June 30, 2026
with Independent Auditor's Review Report
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 the interim financial information 10
Centro Empresarial PB 370
Praia de Botafogo, 370
8º ao 10º andar - Botafogo
22250-040 - Rio de Janeiro - RJ - Brazil
Phone: +55 21 3263-7000
ey.com.br
A free translation from Portuguese into English of Independent Auditor's Review Report on interim financial information prepared in Brazilian currency in accordance with CPC 21 (R1) and IAS 34 - Interim Financial Reporting and the rules issued by the Brazilian Securities and Exchange Commission (CVM) applicable to the preparation of Quarterly Information (ITR)
Independent auditor's review report on interim financial informationTo the Shareholders, Board of Directors and Officers of
Rede D'Or São Luiz S.A.Rio de Janeiro - RJ, Brazil
IntroductionWe 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, 2026, which comprises the statement of financial position as at June 30, 2026, 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 explanatory information.
The executive board is responsible for the preparation of the individual and consolidated interim financial information in accordance with Accounting Pronouncement CPC 21 (R1) - Interim Financial Reporting, and with International Accounting Standard (IAS) 34 - Interim Financial Reporting (IFRS Accounting Standards), issued by the International Accounting Standards Board (IASB), as well as for the fair presentation of this information in accordance 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 reviewWe 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 informationBased 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 is not prepared, in all material respects, in accordance with Accounting Pronouncement CPC 21 (R1) 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).
1
A member firm of Ernst & Young Global Limited
Other matters - Statements of value added
The quarterly information referred to above includes the individual and consolidated statements of value added (SVA) for the six-month period ended June 30, 2026, prepared under the responsibility of the Company's executive board and presented as supplementary information for purposes of IAS 34. These statements have been subject to the same review procedures performed together with quarterly information review, in order to conclude whether they have been reconciled to the interim financial information and accounting records, as applicable, and whether their form and content are in accordance the criteria defined in Accounting Pronouncement CPC 09 - Statement 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 11, 2026. ERNST & YOUNG
Auditores Independentes S/S Ltda.
CRC SP-015199/F
Wilson J.O. Moraes Accountant CRC RJ-107211/O
A free translation from Portuguese into English of Interim Financial Information prepared in Brazilian currency in accordance with CPC 21 (R1) and IAS 34 - Interim Financial Reporting and the rules issued by the Brazilian
Securities and Exchange Commission (CVM) applicable to the preparation of Quarterly Information (ITR)
Rede D'Or São Luiz S.A.Statements of financial position
June 30, 2026 and December 31, 2025 (In thousands of reais)
Individual Consolidated
Note | 06/30/2026 | 12/31/2025 | 06/30/2026 | 12/31/2025 | |
Assets | |||||
Current assets | |||||
Cash and cash equivalents | 4 | 511,835 | 214,163 | 3,014,917 | 3,705,415 |
Securities | 4 | 10,843,990 | 8,410,483 | 40,305,218 | 36,855,083 |
Accounts receivable | 5 | 5,256,685 | 5,312,008 | 10,297,089 | 10,167,395 |
Inventories | 6 | 541,175 | 527,778 | 1,216,328 | 1,196,110 |
Taxes recoverable | 746,181 | 541,680 | 1,500,983 | 948,238 | |
Insurance contract assets | 12 | - | - | - | 27,999 |
Reinsurance contract assets | - | - | 41,816 | 41,012 | |
Derivative financial instruments | 24 | 69,342 | 69,545 | 141,923 | 92,345 |
Transactions with related parties | 7 | 1,525,199 | 1,775,289 | - | - |
Dividends receivable | 308,059 | 492,527 | 11,604 | - | |
Other | 349,017 | 397,550 | 796,439 | 745,273 | |
Total current assets | 20,151,483 | 17,741,023 | 57,326,317 | 53,778,870 | |
Noncurrent assets | |||||
Transactions with related parties | 7 | 3,974,197 | 3,631,865 | 56,966 | 74,154 |
Securities | 4 | 381,995 | - | 4,544,449 | 1,775,096 |
Accounts receivable | 5 | - | - | 1,772,537 | 1,734,724 |
Taxes recoverable | 8,677 | 8,677 | 504,544 | 503,368 | |
Insurance contract assets | 12 | - | - | - | 21,342 |
Reinsurance contract assets | - | - | 12,406 | 12,565 | |
Judicial deposits | 14 | 485,140 | 482,842 | 2,805,834 | 2,652,869 |
Deferred taxes | 17 | 676,650 | 374,569 | 4,033,747 | 4,327,326 |
Derivative financial instruments | 24 | 417,062 | 417,886 | 2,514,250 | 2,954,497 |
Investments in subsidiaries, associates and joint | |||||
ventures | 8 | 34,311,260 | 31,468,248 | 2,463,506 | 2,437,864 |
Property and equipment | 9 | 6,560,840 | 6,215,239 | 17,740,353 | 16,789,930 |
Intangible assets | 10 | 7,482,206 | 7,563,708 | 15,661,991 | 15,809,019 |
Right of use - leases | 11 | 2,466,717 | 2,566,017 | 3,264,571 | 3,102,204 |
Other | 272,167 | 325,010 | 531,187 | 574,704 | |
Total noncurrent assets | 57,036,911 | 53,054,061 | 55,906,341 | 52,769,662 |
Total assets 77,188,394 70,795,084 113,232,658 106,548,532
Rede D'Or São Luiz S.A.Statements of financial position
June 30, 2026 and December 31, 2025 (In thousands of reais)
Individual | Consolidated | ||||
Note | 06/30/2026 | 12/31/2025 | 06/30/2026 | 12/31/2025 | |
Liabilities and equity | |||||
Current liabilities | |||||
Trade accounts payable | 796,757 | 803,791 | 1,819,680 | 1,761,444 | |
Derivative financial instruments | 24 | 769,848 | 637,183 | 1,296,396 | 1,083,440 |
Loans, financing and debentures | 13 | 2,317,731 | 1,745,424 | 2,084,354 | 1,712,740 |
Transactions with related parties | 7 | - | - | - | 16,860 |
Salaries, accruals and social charges | 484,839 | 628,170 | 1,190,406 | 1,248,171 | |
Tax obligations | 360,585 | 280,726 | 1,004,940 | 924,479 | |
Accounts payable for acquisitions | 17,021 | 15,668 | 552,469 | 475,207 | |
Dividends and IOE payable | 16 | 2,457,802 | 3,023,466 | 2,497,274 | 3,060,098 |
Insurance contract liabilities | 12 | - | - | 7,207,898 | 6,904,651 |
Leases | 15 | 629,833 | 616,902 | 825,767 | 760,520 |
Other | 143,832 | 69,134 | 1,252,663 | 1,324,999 | |
Total current liabilities | 7,978,248 | 7,820,464 | 19,731,847 | 19,272,609 | |
Noncurrent liabilities | |||||
Derivative financial instruments | 24 | 1,131,869 | 1,004,181 | 1,278,885 | 1,045,045 |
Loans, financing and debentures | 13 | 42,854,326 | 38,139,109 | 48,854,663 | 44,521,391 |
Transactions with related parties | 7 | 6,521 | - | 7,944 | 4,337 |
Tax obligations | 23,992 | 26,610 | 125,915 | 130,237 | |
Accounts payable for acquisitions | 50 | 338 | 167,136 | 215,617 | |
Insurance contract liabilities | 12 | - | - | 12,176,385 | 11,789,166 |
Deferred taxes | 17 | - | - | 424,762 | 385,699 |
Provision for contingencies | 14 | 541,947 | 530,315 | 3,360,228 | 3,092,700 |
Provision for losses on investments | 8 | 905,276 | 839,321 | - | - |
Leases | 15 | 2,390,052 | 2,493,811 | 3,119,908 | 2,963,924 |
Other | 622,663 | 589,227 | 1,046,941 | 1,506,720 | |
Total noncurrent liabilities | 48,476,696 | 43,622,912 | 70,562,767 | 65,654,836 | |
Equity | 16 | ||||
Capital | 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 | 4,569,514 | 5,009,707 | 4,569,514 | 5,009,707 | |
Treasury shares | (1,566,045) | (1,828,733) | (1,566,045) | (1,828,733) | |
Income reserves | 146,337 | 146,337 | 146,337 | 146,337 | |
Retained earnings | 1,426,270 | - | 1,426,270 | - | |
Future capital contribution | 4,224 | 4,224 | 4,224 | 4,224 | |
Other comprehensive income | 694,821 | 561,844 | 694,821 | 561,844 | |
Total equity attributable to the Company's | |||||
shareholders | 20,733,450 | 19,351,708 | 20,733,450 | 19,351,708 | |
Noncontrolling interests | - | - | 2,204,594 | 2,269,379 | |
Total equity | 20,733,450 | 19,351,708 | 22,938,044 | 21,621,087 | |
Total liabilities and equity | 77,188,394 | 70,795,084 | 113,232,658 | 106,548,532 | |
See accompanying notes. | |||||
Statements of profit or loss
Six-month periods ended June 30, 2026 and 2025 (In thousands of reais, unless otherwise stated)
Individual | Consolidated | ||||||||
04/01/2026 to 01/01/2026 to 04/01/2025 to 01/01/2025 to 04/01/2026 to 01/01/2026 to 04/01/2025 to 01/01/2025 to | |||||||||
Note 06/30/2026 06/30/2026 06/30/2025 06/30/2025 06/30/2026 06/30/2026 06/30/2025 06/30/2025 | |||||||||
Operating revenue, net | 18 | 4,380,075 | 8,438,403 | 3,940,193 | 7,668,245 | 14,658,396 | 29,000,366 | 13,960,847 | 26,933,879 |
Operating costs | 19 | (2,818,503) | (5,675,929) | (2,633,311) | (5,199,166) | (11,091,986) | (22,215,199) | (11,041,151) | (21,300,515) |
Gross profit | 1,561,572 | 2,762,474 | 1,306,882 | 2,469,079 | 3,566,410 | 6,785,167 | 2,919,696 | 5,633,364 | |
General and administrative expenses | 20 | (377,686) | (715,448) | (287,142) | (607,596) | (698,549) | (1,334,112) | (570,877) | (1,055,108) |
Selling expenses | (11,709) | (19,508) | 19,062 | 14,676 | (27,719) | (44,373) | 28,971 | 15,859 | |
Equity accounting | 8 | 1,190,398 | 2,056,893 | 868,905 | 1,835,171 | 15,804 | 13,228 | 15,398 | 12,498 |
Other operating expenses | 21 | (56,151) | 249,124 | (51,266) | (9,027) | (49,400) | 180,759 | (121,670) | (128,818) |
Income before finance income (costs) and income and social contribution taxes | 2,306,424 | 4,333,535 | 1,856,441 | 3,702,303 | 2,806,546 | 5,600,669 | 2,271,518 | 4,477,795 | |
Finance income | 22 | 785,757 | 2,571,963 | 941,620 | 1,793,494 | 2,802,127 | 6,644,844 | 2,677,924 | 5,496,663 |
Finance costs | 22 | (2,069,064) | (5,024,518) | (1,929,123) | (3,720,383) | (3,919,630) | (9,138,044) | (3,749,668) | (7,430,192) |
Profit before income taxes | 1,023,117 | 1,880,980 | 868,938 | 1,775,414 | 1,689,043 | 3,107,469 | 1,199,774 | 2,544,266 | |
Income taxes | 17 | 185,827 | 295,290 | 132,654 | 266,667 | (399,437) | (809,433) | (152,013) | (429,727) |
Profit for the period | 1,208,944 | 2,176,270 | 1,001,592 | 2,042,081 | 1,289,606 | 2,298,036 | 1,047,761 | 2,114,539 | |
Profit attributable to controlling interests | 1,208,944 | 2,176,270 | 1,001,592 | 2,042,081 | 1,208,944 | 2,176,270 | 1,001,592 | 2,042,081 | |
Profit attributable to noncontrolling interests | - | - | - | - | 80,662 | 121,766 | 46,169 | 72,458 | |
Basic earnings per share | 23 | 0.5583 | 0.9982 | 0.4543 | 0.9254 | 0.5583 | 0.9982 | 0.4543 | 0.9254 |
Diluted earnings per share | 23 | 0.5583 | 0.9982 | 0.4543 | 0.9254 | 0.5583 | 0.9982 | 0.4543 | 0.9254 |
See accompanying notes. | |||||||||
Statements of comprehensive income
Six-month periods ended June 30, 2026 and 2025 (In thousands of reais)
Individual | Consolidated | |||||||
04/01/2026 to | 01/01/2026 to | 04/01/2025 to | 01/01/2025 to | 04/01/2026 to | 01/01/2026 to | 04/01/2025 to | 01/01/2025 to | |
06/30/2026 | 06/30/2026 | 06/30/2025 | 06/30/2025 | 06/30/2026 | 06/30/2026 | 06/30/2025 | 06/30/2025 | |
Profit for the period | 1.208.944 | 2.176.270 | 1,001,592 | 2,042,081 | 1.289.606 | 2.298.036 | 1,047,761 | 2,114,539 |
Other comprehensive income Cash flow hedge | (11,329) | (16,549) | (49,625) | (90,592) | (3,006) | 927 | (69,270) | (109,864) |
Gains /(los ses) on insurance and reinsurance liabilities Unrealized gains/(losses ) on financial assets at fair value through OCI | - - | - - | - - | - - | 192,365 (105,944) | 346,510 (121,005) | (255,479) 46,519 | (265,861) 50,200 |
