to	01/01/2024 to
	06/30/2025	06/30/2025	06/30/2024	06/30/2024	06/30/2025	06/30/2025	06/30/2024	06/30/2024
Net income for the period	1,001,592	2,042,081	971,653	1,776,243	1,047,761	2,114,539	995,545	1,831,026
Other comprehensive income Cash flow hedge	(49,625)	(90,592)	33,521	30,694	(69,270)	(109,864)	29,680	23,012
Gains/(losses) on insurance and reinsurance liabilities	-	-	-	-	(255,479)	(265,861)	351,730	564,816
Unrealized gains/(losses) on financial assets at fair value through OCI	-	-	-	-	46,519	50,200	(28,291)	(34,416)
Tax effects	16,871	30,800	(11,397)	(10,436)	108,977	125,309	(139,549)	(219,872)
Gains/(losses) on changes in equity interest	-	-	(1,785)	(1,785)	(34,117)	(34,417)	-	-
Other comprehensive income of associates and subsidiaries, by equity pickup	(170,616)	(174,842)	191,555	313,499	-	-	(1,676)	(1,568)
	(203,370)	(234,633)	211,894	331,972	(203,370)	(234,633)	211,894	331,972

Total comprehensive income	798,222	1,807,448	1,183,547	2,108,215	844,391	1,879,906	1,207,439	2,162,998
Attributable to: Controlling interests	798,222	1,807,448	1,183,547	2,108,215	798,222	1,807,448	1,183,547	2,108,215
Noncontrolling interests	-	-	-	-	46,169	72,458	23,892	54,783
See accompanying notes.

Rede D'Or São Luiz S.A.

Statements of changes in equity

Six-month periods ended June 30, 2025 and 2024 (In thousands of reais)

Attributable to controlling interests

Capital Capital reserves Income reserves Premium

reserve

Goodwill in Share-based

Other

Future

Description Capital

Share issue costs

(issue of shares)

capital transactions

payment reserve

Treasury shares

Legal reserve

Investment reserve

comprehensiv e income

capital contribution

Retained

earnings Total equity

Noncontrollin

g interests Total

15,711,360	(253,031)	6,166,442	(1,251,887)	-	(519,418)	8,666	2,499,758	173,592	4,224	-	22,539,706	1,295,940	23,835,646
-	-	-	-	-	-	-	-	-	-	-	-	7,078	7,078
-	-	-	67,829	-	-	-	-	-	-	-	67,829	47,827	115,656
-	-	5,970	-	(9,479)	7,671	-	-	-	-	-	4,162	-	4,162
-	-	-	-	9,479	-	-	-	-	-	-	9,479	-	9,479
-	-	-	-	-	-	-	-	-	-	1,776,243	1,776,243	54,783	1,831,026
-	-	-	-	-	-	-	(650,000)	-	-	-	(650,000)	(47,788)	(697,788)
-	-	-	-	-	-	-	25,066	-	-	-	25,066	-	25,066
-	-	-	-	-	(302,089)	-	-	-	-	-	(302,089)	-	(302,089)
-	-	-	-	-	-	-	-	15,188	-	-	15,188	-	15,188
-	-	-	-	-	-	-	-	(22,308)	-	-	(22,308)	-	(22,308)
-	-	-	-	-	-	-	-	339,092	-	-	339,092	-	339,092
15,711,360	(253,031)	6,172,412	(1,184,058)	-	(813,836)	8,666	1,874,824	505,564	4,224	1,776,243	23,802,368	1,357,840	25,160,208
15,711,360	(253,031)	6,190,053	(1,229,297)	-	(1,458,602)	8,666	4,921,769	807,485	4,224	-	24,702,627	1,999,241	26,701,868
-	-	-	64,157	-	-	-	-	-	-	-	64,157	502,243	566,400
-	-	8,432	-	(9,466)	802	-	-	-	-	-	(232)	-	(232)
-	-	-	-	9,466	-	-	-	-	-	-	9,466	-	9,466
-	-	-	-	-	-	-	-	-	-	2,042,081	2,042,081	72,458	2,114,539
-	-	-	-	-	-	-	(850,000)	-	-	-	(850,000)	(42,025)	(892,025)
-	-	-	-	-	(370,933)	-	-	-	-	-	(370,933)	-	(370,933)
-	-	-	-	-	-	-	-	(59,791)	-	-	(59,791)	-	(59,791)
-	-	-	-	-	-	-	-	(15,319)	-	-	(15,319)	-	(15,319)
-	-	-	-	-	-	-	-	(159,523)	-	-	(159,523)	-	(159,523)
15,711,360	(253,031)	6,198,485	(1,165,140)	-	(1,828,733)	8,666	4,071,769	572,852	4,224	2,042,081	25,362,533	2,531,917	27,894,450

Balances at December 31, 2023 Acquisitions of subsidiaries

Capital transactions in subsidiaries and acquisition of noncontrolling interests

Changes - RSU (Note 16) Share-based payment (Note 16) Income for the period

Dividends and interest on equity (Note 16) Reinvested dividends

Share buyback

Cash flow hedge (Note 16) Equity adjustments

Net finance income (costs) from insurance and reinsurance contracts

Balances at June 30, 2024

Balances at December 31, 2024

Capital transactions in subsidiaries and acquisition of noncontrolling interests

Changes - RSU (Note 16) Share-based payment (Note 16) Income for the period

Dividends and interest on equity (Note 16) Share buyback

Cash flow hedge (Note 16) Equity adjustments

Net finance income (costs) from insurance and reinsurance contracts

Balances at June 30, 2025

See accompanying notes.

Rede D'Or São Luiz S.A.

Statements of cash flows

Six-month periods ended June 30, 2025 and 2024 (In thousands of reais)

