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Overview
- Hapvida reported adjusted net income of R$338 million for Q3, with adjusted EBITDA of R$746.4 million and an EBITDA margin of 9.6%.
- The quarter showed a free cash flow burn of R$51.9 million and overall cash consumption of R$25 million, with SUS reimbursements alone impacting R$74 million.
- Shares fell roughly 36% to 47% during Thursday trading, erasing about R$7 billion in market value as investors reacted to the results.
- Management reaffirmed an average premium adjustment around 10% for 2026 and said the cash burn was one-off, citing integration effects and investments.
- Analysts cut expectations and price targets, with BTG lowering to R$50 and J.P. Morgan to R$39, as slower margin recovery and higher utilization weighed on the outlook.