Tax effects | 3,852 | 5,626 | 16,871 | 30,800 | (35,763) | (93,455) | 108,977 | 125,309 |
Gains /(los ses) on changes in equity interest Other comprehensive income of associates and s ubsidiaries, by equity pickup | - 55,129 | - 143,900 | - (170,616) | - (174,841) | - - | - - | (34,117) - | (34,417) - |
47,652 | 132,977 | (203,370) | (234,633) | 47,652 | 132,977 | (203,370) | (234,633) | |
Total comprehensive income | 1.256.596 | 2.309.247 | 798,222 | 1,807,448 | 1.337.258 | 2.431.013 | 844,391 | 1,879,906 |
Attributable to: Controlling interests | 1.256.596 | 2.309.247 | 798,222 | 1,807,448 | 1.256.596 | 2.309.247 | 798,222 | 1,807,448 |
Noncontrolling interests | - | - | - | - | 80,662 | 121,766 | 46,169 | 72,458 |
See accompanying notes. | ||||||||
Statements of changes in equity
Six-month periods ended June 30, 2026 and 2025 (In thousands of reais)
Attributable to the Company's controlling shareholders
Capital Capital reserves Income reserves Premium
reserve
Goodwill in Share-based
Other
Future
Share issue
(share
capital
payment
Treasury
Legal
Res erve
comprehensiv
capital
Retained
Noncontrolling
Description | Capital | costs | issue) | transactions | reserve | shares | reserve | for investment | e income | contribution | earnings | Total equity | interes ts | Total |
Balances at December 31, 2024 | 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 |
Capital transactions in subsidiaries and acquisition of | ||||||||||||||
noncontrolling interests - | - | - | 64,157 | - | - | - | - | - | - | - | 64,157 | 502,243 | 566,400 | |
Changes - RSU (Note 16) - | - | 8,432 | - | (9,466) | 802 | - | - | - | - | - | (232) | - | (232) | |
Share-based payment (Note 16) - | - | - | - | 9,466 | - | - | - | - | - | - | 9,466 | - | 9,466 | |
Profit for the period - | - | - | - | - | - | - | - | - | - | 2,042,081 | 2,042,081 | 72,458 | 2,114,539 | |
Dividends and interest on equity (Note 16) - | - | - | - | - | - | - | (850,000) | - | - | - | (850,000) | (42,025) | (892,025) | |
Share buyback - | - | - | - | - | (370,933) | - | - | - | - | - | (370,933) | - | (370,933) | |
Cash flow hedge (Note 16) - | - | - | - | - | - | - | - | (59,791) | - | - | (59,791) | - | (59,791) | |
Equity adjustments - | - | - | - | - | - | - | - | (15,319) | - | - | (15,319) | - | (15,319) | |
reinsurance contracts - | - | - | - | - | - | - | - | (159,523) | - | - | (159,523) | - | (159,523) | |
Balances at June 30, 2025 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, 2025 15,711,360 | (253,031) | 6,215,354 | (1,205,647) | - | (1,828,733) | 8,666 | 137,671 | 561,844 | 4,224 | - | 19,351,708 | 2,269,379 | 21,621,087 | |
Capital transactions in subsidiaries and acquisition of noncontrolling interests - | - | - | 745,070 | - | - | - | - | - | - | - | 745,070 | (175,451) | 569,619 | |
Changes - RSU (Note 16) - | - | 2,546 | - | - | - | - | - | - | - | - | 2,546 | - | 2,546 | |
Profit for the period - | - | - | - | - | - | - | - | - | - | 2,176,270 | 2,176,270 | 121,766 | 2,298,036 | |
Dividends and interest on equity (Note 16) - | - | - | - | - | - | - | - | - | - | (750,000) | (750,000) | (11,100) | (761,100) | |
Share buyback - | - | - | - | - | (925,121) | - | - | - | - | - | (925,121) | - | (925,121) | |
Cancellation of shares (Note 16.c) - | - | (1,187,809) | - | - | 1,187,809 | - | - | - | - | - | - | - | - | |
Cash flow hedge (Note 16) - | - | - | - | - | - | - | - | (436) | - | - | (436) | - | (436) | |
Equity adjustments - | - | - | - | - | - | - | - | (74,537) | - | - | (74,537) | - | (74,537) | |
reinsurance contracts - | - | - | - | - | - | - | - | 207,950 | - | - | 207,950 | - | 207,950 | |
Balances at June 30, 2026 15,711,360 | (253,031) | 5,030,091 | (460,577) | - | (1,566,045) | 8,666 | 137,671 | 694,821 | 4,224 | 1,426,270 | 20,733,450 | 2,204,594 | 22,938,044 | |
Net finance income (costs) from insurance and
Net finance income (costs) from insurance and
See accompanying notes.
Rede D'Or São Luiz S.A.Statements of cash flows
Six-month periods ended June 30, 2026 and 2025 (In thousands of reais)
Individual Consolidated
06/30/2026 | 06/30/2025 | 06/30/2026 | 06/30/2025 | |
Cash flows from operating activities Income before income and social contribution taxes | 1,880,980 | 1,775,414 | 3,107,469 | 2,544,266 |
Adjustments to reconcile income before taxes to cash flows from operating | ||||
activities Depreciation and amortization | 466,716 | 473,619 | 945,080 | 924,412 |
Gain on dis posal of properties | (1,960) | (1,960) | (1,960) | (1,960) |
Fair value of debt | (454,033) | 622,947 | (471,687) | 755,543 |
Interest, monetary variations and FX differences, net | 3,174,591 | 1,391,806 | 1,357,941 | (572,293) |
Share-based payment | 34,618 | 45,464 | 34,618 | 45,464 |
(Reversal of)/Provision for contingencies | 20,549 | (10,120) | 361,207 | 189,211 |
Equity accounting | (2,056,893) | (1,835,171) | (13,228) | (12,498) |
Income (loss) from insurance service | - | - | (5,670,431) | (4,292,977) |
Allowance for expected credit losses | 418,259 | 360,286 | 825,793 | 669,755 |
(Increase) decrease in assets and increase (decrease) in liabilities | ||||
Accounts receivable | (452,969) | (929,486) | (993,300) | (1,426,792) |
Inventories | (19,577) | 6,471 | (53,156) | (115,823) |
Taxes recoverable | (198,454) | 73,518 | (532,846) | (105,679) |
Judicial deposits | (2,396) | (13,446) | (83,088) | 311,690 |
Other assets | (118,572) | 802,759 | (423,622) | 570,406 |
Trade accounts payable | 10,223 | 49,682 | 58,236 | 126,669 |
Salaries and social charges | (100,920) | 40,410 | (35,624) | 59,762 |
Tax obligations | 673 | (106,625) | 240,143 | (66,557) |
Transactions with related parties | (130,389) | (1,358,500) | 3,935 | 163,586 |
Provision for contingencies | (21,575) | (25,384) | (233,131) | (554,107) |
Insurance and reinsurance assets (liabilities) | - | - | 6,756,748 | 6,354,429 |
Other liabilities | 48,507 | 161,573 | (90,110) | (23,964) |
2,497,378 | 1,523,257 | 5,088,987 | 5,542,543 | |
Payment of interest | (2,603,107) | (1,688,777) | (2,660,843) | (1,807,778) |
Payment of income and social contribution taxes | - | - | (802,231) | (666,689) |
Net cash from (used in) operating activities | (105,729) | (165,520) | 1,625,913 | 3,068,076 |
Cash flows from investing activities Receipt upon disposal of equity interest, net of cash | 676,363 | - | 676,363 | - |
Acquisition of equity interest | - | - | (129,200) | - |
Future capital contribution | (604,456) | (268,361) | - | - |
Additions to property and equipment | (655,320) | (510,388) | (1,472,532) | (1,219,411) |
Additions to intangible assets | (6,670) | (20,672) | (60,359) | (134,520) |
Acquisition of securities | (16,466,612) | (11,156,606) | (48,775,496) | (43,007,838) |
Redemption of securities | 14,349,621 | 14,320,317 | 45,360,476 | 41,969,314 |
Dividends and interest on equity received | 686,627 | 769,116 | 10,150 | 10,558 |
Net cash from (used in) investing activities | (2,020,447) | 3,133,406 | (4,390,598) | (2,381,897) |
Cash flows from financing activities Treasury shares | (906,980) | (390,449) | (906,980) | (390,449) |
Payment of dividends and IOE | (1,236,823) | (751,763) | (1,245,083) | (787,874) |
Loans, financing and debentures raised | 5,485,000 | 1,000,000 | 5,485,000 | 1,900,000 |
Payment of loans, financing, debentures and leases | (569,551) | (2,500,379) | (659,002) | (2,571,463) |
Settlement of swap | (347,798) | (220,750) | (588,700) | (277,674) |
Accounts payable for acquisitions | - | - | (11,048) | (51,356) |
Net cash from (used in) financing activities | 2,423,848 | (2,863,341) | 2,074,187 | (2,178,816) |
Increase (decrease) in cash and cash equivalents | 297,672 | 104,545 | (690,498) | (1,492,637) |
Cash and cash equivalents at beginning of period | 214,163 | 408,911 | 3,705,415 | 6,570,751 |
Cash and cash equivalents at end of period | 511,835 | 513,456 | 3,014,917 | 5,078,114 |
See accompanying notes.
Rede D'Or São Luiz S.A.Statements of value added
Six-month periods ended June 30, 2026 and 2025 (In thousands of reais, unless otherwise stated)
Individual | Consolidated | |||
06/30/2026 | 06/30/2025 | 06/30/2026 | 06/30/2025 | |
Revenue | 9,339,044 | 8,156,242 | 30,598,261 | 28,156,693 |
Sales of goods, products and services | 9,374,220 | 8,514,568 | 14,019,346 | 12,811,779 |
Revenues from insurance operations | - | - | 16,924,985 | 15,956,039 |
Allowance for expected credit losses | (418,259) | (360,286) | (825,793) | (669,755) |
Other revenues | 383,083 | 1,960 | 479,723 | 58,630 |
Benefits and claims | - | - | (9,619,503) | (9,889,292) |
Expenses with benefits and redemptions | - | - | (9,619,503) | (9,889,292) |
Materials acquired from third parties | (3,241,953) | (2,781,926) | (7,783,869) | (6,767,697) |
Costs of sales | (2,973,251) | (2,682,128) | (6,967,410) | (6,245,323) |
Materials, power, third-party services and other | (248,153) | (109,918) | (455,252) | (333,163) |
Loss on/recovery of assets | (20,549) | 10,120 | (361,207) | (189,211) |
Gross value added | 6,097,091 | 5,374,316 | 13,194,889 | 11,499,704 |
Depreciation and amortization | (466,716) | (473,619) | (945,080) | (924,412) |
Net value added | 5,630,375 | 4,900,697 | 12,249,809 | 10,575,292 |
Value added received in transfer | 4,628,856 | 3,628,665 | 5,018,403 | 3,750,474 |
Equity accounting | 2,056,893 | 1,835,171 | 13,228 | 12,498 |
Finance income | 2,571,963 | 1,793,494 | 6,644,844 | 5,496,663 |
Finance income (costs) from insurance contracts | - | - | (1,639,669) | (1,758,687) |
Total value added | 10,259,231 | 8,529,362 | 17,268,212 | 14,325,766 |
Distribution of value added | (10,259,231) | (8,529,362) | (17,268,212) | (14,325,766) |
Personnel | (2,689,648) | (2,432,474) | (5,159,698) | (4,606,775) |
Salaries | (2,413,038) | (2,167,773) | (4,570,575) | (4,040,085) |
Benefits | (182,717) | (171,976) | (384,858) | (377,512) |
Unemployment Compensation Fund (FGTS) | (93,893) | (92,725) | (204,265) | (189,178) |
Taxes, charges and contributions | (222,268) | (193,635) | (1,995,807) | (1,605,964) |
Federal taxes | (11,816) | (10,726) | (1,511,944) | (1,181,297) |
State taxes | - | - | (20,625) | (24,286) |
Local taxes | (210,452) | (182,909) | (463,238) | (400,381) |
Debt remuneration | (5,171,045) | (3,861,172) | (7,814,671) | (5,998,488) |
Interest | (5,024,518) | (3,720,383) | (7,498,345) | (5,665,011) |
Rents | (5,560) | (6,248) | (13,564) | (51,254) |
Other | (140,967) | (134,541) | (302,762) | (282,223) |
Equity remuneration | (2,176,270) | (2,042,081) | (2,298,036) | (2,114,539) |
Interest on equity | (750,000) | (850,000) | (750,000) | (850,000) |
Dividends | - | - | (11,100) | (42,025) |
Retained profits | (1,426,270) | (1,192,081) | (1,426,270) | (1,192,081) |
Noncontrolling interests on retained profits | - | - | (110,666) | (30,433) |
See accompanying notes. | ||||
Notes to the interim financial information June 30, 2026
(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, 1.312, 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 73 own hospitals in operation and over 20 projects under development, in addition to oncology and radiotherapy clinics and laboratories. Currently, the Group has 10,596 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 its 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 Grosso 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.).