Individual Consolidated

	06/30/2025	06/30/2024	06/30/2025	06/30/2024
Cash flows from operating activities Income before income and social contribution taxes	1,775,414	1,586,512	2,544,266	2,231,568
Adjustments to reconcile income before taxes to cash flows from operating
activities Depreciation and amortization	473,619	462,041	924,412	794,202
Gain on disposal of properties	(1,960)	(1,960)	(1,960)	(1,960)
Fair value of debt	622,947	(913,505)	755,543	(906,662)
Interest, monetary and FX differences, net	1,391,806	2,422,932	(572,293)	1,366,610
Share-based payment	45,464	38,967	45,464	38,967
Provision for/(reversal of) contingencies	(10,120)	(64,869)	189,211	149,819
Equity pickup	(1,835,171)	(1,361,252)	(12,498)	(14,167)
Income from insurance service	-	-	4,841,149	3,760,000
Allowance for expected credit loss	360,286	373,132	669,755	654,380
(Increase) decrease in assets and increase (decrease) in liabilities Accounts receivable	(929,486)	(776,380)	(1,426,792)	(1,384,636)
Inventories	6,471	11,089	(115,823)	(8,821)
Taxes recoverable	73,518	(324,918)	(105,679)	(382,687)
Judicial deposits	(13,446)	(2,912)	311,690	74,155
Other assets	802,759	(37,808)	570,406	8,110
Trade accounts payable	49,682	76,855	126,669	117,384
Salaries and social charges	40,410	(19,542)	59,762	12,638
Tax obligations	(106,625)	225,853	(66,557)	174,380
Transactions with related parties	(1,358,500)	34,302	163,586	(38,289)
Provision for contingencies	(25,384)	(1,405)	(554,107)	(186,795)
Insurance and reinsurance assets (liabilities)	-	-	(2,784,017)	(2,189,866)
Other liabilities	161,579	134,123	(19,644)	(430,475)
	1,523,263	1,861,255	5,542,543	3,837,855
Payment of interest	(1,688,777)	(1,610,434)	(1,807,778)	(1,657,005)
Payment of income and social contribution taxes	-	-	(666,689)	(597,718)
Net cash from (used in) operating activities	(165,514)	250,821	3,068,076	1,583,132
Cash flows from investing activities Payment in business acquisition, net of cash acquired	-	-	-	(27,706)
Cash from merger of subsidiary	(6)	-	-	-
Future capital contribution	(268,361)	(1,401,047)	-	-
Additions to property and equipment	(510,388)	(501,710)	(1,219,411)	(1,264,349)
Additions to intangible assets	(20,672)	(27,645)	(134,520)	(89,773)
Acquisitions of marketable securities	(11,156,606)	(12,298,568)	(43,007,838)	(32,833,623)
Redemption of marketable securities	14,320,317	13,823,140	41,969,314	33,035,055
Dividends and interest on equity received	769,116	239,318	10,558	4,715
Net cash flows from (used in) investing activities	3,133,400	(166,512)	(2,381,897)	(1,175,681)
Cash flows from financing activities Treasury shares	(390,449)	(230,357)	(390,449)	(230,357)
Payment of dividends and IOE	(751,763)	(330,654)	(787,874)	(372,522)
Loans, financing and debentures raised	1,000,000	2,000,000	1,900,000	2,518,901
Payment of loans, financing and debentures	(2,500,379)	(1,002,606)	(2,571,463)	(1,549,206)
(Settlement) receipt of swap	(220,750)	(261,729)	(277,674)	(351,956)
Accounts payable for acquisitions	-	-	(51,356)	(54,933)
Net cash flows from (used in) financing activities	(2,863,341)	174,654	(2,178,816)	(40,073)
(Decrease) increase in cash and cash equivalents	104,545	258,963	(1,492,637)	367,378
Cash and cash equivalents at beginning of period	408,911	257,423	6,570,751	3,267,408
Cash and cash equivalents at end of period	513,456	516,386	5,078,114	3,634,786

See accompanying notes.

Statements of value added

Six-month periods ended June 30, 2025 and 2024 (In thousands of reais, unless otherwise stated)

	Individual		Consolidated
	06/30/2025	06/30/2024	06/30/2025	06/30/2024
Revenue	8,156,242	7,484,788	28,156,693	25,727,068
Sales of goods, products and services	8,514,568	7,855,960	12,811,779	12,083,797
Revenues from insurance operations	-	-	15,956,039	14,244,726
Allowance for expected credit loss	(360,286)	(373,132)	(669,755)	(654,380)
Other revenues	1,960	1,960	58,630	52,925
Benefits and claims	-	-	(9,889,292)	(9,675,571)
Expenses with benefits and redemptions	-	-	(9,889,292)	(9,675,571)
Materials acquired from third parties	(2,781,926)	(2,707,409)	(6,767,697)	(6,098,037)
Costs of sales	(2,682,128)	(2,581,588)	(6,245,323)	(5,603,504)
Materials, power, services from suppliers and other	(109,918)	(190,690)	(333,163)	(344,714)
Loss on/recovery of assets	10,120	64,869	(189,211)	(149,819)
Gross value added	5,374,316	4,777,379	11,499,704	9,953,460
Depreciation and amortization	(473,619)	(462,041)	(924,412)	(794,202)
Net value added	4,900,697	4,315,338	10,575,292	9,159,258
Value added received from transfers	3,628,665	2,476,291	3,750,474	2,492,234
Equity pickup	1,835,171	1,361,252	12,498	14,167
Finance income	1,793,494	1,115,039	5,496,663	3,471,640
Finance income (costs) from insurance contracts	-	-	(1,758,687)	(993,573)
Total value added	8,529,362	6,791,629	14,325,766	11,651,492
Value added distributed	(8,529,362)	(6,791,629)	(14,325,766)	(11,651,492)
Employee benefits expense	(2,432,474)	(2,202,281)	(4,606,775)	(4,353,699)
Salaries	(2,167,773)	(1,915,997)	(4,040,085)	(3,757,150)
Benefits	(171,976)	(195,367)	(377,512)	(414,402)
Unemployment Compensation Fund (FGTS)	(92,725)	(90,917)	(189,178)	(182,147)
Taxes, charges and contributions	(193,635)	(244,266)	(1,605,964)	(1,426,074)
Federal taxes	(10,726)	(75,416)	(1,181,297)	(1,059,275)
State taxes	-	-	(24,286)	(11,539)
Local taxes	(182,909)	(168,850)	(400,381)	(355,260)
Debt remuneration	(3,861,172)	(2,568,839)	(5,998,489)	(4,040,693)
Interest	(3,720,385)	(2,430,541)	(5,665,011)	(3,731,492)
Rents	(6,248)	(4,958)	(51,254)	(50,815)
Other	(134,539)	(133,340)	(282,224)	(258,386)
Equity remuneration	(2,042,081)	(1,776,243)	(2,114,538)	(1,831,026)
Interest on equity	(850,000)	(650,000)	(850,000)	(650,000)
Dividends	-	-	(42,025)	(47,788)
Retained profits	(1,192,081)	(1,126,243)	(1,192,081)	(1,126,243)
Noncontrolling interests on retained profits	-	-	(30,432)	(6,995)
See accompanying notes.

Notes to the interim financial information June 30, 2025

(Amounts expressed in thousands of reais, unless otherwise stated)

Operations
Rede D'Or São Luiz S.A. (the "Company" or "Parent Company" and jointly with its subsidiaries "Rede D'Or" or "Group"), headquartered at Rua Francisco Marengo, 1312, in the city and state of São Paulo, is engaged in the rendering of hospital services, offering assistance and hospitality concepts, creating medical and diagnostic excellence centers and generating medical knowledge and experience that ensure security to customers, either doctors, patients or healthcare plans.
Through its subsidiaries and associates, the Company operates in the health (health and dental insurance, administrative services only (ASO) health and dental plans, and health and wellness solutions), life insurance, private pension, and asset management segments.
Rede D'Or operates in the states of Rio de Janeiro, São Paulo, Pernambuco, Maranhão, Bahia, Sergipe, Paraná, Ceará, Minas Gerais, Mato Grosso do Sul, Paraíba, Alagoas, Pará and the Federal District, with 76 own hospitals in operation and more than 30 projects in development, in addition to oncology and radiotherapy clinics and laboratories. Currently, the Group has 10,413 hospital beds in total.
The first hospital unit, Hospital Barra D'Or, was opened in 1998, and Hospital Copa D'Or and Hospital Quinta D'Or were opened in 2000 and 2001, respectively. Since 2004, strategic partnerships have been made with other hospitals, thus increasing their range of expertise and reaching other areas in Rio de Janeiro. Also through partnerships and acquisitions, Rede D'Or started operations in the state of Pernambuco in 2007; in the states of Maranhão and Bahia
in 2018; in the state of Sergipe in 2019; in the states of Paraná and Ceará in 2020; in the states of Minas Gerais, Mato Gross do Sul and Paraíba in 2021; and in the state of Alagoas in 2022.
In December 2022, the business combination between the Company and Sul América S.A. was completed through the merger of Sul América S.A. into Rede D'Or. As a result of the merger, Sul América S.A. was dissolved and succeeded by Rede D'Or as regards all its assets, rights and obligations, and Rede D'Or became the parent company of Sul América Group ("SASA" or "Sul América" - comprising the subsidiaries, associates and investment funds remaining from the merger of Sul América S.A.). Thus, since December 23, 2022, the shares of Sul América S.A. are no longer traded on B3 and the former shareholders of Sul América S.A. have become shareholders of the Company.
Seasonality
There are no significant seasonal effects on the Company's operations; however, a smaller volume of customers and, consequently, of claims in the insurance and health insurance businesses, is generally observed in December, January and February due to year-end celebrations and vacation period, and a larger volume of customers is observed in Winter.
Notes to the interim financial information (Continued)
June 30, 2025
(Amounts expressed in thousands of reais, unless otherwise stated)
Accounting policies

