Hapvida (HAPV3) posted a net loss of R$ 217.1 million in the second quarter of 2026 (2Q26), compared with a loss of R$ 205.8 million in 2Q25. In the same period, adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) came to R$ 504.4 million, with a margin of 6.3% on revenue, versus R$ 905.4 million and a margin of 11.8% a year earlier. Net revenue reached R$ 7.97 billion in 2Q26, an increase of 3.9% compared with R$ 7.67 billion in 2Q25.
In the first half of 2026, the net loss was R$ 371.4 million, versus R$ 151.5 million in the same period of 2025. Adjusted net income totaled R$ 256.5 million in 1H26, a 66.6% drop from R$ 767.4 million in 1H25, while adjusted EBITDA fell from R$ 1.91 billion to R$ 1.31 billion, with the margin declining from 12.6% to 8.2%.
Revenue from health plans totaled R$ 7.79 billion in 2Q26, up 3.6% from 2Q25, and dental plan revenue was R$ 226.3 million, down 1.6% on the same comparison basis. Revenue from medical and hospital services came to R$ 242.5 million, growth of 11.7% versus 2Q25. The average health ticket rose from R$ 289.4 per month in 2Q25 to R$ 305.9 in 2Q26, an increase of 5.7%.
Cash loss ratio reached 75.2% of net operating revenue in 2Q26, above the 73.9% in 2Q25 and 72.2% in 1Q26, reflecting, according to the company, the less favorable seasonality of the period, higher utilization observed in March 2026 and an increase of R$ 37.4 million in judicial claims compared with the previous quarter. Cash administrative expenses came to R$ 673.5 million, equivalent to 8.4% of revenue, and selling expenses totaled R$ 676.5 million, or 8.5% of revenue in the quarter.
Net debt closed 2Q26 at R$ 5.40 billion, versus R$ 4.02 billion in 2Q25 and R$ 5.16 billion in 1Q26. The net debt to EBITDA ratio for the last 12 months (contractual covenant) rose from 0.95x in 2Q25 and 1.38x in 1Q26 to 1.61x in 2Q26. Cash and financial investments totaled R$ 8.05 billion at the end of June 2026, while free cash was R$ 5.33 billion, a decrease of R$ 666.5 million in the quarter, mainly impacted by debt service.