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, 2026
(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 Accounting Pronouncements Committee ("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, 2025, disclosed on February 25, 2026.
P&L for the six-month period ended June 30, 2026 does not necessarily indicate the P&L expected for the entire year ending December 31, 2026. The interim financial information and related notes do not include all 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, 2025.
Authorization to complete the preparation of this interim financial information was provided by Company management on August 11, 2026.
The individual and consolidated interim financial information includes the operations of the Company and its subsidiaries, as presented in Note 8. Additionally, as of June 30, 2026, the Company holds investments in funds-of-one that are fully consolidated.
- 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.
Notes to the interim financial information (Continued)
June 30, 2026
(In thousands of reais, unless otherwise stated)
-
Atlântica Hospitais transaction (Continued)
On September 1, 2025, the Company entered into an Investment, Purchase and Sale Agreement and Other Covenants with Atlântica Hospitais, for the purpose of contributing the assets and liabilities of Hospital Glória D'Or and SPE IH Glória D'Or, in the city of Rio de Janeiro, to the Atlântica D'Or hospital network, with ownership stakes of 50,01% by Rede D'Or and 49,99% by Atlântica Hospitais. On January 30, 2026, the Company completed the contribution of the assets and liabilities of Hospital Glória D'Or and SPE IH Glória D'Or to Atlântica D'Or. The Company received R$452,037 from Bradesco Seguros in connection with the acquisition of the shares corresponding to a 49.99% equity interest.
On November 10, 2025 the Company entered into an Investment, Purchase and Sale Agreement and Other Covenants with Atlântica Hospitais, for the purpose of contributing the hospital operations of Maternidade São Luiz Star ("Maternidade Star"), in the city of São Paulo, to the Atlântica D'Or hospital network, with ownership stakes of 50.01% by Rede D'Or and 49.99% by Atlântica Hospitais. The transaction does not include the real property in which Maternidade Star's activities are conducted, which will continue to be fully owned by Rede D'Or. On February 26, 2026, the Company completed the closing of the contribution of the assets and liabilities of Maternidade Star to Atlântica D'Or. The Company received R$224,326 from Bradesco Seguros in connection with the acquisition of the shares corresponding to a 49.99% equity interest.
On May 26, 2026, the Company entered into an Investment, Purchase and Sale Agreement and Other Covenants with Atlântica Hospitais and Atlântica Empreendimentos Imobiliários Ltda. ("Atlântica"), for the purpose of contributing real properties located in the São Conrado neighborhood, in the city and state of Rio de Janeiro, where the São Conrado D'Or Hospital will be constructed, developed, and operated in the future, to the Atlântica D'Or hospital network, with ownership stakes 50.01% by Rede D'Or, and 49.99% by Atlântica. On July 13, 2026, the Company completed the closing of the contribution of certain properties owned by Rede D'Or to Atlântica D'Or. The consideration amounting to R$60,582, relating to the acquisition of 49.99% of the shares, will be fully settled by January 2027.
As of June 30, 2026, the partnership encompasses six hospitals in operation (São Luiz Guarulhos, São Luiz Alphaville, Macaé D'Or, Hospital São Luiz Campinas, Hospital Glória D'Or and Maternidade São Luiz Star) and two other projects under development (located in Taubaté and Ribeirão Preto).
-
Cash and cash equivalents and securities
-
Cash and cash equivalents
Individual Consolidated
06/30/2026
12/31/2025
06/30/2026
12/31/2025
Cash and cash equivalents
Cash and banks
14,708
13,626
84,637
63,526
Marketable securities
497,127
200,537
2,930,280
3,641,889
Cash and cash equivalents
511,835
214,163
3,014,917
3,705,415
Marketable securities classified as cash equivalents have maturities of less than three months from the date of acquisition and have an insignificant risk of changes in value.
-
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:
Fair value through Individual
profit or loss Amortized cost
4. Cash and cash equivalents and securities (Continued) 4.2. Securities (Continued)Market value/
Description carrying amount
Curve value/carrying
amount
Market value
Average interest rate (a)
Total 06/30/2026
Average interest rate (a)
Total 12/31/2026
Fixed income securities - corporate bonds
9,268,594
9,650,589
7,105,528
Bank deposit certificates Floating rate CDI %
9,131,927
-
- 101.11% CDI
9,131,927
101.68% CDI
6,965,003
Debentures
Floating rate CDI +
Financial bills
-
381,995
381,995
CDI+4.00% p.a.
381,995
-
-
Floating rate CDI +
136,667
-
- CDI+0.24% p.a.
136,667
CDI+0.27% p.a.
84,556
Floating rate CDI %
Fixed income securities - government securities
-
1,423,423
-
- -
-
1,423,423
105.00% CDI
55,969
1,304,929
Financial treasury bills
1,423,423
-
- SELIC
1,423,423
SELIC
1,304,929
Investment fund shares
Investment fund shares - other than
151,973
151,973
26
funds-of-one
151,973
-
- -
151,973
-
26
11,225,985
8,410,483
Current
10,843,990
Current
8,410,483
Noncurrent
381,995
Noncurrent
-
Fair value through profit or loss
Market value/
Fair value through other
comprehensive income Amortized cost
Market
value/ Curve
Consolidated
06/30/2026 Average rate 12/31/2025
Description carrying amount Curve value
Carrying
amount
value/carrying
amount
Market
value
Average
interest rate (a)
Total
interest (a)
Total
Fixed income securities - corporate
bonds 14,440,578 1,009,416
971,245
381,995
381,995
15,793,818
14,199,719
Bank deposit certificates Floating rate CDI +
5,099
-
-
-
-
CDI+0.27% p.a.
5,099
CDI+0.26% p.a.
19,721
Floating rate CDI % Debentures
10,727,647
127,901
127,901
-
-
101.59% CDI
10,855,548
101.69% CDI
9,715,947
Fixed rate
75,477
-
-
-
-
13.79% p.a.
75,477
12.79% p.a.
73,366
Floating rate CDI +
984,738
93,967
95,895
381,995
381,995
CDI+2.09% p.a.
1,462,628
CDI+1.72% p.a.
1,204,552
Floating rate CDI %
18,942
-
-
-
-
106.23% CDI
18,942
116.96% CDI
3,237
Floating rate IPCA
700,937
-
-
-
-
IPCA+8.16% p.a.
700,937
IPCA+7.29% p.a.
580,135
Floating rate IGP-M Financial bills
-
111,703
99,127
-
-
IGPM+5.84% p.a.
99,127
IGPM+5.84% p.a.
95,522
Fixed rate
9,070
-
-
-
-
14.89% fixed rate
9,070
-
-
Floating rate CDI +
1,761,306
-
-
-
-
CDI+0.37% p.a.
1,761,306
CDI+0.47% p.a.
1,683,459
Floating rate CDI %
74,330
-
-
-
-
104.62%CDIt
74,330
108.99%CDI
116,001
Floating rate IPCA
-
644,264
616,350
-
-
IPCA+8.17% p.a.
616,350
IPCA+8.17% p.a.
610,887
Promissory notes
6,472
31,581
31,972
-
-
CDI+1.57% p.a.
38,444
CDI+1.54% p.a.
40,872
Mortgage-backed Securities ("CRI") CRI Fixed rate
10,594
-
-
-
-
15,54% p.a.
10,594
15.86% p.a.
1,213
Floating rate CDI +
6,968
-
-
-
-
1.74% p.a.
6,968
-
-
Time deposits with special guarantee (DPGE)
58,998
-
-
-
-
CDI+0.43% p.a.
58,998
CDI+0.49% p.a.
54,807
Fixed income securities -government securities
16,940,471
3,874,062
3,705,608
3,950,884
3,811,949
24,596,963
20,249,429
Financial treasury bills
15,820,361
33,764
33,837
-
-
SELIC
15,854,198
SELIC
13,381,692
National treasury bills Fixed rate
772,693
-
-
-
-
14.16% p.a.
772,693
13.43% p.a.
600,028
National treasury notes Series F - Fixed rate
340
20,057
18,695
-
-
9.28% p.a.
19,035
9.27% p.a.
19,012
Series B - Floating rate IPCA
38,525
3,482,961
3,324,653
75,507
64,219
IPCA+7.06% p.a.
3,438,685
IPCA+6.42% p.a.
1,903,885
Series C - Floating rate IGP-M
79,928
337,280
328,423
1,789,456
1,661,809
IGPM+5.94% p.a.
2,197,807
IGPM+5.94% p.a.
2,164,767
Fixed income securities abroad
228,624
-
-
2,085,921
2,085,921
13.87% p.a.
2,314,545
13.86% p.a.
2,180,045
Variable income securities
223,500
223,500
227,711
Shares
223,500
-
-
-
-
-
223,500
-
227,711
Investment fund shares
Fixed income, equity and multi-
4,224,281
4,224,281
3,949,500
market investment fund shares
4,197,660
-
-
-
-
-
4,197,660
-
3,922,215
Equity investment fund shares
26,621
-
-
-
-
-
26,621
-
27,285
Other investments
11,105
-
-
-
-
- 11,105
- 3,820
44,849,667
38,630,179
Current 40,305,218
Noncurrent 4,544,449
Current 36,855,083
Noncurrent 1,775,096
(a) For securities classified as at fair value through profit or loss (FVTPL), average market rates are used. For those classified as at fair value through other
comprehensive income (FVOCI) and at amortized cost, acquisition rates (yield curve) are used for interest accrual purposes, while assets classified as FVOCI are also marked to market for fair value measurement purposes.
Notes to the interim financial information June 30, 2026
(In thousands of reais, unless otherwise stated)
-
Cash and cash equivalents
-
Accounts receivable
Individual Consolidated
Description Note 06/30/2026 12/31/2025 06/30/2026 12/31/2025
Accounts receivable - hospital services
5.1
5,256,685
5,312,008
8,716,328
8,689,373
Other accounts receivable
5.2
-
-
3,353,298
3,212,746
5,256,685 5,312,008 12,069,626 11,902,119
Current
5,256,685
5,312,008
10,297,089 10,167,395
Noncurrent
-
-
1,772,537 1,734,724
-
Hospital services
Trade accounts receivable comprise receivables from healthcare companies and individuals, as follows:
Individual Consolidated
06/30/2026
12/31/2025
06/30/2026
12/31/2025
Accounts receivable from health insurance and health plans
6,292,390
6,282,646
10,262,993
10,236,070
Accounts receivable from individuals
Allowance for expected credit losses and provision
81,352
116,415
177,854
213,927
for disallowances (1,117,057)
(1,087,053)
(1,724,519)
(1,760,624)
5,256,685
5,312,008
8,716,328
8,689,373
Changes in provision for disallowances and allowance for expected credit losses
Individual Consolidated
06/30/2026 06/30/2025 06/30/2026 06/30/2025
Balance at beginning of period
(1,087,053)
(1,114,970)
(1,760,624)
(1,873,401)
(Set up)/Reversal of provision for disallowances
and allowance for expected credit losses
(418,259)
(360,286)
(800,353)
(653,861)
Write-offs (a)
373,801
350,016
836,458
659,906
Provision arising from the transfer of assets (b)
14,454
16,533
-
-
Transfer to assets available for sale
-
-
-
49,428
Balance at end of period (1,117,057) (1,108,707) (1,724,519) (1,817,928)
Write-offs include the derecognition of uncollectible amounts and elimination of accepted claim denials of the Group companies.
Transfer of assets of Hospital Maternidade São Luiz Star and Hospital São Luiz Campinas, respectively.
-
Hospital services
Notes to the interim financial information June 30, 2026
(In thousands of reais, unless otherwise stated)
-
Accounts receivable (Continued)
- Hospital services (Continued)
At June 30, 2026 and December 31, 2025, the aging list of trade accounts receivable was as follows:
1 - 31 -
Individual
61 -
Overdue 91 -
121 -
181 -
360 -
Total Falling due 30 days 60 days 90 days 120 days 180 days 360 days 720 days
06/30/2026 6,373,742 | 4,235,228 | 149,181 | 159,281 | 146,853 | 197,421 | 333,252 | 523,783 | 628,743 |
12/31/2025 6,399,061 | 4,263,759 | 149,692 | 162,354 | 149,863 | 197,343 | 246,512 | 533,617 | 695,921 |
1 - 31 -
Consolidated
61 -
Overdue 91 -
121 -
181 -
360 -
Total Falling due 30 days 60 days 90 days 120 days 180 days 360 days 720 days
06/30/2026 10,440,847 | 6,298,193 | 501,398 | 265,415 | 254,748 | 267,970 | 508,079 1,044,681 1,300,363 |
12/31/2025 10,449,997 | 6,265,931 | 598,516 | 298,737 | 267,530 | 234,563 | 423,324 900,188 1,461,208 |
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 are 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.
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.
Notes to the interim financial information June 30, 2026
(In thousands of reais, unless otherwise stated)
-
Accounts receivable (Continued)
5.2.