This individual and consolidated interim financial information was prepared in accordance with Accounting Pronouncement CPC 21 (R1) - Interim Financial Reporting, issued by the Brazilian Financial Accounting Standards Board - FASB ("CPC"), and in accordance with IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board (IASB), and is presented in accordance with the rules issued by the Brazilian Securities and Exchange Commission ("CVM") applicable to the preparation of Quarterly Information (ITR). The statements of value added are presented as supplementary information for IFRS purposes.

The accounting policies as well as estimates and critical accounting judgments adopted by the Group in this interim financial information are consistent with those adopted in the financial statements for the year ended December 31, 2024, disclosed on March 10, 2025, except for the accounting policy presented below, which was implemented in the quarter ended June 30, 2025.

Noncurrent assets held for sale

The Company classifies an asset as a noncurrent asset held for sale if its carrying amount will be recovered principally through a sale transaction rather than through continuing use. These noncurrent assets held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Selling expenses are represented by incremental expenses directly attributable to the sale, excluding finance costs and taxes on profit.

The criteria for held-for-sale noncurrent assets classification are regarded as met when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition, subject only to the terms that are usual and customary for the sale of such assets. The Company's appropriate management level is committed to the asset sale plan, and a firm program has been initiated to locate a buyer and complete the plan within one year from the date of classification.

Assets and liabilities classified as held for sale are presented separately as current items in the statement of financial position. When a set of assets is characterized as a discontinued operation, the results are presented separately in the statements of profit or loss for the current year and the previous year, as provided for in IFRS 5 (CPC 31) - Non-Current Assets Held for Sale and Discontinued Operations. A discontinued operation is identified by the Company whenever the component represents a major line of business or geographic area of operations, is an integral part of a coordinated plan for the sale of a separate and/or geographic major line of business, or is a subsidiary acquired for the exclusive purpose of resale.

Notes to the interim financial information (Continued)

June 30, 2025

(Amounts expressed in thousands of reais, unless otherwise stated)

Accounting policies (Continued)
P&L for the six-month period ended June 30, 2025 does not necessarily indicate the P&L expected for the entire year ending December 31, 2025. The interim financial information and related notes do not include all the information and disclosures required for the annual financial statements. As such, this interim financial information must be read together with the audited annual financial statements as of December 31, 2024.
Authorization to complete the preparation of this interim financial information was given by the Company management on August 05, 2025.
The individual and consolidated financial statements include the operations of the Company and of its subsidiaries presented in Note 8. Additionally, it should be stressed that as at June 30, 2025, the Company has investments in funds of one that are fully consolidated.
Notes to the interim financial information (Continued)
June 30, 2025
(Amounts expressed in thousands of reais, unless otherwise stated)
Atlântica Hospitais transaction
On August 16, 2024, the Company entered into a partnership with Atlântica Hospitais e Participações S.A. ("Atlântica Hospitais") - a company focused on hospital investments, indirectly controlled by Bradseg Participações S.A., which in turn is the parent of Bradesco Seguros Group -for the creation of the new hospital network "Atlântica D'Or" Pacífico Holding Imobiliária Hospitalar
S.A. and Pacífico Operações Hospitalares S.A.). The Partnership was established as a corporate association aimed at making investments, constructing, developing, and operating hospitals, with a share of 50.01% for Rede D'Or, which will serve as the hospital operator and controller of the new Atlântica D'Or hospital network, and 49.99% for Atlântica Hospitais. This partnership encompasses all investments and assets, including real estate, related to the hospitals. As of March 31, 2025, the Company completed the contribution of assets and liabilities of Hospital São Luiz Campinas and Campinas Empreendimentos Imobiliários to Atlântica D'Or. The Company received from Bradesco Seguros the amount of R$383,393. As of June 30, 2025, the partnership encompassed four hospitals in operation (São Luiz Guarulhos, São Luiz Alphaville, Macaé D'Or and Hospital Campinas) and two other projects under development (located in Taubaté and Ribeirão Preto).

Cash and cash equivalents and marketable securities

Cash and cash equivalents

Individual Consolidated

	06/30/2025	12/31/2024	06/30/2025	12/31/2024
Cash and cash equivalents
Cash and banks	20,184	14,484	129,417	98,562
Short-term investments	493,272	394,427	4,948,697	6,472,189
Cash and cash equivalents	513,456	408,911	5,078,114	6,570,751

Financial applications classified as cash equivalents have redemption periods of less than three months from the date of acquisition and no significant change in value.

Marketable securities

Marketable securities are broken down in the table below, which shows their respective classifications, curve value and market value, as well as the contractual average rates:

Notes to the interim financial information (Continued)

June 30, 2025

(Amounts expressed in thousands of reais, unless otherwise stated)

4. Cash and cash equivalents and marketable securities (Continued) 4.2. Marketable securities (Continued)

Fair value through profit

or loss Market value/

Average interest

Individual

06/30/2025

Description

carrying amount

rate Total

Fixed income securities - corporate bonds	6,541,380		6,541,380
Bank deposit certificates Floating rate CDI	6,461,618	102.61% CDI	6,461,618
Financial bills
Floating rate CDI +	27,659	CDI+0.31% p.a.	27,659
Floating rate CDI %	52,103	105.00% CDI	52,103
Investment fund shares	26		26
Investment fund shares - other than funds of one	26	- 26
		6,541,406
		Current 6,541,406 Noncurrent -

Fair value through profit

or loss Market value/

Average interest

Individual

12/31/2024

Description

carrying amount

rate Total

Fixed income securities - corporate bonds	9,164,455		9,164,455
Bank deposit certificates
Floating rate CDI	9,164,455	103.09% CDI	9,164,455
Financial bills
Floating rate CDI	76,411	103.58% CDI	76,411
Fixed income securities - government
securities	31,537		31,537
Financial treasury bills	31,537	SELIC	31,537
Investment fund shares	66		66

