On Friday, August 14, 2026, Hapvida Participações e Investimentos S.A. (HAPV3) clarified, in response to a CVM notice, that approximately 947,000 beneficiaries, equivalent to about 11% of the health insurance portfolio reported in 2Q26, fall under commercial review criteria due to inadequate profitability or history of delinquency. These contracts will go through adjustments and/or discontinuation over the next 12 months, on their anniversary and renewal dates.
The company reported that the average ticket for this group corresponds to approximately half the average ticket of the consolidated portfolio and that most of the instruments under review consist of group corporate plans. Hapvida has 5 million corporate health plan users, and the contracts under review are not significantly concentrated in any specific city, with some of them located in regions where the own network is operating at a high occupancy rate.
Regarding the expression “high double digits,” used during the 2Q26 earnings conference call, Hapvida explained that it is not possible to indicate a single adjustment percentage for the entire portfolio under review, since each contract is adjusted individually, according to loss ratio and usage history, and subject to negotiation. The company stated, in response to the CVM’s request, that the average adjustment sought for this specific set of contracts should be higher than the average applied by the market and by Hapvida itself to the other contracts, with effects recognized on a diluted basis over 12 months.
The company further clarified that it has not disclosed, and does not disclose, any projection or quantification of financial impact on EBITDA (earnings before interest, taxes, depreciation and amortization) resulting from this portfolio review, and that references to positive impact are qualitative in nature. According to management, the commercial review of these contracts involves only 11% of the portfolio in number of lives, with an average ticket equivalent to approximately half of the consolidated average ticket, which would limit the potential representativeness of this measure in consolidated revenue.
Finally, Hapvida stated that it does not consider the matter to constitute a material fact under CVM Resolution No. 44/21, because the quantitative information had already been previously disclosed in the 2Q26 earnings release and presentation, the commercial review is an ongoing activity inherent to the regular course of business, and its effects are gradual and depend on individual negotiations. The company reiterated that there is no material fact pending disclosure and reaffirmed its commitment to keeping shareholders and the market informed about any developments deemed relevant.