Other accounts receivable
Consolidated
Description
Note
06/30/2026
12/31/2025
Other operating receivables
521
2,183,707
1,996,059
Consideration receivable - ASO health plans
522
1,020,591
1,067,960
Other (a)
149,000
148,727
3,353,298
3,212,746
Current
1,580,761
1,478,022
Noncurrent
1,772,537
1,734,724
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
06/30/2026
12/31/2025
Receivables from FCVS - SFH
Principal (Note 5.2.1.1)
1,965,553
1,957,587
Impairment (Note 5.2.1.1)
(221,281)
(221,281)
Frozen funds (a)
165,520
102,802
Other (b)
273,915
156,951
Total
2,183,707
1,996,059
Current
412,578
264,847
Noncurrent
1,771,129
1,731,212
(a) These refer to funds frozen in bank accounts and investment funds related to lawsuits.
(b) This balance is mainly represented by advances to suppliers.
5.2.1.1. Receivables from FCVS - SFH
Consolidated
Description
06/30/2026
Balance of receivables FCVS-SFH at 12/31/2025
1,957,587
Additions
103,915
Write-offs
(95,949)
Balance of receivables FCVS-SFH at 30/06/2026
1,965,553
Balance of impairment at 06/30/2026
(221,281)
Closing balance net of impairment at 06/30/2026
1,744,272
Current
93,570
Noncurrent
1,650,702
Notes to the interim financial information June 30, 2026
(In thousands of reais, unless otherwise stated)
5. Accounts receivable (Continued)Receivables from FCVS - SFH (Continued)
Consolidated
Description
12/31/2025
Balance of receivables FCVS-SFH at 12/31/2024
2,028,967
Additions
216,048
Write-offs
(287,428)
Balance of receivables FCVS-SFH at 12/31/2025
1,957,587
Balance of impairment at 12/31/2025
(221,281)
Closing balance net of impairment at 12/31/2025
1,736,306
Current
99,829
Noncurrent
1,636,477
As at June 30, 2026, there are lawsuits in progress related to the Housing Financial System (SH/SFH) 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 of June 30, 2026, the total amount secured by surety bonds was R$1,127,841 (R$1,123,206 as of December 31, 2025). The SH/HFS was established by article 14 of Law No. 4380/1964 and, since 1967, has been guaranteed by the FCVS. 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 this 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. 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.
Notes to the interim financial information June 30, 2026
(In thousands of reais, unless otherwise stated)
- Accounts receivable (Continued)
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
06/30/2026 | 12/31/2025 | |
Falling due | ||
Falling due from 1 to 30 days | 860,055 | 950,854 |
Falling due from 31 to 60 days | 56,546 | 36,247 |
Falling due from 61 to 180 days | 11,806 | 16,111 |
Total falling due | 928,407 | 1,003,212 |
Overdue | ||
Overdue from 1 to 30 days | 89,924 | 50,711 |
Overdue from 31 to 60 days | 1,440 | 14,617 |
Overdue from 61 to 180 days | 2,865 | 1,018 |
Overdue from 181 to 365 days | 820 | 854 |
Overdue for more than 365 days | 3,676 | 3,100 |
Total | 98,725 | 70,300 |
Provision for impairment | (6,541) | (5,552) |
Total overdue | 92,184 | 64,748 |
Total unearned premiums | 1,027,132 | 1,073,512 |
Total provision for impairment | (6,541) | (5,552) |
Total | 1,020,591 | 1,067,960 |
-
Inventories
Individual Consolidated
06/30/2026
12/31/2025
06/30/2026
12/31/2025
Medicines
150,172
154,193
353,070
353,373
Special materials
141,076
141,241
306,637
293,537
Disposable materials
133,264
119,507
280,929
298,194
Consumables
38,705
42,654
93,808
93,786
Laboratory materials
9,971
10,022
36,972
39,570
Surgical sutures
8,699
9,176
16,693
18,065
Dressing room materials
5,001
5,035
15,593
14,923
Food stuff
6,066
6,817
11,554
12,431
Other
48,221
39,133
101,072
72,231
541,175
527,778
1,216,328
1,196,110
Notes to the interim financial information June 30, 2026
(In thousands of reais, unless otherwise stated)
-
Transactions with related parties
Significant related-party transactions
The nature of significant related-party transactions is summarized below:
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, 2026 of R$19,172 (R$14,355 at June 30, 2025), referring to interest and amortization of rights of use. Leases are annually restated by reference to the Extended Consumer Price Index (IPCA).
Trans fers 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.
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.
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.
Book-entry commercial papers- certain subsidiaries carried out a private placement of book-entry nonconvertible commercial papers, in specific cases, convertible into equity interests, with all of these commercial papers being acquired by the parent company. These commercial papers are intended to provide funds to the investees for investment in operations and expansion.
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.
Notes to the interim financial information June 30, 2026
(In thousands of reais, unless otherwise stated)
7. Transactions with related parties (Continued)In addition to the balances presented in the tables below, the Parent Company and subsidiary Rede D'Or Finance carried out four debenture issue and purchase transactions: i) on January 17, 2018, subsidiary Rede D'Or Finance issued senior notes totaling US$500 thousand, and at the same time, the Parent Company issued debentures (10th issue), 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 US$850 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 (17th issue - 1st series), which were acquired by subsidiary Rede D'Or Finance; and iii) on September 9, 2025, subsidiary Rede D'Or Finance carried out its third issue of senior notes, for a total amount of US$500 thousand. In addition, on September 30, 2025, the Parent Company issued debentures (37th issue), which were acquired by subsidiary Rede D'Or Finance. The respective debentures were offered through placement efforts abroad, in accordance with the applicable legislation; and iv) on April 28, 2026, subsidiary Rede D'Or Finance completed its fourth issue of senior notes, in the total amount of US$500 thousand. In addition, on May 26, 2026, the Parent Company issued debentures (40th issue), which were acquired by subsidiary Rede D'Or Finance. The respective debentures were issued through private placement efforts abroad, in compliance with applicable law.
7. Transactions with related parties (Continued)Balances with related parties
Individual
06/30/2026 | 12/31/2025 | 30/06/2025 | |||||||
Current | Noncurrent | Noncurrent | Current | Noncurrent | |||||
Company | assets | assets | liabilities | P&L | assets | assets | P&L | P&L | |
Debentures Norte D'Or (g) | 22,396 | - | - | 2,637 | 27,506 | - | 5,633 | 2,274 | |
Debentures São Lucas (h) | 481,976 | - | - | 39,309 | 427,570 | - | 50,492 | 13,948 | |
Debentures Hospital Nossa Senhora das Neves (c) | 158,595 | - | - | 19,944 | 354,236 | - | 57,869 | 26,189 | |
Debentures Biocor (d) | - | - | - | 8,446 | 108,177 | - | 14,727 | 5,893 | |
Debentures São Carlos (f) | 144,668 | - | - | 11,550 | 131,552 | - | 17,847 | 6,298 | |
Debentures Proncor (i) | 315,845 | - | - | 25,092 | 259,139 | - | 26,059 | 7,907 | |
Debentures Acreditar (j) | 51,993 | - | - | 4,247 | 47,746 | - | 21,720 | 6,139 | |
Debentures Onco Dor (k) | - | 290,044 | - | 23,690 | 266,353 | - | 31,353 | 7,971 | |
Debentures Oncologistas (m) | 24,730 | 365,792 | - | 32,576 | 26,790 | 365,792 | 27,028 | - | |
Debentures São Rafael (n) | 15,911 | 270,000 | - | 20,939 | 17,092 | 270,000 | 17,092 | - | |
Debentures Cia Saúde (o) | 17,398 | 1,000,000 | - | 74,035 | 15,579 | 1,000,000 | 15,579 | - | |
Debentures Mederi (p) | 198,132 | - | - | 9,632 | - | - | - | - | |
Book-entry commercial papers Onco Star SP (e) | - | 1,692,596 | - | 115,227 | - | 1,553,594 | 198,120 | 86,588 | |
Book-entry commercial papers Cehon (l) | 93,555 | - | - | 7,641 | 85,913 | - | 10,113 | 2,571 | |
Shared services | |||||||||
Medise Medicina Diagnóstico e Serviços Ltda. | - | - | - | 7,658 | - | - | 14,987 | 7,043 | |
Hospital Esperança S.A. | - | - | - | 27,337 | - | - | 51,006 | 22,343 | |
Hospital São Marcos S.A. | - | - | - | 3,336 | - | - | 8,046 | 3,863 | |
Hospital Norte D'Or de Cascadura S.A. | - | 1,202 | - | 6,047 | - | - | 11,768 | 6,018 | |
J. Badim S.A. | - | 26,970 | - | 1,471 | - | 25,786 | 2,917 | 1,757 | |
Oncologia D'Or S.A. | - | 9,112 | - | 58,713 | - | 16,912 | 106,585 | 46,479 | |
Hospital Fluminense S.A. | - | - | - | 13,348 | - | - | 24,405 | 9,456 | |
Hospitais Integrados da Gávea S.A. ("Clínica São Vicente") | - | - | - | 10,449 | - | - | 20,732 | 8,652 | |
Hospital Alpha-Med LTDA. | - | - | - | 3,313 | - | - | 5,275 | 2,349 | |
Hospital UDI | - | - | - | 8,695 | - | - | 18,693 | 9,492 | |
Onco Star SP | - | 4,222 | - | 21,483 | - | 3,650 | 35,502 | 15,652 | |
DF Star | - | - | - | 16,960 | - | - | 31,572 | 12,119 | |
Samer | - | - | - | 4,931 | - | - | 9,072 | 4,162 | |
São Lucas | - | 1,604 | - | 10,570 | - | 1,908 | 20,030 | 9,059 | |
São Rafael | - | 3,579 | - | 25,806 | - | 8,836 | 52,448 | 21,177 | |
Hospital Santa Cruz | - | - | - | 8,148 | - | - | 17,374 | 7,342 | |
Hospital Aliança | - | - | - | 16,465 | - | - | 30,264 | 13,108 | |
São Carlos | - | 922 | - | 6,344 | - | 2,882 | 12,509 | 4,753 | |
Cárdio Pulmonar | - | - | - | 9,058 | - | - | 20,066 | 9,420 | |
Hospital Brasil Mauá | - | - | - | 8,559 | - | - | 16,847 | 7,600 | |
Hospital Balbino | - | - | - | 1,690 | - | - | 3,968 | 1,525 | |
Biocor Hospital de Doenças Cardiovas culares ("Biocor") | - | - | - | 5,974 | - | 1,634 | 13,103 | 5,311 | |
Proncor Unidade Intensiva Cardiorespiratória | - | 1,306 | - | 3,202 | - | 1,247 | 5,747 | 2,245 | |
Hospital Nossa Senhora das Neves | - | 1,092 | - | 8,577 | - | 2,323 | 16,113 | 6,679 | |
Hospital Novo Atibaia | - | - | - | 7,993 | - | - | 16,121 | 5,224 | |
Hospital Memorial Arthur Ramos | - | - | - | 6,042 | - | - | 13,091 | 4,895 | |
Hospital Guarulhos | - | 4,116 | - | 12,233 | - | 20,042 | 18,697 | 5,251 | |
Hospital Alphaville | - | 4,207 | - | 12,434 | - | 19,940 | 18,928 | 3,953 | |
Hospital Macaé | - | 1,548 | - | 5,066 | - | 9,014 | 8,795 | 3,842 | |
Hospital Campinas | - | 4,467 | - | 14,093 | - | 5,594 | 16,598 | 4,648 | |
Maternidade Star | - | 2,554 | - | 5,897 | - | - | - | - | |
Glória D'Or | - | 3,598 | - | 8,409 | - | - | 16,041 | 7,765 | |
Other | - | 2,530 | - | 35,964 | - | 5,083 | 69,281 | 29,367 | |
JMJB Diagnósticos e Serviços Hospitalares S.A. (a) | - | 11,112 | - | - | - | 10,609 | - | - | |
J. Badim S.A. (a) | - | 7,733 | - | - | - | 7,308 | - | - | |
Rede D'Or Finance | - | 263,891 | - | - | - | 263,891 | - | - | |
Other | - | - | 6,521 | 19,708 | 7,636 | 35,820 | 32,800 | 14,840 | |
1,525,199 | 3,974,197 | 6,521 | 810,938 | 1,775,289 | 3,631,865 | 1,253,013 | 483,167 | ||
-
Transactions with related parties (Continued)
Consolidated
06/30/2026
12/31/2025
06/30/2025
Company
Noncurrent assets
Noncurrent liabilities
P&L
Noncurrent assets
Current liabilities
Noncurrent liabilities
P&L
P&L
Debentures Biocor (d)
-
-
(313)
-
16,860
-
(2,629)
(1,149)
Shared services
J. Badim S.A.
26,970
-
1,471
25,786
-
-
2,917
1,757
New Surgical Materiais Cirúrgicos (a) JMJB Diagnósticos e Serviços Hospitalares
S.A.
-
11,112
-
-
-
-
21,523
10,609
-
-
-
-
-
-
-
-
J Badim S.A. (a)
8,638
-
-
8,221
-
-
-
-
JM&AM Empreendimentos Imobiliários S.A. (b)
-
-
19,172
370
-
-
31,294
14,355
Other
10,246
7,944
-
7,645
-
4,337
164
104
56,966
7,944
20,330
74,154
16,860
4,337
31,746
15,067
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.