Investment fund shares - other than funds of one 66 - 66

9,272,469

Current 9,272,469

Noncurrent -

4. Cash and cash equivalents and marketable securities (Continued) 4.2. Marketable securities (Continued)

Fair value through

profit or loss Fair value through other comprehensive income Amortized cost

Consolidated

06/30/2025

Description	Market value/ carrying amount	Curve value	Market value/ carrying amount	Curve value/carrying amount	Market value	Average interest rate (a)	Total
Fixed income securities - corporate bonds	13,585,073	700,916	701,907	-	-	-	14,286,980
Bank deposit certificates Floating rate CDI +	134	-	-	-	-	CDI+1.07%a.a.	134
Floating rate CDI % Debentures	8,774,268	111,253	111,253	-	-	102.38% CDI	8,885,521
Floating rate CDI +	2,101,704	186,390	192,761	-	- CDI+1.47% p.a.		2,294,465
Floating rate CDI %	10,855	631	585	-	- 121.13%CDI		11,440
Floating rate IPCA	3,661	-	-	-	- IPCA+8.89% p.a.		3,661
Floating rate IGP-M	-	108,318	98,732	-	- IGPM+5.84% p.a.		98,732
Financial bills
Floating rate CDI +	2,565,254	-	-	-	- CDI+0.58% p.a.		2,565,254
Floating rate CDI %	61,946	-	-	-	- 104.83% CDI		61,946
Floating rate IPCA	-	262,813	266,593	-	- IPCA+7.97%a.a		266,593
Promissory notes	21,353	31,511	31,983	-	- CDI+1.46% p.a.		53,336
Mortgage-backed Securities ("CRI")	4,903	-	-	-	- 15.95% p.a.		4,903
Time deposits with special guarantee (DPGE)	40,995	-	-	-	- CDI+0.56% p.a.		40,995

Fixed income securities - government securities

12,066,702 2,306,495 2,239,441 2,821,827 2,709,217 17,127,970

Financial treasury bills National treasury bills	11,424,197	118,799	118,845	-	-	SELIC	11,543,042
Fixed rate National treasury notes	260,473.00	-	-	-	-	13.15% p.a.	260,473
Series F- Fixed rate	338	20,172	18,425	-	-	9.27% p.a.	18,763
Series B - Floating rate IPCA	194,417	1,831,997	1,768,414	71,997	65,952	IPCA+6.45% p.a.	2,034,828
Series C - Floating rate IGP-M	81,226	335,527	333,757	1,795,366	1,688,801	IGPM+5.92% p.a.	2,210,349
Fixed income securities abroad	106,051	-	-	954,464	954,464	14.82% p.a.	1,060,515
Variable income securities	181,393	-	-	-	-	-	181,393
Shares	181,473	-	-	-	-	-	181,473
Impairment	(80)	-	-	-	-	-	(80)
Investment fund shares	5,735,065	-	-	-	-	-	5,735,065
Fixed income, equity and multi-market investment fund shares	5,709,275	-	-	-	-	-	5,709,275
Equity fund shares	25,790	-	-	-	-	-	25,790
Other investments	4,166	-	-	-	-	-	4,166
							37,335,574
						Current	35,468,356
						Noncurrent	1,867,218

Cash and cash equivalents and marketable securities (Continued) 4.2. Marketable securities (Continued)

Fair value through

Fair value through other comprehensive

Consolidated

profit or loss income Amortized cost 12/31/2024

Market value/

Market value/ Curve value/carrying

Average

Description

carrying amount

Curve value

carrying amount

amount Market value

interest rate (a) Total

Fixed income securities - corporate bonds Bank deposit certificates Floating rate CDI %	15,572,131 11,727,235	890,477 104,477	888,052 104,477		- -		- - 103.02%		- CDI	16,460,183 11,831,712
Debentures Floating rate CDI +	1,665,890	286,069	283,636		-		- CDI+2.07%		p.a.	1,949,526
Floating rate CDI %	10,932	15,703	15,145		-		- 125.95%		CDI	26,077
Floating rate IPCA	240	-	-		-		- IPCA+8.49%		p.a.	240
Floating rate IGP-M Financial bills	-	109,259	98,514		-		- IGPM+5.84%		p.a.	98,514
Floating rate CDI +	1,416,345	266,499		277,109		-	-	CDI+0.85% p.a.	1,693,454
Floating rate CDI %	682,335	77,185		77,400		-	-	108.35% CDI	759,735
Promissory notes	11,803	31,285		31,771		-	-	CDI+1.52% p.a.	43,574
Mortgage-backed Securities ("CRI")	2,805	-		-		-	-	17.13% p.a.	2,805
Time deposits with special guarantee (DPGE)	54,546	-		-		-	-	CDI+0.55% p.a.	54,546
Fixed income securities - government securities	7,935,249	1,833,904		1,719,803		1,908,808	1,821,597	-	11,563,860
Financial treasury bills National treasury bills Fixed rate	7,603,103 201,123	125,410 -		125,430 -		- -	- -	SELIC 15.94% p.a.	7,728,533 201,123
National treasury notes Series F- Fixed rate	311	33,869		30,841		-	-	8.86% p.a.	31,152
Series B - Floating rate IPCA	46,004	1,305,836		1,215,466		69,829	60,396	IPCA+5.44% p.a.	1,331,299
Series C - Floating rate IGP-M	84,708	368,789		348,066		1,838,979	1,761,201	IGPM+5.81% p.a.	2,271,753
Variable income securities	159,937	-		-		-	-	-	159,937
Shares	159,997	-		-		-	-	-	159,997
Impairment	(60)		-		-	-	-	-	(60)
Investment fund shares	5,730,397	-		-		-	-	-	5,730,397
Fixed income, equity and multi-market investment fund shares	5,710,028	-		-		-	-	-	5,710,028
Equity fund shares	20,369	-		-		-	-	-	20,369
Other investments	4,406	-	-		-		-	- 4,406
								33,918,783

Current 32,067,003

Noncurrent 1,851,780

Accounts receivable

Individual Consolidated

Description	Note	06/30/2025	12/31/2024	06/30/2025	12/31/2024
Accounts receivable - hospital services	5,1	5,385,689	4,934,013	8,608,082	8,192,585
Other accounts receivable	5,2	-	-	3,102,054	3,005,041
		5,385,689	4,934,013	11,710,136	11,197,626
Current		5,385,689	4,934,013	9,938,548	9,463,784
Noncurrent		-	-	1,771,588	1,733,842

Hospital services

Trade accounts receivable comprise receivables from healthcare companies and individuals, as follows:

Individual Consolidated

	06/30/2025	12/31/2024	06/30/2025	12/31/2024
Accounts receivable from health insurance
and health plans (a)	6,390,139	5,930,188	10,217,475	9,833,191
Accounts receivable from individuals	104,257	118,795	208,535	232,795
Allowance for expected credit losses and
provision for disallowances (1,108,707)		(1,114,970)	(1,817,928)	(1,873,401)
5,385,689		4,934,013	8,608,082	8,192,585

(a) Transfer to available-for-sale assets of the net accounts receivable balance in the amount of R$ 244,524. For further details, see Note 26.

Changes in provision for disallowances and allowance for expected credit losses

Individual Consolidated

06/30/2025 06/30/2024 06/30/2025 06/30/2024

Balance at beginning of period	(1,114,970)	(946,225)	(1,873,401)	(1,647,717)
(Set up)/ reversal of provision for disallowances
and allowance for expected credit losses	(360,286)	(373,132)	(653,861)	(647,199)
Write-offs (a)	350,016	-	659,906	179,337
Provision arising from the transfer of assets from
Hospital Campinas	16,533	-	-	-

Transfer to available-for-sale assets - - 49,428 -Balance at end of period (1,108,707) (1,319,357) (1,817,928) (2,115,579)

(a) Write-offs include the derecognition of uncollectible amounts and elimination of the provision for disallowances of the Group companies.

