Hapvida (HAPV3) posts net loss of R$ 118.8 mn in 3Q26

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was R$ 496.6 mn, down 33.5% from 3Q25 (R$ 746.4 mn) and 1.5% from 2Q26, with a margin of 6.1%, versus 9.6% in 3Q25 and 6.3% in 2Q26. The cash medical loss ratio, which measures healthcare costs relative to revenue, reached 77.2%, up 2.0 p.p. from both 2Q26 and 3Q25. The company cites less favorable seasonality and civil contingencies: judicial claims rose R$ 57.4 mn over 2Q26. Also weighing were about R$ 50 mn in one-off costs from closing healthcare facilities and reducing headcount, in addition to the effect of canceled contracts under review.

Cash administrative expenses totaled R$ 515.9 mn, down 23.4% from 2Q26, with a reversal of about R$ 48 mn in variable compensation provisions. Selling expenses were R$ 740.4 mn, up 22% over 3Q25, including R$ 29 mn in write-offs of receivables from canceled delinquent contracts.

The health plan beneficiary base fell by 235 thousand in the quarter and by 435 thousand versus 3Q25, to 8.433 million, of which 226 thousand are from unprofitable or delinquent contracts under reevaluation. The average health ticket rose 7.0%, to R$ 313.3 per month.

Net debt stood at R$ 5.3 bn, a reduction of R$ 100.9 mn from 2Q26, with a debt buyback at a discount of about R$ 74 mn and adjustments to supplier payment terms. The net debt to EBITDA ratio rose to 1.67x, from 1.61x in 2Q26. Free cash flow over the nine months was R$ 656.2 mn. Capex was R$ 167 mn in the quarter. Hapvida said the initiatives of its transformation plan should show up more strongly in the numbers starting in the first half of 2027.