On December 18, 2025, Hospital Nossa Senhora das Neves conducted the eighth private issue of nonconvertible, single-series, registered debentures in the amount of R$212,260, maturing on December 20, 2026. The debentures may be fully or partially
subscribed until the maturity date by Rede D'Or. 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 January 02, 2026, Hospital Nossa Senhora das Neves conducted the ninth private issue of nonconvertible, single-series, registered debentures in the amount of R$146,251, maturing on December 30, 2026. The debentures may be fully or partially
subscribed until the maturity date by Rede D'Or. 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 2.90% p.a. On March 16, 2026, the debenture was early settled, with payment of interest and principal up to that date, plus yield. There are no guarantees for the debentures.
On December 19, 2023, Biocor conducted the first private issue of nonconvertible, single-series, registered debentures in the amount of R$33,691, initially maturing on December 19, 2024; however, this term was extended to December 20, 2026. The debentures may be fully or partially subscribed until the maturity date by Rede D'Or. 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. On June 23, 2026, the debenture was early settled, with payment of interest and principal up to that date, plus yield. There are no guarantees for the debentures.
On October 10, 2025, Biocor conducted the seventh private issue of nonconvertible, single-series, registered debentures in the amount of R$13,000, maturing on October 10, 2026. The debentures may be fully or partially subscribed until the maturity date by Rede D'Or. 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. On June 23, 2026, the debenture was early settled, with payment of interest and principal up to that date, plus yield. There are no guarantees for the debentures.
On February 06, 2026, Biocor conducted the eighth private issue of nonconvertible, single-series, registered debentures in the amount of R$36,200, maturing on February 10, 2027. The debentures may be fully or partially s ubscribed until the maturity date by Rede D'Or. 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. On June 23, 2026, the debenture was early settled, with payment of interest and principal up to that date, plus yield. There are no guarantees for the debentures.
On May 11, 2026, Biocor conducted the ninth private issue of nonconvertible, single-series, registered debentures in the amount of R$35,000, maturing on May 10, 2027. The debentures may be fully or partially subscribed until the maturity date by Rede D'Or.
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. On June 23, 2026, the debenture was early settled, with payment of interest and principal up to that 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 book-entry convertible commercial
papers, without security interest or collateral security system, in a single series, of first issue, in the amount of R$1,082,544, maturing on December 29, 2030. The commercial papers may be fully or partially subscribed until the maturity date by Rede D'Or São Luiz. Commercial papers not subscribed after this period will be automatically canceled. The commercial papers 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 book-entry convertible commercial papers, without security interest or collateral security system, in a single series, of second issue, in the amount of R$150,000, maturing on December 29, 2030. The commercial papers may be fully or partially subscribed until the maturity date by Rede D'Or São Luiz. Commercial papers not subscribed after this period will be automatically canceled. The commercial papers 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 March 31, 2026, Onco Star SP Oncologia Ltda. carried out the third private placement of book-entry convertible commercial papers, without security interest or collateral security system, in a single series, of third issue, in the amount of R$180,000, maturing on December 29, 2030. The commercial papers may be fully or partially subscribed until the maturity date by Rede D'Or. Commercial papers not subscribed after this period will be automatically canceled. The commercial papers 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 May 20, 2025, São Carlos conducted the seventh private issue of nonconvertible, single-series, registered debentures in the amount of R$32,862, maturing on May 20, 2026. The debentures may be fully or partially subscribed until the maturity date by Rede D'Or. 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 were paid on the maturity date, plus yield. There are no guarantees for the debentures.
On January 15, 2026, São Carlos conducted the eighth private issue of nonconvertible, single-series, registered debentures in the amount of R$132,111, maturing on January 20, 2027. The debentures may be fully or partially subscribed until the maturity date by Rede D'Or. 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 June 05, 2026, São Lucas conducted the ninth private issue of non-privileged, nonconvertible, single-series, registered debentures in the amount of R$159,000, maturing on June 10, 2027. The debentures may be fully or partially subscribed until the maturity date by Rede D'Or. Debentures not subscribed after this period will be automatically canceled. The debentures earn interest on a pro rata basis equivalent to 100% of the variation of the DI (Interbank Deposit) rate 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 06, 2025, Norte D'Or conducted the seventh private issue of nonconvertible, single-series, registered debentures in the amount of R$17,343, initially maturing on February 06, 2026; however, this term was extended to February 06, 2027. The debentures may be fully or partially subscribed until the maturity date by Rede D'Or. 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. until April 10, 2025 and 10.03% p.a. from April 10, 2025. Interest and the nominal value will be paid on the maturity date, plus yield. There are no guarantees for the debentures.
On April 30, 2025, Norte D'Or conducted the eighth private issue of nonconvertible, single-series, registered debentures in the amount of R$5,430, initially maturing on October 30, 2025; however, this term was extended to April 30, 2027. The debentures may be fully or partially subscribed until the maturity date by Rede D'Or. 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 10.03% 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 13, 2025, São Lucas conducted the seventh private issue of nonconvertible, single-series, registered debentures in the amount of R$15,000, maturing on March 27, 2026. The debentures may be fully or partially subscribed until the maturity date by Rede D'Or. 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 were paid on the maturity date, plus yield. There are no guarantees for the debentures.
On May 13, 2025, São Lucas conducted the eighth private issue of nonconvertible, single-series, registered debentures in the amount of R$52,176, maturing on May 13, 2026. The debentures may be fully or partially subscribed until the maturity date by Rede D'Or. 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 were paid on the maturity date, plus yield. There are no guarantees for the debentures.
On May 20, 2025, São Lucas conducted the ninth private issue of nonconvertible, single-series, registered debentures in the amount of R$142,403, maturing on May 20, 2026. The debentures may be fully or partially subscribed until the maturity date by Rede D'Or. 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 were paid on the maturity date, plus yield. There are no guarantees for the debentures.
On July 20, 2025, São Lucas conducted the tenth private issue of nonconvertible, single-series, registered debentures in the amount of R$20,000, maturing on July 20, 2026; however, this term was extended to July 20, 2027. The debentures may be fully or partially subscribed until the maturity date by Rede D'Or. 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 09, 2025, São Lucas conducted the eleventh private issue of nonconvertible, single-series, registered debentures in the amount of R$450,000, maturing on December 10, 2026. The debentures may be fully or partially subscribed until the maturity date by Rede D'Or. 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 28, 2025, Proncor conducted the tenth private issue of nonconvertible, single-series, registered debentures in the amount of R$5,000, maturing on March 28, 2026. The debentures may be fully or partially subscribed until the maturity date by Rede D'Or. 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 were paid on the maturity date, plus yield. There are no guarantees for the debentures.
On May 13, 2025, Proncor conducted the eleventh private issue of nonconvertible, single-series, registered debentures in the amount of R$22,690, maturing on May 13, 2026. The debentures may be fully or partially subscribed until the maturity date by Rede D'Or. 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 were paid on the maturity date, plus yield. There are no guarantees for the debentures.
On July 24, 2025, Proncor conducted the twelfth private issue of nonconvertible, single-series, registered debentures in the amount of R$366,600, maturing on July 24, 2026; however, this term was extended to July 26, 2027. Up to June 30, 2026, subscriptions totaled R$255.671. The debentures may be fully or partially subscribed until the maturity date by Rede D'Or.
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 April 17, 2025, Acreditar conducted the first private issue of nonconvertible, single-series, registered debentures in the amount of R$181,000, initially maturing on April 17, 2026; however, this term was extended to April 20, 2027. The debentures may be fully or partially subscribed until the maturity date by Rede D'Or. 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 April 17, 2025, Onco Dor Oncologia conducted the first private issue of nonconvertible, single-series, registered debentures in the amount of R$235,000, maturing on April 20, 2028. The debentures may be fully or partially subscribed until the maturity date by Rede D'Or. 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 April 18, 2025, Onco Dor BA Oncologia Ltda. (Cehon) carried out a private placement of book-entry nonconvertible commercial papers, without security interest or collateral security system, in a single series, of second issue, in the amount of R$75,800, maturing on April 20, 2027. The commercial papers may be fully or partially subscribed until the maturity date by Rede D'Or. Commercial papers not subscribed after this period will be automatically canceled. The commercial papers 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.
On August 10, 2025, Oncologia Rede D'Or S.A. conducted the first private issue of nonconvertible, single-series, registered debentures in the amount of R$370,000, maturing on August 10, 2030. The debentures may be fully or partially subscribed until the maturity date by Rede D'Or. 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 is paid semiannually, and the face value will be paid on the maturity date. There are no guarantees for the debentures.
On August 10, 2025, São Rafael conducted the first private issue of nonconvertible, single-series, registered debentures in the amount of R$270,000, maturing on August 10, 2030. The debentures may be fully or partially subscribed until the maturity date by Rede D'Or. 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 1.75% 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 24, 2025, SulAmérica Companhia de Seguro Saúde conducted the second private issue of nonconvertible, single-series, registered debentures amounting to R$1,000,000, maturing on November 18, 2033. The debentures may be fully or partially subscribed until the maturity date by Rede D'Or. 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 1.10% p.a. Interest is paid semiannually, and the face value will be paid on the maturity date. There are no guarantees for the debentures.
On March 16, 2026, Mederi Distribuição e Importação de Produtos para a Saúde S.A. conducted the seventh private issue of nonconvertible, single-series, registered debentures in the amount of R$208,500, maturing on March 20, 2027. The debentures may be fully or partially subscribed until the maturity date by Rede D'Or. 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 2.90% p.a. Interest is paid semiannually, and the face value will be paid on the maturity date. There are no guarantees for the debentures.
Key management personnel compensation
The Company considers "Key management personnel" only the members of its Statutory Board and Board of Directors. At June 30, 2026 and 2025, key management personnel compensation is summarized as follows:
06/30/2026
06/30/2025
Salaries and bonuses
139,875
81,419
Benefits
248
194
Share-based payment
16,326
11,126
156,449
92,739
-
Investments
Breakdown of and changes in investments - Individual
Company 12/31/2025
Equity
accounting Dividends
Capital increase/
Future capital contribution
Capital reduction / return of future capital
contribution Trans fer Other 06/30/2026
Medise Medicina Diagnóstico e Serviços S.A.
141,626
19,677
(41,747)
-
-
-
(2,263)
117,293
Hospital Esperança S.A.
4,968,562
120,712
(98,084)
108,992
-
-
-
5,100,182
PMJ Empreendimentos Imobiliários S.A. (a)
925,303
6,331
(24,471)
-
(10,443)
(269,572)
-
627,148
Norte D'Or Participações S.A. (including goodwill)
132,474
7,683
-
47
-
-
-
140,204
Onco D'Or Oncologia S.A.
297,402
103,138
-
-
-
-
(6,550)
393,990
Jenner S.A. (including goodwill)
68,836
44,472
-
-
-
-
(8,168)
105,140
JMJB Diagnósticos e Serviços Hospitalares
43,731
(2,612)
-
-
-
-
-
41,119
Hospital Fluminense S.A. (including goodwill)
348,315
38,959
(45,239)
-
(80,282)
-
-
261,753
Cardial Serviços Médicos (including goodwill)
177,515
37,294
(37,800)
-
-
-
1,310
178,319
TJK Empreendimentos Hospitalares
17,953
956
(2,491)
-
-
-
-
16,418
Santa Luzia II Empreendimentos Imobiliários Ltda.
60,114
(310)
-
-
(13,122)
-
-
46,682
Clínica São Vicente (a)/(b)
4,208,667
102,919
(156,083)
203,203
-
(108,386)
750,675
5,000,995
Rede D'or São Luiz Serviços Médicos S.A.
262,279
(23,060)
-
42,255
-
(5,612)
-
275,862
Laboratórios Richet
379,059
(21,094)
-
67,194
-
-
9,514
434,673
Qualicorp Consultoria e Corretora de Seguros S.A.
485,090
(891)
-
-
-
-
(299)
483,900
Clínica Médica São Remo
66,817
(3,843)
-
7,117
-
-
-
70,091
Hospital Santa Cruz
445,481
12,438
(6,337)
21,199
-
-
-
472,781
Advance Plano de Saúde S.A.
31,323
(1,065)
-
-
-
-
-
30,258
PrismaQuali Gestão Ativa de Participações S.A.
1,607,280
(2,697)
-
-
(4,657)
-
(1,322)
1,598,604
RDSLGF Greenfields Ltda.
915,759
27,552
(460)
5,675
-
128,818
4,130
1,081,474
RDSL OH Operações Hospitalares Ltda.
286,305
60,047
(5,040)
104,923
-
63,797
2,916
512,948
Traditio Companhia de Seguros
5,862,361
607,251
-
-
-
-
57,012
6,526,624
Cia Saúde - SulAmérica
5,245,987
733,541
-
-
-
-
69,523
6,049,051
SAEPAR Serviços e Participações
2,547,373
264,240
-
-
-
-
22,123
2,833,736
Other
1,942,636
(8,760)
(95,707)
88,489
(22,822)
(428)
8,607
1,912,015
31,468,248 2,122,878 (513,459) 649,094 (131,326) (191,383) 907,208 34,311,260
On January 30, 2026, the Company completed the contribution of the assets and liabilities of Hospital Glória D'Or and SPE IH Glória D'Or to Atlântica D'Or.