Accounts receivable

Hospital services (Continued)

Changes in provision for disallowances and allowance for expected credit losses (Continued)

At June 30, 2025 and December 31, 2024, the aging list of trade accounts receivable is as follows:

Individual
					Overdue
Total Falling due 1 - 30 days 31 - 60 days 61 - 90 days					91 - 120 days	121 - 180 days	181 - 360 days	360 - 720 days
06/30/2025 6,494,396	4,149,856	156,641	167,948	144,074	190,653	265,582	547,098	872,544
12/31/2024 6,048,983	3,757,285	142,631	204,249	118,674	186,389	226,633	622,224	790,898

Consolidated
					Overdue
Total Falling due 1 - 30 days 31 - 60 days61 - 90 days					91 - 120 days	121 - 180 days	181 - 360 days	360 - 720 days
06/30/2025 10,426,010	5,968,338	393,811	292,076	248,002	261,602	498,730	1,142,048	1,621,403
12/31/2024 10,065,986	5,569,426	380,060	360,568	270,776	250,452	446,173	1,243,045	1,545,486

The Company's revenues arise from the provision of hospital services, including the use of medicines and hospital materials. Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured, i.e. upon rendering of medical services at an amount that reflects the consideration to which an entity expects to be entitled in exchange for providing services to a customer.

Changes in provision for disallowances and allowance for expected credit losses

The provision for disallowances and allowance for expected credit losses is presented reducing the balance of accounts receivable and recognized at an amount deemed sufficient by management to cover any expected losses on the realization of amounts billed.

The Company's criterion to recognize a provision for disallowances is to annually analyze the performance of notes overdue between 360 to 720 days, a period deemed sufficient for exhausting the collection process. The percentage reached is applied to the gross revenue recorded and recognized as a provision in current profit or loss, reflecting management's best expectation based on the analyzed history. The analysis is made individually by cash-generating unit, as well as the percentage recorded as a provision for disallowances in the year.

Accounts receivable (Continued)

Hospital services (Continued)
Changes in provision for disallowances and allowance for expected credit losses (Continued)
As a criterion for the recognition of an allowance for expected credit losses, an individual analysis of receivables is performed to identify specific counterparty risks. If necessary, an allowance for expected credit losses is recorded for the partial or total balance of receivables outstanding of these customers.

Other accounts receivable

The receivables as at June 30, 2025 and December 31, 2024 presented in the consolidated financial statements are as follows:

Consolidated

Description	Note	06/30/2025	12/31/2024
Other operating receivables	5,2,1	2,015,783	2,092,780
Consideration receivable -plan administrator	5,2,2	893,855	786,391
Other (a)		192,416	125,870
		3,102,054	3,005,041
Current		1,330,466	1,271,199
Noncurrent		1,771,588	1,733,842

(a) This balance is represented mainly by receivables related to securities obligations and receivables not directly related to insurance operations, in subsidiaries that operate in this industry.

Other operating receivables

Consolidated

	06/30/2025	12/31/2024
Receivables from FCVS - SFH Principal (Note 5.2.1.1)	2,006,398	2,028,967
Impairment (Note 5.2.1.1)	(221,281)	(227,873)
Frozen funds (a)	103,718	80,601
Other (b)	126,948	211,085
Total	2,015,783	2,092,780
Current	248,349	363,323
Noncurrent	1,767,434	1,729,457

These refer to funds frozen in bank accounts and investment funds related to lawsuits.
This balance is mainly represented by advances to suppliers.

5. Accounts receivable (Continued)

Other accounts receivable (Continued)
1. Other operating receivables (Continued)
  1. Receivables from FCVS - SFH

Consolidated

Description 06/30/2025

Balance of receivables FCVS-SFH at 12/31/2024 2,028,967

Additions 109,195

Write-offs (131,764)

Balance of receivables FCVS-SFH at 06/30/2025 2,006,398

Balance of impairment at 06/30/2025 (221,281)

Closing balance net of impairment at 06/30/2025 1,785,117

Current 114,730

Noncurrent 1,670,387

Consolidated

Description 12/31/2024

Balance of receivables FCVS-SFH at 12/31/2023 1,963,933

Additions 212,433

Write-offs (147,399)

Balance of receivables FCVS-SFH at 12/31/2024 2,028,967

Balance of impairment at 12/31/2024 (227,873)

Closing balance net of impairment at 12/31/2024 1,801,094

Current 143,926

Noncurrent 1,657,168

5. Accounts receivable (Continued)

Other accounts receivable (Continued)
1. Other operating receivables (Continued)
  1. Receivables from FCVS - SFH (Continued)
    As at June 30, 2025, there are lawsuits in progress related to the Housing Financial System (SH/SFH) in progress in which the Company has been summoned. Such lawsuits may give rise to future cash disbursement with the corresponding request for reimbursement to Caixa Econômica Federal (CAIXA), manager of the Wage Variation Compensation Fund (FCVS). In the cases in which the lawsuit is in the provisional enforcement phase to avoid early disbursement in cases for which decisions are not final and unappealable, the Company pledges in court surety bond policies. As at June 30, 2025, the total amount guaranteed through surety bond is R$ 1,114,124 (R$ 1,133,941 at 12/31/2024). The SH/SFH was created by article 14 of Law No. 4380/1964 and has been guaranteed by the FCVS since 1967. Insurance companies have lawsuits filed against them because they are mischaracterized as representatives of the FCVS, which is the role of CAIXA, the manager of that Fund. In view of the role of FCVS representative in lawsuits, the insurance companies, which are the illegitimate parties, are entitled to receive reimbursements for all incurred expenditures. Law No. 12409/2011, amended by Law No. 13000/2014, as well as the CCFCVS Resolution No. 364 of March 28, 2014, expressly establish the responsibility of FCVS, through its manager CAIXA, for all lawsuits relating to the SH/SFH's public policy. In September 2018, the Federal Supreme Court (STF) recognized the general repercussion of the appeal to the Supreme Court filed by the Company to analyze the jurisdiction of the Federal Court in lawsuits of this nature. In June 2020, the merits of that appeal were judged and accepted to consolidate the interest of CAIXA, the FCVS administrator, in the SH/SFH-related lawsuits, and, consequently, establish the Federal Court's jurisdiction for processing and judging lawsuits of this nature. That appeal became final and unappealable on June 17, 2023. Currently, insurance companies are reimbursed by the FCVS for payments made in connection with SH/SFH-related lawsuits, based on the criteria established by CCFCVCS Resolution No. 448/2019 and restated by reference to the variation of the Referential Rate ("TR") between the date of payment of each expense and the date of effective reimbursement.
    5. Accounts receivable (Continued) 5.2. Other accounts receivable (Continued)
2. Consideration receivable - ASO health plans

Administrative service only (ASO) health plans are plans in which the Company administers medical and hospital expenses on behalf of its customers, and is fully reimbursed by the customers, recording only its administration fee as revenue. The amounts related to consideration receivable by maturity are as follows:

Consolidated

	06/30/2025	12/31/2024
Falling due Falling due - 1 to 30 days	790,241	703,766
Falling due - 31 to 60 days	36,920	24,182
Falling due - 61 to 180 days	14,903	12,400
Total falling due	842,064	740,348
Overdue Overdue - 1 to 30 days	50,144	44,947
Overdue - 31 to 60 days	725	664
Overdue - 61 to 180 days	3,004	730
Overdue - 181 to 365 days	392	4
Overdue for more than 365 days	2,991	3,000
Total	57,256	49,345
Provision for impairment	(5,465)	(3,302)
Total overdue	51,791	46,043
Total unearned premiums	899,320	789,693
Total provision for impairment	(5,465)	(3,302)
Total	893,855	786,391

