Hapvida Shares Collapse After Weak Q3 as Claims Spike and Cash Drain Jolt Expectations

Overview

• Adjusted Ebitda fell 2% to R$746.4 million, the Ebitda margin slipped to 9.6%, and adjusted net income reached R$338 million as revenue rose 6% to R$7.8 billion.
• The claims ratio climbed 1.4 percentage points year over year to 75.2%, which executives linked to later respiratory virus seasonality in the North/Northeast and prolonged cold in the South/Southeast, with signs of normalization in November.
• Free cash flow burned R$51.9 million, alongside outlays for SUS reimbursements, medical payables, and M&A installments; the CEO said the cash drain should not recur next quarter.
• The stock sank 42.21% to R$18.89 with roughly R$2.35 billion in turnover and about R$7 billion in market value erased, as BTG, J.P. Morgan, Itaú BBA, Bradesco BBI, Citi and others cut estimates and some lowered recommendations.
• Management maintained an expected average plan price adjustment of about 10% for 2026, outlined R$2 billion of capex to expand owned hospitals and clinics in São Paulo and Rio, and is pursuing more judicial settlements with roughly 50% discounts, while analysts warned network expansion and higher per‑user medical costs could constrain margins.