On June 17, 2026, Clínica São Vicente, through its wholly owned subsidiary Clínica São Lucas, acquired all shares held by the non-controlling shareholders, representing a 49% ownership interest in Biocor, for a purchas e price of R$129,200. As a result of this transaction, the Company exercised the call/put option previously recognized as a financial liability, which amounted to R$495,211 at the exercise date. Accordingly, the liability was fully derecognized, resulting in an effect of R$366,011, which was recognized as an equity transaction and recorded directly in the controlling shareholders' equity.In addition, the amount previously recognized as non-controlling interests in the consolidated financial statements, measured at fair value upon the acquisition of control, was added to the parent company's investment balance. Consequently, Clínica São Vicente recorded, within its investments, a movement in other reserves of R$691,597, with a corresponding entry to capital reserves, totaling R$750,675, recognized directly in equity, with no impact on profit or loss for the period and no change in consolidated goodwill.
Company 12/31/2025
Equity
accounting Dividends
Capital increas e/ Future capital
contribution Transfer 06/30/2026
Onco Star | (596,939) | (67,650) | - - | - | (664,589) |
Centro Hospitalar São Marcos S.A. | (5,895) | (53) | - 30 | - | (5,918) |
Hospital São Marcos (including goodwill) | (69,889) | (9,779) | - - | - | (79,668) |
Rede D'or Finance (166,598) 11,497 - - - (155,101)
(839,321) (65,985) - 30 - (905,276)
Equity method 2,056,893
ompany 12/31/2024
Equity
accounting Dividends
Capital increase/
Future capital contribution
Capital reduction / return of future
capital contribution
Transfers to assets held for
sale Transfer Other 06/30/2025
Medise Medicina Diagnóstico e Serviços S.A. | 139,584 | 12,127 | - | 6,596 | - | - | - | 673 | 158,980 |
Hospital Esperança S.A. | 5,175,670 | 148,306 | - | - | (75,327) | - | - | - | 5,248,649 |
PMJ Empreendimentos Imobiliários S.A. | 889,825 | 14,200 | (15,265) | - | (10,988) | - | - | - | 877,772 |
Norte D'Or Participações S.A. (including goodwill) | 133,602 | 1,455 | - | 430 | - | - | - | - | 135,487 |
Onco D'Or Oncologia S.A. | 1,096,859 | 118,774 | (895,593) | - | - | - | - | 23,554 | 343,594 |
Jenner S.A. (including goodwill) | 369,301 | 44,044 | - | - | - | - | - | - | 413,345 |
JMJB Diagnósticos e Serviços Hospitalares | 44,811 | (2,224) | - | - | - | - | - | - | 42,587 |
Rodin Empreendimentos e Participações S.A. | 447,492 | (6,510) | - | 26,858 | - | - | - | - | 467,840 |
Quinta Empreendimentos Imobiliários Ltda. | 84,724 | 10,683 | (16,482) | - | - | - | - | - | 78,925 |
Hospital Fluminense S.A. (including goodwill) | 317,729 | 12,719 | (26,075) | 20,641 | - | - | - | - | 325,014 |
Cardial Serviços Médicos (including goodwill) | 137,980 | 33,277 | (25,620) | - | - | - | - | - | 145,637 |
TJK Empreendimentos Hospitalares | 17,513 | 1,041 | (1,950) | - | - | - | - | - | 16,604 |
Villa Lobos Empreendimentos Imobiliários Ltda. | 173,630 | 13,751 | (1,770) | - | - | - | - | - | 185,611 |
Santa Luzia II Empreendimentos Imobiliários Ltda. | 61,572 | (1,047) | - | - | - | - | - | - | 60,525 |
Campinas Empreendimentos Imobiliários Ltda. | 364,359 | 4,066 | - | - | - | - | (363,197) | (5,228) | - |
Sator Empreendimentos e Participações Ltda. | 4,089,079 | 91,278 | - | - | (273,709) | - | - | - | 3,906,648 |
Rede D'or São Luiz Serviços Médicos S.A. | 415,271 | (12,048) | (41,320) | 1,420 | - | - | - | - | 363,323 |
Olimpia Projeto Rua do Rocio 86 SPE S.A. | 623,100 | 21,941 | (3,504) | - | (37,728) | - | - | - | 603,809 |
Laboratórios Richet | 361,915 | (5,242) | - | 8,900 | - | - | - | - | 365,573 |
Santa Luzia III | 306,751 | 11,720 | - | 1,511 | - | - | - | - | 319,982 |
Qualicorp Consultoria e Corretora de Seguros S.A. | 484,640 | (1,219) | (94) | - | - | - | - | 170 | 483,497 |
Clínica Médica São Remo | 58,453 | (4,890) | - | 7,754 | - | - | - | - | 61,317 |
Hospital Santa Cruz | 433,842 | 13,005 | (27,589) | 8,630 | - | - | - | - | 427,888 |
Advance Plano de Saúde S.A. | 40,419 | (2,668) | - | - | - | - | - | - | 37,751 |
PrismaQuali Gestão Ativa de Participações S.A. | 1,604,880 | (3,818) | - | - | - | - | - | - | 1,601,062 |
RDSLGF Greenfields Ltda. | 540,958 | 6,250 | - | 130,812 | (186,774) | - | 363,197 | - | 854,443 |
RDSL OH Operações Hospitalares Ltda. | 114,943 | 18,547 | - | 219,811 | (103,768) | - | - | - | 249,533 |
Traditio Companhia de Seguros | 5,002,876 | 513,077 | - | - | - | - | - | (49,246) | 5,466,707 |
Cia Saúde - SulAmérica | 4,183,579 | 622,982 | (141,518) | - | - | - | - | (51,039) | 4,614,004 |
SAEPAR Serviços e Participações | 2,183,881 | 220,413 | - | 62,715 | - | - | - | (39,589) | 2,427,420 |
Other | 1,779,914 | 49,336 | (28,810) | 33,424 | (22,142) | (225,160) | - | 18,634 | 1,605,196 |
31,679,152 | 1,943,326 | (1,225,590) | 529,502 | (710,436) | (225,160) | - | (102,071) | 31,888,723 |
Company 12/31/2024 Equity accounting
Capital increas e/
Future capital contribution
Capital reduction / return of future
capital contribution Other 06/30/2025
Onco Star | (454,758) | (62,453) | - | - | (5,966) | (523,177) |
Centro Hospitalar São Marcos S.A. | (8,911) | (6) | 3 | - | - | (8,914) |
Hospital São Marcos (including goodwill) | (97,039) | (25,992) | - | (4,582) | (4,743) | (132,356) |
Rede D'or Finance (158,713) (19,704) - - - (178,417)
(719,421) (108,155) 3 (4,582) (10,709) (842,864)
Equity method 1,835,171
-
Investments (Continued)
Breakdown of and changes in investments - Consolidated
Company 12/31/2025
Equity
accounting Dividends
Capital increas e/ Future capital
contribution Other 06/30/2026
JMJB Diagnósticos e Serviços Hospitalares S.A.
43,731
(2,612)
-
-
-
41,119
Instituto de Radioterapia do Vale do Paraíba Ltda.
17,194
345
-
-
(172)
17,367
Qualicorp Consultoria e Corretora de Seguros S.A. (a)
2,089,212
(3,837)
-
-
(1,288)
2,084,087
Eldorado do Sul Participações Ltda.
10,707
3,706
(1,955)
-
(681)
11,777
Other
277,020
15,626
(8,195)
24,054
651
309,156
2,437,864
13,228
(10,150)
24,054
(1,490)
2,463,506
Equity
Company
12/31/2024
accounting
Dividends
Other
Transfer
06/30/2025
JMJB Diagnósticos e Serviços Hospitalares S.A.
44,811
(2,224)
-
-
-
42,587
Instituto de Radioterapia do Vale do Paraíba Ltda.
16,686
263
-
(141)
-
16,808
Qualicorp Consultoria e Corretora de Seguros S.A. (a)
2,087,272
(5,252)
(404)
732
-
2,082,348
Eldorado do Sul Participações Ltda.
35,791
3,670
-
(47)
-
39,414
Other
298,996
16,041
(10,154)
-
(17,471)
287,412
2,483,556
12,498
(10,558)
544
(17,471)
2,468,569
Based on the shareholders' agreement entered into in November 2019, considering the nominations to the Executive Board and Board of Directors that the Company is entitled to, it was concluded that Rede D'Or has significant influence over Qualicorp; therefore, it records the investment using the equity method. The Company recognized the equity accounting through December 31, 2026, in accordance with IAS 28 (CPC 18) - Investments in Associates and Joint Ventures.
Summary of information on main subsidiaries
06/30/2026 06/30/2025
Operating
% Total | % Voting capital | Ass ets | Liabilities | Equity | income (expenses) | P&L for the period | P&L for the period | |
Direct and indirect subsidiaries Medise Medicina Diagnóstico e Serviços S.A. ("Medise") | 100.00 | 100.00 | 367,415 | 251,847 | 115,568 | 31,273 | 21,907 | 13,501 |
Hospital Esperança S.A. ("Esperança") | 100.00 | 100.00 | 11,445,446 | 5,020,453 | 6,424,993 | 280,107 | 111,044 | (11,221) |
PMJ Empreendimentos Imobiliários S.A. | 100.00 | 100.00 | 890,363 | 251,332 | 639,031 | 7,229 | 4,897 | 14,214 |
Norte D'Or Participações S.A. | 100.00 | 100.00 | 111,835 | 49 | 111,786 | 7,515 | 7,691 | 1,457 |
Onco D'Or Oncologia S.A. | 98.87 | 98.87 | 878,609 | 474,801 | 403,808 | 124,147 | 105,957 | 95,304 |
Jenner S.A. | 91.24 | 91.24 | 121,018 | 15 | 121,003 | 88,865 | 81,152 | 77,078 |
JMJB Diagnósticos e Serviços Hospitalares S.A. | 50.00 | 50.00 | 92,642 | 9,785 | 82,857 | (5,224) | (2,612) | (2,224) |
Hospital Fluminense S.A. | 100.00 | 100.00 | 512,481 | 263,984 | 248,497 | 62,338 | 38,998 | 12,732 |
Cardial Serviços Médicos Ltda. | 89.44 | 89.44 | 224,788 | 78,651 | 146,137 | 60,746 | 37,294 | 33,277 |
TJK Empreendimentos Imobiliários Ltda. | 100.00 | 100.00 | 16,584 | 155 | 16,429 | 1,079 | 956 | 1,042 |
Santa Luzia II Emp. Imobiliários Ltda. | 100.00 | 100.00 | 47,853 | 1,122 | 46,731 | (1,049) | (310) | (1,047) |
Clínica São Vicente | 100.00 | 100.00 | 7,910,984 | 2,378,420 | 5,532,564 | 139,585 | 102,919 | 83,357 |
Rede D'Or Finance | 100.00 | 100.00 | 12,451,307 | 12,606,407 | (155,100) | (764) | 11,497 | (19,704) |
Rede D'Or São Luiz Serviços Médicos S.A. | 100.00 | 100.00 | 456,811 | 180,669 | 276,142 | (36,499) | (23,060) | (12,049) |
Laboratórios Richet | 100.00 | 100.00 | 639,151 | 151,048 | 488,103 | (12,685) | (21,094) | (6,459) |
Onco Star SP Oncologia Ltda. | 84.00 | 84.00 | 1,526,651 | 2,318,563 | (791,912) | 3,291 | (67,650) | (62,452) |
Centro Hospitalar São Marcos S.A. | 100.00 | 100.00 | 20 | 604 | (584) | (53) | (53) | (6) |
Hospital São Marcos S.A. | 100.00 | 100.00 | 315,330 | 406,046 | (90,716) | (8,164) | (9,779) | (25,992) |
Clínica Médica São Remo | 100.00 | 100.00 | 89,729 | 21,679 | 68,050 | (2,960) | (3,843) | (4,891) |
Hospital Santa Cruz | 100.00 | 100.00 | 1,025,085 | 280,312 | 744,773 | 31,511 | 18,845 | 14,924 |
Advance Plano de Saúde S.A. | 100.00 | 100.00 | 43,487 | 12,611 | 30,876 | (2,916) | (1,065) | (2,668) |
PrismaQuali Gestão Ativa de Participações S.A. | 100.00 | 100.00 | 1,601,379 | - | 1,601,379 | (2,947) | (2,697) | (3,822) |
RDSLGF Greenfields Ltda. | 100.00 | 100.00 | 1,082,710 | 8 | 1,082,702 | 26,114 | 26,198 | 6,250 |
RDSL OH Operações Hospitalares Ltda. | 100.00 | 100.00 | 512,997 | 47 | 512,950 | 59,848 | 60,047 | 18,547 |
Traditio Companhia de Seguros | 100.00 | 100.00 | 9,470,986 | 218,722 | 9,252,264 | 825,496 | 860,861 | 711,211 |
Cia Saúde - SulAmérica | 100.00 | 100.00 | 32,929,380 | 19,781,537 | 13,147,843 | 2,248,637 | 1,594,655 | 1,320,000 |
SAEPAR Serviços e Participações | 100.00 | 100.00 | 2,937,344 | 103,608 | 2,833,736 | 263,287 | 264,240 | 220,413 |
-
Investments (Continued)
Summary of the associates' and joint ventures' information
06/30/2026 06/30/2025
Operating
% % income
P&L
P&L
Companies recognized by the equity method in the consolidated financial statements
Total
Voting capital As sets Liabilities Equity
(expenses)
for the period for the period
JMJB Diagnósticos e Serviços Hospitalares S.A. 50.00 50.00 92,642 9,785 82,857 (5,224) (2,612) (2,224)
Instituto de Radioterapia do Vale do Paraíba Ltda. 50.00 50.00 13,344 1,286 12,058 928 345 263
Eldorado do Sul Participações Ltda. 33.33 33.33 15,125 5,867 9,258 11,118 3,706 3,670
Qualicorp Consultoria e Corretora de Seguros S.A. (a)/(b) 25.85 25.85 3,977,357 2,655,239 1,322,118 (a) (a) (b)
The Company recognized the equity accounting until March 31, 2026.