6.	Inventories
		Individual		Consolidated
		06/30/2025	12/31/2024	06/30/2025	12/31/2024
	Medicines	120,311	138,042	288,637	328,274
	Special materials	104,025	105,129	239,237	184,263
	Disposables	93,378	95,787	235,467	172,967
	Consumables	31,471	24,302	81,259	80,686
	Laboratory materials	6,861	8,380	30,389	30,777
	Surgical sutures	6,341	7,427	13,166	14,226
	Dressing room materials	3,830	3,725	12,852	11,609
	Food stuff	5,553	4,832	11,204	11,133
	Other	41,123	42,632	77,157	78,942
		412,893	430,256	989,368	912,877

Transactions with related parties
Significant related-party transactions
The nature of significant related-party transactions is summarized below:
1. Leases - the Company leases properties owned by the controlling shareholders, namely: properties of the hospitals Copa D'Or and Quinta D'Or, and the property of the administrative unit. Leases are at market value and generated an expense in P&L for the period ended June 30, 2025 of R$14,355 (R$15,600 as of June 30, 2024), referring to interest and amortization of the right of use. Leases are annually restated by reference to the Extended Consumer Price Index (IPCA).
2. Transfers of funds between companies - to enhance the operations of certain investees and provide funds for expansion and/or acquisitions, management transfers funds between Group companies under current account remittance agreements entered into between the parties. These balances are substantially eliminated in the consolidated financial statements.
3. Shared services - these are centralized services rendered by the parent company, Rede D'Or, such as legal assistance, marketing, accounting, treasury, accounts payable and accounts receivable, which are shared among the other entities of the Group based on apportionment criteria that take into consideration the contribution of each entity to the consolidated gross revenue.
4. Debentures - certain subsidiaries issued nonconvertible debentures, which were acquired by the parent company. These debentures are intended to provide funds to the investees for investment in operations and expansion.
5. Book-entry commercial notes - certain subsidiaries carried out a private placement of book-entry nonconvertible commercial notes, in specific cases, convertible into shares, with all of these commercial notes being acquired by the parent company. These commercial notes are intended to provide funds to the investees for investment in operations and expansion
6. Revenues and accounts receivable partially arise from commercial transactions conducted in the ordinary course of business relating to medical care provided to members of Sul América plans. These transactions have reference tables by type of service provided by the Company with Sul América and the maturities of these services are stipulated in a contract entered into between the parties.

In addition to the balances presented in the tables below, the Parent Company and subsidiary Rede D'Or Finance carried out two debenture issue and purchase transactions: i) on January 17, 2018, subsidiary Rede D'Or Finance issued senior notes totaling US$ 500,000 thousand, and at the same time, the Parent Company issued debentures (10thissue), which were partially acquired by other investors and by subsidiary Rede D'Or Finance (Note 13); and ii) on January 22, 2020, subsidiary Rede D'Or Finance carried out the second issue of senior notes, in the total amount of

7. Transactions with related parties (Continued)

Significant related-party transactions (Continued)

US$ 850,000 thousand. On February 13, 2020, Rede D'Or Finance reopened the second issue of senior notes and issued an additional US$ 350 thousand in notes with the same characteristics as the initial issue. In addition, on April 17, 2020, the Parent Company issued debentures (17thissue

- 1stseries), which were acquired by subsidiary Rede D'Or Finance. The respective debentures were issued with placement efforts abroad, in accordance with the current legislation.

7. Transactions with related parties (Continued)

Balances with related parties

Individual

		06/30/2025				12/31/2024			06/30/2024
	Current NoncurrentNoncurrent					NoncurrentNoncurrent
Company	assets	assets liabilities		P&L urrent asse		assets liabilities		P&L	P&L
Debentures Norte D'Or (j)	24,148	-	-	2,274	44,561	-	-	7,885	3,992
Debentures São Lucas (k)	361,026	-	-	13,948	-	-	-	2,217	2,217
Debentures Hospital Nossa Senhora das Neves (d)	348,266	-	-	26,189	335,528	-	-	49,827	24,626
Debentures Biocor (f)	86,343	-	-	5,893	62,450	-	-	5,649	2,460
Debentures São Carlos (l)	120,003	-	-	6,298	-	-	-	-	-
Debentures Proncor (m)	142,585	-	-	7,907	-	-	-	-	-
Debentures Acreditar (n)	187,139	-	-	6,139	-	-	-	-	-
Debentures Onco Dor (o)	242,971	-	-	7,971	-	-	-	-	-
Book-entry trade notes Onco Star SP (g)	-	1,387,026	-	86,588	-	1,205,473	-	122,929	56,376
Book-entry trade notes Mediax (h)	5,734	-	-	447	5,287	-	-	632	263
Book-entry trade notes Cenon (p)	78,371	-	-	2,571	-	-	-	-	-
Shared services
Medise Medicina Diagnóstico e Serviços Ltda.	-	-	-	7,043	-	-	-	12,288	5,359
Hospital Esperança S.A.	-	-	-	22,343	-	-	-	42,404	18,044
Hospital São Marcos S.A.	-	-	-	3,863	-	-	-	6,259	2,975
Hospital Norte D'Or de Cascadura S.A.	-	2,996	-	6,018	-	3,020	-	11,854	5,476
J Badim S.A.	-	24,625	-	1,757	-	22,868	-	4,225	2,302
Oncologia D'Or S.A.	-	8,133	-	46,479	-	13,479	-	85,267	36,866
Hospital Fluminense S.A.	-	-	-	9,456	-	-	-	18,006	8,193
Clínica São Vicente	-	-	-	8,652	-	-	-	16,356	7,245
Hospital Alpha-Med LTDA.	-	-	-	2,349	-	-	-	4,522	1,867
Hospital UDI	-	-	-	9,492	-	-	-	17,938	7,906
Onco Star SP	-	7,771	-	15,652	-	3,834	-	16,698	8,803
DF Star	-	-	-	12,119	-	-	-	24,613	9,159
Samer	-	-	-	4,162	-	-	-	7,832	3,306
São Lucas	-	4,212	-	9,059	-	5,449	-	16,497	7,043
São Rafael	-	10,610	-	21,177	-	11,114	-	42,877	19,004
Hospital Santa Cruz	-	-	-	7,342	-	-	-	14,356	6,284
Hospital Aliança	-	-	-	13,108	-	-	-	21,636	10,518
São Carlos	-	2,401	-	4,753	-	2,112	-	8,803	3,966
Glória D'Or	-	-	-	7,765	-	-	-	13,205	5,516
Cárdio Pulmonar [Heart & Lungs]	-	-	-	9,420	-	-	-	18,747	8,327
Hospital Brasil Mauá	-	-	-	7,600	-	-	-	13,463	6,224
Hospital Balbino	-	-	-	1,525	-	-	-	3,144	1,350
Biocor Hospital de Doenças Cardiovasculares	-	2,277	-	5,311	-	1,315	-	10,489	4,989
Proncor Unidade Intensiva Cardiorespiratória [Cardiopulmonary Intensive Unit]	-	1,467	-	2,245	-	1,445	-	4,368	1,834
Hospital Nossa Senhora das Neves	-	3,345	-	6,679	-	2,964	-	12,279	5,726
Hospital Novo Atibaia	-	-	-	5,224	-	-	-	12,470	5,851
Hospital Memorial Arthur Ramos	-	-	-	4,895	-	-	-	11,797	5,444
Hospital Alphaville	-	4,965	-	3,953	-	1,012	-	1,012	-
Hospital Macaé	-	4,061	-	3,842	-	219	-	219	-
Hospital Guarulhos	-	6,596	-	5,251	-	1,345	-	1,345	-
Hospital Campinas	-	4,648	-	4,648	-	-	-	-	-
Other	-	2,237	-	29,367	-	1,741	-	61,381	23,865
Unidade de Radiologia Clínica Ltda. (a)	-	14,904	-	-	-	14,742	-	-	-
Jenner S.A. (a)	-	2,000	-	-	-	2,000	-	-	-
JMJB Diagnósticos e Serviços Hospitalares S.A. (a)	-	12,021	-	-	-	12,021	-	-	-
J Badim S.A. (a)	-	7,513	-	-	-	7,195	-	-	-
JM&AM Empreendimentos Imobiliários S.A. (b)	-	370	-	14,313	-	370	-	30,293	15,546
Onco Star SP (c)	-	-	-	-	-	29,598	-	-	-
Rede D'or Finance	-	263,891	-	-	-	263,891	-	-	-
Other	-	132,538	-	80	-	198,857	-	-	-
	1,596,586 1,910,607		-	483,167	447,826	1,806,064 -		755,782	338,922

