Hapvida Posts Q4 Loss as Financing Costs Jump, Revenue Grows

Overview

• The company reported a R$29.1 million accounting loss for Q4 2025, alongside R$180.6 million in adjusted net income, down 64.9% year over year.
• Adjusted EBITDA dropped 32.8% to R$713.8 million, with an adjusted margin of about 9%.
• Net financial expenses rose to R$337.2 million from R$29 million a year earlier due to higher interest on debt and a R$14.4 million SUS monetary update impact versus R$333.6 million in gains in Q4 2024.
• Revenue reached R$7.914 billion for the quarter and R$30.863 billion for 2025, increases of 5.9% and 6.6%, respectively.
• Management cited heavier utilization, less favorable seasonality and new-unit ramp-up as pressures, with cash claims ratio at 75.5%, average ticket at R$301.4, beneficiaries at 8.729 million, and net leverage up to 1.32x on R$5.183 billion of net debt.