The Company recognized the equity accounting until March 31, 2025.
Impairment
The recoverable amount of a CGU is determined based on the calculation of value in use. These calculations use cash flow projections based on financial budgets approved by management for a five-year period. Assumptions are described in Note 10.
There is no indication of impairment of investments to date.
- Property and equipment
Balance breakdown
Individual
06/30/2026 12/31/2025
Description
Depreciation
rate Cost
Accumulated depreciation
Net
amount Cost
Accumulated depreciation
Net amount
Hospital machinery and equipment | 12% to 20% | 2,096,704 | (1,585,864) | 510,840 | 2,079,259 | (1,566,315) | 512,944 |
Surgical instruments | 20% | 148,410 | (103,174) | 45,236 | 160,996 | (103,456) | 57,540 |
Machinery and equipment | 7% to 10% | 1,187,891 | (780,439) | 407,452 | 1,149,655 | (741,717) | 407,938 |
Buildings | 2.5% to 4% | 893,754 | (364,190) | 529,564 | 968,848 | (346,391) | 622,457 |
Improvements in own buildings | 4% | 511,874 | (218,759) | 293,115 | 510,977 | (209,161) | 301,816 |
Leasehold improvements | 3% to 4% | 4,409,182 | (1,002,442) | 3,406,740 | 3,991,708 | (915,466) | 3,076,242 |
Furniture and fixtures | 10% | 312,229 | (256,000) | 56,229 | 307,366 | (245,411) | 61,955 |
Vehicles | 20% | 6,184 | (5,095) | 1,089 | 5,907 | (4,965) | 942 |
Facilities | 10% | 226,434 | (128,445) | 97,989 | 217,166 | (119,897) | 97,269 |
Land | - | 147,698 | - | 147,698 | 147,698 | - | 147,698 |
Construction in progress | - | 1,057,774 | - | 1,057,774 | 921,005 | - | 921,005 |
Other | 5% to 10% | 15,158 | (8,044) | 7,114 | 15,295 | (7,862) | 7,433 |
11,013,292 | (4,452,452) | 6,560,840 | 10,475,880 | (4,260,641) | 6,215,239 |
Consolidated
06/30/2026 | 12/31/2025 | ||||||
Description | Depreciation rate | Cost | Accumulated depreciation | Net amount | Cost | Accumulated depreciation | Net amount |
Hospital machinery and equipment | 12% to 20% | 4,444,205 | (2,999,324) | 1,444,881 | 4,255,122 | (2,807,142) | 1,447,980 |
Surgical instruments | 20% | 399,654 | (247,500) | 152,154 | 384,211 | (228,297) | 155,914 |
Machinery and equipment | 7% to 10% | 1,944,923 | (1,242,129) | 702,794 | 1,876,669 | (1,181,256) | 695,413 |
Buildings | 2.5% to 4% | 5,908,128 | (1,204,000) | 4,704,128 | 5,887,248 | (1,084,168) | 4,803,080 |
Improvements in own buildings | 4% | 1,130,564 | (332,941) | 797,623 | 1,056,420 | (310,001) | 746,419 |
Leasehold improvements | 3% to 4% | 7,360,587 | (1,497,786) | 5,862,801 | 6,530,521 | (1,356,330) | 5,174,191 |
Furniture and fixtures | 10% | 606,946 | (435,787) | 171,159 | 581,154 | (412,023) | 169,131 |
Vehicles | 20% | 30,484 | (27,553) | 2,931 | 30,104 | (27,303) | 2,801 |
Facilities | 10% | 527,786 | (255,590) | 272,196 | 509,626 | (237,609) | 272,017 |
Land | - | 1,333,482 | - | 1,333,482 | 1,304,085 | - | 1,304,085 |
Construction in progress | - | 2,245,373 | - | 2,245,373 | 1,967,776 | - | 1,967,776 |
Other | 5% to 10% | 63,099 | (12,268) | 50,831 | 62,922 | (11,799) | 51,123 |
25,995,231 | (8,254,878) | 17,740,353 | 24,445,858 | (7,655,928) | 16,789,930 | ||
-
Property and equipment (Continued)
Changes - Individual
12/31/2025
Additions
Transfers(a)
06/30/2026
Cost
Hospital machinery and equipment
2,079,259
76,161
(58,716)
2,096,704
Surgical instruments
160,996
9,265
(21,851)
148,410
Machinery and equipment
1,149,655
49,206
(10,970)
1,187,891
Buildings
968,848
24
(75,118)
893,754
Improvements in own buildings
510,977
295
602
511,874
Leasehold improvements
3,991,708
180,644
236,830
4,409,182
Furniture and fixtures
307,366
9,758
(4,895)
312,229
Vehicles
5,907
277
-
6,184
Facilities
217,166
10,970
(1,702)
226,434
Land
147,698
-
-
147,698
Construction in progress
921,005
390,198
(253,429)
1,057,774
Other
15,295
25
(162)
15,158
10,475,880
726,823
(189,411)
11,013,292
Depreciation
Hospital machinery and equipment
(1,566,315)
(56,323)
36,774
(1,585,864)
Surgical instruments
(103,456)
(7,699)
7,981
(103,174)
Machinery and equipment
(741,717)
(44,953)
6,231
(780,439)
Buildings
(346,391)
(19,051)
1,252
(364,190)
Improvements in own buildings
(209,161)
(9,598)
-
(218,759)
Leasehold improvements
(915,466)
(89,397)
2,421
(1,002,442)
Furniture and fixtures
(245,411)
(12,151)
1,562
(256,000)
Vehicles
(4,965)
(130)
-
(5,095)
Facilities
(119,897)
(8,822)
274
(128,445)
Other
(7,862)
(214)
32
(8,044)
(4,260,641)
(248,338)
56,527
(4,452,452)
Property and equipment, net
6,215,239
478,485
(132,884)
6,560,840
The amount of R$ 132,884 relates to the transfer of assets of Hospital São Luiz Maternidade Star from the parent company to "Atlântica D'Or".
12/31/2024 | Additions | Trans fers (a) | 06/30/2025 | |
Cost | ||||
Hospital machinery and equipment | 1,843,976 | 147,397 | (57,922) | 1,933,451 |
Surgical instruments | 146,112 | 5,948 | (1,183) | 150,877 |
Machinery and equipment | 1,057,171 | 31,794 | (6,067) | 1,082,898 |
Buildings | 892,674 | 1,774 | - | 894,448 |
Improvements in own buildings | 488,456 | 1,569 | 5,697 | 495,722 |
Leasehold improvements | 3,382,389 | 112,414 | 54,515 | 3,549,318 |
Furniture and fixtures | 279,474 | 7,276 | (807) | 285,943 |
Vehicles | 5,907 | - | - | 5,907 |
Facilities | 170,881 | 21,953 | (64) | 192,770 |
Land | 147,698 | - | - | 147,698 |
Construction in progress | 1,097,248 | 278,818 | (71,023) | 1,305,043 |
Other | 14,800 | 290 | (5) | 15,085 |
9,526,786 | 609,233 | (76,859) | 10,059,160 | |
Depreciation Hospital machinery and equipment | (1,473,756) | (79,043) | 17,894 | (1,534,905) |
Surgical instruments | (86,720) | (8,489) | 386 | (94,823) |
Machinery and equipment | (650,215) | (55,854) | 653 | (705,416) |
Buildings | (308,517) | (18,552) | - | (327,069) |
Improvements in own buildings | (190,572) | (9,148) | - | (199,720) |
Leasehold improvements | (769,766) | (69,845) | 30 | (839,581) |
Furniture and fixtures | (218,689) | (13,219) | 112 | (231,796) |
Vehicles | (4,812) | (99) | - | (4,911) |
Facilities | (103,611) | (7,515) | 6 | (111,120) |
Other | (7,348) | (244) | - | (7,592) |
(3,814,006) | (262,008) | 19,081 | (4,056,933) | |
Property and equipment, net | 5,712,780 | 347,225 | (57,778) | 6,002,227 |
The amount of R$ 57,778 relates to the transfer of assets of Hospital São Luiz Campinas from the parent company to "Atlântica D'Or".
Changes - Consolidated
12/31/2025 | Additions | Transfers | 06/30/2026 | |
Cost Hospital machinery and equipment | 4,255,122 | 189,083 | - | 4,444,205 |
Surgical instruments | 384,211 | 15,443 | - | 399,654 |
Machinery and equipment | 1,876,669 | 68,254 | - | 1,944,923 |
Buildings | 5,887,248 | 20,880 | - | 5,908,128 |
Improvements in own buildings | 1,056,420 | 26,884 | 47,260 | 1,130,564 |
Leasehold improvements | 6,530,521 | 331,621 | 498,445 | 7,360,587 |
Furniture and fixtures | 581,154 | 25,792 | - | 606,946 |
Vehicles | 30,104 | 380 | - | 30,484 |
Facilities | 509,626 | 18,160 | - | 527,786 |
Land | 1,304,085 | 29,397 | - | 1,333,482 |
Construction in progress | 1,967,776 | 823,302 | (545,705) | 2,245,373 |
Other | 62,922 | 177 | - | 63,099 |
24,445,858 | 1,549,373 | - | 25,995,231 | |
Depreciation Hospital machinery and equipment | (2,807,142) | (192,182) | - | (2,999,324) |
Surgical instruments | (228,297) | (19,203) | - | (247,500) |
Machinery and equipment | (1,181,256) | (60,873) | - | (1,242,129) |
Buildings | (1,084,168) | (119,832) | - | (1,204,000) |
Improvements in own buildings | (310,001) | (22,940) | - | (332,941) |
Leasehold improvements | (1,356,330) | (141,456) | - | (1,497,786) |
Furniture and fixtures | (412,023) | (23,764) | - | (435,787) |
Vehicles | (27,303) | (250) | - | (27,553) |
Facilities | (237,609) | (17,981) | - | (255,590) |
Other | (11,799) | (469) | - | (12,268) |
(7,655,928) | (598,950) | - | (8,254,878) | |
Property and equipment, net | 16,789,930 | 950,423 | - | 17,740,353 |
12/31/2024 | Additions | Transfers | Transfers to as sets held for sale | 06/30/2025 | |
Cost | |||||
Hospital machinery and equipment | 3,710,404 | 319,472 | - | (29,131) | 4,000,745 |
Surgical instruments | 341,803 | 18,915 | - | - | 360,718 |
Machinery and equipment | 1,631,824 | 155,333 | - | (103,057) | 1,684,100 |
Buildings | 4,773,617 | 72,225 | 236,857 | - | 5,082,699 |
Improvements in own buildings | 854,783 | 38,725 | 77,673 | - | 971,181 |
Leasehold improvements | 5,251,827 | 181,240 | 376,047 | (44,717) | 5,764,397 |
Furniture and fixtures | 548,445 | 13,364 | - | (10,470) | 551,339 |
Vehicles | 30,666 | - | - | (1,387) | 29,279 |
Facilities | 455,622 | 43,064 | - | (60,595) | 438,091 |
Land | 1,270,421 | 4,564 | - | (3,342) | 1,271,643 |
Construction in progress | 2,590,389 | 475,629 | (690,577) | (4,611) | 2,370,830 |
Other | 61,736 | 366 | - | (3,904) | 58,198 |
21,521,537 | 1,322,897 | - | (261,214) | 22,583,220 | |
Depreciation Hospital machinery and equipment | (2,470,553) | (188,903) | - | 13,524 | (2,645,932) |
Surgical instruments | (188,909) | (18,767) | - | - | (207,676) |
Machinery and equipment | (1,018,232) | (89,389) | - | 47,341 | (1,060,280) |
Buildings | (862,555) | (104,130) | - | - | (966,685) |
Improvements in own buildings | (265,916) | (22,275) | - | - | (288,191) |
Leasehold improvements | (1,129,152) | (106,922) | - | 22,678 | (1,213,396) |
Furniture and fixtures | (366,340) | (22,939) | - | 6,510 | (382,769) |
Vehicles | (26,822) | (203) | - | 1,345 | (25,680) |
Facilities | (204,747) | (17,250) | - | 12,976 | (209,021) |
Other | (9,853) | (1,365) | - | 2,176 | (9,042) |
(6,543,079) | (572,143) | - | 106,550 | (7,008,672) | |
Property and equipment, net | 14,978,458 | 750,754 | - | (154,664) | 15,574,548 |
-
Property and equipment (Continued)
Significant changes for the periods ended June 30, 2026 and 2025 were as follows: 2026
Investments in the expansion works of hospital facilities such as Hospital Central Tatuapé, Hospital Itaim and Hospital Caxias D'Or, as well as the new towers of Hospitals UDI, DF Star and São Lucas.