7. Transactions with related parties (Continued)

Balances with related parties (Continued)

Consolidated

06/30/2025 12/31/2024 06/30/2024

Current

Noncurrent

Current

Noncurren

Current

Noncurren

Current

Noncurren

Company

assets

liabilities t liabilities P&L

assets

t assets

liabilities t liabilities P&L P&L

-	-	-	-	-	190,917	-	-	-	25,566	12,574
-	-	15,380	-	(1,149)	-	-	12,231	-	(331)	-
1,338	-	-	-	104	1,234	-	-	-	204	-
-	24,625	-	-	1,757	-	22,868	-	-	4,225	2,302
-	26,184	-	-	-	-	-	-	-	-	-
-	12,021	-	-	-	-	12,021	-	-	-	-
-	8,190	-	-	-	-	7,832	-	-	-	-
-	370	-	-	14,355	-	370	-	-	30,383	15,600
-	19,867	-	3,824	-	-	18,912	-	3,769	-	-
1,338	91,257	15,380	3,824	15,067	192,151	62,003	12,231	3,769	60,047	30,476

Debentures Mederi (e) Debentures Biocor (f)

Book-entry trade notes Cenon (i) Shared services

J Badim S.A.

New Surgical Materiais Cirúrgicos (a) JMJB Diagnósticos e Serviços

Hospitalares S.A. (a) J Badim S.A. (a)

JM&AM Empreendimentos Imobiliários

S.A. (b)

