On Tuesday, August 11, 2026, CM Hospitalar S.A., owner of the Viveo brand (VVEO3), released its consolidated results for the second quarter of 2026 (2Q26) and the first half of 2026 (1H26). In 2Q26, the company posted net revenue of R$ 2,910.2 million, adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of R$ 216.7 million, and an adjusted net loss of R$ 21.3 million.
Compared with 2Q25, net revenue grew 3.4%, gross profit rose 14.5% to R$ 483.9 million, and gross margin increased from 15.0% to 16.6%. Adjusted EBITDA margin went from 6.3% to 7.4%, while the adjusted net loss was reduced by 52.0%, from R$ 44.3 million to R$ 21.3 million, with a negative adjusted net margin of 0.7%.
In 1H26, net revenue came to R$ 5,742.1 million, up 2.5% versus 1H25. Adjusted EBITDA reached R$ 424.8 million, growth of 25.9% year over year, with an adjusted EBITDA margin of 7.4%, compared with 6.0% in the same period of 2025. The adjusted net loss for the half-year was R$ 56.6 million, a decrease of 13.2% versus 1H25, with a negative adjusted net margin of 1.0%.
Free cash flow in 2Q26 was R$ 124.8 million, versus R$ 176.8 million in 2Q25, and totaled R$ 170.3 million in 1H26, an increase of 36.6% compared with R$ 124.6 million in 1H25. The cash conversion cycle ended 2Q26 at 53 days, a reduction of 4 days versus 2Q25; excluding receivables discounting, the cycle would be 60 days, compared with 64 days a year earlier.
On June 30, 2026, Viveo’s gross debt was R$ 3,369.2 million and net debt was R$ 2,918.2 million, equivalent to 3.73 times adjusted EBITDA, considering tax installments as net debt. In June, the company completed the renegotiation of debentures, extending the amortization schedule and revising covenants, and approved a capital increase of up to R$ 869.8 million, with a minimum subscription of R$ 427.0 million committed by investment vehicles managed by DNA Capital, with the aim of reducing net indebtedness and strengthening the capital structure.