Capital expenditures on improvements aimed at the expansion and growth of hospitals, primarily São Lucas, Central Tatuapé, and Morumbi.
Purchases of medical and hospital machinery and equipment for Hospitals DF Star, Vila Nova Star, Caxias D'Or, Oeste D'Or and São Lucas, as well as for the Atlântica D'Or Complex.
Investments in construction works of Hospitals Ribeirão Preto, Sorocaba and Taubaté.
2025
Investments in the expansion works of hospital facilities such as Hospital Assunção, São Vicente, Onco Star and the new tower of UDI Hospital.
Expenses with improvements for the growth and expansion of hospitals and clinics, primarily Hospitals São Lucas, Assunção, Morumbi and UDI.
Purchases of hospital machinery and equipment for the Hospitals new Barra D'Or, Anália, Hospital Assunção, Onco Star, Aliança and São Vicente.
Investments in construction works of Hospitals Taubaté and Ribeirão Preto.
Capitalized borrowing costs
The Company capitalizes borrowing costs attributable to qualifying assets. At June 30, 2026, R$76,841 (R$103,486 at June 30, 2025) in interest on loans and financing were capitalized in Property and equipment.
Impairment testing of property and equipment
Management has assessed the existence of events or changes in economic, operational or technological circumstances and has not identified any evidence that could indicate deterioration or impairment of property and equipment.
- Intangible assets
Annual amortization Individual Consolidated
rate | 06/30/2026 | 12/31/2025 | 06/30/2026 | 12/31/2025 | |
Finite useful life | |||||
Software | 20% | 266,689 | 324,987 | 740,223 | 802,283 |
Customer portfolio - SASA | 11% to 20% | 78,972 | 100,077 | 78,972 | 100,077 |
Exclusive agreements | 20% | 12,628 | 14,727 | 82,965 | 102,950 |
Other | - | - | 3,733 | 5,920 |
Indefinite useful life Goodwill
Acquisition of Copa D'Or | 80,058 | 80,058 | 80,058 | 80,058 |
Acquisition of HMSL | 668,339 | 668,339 | 668,339 | 668,339 |
Acquisition of Hospital Brasil | 121,398 | 121,398 | 121,398 | 121,398 |
Acquisition of Hospital Prontolinda | 30,595 | 30,595 | 30,595 | 30,595 |
Acquisition of Vivalle | 38,692 | 38,692 | 38,692 | 38,692 |
Acquisition of São Marcos | - | - | 10,807 | 10,807 |
Acquisition of Santa Luzia | 199,333 | 199,333 | 199,333 | 199,333 |
Acquisition of Sinisgalli | 156,646 | 156,646 | 156,646 | 156,646 |
Acquisition of Hospital Esperança | - | - | 108,408 | 108,408 |
Acquisition of Norte D'Or | - | - | 28,450 | 28,450 |
Acquisition of IFOR | 85,724 | 85,724 | 85,724 | 85,724 |
Acquisition of Sino Brasileiro | 241,947 | 241,947 | 241,947 | 241,947 |
Acquisition of Villa-Lobos | 136,074 | 136,074 | 136,074 | 136,074 |
Acquisition of Bartira | 105,584 | 105,584 | 105,584 | 105,584 |
Acquisition of Onco ABC/Cardeal/JLD | - | - | 55,414 | 55,414 |
Acquisition of Oncoholding | - | - | 159,445 | 159,445 |
Acquisition of Hospital Fluminense | - | - | 10,658 | 10,658 |
Acquisition of Hospital Santa Helena | 125,802 | 125,802 | 125,802 | 125,802 |
Acquisition of Acreditar | - | - | 155,720 | 155,720 |
Acquisition of Memorial São José | 112,528 | 112,528 | 112,528 | 112,528 |
Acquisition of Alpha-Med | - | - | 43,815 | 43,815 |
Acquisition of CEHON | - | - | 68,757 | 68,757 |
Acquisition of Maximagem | 46,742 | 46,742 | 46,742 | 46,742 |
Acquisition of Ribeirão Pires | 129,739 | 129,739 | 129,739 | 129,739 |
Acquisition of NEOH | - | - | 33,422 | 33,422 |
Acquisition of Salus | - | - | 8,956 | 8,956 |
Acquisition of Prontimagem | - | - | 6,220 | 6,220 |
Acquisition of Salus | - | - | 163,089 | 163,089 |
Acquisition of Hospital São Rafael | - | - | 509,363 | 509,363 |
Acquisition of Laboratório Richet | - | - | 184,232 | 184,232 |
Acquisition of UDI | - | - | 335,883 | 335,883 |
Acquisition of Samer | - | - | 70,939 | 70,939 |
Acquisition of Hospital Rio Mar | - | - | 94,833 | 94,833 |
Acquisition of Hospital São Lucas | - | - | 223,079 | 223,079 |
Acquisition of Hospital Aviccena | 60,476 | 60,476 | 60,476 | 60,476 |
Acquisition of Perinatal | 655,580 | 655,580 | 655,580 | 655,580 |
Acquisition of Hospital Santa Cruz | - | - | 299,583 | 299,583 |
Acquisition of Aliança | - | - | 925,555 | 925,555 |
Acquisition of Salute | - | - | 15,475 | 15,475 |
Acquisition of São Carlos | - | - | 160,139 | 160,139 |
Acquisition of Clínica São Lucas | - | - | 45,673 | 45,673 |
Acquisition of Clivalle | - | - | 40,786 | 40,786 |
Acquisition of HCP/Cárdio Pulmonar | - | - | 146,894 | 146,894 |
Acquisition of Guaianases | - | - | 115,751 | 115,751 |
Acquisition of Antônio Afonso | - | - | 16,782 | 16,782 |
Acquisition of Balbino | - | - | 77,500 | 77,500 |
Acquisition of América | - | - | 456,511 | 456,511 |
Acquisition of Serra Mayor | - | - | 68,981 | 68,981 |
Acquisition of Biocor | - | - | 561,269 | 620,347 |
Acquisition of Proncor | - | - | 202,929 | 202,929 |
Acquisition of Santa Emilia | - | - | 121,991 | 121,991 |
Acquisition of Hospital Nossa Senhora das Neves | - | - | 326,634 | 326,634 |
Acquisition of HNSN Empreendimentos | - | - | 34,790 | 34,790 |
Acquisition of Orthoservice | - | - | 33,705 | 33,705 |
Acquisition of HNA Emp. E Participações | - | - | 12,401 | 12,401 |
Acquisition of Hospital Novo Atibaia | - | - | 173,020 | 173,020 |
Acquisition of Hospital Arthur Ramos | - | - | 272,686 | 272,686 |
Acquisition of Hospital Santa Isabel | - | - | 243,287 | 243,287 |
Acquisition of Hospital Aeroporto | - | - | 171,511 | 171,511 |
Acquisition of Paraná Clínicas | - | - | 284,701 | 284,701 |
Acquisition of Sompo Saúde | - | - | 199,384 | 199,384 |
Acquisition of Prodent | - | - | 106,681 | 106,681 |
Acquisition of SASA | 1,820,625 | 1,820,625 | 1,820,625 | 1,820,625 |
Other goodwill | 48,650 | 48,650 | 294,573 | 277,329 |
Trademark - SASA | 2,068,575 | 2,068,575 | 2,068,575 | 2,068,575 |
Trademarks and patents (a) | 190,810 | 190,810 | 190,959 | 190,816 |
7,482,206 | 7,563,708 | 15,661,991 | 15,809,019 |
(a) This mainly refers to the Hospital São Luiz trademark registered upon its acquisition in 2010.
-
Intangible assets (Continued)
Software development costs and licenses
These refer mainly to expenditures incurred with the development of technological infrastructure, applications, improvements in the companies' website and in operations of Sul América S.A., development of own systems, and acquisition of software licenses used in operations.
Impairment
Goodwill is allocated to the Cash-Generating Units (CGU) identified by management, i.e. each hospital, as shown in the table above.
The recoverable amount of a CGU is determined based on the calculation of value in use. Value in use calculations use cash flow projections based on financial budgets approved by management covering a five-year period.
Discount rates represent the current market assessment of the risks specific to each CGU, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances of the Company and is derived from its weighted average cost of capital (WACC). The WACC takes into consideration both debt and equity. The cost of equity is derived from the expected return on investment by the investors. The cost of debt is based on the interest-bearing financing the Company is obliged to service. Segment-specific risk is incorporated by applying individual beta factors. The beta factors are evaluated annually based on publicly available market data.
There is no indication of impairment of intangible assets to date.
- Right of use
Balance breakdown | Individual | |||||
06/30/2026 | 12/31/2025 | |||||
Net | ||||||
Description | Cost | Amortization | balance Cost | Amortization | Net balance | |
Properties | 3,988,676 | (1,521,959) | 2,466,717 4,037,599 | (1,471,582) | 2,566,017 | |
3,988,676 | (1,521,959) | 2,466,717 4,037,599 | (1,471,582) | 2,566,017 | ||
Consolidated | ||||||
06/30/2026 | 12/31/2025 | |||||
Net | Net | |||||
Description | Cost | Amortization | balance Cost | Amortization | balance | |
Properties | 5,480,174 | (2,215,603) | 3,264,571 | 5,143,033 (2,040,995) | 3,102,038 | |
Vehicles | - | - | - | 1,397 (1,231) | 166 | |
5,480,174 | (2,215,603) | 3,264,571 | 5,144,430 (2,042,226) | 3,102,204 | ||
Changes - Individual | ||||||
12/31/2025 | Additions (a) | Amortization | Transfers (c) | 06/30/2026 | ||
Cost | ||||||
Properties | 4,037,599 | 291,256 | - | (340,179) | 3,988,676 | |
4,037,599 | 291,256 | - | (340,179) | 3,988,676 | ||
Amortization | ||||||
Properties | (1,471,582) | - | (128,225) | 77,848 | (1,521,959) | |
(1,471,582) | - | (128,225) | 77,848 | (1,521,959) | ||
Right of use, net | 2,566,017 291,256 | (128,225) | (262,331) | 2,466,717 | ||
12/31/2024 Additions (a) Amortization Transfers (d) 06/30/2025 | ||||||
Cost Properties | 3,668,297 | 149,924 | - | (117,622) | 3,700,599 | |
3,668,297 | 149,924 | - | (117,622) | 3,700,599 | ||
Amortization | ||||||
Properties | (1,218,118) | - | (140,848) | 28,466 | (1,330,500) | |
(1,218,118) | - | (140,848) | 28,466 | (1,330,500) | ||
Right of use, net | 2,450,179 | 149,924 | (140,848) | (89,156) | 2,370,099 | |
-
Right of use (Continued)
Changes - Consolidated
12/31/2025
Additions (a)
Write-offs (b)
Amortization
06/30/2026
Cost
Properties
5,143,033
337,141
-
- 5,480,174
Vehicles
1,397
-
(1,397)
- -
5,144,430
337,141
(1,397)
- 5,480,174
Amortization
Properties
(2,040,995)
-
-
(174,608)
(2,215,603)
Vehicles
(1,231)
-
1,397
(166)
-
(2,042,226)
-
1,397
(174,774)
(2,215,603)
Right of use, net
3,102,204
337,141
-
(174,774)
3,264,571
Transfers to
12/31/2024
Additions
(a)
Write-offs
(b)
Amortization
assets held for sale
06/30/2025
Cost
Hospital machinery and equipment
885
-
(885)
-
-
-
Properties
4,731,845
190,983
-
-
(70,880)
4,851,948
Vehicles
1,471
-
(44)
-
-
1,427
4,734,201
190,983
(929)
-
(70,880)
4,853,375
Amortization
Hospital machinery and equipment
(818)
-
885
(67)
-
-
Properties
(1,679,650)
-
-
(181,867)
24,055
(1,837,462)
Vehicles
(710)
-
44
(305)
-
(971)
(1,681,178)
-
929
(182,239)
24,055
(1,838,433)
Right of use, net
3,053,023 190,983 - (182,239)
(46,825)
3,014,942
Additions referring to new agreements and renewals due to maturities.
Write-offs referring to contract termination.
Transfer of assets from Hospital São Luiz Maternidade to Atlântica D'or.
Transfer of assets from Hospital São Luiz Campinas to "Atlântica D'Or".
The rights of use are amortized during the lease contract term and take into consideration the expected renewal, when management intends to exercise this right, and in accordance with the terms of the contracts.
- Insurance contract assets and liabilities
06/30/2026 | 12/31/2025 | ||||
Insurance contracts | Assets | Liabilities | Assets | Liabilities | |
Long-term contracts (BBA/VFA) | - | 14,960,235 | 45,716 | 14,636,576 | |
Short-term contracts (PAA) | - | 4,424,048 | 3,625 | 4,057,241 | |
Total | - | 19,384,283 | 49,341 | 18,693,817 | |
Current | - | 7,207,898 | 27,999 | 6,904,651 | |
Noncurrent | - | 12,176,385 | 21,342 | 11,789,166 | |