Other

Transfers of funds for acquisition of companies, properties, expansion of operations, among others. These balances are substantially eliminated in the consolidated financial statements.
Lease of properties owned by the controlling shareholders of Rede D'Or.
Onco Star SP: Rede D'Or provided funds for the acquisition of machinery and equipment as part of the operational routine.
On December 17, 2021, Hospital Nossa Senhora das Neves conducted a private issue of nonconvertible, single-series, registered debentures in the amount of R$185,000, initially maturing on December 18, 2023, however this term was extended to December 18, 2025. The debentures may be fully or partially subscribed until the maturity date by Rede D'Or São Luiz. Debentures not subscribed after this period will be automatically canceled. The debentures earn interest on a pro rata basis equivalent to 100% of the positive percentage variation of the CDI (Interbank Deposit Certificate) plus 2.9% p.a. until 12/18/2023 and 4.00% p.a. from 12/18/2023. Interest and the nominal value will be paid on the maturity date. There are no guarantees for the debentures.
On March 15, 2023, Hospital Nossa Senhora das Neves conducted the second private issue of nonconvertible, single-series, registered debentures in the amount of R$158,200, initially maturing on March 15, 2025, however this term was extended to March 15, 2026. The debentures may be fully or partially subscribed until the maturity date by Rede D'Or São Luiz. Debentures not subscribed after this period will be automatically canceled. The debentures earn interest on a pro rata basis equivalent to 100% of the positive percentage variation of the CDI (Interbank Deposit Certificate) plus 2.9% p.a. Interest and the nominal value will be paid on the maturity date, plus yield. There are no guarantees for the debentures.
On December 18, 2023, Hospital Nossa Senhora das Neves conducted the third private issue of nonconvertible, single-series, registered debentures in the amount of R$16,900, which would mature on December 18, 2024, but this term was extended to December 18, 2025. The debentures may be fully or partially subscribed until the maturity date by Rede D'Or São Luiz S.A. Debentures not subscribed after this period will be automatically canceled. The debentures earn interest on a pro rata basis equivalent to 100% of the positive percentage variation of the CDI (Interbank Deposit Certificate) plus 4.00% p.a. and 2.90% p.a. from 03/17/2025. Interest and the nominal value will be paid on the maturity date, plus yield. There are no guarantees for the debentures.
On January 2, 2024, Hospital Nossa Senhora das Neves conducted the fourth private issue of nonconvertible, single-series, registered debentures in the amount of R$16,900, initially maturing on January 2, 2025, however this term was extended to January 2, 2026. The debentures may be fully or partially subscribed until the maturity date by Rede D'Or São Luiz S.A. Debentures not subscribed after this period will be automatically canceled. The debentures earn interest on a pro rata basis equivalent to 100% of the positive percentage variation of the CDI (Interbank Deposit Certificate) plus 4.00% p.a. and 2.90% p.a. from 03/17/2025. Interest and the nominal value will be paid on the maturity date, plus yield. There are no guarantees for the debentures.
On February 6, 2025, Hospital Nossa Senhora das Neves conducted the sixth private issue of nonconvertible, single-series, registered debentures in the amount of R$26,978, maturing on February 6, 2026. The debentures may be fully or partially subscribed until the maturity date by Rede D'Or São Luiz S.A. Debentures not subscribed after this period will be automatically canceled. The debentures earn interest on a pro rata basis equivalent to 100% of the positive percentage variation of the CDI (Interbank Deposit Certificate) plus 4.00% p.a. Interest and the nominal value will be paid on the maturity date, plus yield. There are no guarantees for the debentures.
On March 31, 2025, Hospital Nossa Senhora das Neves conducted the seventh private issue of nonconvertible, single-series, registered debentures in the amount of R$10,000, maturing on March 31, 2026. The debentures may be fully or partially subscribed until the maturity date by Rede D'Or São Luiz S.A. Debentures not subscribed after this period will be automatically canceled. The debentures earn interest on a pro rata basis equivalent to 100% of the positive percentage variation of the CDI (Interbank Deposit Certificate) plus 4.00% p.a. Interest and the nominal value will be paid on the maturity date, plus yield. There are no guarantees for the debentures.
7. Transactions with related parties (Continued)
Balances with related parties (Continued)
On March 15, 2023, Mederi Distribuição e Importação de Produtos para Saúde S.A. conducted the third private issue of nonconvertible, single-series, registered debentures in the amount of R$158,200, initially maturing on March 15, 2025, however this term was extended to March 15, 2026. The debentures may be fully or partially subscribed until the maturity date by Hospital Nossa Senhora das Neves. Debentures not subscribed after this period will be automatically canceled. The debentures earn interest on a pro rata basis equivalent to 100% of the positive percentage variation of the CDI (Interbank Deposit Certificate) plus 2.9% p.a. Interest and the nominal value will be paid on the maturity date, plus yield. There are no guarantees for the debentures.
On December 18, 2023, Mederi Distribuição e Importação de Produtos para Saúde S.A. conducted the fourth private issue of nonconvertible, single-series, registered debentures in the amount of R$16,900, which would mature on December 18, 2024, but this term was extended to December 18, 2025. The debentures may be fully or partially subscribed until the maturity date by Hospital Nossa Senhora das Neves. Debentures not subscribed after this period will be automatically canceled. The debentures earn interest on a pro rata basis equivalent to 100% of the positive percentage variation of the CDI (Interbank Deposit Certificate) plus 4.00% p.a. and 2.90% p.a. from 03/17/2025. Interest and the nominal value will be paid on the maturity date, plus yield. There are no guarantees for the debentures.
On January 2, 2024, Mederi Distribuição e Importação de Produtos para Saúde S.A. conducted the fifth private issue of nonconvertible, single-series, registered debentures in the amount of R$16,500, initially maturing on January 2, 2025, however this term was extended to January 2, 2026. The debentures may be fully or partially subscribed until the maturity date by Hospital Nossa Senhora das Neves S.A. Debentures not subscribed after this period will be automatically canceled. The debentures earn interest on a pro rata basis equivalent to 100% of the positive percentage variation of the CDI (Interbank Deposit Certificate) plus 4.00% p.a. and 2.90% p.a. from 03/17/2025. Interest and the nominal value will be paid on the maturity date, plus yield. There are no guarantees for the debentures.
In the second quarter of 2025, Rede D'Or began consolidating Mederi Distribuição e Importação de Produtos para Saúde S.A. into its financial statements.
On December 19, 2023, Biocor Hospital de Doenças Cardiovasculares S.A. conducted the first private issue of nonconvertible, single-series, registered debentures in the amount of R$33,691, which would mature on December 19, 2024, but this term was extended to December 19, 2025. The debentures may be fully or partially subscribed until the maturity date by Rede D'Or São Luiz S.A. Debentures not subscribed after this period will be automatically canceled. The debentures earn interest on a pro rata basis equivalent to 100% of the positive percentage variation of the CDI (Interbank Deposit Certificate) plus 4.0% p.a. Interest and the nominal value will be paid on the maturity date, plus yield. There are no guarantees for the debentures.
On August 26, 2024, Biocor Hospital de Doenças Cardiovasculares S.A. conducted the second private issue of nonconvertible, single-series, registered debentures amounting to R$10,000, maturing on August 30, 2025. The debentures may be fully or partially subscribed until the maturity date by Rede D'Or São Luiz S.A. and R$4,900 by Biocor Indústria e Pesquisa Ltda. Debentures not subscribed after this period will be automatically canceled. The debentures earn interest on a pro rata basis equivalent to 100% of the positive percentage variation of the CDI (Interbank Deposit Certificate) plus 4.0% p.a. Interest and the nominal value will be paid on the maturity date, plus yield. There are no guarantees for the debentures.
On November 14, 2024, Biocor Hospital de Doenças Cardiovasculares S.A. conducted the third private issue of nonconvertible, single-series, registered debentures in the amount of R$15,000, maturing on November 14, 2025. The debentures may be fully or partially subscribed until the maturity date by up to R$11,000 by Rede D'Or São Luiz
S.A. and R$4,000 by Biocor Indústria e Pesquisa Ltda. Debentures not subscribed after this period will be automatically canceled. The debentures earn interest on a pro rata basis equivalent to 100% of the positive percentage variation of the CDI (Interbank Deposit Certificate) plus 4.00% p.a. Interest and the nominal value will be paid on the maturity date, plus yield. There are no guarantees for the debentures.
On December 23, 2024, Biocor Hospital de Doenças Cardiovasculares S.A. conducted the fourth private issue of nonconvertible, single-series, registered debentures in the amount of R$15,000, maturing on December 23, 2025. The debentures may be fully or partially subscribed until the maturity date by up to R$12,000 by Rede D'Or São Luiz
S.A. and R$3,000 by Biocor Indústria e Pesquisa Ltda. Debentures not subscribed after this period will be automatically canceled. The debentures earn interest on a pro rata basis equivalent to 100% of the positive percentage variation of the CDI (Interbank Deposit Certificate) plus 4.00% p.a. Interest and the nominal value will be paid on the maturity date, plus yield. There are no guarantees for the debentures.
On February 26, 2025, Biocor Hospital de Doenças Cardiovasculares S.A. conducted the fifth private issue of nonconvertible, single-series, registered debentures amounting to R$10,000, maturing on February 26, 2026. The debentures may be fully or partially subscribed until the maturity date, up to the limit of R$8,000 by Rede D'Or São Luiz S.A. and R$2,000 by Biocor Indústria e Pesquisa Ltda. Debentures not subscribed after this period will be automatically canceled. The debentures earn interest on a pro rata basis equivalent to 100% of the positive percentage variation of the CDI (Interbank Deposit Certificate) plus 4.00% p.a. Interest and the nominal value will be paid on the maturity date, plus yield. There are no guarantees for the debentures.
On May 28, 2025, Biocor Hospital de Doenças Cardiovasculares S.A. conducted the 6thprivate issue of nonconvertible, single-series, registered debentures amounting to R$10,000, maturing on May 28, 2026. The debentures may be fully or partially subscribed until the maturity date by Rede D'Or São Luiz S.A. Debentures not subscribed after this period will be automatically canceled. The debentures earn interest on a pro rata basis equivalent to 100% of the positive percentage variation of the CDI (Interbank Deposit Certificate) plus 4.00% p.a. Interest and the nominal value will be paid on the maturity date, plus yield. There are no guarantees for the debentures.
On December 29, 2023, Onco Star SP Oncologia Ltda. carried out a private placement of single-series, book-entry convertible trade notes, without security interest or collateral security system, of first issue, in the amount of R$1,082,544, maturing on December 29, 2030. The trade notes may be fully or partially subscribed until the maturity date by Rede D'Or São Luiz. Trade notes not subscribed after this period will be automatically canceled. The trade notes earn interest on a pro rata basis equivalent to 100% of the positive percentage variation of the CDI (Interbank Deposit Certificate) plus 1.0% p.a. Interest and the nominal value will be paid on the maturity date, plus yield. There are no guarantees.

On December 29, 2024, Onco Star SP Oncologia Ltda. carried out a private placement of single-series, book-entry convertible trade notes, without security interest or collateral security system, of second issue, in the amount of R$150,000, maturing on December 29, 2030. The trade notes may be fully or partially subscribed until the maturity date by Rede D'Or São Luiz. Trade notes not subscribed after this period will be automatically canceled. The trade notes earn interest on a pro rata basis equivalent to 100% of the positive percentage variation of the CDI (Interbank Deposit Certificate) plus 1.0% p.a. Interest and the nominal value will be paid on the maturity date, plus yield. There are no guarantees.